UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-4008
Fidelity Investment Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | October 31 |
|
|
Date of reporting period: | April 30, 2015 |
This report on Form N-CSR relates solely to the Registrant's Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Asia Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Pacific Basin Fund, Fidelity Series Emerging Markets Fund, Fidelity Series International Growth Fund, Fidelity Series International Value Fund and Fidelity Series International Small Cap Fund (each, a "Fund" and collectively, the "Funds").
Item 1. Reports to Stockholders
Fidelity's
Targeted International Equity
Funds®
Fidelity® Canada Fund
Fidelity China Region Fund
Fidelity Emerging Asia Fund
Fidelity Emerging Markets Fund
Fidelity Europe Fund
Fidelity Japan Fund
Fidelity Japan Smaller Companies Fund
Fidelity Latin America Fund
Fidelity Nordic Fund
Fidelity Pacific Basin Fund
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Contents
Fidelity® Canada Fund | Shareholder Expense Example | |
| Investment Changes | |
| Investments | |
| Financial Statements | |
| Notes to Financial Statements | |
Fidelity China Region Fund | Shareholder Expense Example | |
| Investment Changes | |
| Investments | |
| Financial Statements | |
| Notes to Financial Statements | |
Fidelity Emerging Asia Fund | Shareholder Expense Example | |
| Investment Changes | |
| Investments | |
| Financial Statements | |
| Notes to Financial Statements | |
Fidelity Emerging Markets Fund | Shareholder Expense Example | |
| Investment Changes | |
| Investments | |
| Financial Statements | |
| Notes to Financial Statements | |
Fidelity Europe Fund | Shareholder Expense Example | |
| Investment Changes | |
| Investments | |
| Financial Statements | |
| Notes to Financial Statements | |
Fidelity Japan Fund | Shareholder Expense Example | |
| Investment Changes | |
| Investments | |
| Financial Statements | |
| Notes to Financial Statements | |
Fidelity Japan Smaller Companies Fund | Shareholder Expense Example | |
| Investment Changes | |
| Investments | |
| Financial Statements | |
| Notes to Financial Statements | |
Fidelity Latin America Fund | Shareholder Expense Example | |
| Investment Changes | |
| Investments | |
| Financial Statements | |
| Notes to Financial Statements | |
Fidelity Nordic Fund | Shareholder Expense Example | |
| Investment Changes | |
| Investments | |
| Financial Statements | |
| Notes to Financial Statements | |
Fidelity Pacific Basin Fund | Shareholder Expense Example | |
| Investment Changes | |
| Investments | |
| Financial Statements | |
| Notes to Financial Statements |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Canada Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Class A | 1.41% |
|
|
|
Actual |
| $ 1,000.00 | $ 993.70 | $ 6.97 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.80 | $ 7.05 |
Class T | 1.73% |
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|
|
Actual |
| $ 1,000.00 | $ 992.20 | $ 8.55 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.22 | $ 8.65 |
Class B | 2.20% |
|
|
|
Actual |
| $ 1,000.00 | $ 989.80 | $ 10.85 |
HypotheticalA |
| $ 1,000.00 | $ 1,013.88 | $ 10.99 |
Class C | 2.17% |
|
|
|
Actual |
| $ 1,000.00 | $ 990.00 | $ 10.71 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.03 | $ 10.84 |
Canada | 1.13% |
|
|
|
Actual |
| $ 1,000.00 | $ 995.20 | $ 5.59 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.19 | $ 5.66 |
Institutional Class | 1.11% |
|
|
|
Actual |
| $ 1,000.00 | $ 995.30 | $ 5.49 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.29 | $ 5.56 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Canada Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
Canada | 94.3% |
| |
United States of America* | 3.7% |
| |
United Kingdom | 0.7% |
| |
Bailiwick of Jersey | 0.6% |
| |
Ireland | 0.5% |
| |
Netherlands | 0.2% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Canada | 93.0% |
| |
United States of America* | 5.0% |
| |
United Kingdom | 1.0% |
| |
Ireland | 0.5% |
| |
Bailiwick of Jersey | 0.5% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 97.9 | 97.8 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.1 | 2.2 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Royal Bank of Canada (Banks) | 8.3 | 7.7 |
The Toronto-Dominion Bank (Banks) | 7.7 | 7.3 |
Canadian National Railway Co. (Road & Rail) | 5.4 | 5.1 |
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 5.2 | 5.6 |
Enbridge, Inc. (Oil, Gas & Consumable Fuels) | 4.8 | 4.3 |
Valeant Pharmaceuticals International (Canada) (Pharmaceuticals) | 4.3 | 2.7 |
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels) | 2.8 | 3.1 |
Sun Life Financial, Inc. (Insurance) | 2.8 | 0.0 |
Rogers Communications, Inc. Class B (non-vtg.) (Wireless Telecommunication Services) | 2.6 | 2.5 |
Intact Financial Corp. (Insurance) | 2.3 | 2.0 |
| 46.2 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 30.7 | 31.4 |
Energy | 23.1 | 23.8 |
Materials | 10.8 | 10.6 |
Industrials | 7.5 | 8.6 |
Consumer Staples | 7.4 | 8.2 |
Telecommunication Services | 5.6 | 5.5 |
Health Care | 4.9 | 3.2 |
Information Technology | 4.6 | 4.2 |
Consumer Discretionary | 3.3 | 2.3 |
Market Sectors may include more than one industry category. |
The fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of April 30, 2015, the fund did not have more than 25% of its assets invested in any one industry. |
Semiannual Report
Fidelity Canada Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 3.3% | |||
Hotels, Restaurants & Leisure - 0.2% | |||
Pizza Pizza Royalty Corp. | 67,700 | $ 799,606 | |
Whistler Blackcomb Holdings, Inc. | 191,000 | 2,887,559 | |
| 3,687,165 | ||
Media - 0.7% | |||
MDC Partners, Inc. Class A (sub. vtg.) | 170,300 | 3,566,082 | |
Quebecor, Inc. Class B (sub. vtg.) | 371,700 | 10,222,135 | |
| 13,788,217 | ||
Specialty Retail - 1.2% | |||
AutoCanada, Inc. (d) | 168,300 | 5,572,801 | |
RONA, Inc. | 1,246,600 | 16,407,798 | |
| 21,980,599 | ||
Textiles, Apparel & Luxury Goods - 1.2% | |||
Gildan Activewear, Inc. | 694,190 | 22,002,342 | |
TOTAL CONSUMER DISCRETIONARY | 61,458,323 | ||
CONSUMER STAPLES - 7.4% | |||
Food & Staples Retailing - 6.3% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 981,400 | 37,564,071 | |
George Weston Ltd. | 345,800 | 28,563,969 | |
Jean Coutu Group, Inc. Class A (sub. vtg.) | 1,200,600 | 23,365,179 | |
Metro, Inc. Class A (sub. vtg.) | 598,695 | 17,308,315 | |
North West Co., Inc. | 580,000 | 11,902,860 | |
| 118,704,394 | ||
Food Products - 0.4% | |||
Mead Johnson Nutrition Co. Class A | 80,900 | 7,759,928 | |
Household Products - 0.2% | |||
Energizer Holdings, Inc. | 26,900 | 3,675,078 | |
Tobacco - 0.5% | |||
British American Tobacco PLC (United Kingdom) | 172,500 | 9,477,778 | |
TOTAL CONSUMER STAPLES | 139,617,178 | ||
ENERGY - 23.1% | |||
Energy Equipment & Services - 1.2% | |||
Pason Systems, Inc. | 656,100 | 11,811,431 | |
ZCL Composites, Inc. (e) | 1,660,200 | 10,581,797 | |
| 22,393,228 | ||
Oil, Gas & Consumable Fuels - 21.9% | |||
ARC Resources Ltd. (d) | 1,325,500 | 27,125,234 | |
Canadian Natural Resources Ltd. | 663,598 | 22,050,264 | |
Enbridge, Inc. | 1,713,800 | 89,574,992 | |
Imperial Oil Ltd. | 1,214,700 | 53,541,439 | |
Keyera Corp. | 899,304 | 31,656,395 | |
Painted Pony Petroleum Ltd. (a) | 1,102,500 | 6,826,088 | |
| |||
Shares | Value | ||
Paramount Resources Ltd. Class A (a) | 192,100 | $ 5,682,593 | |
Parkland Fuel Corp. | 505,100 | 11,027,214 | |
Peyto Exploration & Development Corp. | 481,200 | 13,987,305 | |
PrairieSky Royalty Ltd. (d) | 335,763 | 9,219,916 | |
Raging River Exploration, Inc. (a) | 729,300 | 5,712,296 | |
Spartan Energy Corp. (a) | 3,645,000 | 10,302,072 | |
Suncor Energy, Inc. | 3,002,600 | 97,780,484 | |
Vermilion Energy, Inc. (d) | 230,100 | 11,076,840 | |
Whitecap Resources, Inc. | 1,319,800 | 16,353,925 | |
| 411,917,057 | ||
TOTAL ENERGY | 434,310,285 | ||
FINANCIALS - 30.7% | |||
Banks - 19.5% | |||
Bank of Nova Scotia | 557,100 | 30,720,152 | |
National Bank of Canada (d) | 868,600 | 35,096,768 | |
Royal Bank of Canada (d) | 2,353,300 | 156,256,001 | |
The Toronto-Dominion Bank | 3,132,000 | 144,593,784 | |
| 366,666,705 | ||
Capital Markets - 0.4% | |||
Gluskin Sheff + Associates, Inc. (d) | 341,700 | 8,048,996 | |
Insurance - 9.1% | |||
Fairfax Financial Holdings Ltd. (sub. vtg.) | 47,600 | 25,999,503 | |
Intact Financial Corp. | 554,225 | 42,688,876 | |
Manulife Financial Corp. | 596,900 | 10,864,421 | |
Power Corp. of Canada (sub. vtg.) (d) | 1,410,600 | 38,757,886 | |
Sun Life Financial, Inc. | 1,640,200 | 52,489,119 | |
| 170,799,805 | ||
Real Estate Investment Trusts - 1.7% | |||
Allied Properties (REIT) | 455,700 | 15,108,164 | |
H&R REIT/H&R Finance Trust | 821,400 | 15,760,804 | |
| 30,868,968 | ||
TOTAL FINANCIALS | 576,384,474 | ||
HEALTH CARE - 4.9% | |||
Health Care Equipment & Supplies - 0.1% | |||
Novadaq Technologies, Inc. (a) | 142,687 | 1,542,447 | |
Pharmaceuticals - 4.8% | |||
Actavis PLC (a) | 29,427 | 8,323,721 | |
Valeant Pharmaceuticals International (Canada) (a) | 374,171 | 81,139,129 | |
| 89,462,850 | ||
TOTAL HEALTH CARE | 91,005,297 | ||
INDUSTRIALS - 7.5% | |||
Airlines - 0.6% | |||
WestJet Airlines Ltd. | 459,800 | 10,392,661 | |
Machinery - 0.1% | |||
AG Growth International, Inc. | 59,000 | 2,557,074 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Professional Services - 0.7% | |||
Stantec, Inc. | 451,300 | $ 12,190,524 | |
Road & Rail - 6.1% | |||
Canadian National Railway Co. | 1,573,400 | 101,589,606 | |
TransForce, Inc. | 602,900 | 13,617,095 | |
| 115,206,701 | ||
TOTAL INDUSTRIALS | 140,346,960 | ||
INFORMATION TECHNOLOGY - 4.6% | |||
Electronic Equipment & Components - 0.6% | |||
Avigilon Corp. (a)(d) | 614,600 | 10,605,862 | |
IT Services - 1.6% | |||
CGI Group, Inc. Class A (sub. vtg.) (a) | 708,100 | 29,802,999 | |
Software - 2.4% | |||
Constellation Software, Inc. | 57,700 | 22,620,887 | |
Constellation Software, Inc. rights 9/15/15 (a) | 60,100 | 17,933 | |
Micro Focus International PLC | 243,700 | 4,690,528 | |
Open Text Corp. | 372,714 | 18,831,865 | |
| 46,161,213 | ||
TOTAL INFORMATION TECHNOLOGY | 86,570,074 | ||
MATERIALS - 10.8% | |||
Chemicals - 2.1% | |||
Agrium, Inc. | 192,400 | 19,933,693 | |
LyondellBasell Industries NV Class A | 29,500 | 3,053,840 | |
Potash Corp. of Saskatchewan, Inc. | 489,900 | 15,998,392 | |
| 38,985,925 | ||
Containers & Packaging - 1.4% | |||
CCL Industries, Inc. Class B | 174,700 | 20,085,070 | |
Winpak Ltd. | 212,100 | 6,893,030 | |
| 26,978,100 | ||
Metals & Mining - 5.9% | |||
Agnico Eagle Mines Ltd. (Canada) | 474,800 | 14,371,899 | |
Barrick Gold Corp. | 353,100 | 4,588,983 | |
Eldorado Gold Corp. | 2,258,500 | 11,250,381 | |
Freeport-McMoRan, Inc. | 419,200 | 9,754,784 | |
Labrador Iron Ore Royalty Corp. (d) | 408,300 | 4,873,203 | |
Lundin Mining Corp. (a) | 2,890,200 | 14,373,145 | |
Randgold Resources Ltd. | 159,600 | 12,145,671 | |
Romarco Minerals, Inc. (a) | 7,369,800 | 2,779,328 | |
Royal Gold, Inc. | 156,000 | 10,066,680 | |
Silver Wheaton Corp. | 786,800 | 15,520,796 | |
Tahoe Resources, Inc. | 450,200 | 6,362,130 | |
Torex Gold Resources, Inc. (a) | 5,533,400 | 5,136,683 | |
| 111,223,683 | ||
| |||
Shares | Value | ||
Paper & Forest Products - 1.4% | |||
Stella-Jones, Inc. | 259,800 | $ 9,364,859 | |
West Fraser Timber Co. Ltd. | 309,100 | 15,904,623 | |
| 25,269,482 | ||
TOTAL MATERIALS | 202,457,190 | ||
TELECOMMUNICATION SERVICES - 5.6% | |||
Diversified Telecommunication Services - 3.0% | |||
TELUS Corp. | 529,300 | 18,307,243 | |
TELUS Corp. | 1,100,000 | 38,046,415 | |
| 56,353,658 | ||
Wireless Telecommunication Services - 2.6% | |||
Rogers Communications, Inc. Class B (non-vtg.) (d) | 1,372,800 | 49,040,763 | |
TOTAL TELECOMMUNICATION SERVICES | 105,394,421 | ||
TOTAL COMMON STOCKS (Cost $1,439,487,112) |
| ||
Money Market Funds - 6.6% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.15% (b) | 35,037,894 | 35,037,894 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 89,134,257 | 89,134,257 | |
TOTAL MONEY MARKET FUNDS (Cost $124,172,151) |
| ||
TOTAL INVESTMENT PORTFOLIO - 104.5% (Cost $1,563,659,263) | 1,961,716,353 | ||
NET OTHER ASSETS (LIABILITIES) - (4.5)% | (84,847,758) | ||
NET ASSETS - 100% | $ 1,876,868,595 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 19,682 |
Fidelity Securities Lending Cash Central Fund | 1,282,153 |
Total | $ 1,301,835 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
ZCL Composites, Inc. | $ 5,395,486 | $ 6,554,081 | $ 1,525,268 | $ 110,374 | $ 10,581,797 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 61,458,323 | $ 61,458,323 | $ - | $ - |
Consumer Staples | 139,617,178 | 130,139,400 | 9,477,778 | - |
Energy | 434,310,285 | 434,310,285 | - | - |
Financials | 576,384,474 | 576,384,474 | - | - |
Health Care | 91,005,297 | 91,005,297 | - | - |
Industrials | 140,346,960 | 140,346,960 | - | - |
Information Technology | 86,570,074 | 81,879,546 | 4,690,528 | - |
Materials | 202,457,190 | 190,311,519 | 12,145,671 | - |
Telecommunication Services | 105,394,421 | 105,394,421 | - | - |
Money Market Funds | 124,172,151 | 124,172,151 | - | - |
Total Investments in Securities: | $ 1,961,716,353 | $ 1,935,402,376 | $ 26,313,977 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Canada Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $82,983,859) - See accompanying schedule: Unaffiliated issuers (cost $1,429,660,671) | $ 1,826,962,405 |
|
Fidelity Central Funds (cost $124,172,151) | 124,172,151 |
|
Other affiliated issuers (cost $9,826,441) | 10,581,797 |
|
Total Investments (cost $1,563,659,263) |
| $ 1,961,716,353 |
Foreign currency held at value (cost $90,160) | 90,045 | |
Receivable for investments sold | 14,718,171 | |
Receivable for fund shares sold | 412,442 | |
Dividends receivable | 3,757,314 | |
Distributions receivable from Fidelity Central Funds | 335,136 | |
Prepaid expenses | 1,699 | |
Other receivables | 5,249 | |
Total assets | 1,981,036,409 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 10,428,933 | |
Payable for fund shares redeemed | 2,818,712 | |
Accrued management fee | 1,286,975 | |
Distribution and service plan fees payable | 54,811 | |
Other affiliated payables | 401,483 | |
Other payables and accrued expenses | 42,643 | |
Collateral on securities loaned, at value | 89,134,257 | |
Total liabilities | 104,167,814 | |
|
|
|
Net Assets | $ 1,876,868,595 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,475,424,478 | |
Undistributed net investment income | 7,827,974 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (4,473,300) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 398,089,443 | |
Net Assets | $ 1,876,868,595 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 52.48 | |
|
|
|
Maximum offering price per share (100/94.25 of $52.48) | $ 55.68 | |
Class T: | $ 52.26 | |
|
|
|
Maximum offering price per share (100/96.50 of $52.26) | $ 54.16 | |
Class B: | $ 51.49 | |
|
|
|
Class C: | $ 51.25 | |
|
|
|
Canada: | $ 52.76 | |
|
|
|
Institutional Class: | $ 52.62 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Canada Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
Investment Income |
|
|
Dividends (including $110,374 earned from other affiliated issuers) |
| $ 25,413,123 |
Interest |
| 690 |
Income from Fidelity Central Funds (including $1,282,153 from security lending) |
| 1,301,835 |
Income before foreign taxes withheld |
| 26,715,648 |
Less foreign taxes withheld |
| (3,656,480) |
Total income |
| 23,059,168 |
|
|
|
Expenses | ||
Management fee | $ 7,061,376 | |
Performance adjustment | 1,663,305 | |
Transfer agent fees | 2,089,872 | |
Distribution and service plan fees | 354,148 | |
Accounting and security lending fees | 456,176 | |
Custodian fees and expenses | 19,102 | |
Independent trustees' compensation | 4,128 | |
Registration fees | 68,848 | |
Audit | 38,332 | |
Legal | 3,737 | |
Miscellaneous | 5,959 | |
Total expenses before reductions | 11,764,983 | |
Expense reductions | (24,713) | 11,740,270 |
Net investment income (loss) | 11,318,898 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (127,663) | |
Other affiliated issuers | (348,825) |
|
Foreign currency transactions | (161,307) | |
Total net realized gain (loss) |
| (637,795) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (34,470,021) | |
Assets and liabilities in foreign currencies | 40,767 | |
Total change in net unrealized appreciation (depreciation) |
| (34,429,254) |
Net gain (loss) | (35,067,049) | |
Net increase (decrease) in net assets resulting from operations | $ (23,748,151) |
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 11,318,898 | $ 24,923,588 |
Net realized gain (loss) | (637,795) | 290,863,952 |
Change in net unrealized appreciation (depreciation) | (34,429,254) | (164,747,262) |
Net increase (decrease) in net assets resulting from operations | (23,748,151) | 151,040,278 |
Distributions to shareholders from net investment income | (24,029,674) | (9,338,915) |
Distributions to shareholders from net realized gain | (262,730,704) | (13,503,099) |
Total distributions | (286,760,378) | (22,842,014) |
Share transactions - net increase (decrease) | (62,770,611) | (365,686,992) |
Redemption fees | 106,979 | 129,289 |
Total increase (decrease) in net assets | (373,172,161) | (237,359,439) |
|
|
|
Net Assets | ||
Beginning of period | 2,250,040,756 | 2,487,400,195 |
End of period (including undistributed net investment income of $7,827,974 and undistributed net investment income of $20,538,750, respectively) | $ 1,876,868,595 | $ 2,250,040,756 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2015 | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 60.56 | $ 57.31 | $ 53.65 | $ 52.20 | $ 53.81 | $ 44.24 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .23 | .47 | .60 | .57 | .34 | .31 |
Net realized and unrealized gain (loss) | (.59) | 3.13 | 3.63 | 1.50 | (1.17) | 9.64 |
Total from investment operations | (.36) | 3.60 | 4.23 | 2.07 | (.83) | 9.95 |
Distributions from net investment income | (.50) | (.03) | (.57) | (.33) | (.35) | (.39) |
Distributions from net realized gain | (7.22) | (.32) | - | (.29) | (.44) | - |
Total distributions | (7.72) | (.35) | (.57) | (.62) | (.79) | (.39) |
Redemption fees added to paid in capital E | -I | -I | -I | -I | .01 | .01 |
Net asset value, end of period | $ 52.48 | $ 60.56 | $ 57.31 | $ 53.65 | $ 52.20 | $ 53.81 |
Total ReturnB, C, D | (.63)% | 6.32% | 7.98% | 4.04% | (1.64)% | 22.62% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.41%A | 1.29% | 1.19% | 1.08% | 1.12% | 1.24% |
Expenses net of fee waivers, if any | 1.41%A | 1.29% | 1.19% | 1.08% | 1.12% | 1.24% |
Expenses net of all reductions | 1.41%A | 1.29% | 1.18% | 1.08% | 1.12% | 1.18% |
Net investment income (loss) | .88%A | .79% | 1.11% | 1.11% | .59% | .63% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 79,837 | $ 95,004 | $ 116,661 | $ 159,597 | $ 215,369 | $ 170,446 |
Portfolio turnover rate G | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 60.22 | $ 57.14 | $ 53.48 | $ 52.01 | $ 53.64 | $ 44.11 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .15 | .29 | .45 | .43 | .17 | .18 |
Net realized and unrealized gain (loss) | (.59) | 3.11 | 3.63 | 1.49 | (1.16) | 9.60 |
Total from investment operations | (.44) | 3.40 | 4.08 | 1.92 | (.99) | 9.78 |
Distributions from net investment income | (.30) | - | (.42) | (.16) | (.21) | (.26) |
Distributions from net realized gain | (7.22) | (.32) | - | (.29) | (.44) | - |
Total distributions | (7.52) | (.32) | (.42) | (.45) | (.65) | (.26) |
Redemption fees added to paid in capital E | -I | -I | -I | -I | .01 | .01 |
Net asset value, end of period | $ 52.26 | $ 60.22 | $ 57.14 | $ 53.48 | $ 52.01 | $ 53.64 |
Total ReturnB, C, D | (.78)% | 5.99% | 7.69% | 3.74% | (1.93)% | 22.27% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.73%A | 1.59% | 1.47% | 1.36% | 1.42% | 1.51% |
Expenses net of fee waivers, if any | 1.73%A | 1.59% | 1.47% | 1.36% | 1.42% | 1.51% |
Expenses net of all reductions | 1.73%A | 1.59% | 1.46% | 1.36% | 1.42% | 1.46% |
Net investment income (loss) | .56%A | .48% | .83% | .83% | .30% | .36% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 17,420 | $ 21,989 | $ 23,751 | $ 29,626 | $ 34,323 | $ 31,522 |
Portfolio turnover rate G | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 59.27 | $ 56.53 | $ 52.89 | $ 51.37 | $ 53.03 | $ 43.68 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .02 | (.01) | .18 | .17 | (.11) | (.07) |
Net realized and unrealized gain (loss) | (.58) | 3.07 | 3.60 | 1.49 | (1.14) | 9.50 |
Total from investment operations | (.56) | 3.06 | 3.78 | 1.66 | (1.25) | 9.43 |
Distributions from net investment income | - | - | (.14) | - | (.01) | (.09) |
Distributions from net realized gain | (7.22) | (.32) | - | (.14) | (.41) | - |
Total distributions | (7.22) | (.32) | (.14) | (.14) | (.42) | (.09) |
Redemption fees added to paid in capital E | -I | -I | -I | -I | .01 | .01 |
Net asset value, end of period | $ 51.49 | $ 59.27 | $ 56.53 | $ 52.89 | $ 51.37 | $ 53.03 |
Total ReturnB, C, D | (1.02)% | 5.45% | 7.17% | 3.25% | (2.41)% | 21.64% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 2.20%A | 2.09% | 1.96% | 1.85% | 1.91% | 2.01% |
Expenses net of fee waivers, if any | 2.20%A | 2.09% | 1.96% | 1.85% | 1.91% | 2.01% |
Expenses net of all reductions | 2.20%A | 2.09% | 1.95% | 1.85% | 1.91% | 1.96% |
Net investment income (loss) | .09%A | (.01)% | .34% | .34% | (.20)% | (.14)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 4,749 | $ 6,290 | $ 7,737 | $ 9,804 | $ 11,866 | $ 13,464 |
Portfolio turnover rate G | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 59.04 | $ 56.27 | $ 52.61 | $ 51.19 | $ 52.87 | $ 43.60 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .02 | .20 | .19 | (.08) | (.06) |
Net realized and unrealized gain (loss) | (.58) | 3.07 | 3.58 | 1.46 | (1.14) | 9.48 |
Total from investment operations | (.55) | 3.09 | 3.78 | 1.65 | (1.22) | 9.42 |
Distributions from net investment income | (.02) | - | (.12) | - | (.03) | (.16) |
Distributions from net realized gain | (7.22) | (.32) | - | (.23) | (.44) | - |
Total distributions | (7.24) | (.32) | (.12) | (.23) | (.47) | (.16) |
Redemption fees added to paid in capital E | -I | -I | -I | -I | .01 | .01 |
Net asset value, end of period | $ 51.25 | $ 59.04 | $ 56.27 | $ 52.61 | $ 51.19 | $ 52.87 |
Total ReturnB, C, D | (1.00)% | 5.53% | 7.21% | 3.26% | (2.36)% | 21.68% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 2.17%A | 2.03% | 1.93% | 1.82% | 1.86% | 1.99% |
Expenses net of fee waivers, if any | 2.17%A | 2.03% | 1.92% | 1.82% | 1.86% | 1.99% |
Expenses net of all reductions | 2.17%A | 2.03% | 1.92% | 1.82% | 1.86% | 1.94% |
Net investment income (loss) | .12%A | .04% | .37% | .37% | (.15)% | (.12)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 31,870 | $ 38,749 | $ 46,040 | $ 66,500 | $ 87,990 | $ 54,052 |
Portfolio turnover rateG | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Canada
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 60.95 | $ 57.72 | $ 54.05 | $ 52.59 | $ 54.14 | $ 44.46 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .31 | .66 | .77 | .73 | .52 | .46 |
Net realized and unrealized gain (loss) | (.59) | 3.13 | 3.66 | 1.51 | (1.18) | 9.68 |
Total from investment operations | (.28) | 3.79 | 4.43 | 2.24 | (.66) | 10.14 |
Distributions from net investment income | (.69) | (.24) | (.76) | (.49) | (.46) | (.47) |
Distributions from net realized gain | (7.22) | (.32) | - | (.29) | (.44) | - |
Total distributions | (7.91) | (.56) | (.76) | (.78) | (.90) | (.47) |
Redemption fees added to paid in capital D | -H | -H | -H | -H | .01 | .01 |
Net asset value, end of period | $ 52.76 | $ 60.95 | $ 57.72 | $ 54.05 | $ 52.59 | $ 54.14 |
Total ReturnB, C | (.48)% | 6.64% | 8.32% | 4.36% | (1.33)% | 22.97% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | 1.13%A | .98% | .87% | .77% | .82% | .94% |
Expenses net of fee waivers, if any | 1.13%A | .98% | .87% | .77% | .82% | .94% |
Expenses net of all reductions | 1.13%A | .98% | .86% | .77% | .82% | .89% |
Net investment income (loss) | 1.16%A | 1.09% | 1.42% | 1.42% | .90% | .93% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,720,761 | $ 2,057,843 | $ 2,262,380 | $ 2,992,597 | $ 3,778,765 | $ 3,953,693 |
Portfolio turnover rateF | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HAmount represents less than $.01 per share. |
Financial Highlights - Institutional Class
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 60.80 | $ 57.57 | $ 53.91 | $ 52.44 | $ 54.02 | $ 44.39 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .31 | .65 | .78 | .74 | .51 | .46 |
Net realized and unrealized gain (loss) | (.59) | 3.12 | 3.64 | 1.50 | (1.18) | 9.65 |
Total from investment operations | (.28) | 3.77 | 4.42 | 2.24 | (.67) | 10.11 |
Distributions from net investment income | (.68) | (.22) | (.76) | (.48) | (.48) | (.49) |
Distributions from net realized gain | (7.22) | (.32) | - | (.29) | (.44) | - |
Total distributions | (7.90) | (.54) | (.76) | (.77) | (.92) | (.49) |
Redemption fees added to paid in capital D | -H | -H | -H | -H | .01 | .01 |
Net asset value, end of period | $ 52.62 | $ 60.80 | $ 57.57 | $ 53.91 | $ 52.44 | $ 54.02 |
Total ReturnB, C | (.47)% | 6.62% | 8.34% | 4.38% | (1.35)% | 22.94% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | 1.11%A | 1.00% | .86% | .76% | .82% | .95% |
Expenses net of fee waivers, if any | 1.11%A | 1.00% | .86% | .76% | .82% | .95% |
Expenses net of all reductions | 1.11%A | 1.00% | .85% | .76% | .82% | .90% |
Net investment income (loss) | 1.18%A | 1.08% | 1.43% | 1.42% | .89% | .92% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 22,233 | $ 30,165 | $ 30,831 | $ 59,245 | $ 68,112 | $ 46,737 |
Portfolio turnover rateF | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, and Canada and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 458,564,043 |
Gross unrealized depreciation | (64,844,477) |
Net unrealized appreciation (depreciation) on securities | $ 393,719,566 |
|
|
Tax cost | $ 1,567,996,787 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $262,505,678 and $590,711,865, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Canada as compared to its benchmark index, the S&P/TSX Composite Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .87% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 108,098 | $ 3,759 |
Class T | .25% | .25% | 47,316 | 725 |
Class B | .75% | .25% | 27,053 | 20,358 |
Class C | .75% | .25% | 171,681 | 8,391 |
|
|
| $ 354,148 | $ 33,233 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 8,685 |
Class T | 2,024 |
Class B* | 3,581 |
Class C* | 1,037 |
| $ 15,327 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 101,162 | .23 |
Class T | 28,762 | .30 |
Class B | 7,285 | .27 |
Class C | 41,249 | .24 |
Canada | 1,887,847 | .20 |
Institutional Class | 23,567 | .19 |
| $ 2,089,872 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $276 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,655 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,800,330. Security
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Security Lending - continued
lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $19,937 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $9,697 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $4.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Canada expenses during the period in the amount of $15,012.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 783,478 | $ 53,142 |
Class T | 106,245 | - |
Class C | 12,920 | - |
Canada | 22,800,214 | 9,173,811 |
Institutional Class | 326,817 | 111,962 |
Total | $ 24,029,674 | $ 9,338,915 |
From net realized gain |
|
|
Class A | $ 11,358,847 | $ 629,831 |
Class T | 2,548,483 | 130,152 |
Class B | 742,098 | 42,217 |
Class C | 4,664,328 | 256,584 |
Canada | 239,967,215 | 12,282,929 |
Institutional Class | 3,449,733 | 161,386 |
Total | $ 262,730,704 | $ 13,503,099 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 118,017 | 144,381 | $ 6,407,912 | $ 8,740,780 |
Reinvestment of distributions | 200,582 | 9,784 | 10,552,616 | 552,980 |
Shares redeemed | (366,136) | (620,817) | (18,922,208) | (36,791,904) |
Net increase (decrease) | (47,537) | (466,652) | $ (1,961,680) | $ (27,498,144) |
Class T |
|
|
|
|
Shares sold | 13,348 | 29,501 | $ 699,517 | $ 1,790,320 |
Reinvestment of distributions | 49,518 | 2,264 | 2,597,730 | 127,592 |
Shares redeemed | (94,654) | (82,268) | (4,881,474) | (4,830,983) |
Net increase (decrease) | (31,788) | (50,503) | $ (1,584,227) | $ (2,913,071) |
Class B |
|
|
|
|
Shares sold | 1,646 | 547 | $ 85,015 | $ 32,504 |
Reinvestment of distributions | 12,380 | 630 | 641,184 | 35,107 |
Shares redeemed | (27,918) | (31,942) | (1,420,784) | (1,874,606) |
Net increase (decrease) | (13,892) | (30,765) | $ (694,585) | $ (1,806,995) |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class C |
|
|
|
|
Shares sold | 32,171 | 50,749 | $ 1,664,165 | $ 2,984,240 |
Reinvestment of distributions | 75,003 | 3,715 | 3,864,885 | 206,074 |
Shares redeemed | (141,619) | (216,291) | (7,130,852) | (12,480,545) |
Net increase (decrease) | (34,445) | (161,827) | $ (1,601,802) | $ (9,290,231) |
Canada |
|
|
|
|
Shares sold | 792,276 | 1,968,387 | $ 41,470,947 | $ 119,959,708 |
Reinvestment of distributions | 4,716,591 | 358,786 | 249,177,482 | 20,353,959 |
Shares redeemed | (6,655,960) | (7,758,261) | (343,808,869) | (462,389,717) |
Net increase (decrease) | (1,147,093) | (5,431,088) | $ (53,160,440) | $ (322,076,050) |
Institutional Class |
|
|
|
|
Shares sold | 52,286 | 331,645 | $ 2,732,648 | $ 20,156,294 |
Reinvestment of distributions | 49,883 | 3,804 | 2,628,352 | 215,319 |
Shares redeemed | (175,747) | (374,817) | (9,128,877) | (22,474,114) |
Net increase (decrease) | (73,578) | (39,368) | $ (3,767,877) | $ (2,102,501) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Fidelity China Region Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Class A | 1.28% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,264.90 | $ 7.19 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.45 | $ 6.41 |
Class T | 1.62% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,262.80 | $ 9.09 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.76 | $ 8.10 |
Class B | 2.09% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,259.50 | $ 11.71 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.43 | $ 10.44 |
Class C | 2.04% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,259.90 | $ 11.43 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.68 | $ 10.19 |
China Region | .98% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,266.60 | $ 5.51 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.93 | $ 4.91 |
Institutional Class | .97% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,266.70 | $ 5.45 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.98 | $ 4.86 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity China Region Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
China | 42.0% |
| |
Cayman Islands | 24.4% |
| |
Hong Kong | 11.8% |
| |
Taiwan | 10.4% |
| |
Bermuda | 5.1% |
| |
Netherlands | 2.4% |
| |
United Kingdom | 1.7% |
| |
Bailiwick of Jersey | 1.4% |
| |
United States of America* | 0.8% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Cayman Islands | 31.7% |
| |
China | 26.3% |
| |
Taiwan | 16.7% |
| |
Hong Kong | 10.2% |
| |
United States of America* | 4.7% |
| |
Bermuda | 4.2% |
| |
Korea (South) | 2.8% |
| |
United Kingdom | 1.4% |
| |
Netherlands | 0.8% |
| |
Other | 1.2% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 99.2 | 95.3 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.8 | 4.7 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
AIA Group Ltd. (Insurance) | 4.4 | 5.4 |
Industrial & Commercial Bank of China Ltd. (H Shares) (Banks) | 4.1 | 3.7 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 3.7 | 8.3 |
China Construction Bank Corp. (H Shares) (Banks) | 3.6 | 3.7 |
Hong Kong Exchanges and Clearing Ltd. (Diversified Financial Services) | 3.3 | 0.0 |
Tencent Holdings Ltd. (Internet Software & Services) | 3.2 | 5.3 |
Bank of China Ltd. (H Shares) (Banks) | 3.1 | 0.0 |
China Pacific Insurance Group Co. Ltd. (H Shares) (Insurance) | 2.3 | 2.1 |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) (Insurance) | 2.3 | 0.0 |
CK Hutchison Holdings Ltd. (Real Estate Management & Development) | 2.1 | 0.0 |
| 32.1 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 40.4 | 25.1 |
Information Technology | 16.6 | 28.6 |
Consumer Discretionary | 13.3 | 16.8 |
Industrials | 12.2 | 6.3 |
Health Care | 9.1 | 7.6 |
Materials | 4.0 | 4.4 |
Consumer Staples | 1.7 | 0.0 |
Telecommunication Services | 1.4 | 1.6 |
Utilities | 0.5 | 2.2 |
Energy | 0.0 | 2.7 |
Market Sectors may include more than one industry category. |
The fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Hong Kong, Taiwanese and Chinese market. As of April 30, 2015, the fund did not have more than 25% of its total assets invested in any one industry. |
Semiannual Report
Fidelity China Region Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 13.3% | |||
Auto Components - 2.3% | |||
Cub Elecparts, Inc. | 400,000 | $ 5,093,711 | |
Fuyao Glass Industries Group Co. Ltd. | 7,571,859 | 19,092,003 | |
Weifu High-Technology Co. Ltd. (B Shares) | 3,941,161 | 18,438,240 | |
| 42,623,954 | ||
Automobiles - 1.8% | |||
Chongqing Changan Automobile Co. Ltd. (B Shares) | 8,233,786 | 26,983,655 | |
Geely Automobile Holdings Ltd. | 11,880,000 | 6,713,640 | |
| 33,697,295 | ||
Diversified Consumer Services - 0.5% | |||
Perfect Shape (PRC) Holdings Ltd. | 40,044,000 | 9,403,214 | |
Hotels, Restaurants & Leisure - 1.0% | |||
Huangshan Tourism Development Co. Ltd. | 762,272 | 1,625,164 | |
Tuniu Corp. Class A sponsored ADR (d) | 1,090,000 | 17,712,500 | |
| 19,337,664 | ||
Household Durables - 1.7% | |||
Haier Electronics Group Co. Ltd. | 3,383,000 | 9,755,443 | |
Qingdao Haier Co. Ltd. | 1,549,911 | 6,774,052 | |
Techtronic Industries Co. Ltd. | 4,203,000 | 14,939,927 | |
| 31,469,422 | ||
Internet & Catalog Retail - 2.9% | |||
Ctrip.com International Ltd. sponsored ADR (a) | 243,000 | 15,474,240 | |
JD.com, Inc. sponsored ADR | 260,000 | 8,725,600 | |
Qunar Cayman Islands Ltd. sponsored ADR (a)(d) | 431,768 | 20,219,695 | |
Vipshop Holdings Ltd. ADR (a) | 300,000 | 8,487,000 | |
| 52,906,535 | ||
Media - 0.6% | |||
Poly Culture Group Corp. Ltd. (H Shares) (a) | 2,978,200 | 11,335,570 | |
Specialty Retail - 1.2% | |||
China Harmony Auto Holding Ltd. | 7,500,000 | 9,483,198 | |
Hengdeli Holdings Ltd. | 38,000,000 | 8,531,007 | |
International Housewares Retail Co. Ltd. | 2,849,000 | 805,015 | |
Oriental Watch Holdings Ltd. | 15,597,000 | 2,837,446 | |
| 21,656,666 | ||
Textiles, Apparel & Luxury Goods - 1.3% | |||
Best Pacific International Holdings Ltd. | 18,342,000 | 8,282,896 | |
ECLAT Textile Co. Ltd. | 500,000 | 6,726,311 | |
Toung Loong Textile Manufacturing Co. Ltd. | 2,375,000 | 9,422,141 | |
| 24,431,348 | ||
TOTAL CONSUMER DISCRETIONARY | 246,861,668 | ||
| |||
Shares | Value | ||
CONSUMER STAPLES - 1.7% | |||
Food Products - 1.7% | |||
China Agri-Industries Holdings Ltd. | 9,500,000 | $ 5,429,937 | |
China Foods Ltd. (a) | 7,500,000 | 5,622,182 | |
Inner Mongoli Yili Industries Co. Ltd. | 3,499,971 | 20,572,797 | |
| 31,624,916 | ||
FINANCIALS - 40.4% | |||
Banks - 14.8% | |||
Bank of China Ltd. (H Shares) | 83,778,000 | 57,613,555 | |
Midea Group ELS (BNP Paribas Warrant Program) warrants 10/8/15 (a)(f) | 3,090,600 | 18,420,630 | |
China Construction Bank Corp. (H Shares) | 68,778,000 | 66,998,329 | |
China Merchants Bank Co. Ltd. (H Shares) | 10,000,000 | 30,255,917 | |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Warrant Program) warrants 11/27/17 (a)(f) | 3,028,600 | 15,990,625 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 88,224,000 | 76,530,869 | |
Kweichow Moutai Co. Ltd. (A Shares) (BNP Paribas Warrant Program) warrants 7/9/15 (a)(f) | 223,520 | 9,089,194 | |
| 274,899,119 | ||
Capital Markets - 4.5% | |||
Emperor Capital Group Ltd. | 42,366,000 | 9,729,823 | |
Emperor Capital Group Ltd. rights (a) 5/21/15 | 15,999,000 | 2,642,228 | |
Guotai Junan International Holdings Ltd. | 6,000,000 | 9,924,457 | |
Haitong Securities Co. Ltd. (H Shares) | 5,600,000 | 18,388,372 | |
Kweichow Moutai Co. Ltd. (A Shares) ELS (UBS Warrant Programme) warrants 8/5/15 (a)(f) | 305,690 | 12,430,546 | |
SAIC Motor Corp. Ltd. ELS (UBS Warrant Programme) warrants 9/16/15 (a)(f) | 2,014,600 | 8,769,298 | |
SAIC Motor Corp. Ltd. ELS (BD Warrant Programme) warrants 7/13/17 (a)(f) | 2,008,500 | 8,742,745 | |
Tai Fook Securities Group Ltd. | 7,310,000 | 8,158,324 | |
Tai Fook Securities Group Ltd. rights 5/15/15 (a) | 7,310,000 | 4,857,268 | |
| 83,643,061 | ||
Diversified Financial Services - 3.3% | |||
Hong Kong Exchanges and Clearing Ltd. | 1,585,000 | 60,655,179 | |
Insurance - 13.9% | |||
AIA Group Ltd. | 12,277,400 | 82,054,734 | |
China Life Insurance Co. Ltd. (H Shares) | 7,000,000 | 33,972,989 | |
China Pacific Insurance Group Co. Ltd. (H Shares) | 7,999,200 | 43,657,051 | |
New China Life Insurance Co. Ltd. (H Shares) | 3,497,000 | 21,724,981 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Insurance - continued | |||
People's Insurance Co. of China Group (H Shares) | 50,176,000 | $ 34,894,122 | |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 3,000,000 | 43,119,521 | |
| 259,423,398 | ||
Real Estate Management & Development - 3.9% | |||
CK Hutchison Holdings Ltd. | 1,810,000 | 39,350,111 | |
Shimao Property Holdings Ltd. | 6,908,500 | 16,365,298 | |
Sunac China Holdings Ltd. | 12,500,000 | 16,482,701 | |
| 72,198,110 | ||
TOTAL FINANCIALS | 750,818,867 | ||
HEALTH CARE - 9.1% | |||
Biotechnology - 0.4% | |||
JHL Biotech, Inc. (g) | 2,005,348 | 7,500,002 | |
Health Care Equipment & Supplies - 0.8% | |||
Intai Technology Corp. | 1,000,000 | 5,632,469 | |
Lifetech Scientific Corp. (a) | 52,266,000 | 9,710,671 | |
| 15,343,140 | ||
Health Care Providers & Services - 1.7% | |||
China National Accord Medicines Corp. Ltd. | 1,930,173 | 14,267,324 | |
Phoenix Healthcare Group Ltd. (d) | 8,739,500 | 18,064,110 | |
| 32,331,434 | ||
Life Sciences Tools & Services - 0.9% | |||
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 385,700 | 16,650,669 | |
Pharmaceuticals - 5.3% | |||
CSPC Pharmaceutical Group Ltd. | 19,842,000 | 20,634,216 | |
Jiangsu Hengrui Medicine Co. Ltd. | 2,299,908 | 21,138,479 | |
Lee's Pharmaceutical Holdings Ltd. | 8,290,000 | 15,380,870 | |
Luye Pharma Group Ltd. (d) | 13,498,500 | 17,346,519 | |
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. Class H | 1,300,000 | 4,956,422 | |
Sino Biopharmaceutical Ltd. | 16,312,000 | 18,689,069 | |
| 98,145,575 | ||
TOTAL HEALTH CARE | 169,970,820 | ||
INDUSTRIALS - 11.8% | |||
Air Freight & Logistics - 0.1% | |||
Sinotrans Air Transportation Development Co. Ltd. (A Shares) | 599,908 | 2,615,192 | |
Airlines - 3.1% | |||
Air China Ltd. (H Shares) | 14,284,000 | 17,250,162 | |
China Eastern Airlines Corp. Ltd. (H Shares) (a) | 24,180,000 | 18,687,474 | |
China Southern Airlines Ltd. (H Shares) | 21,296,000 | 20,927,901 | |
| 56,865,537 | ||
| |||
Shares | Value | ||
Building Products - 0.5% | |||
Sunspring Metal Corp. | 4,350,000 | $ 8,493,763 | |
Electrical Equipment - 1.8% | |||
Harbin Electric Machinery Co. Ltd. (H Shares) | 17,000,000 | 13,993,846 | |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 2,200,000 | 18,819,310 | |
| 32,813,156 | ||
Machinery - 3.0% | |||
China CNR Corp. Ltd. (H Shares) (a) | 7,000,000 | 14,360,271 | |
CSR Corp. Ltd. (H Shares) | 11,689,000 | 22,622,266 | |
King Slide Works Co. Ltd. | 600,000 | 9,472,344 | |
Zhengzhou Yutong Bus Co. Ltd. | 2,099,971 | 10,366,465 | |
| 56,821,346 | ||
Marine - 1.0% | |||
China Shipping Development Co. Ltd. (H Shares) | 22,444,000 | 18,851,622 | |
Road & Rail - 0.5% | |||
Daqin Railway Co. Ltd. (A Shares) | 4,499,962 | 10,134,853 | |
Trading Companies & Distributors - 1.8% | |||
China Aircraft Leasing Group Holdings Ltd. | 5,000,000 | 8,747,766 | |
Summit Ascent Holdings Ltd. (a)(d) | 41,044,000 | 23,989,178 | |
| 32,736,944 | ||
TOTAL INDUSTRIALS | 219,332,413 | ||
INFORMATION TECHNOLOGY - 16.6% | |||
Communications Equipment - 0.5% | |||
ZTE Corp. (H Shares) | 3,000,000 | 10,121,862 | |
Electronic Equipment & Components - 2.7% | |||
Largan Precision Co. Ltd. | 209,000 | 21,018,742 | |
PAX Global Technology Ltd. (a) | 7,500,000 | 10,934,708 | |
Sunny Optical Technology Group Co. Ltd. (d) | 4,500,000 | 10,079,285 | |
TPK Holding Co. Ltd. | 1,250,000 | 7,795,664 | |
| 49,828,399 | ||
Internet Software & Services - 6.2% | |||
58.com, Inc. ADR (a)(d) | 304,300 | 23,212,004 | |
Bitauto Holdings Ltd. ADR (a) | 129,417 | 7,697,723 | |
SouFun Holdings Ltd. ADR | 1,500,000 | 12,405,000 | |
Tencent Holdings Ltd. | 2,900,000 | 59,852,754 | |
Youku Tudou, Inc. ADR (a)(d) | 615,000 | 11,500,500 | |
| 114,667,981 | ||
Semiconductors & Semiconductor Equipment - 5.1% | |||
eMemory Technology, Inc. | 390,000 | 4,437,896 | |
Silergy Corp. | 592,325 | 5,879,540 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 14,240,796 | 68,559,073 | |
Vanguard International Semiconductor Corp. | 10,200,000 | 15,753,282 | |
| 94,629,791 | ||
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Software - 0.7% | |||
China City Railway Transportation Technology Holdings Co. Ltd. (a) | 32,000,000 | $ 12,633,942 | |
Technology Hardware, Storage & Peripherals - 1.4% | |||
ADLINK Technology, Inc. | 3,200,000 | 10,082,936 | |
Advantech Co. Ltd. | 1,415,000 | 11,712,352 | |
Axiomtek Co. Ltd. | 2,000,000 | 5,028,407 | |
| 26,823,695 | ||
TOTAL INFORMATION TECHNOLOGY | 308,705,670 | ||
MATERIALS - 4.0% | |||
Chemicals - 0.2% | |||
Jintex Corp. Ltd. (e) | 4,681,000 | 3,912,806 | |
Construction Materials - 3.8% | |||
Asia Cement (China) Holdings Corp. | 6,409,500 | 3,696,572 | |
BBMG Corp. (H Shares) | 20,000,000 | 24,824,045 | |
China Shanshui Cement Group Ltd. (d) | 20,656,000 | 16,763,486 | |
West China Cement Ltd. | 149,600,000 | 25,671,468 | |
| 70,955,571 | ||
TOTAL MATERIALS | 74,868,377 | ||
TELECOMMUNICATION SERVICES - 1.4% | |||
Diversified Telecommunication Services - 1.4% | |||
China Unicom Ltd. | 14,100,000 | 26,481,628 | |
UTILITIES - 0.5% | |||
Independent Power and Renewable Electricity Producers - 0.5% | |||
Beijing Jingneng Clean Energy Co. Ltd. (H Shares) (d) | 18,500,000 | 9,189,670 | |
TOTAL COMMON STOCKS (Cost $1,346,403,654) |
| ||
Convertible Preferred Stocks - 0.4% | |||
|
|
|
|
INDUSTRIALS - 0.4% | |||
Professional Services - 0.4% | |||
Meituan Corp. Series D (g) | 991,544 | 7,337,426 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $6,268,244) |
| ||
Money Market Funds - 4.0% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.15% (b) | 16,508,102 | $ 16,508,102 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 57,748,215 | 57,748,215 | |
TOTAL MONEY MARKET FUNDS (Cost $74,256,317) |
| ||
TOTAL INVESTMENT PORTFOLIO - 103.2% (Cost $1,426,928,215) | 1,919,447,772 | ||
NET OTHER ASSETS (LIABILITIES) - (3.2)% | (59,865,304) | ||
NET ASSETS - 100% | $ 1,859,582,468 |
Security Type Abbreviations | ||
ELS | - | Equity-Linked Security |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $73,443,038 or 3.9% of net assets. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,837,428 or 0.8% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
JHL Biotech, Inc. | 4/14/15 | $ 7,500,002 |
Meituan Corp. Series D | 1/26/15 | $ 6,268,244 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 20,209 |
Fidelity Securities Lending Cash Central Fund | 697,327 |
Total | $ 717,536 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
Jintex Corp. Ltd. | $ 4,548,561 | $ - | $ 262,332 | $ - | $ 3,912,806 |
Perfect Shape (PRC) Holdings Ltd. | 11,817,466 | - | 5,870,819 | 406,080 | - |
Total | $ 16,366,027 | $ - | $ 6,133,151 | $ 406,080 | $ 3,912,806 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 246,861,668 | $ 246,861,668 | $ - | $ - |
Consumer Staples | 31,624,916 | 31,624,916 | - | - |
Financials | 750,818,867 | 559,372,475 | 191,446,392 | - |
Health Care | 169,970,820 | 162,470,818 | - | 7,500,002 |
Industrials | 226,669,839 | 198,404,512 | 20,927,901 | 7,337,426 |
Information Technology | 308,705,670 | 180,293,843 | 128,411,827 | - |
Materials | 74,868,377 | 58,104,891 | - | 16,763,486 |
Telecommunication Services | 26,481,628 | - | 26,481,628 | - |
Utilities | 9,189,670 | 9,189,670 | - | - |
Money Market Funds | 74,256,317 | 74,256,317 | - | - |
Total Investments in Securities: | $ 1,919,447,772 | $ 1,520,579,110 | $ 367,267,748 | $ 31,600,914 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 0 |
Level 2 to Level 1 | $ 538,436,745 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Equities - Industrials | |
Beginning Balance | $ 28,267,179 |
Net Realized Gain (Loss) on Investment Securities | - |
Net Unrealized Gain (Loss) on Investment Securities | 1,069,182 |
Cost of Purchases | 6,268,244 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | (28,267,179) |
Ending Balance | $ 7,337,426 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2015 | $ 1,069,182 |
Investments in Securities: | |
Other Investments in Securities | |
Beginning Balance | $ - |
Net Realized Gain (Loss) on Investment Securities | 756,975 |
Net Unrealized Gain (Loss) on Investment Securities | 10,741,947 |
Cost of Purchases | 11,680,370 |
Proceeds of Sales | (11,841,958) |
Amortization/Accretion | - |
Transfers into Level 3 | 12,926,154 |
Transfers out of Level 3 | - |
Ending Balance | $ 24,263,488 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2015 | $ 10,741,947 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity China Region Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $54,601,134) - See accompanying schedule: Unaffiliated issuers (cost $1,347,756,763) | $ 1,841,278,649 |
|
Fidelity Central Funds (cost $74,256,317) | 74,256,317 |
|
Other affiliated issuers (cost $4,915,135) | 3,912,806 |
|
Total Investments (cost $1,426,928,215) |
| $ 1,919,447,772 |
Foreign currency held at value (cost $11,559,070) | 11,558,877 | |
Receivable for investments sold | 29,018,521 | |
Receivable for fund shares sold | 7,796,914 | |
Dividends receivable | 448,512 | |
Distributions receivable from Fidelity Central Funds | 223,716 | |
Prepaid expenses | 997 | |
Other receivables | 25,770 | |
Total assets | 1,968,521,079 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 47,688,673 | |
Payable for fund shares redeemed | 2,016,835 | |
Accrued management fee | 1,007,505 | |
Distribution and service plan fees payable | 22,538 | |
Other affiliated payables | 303,103 | |
Other payables and accrued expenses | 151,742 | |
Collateral on securities loaned, at value | 57,748,215 | |
Total liabilities | 108,938,611 | |
|
|
|
Net Assets | $ 1,859,582,468 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,236,708,477 | |
Accumulated net investment loss | (4,167,288) | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 134,522,759 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 492,518,520 | |
Net Assets | $ 1,859,582,468 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 37.66 | |
|
|
|
Maximum offering price per share (100/94.25 of $37.66) | $ 39.96 | |
Class T: | $ 37.52 | |
|
|
|
Maximum offering price per share (100/96.50 of $37.52) | $ 38.88 | |
Class B: | $ 37.32 | |
|
|
|
Class C: | $ 36.95 | |
|
|
|
China Region: | $ 38.00 | |
|
|
|
Institutional Class: | $ 37.81 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity China Region Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends (including $406,080 earned from other affiliated issuers) |
| $ 3,620,497 |
Interest |
| 10 |
Income from Fidelity Central Funds (including $697,327 from security lending) |
| 717,536 |
Income before foreign taxes withheld |
| 4,338,043 |
Less foreign taxes withheld |
| (128,874) |
Total income |
| 4,209,169 |
|
|
|
Expenses | ||
Management fee | $ 5,168,212 | |
Transfer agent fees | 1,414,997 | |
Distribution and service plan fees | 110,543 | |
Accounting and security lending fees | 336,173 | |
Custodian fees and expenses | 251,551 | |
Independent trustees' compensation | 2,820 | |
Registration fees | 80,553 | |
Audit | 37,567 | |
Legal | 2,136 | |
Interest | 1,694 | |
Miscellaneous | 4,945 | |
Total expenses before reductions | 7,411,191 | |
Expense reductions | (47,553) | 7,363,638 |
Net investment income (loss) | (3,154,469) | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers (net of foreign taxes of $22,155) | 138,014,454 | |
Other affiliated issuers | 920,267 | |
Foreign currency transactions | (864,992) | |
Total net realized gain (loss) |
| 138,069,729 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 235,949,261 | |
Assets and liabilities in foreign currencies | 2,330 | |
Total change in net unrealized appreciation (depreciation) |
| 235,951,591 |
Net gain (loss) | 374,021,320 | |
Net increase (decrease) in net assets resulting from operations | $ 370,866,851 |
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ (3,154,469) | $ 13,925,917 |
Net realized gain (loss) | 138,069,729 | 191,786,909 |
Change in net unrealized appreciation (depreciation) | 235,951,591 | (115,260,428) |
Net increase (decrease) in net assets resulting from operations | 370,866,851 | 90,452,398 |
Distributions to shareholders from net investment income | (13,114,934) | (15,459,434) |
Distributions to shareholders from net realized gain | (172,413,722) | (136,131,549) |
Total distributions | (185,528,656) | (151,590,983) |
Share transactions - net increase (decrease) | 262,213,244 | 1,574,280 |
Redemption fees | 173,273 | 349,352 |
Total increase (decrease) in net assets | 447,724,712 | (59,214,953) |
|
|
|
Net Assets | ||
Beginning of period | 1,411,857,756 | 1,471,072,709 |
End of period (including accumulated net investment loss of $4,167,288 and undistributed net investment income of $12,102,115, respectively) | $ 1,859,582,468 | $ 1,411,857,756 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 34.18 | $ 35.56 | $ 28.53 | $ 27.28 | $ 31.61 | $ 26.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.11) | .21 | .30 | .36 | .33 | .25 |
Net realized and unrealized gain (loss) | 8.05 | 2.01J | 7.06 | 1.42 | (4.33) | 5.15 |
Total from investment operations | 7.94 | 2.22 | 7.36 | 1.78 | (4.00) | 5.40 |
Distributions from net investment income | (.22) | (.30) | (.34) | (.19) | (.31) | (.20) |
Distributions from net realized gain | (4.24) | (3.31) | - | (.34) | (.03) | (.07) |
Total distributions | (4.46) | (3.61) | (.34) | (.53) | (.34) | (.27) |
Redemption fees added to paid in capital E | - I | .01 | .01 | - I | .01 | .01 |
Net asset value, end of period | $ 37.66 | $ 34.18 | $ 35.56 | $ 28.53 | $ 27.28 | $ 31.61 |
Total ReturnB, C, D | 26.49% | 6.45%J | 26.07% | 6.70% | (12.79)% | 20.54% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.28%A | 1.35% | 1.35% | 1.36% | 1.37% | 1.38% |
Expenses net of fee waivers, if any | 1.28%A | 1.35% | 1.35% | 1.36% | 1.37% | 1.38% |
Expenses net of all reductions | 1.28%A | 1.35% | 1.31% | 1.29% | 1.31% | 1.31% |
Net investment income (loss) | (.71)%A | .64% | .94% | 1.35% | 1.07% | .91% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 37,753 | $ 21,728 | $ 20,623 | $ 13,539 | $ 14,808 | $ 16,047 |
Portfolio turnover rateG | 152%A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 6.42%. |
Financial Highlights - Class T
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 34.02 | $ 35.40 | $ 28.40 | $ 27.13 | $ 31.48 | $ 26.40 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.17) | .12 | .21 | .29 | .25 | .18 |
Net realized and unrealized gain (loss) | 8.03 | 1.99 L | 7.04 | 1.40 | (4.32) | 5.13 |
Total from investment operations | 7.86 | 2.11 | 7.25 | 1.69 | (4.07) | 5.31 |
Distributions from net investment income | (.12) | (.19) | (.26) | (.08) | (.27) | (.18) |
Distributions from net realized gain | (4.24) | (3.31) | - | (.34) | (.03) | (.07) |
Total distributions | (4.36) | (3.50) | (.26) | (.42) | (.29) J | (.24) K |
Redemption fees added to paid in capital E | - I | .01 | .01 | - I | .01 | .01 |
Net asset value, end of period | $ 37.52 | $ 34.02 | $ 35.40 | $ 28.40 | $ 27.13 | $ 31.48 |
Total ReturnB, C, D | 26.28% | 6.15% L | 25.74% | 6.38% | (13.04)% | 20.27% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.62%A | 1.65% | 1.64% | 1.64% | 1.63% | 1.64% |
Expenses net of fee waivers, if any | 1.62%A | 1.65% | 1.64% | 1.64% | 1.63% | 1.64% |
Expenses net of all reductions | 1.61%A | 1.65% | 1.60% | 1.57% | 1.57% | 1.58% |
Net investment income (loss) | (1.04)%A | .35% | .65% | 1.06% | .81% | .64% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 8,361 | $ 6,305 | $ 5,965 | $ 4,349 | $ 5,281 | $ 6,070 |
Portfolio turnover rateG | 152%A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JTotal distributions of $.29 per share is comprised of distributions from net investment income of $.268 and distributions from net realized gain of $.025 per share. KTotal distributions of $.24 per share is comprised of distributions from net investment income of $.177 and distributions from net realized gain of $.065 per share. LAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 6.12%. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 33.79 | $ 35.12 | $ 28.16 | $ 26.94 | $ 31.23 | $ 26.28 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.24) | (.04) | .06 | .16 | .10 | .04 |
Net realized and unrealized gain (loss) | 7.98 | 1.99J | 6.99 | 1.40 | (4.29) | 5.09 |
Total from investment operations | 7.74 | 1.95 | 7.05 | 1.56 | (4.19) | 5.13 |
Distributions from net investment income | - | - | (.10) | - | (.08) | (.12) |
Distributions from net realized gain | (4.21) | (3.29) | - | (.34) | (.03) | (.07) |
Total distributions | (4.21) | (3.29) | (.10) | (.34) | (.11) | (.19) |
Redemption fees added to paid in capital E | - I | .01 | .01 | - I | .01 | .01 |
Net asset value, end of period | $ 37.32 | $ 33.79 | $ 35.12 | $ 28.16 | $ 26.94 | $ 31.23 |
Total ReturnB, C, D | 25.95% | 5.68%J | 25.12% | 5.90% | (13.45)% | 19.63% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 2.09%A | 2.11% | 2.10% | 2.11% | 2.12% | 2.14% |
Expenses net of fee waivers, if any | 2.09%A | 2.11% | 2.10% | 2.11% | 2.12% | 2.14% |
Expenses net of all reductions | 2.08%A | 2.11% | 2.07% | 2.04% | 2.06% | 2.08% |
Net investment income (loss) | (1.51)%A | (.12)% | .19% | .59% | .32% | .14% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,461 | $ 1,215 | $ 1,494 | $ 1,533 | $ 1,801 | $ 2,496 |
Portfolio turnover rateG | 152%A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 5.65%. |
Financial Highlights - Class C
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 33.56 | $ 34.99 | $ 28.07 | $ 26.86 | $ 31.19 | $ 26.25 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.23) | (.02) | .06 | .16 | .10 | .04 |
Net realized and unrealized gain (loss) | 7.90 | 1.97J | 6.97 | 1.39 | (4.28) | 5.09 |
Total from investment operations | 7.67 | 1.95 | 7.03 | 1.55 | (4.18) | 5.13 |
Distributions from net investment income | (.04) | (.08) | (.12) | - | (.13) | (.13) |
Distributions from net realized gain | (4.24) | (3.31) | - | (.34) | (.03) | (.07) |
Total distributions | (4.28) | (3.39) | (.12) | (.34) | (.16) | (.20) |
Redemption fees added to paid in capital E | - I | .01 | .01 | - I | .01 | .01 |
Net asset value, end of period | $ 36.95 | $ 33.56 | $ 34.99 | $ 28.07 | $ 26.86 | $ 31.19 |
Total ReturnB, C, D | 25.99% | 5.71%J | 25.14% | 5.88% | (13.46)% | 19.66% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 2.04%A | 2.07% | 2.10% | 2.11% | 2.12% | 2.14% |
Expenses net of fee waivers, if any | 2.04%A | 2.07% | 2.10% | 2.11% | 2.12% | 2.14% |
Expenses net of all reductions | 2.04%A | 2.07% | 2.07% | 2.04% | 2.06% | 2.07% |
Net investment income (loss) | (1.47)%A | (.07)% | .19% | .59% | .32% | .15% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 15,207 | $ 10,445 | $ 6,957 | $ 4,515 | $ 5,230 | $ 5,938 |
Portfolio turnover rateG | 152% A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 5.68%. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - China Region
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 34.51 | $ 35.83 | $ 28.73 | $ 27.49 | $ 31.81 | $ 26.55 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | (.07) | .33 | .41 | .45 | .44 | .34 |
Net realized and unrealized gain (loss) | 8.13 | 2.03K | 7.11 | 1.42 | (4.37) | 5.18 |
Total from investment operations | 8.06 | 2.36 | 7.52 | 1.87 | (3.93) | 5.52 |
Distributions from net investment income | (.33) | (.38) | (.43) | (.29) | (.38) | (.21) |
Distributions from net realized gain | (4.24) | (3.31) | - | (.34) | (.03) | (.07) |
Total distributions | (4.57) | (3.69) | (.43) | (.63) | (.40) I | (.27) J |
Redemption fees added to paid in capital D | - H | .01 | .01 | - H | .01 | .01 |
Net asset value, end of period | $ 38.00 | $ 34.51 | $ 35.83 | $ 28.73 | $ 27.49 | $ 31.81 |
Total ReturnB, C | 26.66% | 6.83%K | 26.51% | 7.01% | (12.52)% | 20.97% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .98%A | 1.01% | 1.02% | 1.04% | 1.04% | 1.06% |
Expenses net of fee waivers, if any | .98%A | 1.01% | 1.02% | 1.04% | 1.04% | 1.06% |
Expenses net of all reductions | .98%A | 1.01% | .98% | .98% | .98% | 1.00% |
Net investment income (loss) | (.41)%A | .99% | 1.27% | 1.66% | 1.40% | 1.22% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,761,090 | $ 1,352,761 | $ 1,425,828 | $ 1,265,488 | $ 1,515,084 | $ 2,130,070 |
Portfolio turnover rateF | 152% A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HAmount represents less than $.01 per share. ITotal distributions of $.40 per share is comprised of distributions from net investment income of $.376 and distributions from net realized gain of $.025 per share. JTotal distributions of $.27 per share is comprised of distributions from net investment income of $.209 and distributions from net realized gain of $.065 per share. KAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 6.80%. |
Financial Highlights - Institutional Class
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 34.39 | $ 35.75 | $ 28.68 | $ 27.46 | $ 31.79 | $ 26.55 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | (.06) | .34 | .42 | .45 | .43 | .33 |
Net realized and unrealized gain (loss) | 8.08 | 2.02K | 7.10 | 1.42 | (4.37) | 5.18 |
Total from investment operations | 8.02 | 2.36 | 7.52 | 1.87 | (3.94) | 5.51 |
Distributions from net investment income | (.36) | (.43) | (.46) | (.31) | (.37) | (.22) |
Distributions from net realized gain | (4.24) | (3.31) | - | (.34) | (.03) | (.07) |
Total distributions | (4.60) | (3.73) J | (.46) | (.65) | (.40) | (.28) I |
Redemption fees added to paid in capital D | - H | .01 | .01 | - H | .01 | .01 |
Net asset value, end of period | $ 37.81 | $ 34.39 | $ 35.75 | $ 28.68 | $ 27.46 | $ 31.79 |
Total ReturnB, C | 26.67% | 6.87%K | 26.58% | 7.02% | (12.56)% | 20.92% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .97%A | .98% | .97% | 1.04% | 1.06% | 1.11% |
Expenses net of fee waivers, if any | .97%A | .98% | .97% | 1.04% | 1.06% | 1.11% |
Expenses net of all reductions | .96%A | .98% | .93% | .98% | 1.01% | 1.04% |
Net investment income (loss) | (.39)%A | 1.01% | 1.32% | 1.66% | 1.38% | 1.18% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 35,710 | $ 19,404 | $ 10,206 | $ 1,958 | $ 2,034 | $ 1,904 |
Portfolio turnover rateF | 152% A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HAmount represents less than $.01 per share. ITotal distributions of $.28 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $.065 per share. JTotal distributions of $3.73 per share is comprised of distributions from net investment income of $.425 and distributions from net realized gain of $3.306 per share. KAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 6.84%. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® China Region Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, China Region and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities,
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at | Valuation | Unobservable | Amount or Range/ | Impact to Valuation |
Equities | $ 31,600,914 | Last transaction price | Transaction price | $3.74 - $6.29 / $5.50 | Increase |
|
| Market comparable | EV/GMV multiple | 0.4 | Increase |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 498,299,243 |
Gross unrealized depreciation | (9,514,381) |
Net unrealized appreciation (depreciation) on securities | $ 488,784,862 |
|
|
Tax cost | $ 1,430,662,910 |
Short-Term Trading (Redemption) Fees. Shares purchased by investors in the Fund less than 90 days may be subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,223,949,084 and $1,113,606,471, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 34,195 | $ 2,810 |
Class T | .25% | .25% | 16,378 | 217 |
Class B | .75% | .25% | 6,251 | 4,702 |
Class C | .75% | .25% | 53,719 | 20,123 |
|
|
| $ 110,543 | $ 27,852 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 20,858 |
Class T | 2,735 |
Class B* | 195 |
Class C* | 5,834 |
| $ 29,622 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 32,509 | .24 |
Class T | 10,556 | .32 |
Class B | 1,820 | .29 |
Class C | 13,458 | .25 |
China Region | 1,334,091 | .19 |
Institutional Class | 22,563 | .17 |
| $ 1,414,997 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $3,350 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Interfund Lending Program - continued
alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan | Weighted Average | Interest |
Borrower | $ 10,812,438 | .35% | $ 1,694 |
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,126 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $11,375. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds and includes $275 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $39,782 for the period.
Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $46.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain China Region expenses during the period in the amount of $7,725.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 147,088 | $ 180,108 |
Class T | 22,529 | 32,344 |
Class C | 12,652 | 17,191 |
China Region | 12,728,622 | 15,122,632 |
Institutional Class | 204,043 | 107,159 |
Total | $ 13,114,934 | $ 15,459,434 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
9. Distributions to Shareholders - continued
Six months ended | Year ended | |
From net realized gain |
|
|
Class A | $ 2,783,517 | $ 1,978,191 |
Class T | 789,251 | 554,033 |
Class B | 149,794 | 137,166 |
Class C | 1,276,956 | 701,626 |
China Region | 165,004,911 | 131,926,962 |
Institutional Class | 2,409,293 | 833,571 |
Total | $ 172,413,722 | $ 136,131,549 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 522,266 | 299,718 | $ 17,164,492 | $ 10,085,846 |
Reinvestment of distributions | 93,297 | 60,028 | 2,812,898 | 2,013,956 |
Shares redeemed | (248,636) | (304,062) | (8,476,370) | (10,090,492) |
Net increase (decrease) | 366,927 | 55,684 | $ 11,501,020 | $ 2,009,310 |
Class T |
|
|
|
|
Shares sold | 46,552 | 59,364 | $ 1,614,827 | $ 1,971,301 |
Reinvestment of distributions | 26,640 | 17,176 | 801,072 | 574,877 |
Shares redeemed | (35,628) | (59,747) | (1,118,316) | (1,983,826) |
Net increase (decrease) | 37,564 | 16,793 | $ 1,297,583 | $ 562,352 |
Class B |
|
|
|
|
Shares sold | 1,753 | 1,463 | $ 56,558 | $ 48,104 |
Reinvestment of distributions | 4,834 | 3,586 | 144,877 | 119,685 |
Shares redeemed | (3,397) | (11,640) | (110,024) | (382,157) |
Net increase (decrease) | 3,190 | (6,591) | $ 91,411 | $ (214,368) |
Class C |
|
|
|
|
Shares sold | 127,667 | 172,291 | $ 4,323,836 | $ 5,779,242 |
Reinvestment of distributions | 38,139 | 18,485 | 1,131,586 | 612,773 |
Shares redeemed | (65,498) | (78,373) | (2,064,729) | (2,559,009) |
Net increase (decrease) | 100,308 | 112,403 | $ 3,390,693 | $ 3,833,006 |
China Region |
|
|
|
|
Shares sold | 7,482,027 | 6,962,379 | $ 257,314,676 | $ 236,836,534 |
Reinvestment of distributions | 5,608,420 | 4,157,611 | 170,439,887 | 140,360,927 |
Shares redeemed | (5,945,363) | (11,721,340) | (193,590,170) | (391,493,808) |
Net increase (decrease) | 7,145,084 | (601,350) | $ 234,164,393 | $ (14,296,347) |
Institutional Class |
|
|
|
|
Shares sold | 504,513 | 632,067 | $ 15,938,780 | $ 21,560,054 |
Reinvestment of distributions | 58,945 | 23,866 | 1,781,897 | 802,629 |
Shares redeemed | (183,275) | (377,199) | (5,952,533) | (12,682,356) |
Net increase (decrease) | 380,183 | 278,734 | $ 11,768,144 | $ 9,680,327 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Fidelity Emerging Asia Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Actual | 1.05% | $ 1,000.00 | $ 1,136.70 | $ 5.56 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.59 | $ 5.26 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Emerging Asia Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
China | 22.0% |
| |
Korea (South) | 16.6% |
| |
Hong Kong | 11.4% |
| |
Taiwan | 10.8% |
| |
India | 9.8% |
| |
Cayman Islands | 8.9% |
| |
Singapore | 4.5% |
| |
Malaysia | 3.2% |
| |
Bermuda | 2.7% |
| |
Other* | 10.1% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
China | 20.6% |
| |
Korea (South) | 17.2% |
| |
Taiwan | 11.4% |
| |
India | 10.8% |
| |
Cayman Islands | 10.1% |
| |
Hong Kong | 8.6% |
| |
Singapore | 4.7% |
| |
Thailand | 3.7% |
| |
Bermuda | 3.4% |
| |
Other* | 9.5% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 98.6 | 99.4 |
Bonds | 0.0* | 0.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.4 | 0.6 |
* Amount represents less than 0.1% |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 5.6 | 5.3 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 3.7 | 4.1 |
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) | 3.0 | 3.0 |
China Construction Bank Corp. (H Shares) (China, Banks) | 2.6 | 2.4 |
AIA Group Ltd. (Hong Kong, Insurance) | 2.6 | 1.4 |
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) | 2.0 | 0.9 |
Bank of China Ltd. (H Shares) (China, Banks) | 1.8 | 1.8 |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) (China, Insurance) | 1.6 | 1.4 |
Hyundai Motor Co. (Korea (South), Automobiles) | 1.6 | 1.3 |
CNOOC Ltd. sponsored ADR (Hong Kong, Oil, Gas & Consumable Fuels) | 1.5 | 0.0 |
| 26.0 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 32.9 | 31.5 |
Information Technology | 20.4 | 22.8 |
Consumer Discretionary | 10.5 | 11.4 |
Telecommunication Services | 6.6 | 6.4 |
Energy | 6.1 | 3.6 |
Industrials | 5.4 | 7.8 |
Utilities | 5.4 | 5.0 |
Materials | 5.3 | 4.8 |
Consumer Staples | 4.5 | 3.9 |
Health Care | 1.5 | 2.2 |
Semiannual Report
Fidelity Emerging Asia Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.6% | |||
Shares | Value | ||
Australia - 0.1% | |||
Beacon Lighting Group Ltd. | 234,767 | $ 356,703 | |
Sino Gas & Energy Ltd. (a) | 4,797,856 | 626,469 | |
TOTAL AUSTRALIA | 983,172 | ||
Bailiwick of Jersey - 0.4% | |||
West China Cement Ltd. | 26,474,000 | 4,542,958 | |
Bermuda - 2.7% | |||
Brilliance China Automotive Holdings Ltd. | 2,110,000 | 3,974,686 | |
BW LPG Ltd. | 33,694 | 297,975 | |
BW Offshore Ltd. | 621,153 | 462,758 | |
Cheung Kong Infrastructure Holdings Ltd. | 193,000 | 1,638,516 | |
CSI Properties Ltd. | 47,700,000 | 1,938,637 | |
Great Eagle Holdings Ltd. | 2,382,000 | 8,805,091 | |
Hongkong Land Holdings Ltd. | 750,000 | 6,075,000 | |
Kerry Logistics Network Ltd. | 708,000 | 1,143,681 | |
Luye Pharma Group Ltd. | 301,500 | 387,449 | |
PAX Global Technology Ltd. (a) | 2,011,000 | 2,931,960 | |
Skyworth Digital Holdings Ltd. | 1,274,000 | 1,139,122 | |
Yue Yuen Industrial (Holdings) Ltd. | 1,526,500 | 5,810,136 | |
TOTAL BERMUDA | 34,605,011 | ||
British Virgin Islands - 0.2% | |||
Michael Kors Holdings Ltd. (a) | 30,500 | 1,886,730 | |
Cayman Islands - 8.9% | |||
58.com, Inc. ADR (a) | 47,000 | 3,585,160 | |
AMVIG Holdings Ltd. | 1,270,000 | 694,764 | |
Belle International Holdings Ltd. | 2,588,000 | 3,329,101 | |
Best Pacific International Holdings Ltd. | 3,044,000 | 1,374,612 | |
China Lodging Group Ltd. ADR (a)(e) | 148,550 | 3,345,346 | |
China Modern Dairy Holdings Ltd. | 6,264,000 | 2,553,914 | |
China Resources Cement Holdings Ltd. | 7,721,706 | 4,931,578 | |
China Sanjiang Fine Chemicals Ltd. | 6,954,000 | 2,996,737 | |
China State Construction International Holdings Ltd. | 1,614,000 | 3,119,484 | |
ChinaCache International Holdings Ltd. sponsored ADR (a) | 44,200 | 622,778 | |
Ctrip.com International Ltd. sponsored ADR (a) | 38,700 | 2,464,416 | |
ENN Energy Holdings Ltd. | 608,000 | 4,392,979 | |
Greatview Aseptic Pack Co. Ltd. | 5,289,000 | 3,193,647 | |
Hosa International Ltd. | 202,000 | 103,990 | |
iKang Healthcare Group, Inc. sponsored ADR | 32,300 | 565,573 | |
International Housewares Retail Co. Ltd. | 6,982,000 | 1,972,838 | |
Lee's Pharmaceutical Holdings Ltd. | 458,000 | 849,751 | |
Lifestyle International Holdings Ltd. | 1,405,500 | 2,629,459 | |
Lifetech Scientific Corp. (a) | 1,168,000 | 217,007 | |
Longfor Properties Co. Ltd. | 3,223,000 | 5,613,860 | |
Pico Far East Holdings Ltd. | 2,384,000 | 692,080 | |
Qunar Cayman Islands Ltd. sponsored ADR (a) | 51,800 | 2,425,794 | |
| |||
Shares | Value | ||
Samson Holding Ltd. | 4,079,000 | $ 594,702 | |
Sino Biopharmaceutical Ltd. | 4,372,000 | 5,009,110 | |
SITC International Holdings Co. Ltd. | 2,840,000 | 2,106,947 | |
Sitoy Group Holdings Ltd. | 1,108,000 | 687,626 | |
SOHO China Ltd. | 4,922,500 | 3,740,835 | |
SPT Energy Group, Inc. | 3,066,000 | 692,273 | |
Sunny Optical Technology Group Co. Ltd. | 732,000 | 1,639,564 | |
Tencent Holdings Ltd. | 1,875,500 | 38,708,221 | |
Value Partners Group Ltd. | 2,157,000 | 4,007,561 | |
Vipshop Holdings Ltd. ADR (a) | 64,400 | 1,821,876 | |
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 47,700 | 2,059,209 | |
Xinyi Solar Holdings Ltd. | 1,656,000 | 583,298 | |
TOTAL CAYMAN ISLANDS | 113,326,090 | ||
China - 22.0% | |||
Agricultural Bank of China Ltd. (H Shares) | 11,897,000 | 6,723,247 | |
Anhui Conch Cement Co. Ltd. (H Shares) | 918,500 | 3,732,993 | |
Bank of China Ltd. (H Shares) | 32,501,000 | 22,350,714 | |
Baoshan Iron & Steel Co. Ltd. | 1,251,614 | 1,809,985 | |
Beijing Jingneng Clean Energy Co. Ltd. (H Shares) | 1,454,000 | 722,258 | |
China Cinda Asset Management Co. Ltd. (H Shares) (a) | 6,082,000 | 3,625,399 | |
China Communications Construction Co. Ltd. (H Shares) | 5,879,000 | 10,755,910 | |
China Construction Bank Corp. (H Shares) | 34,007,000 | 33,127,049 | |
China Life Insurance Co. Ltd. (H Shares) | 3,979,000 | 19,311,218 | |
China National Building Materials Co. Ltd. (H Shares) | 2,610,000 | 3,178,923 | |
China Pacific Insurance Group Co. Ltd. (H Shares) | 2,367,400 | 12,920,505 | |
China Railway Group Ltd. (H Shares) | 6,541,000 | 9,215,826 | |
China Shenhua Energy Co. Ltd. (H Shares) | 3,879,500 | 10,085,984 | |
China Telecom Corp. Ltd. (H Shares) | 16,886,000 | 12,571,007 | |
China Vanke Co. Ltd. (H Shares) (a) | 2,998,200 | 7,988,185 | |
Chongqing Changan Automobile Co. Ltd. (B Shares) | 700,024 | 2,294,109 | |
Daqin Railway Co. Ltd. (A Shares) | 868,400 | 1,955,818 | |
Great Wall Motor Co. Ltd. (H Shares) | 792,000 | 6,044,319 | |
Huadian Fuxin Energy Corp. Ltd. (H Shares) | 8,634,000 | 4,667,599 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 29,768,000 | 25,822,576 | |
Inner Mongoli Yili Industries Co. Ltd. | 830,224 | 4,880,049 | |
Jiangling Motors Corp. Ltd. (B Shares) | 37,265 | 200,063 | |
Jiangsu Hengrui Medicine Co. Ltd. | 143,518 | 1,319,075 | |
Kweichow Moutai Co. Ltd. | 106,100 | 4,314,439 | |
Maanshan Iron & Steel Ltd. (H Shares) (a) | 2,966,000 | 1,155,701 | |
People's Insurance Co. of China Group (H Shares) | 8,892,000 | 6,183,804 | |
PetroChina Co. Ltd. (H Shares) | 14,428,000 | 18,608,716 | |
Common Stocks - continued | |||
Shares | Value | ||
China - continued | |||
PICC Property & Casualty Co. Ltd. (H Shares) | 2,661,120 | $ 5,919,284 | |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 1,405,500 | 20,201,495 | |
Qingdao Haier Co. Ltd. | 578,290 | 2,527,478 | |
SAIC Motor Corp. Ltd. | 589,558 | 2,566,271 | |
Shanghai International Airport Co. Ltd. | 760,062 | 3,385,651 | |
Shenzhen Expressway Co. (H Shares) | 1,450,000 | 1,386,289 | |
Tong Ren Tang Technologies Co. Ltd. (H Shares) | 805,000 | 1,408,390 | |
Weifu High-Technology Co. Ltd. (B Shares) | 282,900 | 1,323,513 | |
Yantai Changyu Pioneer Wine Co. Ltd. (B Shares) | 505,000 | 2,332,609 | |
Zhejiang Expressway Co. Ltd. (H Shares) | 572,000 | 910,707 | |
Zhengzhou Yutong Bus Co. Ltd. | 520,600 | 2,569,932 | |
TOTAL CHINA | 280,097,090 | ||
Hong Kong - 11.4% | |||
AIA Group Ltd. | 4,904,000 | 32,775,377 | |
China Mobile Ltd. | 925,500 | 13,219,181 | |
China Power International Development Ltd. | 4,925,000 | 3,183,548 | |
China Resources Power Holdings Co. Ltd. | 1,770,000 | 5,355,297 | |
CNOOC Ltd. sponsored ADR | 113,600 | 19,454,000 | |
Dah Chong Hong Holdings Ltd. | 7,600,000 | 4,755,792 | |
Dah Sing Banking Group Ltd. | 672,400 | 1,466,162 | |
Far East Horizon Ltd. | 5,509,000 | 5,842,680 | |
Fosun International Ltd. | 1,655,000 | 4,142,545 | |
Hang Seng Bank Ltd. | 13,900 | 271,345 | |
Henderson Land Development Co. Ltd. | 696,000 | 5,594,545 | |
HKT Trust/HKT Ltd. unit | 5,174,300 | 6,929,732 | |
Hysan Development Co. Ltd. | 1,181,000 | 5,470,309 | |
Lenovo Group Ltd. | 4,612,000 | 7,973,731 | |
Magnificent Estates Ltd. | 6,930,000 | 330,828 | |
PCCW Ltd. | 13,661,000 | 9,112,562 | |
Power Assets Holdings Ltd. | 883,000 | 8,937,604 | |
Techtronic Industries Co. Ltd. | 1,191,000 | 4,233,512 | |
Wheelock and Co. Ltd. | 1,129,000 | 6,380,218 | |
TOTAL HONG KONG | 145,428,968 | ||
India - 9.8% | |||
Adani Ports & Special Economic Zone | 276,820 | 1,383,279 | |
Apollo Tyres Ltd. | 869,284 | 2,370,612 | |
Axis Bank Ltd. (a) | 305,159 | 2,739,417 | |
Bajaj Finserv Ltd. (a) | 125,556 | 2,835,041 | |
Bharat Heavy Electricals Ltd. | 918,935 | 3,442,335 | |
Bharat Petroleum Corp. Ltd. (a) | 366,147 | 4,406,311 | |
Bharti Infratel Ltd. | 711,780 | 4,494,849 | |
Cox & Kings India Ltd. | 730,981 | 3,544,035 | |
Dr. Reddy's Laboratories Ltd. (a) | 68,665 | 3,572,253 | |
Edelweiss Financial Services Ltd. | 2,014,793 | 1,960,967 | |
Engineers India Ltd. | 256,477 | 740,803 | |
| |||
Shares | Value | ||
Future Retail Ltd. (a) | 152,067 | $ 276,865 | |
GAIL India Ltd. (a) | 346,154 | 1,962,609 | |
Grasim Industries Ltd. | 38,277 | 2,385,724 | |
HCL Technologies Ltd. | 601,238 | 8,331,067 | |
Hexaware Technologies Ltd. | 700,395 | 3,103,121 | |
IL&FS Transportation Networks Ltd. (a) | 440,104 | 1,167,651 | |
Indian Oil Corp. Ltd. (a) | 1,059,895 | 6,024,358 | |
JK Tyre & Industries Ltd. (a) | 809,419 | 1,515,725 | |
Just Dial Ltd. | 100,695 | 1,695,873 | |
LIC Housing Finance Ltd. | 295,038 | 1,996,628 | |
Mahindra & Mahindra Ltd. (a) | 201,507 | 3,630,745 | |
Maruti Suzuki India Ltd. (a) | 99,222 | 5,867,492 | |
McLeod Russel India Ltd. | 344,049 | 1,311,819 | |
NTPC Ltd. | 2,478,292 | 5,861,538 | |
Oil & Natural Gas Corp. Ltd. | 820,033 | 3,922,880 | |
Petronet LNG Ltd. (a) | 1,682,471 | 4,623,984 | |
Power Finance Corp. Ltd. | 351,269 | 1,468,418 | |
Power Grid Corp. of India Ltd. | 477,859 | 1,132,175 | |
Redington India Ltd. (a) | 564,223 | 1,059,677 | |
Reliance Capital Ltd. (a) | 73,076 | 464,403 | |
Sesa Sterlite Ltd. | 1,764,718 | 5,801,293 | |
Shriram City Union Finance Ltd. | 51,853 | 1,573,761 | |
Sun TV Ltd. | 247,993 | 1,354,547 | |
Tata Motors Ltd. (a) | 1,304,836 | 10,455,052 | |
The Jammu & Kashmir Bank Ltd. | 1,491,509 | 2,254,361 | |
Union Bank of India (a) | 160,441 | 363,057 | |
UPL Ltd. | 429,938 | 3,319,539 | |
Vakrangee Ltd. | 275,786 | 461,758 | |
VST Industries Ltd. (a) | 42,310 | 1,079,327 | |
Yes Bank Ltd. | 640,940 | 8,466,665 | |
TOTAL INDIA | 124,422,014 | ||
Indonesia - 2.5% | |||
PT Astra International Tbk | 9,017,700 | 4,765,381 | |
PT Bank Central Asia Tbk | 9,798,000 | 10,185,385 | |
PT Bank Rakyat Indonesia Tbk | 11,370,900 | 10,197,625 | |
PT Gudang Garam Tbk | 924,300 | 3,565,284 | |
PT Media Nusantara Citra Tbk | 5,538,500 | 942,133 | |
PT United Tractors Tbk | 1,174,000 | 1,938,176 | |
TOTAL INDONESIA | 31,593,984 | ||
Israel - 0.1% | |||
Sarine Technologies Ltd. | 935,800 | 1,449,811 | |
Japan - 1.5% | |||
Fuji Media Holdings, Inc. | 282,000 | 3,947,925 | |
KDDI Corp. | 220,500 | 5,217,547 | |
NGK Insulators Ltd. | 110,000 | 2,471,012 | |
SoftBank Corp. | 68,800 | 4,300,712 | |
Suzuki Motor Corp. | 110,400 | 3,568,364 | |
TOTAL JAPAN | 19,505,560 | ||
Korea (South) - 16.6% | |||
AMOREPACIFIC Corp. | 2,407 | 8,679,511 | |
Common Stocks - continued | |||
Shares | Value | ||
Korea (South) - continued | |||
AMOREPACIFIC Group, Inc. | 6,017 | $ 9,105,579 | |
BGFretail Co. Ltd. | 23,060 | 2,515,574 | |
Daewoo International Corp. | 58,046 | 1,692,162 | |
DGB Financial Group Co. Ltd. | 277,359 | 3,128,661 | |
Dongbu Insurance Co. Ltd. | 163,341 | 8,295,116 | |
Duksan Hi-Metal Co. Ltd. (a) | 40,478 | 394,592 | |
Hanjin Shipping Co. Ltd. (a) | 205,007 | 1,436,996 | |
Hyundai Hysco Co. Ltd. | 134,369 | 8,308,321 | |
Hyundai Motor Co. | 128,495 | 20,161,037 | |
Hyundai Steel Co. | 98,456 | 7,193,775 | |
InterPark INT Corp. | 68,735 | 1,340,100 | |
KB Financial Group, Inc. | 362,808 | 13,769,795 | |
KEPCO Plant Service & Engineering Co. Ltd. | 15,267 | 1,379,134 | |
Korea Aerospace Industries Ltd. | 26,263 | 1,599,514 | |
Korea Zinc Co. Ltd. | 17,394 | 7,711,037 | |
KTIS Corp. | 97,230 | 509,119 | |
LG Household & Health Care Ltd. | 12,170 | 8,903,417 | |
LOTTE Hi-Mart Co. Ltd. | 9,852 | 651,245 | |
Samsung Electronics Co. Ltd. | 54,447 | 71,274,304 | |
Shinhan Financial Group Co. Ltd. | 298,241 | 12,285,088 | |
SK Hynix, Inc. | 327,193 | 14,018,955 | |
SK Telecom Co. Ltd. | 27,416 | 7,311,893 | |
TOTAL KOREA (SOUTH) | 211,664,925 | ||
Malaysia - 3.2% | |||
AEON Credit Service Bhd | 165,700 | 691,172 | |
AMMB Holdings Bhd | 773,000 | 1,408,216 | |
Cahya Mata Sarawak Bhd | 912,300 | 1,298,347 | |
Glomac Bhd | 1,592,200 | 429,056 | |
IJM Corp. Bhd | 1,162,900 | 2,392,718 | |
Kossan Rubber Industries Bhd | 1,609,100 | 2,710,063 | |
Media Prima Bhd | 3,540,600 | 1,669,672 | |
MISC Bhd | 803,900 | 2,064,754 | |
Sunway Bhd | 1,786,400 | 1,900,479 | |
Tenaga Nasional Bhd | 3,821,300 | 15,403,191 | |
YTL Corp. Bhd | 15,929,300 | 7,467,209 | |
YTL Power International Bhd | 8,024,300 | 3,603,896 | |
TOTAL MALAYSIA | 41,038,773 | ||
Philippines - 1.6% | |||
ABS CBN Broadcasting Corp. (depositary receipt) | 357,700 | 497,886 | |
Alliance Global Group, Inc. | 6,904,900 | 3,931,065 | |
Ayala Land, Inc. | 3,119,700 | 2,702,598 | |
Globe Telecom, Inc. | 62,520 | 3,057,686 | |
Jollibee Food Corp. | 277,130 | 1,236,106 | |
LT Group, Inc. | 327,400 | 109,341 | |
Metropolitan Bank & Trust Co. | 2,521,081 | 5,255,195 | |
Robinsons Retail Holdings, Inc. | 124,910 | 243,577 | |
Security Bank Corp. | 827,248 | 3,115,043 | |
TOTAL PHILIPPINES | 20,148,497 | ||
| |||
Shares | Value | ||
Singapore - 4.5% | |||
Amtek Engineering Ltd. | 707,000 | $ 357,988 | |
Boustead Projects Pte Ltd. (a) | 123,026 | 97,160 | |
Boustead Singapore Ltd. | 410,088 | 438,539 | |
ComfortDelgro Corp. Ltd. | 1,295,600 | 3,005,964 | |
CWT Ltd. | 422,000 | 612,334 | |
Ezion Holdings Ltd. | 8,199,700 | 7,467,230 | |
Frasers Centrepoint Ltd. | 438,000 | 627,275 | |
Hyflux Ltd. | 1,645,000 | 1,199,686 | |
Mapletree Industrial (REIT) | 5,812,351 | 7,072,162 | |
Sheng Siong Group Ltd. | 2,091,000 | 1,327,418 | |
Singapore Telecommunications Ltd. | 3,597,300 | 12,043,560 | |
Sound Global Ltd. (a) | 1,008,000 | 910,387 | |
United Overseas Bank Ltd. | 835,400 | 15,461,719 | |
UOL Group Ltd. | 602,000 | 3,630,562 | |
Wing Tai Holdings Ltd. | 2,134,000 | 3,161,004 | |
TOTAL SINGAPORE | 57,412,988 | ||
Taiwan - 10.8% | |||
ASUSTeK Computer, Inc. | 706,000 | 7,503,526 | |
Delta Electronics, Inc. | 382,000 | 2,307,516 | |
Fubon Financial Holding Co. Ltd. | 6,929,000 | 14,954,839 | |
Giant Manufacturing Co. Ltd. | 105,000 | 906,828 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 6,229,000 | 18,711,813 | |
NAK Sealing Technologies Corp. | 148,000 | 541,239 | |
Novatek Microelectronics Corp. | 1,175,000 | 6,176,941 | |
Pegatron Corp. | 2,486,000 | 7,411,082 | |
Pou Chen Corp. | 2,531,000 | 3,557,747 | |
Realtek Semiconductor Corp. | 556,000 | 1,742,833 | |
Richtek Technology Corp. | 435,000 | 2,471,430 | |
Sinopac Holdings Co. | 19,338,060 | 8,776,825 | |
Taishin Financial Holdings Co. Ltd. | 11,061,583 | 5,074,618 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 9,920,192 | 47,758,508 | |
Wistron Corp. | 4,669,000 | 3,986,624 | |
Wistron NeWeb Corp. | 1,043,000 | 2,775,567 | |
Yuanta Financial Holding Co. Ltd. | 5,745,000 | 3,348,405 | |
TOTAL TAIWAN | 138,006,341 | ||
Thailand - 1.6% | |||
Asian Property Development PCL (For. Reg.) | 5,799,800 | 1,293,538 | |
Bangkok Expressway PCL (For.Reg.) | 1,044,200 | 1,235,740 | |
CH. Karnchang PCL | 1,658,600 | 1,270,813 | |
Intouch Holdings PCL NVDR | 2,987,800 | 6,981,053 | |
Preuksa Real Estate PCL (For. Reg.) | 4,514,300 | 3,767,054 | |
Thai Beverage PCL | 11,342,800 | 6,129,158 | |
TOTAL THAILAND | 20,677,356 | ||
Common Stocks - continued | |||
Shares | Value | ||
United States of America - 0.7% | |||
China Biologic Products, Inc. (a) | 8,000 | $ 765,120 | |
Cognizant Technology Solutions Corp. Class A (a) | 139,900 | 8,189,746 | |
TOTAL UNITED STATES OF AMERICA | 8,954,866 | ||
TOTAL COMMON STOCKS (Cost $1,070,537,108) |
|
Nonconvertible Bonds - 0.0% | ||||
| Principal Amount (d) |
| ||
India - 0.0% | ||||
NTPC Ltd. 8.49% 3/25/25 | INR | 2,245,016 |
|
Money Market Funds - 1.2% | |||
Shares |
| ||
Fidelity Cash Central Fund, 0.15% (b) | 15,183,132 | 15,183,132 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 348,750 | 348,750 | |
TOTAL MONEY MARKET FUNDS (Cost $15,531,882) |
| ||
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $1,086,518,641) | 1,271,725,559 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 2,244,433 | ||
NET ASSETS - 100% | $ 1,273,969,992 |
Currency Abbreviations | ||
INR | - | Indian rupee |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Amount is stated in United States dollars unless otherwise noted. |
(e) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 16,930 |
Fidelity Securities Lending Cash Central Fund | 3,971 |
Total | $ 20,901 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 131,144,599 | $ 107,305,766 | $ 23,838,833 | $ - |
Consumer Staples | 57,051,016 | 39,265,926 | - | 17,785,090 |
Energy | 77,111,477 | 57,742,028 | 19,369,449 | - |
Financials | 416,809,244 | 342,881,150 | 73,928,094 | - |
Health Care | 18,863,000 | 15,290,747 | 3,572,253 | - |
Industrials | 72,568,359 | 70,097,347 | 2,471,012 | - |
Information Technology | 265,419,645 | 178,952,916 | 86,466,729 | - |
Materials | 65,099,520 | 56,912,503 | 8,187,017 | - |
Telecommunication Services | 85,239,782 | 55,190,449 | 30,049,333 | - |
Utilities | 66,438,492 | 64,395,930 | 1,132,175 | 910,387 |
Corporate Bonds | 448,543 | - | 448,543 | - |
Money Market Funds | 15,531,882 | 15,531,882 | - | - |
Total Investments in Securities: | $ 1,271,725,559 | $ 1,003,566,644 | $ 249,463,438 | $ 18,695,477 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 14,627,659 |
Level 2 to Level 1 | $ 531,803,798 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Equities - Consumer Staples | |
Beginning Balance | $ - |
Net Realized Gain (Loss) on Investment Securities | - |
Net Unrealized Gain (Loss) on Investment Securities | 6,341,223 |
Cost of Purchases | 1,857,570 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | 9,586,297 |
Transfers out of Level 3 | - |
Ending Balance | $ 17,785,090 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2015 | $ 6,341,223 |
Investments in Securities: | |
Other Investments in Securities | |
Beginning Balance | $ 10,638,444 |
Net Realized Gain (Loss) on Investment Securities | 8,645,438 |
Net Unrealized Gain (Loss) on Investment Securities | (2,693,345) |
Cost of Purchases | 1,104,935 |
Proceeds of Sales | (16,785,085) |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 910,387 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2015 | $ (194,548) |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Asia Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $337,800) - See accompanying schedule: Unaffiliated issuers (cost $1,070,986,759) | $ 1,256,193,677 |
|
Fidelity Central Funds (cost $15,531,882) | 15,531,882 |
|
Total Investments (cost $1,086,518,641) |
| $ 1,271,725,559 |
Foreign currency held at value (cost $13,809,147) | 13,809,638 | |
Receivable for investments sold | 105,157,261 | |
Receivable for fund shares sold | 1,964,446 | |
Dividends receivable | 1,468,116 | |
Interest receivable | 303 | |
Distributions receivable from Fidelity Central Funds | 5,714 | |
Prepaid expenses | 772 | |
Other receivables | 405,153 | |
Total assets | 1,394,536,962 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 118,505,175 | |
Payable for fund shares redeemed | 461,600 | |
Accrued management fee | 828,249 | |
Other affiliated payables | 230,553 | |
Other payables and accrued expenses | 192,643 | |
Collateral on securities loaned, at value | 348,750 | |
Total liabilities | 120,566,970 | |
|
|
|
Net Assets | $ 1,273,969,992 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,177,150,911 | |
Distributions in excess of net investment income | (1,160,805) | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (87,024,697) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 185,004,583 | |
Net Assets, for 34,238,632 shares outstanding | $ 1,273,969,992 | |
Net Asset Value, offering price and redemption price per share ($1,273,969,992 ÷ 34,238,632 shares) | $ 37.21 |
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 6,692,985 |
Interest |
| 308 |
Income from Fidelity Central Funds |
| 20,901 |
Income before foreign taxes withheld |
| 6,714,194 |
Less foreign taxes withheld |
| (615,261) |
Total income |
| 6,098,933 |
|
|
|
Expenses | ||
Management fee | $ 3,934,263 | |
Performance adjustment | 231,845 | |
Transfer agent fees | 1,090,028 | |
Accounting and security lending fees | 259,516 | |
Custodian fees and expenses | 312,066 | |
Independent trustees' compensation | 2,226 | |
Registration fees | 20,906 | |
Audit | 57,147 | |
Legal | 1,714 | |
Miscellaneous | 3,352 | |
Total expenses before reductions | 5,913,063 | |
Expense reductions | (9,585) | 5,903,478 |
Net investment income (loss) | 195,455 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers (net of foreign taxes of $1,118,057) | 51,382,785 | |
Foreign currency transactions | (153,960) | |
Total net realized gain (loss) |
| 51,228,825 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $3,124,367) | 97,389,407 | |
Assets and liabilities in foreign currencies | (38,348) | |
Total change in net unrealized appreciation (depreciation) |
| 97,351,059 |
Net gain (loss) | 148,579,884 | |
Net increase (decrease) in net assets resulting from operations | $ 148,775,339 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Asia Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 195,455 | $ 14,965,203 |
Net realized gain (loss) | 51,228,825 | 65,949,959 |
Change in net unrealized appreciation (depreciation) | 97,351,059 | 72,565 |
Net increase (decrease) in net assets resulting from operations | 148,775,339 | 80,987,727 |
Distributions to shareholders from net investment income | (9,800,314) | (14,440,335) |
Share transactions | 102,807,120 | 110,553,504 |
Reinvestment of distributions | 9,282,114 | 13,734,257 |
Cost of shares redeemed | (88,396,160) | (252,013,027) |
Net increase (decrease) in net assets resulting from share transactions | 23,693,074 | (127,725,266) |
Redemption fees | 25,074 | 106,318 |
Total increase (decrease) in net assets | 162,693,173 | (61,071,556) |
|
|
|
Net Assets | ||
Beginning of period | 1,111,276,819 | 1,172,348,375 |
End of period (including distributions in excess of net investment income of $1,160,805 and undistributed net investment income of $8,444,054, respectively) | $ 1,273,969,992 | $ 1,111,276,819 |
Other Information Shares | ||
Sold | 2,945,939 | 3,409,047 |
Issued in reinvestment of distributions | 283,510 | 448,392 |
Redeemed | (2,632,795) | (8,143,143) |
Net increase (decrease) | 596,654 | (4,285,704) |
Financial Highlights
| Six months ended April 30, 2015 | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ $33.03 | $ 30.91 | $ $28.57 | $ $27.32 | $ 29.70 | $ 23.98 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .01 | .43 | .39 | .46 | .50 | .39 |
Net realized and unrealized gain (loss) | 4.46 | 2.08 | 2.49 | 1.30 | (2.30) | 6.16 |
Total from investment operations | 4.47 | 2.51 | 2.88 | 1.76 | (1.80) | 6.55 |
Distributions from net investment income | (.29) | (.39) | (.46) | (.51) | (.49) | (.43) |
Distributions from net realized gain | - | - | (.08) | - | (.11) | (.40) |
Total distributions | (.29) | (.39) | (.54) | (.51) | (.59) I | (.83) |
Redemption fees added to paid in capital D | - H | - H | - H | - H | .01 | - H |
Net asset value, end of period | $ 37.21 | $ 33.03 | $ 30.91 | $ 28.57 | $ 27.32 | $ 29.70 |
Total ReturnB, C | 13.67% | 8.21% | 10.19% | 6.60% | (6.20)% | 27.93% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | 1.05%A | 1.04% | 1.08% | .94% | .82% | .78% |
Expenses net of fee waivers, if any | 1.05%A | 1.04% | 1.08% | .94% | .82% | .78% |
Expenses net of all reductions | 1.05%A | 1.04% | 1.05% | .91% | .78% | .74% |
Net investment income (loss) | .03% A | 1.36% | 1.31% | 1.68% | 1.68% | 1.50% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,273,970 | $ 1,111,277 | $ 1,172,348 | $ 1,325,208 | $ 1,525,635 | $ 1,717,562 |
Portfolio turnover rateF | 78% A | 90% | 97% | 94% | 115% | 105% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. HAmount represents less than $.01 per share. ITotal distributions of $.59 per share is comprised of distributions from net investment income of $.485 and distributions from net realized gain of $.105 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity Emerging Asia Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at 04/30/15 | Valuation | Unobservable | Amount or Range/ | Impact to Valuation from an Increase in Input* |
Equities | $ 18,695,477 | Last transaction price | Transaction price | $7.00 - $3,884,000.00 / $2,597,062.43 | Increase |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs
could result in significantly higher or lower fair value measurements.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the appreciable securities is included in Other payable and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), deferred trustees compensation, capital loss carryforwards, and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 219,554,663 |
Gross unrealized depreciation | (34,745,426) |
Net unrealized appreciation (depreciation) on securities | $ 184,809,237 |
|
|
Tax cost | $ 1,086,916,322 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2017 | $ (137,363,356) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $437,061,099 and $433,162,664, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country Asia ex Japan Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .74% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .19% of average net assets.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $1,029 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $872 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $3, 971. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $2,947 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $6,638.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Fidelity Emerging Markets Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Emerging Markets | 1.06% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,006.00 | $ 5.27 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.54 | $ 5.31 |
Class K | .86% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,007.30 | $ 4.28 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.53 | $ 4.31 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Emerging Markets Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
South Africa | 10.1% |
| |
India | 9.7% |
| |
United States of America* | 7.7% |
| |
China | 6.9% |
| |
Cayman Islands | 6.9% |
| |
Mexico | 6.8% |
| |
Taiwan | 6.8% |
| |
Brazil | 6.4% |
| |
Korea (South) | 5.7% |
| |
Other | 33.0% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities) |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
India | 12.1% |
| |
Brazil | 11.2% |
| |
South Africa | 9.0% |
| |
United States of America* | 6.5% |
| |
Cayman Islands | 6.4% |
| |
Indonesia | 6.3% |
| |
Mexico | 6.0% |
| |
Korea (South) | 5.8% |
| |
Taiwan | 4.7% |
| |
Other | 32.0% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities) |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 99.1 | 97.8 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.9 | 2.2 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 4.4 | 3.9 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 3.4 | 3.0 |
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) | 3.0 | 2.4 |
Naspers Ltd. Class N (South Africa, Media) | 2.0 | 1.7 |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 1.3 | 1.3 |
Housing Development Finance Corp. Ltd. (India, Thrifts & Mortgage Finance) | 1.1 | 1.1 |
Ambev SA sponsored ADR (Brazil, Beverages) | 1.1 | 1.2 |
Grupo Televisa SA de CV (Mexico, Media) | 0.9 | 0.9 |
NAVER Corp. (Korea (South), Internet Software & Services) | 0.9 | 1.0 |
China Pacific Insurance Group Co. Ltd. (H Shares) (China, Insurance) | 0.8 | 0.7 |
| 18.9 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 23.3 | 23.4 |
Information Technology | 22.3 | 19.2 |
Consumer Discretionary | 16.6 | 18.9 |
Industrials | 11.5 | 13.4 |
Health Care | 7.5 | 5.2 |
Consumer Staples | 7.3 | 7.9 |
Materials | 5.2 | 4.9 |
Telecommunication Services | 2.3 | 2.2 |
Utilities | 2.0 | 0.9 |
Energy | 1.1 | 1.8 |
Semiannual Report
Fidelity Emerging Markets Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.6% | |||
Shares | Value | ||
Argentina - 1.2% | |||
Banco Macro SA sponsored ADR | 255,900 | $ 14,138,475 | |
Grupo Financiero Galicia SA sponsored ADR (d) | 648,000 | 14,281,920 | |
YPF SA Class D sponsored ADR | 517,200 | 15,795,288 | |
TOTAL ARGENTINA | 44,215,683 | ||
Australia - 0.8% | |||
SEEK Ltd. | 1,102,030 | 14,171,486 | |
Sydney Airport unit | 3,331,756 | 14,211,194 | |
TOTAL AUSTRALIA | 28,382,680 | ||
Bailiwick of Jersey - 0.7% | |||
United Co. RUSAL Ltd. (a) | 16,424,000 | 9,917,273 | |
WPP PLC | 644,900 | 15,040,034 | |
TOTAL BAILIWICK OF JERSEY | 24,957,307 | ||
Bermuda - 2.3% | |||
Brilliance China Automotive Holdings Ltd. | 8,756,000 | 16,494,004 | |
China Gas Holdings Ltd. | 11,309,000 | 20,048,340 | |
China Resources Gas Group Ltd. | 6,152,000 | 21,431,253 | |
Credicorp Ltd. (United States) | 168,332 | 25,679,047 | |
TOTAL BERMUDA | 83,652,644 | ||
Brazil - 5.3% | |||
BB Seguridade Participacoes SA | 2,150,520 | 25,160,003 | |
Brasil Foods SA | 1,265,400 | 27,047,166 | |
CCR SA | 875,300 | 4,822,510 | |
Cielo SA | 2,162,912 | 30,107,546 | |
Kroton Educacional SA | 5,393,160 | 19,689,925 | |
Linx SA | 797,100 | 11,746,375 | |
Qualicorp SA (a) | 2,307,100 | 18,990,053 | |
Smiles SA | 966,900 | 16,334,559 | |
Ultrapar Participacoes SA | 1,033,400 | 23,782,657 | |
Weg SA | 3,434,290 | 18,294,480 | |
TOTAL BRAZIL | 195,975,274 | ||
British Virgin Islands - 0.4% | |||
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 606,100 | 14,458,179 | |
Cayman Islands - 6.9% | |||
58.com, Inc. ADR (a) | 204,800 | 15,622,144 | |
Alibaba Group Holding Ltd. sponsored ADR | 205,100 | 16,672,579 | |
Autohome, Inc. ADR Class A (a) | 352,301 | 17,981,443 | |
Baidu.com, Inc. sponsored ADR (a) | 88,920 | 17,808,898 | |
Bitauto Holdings Ltd. ADR (a) | 252,735 | 15,032,678 | |
ENN Energy Holdings Ltd. | 2,776,000 | 20,057,415 | |
Sino Biopharmaceutical Ltd. | 16,964,000 | 19,436,081 | |
SouFun Holdings Ltd. ADR | 2,435,000 | 20,137,450 | |
Tencent Holdings Ltd. | 5,400,200 | 111,454,084 | |
TOTAL CAYMAN ISLANDS | 254,202,772 | ||
| |||
Shares | Value | ||
Chile - 0.4% | |||
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 732,400 | $ 15,995,616 | |
China - 6.9% | |||
China International Travel Service Corp. Ltd. (A Shares) | 1,706,900 | 14,133,357 | |
China Pacific Insurance Group Co. Ltd. (H Shares) | 5,778,600 | 31,537,733 | |
Daqin Railway Co. Ltd. (A Shares) | 8,426,621 | 18,978,509 | |
Fuyao Glass Industries Group Co. Ltd. (a) | 5,712,400 | 14,327,894 | |
Inner Mongoli Yili Industries Co. Ltd. | 3,082,004 | 18,115,990 | |
Jiangsu Hengrui Medicine Co. Ltd. | 1,667,079 | 15,322,141 | |
Kweichow Moutai Co. Ltd. | 456,357 | 18,557,253 | |
PICC Property & Casualty Co. Ltd. (H Shares) | 11,396,783 | 25,350,529 | |
Qingdao Haier Co. Ltd. | 4,077,590 | 17,821,543 | |
SAIC Motor Corp. Ltd. | 4,078,551 | 17,753,414 | |
Shanghai International Airport Co. Ltd. | 3,457,200 | 15,399,890 | |
Weifu High-Technology Co. Ltd. (B Shares) | 3,592,978 | 16,809,308 | |
Zhengzhou Yutong Bus Co. Ltd. | 2,672,100 | 13,190,769 | |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 2,025,000 | 17,322,319 | |
TOTAL CHINA | 254,620,649 | ||
Denmark - 0.9% | |||
Novo Nordisk A/S Series B sponsored ADR | 317,232 | 17,850,645 | |
Pandora A/S | 144,500 | 14,935,741 | |
TOTAL DENMARK | 32,786,386 | ||
Egypt - 0.5% | |||
Commercial International Bank SAE sponsored GDR | 2,711,600 | 18,716,096 | |
Finland - 0.0% | |||
Kone Oyj (B Shares) (d) | 1,540 | 66,253 | |
France - 1.3% | |||
Ingenico SA | 136,951 | 17,183,610 | |
LVMH Moet Hennessy - Louis Vuitton SA | 88,717 | 15,513,614 | |
Safran SA | 220,800 | 16,133,272 | |
TOTAL FRANCE | 48,830,496 | ||
Germany - 0.4% | |||
Bayer AG | 102,700 | 14,781,879 | |
Hong Kong - 1.4% | |||
AIA Group Ltd. | 2,716,200 | 18,153,442 | |
CSPC Pharmaceutical Group Ltd. | 18,866,000 | 19,619,248 | |
Techtronic Industries Co. Ltd. | 4,075,500 | 14,486,717 | |
TOTAL HONG KONG | 52,259,407 | ||
India - 9.7% | |||
Adani Ports & Special Economic Zone | 3,263,086 | 16,305,751 | |
Asian Paints India Ltd. | 744,376 | 8,931,078 | |
Axis Bank Ltd. (a) | 1,841,315 | 16,529,512 | |
Bank of Baroda (a) | 4,816,662 | 12,836,425 | |
Common Stocks - continued | |||
Shares | Value | ||
India - continued | |||
Exide Industries Ltd. | 5,411,577 | $ 14,608,806 | |
Grasim Industries Ltd. | 229,691 | 14,316,150 | |
HCL Technologies Ltd. | 1,467,221 | 20,330,578 | |
HDFC Bank Ltd. | 926,759 | 16,555,002 | |
Housing Development Finance Corp. Ltd. | 2,127,230 | 39,165,211 | |
ICICI Bank Ltd. (a) | 4,350,648 | 22,717,591 | |
ITC Ltd. (a) | 4,475,170 | 22,700,602 | |
LIC Housing Finance Ltd. | 2,526,143 | 17,095,313 | |
Lupin Ltd. | 546,281 | 15,237,536 | |
State Bank of India | 4,085,913 | 17,344,059 | |
Sun Pharmaceutical Industries Ltd. (a) | 1,641,451 | 24,250,701 | |
Sun TV Ltd. | 2,413,457 | 13,182,396 | |
Tata Consultancy Services Ltd. | 793,269 | 30,754,486 | |
Tata Motors Ltd. (a) | 2,623,214 | 21,018,611 | |
Titan Co. Ltd. (a) | 2,125,090 | 12,967,578 | |
TOTAL INDIA | 356,847,386 | ||
Indonesia - 5.0% | |||
PT ACE Hardware Indonesia Tbk | 402,334,100 | 20,019,710 | |
PT Astra International Tbk | 13,499,200 | 7,133,618 | |
PT Bank Central Asia Tbk | 26,441,100 | 27,486,505 | |
PT Bank Rakyat Indonesia Tbk | 27,338,400 | 24,517,562 | |
PT Global Mediacom Tbk | 152,380,700 | 18,221,029 | |
PT Indocement Tunggal Prakarsa Tbk | 2,723,600 | 4,412,390 | |
PT Jasa Marga Tbk | 31,356,600 | 14,997,949 | |
PT Kalbe Farma Tbk | 47,546,400 | 6,584,053 | |
PT Matahari Department Store Tbk | 12,922,800 | 17,446,403 | |
PT Media Nusantara Citra Tbk | 75,926,900 | 12,915,627 | |
PT Surya Citra Media Tbk | 58,943,700 | 13,187,019 | |
PT Tower Bersama Infrastructure Tbk | 25,425,800 | 16,623,619 | |
TOTAL INDONESIA | 183,545,484 | ||
Kenya - 1.3% | |||
East African Breweries Ltd. | 4,164,653 | 14,131,645 | |
Kenya Commercial Bank Ltd. | 21,772,300 | 14,384,448 | |
Safaricom Ltd. | 104,536,500 | 19,227,644 | |
TOTAL KENYA | 47,743,737 | ||
Korea (South) - 5.7% | |||
KEPCO Plant Service & Engineering Co. Ltd. | 179,017 | 16,171,379 | |
NAVER Corp. | 53,161 | 32,080,892 | |
Samsung Electronics Co. Ltd. | 123,249 | 161,340,143 | |
TOTAL KOREA (SOUTH) | 209,592,414 | ||
Malaysia - 1.2% | |||
Astro Malaysia Holdings Bhd | 15,311,100 | 13,495,257 | |
| |||
Shares | Value | ||
Public Bank Bhd | 4,860,700 | $ 26,578,649 | |
Tune Insurance Holdings Bhd | 7,782,300 | 3,975,800 | |
TOTAL MALAYSIA | 44,049,706 | ||
Mexico - 6.8% | |||
Banregio Grupo Financiero S.A.B. de CV | 2,148,293 | 12,319,568 | |
Compartamos S.A.B. de CV | 7,556,300 | 12,899,198 | |
Embotelladoras Arca S.A.B. de CV | 2,478,400 | 15,225,473 | |
Fomento Economico Mexicano S.A.B. de CV unit | 3,228,267 | 29,265,244 | |
Gruma S.A.B. de CV Series B | 1,208,400 | 14,570,585 | |
Grupo Aeroportuario del Pacifico SA de CV Series B | 2,680,357 | 19,083,261 | |
Grupo Aeroportuario del Sureste SA de CV Series B | 1,451,535 | 20,544,963 | |
Grupo Aeroportuario Norte S.A.B. de CV | 3,069,500 | 15,329,494 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 5,024,000 | 28,646,820 | |
Grupo Televisa SA de CV | 4,777,257 | 34,769,164 | |
Infraestructura Energetica Nova S.A.B. de CV | 2,406,900 | 14,006,520 | |
Megacable Holdings S.A.B. de CV unit | 4,377,752 | 18,219,233 | |
Promotora y Operadora de Infraestructura S.A.B. de CV (a) | 1,462,300 | 16,812,352 | |
TOTAL MEXICO | 251,691,875 | ||
Netherlands - 1.2% | |||
Gree Electric Applicances, Inc. ELS (BNP Paribas Arbitrage Warrant Program) warrants 12/10/15 (a)(e) | 1,820,300 | 16,728,557 | |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 11/6/15 (a)(e) | 2,723,000 | 14,377,096 | |
Midea Group ELS (BNP Paribas Arbitrage Warrant Program) warrants 1/6/16 (a)(e) | 2,514,900 | 14,989,336 | |
TOTAL NETHERLANDS | 46,094,989 | ||
Panama - 0.3% | |||
Copa Holdings SA Class A | 108,600 | 12,042,654 | |
Philippines - 4.4% | |||
Alliance Global Group, Inc. | 19,818,100 | 11,282,747 | |
Ayala Corp. | 841,020 | 14,703,476 | |
GT Capital Holdings, Inc. | 607,610 | 17,105,417 | |
International Container Terminal Services, Inc. | 6,430,860 | 15,855,533 | |
Metropolitan Bank & Trust Co. | 8,481,297 | 17,679,270 | |
Robinsons Land Corp. | 23,485,300 | 15,765,656 | |
Robinsons Retail Holdings, Inc. | 7,823,000 | 15,254,982 | |
SM Investments Corp. | 1,004,452 | 20,273,653 | |
Common Stocks - continued | |||
Shares | Value | ||
Philippines - continued | |||
SM Prime Holdings, Inc. | 47,144,500 | $ 19,717,951 | |
Vista Land & Lifescapes, Inc. | 76,402,300 | 12,843,601 | |
TOTAL PHILIPPINES | 160,482,286 | ||
Russia - 0.6% | |||
MMC Norilsk Nickel OJSC ADR | 1,091,500 | 20,561,177 | |
South Africa - 10.1% | |||
Alexander Forbes Group Holding (a) | 17,485,152 | 14,477,566 | |
Aspen Pharmacare Holdings Ltd. (f) | 769,490 | 23,415,394 | |
Bidvest Group Ltd. (f) | 887,398 | 24,070,240 | |
Coronation Fund Managers Ltd. | 1,643,800 | 12,574,198 | |
Discovery Ltd. (f) | 1,850,585 | 20,546,413 | |
FirstRand Ltd. (f) | 5,963,500 | 28,488,448 | |
Life Healthcare Group Holdings Ltd. | 5,490,964 | 18,836,712 | |
Mr Price Group Ltd. (f) | 956,688 | 20,453,843 | |
MTN Group Ltd. (f) | 2,456,900 | 49,360,017 | |
Nampak Ltd. | 4,897,400 | 17,557,979 | |
Naspers Ltd. Class N | 467,312 | 73,498,352 | |
Remgro Ltd. (f) | 954,800 | 21,244,977 | |
Sanlam Ltd. (f) | 4,003,700 | 25,904,364 | |
Woolworths Holdings Ltd. | 2,539,700 | 19,111,396 | |
TOTAL SOUTH AFRICA | 369,539,899 | ||
Spain - 0.5% | |||
Amadeus IT Holding SA Class A | 407,800 | 18,588,322 | |
Switzerland - 1.2% | |||
Compagnie Financiere Richemont SA Series A | 191,914 | 17,105,862 | |
Novartis AG | 140,685 | 14,360,026 | |
Sika AG (Bearer) | 3,740 | 12,836,977 | |
TOTAL SWITZERLAND | 44,302,865 | ||
Taiwan - 6.8% | |||
Advantech Co. Ltd. | 1,677,000 | 13,881,000 | |
Catcher Technology Co. Ltd. | 1,999,000 | 23,497,682 | |
Delta Electronics, Inc. | 4,345,000 | 26,246,490 | |
Giant Manufacturing Co. Ltd. | 1,815,000 | 15,675,162 | |
Largan Precision Co. Ltd. | 281,000 | 28,259,649 | |
Merida Industry Co. Ltd. | 2,210,600 | 16,601,515 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 26,015,000 | 125,243,301 | |
TOTAL TAIWAN | 249,404,799 | ||
Thailand - 2.6% | |||
Airports of Thailand PCL (For. Reg.) | 1,951,800 | 17,175,603 | |
Bangkok Dusit Medical Services PCL (For. Reg.) | 22,786,700 | 13,967,269 | |
Bumrungrad Hospital PCL (For. Reg.) | 2,900,600 | 14,126,727 | |
Central Pattana PCL (For. Reg.) | 6,664,600 | 8,493,801 | |
| |||
Shares | Value | ||
Kasikornbank PCL (For. Reg.) | 3,934,800 | $ 25,073,828 | |
Thai Beverage PCL | 28,958,900 | 15,648,136 | |
TOTAL THAILAND | 94,485,364 | ||
Turkey - 1.0% | |||
Enka Insaat ve Sanayi A/S | 7,466,000 | 16,062,823 | |
TAV Havalimanlari Holding A/S | 2,290,000 | 20,135,823 | |
TOTAL TURKEY | 36,198,646 | ||
United Arab Emirates - 1.1% | |||
DP World Ltd. | 816,000 | 18,833,280 | |
First Gulf Bank PJSC | 4,801,900 | 19,937,373 | |
TOTAL UNITED ARAB EMIRATES | 38,770,653 | ||
United Kingdom - 1.9% | |||
Al Noor Hospitals Group PLC | 1,400,557 | 19,290,390 | |
InterContinental Hotel Group PLC | 319,600 | 13,667,859 | |
Johnson Matthey PLC | 283,500 | 14,495,025 | |
NMC Health PLC | 594,700 | 6,921,247 | |
Prudential PLC | 606,803 | 15,107,905 | |
TOTAL UNITED KINGDOM | 69,482,426 | ||
United States of America - 6.8% | |||
A.O. Smith Corp. | 234,200 | 14,965,380 | |
Affiliated Managers Group, Inc. (a) | 67,100 | 15,173,323 | |
American Tower Corp. | 147,200 | 13,914,816 | |
Ball Corp. | 219,300 | 16,098,813 | |
China Biologic Products, Inc. (a) | 136,978 | 13,100,576 | |
Colgate-Palmolive Co. | 190,600 | 12,823,568 | |
Ecolab, Inc. | 137,800 | 15,430,844 | |
Google, Inc. Class C (a) | 31,065 | 16,692,467 | |
International Flavors & Fragrances, Inc. | 116,710 | 13,392,473 | |
Las Vegas Sands Corp. | 258,426 | 13,665,567 | |
MasterCard, Inc. Class A | 176,100 | 15,885,981 | |
McGraw Hill Financial, Inc. | 141,400 | 14,748,020 | |
Mead Johnson Nutrition Co. Class A | 141,700 | 13,591,864 | |
Moody's Corp. | 149,300 | 16,052,736 | |
PPG Industries, Inc. | 64,578 | 14,307,902 | |
Valspar Corp. | 177,600 | 14,403,360 | |
Visa, Inc. Class A | 225,400 | 14,887,670 | |
TOTAL UNITED STATES OF AMERICA | 249,135,360 | ||
TOTAL COMMON STOCKS (Cost $3,087,216,411) |
| ||
Nonconvertible Preferred Stocks - 1.5% | |||
|
|
|
|
Brazil - 1.1% | |||
Ambev SA sponsored ADR | 6,151,480 | 38,938,868 | |
Germany - 0.4% | |||
Henkel AG & Co. KGaA | 124,400 | 14,449,988 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $61,570,303) |
| ||
Money Market Funds - 0.4% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.15% (b) | 3,581,467 | $ 3,581,467 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 10,632,592 | 10,632,592 | |
TOTAL MONEY MARKET FUNDS (Cost $14,214,059) |
| ||
TOTAL INVESTMENT PORTFOLIO - 99.5% (Cost $3,163,000,773) | 3,654,064,278 | ||
NET OTHER ASSETS (LIABILITIES) - 0.5% | 18,800,144 | ||
NET ASSETS - 100% | $ 3,672,864,422 |
Security Type Abbreviations | ||
ELS | - | Equity-Linked Security |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $46,094,989 or 1.2% of net assets. |
(f) A portion of the security sold on a delayed delivery basis. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 34,687 |
Fidelity Securities Lending Cash Central Fund | 283,040 |
Total | $ 317,727 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 600,304,117 | $ 475,921,461 | $ 110,249,299 | $ 14,133,357 |
Consumer Staples | 270,321,364 | 255,871,376 | 14,449,988 | - |
Energy | 39,577,945 | 39,577,945 | - | - |
Financials | 861,717,036 | 713,159,516 | 148,557,520 | - |
Health Care | 276,090,678 | 220,737,136 | 55,353,542 | - |
Industrials | 422,533,567 | 406,334,042 | 16,199,525 | - |
Information Technology | 815,893,647 | 528,966,151 | 286,927,496 | - |
Materials | 192,657,057 | 130,447,728 | 62,209,329 | - |
Telecommunication Services | 85,211,280 | 85,211,280 | - | - |
Utilities | 75,543,528 | 75,543,528 | - | - |
Money Market Funds | 14,214,059 | 14,214,059 | - | - |
Total Investments in Securities: | $ 3,654,064,278 | $ 2,945,984,222 | $ 693,946,699 | $ 14,133,357 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 121,082,740 |
Level 2 to Level 1 | $ 721,156,169 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $10,069,575) - See accompanying schedule: Unaffiliated issuers (cost $3,148,786,714) | $ 3,639,850,219 |
|
Fidelity Central Funds (cost $14,214,059) | 14,214,059 |
|
Total Investments (cost $3,163,000,773) |
| $ 3,654,064,278 |
Foreign currency held at value (cost $8,011) | 909 | |
Receivable for investments sold | ||
Regular delivery. | 101,128,756 | |
Delayed delivery | 3,019,122 | |
Receivable for fund shares sold | 2,643,866 | |
Dividends receivable | 6,041,750 | |
Distributions receivable from Fidelity Central Funds | 27,425 | |
Prepaid expenses | 2,112 | |
Other receivables | 1,659,406 | |
Total assets | 3,768,587,624 | |
|
|
|
Liabilities | ||
Payable to custodian bank | $ 161,281 | |
Payable for investments purchased | 67,798,146 | |
Payable for fund shares redeemed | 12,768,866 | |
Accrued management fee | 2,142,869 | |
Other affiliated payables | 676,250 | |
Other payables and accrued expenses | 1,543,198 | |
Collateral on securities loaned, at value | 10,632,592 | |
Total liabilities | 95,723,202 | |
|
|
|
Net Assets | $ 3,672,864,422 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,311,903,214 | |
Undistributed net investment income | 6,139,952 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (134,618,350) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 489,439,606 | |
Net Assets | $ 3,672,864,422 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Emerging Markets: | $ 25.42 | |
|
|
|
Class K: | $ 25.44 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 25,536,204 |
Interest |
| 99 |
Income from Fidelity Central Funds |
| 317,727 |
Income before foreign taxes withheld |
| 25,854,030 |
Less foreign taxes withheld |
| (2,605,947) |
Total income |
| 23,248,083 |
|
|
|
Expenses | ||
Management fee | $ 10,663,103 | |
Transfer agent fees | 3,230,593 | |
Accounting and security lending fees | 656,560 | |
Custodian fees and expenses | 897,027 | |
Independent trustees' compensation | 5,798 | |
Registration fees | 52,711 | |
Audit | 64,497 | |
Legal | 4,399 | |
Interest | 379 | |
Miscellaneous | 10,049 | |
Total expenses before reductions | 15,585,116 | |
Expense reductions | (36,488) | 15,548,628 |
Net investment income (loss) | 7,699,455 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers (net of foreign taxes of $2,423,447) | (97,080,887) | |
Foreign currency transactions | (698,013) | |
Total net realized gain (loss) |
| (97,778,900) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $2,498,820) | 117,713,863 | |
Assets and liabilities in foreign currencies | (20,486) | |
Total change in net unrealized appreciation (depreciation) |
| 117,693,377 |
Net gain (loss) | 19,914,477 | |
Net increase (decrease) in net assets resulting from operations | $ 27,613,932 |
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 7,699,455 | $ 21,069,375 |
Net realized gain (loss) | (97,778,900) | 19,330,340 |
Change in net unrealized appreciation (depreciation) | 117,693,377 | 67,110,574 |
Net increase (decrease) in net assets resulting from operations | 27,613,932 | 107,510,289 |
Distributions to shareholders from net investment income | (18,114,621) | (2,412,320) |
Distributions to shareholders from net realized gain | (2,942,055) | - |
Total distributions | (21,056,676) | (2,412,320) |
Share transactions - net increase (decrease) | 671,805,736 | 100,101,946 |
Redemption fees | 144,595 | 450,436 |
Total increase (decrease) in net assets | 678,507,587 | 205,650,351 |
|
|
|
Net Assets | ||
Beginning of period | 2,994,356,835 | 2,788,706,484 |
End of period (including undistributed net investment income of $6,139,952 and undistributed net investment income of $16,555,118, respectively) | $ 3,672,864,422 | $ 2,994,356,835 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Emerging Markets
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 25.44 | $ 24.43 | $ 22.15 | $ 22.23 | $ 25.72 | $ 20.68 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .06 | .17 | .20 | .33 | .35 | .23 |
Net realized and unrealized gain (loss) | .09 | .86 | 2.38 | (.11) | (3.48) | 5.05 |
Total from investment operations | .15 | 1.03 | 2.58 | .22 | (3.13) | 5.28 |
Distributions from net investment income | (.14) | (.02) | (.30) | (.30) | (.24) | (.12) |
Distributions from net realized gain | (.03) | - | - | - | (.13) | (.14) |
Total distributions | (.17) | (.02) | (.30) | (.30) | (.37) | (.25)I |
Redemption fees added to paid in capital D | -H | -H | -H | -H | .01 | .01 |
Net asset value, end of period | $ 25.42 | $ 25.44 | $ 24.43 | $ 22.15 | $ 22.23 | $ 25.72 |
Total ReturnB, C | .60% | 4.22% | 11.78% | 1.03% | (12.33)% | 25.76% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | 1.06%A | 1.07% | 1.08% | 1.09% | 1.07% | 1.14% |
Expenses net of fee waivers, if any | 1.06%A | 1.07% | 1.08% | 1.09% | 1.07% | 1.14% |
Expenses net of all reductions | 1.06%A | 1.07% | 1.03% | 1.03% | 1.01% | 1.09% |
Net investment income (loss) | .46%A | .71% | .85% | 1.50% | 1.38% | 1.00% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 3,023,245 | $ 2,370,927 | $ 2,241,338 | $ 2,203,756 | $ 2,907,884 | $ 3,975,342 |
Portfolio turnover rate F | 89%A | 94% | 119% | 176% | 122% | 85% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HAmount represents less than $.01 per share. ITotal distributions of $.25 per share is comprised of distributions from net investment income of $.116 and distributions from net realized gain of $.135 per share. |
Financial Highlights - Class K
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 25.48 | $ 24.42 | $ 22.15 | $ 22.23 | $ 25.75 | $ 20.69 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .08 | .23 | .25 | .37 | .40 | .28 |
Net realized and unrealized gain (loss) | .10 | .86 | 2.38 | (.10) | (3.48) | 5.05 |
Total from investment operations | .18 | 1.09 | 2.63 | .27 | (3.08) | 5.33 |
Distributions from net investment income | (.20) | (.03) | (.36) | (.35) | (.32) | (.15) |
Distributions from net realized gain | (.03) | - | - | - | (.13) | (.14) |
Total distributions | (.22)J | (.03) | (.36) | (.35) | (.45) | (.28)I |
Redemption fees added to paid in capital D | -H | -H | -H | -H | .01 | .01 |
Net asset value, end of period | $ 25.44 | $ 25.48 | $ 24.42 | $ 22.15 | $ 22.23 | $ 25.75 |
Total ReturnB, C | .73% | 4.47% | 12.01% | 1.25% | (12.17)% | 26.03% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .86%A | .86% | .87% | .87% | .87% | .90% |
Expenses net of fee waivers, if any | .86%A | .85% | .87% | .87% | .87% | .90% |
Expenses net of all reductions | .85%A | .85% | .82% | .81% | .80% | .84% |
Net investment income (loss) | .67%A | .92% | 1.07% | 1.72% | 1.58% | 1.24% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 649,620 | $ 623,430 | $ 547,369 | $ 607,919 | $ 497,821 | $ 888,629 |
Portfolio turnover rate F | 89%A | 94% | 119% | 176% | 122% | 85% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HAmount represents less than $.01 per share. ITotal distributions of $.28 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.135 per share. JTotal distributions of $.22 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.025 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Emerging Markets and Class K shares, each of which has equal rights as to assets and voting privileges. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 569,570,029 |
Gross unrealized depreciation | (82,918,104) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 486,651,925 |
|
|
Tax cost | $ 3,167,412,353 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2017 | $ (24,838,920) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities , other than short-term securities, aggregated $2,005,729,154 and $1,362,723,593, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Emerging Markets. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Emerging Markets | $ 3,089,428 | .25 |
Class K | 141,165 | .05 |
| $ 3,230,593 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $4,071 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan | Weighted Average | Interest Expense |
Borrower | $ 12,855,000 | .35% | $ 379 |
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,313 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $283,040, including $2,907 from securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $28,302 for the period.
Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $273.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Emerging Markets expenses during the period in the amount of $7,913.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Emerging Markets | $ 13,346,829 | $ 1,743,046 |
Class K | 4,767,792 | 669,274 |
Total | $ 18,114,621 | $ 2,412,320 |
From net realized gain |
|
|
Emerging Markets | $ 2,332,143 | $ - |
Class K | 609,912 | - |
Total | $ 2,942,055 | $ - |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Emerging Markets |
|
|
|
|
Shares sold | 33,094,702 | 21,791,321 | $ 826,226,854 | $ 537,287,996 |
Reinvestment of distributions | 546,115 | 57,233 | 13,577,228 | 1,363,124 |
Shares redeemed | (7,914,307) | (20,408,773) | (196,662,082) | (492,243,181) |
Net increase (decrease) | 25,726,510 | 1,439,781 | $ 643,142,000 | $ 46,407,939 |
Class K |
|
|
|
|
Shares sold | 5,554,928 | 8,911,150 | $ 138,960,660 | $ 221,271,615 |
Reinvestment of distributions | 216,324 | 28,071 | 5,377,704 | 669,274 |
Shares redeemed | (4,697,933) | (6,884,435) | (115,674,628) | (168,246,882) |
Net increase (decrease) | 1,073,319 | 2,054,786 | $ 28,663,736 | $ 53,694,007 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers Emerging Markets Fund was the owner of record of approximately 14% of the total outstanding shares of the Fund.
Semiannual Report
Fidelity Europe Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Class A | 1.32% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,098.30 | $ 6.87 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.25 | $ 6.61 |
Class T | 1.61% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,096.40 | $ 8.37 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.81 | $ 8.05 |
Class B | 2.15% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,093.70 | $ 11.16 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | 2.13% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,093.70 | $ 11.06 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.23 | $ 10.64 |
Europe | 1.03% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,099.90 | $ 5.36 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.69 | $ 5.16 |
Institutional Class | .99% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,100.10 | $ 5.16 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.89 | $ 4.96 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Europe Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
United Kingdom | 29.8% |
| |
Sweden | 11.3% |
| |
Germany | 10.5% |
| |
France | 9.6% |
| |
Switzerland | 5.9% |
| |
Finland | 5.8% |
| |
United States of America* | 4.0% |
| |
Ireland | 3.6% |
| |
Bailiwick of Jersey | 3.5% |
| |
Other | 16.0% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities) |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
United Kingdom | 24.2% |
| |
Switzerland | 13.5% |
| |
Germany | 12.5% |
| |
France | 11.2% |
| |
Sweden | 7.4% |
| |
Denmark | 4.5% |
| |
Belgium | 4.1% |
| |
Netherlands | 3.7% |
| |
Ireland | 3.7% |
| |
Other* | 15.2% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities) |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 96.0 | 99.1 |
Short-Term Investments and Net Other Assets (Liabilities) | 4.0 | 0.9 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 3.7 | 4.0 |
Getinge AB (B Shares) (Sweden, Health Care Equipment & Supplies) | 2.7 | 1.2 |
Standard Chartered PLC (United Kingdom) (United Kingdom, Banks) | 2.5 | 1.6 |
Shire PLC (Bailiwick of Jersey, Pharmaceuticals) | 2.5 | 2.8 |
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) | 2.3 | 2.7 |
Cargotec Corp. (B Shares) (Finland, Machinery) | 2.2 | 0.0 |
HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) | 2.1 | 0.0 |
Bayer AG (Germany, Pharmaceuticals) | 2.1 | 2.3 |
Lloyds Banking Group PLC (United Kingdom, Banks) | 1.8 | 1.9 |
ING Groep NV (Certificaten Van Aandelen) (Netherlands, Banks) | 1.7 | 1.9 |
| 23.6 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 26.0 | 23.4 |
Health Care | 21.0 | 20.1 |
Industrials | 20.1 | 14.1 |
Consumer Discretionary | 13.1 | 13.4 |
Consumer Staples | 7.7 | 11.3 |
Information Technology | 3.7 | 1.9 |
Materials | 2.0 | 4.5 |
Energy | 1.3 | 7.0 |
Utilities | 1.1 | 2.5 |
Telecommunication Services | 0.0 | 0.9 |
Semiannual Report
Fidelity Europe Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.5% | |||
Shares | Value | ||
Austria - 1.1% | |||
Andritz AG | 276,400 | $ 16,182,325 | |
Bailiwick of Jersey - 3.5% | |||
Shire PLC | 447,200 | 36,341,091 | |
Wolseley PLC | 260,859 | 15,428,351 | |
TOTAL BAILIWICK OF JERSEY | 51,769,442 | ||
Belgium - 1.3% | |||
KBC Groep NV | 302,421 | 19,897,272 | |
Bermuda - 0.3% | |||
Vostok Nafta Investment Ltd. SDR (a) | 739,825 | 4,888,485 | |
Denmark - 3.3% | |||
Carlsberg A/S Series B | 191,100 | 17,422,311 | |
DSV de Sammensluttede Vognmaend A/S | 485,400 | 16,838,370 | |
William Demant Holding A/S (a) | 181,400 | 14,848,018 | |
TOTAL DENMARK | 49,108,699 | ||
Finland - 5.8% | |||
Amer Group PLC (A Shares) | 651,600 | 16,306,949 | |
Cargotec Corp. (B Shares) (d) | 834,700 | 33,651,502 | |
Huhtamaki Oyj | 463,300 | 14,810,665 | |
Kesko Oyj | 216,900 | 8,862,277 | |
Valmet Corp. | 1,116,500 | 12,939,536 | |
TOTAL FINLAND | 86,570,929 | ||
France - 9.6% | |||
bioMerieux SA | 179,400 | 19,353,948 | |
Bollore Group | 3,422,200 | 19,558,036 | |
Christian Dior SA | 121,195 | 23,693,752 | |
Havas SA | 2,216,300 | 18,485,605 | |
Ipsen SA | 123,611 | 7,098,738 | |
Publicis Groupe SA | 230,946 | 19,369,572 | |
Rexel SA | 1,121,200 | 21,130,866 | |
Wendel SA | 115,200 | 14,149,227 | |
TOTAL FRANCE | 142,839,744 | ||
Germany - 9.1% | |||
adidas AG | 209,100 | 17,132,803 | |
Bayer AG | 212,600 | 30,600,073 | |
Brenntag AG | 262,700 | 15,762,177 | |
CompuGroup Medical AG | 259,600 | 7,420,353 | |
Continental AG (d) | 83,700 | 19,615,499 | |
Deutsche Annington Immobilien SE | 187,935 | 6,308,063 | |
Fresenius SE & Co. KGaA | 360,700 | 21,459,103 | |
GEA Group AG | 337,429 | 16,205,345 | |
MLP AG | 293,073 | 1,252,745 | |
TOTAL GERMANY | 135,756,161 | ||
Ireland - 3.6% | |||
Actavis PLC (a) | 56,700 | 16,038,162 | |
DCC PLC (United Kingdom) | 149,700 | 9,522,956 | |
Greencore Group PLC | 1,417,530 | 7,692,342 | |
| |||
Shares | Value | ||
Ryanair Holdings PLC sponsored ADR | 140,900 | $ 9,137,365 | |
United Drug PLC (United Kingdom) | 1,403,641 | 11,415,820 | |
TOTAL IRELAND | 53,806,645 | ||
Isle of Man - 2.3% | |||
Optimal Payments PLC (a)(d) | 1,461,079 | 6,639,632 | |
Optimal Payments PLC rights 5/1/15 (a) | 2,417,131 | 5,131,525 | |
Playtech Ltd. | 1,818,445 | 22,844,727 | |
TOTAL ISLE OF MAN | 34,615,884 | ||
Italy - 1.1% | |||
Amplifon SpA (d) | 2,192,800 | 17,079,722 | |
Netherlands - 2.8% | |||
ING Groep NV (Certificaten Van Aandelen) | 1,647,300 | 25,272,144 | |
Reed Elsevier NV | 667,835 | 16,106,459 | |
TOTAL NETHERLANDS | 41,378,603 | ||
Norway - 1.3% | |||
TGS Nopec Geophysical Co. ASA (d) | 733,800 | 18,674,481 | |
Spain - 2.5% | |||
Amadeus IT Holding SA Class A | 459,100 | 20,926,676 | |
Red Electrica Corporacion SA | 190,500 | 15,987,684 | |
TOTAL SPAIN | 36,914,360 | ||
Sweden - 11.3% | |||
Elekta AB (B Shares) (d) | 1,323,302 | 12,382,433 | |
Getinge AB (B Shares) | 1,657,700 | 40,290,222 | |
Hemfosa Fastigheter AB (a) | 651,400 | 15,050,579 | |
Indutrade AB | 366,200 | 17,889,565 | |
Kungsleden AB | 1,982,200 | 14,428,201 | |
Lundbergfoeretagen AB | 77,592 | 3,644,437 | |
Nordea Bank AB | 1,122,000 | 14,255,178 | |
SKF AB (B Shares) | 700,900 | 17,119,512 | |
Svenska Cellulosa AB (SCA) (B Shares) | 817,900 | 20,688,757 | |
Svenska Handelsbanken AB (A Shares) | 269,100 | 12,421,378 | |
TOTAL SWEDEN | 168,170,262 | ||
Switzerland - 5.9% | |||
Julius Baer Group Ltd. | 336,720 | 17,624,181 | |
Roche Holding AG (participation certificate) | 190,507 | 54,514,545 | |
Sonova Holding AG Class B | 114,361 | 15,799,506 | |
TOTAL SWITZERLAND | 87,938,232 | ||
United Kingdom - 29.7% | |||
Aberdeen Asset Management PLC | 1,907,757 | 13,853,128 | |
Babcock International Group PLC | 1,574,100 | 24,281,953 | |
British American Tobacco PLC (United Kingdom) | 615,300 | 33,806,822 | |
British Land Co. PLC | 1,292,900 | 16,466,801 | |
Bunzl PLC | 565,823 | 15,909,400 | |
Compass Group PLC | 820,517 | 14,504,881 | |
Dechra Pharmaceuticals PLC | 515,500 | 8,054,448 | |
Diageo PLC | 899,297 | 24,966,622 | |
Common Stocks - continued | |||
Shares | Value | ||
United Kingdom - continued | |||
Diploma PLC | 1,161,000 | $ 14,240,999 | |
Essentra PLC | 1,005,300 | 14,757,117 | |
HSBC Holdings PLC (United Kingdom) | 3,159,900 | 31,565,837 | |
ITV PLC | 3,577,100 | 13,888,154 | |
Land Securities Group PLC | 896,690 | 17,159,539 | |
Lloyds Banking Group PLC | 22,551,600 | 26,707,371 | |
London Stock Exchange Group PLC | 405,300 | 15,776,472 | |
Prudential PLC | 996,204 | 24,803,034 | |
Rolls-Royce Group PLC | 1,416,301 | 22,579,958 | |
Royal & Sun Alliance Insurance Group PLC | 2,730,865 | 17,864,657 | |
Schroders PLC | 195,800 | 9,711,357 | |
Shawbrook Group Ltd. | 681,300 | 3,215,351 | |
St. James's Place Capital PLC | 567,800 | 7,745,195 | |
Standard Chartered PLC (United Kingdom) | 2,267,055 | 37,116,703 | |
Unite Group PLC | 1,662,487 | 15,209,556 | |
William Hill PLC | 3,089,800 | 17,071,526 | |
TOTAL UNITED KINGDOM | 441,256,881 | ||
TOTAL COMMON STOCKS (Cost $1,238,587,648) |
| ||
Nonconvertible Preferred Stocks - 1.5% | |||
|
|
|
|
Germany - 1.4% | |||
Volkswagen AG (d) | 84,300 | 21,702,678 | |
United Kingdom - 0.1% | |||
Rolls-Royce Group PLC | 199,698,441 | 306,537 | |
Rolls-Royce Group PLC (C Shares) (a) | 396,661,293 | 608,875 | |
TOTAL UNITED KINGDOM | 915,412 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $19,269,691) |
| ||
Money Market Funds - 8.2% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.15% (b) | 45,567,985 | $ 45,567,985 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 76,062,306 | 76,062,306 | |
TOTAL MONEY MARKET FUNDS (Cost $121,630,291) |
| ||
TOTAL INVESTMENT PORTFOLIO - 104.2% (Cost $1,379,487,630) | 1,551,096,508 | ||
NET OTHER ASSETS (LIABILITIES) - (4.2)% | (62,987,534) | ||
NET ASSETS - 100% | $ 1,488,108,974 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 28,862 |
Fidelity Securities Lending Cash Central Fund | 600,858 |
Total | $ 629,720 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 197,877,878 | $ - | $ 197,877,878 | $ - |
Consumer Staples | 113,439,131 | - | 113,439,131 | - |
Energy | 18,674,481 | - | 18,674,481 | - |
Financials | 386,386,891 | - | 386,386,891 | - |
Health Care | 312,696,182 | 16,038,162 | 296,658,020 | - |
Industrials | 299,293,628 | 10,052,777 | 289,240,851 | - |
Information Technology | 55,542,560 | - | 55,542,560 | - |
Materials | 29,567,782 | - | 29,567,782 | - |
Utilities | 15,987,684 | - | 15,987,684 | - |
Money Market Funds | 121,630,291 | 121,630,291 | - | - |
Total Investments in Securities: | $ 1,551,096,508 | $ 147,721,230 | $ 1,403,375,278 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 587,594,694 |
Level 2 to Level 1 | $ 0 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Europe Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $72,592,721) - See accompanying schedule: Unaffiliated issuers (cost $1,257,857,339) | $ 1,429,466,217 |
|
Fidelity Central Funds (cost $121,630,291) | 121,630,291 |
|
Total Investments (cost $1,379,487,630) |
| $ 1,551,096,508 |
Foreign currency held at value (cost $394,165) | 394,165 | |
Receivable for investments sold | 2,475,394 | |
Receivable for fund shares sold | 4,760,218 | |
Dividends receivable | 6,858,885 | |
Distributions receivable from Fidelity Central Funds | 157,511 | |
Prepaid expenses | 1,161 | |
Other receivables | 519,363 | |
Total assets | 1,566,263,205 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | 807,696 | |
Accrued management fee | 914,954 | |
Distribution and service plan fees payable | 19,620 | |
Other affiliated payables | 284,360 | |
Other payables and accrued expenses | 65,295 | |
Collateral on securities loaned, at value | 76,062,306 | |
Total liabilities | 78,154,231 | |
|
|
|
Net Assets | $ 1,488,108,974 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,571,152,621 | |
Undistributed net investment income | 9,787,372 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (264,509,644) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 171,678,625 | |
Net Assets | $ 1,488,108,974 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 38.90 | |
|
|
|
Maximum offering price per share (100/94.25 of $38.90) | $ 41.27 | |
Class T: | $ 38.82 | |
|
|
|
Maximum offering price per share (100/96.50 of $38.82) | $ 40.23 | |
Class B: | $ 38.75 | |
|
|
|
Class C: | $ 38.79 | |
|
|
|
Europe: | $ 38.97 | |
|
|
|
Institutional Class: | $ 38.98 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Europe Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 19,261,993 |
Interest |
| 1,712 |
Income from Fidelity Central Funds |
| 629,720 |
Income before foreign taxes withheld |
| 19,893,425 |
Less foreign taxes withheld |
| (1,497,443) |
Total income |
| 18,395,982 |
|
|
|
Expenses | ||
Management fee | $ 4,576,037 | |
Performance adjustment | 487,670 | |
Transfer agent fees | 1,214,471 | |
Distribution and service plan fees | 104,073 | |
Accounting and security lending fees | 300,628 | |
Custodian fees and expenses | 61,054 | |
Independent trustees' compensation | 2,651 | |
Registration fees | 77,290 | |
Audit | 52,860 | |
Legal | 4,752 | |
Miscellaneous | 6,532 | |
Total expenses before reductions | 6,888,018 | |
Expense reductions | (39,100) | 6,848,918 |
Net investment income (loss) | 11,547,064 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 26,633,125 | |
Foreign currency transactions | 220,726 | |
Total net realized gain (loss) |
| 26,853,851 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 88,188,939 | |
Assets and liabilities in foreign currencies | 182,808 | |
Total change in net unrealized appreciation (depreciation) |
| 88,371,747 |
Net gain (loss) | 115,225,598 | |
Net increase (decrease) in net assets resulting from operations | $ 126,772,662 |
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 11,547,064 | $ 31,583,880 |
Net realized gain (loss) | 26,853,851 | 61,093,776 |
Change in net unrealized appreciation (depreciation) | 88,371,747 | (149,418,761) |
Net increase (decrease) in net assets resulting from operations | 126,772,662 | (56,741,105) |
Distributions to shareholders from net investment income | (31,603,696) | (13,272,490) |
Distributions to shareholders from net realized gain | - | (612,576) |
Total distributions | (31,603,696) | (13,885,066) |
Share transactions - net increase (decrease) | 105,007,717 | 401,467,296 |
Redemption fees | 23,989 | 18,788 |
Total increase (decrease) in net assets | 200,200,672 | 330,859,913 |
|
|
|
Net Assets | ||
Beginning of period | 1,287,908,302 | 957,048,389 |
End of period (including undistributed net investment income of $9,787,372 and undistributed net investment income of $29,844,004, respectively) | $ 1,488,108,974 | $ 1,287,908,302 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended |
| (Unaudited) | 2014H |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 36.24 | $ 39.45 |
Income from Investment Operations |
|
|
Net investment income (loss) E | .27 | .47 |
Net realized and unrealized gain (loss) | 3.23 | (3.68) |
Total from investment operations | 3.50 | (3.21) |
Distributions from net investment income | (.84) | - |
Redemption fees added to paid in capital E, K | - | - |
Net asset value, end of period | $ 38.90 | $ 36.24 |
Total ReturnB, C, D | 9.83% | (8.14)% |
Ratios to Average Net Assets F, I |
|
|
Expenses before reductions | 1.32%A | 1.35%A |
Expenses net of fee waivers, if any | 1.32%A | 1.35%A |
Expenses net of all reductions | 1.32%A | 1.35%A |
Net investment income (loss) | 1.49%A | 1.94%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 29,497 | $ 23,633 |
Portfolio turnover rateG | 89% A | 80%A, J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period March 18, 2014 (commencement of sale of shares) to October 31, 2014. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended | Years ended |
| (Unaudited) | 2014H |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 36.18 | $ 39.45 |
Income from Investment Operations |
|
|
Net investment income (loss) E | .22 | .40 |
Net realized and unrealized gain (loss) | 3.21 | (3.67) |
Total from investment operations | 3.43 | (3.27) |
Distributions from net investment income | (.79) | - |
Redemption fees added to paid in capital E, K | - | - |
Net asset value, end of period | $ 38.82 | $ 36.18 |
Total ReturnB, C, D | 9.64% | (8.29)% |
Ratios to Average Net Assets F, I |
|
|
Expenses before reductions | 1.61%A | 1.62%A |
Expenses net of fee waivers, if any | 1.61%A | 1.61%A |
Expenses net of all reductions | 1.60%A | 1.61%A |
Net investment income (loss) | 1.20%A | 1.68%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 14,859 | $ 13,679 |
Portfolio turnover rateG | 89% A | 80%A, J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period March 18, 2014 (commencement of sale of shares) to October 31, 2014. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended |
| (Unaudited) | 2014H |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 36.07 | $ 39.45 |
Income from Investment Operations |
|
|
Net investment income (loss) E | .12 | .28 |
Net realized and unrealized gain (loss) | 3.21 | (3.66) |
Total from investment operations | 3.33 | (3.38) |
Distributions from net investment income | (.65) | - |
Redemption fees added to paid in capital E, K | - | - |
Net asset value, end of period | $ 38.75 | $ 36.07 |
Total ReturnB, C, D | 9.37% | (8.57)% |
Ratios to Average Net Assets F, I |
|
|
Expenses before reductions | 2.15%A | 2.11%A |
Expenses net of fee waivers, if any | 2.15%A | 2.11%A |
Expenses net of all reductions | 2.14%A | 2.11%A |
Net investment income (loss) | .66%A | 1.19%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 882 | $ 1,065 |
Portfolio turnover rateG | 89% A | 80%A, J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period March 18, 2014 (commencement of sale of shares) to October 31, 2014. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended | Years ended |
| (Unaudited) | 2014H |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 36.07 | $ 39.45 |
Income from Investment Operations |
|
|
Net investment income (loss) E | .12 | .29 |
Net realized and unrealized gain (loss) | 3.22 | (3.67) |
Total from investment operations | 3.34 | (3.38) |
Distributions from net investment income | (.62) | - |
Redemption fees added to paid in capital E, K | - | - |
Net asset value, end of period | $ 38.79 | $ 36.07 |
Total ReturnB, C, D | 9.37% | (8.57)% |
Ratios to Average Net Assets F, I |
|
|
Expenses before reductions | 2.13%A | 2.10%A |
Expenses net of fee waivers, if any | 2.13%A | 2.10%A |
Expenses net of all reductions | 2.13%A | 2.10%A |
Net investment income (loss) | .68%A | 1.19%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 9,262 | $ 6,818 |
Portfolio turnover rateG | 89% A | 80%A, J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period March 18, 2014 (commencement of sale of shares) to October 31, 2014. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Europe
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 36.32 | $ 37.92 | $ 30.15 | $ 27.67 | $ 30.83 | $ 28.52 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .33 | .94K | .61 | .64 | .48 | .33 |
Net realized and unrealized gain (loss) | 3.23 | (2.00) | 7.87 | 2.45 | (2.97) | 2.50 |
Total from investment operations | 3.56 | (1.06) | 8.48 | 3.09 | (2.49) | 2.83 |
Distributions from net investment income | (.91) | (.52) | (.70) | (.60) | (.67) | (.52) |
Distributions from net realized gain | - | (.02) | (.01) | (.02) | - | - |
Total distributions | (.91) | (.54) | (.71) | (.61)J | (.67) | (.52) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 38.97 | $ 36.32 | $ 37.92 | $ 30.15 | $ 27.67 | $ 30.83 |
Total ReturnB, C | 9.99% | (2.82)% | 28.71% | 11.53% | (8.32)% | 10.01% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | 1.03%A | .97% | 1.06% | .83% | 1.10% | 1.12% |
Expenses net of fee waivers, if any | 1.03%A | .97% | 1.05% | .83% | 1.10% | 1.12% |
Expenses net of all reductions | 1.03%A | .96% | 1.02% | .80% | 1.06% | 1.04% |
Net investment income (loss) | 1.78%A | 2.43%K | 1.82% | 2.33% | 1.56% | 1.15% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,426,435 | $ 1,237,047 | $ 957,048 | $ 602,520 | $ 621,778 | $ 802,527 |
Portfolio turnover rateF | 89% A | 80%H | 59% | 127% | 117% | 136% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HThe portfolio turnover rate does not include the assets acquired in the merger. IAmount represents less than $.01 per share. JTotal distributions of $.61 per share is comprised of distributions from net investment income of $.595 and distributions from net realized gain of $.017 per share. KInvestment income per share reflects a large, non-recurring dividend recorded on February 24, 2014 which amounted to $.20 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.92%. |
Financial Highlights - Institutional Class
| Six months ended | Years ended |
| (Unaudited) | 2014G |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 36.32 | $ 39.45 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .33 | .56 |
Net realized and unrealized gain (loss) | 3.24 | (3.69) |
Total from investment operations | 3.57 | (3.13) |
Distributions from net investment income | (.91) | - |
Redemption fees added to paid in capital D, J | - | - |
Net asset value, end of period | $ 38.98 | $ 36.32 |
Total ReturnB, C | 10.01% | (7.93)% |
Ratios to Average Net Assets E, H |
|
|
Expenses before reductions | .99%A | .97%A |
Expenses net of fee waivers, if any | .99%A | .97%A |
Expenses net of all reductions | .98%A | .96%A |
Net investment income (loss) | 1.82%A | 2.33%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 7,174 | $ 5,666 |
Portfolio turnover rateF | 89% A | 80%A, I |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GFor the period March 18, 2014 (commencement of sale of shares) to October 31, 2014. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IThe portfolio turnover rate does not include the assets acquired in the merger. JAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Europe Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund launched Class A, Class T, Class B, Class C and Institutional Class shares and the existing class will be designated Europe on March 18, 2014. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 196,262,442 |
Gross unrealized depreciation | (27,661,298) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 168,601,144 |
|
|
Tax cost | $ 1,382,495,364 |
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2016 | $ (87,605,890) |
2017 | (201,098,352) |
Total capital loss carryforward | $ (288,704,242) |
The Fund acquired $91,696,156 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $14,730,641 per year.
In addition, due to large redemptions in a prior period, $201,098,352 of capital losses that existed in the Fund prior to the mergers will be limited to proximately $32,029,274 per year.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $610,207,625 and $570,957,542, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Europe as compared to its benchmark index, the MSCI Europe Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .77% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 30,202 | $ 1,272 |
Class T | .25% | .25% | 34,240 | 443 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
| Distribution | Service | Total Fees | Retained |
Class B | .75% | .25% | $ 4,699 | $ 3,661 |
Class C | .75% | .25% | 34,932 | 11,440 |
|
|
| $ 104,073 | $ 16,816 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 11,638 |
Class T | 2,512 |
Class B* | 150 |
Class C* | 1,993 |
| $ 16,293 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 26,832 | .22 |
Class T | 17,765 | .26 |
Class B | 1,394 | .30 |
Class C | 10,061 | .29 |
Europe | 1,154,336 | .18 |
Institutional Class | 4,083 | .14 |
| $ 1,214,471 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $2 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,009 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Semiannual Report
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $600,858. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $36,893 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Europe expenses during the period in the amount of $2,207.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 549,660 | $ - |
Class T | 299,142 | - |
Class B | 18,443 | - |
Class C | 108,670 | - |
Europe | 30,497,764 | 13,272,490 |
Institutional Class | 130,017 | - |
Total | $ 31,603,696 | $ 13,272,490 |
From net realized gain |
|
|
Europe | $ - | $ 612,576 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 210,777 | 302,227 | $ 7,881,536 | $ 12,108,972 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 483,084 | - | 18,719,498 |
Reinvestment of distributions | 14,493 | - | 527,143 | - |
Shares redeemed | (119,090) | (133,151) | (4,286,483) | (5,066,903) |
Net increase (decrease) | 106,180 | 652,160 | $ 4,122,196 | $ 25,761,567 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class T |
|
|
|
|
Shares sold | 49,791 | 196,712 | $ 1,865,474 | $ 7,929,579 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 218,383 | - | 8,462,341 |
Reinvestment of distributions | 8,153 | - | 296,280 | - |
Shares redeemed | (53,338) | (36,984) | (1,951,793) | (1,400,101) |
Net increase (decrease) | 4,606 | 378,111 | $ 209,961 | $ 14,991,819 |
Class B |
|
|
|
|
Shares sold | 2,642 | 16,454 | $ 99,598 | $ 662,209 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 19,997 | - | 774,699 |
Reinvestment of distributions | 481 | - | 17,468 | - |
Shares redeemed | (9,888) | (6,913) | (358,929) | (266,573) |
Net increase (decrease) | (6,765) | 29,538 | $ (241,863) | $ 1,170,335 |
Class C |
|
|
|
|
Shares sold | 94,993 | 43,185 | $ 3,546,577 | $ 1,703,471 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 183,082 | - | 7,092,587 |
Reinvestment of distributions | 2,632 | - | 95,708 | - |
Shares redeemed | (47,868) | (37,236) | (1,747,249) | (1,401,102) |
Net increase (decrease) | 49,757 | 189,031 | $ 1,895,036 | $ 7,394,956 |
Europe |
|
|
|
|
Shares sold | 5,327,243 | 8,548,440 | $ 199,058,087 | $ 332,957,735 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 9,559,313 | - | 370,423,391 |
Reinvestment of distributions | 803,462 | 358,728 | 29,241,922 | 13,351,865 |
Shares redeemed | (3,582,740) | (9,647,960) | (130,327,589) | (370,706,278) |
Net increase (decrease) | 2,547,965 | 8,818,521 | $ 97,972,420 | $ 346,026,713 |
Institutional Class |
|
|
|
|
Shares sold | 72,224 | 33,328 | $ 2,665,326 | $ 1,310,054 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 214,439 | - | 8,309,529 |
Reinvestment of distributions | 2,526 | - | 91,940 | - |
Shares redeemed | (46,717) | (91,772) | (1,707,299) | (3,497,677) |
Net increase (decrease) | 28,033 | 155,995 | $ 1,049,967 | $ 6,121,906 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.
11. Prior Fiscal Year Merger Information.
On March 21, 2014, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Europe Capital Appreciation Fund and Fidelity Advisor Europe Capital Appreciation Fund ("Target Funds") pursuant to agreements and plans of reorganization approved by the Board of Trustees ("The Board") on September 18, 2013. The acquisition was accomplished by an exchange of shares of each class of the Fund for corresponding shares then outstanding of the Target Funds at their net asset value on the acquisition date. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on March 18, 2014. The reorganization provides shareholders of the Target Funds access to a larger portfolio with a similar investment objective and lower expenses. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. The Target Funds' net assets of $370,423,391, including securities of $369,430,411 and unrealized appreciation of $56,486,181 for Fidelity Europe Capital Appreciation Fund; and net assets of $43,358,654, including securities of $43,267,919 and unrealized appreciation of $4,301,890 for Fidelity Advisor Europe Capital Appreciation Fund; were combined with the Fund's net assets of $1,103,858,646 for total net assets after the acquisition of $1,517,640,691.
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Fidelity Japan Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Class A | 1.11% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,062.80 | $ 5.68 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.29 | $ 5.56 |
Class T | 1.44% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,061.10 | $ 7.36 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.65 | $ 7.20 |
Class B | 1.92% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,058.40 | $ 9.80 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.27 | $ 9.59 |
Class C | 1.82% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,059.60 | $ 9.29 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.77 | $ 9.10 |
Japan | .81% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,064.60 | $ 4.15 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.78 | $ 4.06 |
Institutional Class | .80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,064.40 | $ 4.09 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.83 | $ 4.01 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Japan Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
Japan | 90.3% |
| |
United States of America* | 7.5% |
| |
Korea (South) | 1.8% |
| |
Singapore | 0.4% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Japan | 96.0% |
| |
United States of America* | 2.4% |
| |
Korea (South) | 1.6% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 92.5 | 97.6 |
Short-Term Investments and Net Other Assets (Liabilities) | 7.5 | 2.4 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Astellas Pharma, Inc. (Pharmaceuticals) | 4.7 | 5.5 |
Mitsubishi UFJ Financial Group, Inc. (Banks) | 4.1 | 3.8 |
East Japan Railway Co. (Road & Rail) | 4.1 | 4.3 |
KDDI Corp. (Wireless Telecommunication Services) | 3.4 | 3.5 |
Honda Motor Co. Ltd. (Automobiles) | 3.2 | 3.8 |
Hoya Corp. (Electronic Equipment & Components) | 3.2 | 4.5 |
Hitachi Ltd. (Electronic Equipment & Components) | 3.2 | 2.7 |
SoftBank Corp. (Wireless Telecommunication Services) | 3.1 | 3.3 |
ORIX Corp. (Diversified Financial Services) | 3.1 | 3.1 |
Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) | 2.9 | 3.4 |
| 35.0 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Consumer Discretionary | 20.0 | 21.2 |
Financials | 19.2 | 18.0 |
Information Technology | 16.8 | 15.1 |
Industrials | 12.1 | 13.5 |
Health Care | 10.0 | 8.0 |
Telecommunication Services | 7.5 | 8.8 |
Consumer Staples | 3.8 | 7.7 |
Materials | 3.1 | 2.9 |
Utilities | 0.0 | 1.8 |
Energy | 0.0 | 0.6 |
Semiannual Report
Fidelity Japan Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.5% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 20.0% | |||
Auto Components - 3.6% | |||
Bridgestone Corp. | 236,400 | $ 9,901,304 | |
NGK Spark Plug Co. Ltd. | 128,300 | 3,592,829 | |
Sumitomo Electric Industries Ltd. | 351,900 | 4,971,700 | |
| 18,465,833 | ||
Automobiles - 10.0% | |||
Honda Motor Co. Ltd. | 495,700 | 16,618,531 | |
Isuzu Motors Ltd. | 258,800 | 3,430,087 | |
Mazda Motor Corp. | 276,900 | 5,427,793 | |
Suzuki Motor Corp. | 376,800 | 12,178,980 | |
Toyota Motor Corp. | 190,800 | 13,281,423 | |
| 50,936,814 | ||
Household Durables - 3.5% | |||
Casio Computer Co. Ltd. (d) | 144,300 | 2,917,507 | |
Iida Group Holdings Co. Ltd. | 339,400 | 4,555,324 | |
Nihon House Holdings Co. Ltd. (d) | 336,600 | 1,570,160 | |
Rinnai Corp. | 25,800 | 1,957,525 | |
Sony Corp. | 232,400 | 7,025,857 | |
| 18,026,373 | ||
Internet & Catalog Retail - 0.4% | |||
Rakuten, Inc. | 121,900 | 2,129,648 | |
Leisure Products - 0.2% | |||
Sega Sammy Holdings, Inc. | 83,300 | 1,162,900 | |
Multiline Retail - 0.4% | |||
Don Quijote Holdings Co. Ltd. | 27,500 | 2,098,096 | |
Textiles, Apparel & Luxury Goods - 1.9% | |||
Japan Tobacco, Inc. | 276,100 | 9,641,650 | |
TOTAL CONSUMER DISCRETIONARY | 102,461,314 | ||
CONSUMER STAPLES - 3.8% | |||
Beverages - 1.0% | |||
Asahi Group Holdings | 156,000 | 5,016,498 | |
Food & Staples Retailing - 2.8% | |||
Seven & i Holdings Co. Ltd. | 158,200 | 6,800,123 | |
Sundrug Co. Ltd. | 56,600 | 2,840,338 | |
Tsuruha Holdings, Inc. | 24,800 | 1,798,713 | |
Welcia Holdings Co. Ltd. (d) | 72,700 | 3,178,975 | |
| 14,618,149 | ||
TOTAL CONSUMER STAPLES | 19,634,647 | ||
FINANCIALS - 19.2% | |||
Banks - 5.9% | |||
Mitsubishi UFJ Financial Group, Inc. | 2,986,700 | 21,218,562 | |
Sumitomo Mitsui Financial Group, Inc. | 205,000 | 8,951,243 | |
| 30,169,805 | ||
Capital Markets - 0.6% | |||
Monex Group, Inc. | 1,190,400 | 3,235,402 | |
| |||
Shares | Value | ||
Consumer Finance - 1.6% | |||
ACOM Co. Ltd. (a)(d) | 2,413,300 | $ 8,012,998 | |
Diversified Financial Services - 4.3% | |||
Japan Exchange Group, Inc. | 218,100 | 6,301,382 | |
ORIX Corp. | 1,021,800 | 15,713,650 | |
| 22,015,032 | ||
Insurance - 2.2% | |||
Tokio Marine Holdings, Inc. | 275,100 | 11,214,647 | |
Real Estate Investment Trusts - 0.7% | |||
Parkway Life (REIT) | 1,109,000 | 2,053,393 | |
Sekisui House (REIT), Inc. (a) | 1,502 | 1,781,689 | |
| 3,835,082 | ||
Real Estate Management & Development - 3.9% | |||
AEON MALL Co. Ltd. | 282,700 | 5,273,463 | |
Mitsui Fudosan Co. Ltd. | 494,000 | 14,644,286 | |
| 19,917,749 | ||
TOTAL FINANCIALS | 98,400,715 | ||
HEALTH CARE - 10.0% | |||
Health Care Equipment & Supplies - 1.4% | |||
Olympus Corp. (a) | 195,700 | 7,047,157 | |
Health Care Providers & Services - 3.9% | |||
Message Co. Ltd. (d) | 243,700 | 7,555,237 | |
Miraca Holdings, Inc. | 104,100 | 5,237,214 | |
Ship Healthcare Holdings, Inc. | 295,700 | 7,226,958 | |
| 20,019,409 | ||
Pharmaceuticals - 4.7% | |||
Astellas Pharma, Inc. | 1,528,500 | 23,799,814 | |
TOTAL HEALTH CARE | 50,866,380 | ||
INDUSTRIALS - 12.1% | |||
Building Products - 0.5% | |||
LIXIL Group Corp. | 134,600 | 2,805,540 | |
Construction & Engineering - 0.7% | |||
Toshiba Plant Systems & Services Corp. | 246,000 | 3,420,368 | |
Electrical Equipment - 3.1% | |||
Mitsubishi Electric Corp. | 641,000 | 8,371,274 | |
Nidec Corp. (d) | 99,000 | 7,405,676 | |
| 15,776,950 | ||
Industrial Conglomerates - 1.1% | |||
Toshiba Corp. | 1,445,000 | 5,789,479 | |
Machinery - 1.6% | |||
Komatsu Ltd. | 113,100 | 2,275,473 | |
Makita Corp. | 117,000 | 5,838,800 | |
| 8,114,273 | ||
Professional Services - 0.3% | |||
Funai Soken Holdings, Inc. | 145,800 | 1,471,785 | |
Road & Rail - 4.1% | |||
East Japan Railway Co. | 234,900 | 20,762,118 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Trading Companies & Distributors - 0.7% | |||
Misumi Group, Inc. | 96,100 | $ 3,606,453 | |
TOTAL INDUSTRIALS | 61,746,966 | ||
INFORMATION TECHNOLOGY - 16.8% | |||
Electronic Equipment & Components - 10.4% | |||
Azbil Corp. | 207,200 | 5,458,080 | |
Hitachi Ltd. | 2,358,000 | 16,088,406 | |
Hoya Corp. | 430,200 | 16,580,294 | |
OMRON Corp. | 66,500 | 3,053,551 | |
Shimadzu Corp. | 792,000 | 9,263,887 | |
TDK Corp. | 34,900 | 2,513,926 | |
| 52,958,144 | ||
Internet Software & Services - 3.4% | |||
DeNA Co. Ltd. (d) | 168,500 | 3,365,961 | |
Kakaku.com, Inc. (d) | 617,000 | 9,568,417 | |
NAVER Corp. | 7,649 | 4,615,917 | |
| 17,550,295 | ||
Semiconductors & Semiconductor Equipment - 1.4% | |||
Sanken Electric Co. Ltd. | 626,000 | 4,787,139 | |
Sumco Corp. | 150,200 | 2,266,246 | |
| 7,053,385 | ||
Technology Hardware, Storage & Peripherals - 1.6% | |||
NEC Corp. | 1,043,000 | 3,470,073 | |
Samsung Electronics Co. Ltd. | 3,718 | 4,867,080 | |
| 8,337,153 | ||
TOTAL INFORMATION TECHNOLOGY | 85,898,977 | ||
MATERIALS - 3.1% | |||
Chemicals - 2.5% | |||
JSR Corp. | 289,800 | 4,943,245 | |
Shin-Etsu Chemical Co. Ltd. | 132,600 | 8,105,685 | |
| 13,048,930 | ||
Metals & Mining - 0.6% | |||
Kobe Steel Ltd. | 806,000 | 1,464,977 | |
Yamato Kogyo Co. Ltd. | 58,400 | 1,374,030 | |
| 2,839,007 | ||
TOTAL MATERIALS | 15,887,937 | ||
| |||
Shares | Value | ||
TELECOMMUNICATION SERVICES - 7.5% | |||
Diversified Telecommunication Services - 1.0% | |||
Nippon Telegraph & Telephone Corp. | 72,400 | $ 4,888,810 | |
Wireless Telecommunication Services - 6.5% | |||
KDDI Corp. | 738,000 | 17,462,809 | |
SoftBank Corp. | 252,100 | 15,758,860 | |
| 33,221,669 | ||
TOTAL TELECOMMUNICATION SERVICES | 38,110,479 | ||
TOTAL COMMON STOCKS (Cost $440,729,278) |
| ||
Money Market Funds - 11.6% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.15% (b) | 35,525,225 | 35,525,225 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 24,006,616 | 24,006,616 | |
TOTAL MONEY MARKET FUNDS (Cost $59,531,841) |
| ||
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $500,261,119) | 532,539,256 | ||
NET OTHER ASSETS (LIABILITIES) - (4.1)% | (21,046,122) | ||
NET ASSETS - 100% | $ 511,493,134 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 4,310 |
Fidelity Securities Lending Cash Central Fund | 29,222 |
Total | $ 33,532 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 102,461,314 | $ - | $ 102,461,314 | $ - |
Consumer Staples | 19,634,647 | - | 19,634,647 | - |
Financials | 98,400,715 | 2,053,393 | 96,347,322 | - |
Health Care | 50,866,380 | - | 50,866,380 | - |
Industrials | 61,746,966 | - | 61,746,966 | - |
Information Technology | 85,898,977 | 9,482,997 | 76,415,980 | - |
Materials | 15,887,937 | - | 15,887,937 | - |
Telecommunication Services | 38,110,479 | - | 38,110,479 | - |
Money Market Funds | 59,531,841 | 59,531,841 | - | - |
Total Investments in Securities: | $ 532,539,256 | $ 71,068,231 | $ 461,471,025 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Japan Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $22,811,689) - See accompanying schedule: Unaffiliated issuers (cost $440,729,278) | $ 473,007,415 |
|
Fidelity Central Funds (cost $59,531,841) | 59,531,841 |
|
Total Investments (cost $500,261,119) |
| $ 532,539,256 |
Cash |
| 10,121 |
Receivable for investments sold | 1,594,762 | |
Receivable for fund shares sold | 3,012,724 | |
Dividends receivable | 3,061,863 | |
Distributions receivable from Fidelity Central Funds | 9,390 | |
Prepaid expenses | 348 | |
Other receivables | 622 | |
Total assets | 540,229,086 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 3,966,053 | |
Payable for fund shares redeemed | 399,433 | |
Accrued management fee | 204,213 | |
Distribution and service plan fees payable | 17,606 | |
Other affiliated payables | 95,341 | |
Other payables and accrued expenses | 46,690 | |
Collateral on securities loaned, at value | 24,006,616 | |
Total liabilities | 28,735,952 | |
|
|
|
Net Assets | $ 511,493,134 | |
Net Assets consist of: |
| |
Paid in capital | $ 659,867,879 | |
Undistributed net investment income | 1,622,768 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (182,270,942) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 32,273,429 | |
Net Assets | $ 511,493,134 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 12.33 | |
|
|
|
Maximum offering price per share (100/94.25 of $12.33) | $ 13.08 | |
Class T: | $ 12.33 | |
|
|
|
Maximum offering price per share (100/96.50 of $12.33) | $ 12.78 | |
Class B: | $ 12.33 | |
|
|
|
Class C: | $ 12.27 | |
|
|
|
Japan: | $ 12.35 | |
|
|
|
Institutional Class: | $ 12.32 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Japan Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 4,021,326 |
Income from Fidelity Central Funds |
| 33,532 |
Income before foreign taxes withheld |
| 4,054,858 |
Less foreign taxes withheld |
| (406,804) |
Total income |
| 3,648,054 |
|
|
|
Expenses | ||
Management fee | $ 1,592,218 | |
Performance adjustment | (423,430) | |
Transfer agent fees | 436,644 | |
Distribution and service plan fees | 97,472 | |
Accounting and security lending fees | 119,428 | |
Custodian fees and expenses | 24,178 | |
Independent trustees' compensation | 921 | |
Registration fees | 67,071 | |
Audit | 39,800 | |
Legal | 698 | |
Miscellaneous | 1,764 | |
Total expenses before reductions | 1,956,764 | |
Expense reductions | (1,452) | 1,955,312 |
Net investment income (loss) | 1,692,742 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (187,265) | |
Foreign currency transactions | (232,846) | |
Total net realized gain (loss) |
| (420,111) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 24,902,961 | |
Assets and liabilities in foreign currencies | 37,979 | |
Total change in net unrealized appreciation (depreciation) |
| 24,940,940 |
Net gain (loss) | 24,520,829 | |
Net increase (decrease) in net assets resulting from operations | $ 26,213,571 |
Statement of Changes in Net Assets
| Six months ended April 30, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 1,692,742 | $ 3,447,815 |
Net realized gain (loss) | (420,111) | (3,239,373) |
Change in net unrealized appreciation (depreciation) | 24,940,940 | (11,748,802) |
Net increase (decrease) in net assets resulting from operations | 26,213,571 | (11,540,360) |
Distributions to shareholders from net investment income | (3,310,432) | (4,561,447) |
Distributions to shareholders from net realized gain | - | (402,380) |
Total distributions | (3,310,432) | (4,963,827) |
Share transactions - net increase (decrease) | 13,605,778 | (48,052,746) |
Redemption fees | 49,730 | 110,748 |
Total increase (decrease) in net assets | 36,558,647 | (64,446,185) |
|
|
|
Net Assets | ||
Beginning of period | 474,934,487 | 539,380,672 |
End of period (including undistributed net investment income of $1,622,768 and undistributed net investment income of $3,240,458, respectively) | $ 511,493,134 | $ 474,934,487 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2015 | Years ended October 31, | |||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 11.65 | $ 12.00 | $ 9.30 | $ 9.54 | $ 10.83 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E | .03 | .05 | .08 | .09 | .09 |
Net realized and unrealized gain (loss) | .70 | (.31) | 2.80 | (.15) | (1.39) |
Total from investment operations | .73 | (.26) | 2.88 | (.06) | (1.30) |
Distributions from net investment income | (.05) | (.08) | (.11) | (.13) | - |
Distributions from net realized gain | - | (.01) | (.08) | (.05) | - |
Total distributions | (.05) | (.09) | (.19) | (.18) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | - K | .01 |
Net asset value, end of period | $ 12.33 | $ 11.65 | $ 12.00 | $ 9.30 | $ 9.54 |
Total ReturnB, C, D | 6.28% | (2.18)% | 31.58% | (.64)% | (11.91)% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions | 1.11%A | 1.23% | 1.26% | 1.42% | 1.20%A |
Expenses net of fee waivers, if any | 1.11%A | 1.23% | 1.26% | 1.38% | 1.20%A |
Expenses net of all reductions | 1.11%A | 1.23% | 1.25% | 1.36% | 1.16%A |
Net investment income (loss) | .49% A | .41% | .75% | .94% | 1.02% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 19,442 | $ 21,352 | $ 20,520 | $ 9,495 | $ 13,208 |
Portfolio turnover rate G | 47% A | 112% | 68% | 52% | 134% J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period December 14, 2010 (commencement of sale of shares) to October 31, 2011. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended April 30, 2015 | Years ended October 31, | |||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 11.62 | $ 11.96 | $ 9.28 | $ 9.51 | $ 10.83 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E | .01 | .01 | .05 | .06 | .07 |
Net realized and unrealized gain (loss) | .70 | (.30) | 2.78 | (.13) | (1.40) |
Total from investment operations | .71 | (.29) | 2.83 | (.07) | (1.33) |
Distributions from net investment income | - | (.04) | (.08) | (.11) | - |
Distributions from net realized gain | - | (.01) | (.08) | (.05) | - |
Total distributions | - | (.05) | (.16) | (.16) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | - K | .01 |
Net asset value, end of period | $ 12.33 | $ 11.62 | $ 11.96 | $ 9.28 | $ 9.51 |
Total ReturnB, C, D | 6.11% | (2.42)% | 31.04% | (.75)% | (12.19)% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions | 1.44%A | 1.54% | 1.55% | 1.70% | 1.48%A |
Expenses net of fee waivers, if any | 1.44%A | 1.54% | 1.55% | 1.66% | 1.48%A |
Expenses net of all reductions | 1.44%A | 1.54% | 1.53% | 1.64% | 1.44%A |
Net investment income (loss) | .16% A | .10% | .46% | .66% | .74% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 4,449 | $ 4,104 | $ 5,357 | $ 3,934 | $ 4,643 |
Portfolio turnover rate G | 47% A | 112% | 68% | 52% | 134% J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period December 14, 2010 (commencement of sale of shares) to October 31, 2011. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2015 | Years ended October 31, | |||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 11.65 | $ 12.00 | $ 9.26 | $ 9.47 | $ 10.83 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E | (.02) | (.04) | - K | .02 | .02 |
Net realized and unrealized gain (loss) | .70 | (.31) | 2.80 | (.14) | (1.39) |
Total from investment operations | .68 | (.35) | 2.80 | (.12) | (1.37) |
Distributions from net investment income | - | - | - | (.04) | - |
Distributions from net realized gain | - | - | (.07) | (.05) | - |
Total distributions | - | - | (.07) | (.09) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | - K | .01 |
Net asset value, end of period | $ 12.33 | $ 11.65 | $ 12.00 | $ 9.26 | $ 9.47 |
Total ReturnB, C, D | 5.84% | (2.92)% | 30.52% | (1.24)% | (12.56)% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions | 1.92%A | 2.02% | 2.02% | 2.17% | 1.95%A |
Expenses net of fee waivers, if any | 1.92%A | 2.02% | 2.02% | 2.13% | 1.95%A |
Expenses net of all reductions | 1.92%A | 2.02% | 2.01% | 2.11% | 1.91%A |
Net investment income (loss) | (.32)% A | (.37)% | (.02)% | .19% | .27% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 428 | $ 452 | $ 874 | $ 1,012 | $ 1,458 |
Portfolio turnover rate G | 47% A | 112% | 68% | 52% | 134% J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period December 14, 2010 (commencement of sale of shares) to October 31, 2011. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended April 30, 2015 | Years ended October 31, | |||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 11.58 | $ 11.96 | $ 9.25 | $ 9.48 | $ 10.83 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E | (.01) | (.03) | - K | .02 | .03 |
Net realized and unrealized gain (loss) | .70 | (.32) | 2.79 | (.14) | (1.39) |
Total from investment operations | .69 | (.35) | 2.79 | (.12) | (1.36) |
Distributions from net investment income | - | (.03) | (.01) | (.06) | - |
Distributions from net realized gain | - | (.01) | (.08) | (.05) | - |
Total distributions | - | (.03) L | (.09) | (.11) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | - K | .01 |
Net asset value, end of period | $ 12.27 | $ 11.58 | $ 11.96 | $ 9.25 | $ 9.48 |
Total ReturnB, C, D | 5.96% | (2.90)% | 30.55% | (1.27)% | (12.47)% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions | 1.82%A | 1.93% | 1.97% | 2.15% | 1.92%A |
Expenses net of fee waivers, if any | 1.82%A | 1.93% | 1.97% | 2.11% | 1.92%A |
Expenses net of all reductions | 1.82%A | 1.93% | 1.95% | 2.09% | 1.88%A |
Net investment income (loss) | (.22)% A | (.29)% | .04% | .21% | .30% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 14,179 | $ 13,162 | $ 11,824 | $ 7,015 | $ 8,750 |
Portfolio turnover rateG | 47% A | 112% | 68% | 52% | 134% J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period December 14, 2010 (commencement of sale of shares) to October 31, 2011. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. LTotal distributions of $.03 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.009 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Japan
| Six months ended April 30, 2015 | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 11.69 | $ 12.03 | $ 9.34 | $ 9.57 | $ 10.57 | $ 10.03 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .05 | .09 | .12 | .12 | .15 | .10 |
Net realized and unrealized gain (loss) | .70 | (.32) | 2.79 | (.14) | (.75) | .61 |
Total from investment operations | .75 | (.23) | 2.91 | (.02) | (.60) | .71 |
Distributions from net investment income | (.09) | (.11) | (.15) | (.16) | (.20) | (.07) |
Distributions from net realized gain | - | (.01) | (.08) | (.05) | (.21) | (.10) |
Total distributions | (.09) | (.11) J | (.23) | (.21) | (.41) | (.17) |
Redemption fees added to paid in capital D | - I | - I | .01 | - I | .01 | - I |
Net asset value, end of period | $ 12.35 | $ 11.69 | $ 12.03 | $ 9.34 | $ 9.57 | $ 10.57 |
Total ReturnB, C | 6.46% | (1.90)% | 31.92% | (.19)% | (6.00)% | 7.12% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .81%A | .90% | .93% | 1.09% | .86% | .93% |
Expenses net of fee waivers, if any | .81%A | .90% | .93% | 1.06% | .84% | .93% |
Expenses net of all reductions | .81%A | .90% | .91% | 1.04% | .80% | .93% |
Net investment income (loss) | .79% A | .74% | 1.08% | 1.26% | 1.38% | .97% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 457,130 | $ 415,612 | $ 480,773 | $ 353,550 | $ 450,417 | $ 649,316 |
Portfolio turnover rateF | 47% A | 112% | 68% | 52% | 134% H | 43% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HThe portfolio turnover rate does not include the assets acquired in the merger. IAmount represents less than $.01 per share. JTotal distributions of $.11 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.009 per share. |
Financial Highlights - Institutional Class
| Six months ended April 30, 2015 | Years ended October 31, | |||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 G |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 11.67 | $ 12.02 | $ 9.33 | $ 9.57 | $ 10.83 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) D | .05 | .09 | .13 | .12 | .13 |
Net realized and unrealized gain (loss) | .69 | (.32) | 2.78 | (.14) | (1.40) |
Total from investment operations | .74 | (.23) | 2.91 | (.02) | (1.27) |
Distributions from net investment income | (.09) | (.12) | (.15) | (.17) | - |
Distributions from net realized gain | - | (.01) | (.08) | (.05) | - |
Total distributions | (.09) | (.12) K | (.23) | (.22) | - |
Redemption fees added to paid in capital D | - J | - J | .01 | - J | .01 |
Net asset value, end of period | $ 12.32 | $ 11.67 | $ 12.02 | $ 9.33 | $ 9.57 |
Total ReturnB, C | 6.44% | (1.90)% | 32.04% | (.18)% | (11.63)% |
Ratios to Average Net Assets E, H |
|
|
|
|
|
Expenses before reductions | .80%A | .89% | .90% | 1.03% | .79%A |
Expenses net of fee waivers, if any | .80%A | .89% | .90% | 1.01% | .79%A |
Expenses net of all reductions | .80%A | .89% | .88% | .99% | .75%A |
Net investment income (loss) | .80% A | .76% | 1.11% | 1.31% | 1.43% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 15,865 | $ 20,253 | $ 20,033 | $ 1,488 | $ 2,715 |
Portfolio turnover rateF | 47% A | 112% | 68% | 52% | 134% I |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GFor the period December 14, 2010 (commencement of sale of shares) to October 31, 2011. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IThe portfolio turnover rate does not include the assets acquired in the merger. JAmount represents less than $.01 per share. KTotal distributions of $.12 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.009 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Japan Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Japan and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), expiring capital loss carryforwards, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 50,344,709 |
Gross unrealized depreciation | (21,838,082) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 28,506,627 |
|
|
Tax cost | $ 504,032,629 |
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2016 | $ (3,870,588) |
2017 | (41,604,070) |
2018 | (26,887,863) |
2019 | (98,806,037) |
Total with expiration | (171,168,558) |
No expiration |
|
Short-term | (3,919,546) |
Long-term | (2,173,158) |
Total no expiration | (6,092,704) |
Total capital loss carryforward | $ (177,261,262) |
Due to large redemptions in a prior period, $141,955,883 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $18,885,324 per year.
The Fund acquired $5,487,891 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $1,371,973 per year.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $105,071,328 and $120,043,843, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Japan as compared to its benchmark index, the TOPIX, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .51% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 21,821 | $ 654 |
Class T | .25% | .25% | 9,930 | 148 |
Class B | .75% | .25% | 2,129 | 1,602 |
Class C | .75% | .25% | 63,592 | 18,452 |
|
|
| $ 97,472 | $ 20,856 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 23,671 |
Class T | 1,454 |
Class B* | 7 |
Class C* | 2,776 |
| $ 27,908 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 20,710 | .24 |
Class T | 6,248 | .31 |
Class B | 627 | .29 |
Class C | 12,665 | .20 |
Japan | 384,076 | .19 |
Institutional Class | 12,318 | .17 |
| $ 436,644 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $355 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Semiannual Report
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $29,222. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $352 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Japan expenses during the period in the amount of $1,100.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 79,823 | $ 141,802 |
Class T | - | 19,055 |
Class C | - | 25,435 |
Japan | 3,066,127 | 4,169,355 |
Institutional Class | 164,482 | 205,800 |
Total | $ 3,310,432 | $ 4,561,447 |
From net realized gain |
|
|
Class A | $ - | $ 15,756 |
Class T | - | 3,988 |
Class C | - | 9,157 |
Japan | - | 357,373 |
Institutional Class | - | 16,106 |
Total | $ - | $ 402,380 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
| Six months ended | Year ended | Six months ended | Year ended |
Class A |
|
|
|
|
Shares sold | 409,457 | 952,008 | $ 4,956,746 | $ 11,244,440 |
Reinvestment of distributions | 6,565 | 11,439 | 74,452 | 136,237 |
Shares redeemed | (672,047) | (840,548) | (7,649,077) | (9,766,930) |
Net increase (decrease) | (256,025) | 122,899 | $ (2,617,879) | $ 1,613,747 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended | Year ended | Six months ended | Year ended |
Class T |
|
|
|
|
Shares sold | 70,805 | 64,476 | $ 843,542 | $ 752,702 |
Reinvestment of distributions | - | 1,875 | - | 22,328 |
Shares redeemed | (63,130) | (160,810) | (723,971) | (1,872,832) |
Net increase (decrease) | 7,675 | (94,459) | $ 119,571 | $ (1,097,802) |
Class B |
|
|
|
|
Shares sold | 664 | 818 | $ 8,249 | $ 10,000 |
Shares redeemed | (4,750) | (34,849) | (55,599) | (406,096) |
Net increase (decrease) | (4,086) | (34,031) | $ (47,350) | $ (396,096) |
Class C |
|
|
|
|
Shares sold | 220,605 | 496,705 | $ 2,604,188 | $ 5,806,151 |
Reinvestment of distributions | - | 2,168 | - | 25,821 |
Shares redeemed | (201,087) | (351,222) | (2,274,742) | (4,038,883) |
Net increase (decrease) | 19,518 | 147,651 | $ 329,446 | $ 1,793,089 |
Japan |
|
|
|
|
Shares sold | 7,402,038 | 4,922,211 | $ 90,325,394 | $ 57,652,164 |
Reinvestment of distributions | 262,630 | 370,099 | 2,980,854 | 4,407,882 |
Shares redeemed | (6,197,999) | (9,716,469) | (73,161,057) | (112,632,153) |
Net increase (decrease) | 1,466,669 | (4,424,159) | $ 20,145,191 | $ (50,572,107) |
Institutional Class |
|
|
|
|
Shares sold | 1,018,989 | 916,937 | $ 12,375,685 | $ 10,668,831 |
Reinvestment of distributions | 14,222 | 13,570 | 161,134 | 161,488 |
Shares redeemed | (1,480,839) | (862,451) | (16,860,020) | (10,223,896) |
Net increase (decrease) | (447,628) | 68,056 | $ (4,323,201) | $ 606,423 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers International Fund was the owner of record of approximately 36% of the total outstanding shares of the Fund. Mutual Funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 47% of the total outstanding shares of the Fund.
Semiannual Report
Fidelity Japan Smaller Companies Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Actual | .98% | $ 1,000.00 | $ 1,067.00 | $ 5.02 |
Hypothetical A |
| $ 1,000.00 | $ 1,019.93 | $ 4.91 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Japan Smaller Companies Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
Japan | 91.1% |
| |
United States of America* | 8.9% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Japan | 98.7% |
| |
United States of America* | 1.3% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 91.1 | 98.7 |
Investment Companies | 3.9 | 0.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 5.0 | 1.3 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
iShares MSCI Japan ETF (Investment Companies) | 3.9 | 0.0 |
Daiichikosho Co. Ltd. (Media) | 1.6 | 1.4 |
Lintec Corp. (Chemicals) | 1.6 | 1.5 |
Kuraray Co. Ltd. (Chemicals) | 1.5 | 1.5 |
Tokyo Gas Co. Ltd. (Gas Utilities) | 1.5 | 1.5 |
Shinsei Bank Ltd. (Banks) | 1.5 | 0.0 |
Daito Trust Construction Co. Ltd. (Real Estate Management & Development) | 1.5 | 1.7 |
JSR Corp. (Chemicals) | 1.5 | 1.8 |
Amano Corp. (Electronic Equipment & Components) | 1.5 | 1.3 |
Miraca Holdings, Inc. (Health Care Providers & Services) | 1.4 | 1.3 |
| 17.5 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Industrials | 22.7 | 22.2 |
Consumer Discretionary | 20.2 | 21.4 |
Information Technology | 11.1 | 15.0 |
Financials | 10.6 | 10.3 |
Materials | 8.3 | 9.5 |
Consumer Staples | 6.7 | 8.4 |
Health Care | 5.5 | 6.1 |
Utilities | 3.6 | 3.5 |
Energy | 1.7 | 1.8 |
Telecommunications | 0.7 | 0.5 |
Semiannual Report
Fidelity Japan Smaller Companies Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 91.1% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 20.2% | |||
Auto Components - 2.3% | |||
Bridgestone Corp. | 93,600 | $ 3,920,313 | |
Kinugawa Rubber Industrial Co. Ltd. | 1,177,000 | 5,412,596 | |
| 9,332,909 | ||
Automobiles - 1.2% | |||
Daihatsu Motor Co. Ltd. | 354,300 | 5,132,188 | |
Distributors - 1.8% | |||
Central Automotive Products Ltd. | 533,000 | 3,736,392 | |
Chori Co. Ltd. | 237,500 | 3,762,761 | |
| 7,499,153 | ||
Diversified Consumer Services - 1.2% | |||
Asante, Inc. | 418,000 | 4,947,103 | |
Hotels, Restaurants & Leisure - 2.3% | |||
Koshidaka Holdings Co. Ltd. | 280,600 | 5,808,496 | |
St. Marc Holdings Co. Ltd. | 116,200 | 3,908,397 | |
| 9,716,893 | ||
Household Durables - 1.9% | |||
Hoosiers Holdings Co. Ltd. | 513,500 | 2,471,684 | |
Nihon House Holdings Co. Ltd. | 1,159,600 | 5,409,261 | |
| 7,880,945 | ||
Leisure Products - 0.7% | |||
KAWAI Musical Instruments Manufacturing Co. Ltd. | 135,800 | 2,894,340 | |
Media - 2.3% | |||
Daiichikosho Co. Ltd. | 210,700 | 6,795,442 | |
Proto Corp. | 198,400 | 2,893,556 | |
| 9,688,998 | ||
Specialty Retail - 5.3% | |||
Arc Land Sakamoto Co. Ltd. | 161,500 | 3,895,536 | |
Asahi Co. Ltd. (d) | 465,400 | 4,111,003 | |
Fuji Corp. | 224,200 | 3,577,168 | |
Nitori Holdings Co. Ltd. | 69,900 | 5,375,944 | |
VT Holdings Co. Ltd. | 986,700 | 4,950,864 | |
| 21,910,515 | ||
Textiles, Apparel & Luxury Goods - 1.2% | |||
Hagihara Industries, Inc. | 130,000 | 2,217,143 | |
Japan Tobacco, Inc. | 83,100 | 2,901,924 | |
| 5,119,067 | ||
TOTAL CONSUMER DISCRETIONARY | 84,122,111 | ||
CONSUMER STAPLES - 6.7% | |||
Food & Staples Retailing - 3.8% | |||
Kato Sangyo | 191,800 | 4,059,702 | |
Mitsubishi Shokuhin Co. Ltd. | 152,700 | 3,226,131 | |
San-A Co. Ltd. | 120,600 | 5,043,113 | |
Sogo Medical Co. Ltd. | 132,800 | 3,633,247 | |
| 15,962,193 | ||
| |||
Shares | Value | ||
Food Products - 2.9% | |||
Kotobuki Spirits Co. Ltd. | 202,500 | $ 4,286,602 | |
Rokko Butter Co. Ltd. | 229,100 | 2,425,735 | |
S Foods, Inc. | 130,000 | 2,316,181 | |
Toyo Suisan Kaisha Ltd. | 81,900 | 2,865,706 | |
| 11,894,224 | ||
TOTAL CONSUMER STAPLES | 27,856,417 | ||
ENERGY - 1.7% | |||
Energy Equipment & Services - 0.9% | |||
Shinko Plantech Co. Ltd. | 497,100 | 3,761,409 | |
Oil, Gas & Consumable Fuels - 0.8% | |||
San-Ai Oil Co. Ltd. | 532,000 | 3,533,570 | |
TOTAL ENERGY | 7,294,979 | ||
FINANCIALS - 10.6% | |||
Banks - 3.7% | |||
Fukuoka Financial Group, Inc. | 899,000 | 5,164,978 | |
Shinsei Bank Ltd. | 2,992,000 | 6,122,568 | |
Sumitomo Mitsui Financial Group, Inc. | 94,600 | 4,130,671 | |
| 15,418,217 | ||
Consumer Finance - 1.0% | |||
ACOM Co. Ltd. (a) | 1,209,700 | 4,016,626 | |
Diversified Financial Services - 1.9% | |||
Fuyo General Lease Co. Ltd. | 122,100 | 4,994,421 | |
ORIX Corp. | 207,000 | 3,183,329 | |
| 8,177,750 | ||
Insurance - 1.4% | |||
Tokio Marine Holdings, Inc. | 141,100 | 5,752,042 | |
Real Estate Management & Development - 2.6% | |||
Daito Trust Construction Co. Ltd. | 52,300 | 6,090,367 | |
Leopalace21 Corp. (a) | 798,100 | 4,603,009 | |
| 10,693,376 | ||
TOTAL FINANCIALS | 44,058,011 | ||
HEALTH CARE - 5.5% | |||
Health Care Equipment & Supplies - 2.3% | |||
Fukuda Denshi Co. Ltd. | 73,600 | 4,214,292 | |
Medikit Co. Ltd. | 111,000 | 3,460,100 | |
Paramount Bed Holdings Co. Ltd. | 74,600 | 2,021,301 | |
| 9,695,693 | ||
Health Care Providers & Services - 2.4% | |||
A/S One Corp. | 128,000 | 4,109,447 | |
Miraca Holdings, Inc. | 118,100 | 5,941,546 | |
| 10,050,993 | ||
Pharmaceuticals - 0.8% | |||
Astellas Pharma, Inc. | 210,700 | 3,280,746 | |
TOTAL HEALTH CARE | 23,027,432 | ||
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - 22.7% | |||
Building Products - 3.0% | |||
Bunka Shutter Co. Ltd. | 469,000 | $ 4,260,487 | |
Sekisui Jushi Corp. | 341,000 | 4,533,039 | |
Sinko Industries Ltd. | 362,200 | 3,730,998 | |
| 12,524,524 | ||
Commercial Services & Supplies - 1.8% | |||
Aeon Delight Co. Ltd. | 176,500 | 4,674,166 | |
Asia Securities Printing Co. Ltd. | 435,400 | 2,889,520 | |
| 7,563,686 | ||
Construction & Engineering - 2.8% | |||
Hokuriku Electrical Construction Co. Ltd. | 537,000 | 3,812,823 | |
Nippon Koei Co. Ltd. | 882,000 | 3,707,944 | |
Toshiba Plant Systems & Services Corp. | 300,700 | 4,180,913 | |
| 11,701,680 | ||
Electrical Equipment - 1.0% | |||
Aichi Electric Co. Ltd. | 503,000 | 1,863,496 | |
Denyo Co. Ltd. | 152,100 | 2,298,692 | |
| 4,162,188 | ||
Machinery - 4.6% | |||
Daiwa Industries Ltd. | 409,000 | 2,810,395 | |
Hitachi Zosen Fukui Corp. | 155,900 | 1,850,572 | |
Kato Works Co. Ltd. | 355,000 | 2,273,777 | |
Komatsu Ltd. | 250,400 | 5,037,830 | |
Oiles Corp. | 272,780 | 5,198,907 | |
Sakai Heavy Industries Ltd. | 833,000 | 2,022,714 | |
| 19,194,195 | ||
Professional Services - 3.6% | |||
Eri Holdings Co. Ltd. (e) | 452,300 | 3,942,583 | |
Meitec Corp. | 71,900 | 2,315,391 | |
Weathernews, Inc. | 156,600 | 4,601,373 | |
Yamada Consulting Group Co. Ltd. | 141,000 | 4,206,467 | |
| 15,065,814 | ||
Trading Companies & Distributors - 4.8% | |||
Daiichi Jitsugyo Co. Ltd. | 518,000 | 2,731,455 | |
JK Holdings Co. Ltd. | 425,400 | 2,124,837 | |
Maruka Machinery Co. Ltd. | 149,000 | 2,573,694 | |
Mitani Shoji Co. Ltd. | 240,000 | 5,174,321 | |
Yamazen Co. Ltd. | 555,400 | 4,941,095 | |
Yuasa Trading Co. Ltd. | 110,000 | 2,422,519 | |
| 19,967,921 | ||
Transportation Infrastructure - 1.1% | |||
Kamigumi Co. Ltd. | 450,000 | 4,505,471 | |
TOTAL INDUSTRIALS | 94,685,479 | ||
INFORMATION TECHNOLOGY - 11.1% | |||
Electronic Equipment & Components - 4.6% | |||
Amano Corp. | 469,000 | 6,032,827 | |
| |||
Shares | Value | ||
Macnica Fuji Electronics Holdings, Inc. | 308,500 | $ 3,777,895 | |
OMRON Corp. | 103,000 | 4,729,561 | |
Ryoyo Electro Corp. | 14,900 | 172,871 | |
Siix Corp. | 166,300 | 4,417,982 | |
| 19,131,136 | ||
IT Services - 1.7% | |||
CAC Corp. | 377,200 | 3,411,564 | |
TKC Corp. | 156,400 | 3,735,393 | |
| 7,146,957 | ||
Software - 3.2% | |||
Broadleaf Co. Ltd. | 333,900 | 5,205,742 | |
Oracle Corp. Japan | 79,800 | 3,642,987 | |
SRA Holdings, Inc. | 329,400 | 4,517,408 | |
| 13,366,137 | ||
Technology Hardware, Storage & Peripherals - 1.6% | |||
Elecom Co. Ltd. | 182,900 | 4,118,622 | |
Hitachi Maxell Ltd. | 169,000 | 2,720,155 | |
| 6,838,777 | ||
TOTAL INFORMATION TECHNOLOGY | 46,483,007 | ||
MATERIALS - 8.3% | |||
Chemicals - 8.3% | |||
C. Uyemura & Co. Ltd. | 77,600 | 3,845,876 | |
JSR Corp. | 354,000 | 6,038,333 | |
Kuraray Co. Ltd. | 475,500 | 6,430,059 | |
Lintec Corp. | 264,600 | 6,490,544 | |
Sakata INX Corp. | 409,400 | 3,886,562 | |
SK Kaken Co. Ltd. | 41,000 | 3,573,655 | |
Tokyo Ohka Kogyo Co. Ltd. | 140,000 | 4,357,526 | |
| 34,622,555 | ||
TELECOMMUNICATION SERVICES - 0.7% | |||
Wireless Telecommunication Services - 0.7% | |||
KDDI Corp. | 116,700 | 2,761,395 | |
UTILITIES - 3.6% | |||
Electric Utilities - 2.1% | |||
Hokuriku Electric Power Co., Inc. | 253,400 | 3,746,187 | |
The Okinawa Electric Power Co., Inc. | 128,100 | 4,866,850 | |
| 8,613,037 | ||
Gas Utilities - 1.5% | |||
Tokyo Gas Co. Ltd. | 1,089,000 | 6,284,401 | |
TOTAL UTILITIES | 14,897,438 | ||
TOTAL COMMON STOCKS (Cost $339,071,607) |
| ||
Investment Companies - 3.9% | |||
Shares | Value | ||
iShares MSCI Japan ETF | 1,256,100 | $ 16,153,445 | |
Money Market Funds - 4.0% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.15% (b) | 16,709,258 | 16,709,258 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 6,025 | 6,025 | |
TOTAL MONEY MARKET FUNDS (Cost $16,715,283) |
| ||
TOTAL INVESTMENT PORTFOLIO - 99.0% (Cost $372,160,454) | 412,677,552 | ||
NET OTHER ASSETS (LIABILITIES) - 1.0% | 4,165,259 | ||
NET ASSETS - 100% | $ 416,842,811 |
Security Type Abbreviations | ||
ETF | - | Exchange-Traded Fund |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 8,996 |
Fidelity Securities Lending Cash Central Fund | 4,861 |
Total | $ 13,857 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
Eri Holdings Co. Ltd. | $ 4,702,074 | $ - | $ - | $ 58,783 | $ 3,942,583 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 84,122,111 | $ - | $ 84,122,111 | $ - |
Consumer Staples | 27,856,417 | - | 27,856,417 | - |
Energy | 7,294,979 | - | 7,294,979 | - |
Financials | 44,058,011 | - | 44,058,011 | - |
Health Care | 23,027,432 | - | 23,027,432 | - |
Industrials | 94,685,479 | - | 94,685,479 | - |
Information Technology | 46,483,007 | - | 46,483,007 | - |
Materials | 34,622,555 | - | 34,622,555 | - |
Telecommunication Services | 2,761,395 | - | 2,761,395 | - |
Utilities | 14,897,438 | - | 14,897,438 | - |
Money Market Funds | 16,715,283 | 16,715,283 | - | - |
Investment Companies | 16,153,445 | 16,153,445 | - | - |
Total Investments in Securities: | $ 412,677,552 | $ 32,868,728 | $ 379,808,824 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Japan Smaller Companies Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $5,684) - See accompanying schedule: Unaffiliated issuers (cost $350,283,586) | $ 392,019,686 |
|
Fidelity Central Funds (cost $16,715,283) | 16,715,283 |
|
Other affiliated issuers (cost $5,161,585) | 3,942,583 |
|
Total Investments (cost $372,160,454) |
| $ 412,677,552 |
Foreign currency held at value (cost $40,543) | 40,544 | |
Receivable for investments sold | 473,242 | |
Receivable for fund shares sold | 1,301,731 | |
Dividends receivable | 3,307,650 | |
Distributions receivable from Fidelity Central Funds | 1,720 | |
Prepaid expenses | 317 | |
Other receivables | 1,507 | |
Total assets | 417,804,263 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 311,102 | |
Payable for fund shares redeemed | 277,223 | |
Accrued management fee | 240,159 | |
Transfer agent fee payable | 63,889 | |
Other affiliated payables | 17,832 | |
Other payables and accrued expenses | 45,222 | |
Collateral on securities loaned, at value | 6,025 | |
Total liabilities | 961,452 | |
|
|
|
Net Assets | $ 416,842,811 | |
Net Assets consist of: |
| |
Paid in capital | $ 379,481,578 | |
Undistributed net investment income | 1,880,962 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (5,029,736) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 40,510,007 | |
Net Assets, for 30,353,201 shares outstanding | $ 416,842,811 | |
Net Asset Value, offering price and redemption price per share ($416,842,811 ÷ 30,353,201 shares) | $ 13.73 |
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends (including $58,783 earned from other affiliated issuers) |
| $ 4,246,735 |
Income from Fidelity Central Funds |
| 13,857 |
Income before foreign taxes withheld |
| 4,260,592 |
Less foreign taxes withheld |
| (424,674) |
Total income |
| 3,835,918 |
|
|
|
Expenses | ||
Management fee | $ 1,383,742 | |
Transfer agent fees | 375,818 | |
Accounting and security lending fees | 102,680 | |
Custodian fees and expenses | 36,168 | |
Independent trustees' compensation | 826 | |
Registration fees | 13,583 | |
Audit | 32,278 | |
Legal | 626 | |
Miscellaneous | 1,883 | |
Total expenses before reductions | 1,947,604 | |
Expense reductions | (4,901) | 1,942,703 |
Net investment income (loss) | 1,893,215 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (1,167,914) | |
Foreign currency transactions | (196,898) | |
Total net realized gain (loss) |
| (1,364,812) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 24,589,641 | |
Assets and liabilities in foreign currencies | 70,426 | |
Total change in net unrealized appreciation (depreciation) |
| 24,660,067 |
Net gain (loss) | 23,295,255 | |
Net increase (decrease) in net assets resulting from operations | $ 25,188,470 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Japan Smaller Companies Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 1,893,215 | $ 3,540,086 |
Net realized gain (loss) | (1,364,812) | 83,877,484 |
Change in net unrealized appreciation (depreciation) | 24,660,067 | (114,800,346) |
Net increase (decrease) in net assets resulting from operations | 25,188,470 | (27,382,776) |
Distributions to shareholders from net investment income | (991,819) | (796,313) |
Distributions to shareholders from net realized gain | (5,888,929) | (14,582,161) |
Total distributions | (6,880,748) | (15,378,474) |
Share transactions | 41,134,918 | 122,963,906 |
Reinvestment of distributions | 6,645,506 | 14,883,766 |
Cost of shares redeemed | (65,323,107) | (340,912,183) |
Net increase (decrease) in net assets resulting from share transactions | (17,542,683) | (203,064,511) |
Redemption fees | 26,243 | 432,103 |
Total increase (decrease) in net assets | 791,282 | (245,393,658) |
|
|
|
Net Assets | ||
Beginning of period | 416,051,529 | 661,445,187 |
End of period (including undistributed net investment income of $1,880,962 and undistributed net investment income of $979,566, respectively) | $ 416,842,811 | $ 416,051,529 |
Other Information Shares | ||
Sold | 3,129,701 | 9,257,514 |
Issued in reinvestment of distributions | 539,846 | 1,115,725 |
Redeemed | (5,075,986) | (26,335,365) |
Net increase (decrease) | (1,406,439) | (15,962,126) |
Financial Highlights
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.10 | $ 13.86 | $ 9.12 | $ 8.62 | $ 8.23 | $ 8.59 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .06 | .09 | .02 | .06 | .08 | .04 |
Net realized and unrealized gain (loss) | .79 | (.53) | 4.91 | .55 | .45 | (.25) |
Total from investment operations | .85 | (.44) | 4.93 | .61 | .53 | (.21) |
Distributions from net investment income | (.03) | (.02) | (.07) | (.08) | (.05) | (.03) |
Distributions from net realized gain | (.19) | (.31) | (.15) | (.03) | (.10) | (.12) |
Total distributions | (.22) | (.33) | (.22) | (.11) | (.14)I | (.15) |
Redemption fees added to paid in capital D | -H | .01 | .03 | -H | -H | -H |
Net asset value, end of period | $ 13.73 | $ 13.10 | $ 13.86 | $ 9.12 | $ 8.62 | $ 8.23 |
Total ReturnB, C | 6.70% | (3.16)% | 55.79% | 7.13% | 6.44% | (2.50)% |
Ratios to Average Net AssetsE, G |
|
|
|
|
|
|
Expenses before reductions | .98%A | 1.00% | 1.01% | 1.05% | 1.05% | 1.09% |
Expenses net of fee waivers, if any | .98%A | 1.00% | 1.01% | 1.05% | 1.05% | 1.09% |
Expenses net of all reductions | .98%A | 1.00% | .98% | 1.02% | 1.01% | 1.09% |
Net investment income (loss) | .96%A | .70% | .18% | .67% | .88% | .43% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 416,843 | $ 416,052 | $ 661,445 | $ 237,893 | $ 303,619 | $ 285,603 |
Portfolio turnover rate F | 35%A | 112% | 91% | 86% | 133% | 78% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. HAmount represents less than $.01 per share. ITotal distributions of $.14 per share is comprised of distributions from net investment income of $.045 and distributions from net realize gain of $.095 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity Japan Smaller Companies Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, capital losses carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 48,320,516 |
Gross unrealized depreciation | (11,089,239) |
Net unrealized appreciation (depreciation) on securities | $ 37,231,277 |
|
|
Tax cost | $ 375,446,275 |
Semiannual Report
3. Significant Accounting Policies - continued
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities , other than short-term securities, aggregated $66,317,188 and $104,487,356, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .19% of average net assets.
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $313 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $4,861. During the period, there were no securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3,925 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $976.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers International Fund was the owner of record of approximately 19% of the total outstanding shares of the Fund. Mutual Funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 35% of the total outstanding shares of the Fund.
Semiannual Report
Fidelity Latin America Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Class A | 1.39% |
|
|
|
Actual |
| $ 1,000.00 | $ 851.00 | $ 6.38 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.90 | $ 6.95 |
Class T | 1.66% |
|
|
|
Actual |
| $ 1,000.00 | $ 849.90 | $ 7.61 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.56 | $ 8.30 |
Class B | 2.14% |
|
|
|
Actual |
| $ 1,000.00 | $ 848.00 | $ 9.81 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.18 | $ 10.69 |
Class C | 2.14% |
|
|
|
Actual |
| $ 1,000.00 | $ 848.10 | $ 9.81 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.18 | $ 10.69 |
Latin America | 1.12% |
|
|
|
Actual |
| $ 1,000.00 | $ 852.40 | $ 5.14 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.24 | $ 5.61 |
Institutional Class | 1.04% |
|
|
|
Actual |
| $ 1,000.00 | $ 852.40 | $ 4.78 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.64 | $ 5.21 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Latin America Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
Brazil | 44.0% |
| |
Mexico | 27.0% |
| |
Chile | 12.3% |
| |
Colombia | 7.3% |
| |
Peru | 3.2% |
| |
United States of America* | 1.5% |
| |
Spain | 1.5% |
| |
Panama | 1.3% |
| |
Argentina | 0.5% |
| |
Other | 1.4% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Brazil | 49.8% |
| |
Mexico | 24.1% |
| |
Chile | 10.1% |
| |
Colombia | 8.7% |
| |
Peru | 2.8% |
| |
United States of America* | 1.6% |
| |
Panama | 1.1% |
| |
Spain | 1.0% |
| |
Puerto Rico | 0.4% |
| |
Other | 0.4% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 99.1 | 99.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.9 | 1.0 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
America Movil S.A.B. de CV Series L (Mexico, Wireless Telecommunication Services) | 6.6 | 6.9 |
Itau Unibanco Holding SA (Brazil, Banks) | 6.5 | 7.3 |
Ambev SA sponsored ADR (Brazil, Beverages) | 6.1 | 4.7 |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR (Mexico, Beverages) | 4.1 | 3.2 |
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) | 3.3 | 3.8 |
Banco Bradesco SA (PN) (Brazil, Banks) | 3.1 | 2.7 |
Wal-Mart de Mexico SA de CV Series V (Mexico, Food & Staples Retailing) | 2.7 | 2.1 |
Petroleo Brasileiro SA - Petrobras (ON) (Brazil, Oil, Gas & Consumable Fuels) | 2.6 | 0.8 |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (Brazil, Food & Staples Retailing) | 2.5 | 2.4 |
Grupo de Inversiones Suramerica SA (Colombia, Diversified Financial Services) | 2.5 | 2.3 |
| 40.0 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 30.3 | 30.9 |
Consumer Staples | 23.8 | 20.7 |
Telecommunication Services | 9.9 | 12.0 |
Consumer Discretionary | 7.7 | 6.2 |
Materials | 7.4 | 8.3 |
Energy | 7.3 | 7.8 |
Industrials | 6.7 | 6.6 |
Utilities | 3.4 | 3.2 |
Information Technology | 1.9 | 2.1 |
Health Care | 0.7 | 1.2 |
Market Sectors may include more than one industry category. |
The fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Latin American market. As of April 30, 2015, the fund did not have more than 25% of its total assets invested in any one industry. |
Semiannual Report
Fidelity Latin America Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 73.1% | |||
Shares | Value | ||
Argentina - 0.5% | |||
Banco Macro SA sponsored ADR | 39,000 | $ 2,154,750 | |
Inversiones y Representaciones SA ADR (a) | 94,100 | 1,705,092 | |
TOTAL ARGENTINA | 3,859,842 | ||
Belgium - 0.5% | |||
Euronav NV (d) | 152,900 | 2,104,052 | |
Euronav NV | 128,200 | 1,728,136 | |
TOTAL BELGIUM | 3,832,188 | ||
Brazil - 18.8% | |||
Banco Bradesco SA | 350,880 | 3,498,377 | |
BB Seguridade Participacoes SA | 1,367,500 | 15,999,062 | |
Brasil Brokers Participacoes SA | 2,701,800 | 2,466,005 | |
CCR SA | 1,880,900 | 10,362,913 | |
Cielo SA | 1,013,040 | 14,101,428 | |
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | 1,676,200 | 9,902,707 | |
Cyrela Brazil Realty SA | 287,300 | 1,118,515 | |
Embraer SA | 395,800 | 3,087,107 | |
Estacio Participacoes SA | 257,600 | 1,556,056 | |
Hypermarcas SA (a) | 524,700 | 3,462,067 | |
Industrias Romi SA | 3,235,900 | 2,577,593 | |
Itausa-Investimentos Itau SA | 7 | 24 | |
M. Dias Branco SA | 368,400 | 10,581,435 | |
MAHLE Metal Leve SA | 314,800 | 2,120,991 | |
Multiplus SA | 838,600 | 9,324,118 | |
Petroleo Brasileiro SA - Petrobras (ON) | 4,017,028 | 18,998,871 | |
Porto Seguro SA | 133,300 | 1,667,494 | |
QGEP Participacoes SA | 2,590,000 | 6,240,860 | |
Souza Cruz SA | 1,084,700 | 9,900,347 | |
Tegma Gestao Logistica SA | 270,300 | 1,354,662 | |
TIM Participacoes SA | 1,439,795 | 4,611,435 | |
Vale SA | 468,500 | 3,521,972 | |
TOTAL BRAZIL | 136,454,039 | ||
British Virgin Islands - 0.3% | |||
Arcos Dorados Holdings, Inc. Class A | 383,800 | 2,302,800 | |
Canada - 0.3% | |||
Tahoe Resources, Inc. | 129,934 | 1,836,200 | |
Chile - 11.8% | |||
Aguas Andinas SA | 9,816,128 | 5,778,460 | |
Banco de Chile | 68,264,691 | 7,912,968 | |
Banco de Chile sponsored ADR (d) | 72,837 | 5,113,157 | |
Banmedica SA | 809,643 | 1,706,915 | |
Colbun SA | 19,353,258 | 5,842,523 | |
Compania Cervecerias Unidas SA | 1,261,455 | 13,577,888 | |
CorpBanca SA | 688,348,714 | 7,797,872 | |
Empresa Nacional de Telecomunicaciones SA (ENTEL) | 1,078,740 | 12,160,406 | |
| |||
Shares | Value | ||
Forus SA | 600,674 | $ 2,631,908 | |
Inversiones La Construccion SA | 908,582 | 11,631,157 | |
S.A.C.I. Falabella | 861,484 | 6,746,237 | |
Sociedad Matriz SAAM SA | 59,433,277 | 5,247,113 | |
TOTAL CHILE | 86,146,604 | ||
Colombia - 7.0% | |||
Bancolombia SA | 125,838 | 1,331,284 | |
Bolsa de Valores de Colombia | 545,822,864 | 4,812,040 | |
Cemex Latam Holdings SA (a) | 840,570 | 4,693,359 | |
Empresa de Telecomunicaciones de Bogota | 38,213,250 | 7,620,190 | |
Grupo de Inversiones Suramerica SA | 1,097,096 | 18,027,010 | |
Inversiones Argos SA | 1,878,253 | 14,745,311 | |
TOTAL COLOMBIA | 51,229,194 | ||
Mexico - 27.0% | |||
America Movil S.A.B. de CV: | |||
Series L | 7,064,800 | 7,418,454 | |
Series L sponsored ADR | 1,945,373 | 40,638,842 | |
Consorcio ARA S.A.B. de CV (a) | 25,539,905 | 10,870,524 | |
Controladora Commercial Mexicana S.A.B. de CV unit | 1,114,500 | 3,588,600 | |
Embotelladoras Arca S.A.B. de CV | 453,700 | 2,787,200 | |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR (a) | 328,505 | 29,726,417 | |
Gruma S.A.B. de CV Series B | 241,109 | 2,907,232 | |
Grupo Aeroportuario del Pacifico SA de CV: | |||
Series B | 43,100 | 306,858 | |
sponsored ADR | 105,700 | 7,509,985 | |
Grupo Aeroportuario del Sureste SA de CV Series B | 47,615 | 673,941 | |
Grupo Carso SA de CV Series A1 | 1,254,700 | 5,171,896 | |
Grupo Financiero Inbursa S.A.B. de CV Series O | 6,980,519 | 16,666,433 | |
Grupo Financiero Santander Mexico S.A.B. de CV | 5,620,555 | 11,452,128 | |
Grupo Televisa SA de CV | 104,700 | 762,013 | |
Grupo Televisa SA de CV (CPO) sponsored ADR (a) | 307,400 | 11,192,434 | |
Industrias Penoles SA de CV | 506,693 | 8,593,833 | |
Medica Sur SA de CV | 1,023,734 | 3,774,777 | |
Megacable Holdings S.A.B. de CV unit | 1,927,429 | 8,021,532 | |
Qualitas Controladora S.A.B. de CV (a) | 2,837,000 | 5,325,616 | |
Wal-Mart de Mexico SA de CV Series V | 8,141,348 | 19,231,029 | |
TOTAL MEXICO | 196,619,744 | ||
Panama - 1.3% | |||
Banco Latinoamericano de Comercio Exterior SA Series E | 298,770 | 9,491,923 | |
Common Stocks - continued | |||
Shares | Value | ||
Peru - 3.2% | |||
Alicorp SA Class C | 4,904,034 | $ 9,476,016 | |
Compania de Minas Buenaventura SA sponsored ADR | 1,236,436 | 13,823,354 | |
TOTAL PERU | 23,299,370 | ||
Spain - 1.5% | |||
Melia Hotels International SA | 57,100 | 713,903 | |
Prosegur Compania de Seguridad SA (Reg.) | 1,726,154 | 9,950,514 | |
TOTAL SPAIN | 10,664,417 | ||
United Kingdom - 0.3% | |||
HSBC Holdings PLC (United Kingdom) | 190,400 | 1,902,002 | |
United States of America - 0.6% | |||
First Bancorp, Puerto Rico (a) | 333,700 | 2,005,537 | |
First Cash Financial Services, Inc. (a) | 52,766 | 2,550,708 | |
TOTAL UNITED STATES OF AMERICA | 4,556,245 | ||
TOTAL COMMON STOCKS (Cost $514,697,053) |
| ||
Nonconvertible Preferred Stocks - 26.0% | |||
|
|
|
|
Brazil - 25.2% | |||
Ambev SA sponsored ADR | 7,028,847 | 44,492,602 | |
Banco Bradesco SA (PN) | 2,084,660 | 22,251,503 | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar: | |||
(PN) | 368,325 | 12,469,225 | |
sponsored ADR | 169,470 | 5,684,024 | |
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR | 471,400 | 2,776,546 | |
Embraer SA sponsored ADR | 90,034 | 2,807,260 | |
Itau Unibanco Holding SA | 3,718,405 | 47,551,453 | |
Itausa-Investimentos Itau SA (PN) | 4,095,023 | 14,420,483 | |
| |||
Shares | Value | ||
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | 5,541,771 | $ 24,003,091 | |
Vale SA (PN-A) | 1,112,500 | 6,701,696 | |
TOTAL BRAZIL | 183,157,883 | ||
Chile - 0.5% | |||
Embotelladora Andina SA Class A | 1,336,888 | 3,278,561 | |
Colombia - 0.3% | |||
Grupo de Inversiones Suramerica SA | 163,024 | 2,429,619 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $119,549,054) |
| ||
Money Market Funds - 0.7% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.15% (b) | 4,426,199 | 4,426,199 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 807,105 | 807,105 | |
TOTAL MONEY MARKET FUNDS (Cost $5,233,304) |
| ||
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $639,479,411) | 726,293,935 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 1,181,788 | ||
NET ASSETS - 100% | $ 727,475,723 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 6,593 |
Fidelity Securities Lending Cash Central Fund | 20,157 |
Total | $ 26,750 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 57,361,031 | $ 56,647,128 | $ 713,903 | $ - |
Consumer Staples | 171,162,643 | 171,162,643 | - | - |
Energy | 53,075,010 | 50,970,958 | 2,104,052 | - |
Financials | 220,163,697 | 218,261,695 | 1,902,002 | - |
Health Care | 5,481,692 | 5,481,692 | - | - |
Industrials | 49,049,842 | 39,099,328 | 9,950,514 | - |
Information Technology | 14,101,428 | 14,101,428 | - | - |
Materials | 53,915,725 | 53,915,725 | - | - |
Telecommunication Services | 72,449,327 | 72,449,327 | - | - |
Utilities | 24,300,236 | 24,300,236 | - | - |
Money Market Funds | 5,233,304 | 5,233,304 | - | - |
Total Investments in Securities: | $ 726,293,935 | $ 711,623,464 | $ 14,670,471 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 11,136,826 |
Level 2 to Level 1 | $ 0 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Latin America Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $779,894) - See accompanying schedule: Unaffiliated issuers (cost $634,246,107) | $ 721,060,631 |
|
Fidelity Central Funds (cost $5,233,304) | 5,233,304 |
|
Total Investments (cost $639,479,411) |
| $ 726,293,935 |
Cash |
| 2,234 |
Foreign currency held at value (cost $990,020) | 990,020 | |
Receivable for investments sold | 5,714,430 | |
Receivable for fund shares sold | 349,106 | |
Dividends receivable | 1,276,440 | |
Distributions receivable from Fidelity Central Funds | 3,043 | |
Prepaid expenses | 793 | |
Other receivables | 7,696 | |
Total assets | 734,637,697 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 4,546,831 | |
Payable for fund shares redeemed | 979,086 | |
Accrued management fee | 419,787 | |
Distribution and service plan fees payable | 15,949 | |
Other affiliated payables | 199,579 | |
Other payables and accrued expenses | 193,637 | |
Collateral on securities loaned, at value | 807,105 | |
Total liabilities | 7,161,974 | |
|
|
|
Net Assets | $ 727,475,723 | |
Net Assets consist of: |
| |
Paid in capital | $ 684,609,855 | |
Undistributed net investment income | 5,059,810 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (48,993,744) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 86,799,802 | |
Net Assets | $ 727,475,723 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 23.54 | |
|
|
|
Maximum offering price per share (100/94.25 of $23.54) | $ 24.98 | |
Class T: | $ 23.60 | |
|
|
|
Maximum offering price per share (100/96.50 of $23.60) | $ 24.46 | |
Class B: | $ 23.87 | |
|
|
|
Class C: | $ 23.75 | |
|
|
|
Latin America: | $ 23.51 | |
|
|
|
Institutional Class: | $ 23.50 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Latin America Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 11,345,422 |
Income from Fidelity Central Funds |
| 26,750 |
Income before foreign taxes withheld |
| 11,372,172 |
Less foreign taxes withheld |
| (1,036,514) |
Total income |
| 10,335,658 |
|
|
|
Expenses | ||
Management fee | $ 2,733,693 | |
Transfer agent fees | 1,082,824 | |
Distribution and service plan fees | 105,959 | |
Accounting and security lending fees | 189,395 | |
Custodian fees and expenses | 281,828 | |
Independent trustees' compensation | 1,547 | |
Registration fees | 48,331 | |
Audit | 37,535 | |
Legal | 1,480 | |
Interest | 444 | |
Miscellaneous | 805 | |
Total expenses before reductions | 4,483,841 | |
Expense reductions | (29,373) | 4,454,468 |
Net investment income (loss) | 5,881,190 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (46,666,543) | |
Foreign currency transactions | (263,404) | |
Total net realized gain (loss) |
| (46,929,947) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $64,167) | (105,447,900) | |
Assets and liabilities in foreign currencies | (11,037) | |
Total change in net unrealized appreciation (depreciation) |
| (105,458,937) |
Net gain (loss) | (152,388,884) | |
Net increase (decrease) in net assets resulting from operations | $ (146,507,694) |
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 5,881,190 | $ 20,578,749 |
Net realized gain (loss) | (46,929,947) | 80,758,455 |
Change in net unrealized appreciation (depreciation) | (105,458,937) | (221,687,609) |
Net increase (decrease) in net assets resulting from operations | (146,507,694) | (120,350,405) |
Distributions to shareholders from net investment income | (12,592,762) | (23,599,176) |
Distributions to shareholders from net realized gain | (66,395,306) | (209,492,273) |
Total distributions | (78,988,068) | (233,091,449) |
Share transactions - net increase (decrease) | (43,161,410) | (61,704,730) |
Redemption fees | 84,814 | 197,877 |
Total increase (decrease) in net assets | (268,572,358) | (414,948,707) |
|
|
|
Net Assets | ||
Beginning of period | 996,048,081 | 1,410,996,788 |
End of period (including undistributed net investment income of $5,059,810 and undistributed net investment income of $11,771,382, respectively) | $ 727,475,723 | $ 996,048,081 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.31 | $ 40.71 | $ 48.95 | $ 52.38 | $ 57.48 | $ 55.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .15 | .49 | .72 | .92 | 1.15 | .02 |
Net realized and unrealized gain (loss) | (4.53) | (4.08) | (4.73) | (3.66) | (5.87) | 2.79 |
Total from investment operations | (4.38) | (3.59) | (4.01) | (2.74) | (4.72) | 2.81 |
Distributions from net investment income | (.31) | (.57) | (.79) | (.70) | (.19) | (.80) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | - |
Total distributions | (2.39) | (6.82) | (4.24) | (.70) | (.39) | (.80) |
Redemption fees added to paid in capital E | -K | .01 | .01 | .01 | .01 | -K |
Net asset value, end of period | $ 23.54 | $ 30.31 | $ 40.71 | $ 48.95 | $ 52.38 | $ 57.48 |
Total ReturnB, C, D | (14.90)% | (9.06)% | (8.93)% | (5.23)% | (8.26)% | 5.14% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
Expenses before reductions | 1.39%A | 1.38% | 1.37% | 1.35% | 1.34% | 1.37%A |
Expenses net of fee waivers, if any | 1.39%A | 1.38% | 1.37% | 1.35% | 1.34% | 1.37%A |
Expenses net of all reductions | 1.39%A | 1.38% | 1.35% | 1.35% | 1.34% | 1.34%A |
Net investment income (loss) | 1.27%A | 1.52% | 1.66% | 1.80% | 2.05% | .39%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 24,487 | $ 34,898 | $ 48,464 | $ 69,654 | $ 91,407 | $ 115,626 |
Portfolio turnover rate G | 27%A | 30% | 23% | 23% | 11% | 56%J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period September 28, 2010 (commencement of sale of shares) to October 31, 2010. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.33 | $ 40.68 | $ 48.88 | $ 52.27 | $ 57.47 | $ 55.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .12 | .40 | .61 | .78 | .99 | .01 |
Net realized and unrealized gain (loss) | (4.54) | (4.08) | (4.74) | (3.65) | (5.85) | 2.79 |
Total from investment operations | (4.42) | (3.68) | (4.13) | (2.87) | (4.86) | 2.80 |
Distributions from net investment income | (.23) | (.43) | (.63) | (.53) | (.15) | (.80) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | - |
Total distributions | (2.31) | (6.68) | (4.08) | (.53) | (.35) | (.80) |
Redemption fees added to paid in capital E | -K | .01 | .01 | .01 | .01 | -K |
Net asset value, end of period | $ 23.60 | $ 30.33 | $ 40.68 | $ 48.88 | $ 52.27 | $ 57.47 |
Total ReturnB, C, D | (15.01)% | (9.30)% | (9.17)% | (5.49)% | (8.50)% | 5.12% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
Expenses before reductions | 1.66%A | 1.65% | 1.63% | 1.61% | 1.61% | 1.63%A |
Expenses net of fee waivers, if any | 1.66%A | 1.65% | 1.63% | 1.61% | 1.61% | 1.63%A |
Expenses net of all reductions | 1.65%A | 1.65% | 1.61% | 1.61% | 1.61% | 1.60%A |
Net investment income (loss) | 1.00%A | 1.25% | 1.40% | 1.54% | 1.78% | .13%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 7,407 | $ 9,761 | $ 12,705 | $ 19,334 | $ 26,020 | $ 36,820 |
Portfolio turnover rate G | 27%A | 30% | 23% | 23% | 11% | 56%J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period September 28, 2010 (commencement of sale of shares) to October 31, 2010. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.46 | $ 40.63 | $ 48.72 | $ 52.06 | $ 57.44 | $ 55.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .25 | .40 | .53 | .72 | (.02) |
Net realized and unrealized gain (loss) | (4.57) | (4.08) | (4.74) | (3.63) | (5.84) | 2.79 |
Total from investment operations | (4.51) | (3.83) | (4.34) | (3.10) | (5.12) | 2.77 |
Distributions from net investment income | - | (.10) | (.31) | (.25) | (.07) | (.80) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | - |
Total distributions | (2.08) | (6.35) | (3.76) | (.25) | (.27) | (.80) |
Redemption fees added to paid in capital E | -K | .01 | .01 | .01 | .01 | -K |
Net asset value, end of period | $ 23.87 | $ 30.46 | $ 40.63 | $ 48.72 | $ 52.06 | $ 57.44 |
Total ReturnB, C, D | (15.20)% | (9.73)% | (9.60)% | (5.95)% | (8.94)% | 5.06% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
Expenses before reductions | 2.14%A | 2.14% | 2.12% | 2.10% | 2.10% | 2.12%A |
Expenses net of fee waivers, if any | 2.14%A | 2.14% | 2.12% | 2.10% | 2.10% | 2.12%A |
Expenses net of all reductions | 2.14%A | 2.13% | 2.10% | 2.10% | 2.10% | 2.10%A |
Net investment income (loss) | .51%A | .76% | .91% | 1.05% | 1.29% | (.36)%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,306 | $ 2,211 | $ 4,764 | $ 9,492 | $ 14,114 | $ 20,392 |
Portfolio turnover rate G | 27%A | 30% | 23% | 23% | 11% | 56%J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period September 28, 2010 (commencement of sale of shares) to October 31, 2010. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.37 | $ 40.59 | $ 48.73 | $ 52.05 | $ 57.44 | $ 55.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .25 | .40 | .54 | .73 | (.02) |
Net realized and unrealized gain (loss) | (4.55) | (4.07) | (4.74) | (3.64) | (5.84) | 2.79 |
Total from investment operations | (4.49) | (3.82) | (4.34) | (3.10) | (5.11) | 2.77 |
Distributions from net investment income | (.05) | (.16) | (.36) | (.23) | (.09) | (.80) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | - |
Total distributions | (2.13) | (6.41) | (3.81) | (.23) | (.29) | (.80) |
Redemption fees added to paid in capital E | -K | .01 | .01 | .01 | .01 | -K |
Net asset value, end of period | $ 23.75 | $ 30.37 | $ 40.59 | $ 48.73 | $ 52.05 | $ 57.44 |
Total ReturnB, C, D | (15.19)% | (9.74)% | (9.62)% | (5.94)% | (8.93)% | 5.06% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
Expenses before reductions | 2.14%A | 2.13% | 2.12% | 2.10% | 2.08% | 2.09%A |
Expenses net of fee waivers, if any | 2.14%A | 2.13% | 2.12% | 2.10% | 2.08% | 2.09%A |
Expenses net of all reductions | 2.14%A | 2.13% | 2.10% | 2.10% | 2.08% | 2.07%A |
Net investment income (loss) | .51%A | .77% | .91% | 1.06% | 1.31% | (.34)%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 8,054 | $ 11,349 | $ 15,185 | $ 27,405 | $ 35,203 | $ 48,329 |
Portfolio turnover rate G | 27%A | 30% | 23% | 23% | 11% | 56%J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period September 28, 2010 (commencement of sale of shares) to October 31, 2010. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Latin America
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.34 | $ 40.80 | $ 49.09 | $ 52.48 | $ 57.50 | $ 47.29 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .18 | .59 | .87 | 1.09 | 1.34 | 1.07 |
Net realized and unrealized gain (loss) | (4.52) | (4.10) | (4.74) | (3.67) | (5.88) | 11.00 |
Total from investment operations | (4.34) | (3.51) | (3.87) | (2.58) | (4.54) | 12.07 |
Distributions from net investment income | (.41) | (.71) | (.98) | (.82) | (.29) | (1.49) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | (.39) |
Total distributions | (2.49) | (6.96) | (4.43) | (.82) | (.49) | (1.88) |
Redemption fees added to paid in capital D | -I | .01 | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 23.51 | $ 30.34 | $ 40.80 | $ 49.09 | $ 52.48 | $ 57.50 |
Total ReturnB, C | (14.76)% | (8.79)% | (8.63)% | (4.91)% | (7.96)% | 25.91% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | 1.12%A | 1.08% | 1.04% | 1.02% | 1.00% | 1.03% |
Expenses net of fee waivers, if any | 1.12%A | 1.08% | 1.04% | 1.02% | 1.00% | 1.03% |
Expenses net of all reductions | 1.11%A | 1.07% | 1.03% | 1.02% | 1.00% | 1.01% |
Net investment income (loss) | 1.54%A | 1.83% | 1.99% | 2.14% | 2.39% | 2.10% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 683,779 | $ 933,298 | $ 1,324,748 | $ 2,274,601 | $ 2,884,301 | $ 4,283,462 |
Portfolio turnover rate F | 27%A | 30% | 23% | 23% | 11% | 56%H |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HThe portfolio turnover rate does not include the assets acquired in the merger. IAmount represents less than $.01 per share. |
Financial Highlights - Institutional Class
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 G |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.35 | $ 40.79 | $ 49.07 | $ 52.51 | $ 57.49 | $ 55.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .20 | .60 | .87 | 1.08 | 1.32 | .03 |
Net realized and unrealized gain (loss) | (4.55) | (4.07) | (4.74) | (3.67) | (5.88) | 2.79 |
Total from investment operations | (4.35) | (3.47) | (3.87) | (2.59) | (4.56) | 2.82 |
Distributions from net investment income | (.42) | (.73) | (.97) | (.86) | (.23) | (.80) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | - |
Total distributions | (2.50) | (6.98) | (4.42) | (.86) | (.43) | (.80) |
Redemption fees added to paid in capital D | -J | .01 | .01 | .01 | .01 | -J |
Net asset value, end of period | $ 23.50 | $ 30.35 | $ 40.79 | $ 49.07 | $ 52.51 | $ 57.49 |
Total ReturnB, C | (14.76)% | (8.69)% | (8.63)% | (4.93)% | (7.98)% | 5.15% |
Ratios to Average Net Assets E, H |
|
|
|
|
|
|
Expenses before reductions | 1.04%A | 1.04% | 1.03% | 1.04% | 1.04% | 1.08%A |
Expenses net of fee waivers, if any | 1.04%A | 1.04% | 1.03% | 1.04% | 1.04% | 1.08%A |
Expenses net of all reductions | 1.04%A | 1.04% | 1.01% | 1.04% | 1.04% | 1.06%A |
Net investment income (loss) | 1.61%A | 1.86% | 2.00% | 2.12% | 2.35% | .68%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 2,443 | $ 4,531 | $ 5,131 | $ 7,928 | $ 9,603 | $ 12,868 |
Portfolio turnover rate F | 27%A | 30% | 23% | 23% | 11% | 56%I |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GFor the period September 28, 2010 (commencement of sale of shares) to October 31, 2010. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IThe portfolio turnover rate does not include the assets acquired in the merger. JAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Latin America Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Latin America and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the appreciable securities is included in Other payable and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 193,387,073 |
Gross unrealized depreciation | (110,768,968) |
Net unrealized appreciation (depreciation) on securities | $ 82,618,105 |
|
|
Tax cost | $ 643,675,830 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $106,929,153 and $220,349,401, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 33,818 | $ 804 |
Class T | .25% | .25% | 19,600 | 284 |
Class B | .75% | .25% | 8,181 | 6,153 |
Class C | .75% | .25% | 44,360 | 7,488 |
|
|
| $ 105,959 | $ 14,729 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 6,334 |
Class T | 961 |
Class B* | 452 |
Class C* | 1,259 |
| $ 9,006 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 39,538 | .29 |
Class T | 12,138 | .31 |
Class B | 2,400 | .29 |
Class C | 12,996 | .29 |
Latin America | 1,012,793 | .28 |
Institutional Class | 2,959 | .20 |
| $ 1,082,824 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $2,455 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan | Weighted Average | Interest Expense |
Borrower | $ 5,893,750 | .34% | $ 444 |
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $663 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, Total security lending income during the period amounted to $20,157. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $13,310 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Latin America expenses during the period in the amount of $16,063.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 341,444 | $ 667,095 |
Class T | 71,167 | 136,327 |
Class B | - | 12,098 |
Class C | 18,114 | 60,991 |
Latin America | 12,109,807 | 22,631,305 |
Institutional Class | 52,230 | 91,360 |
Total | $ 12,592,762 | $ 23,599,176 |
From net realized gain |
|
|
Class A | $ 2,330,553 | $ 7,249,224 |
Class T | 658,521 | 1,918,455 |
Class B | 144,042 | 684,975 |
Class C | 754,025 | 2,282,110 |
Latin America | 62,251,897 | 196,577,505 |
Institutional Class | 256,268 | 780,004 |
Total | $ 66,395,306 | $ 209,492,273 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 80,489 | 256,161 | $ 1,893,157 | $ 8,113,294 |
Reinvestment of distributions | 103,775 | 229,379 | 2,587,573 | 7,071,806 |
Shares redeemed | (295,494) | (524,684) | (7,036,927) | (16,539,013) |
Net increase (decrease) | (111,230) | (39,144) | $ (2,556,197) | $ (1,353,913) |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class T |
|
|
|
|
Shares sold | 15,847 | 47,965 | $ 375,373 | $ 1,548,211 |
Reinvestment of distributions | 28,508 | 65,609 | 713,357 | 2,028,652 |
Shares redeemed | (52,329) | (104,082) | (1,240,836) | (3,252,264) |
Net increase (decrease) | (7,974) | 9,492 | $ (152,106) | $ 324,599 |
Class B |
|
|
|
|
Shares sold | 116 | 1,044 | $ 2,989 | $ 32,892 |
Reinvestment of distributions | 5,261 | 18,939 | 133,376 | 590,702 |
Shares redeemed | (23,220) | (64,672) | (559,019) | (2,061,800) |
Net increase (decrease) | (17,843) | (44,689) | $ (422,654) | $ (1,438,206) |
Class C |
|
|
|
|
Shares sold | 28,918 | 91,764 | $ 694,321 | $ 2,901,440 |
Reinvestment of distributions | 25,875 | 69,412 | 652,617 | 2,158,720 |
Shares redeemed | (89,295) | (161,581) | (2,156,109) | (5,151,621) |
Net increase (decrease) | (34,502) | (405) | $ (809,171) | $ (91,461) |
Latin America |
|
|
|
|
Shares sold | 1,578,197 | 4,529,614 | $ 37,317,339 | $ 143,961,705 |
Reinvestment of distributions | 2,862,287 | 6,820,938 | 71,197,829 | 209,950,213 |
Shares redeemed | (6,111,144) | (13,065,128) | (146,603,830) | (413,931,096) |
Net increase (decrease) | (1,670,660) | (1,714,576) | $ (38,088,662) | $ (60,019,178) |
Institutional Class |
|
|
|
|
Shares sold | 19,137 | 125,962 | $ 462,541 | $ 4,086,454 |
Reinvestment of distributions | 11,139 | 21,472 | 276,862 | 660,492 |
Shares redeemed | (75,632) | (123,906) | (1,872,023) | (3,873,517) |
Net increase (decrease) | (45,356) | 23,528 | $ (1,132,620) | $ 873,429 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Fidelity Nordic Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Actual | 1.01% | $ 1,000.00 | $ 1,072.40 | $ 5.19 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.79 | $ 5.06 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Nordic Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
Sweden | 39.4% |
| |
Finland | 24.9% |
| |
Denmark | 21.9% |
| |
Malta | 5.9% |
| |
Norway | 3.8% |
| |
United Kingdom | 2.6% |
| |
Bermuda | 1.3% |
| |
United States of America* | 0.2% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Sweden | 37.0% |
| |
Denmark | 27.2% |
| |
Finland | 18.6% |
| |
Norway | 6.1% |
| |
Malta | 4.9% |
| |
United Kingdom | 3.6% |
| |
Bermuda | 1.5% |
| |
United States of America* | 1.1% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 99.8 | 98.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.2 | 1.1 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 8.8 | 6.4 |
Svenska Handelsbanken AB (A Shares) (Sweden, Banks) | 4.8 | 5.5 |
Svenska Cellulosa AB (SCA) (B Shares) (Sweden, Household Products) | 4.4 | 0.0 |
Sampo Oyj (A Shares) (Finland, Insurance) | 4.2 | 5.2 |
DSV de Sammensluttede Vognmaend A/S (Denmark, Road & Rail) | 4.2 | 0.0 |
Carlsberg A/S Series B (Denmark, Beverages) | 3.9 | 4.7 |
Getinge AB (B Shares) (Sweden, Health Care Equipment & Supplies) | 3.7 | 3.6 |
Hemfosa Fastigheter AB (Sweden, Real Estate Management & Development) | 3.4 | 0.0 |
SKF AB (B Shares) (Sweden, Machinery) | 3.4 | 2.0 |
Kesko Oyj (Finland, Food & Staples Retailing) | 3.2 | 5.1 |
| 44.0 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Industrials | 30.0 | 22.6 |
Financials | 20.8 | 21.6 |
Health Care | 19.4 | 22.3 |
Consumer Staples | 12.8 | 11.5 |
Consumer Discretionary | 10.8 | 10.7 |
Materials | 2.4 | 0.0 |
Energy | 2.1 | 4.4 |
Information Technology | 1.5 | 5.8 |
Market Sectors may include more than one industry category. |
The fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Nordic market. As of April 30, 2015, the fund did not have more than 25% of its assets invested in any one industry. |
Semiannual Report
Fidelity Nordic Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8% | |||
Shares | Value | ||
Bermuda - 1.3% | |||
Vostok Nafta Investment Ltd. SDR (a)(d) | 851,779 | $ 5,628,235 | |
Denmark - 21.9% | |||
Alm. Brand A/S | 1,227,454 | 8,048,916 | |
Carlsberg A/S Series B | 193,000 | 17,595,531 | |
DSV de Sammensluttede Vognmaend A/S | 540,900 | 18,763,647 | |
NNIT A/S | 131,374 | 3,066,747 | |
Novo Nordisk A/S Series B | 693,705 | 38,945,068 | |
William Demant Holding A/S (a) | 134,700 | 11,025,513 | |
TOTAL DENMARK | 97,445,422 | ||
Finland - 24.9% | |||
Amer Group PLC (A Shares) | 451,200 | 11,291,736 | |
Cargotec Corp. (B Shares) (d) | 317,100 | 12,784,104 | |
Cramo Oyj (B Shares) | 483,600 | 8,986,191 | |
Huhtamaki Oyj | 334,800 | 10,702,807 | |
Kesko Oyj | 347,800 | 14,210,695 | |
Lassila & Tikahoja Oyj | 580,000 | 11,350,863 | |
Olvi PLC (A Shares) | 203,079 | 5,773,947 | |
Sampo Oyj (A Shares) | 388,600 | 18,829,338 | |
Vaisala Oyj | 256,300 | 6,846,569 | |
Valmet Corp. | 834,089 | 9,666,569 | |
TOTAL FINLAND | 110,442,819 | ||
Malta - 5.9% | |||
Kambi Group PLC (a)(d)(e) | 1,453,483 | 12,881,089 | |
Unibet Group PLC unit | 225,051 | 13,166,078 | |
TOTAL MALTA | 26,047,167 | ||
Norway - 3.8% | |||
TGS Nopec Geophysical Co. ASA (d) | 366,500 | 9,327,061 | |
Zalaris ASA (A Shares) (e) | 1,823,800 | 7,735,858 | |
TOTAL NORWAY | 17,062,919 | ||
Sweden - 39.4% | |||
AddTech AB (B Shares) | 647,000 | 8,508,221 | |
CDON Group AB (a)(d) | 4,554,536 | 8,454,477 | |
East Capital Explorer AB (a) | 1,005,000 | 6,999,745 | |
Elekta AB (B Shares) (d) | 1,184,885 | 11,087,234 | |
Eltel AB | 1,317,500 | 14,121,622 | |
Getinge AB (B Shares) | 668,300 | 16,242,960 | |
Hemfosa Fastigheter AB (a) | 662,529 | 15,307,714 | |
Kungsleden AB | 687,600 | 5,004,960 | |
| |||
Shares | Value | ||
Lifco AB | 156,400 | $ 3,003,165 | |
Nordea Bank AB | 892,795 | 11,343,094 | |
Sandvik AB | 763,100 | 9,644,878 | |
SKF AB (B Shares) | 622,100 | 15,194,819 | |
Svenska Cellulosa AB (SCA) (B Shares) | 770,300 | 19,484,716 | |
Svenska Handelsbanken AB (A Shares) | 458,100 | 21,145,423 | |
Systemair AB | 364,672 | 5,032,575 | |
Thule Group AB | 164,313 | 1,869,418 | |
Vitrolife AB | 122,513 | 2,311,083 | |
TOTAL SWEDEN | 174,756,104 | ||
United Kingdom - 2.6% | |||
G4S PLC (United Kingdom) | 2,542,900 | 11,406,224 | |
TOTAL COMMON STOCKS (Cost $409,848,102) |
| ||
Money Market Funds - 6.7% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.15% (b) | 11,009,242 | 11,009,242 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 18,635,850 | 18,635,850 | |
TOTAL MONEY MARKET FUNDS (Cost $29,645,092) |
| ||
TOTAL INVESTMENT PORTFOLIO - 106.5% (Cost $439,493,194) | 472,433,982 | ||
NET OTHER ASSETS (LIABILITIES) - (6.5)% | (28,783,558) | ||
NET ASSETS - 100% | $ 443,650,424 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 8,574 |
Fidelity Securities Lending Cash Central Fund | 467,645 |
Total | $ 476,219 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
Kambi Group PLC | $ 14,369,373 | $ - | $ 462,356 | $ - | $ 12,881,089 |
Zalaris ASA (A Shares) | 8,355,202 | - | - | - | 7,735,858 |
Total | $ 22,724,575 | $ - | $ 462,356 | $ - | $ 20,616,947 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 47,662,798 | $ - | $ 47,662,798 | $ - |
Consumer Staples | 57,064,889 | - | 57,064,889 | - |
Energy | 9,327,061 | - | 9,327,061 | - |
Financials | 92,307,425 | - | 92,307,425 | - |
Health Care | 85,681,770 | - | 85,681,770 | - |
Industrials | 133,195,571 | - | 133,195,571 | - |
Information Technology | 6,846,569 | - | 6,846,569 | - |
Materials | 10,702,807 | - | 10,702,807 | - |
Money Market Funds | 29,645,092 | 29,645,092 | - | - |
Total Investments in Securities: | $ 472,433,982 | $ 29,645,092 | $ 442,788,890 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 279,352,107 |
Level 2 to Level 1 | $ 0 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Nordic Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $17,687,229) - See accompanying schedule: Unaffiliated issuers (cost $394,786,390) | $ 422,171,943 |
|
Fidelity Central Funds (cost $29,645,092) | 29,645,092 |
|
Other affiliated issuers (cost $15,061,712) | 20,616,947 |
|
Total Investments (cost $439,493,194) |
| $ 472,433,982 |
Cash |
| 388,593 |
Receivable for investments sold | 7,537,280 | |
Receivable for fund shares sold | 264,941 | |
Dividends receivable | 145,030 | |
Distributions receivable from Fidelity Central Funds | 152,467 | |
Prepaid expenses | 473 | |
Other receivables | 7,550 | |
Total assets | 480,930,316 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 17,913,965 | |
Payable for fund shares redeemed | 333,128 | |
Accrued management fee | 256,094 | |
Other affiliated payables | 93,213 | |
Other payables and accrued expenses | 47,642 | |
Collateral on securities loaned, at value | 18,635,850 | |
Total liabilities | 37,279,892 | |
|
|
|
Net Assets | $ 443,650,424 | |
Net Assets consist of: |
| |
Paid in capital | $ 436,370,768 | |
Undistributed net investment income | 4,302,123 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (29,976,462) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 32,953,995 | |
Net Assets, for 9,541,779 shares outstanding | $ 443,650,424 | |
Net Asset Value, offering price and redemption price per share ($443,650,424 ÷ 9,541,779 shares) | $ 46.50 |
Statement of Operations
| Six months ended April 30, 2015 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 7,194,327 |
Income from Fidelity Central Funds (including $467,645 from security lending) |
| 476,219 |
Income before foreign taxes withheld |
| 7,670,546 |
Less foreign taxes withheld |
| (1,104,258) |
Total income |
| 6,566,288 |
|
|
|
Expenses | ||
Management fee | $ 1,576,408 | |
Transfer agent fees | 451,423 | |
Accounting and security lending fees | 119,173 | |
Custodian fees and expenses | 34,385 | |
Independent trustees' compensation | 920 | |
Registration fees | 19,842 | |
Audit | 68,337 | |
Legal | 779 | |
Miscellaneous | 2,472 | |
Total expenses before reductions | 2,273,739 | |
Expense reductions | (9,574) | 2,264,165 |
Net investment income (loss) | 4,302,123 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (3,051,314) | |
Other affiliated issuers | 354,836 |
|
Foreign currency transactions | (100,167) | |
Total net realized gain (loss) |
| (2,796,645) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 28,431,960 | |
Assets and liabilities in foreign currencies | 14,295 | |
Total change in net unrealized appreciation (depreciation) |
| 28,446,255 |
Net gain (loss) | 25,649,610 | |
Net increase (decrease) in net assets resulting from operations | $ 29,951,733 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Nordic Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 4,302,123 | $ 8,686,306 |
Net realized gain (loss) | (2,796,645) | 97,749,419 |
Change in net unrealized appreciation (depreciation) | 28,446,255 | (88,825,375) |
Net increase (decrease) in net assets resulting from operations | 29,951,733 | 17,610,350 |
Distributions to shareholders from net investment income | - | (8,604,710) |
Distributions to shareholders from net realized gain | - | (18,652,188) |
Total distributions | - | (27,256,898) |
Share transactions | 51,952,302 | 233,249,793 |
Reinvestment of distributions | - | 26,169,902 |
Cost of shares redeemed | (125,860,360) | (201,622,510) |
Net increase (decrease) in net assets resulting from share transactions | (73,908,058) | 57,797,185 |
Redemption fees | 25,101 | 284,341 |
Total increase (decrease) in net assets | (43,931,224) | 48,434,978 |
|
|
|
Net Assets | ||
Beginning of period | 487,581,648 | 439,146,670 |
End of period (including undistributed net investment income of $4,302,123 and $0, respectively) | $ 443,650,424 | $ 487,581,648 |
Other Information Shares | ||
Sold | 1,195,235 | 5,097,695 |
Issued in reinvestment of distributions | - | 618,820 |
Redeemed | (2,897,482) | (4,474,614) |
Net increase (decrease) | (1,702,247) | 1,241,901 |
Financial Highlights
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 43.36 | $ 43.91 | $ 30.60 | $ 29.60 | $ 32.27 | $ 26.33 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .42 | .71 | .90 | .70G | .47 | .33 |
Net realized and unrealized gain (loss) | 2.72 | 1.35 | 13.04 | .91 | (2.86) | 5.94 |
Total from investment operations | 3.14 | 2.06 | 13.94 | 1.61 | (2.39) | 6.27 |
Distributions from net investment income | - | (.83) | (.63) | (.61) | (.29) | (.34) |
Distributions from net realized gain | - | (1.80) | - | - | - | - |
Total distributions | - | (2.63) | (.63) | (.61) | (.29) | (.34) |
Redemption fees added to paid in capital D | - I | .02 | - I | - I | .01 | .01 |
Net asset value, end of period | $ 46.50 | $ 43.36 | $ 43.91 | $ 30.60 | $ 29.60 | $ 32.27 |
Total ReturnB, C | 7.24% | 4.88% | 46.42% | 5.69% | (7.49) % | 24.05% |
Ratios to Average Net AssetsE, H |
|
|
|
|
|
|
Expenses before reductions | 1.01%A | .99% | 1.04% | 1.08% | 1.05% | 1.12% |
Expenses net of fee waivers, if any | 1.01%A | .99% | 1.04% | 1.08% | 1.05% | 1.12% |
Expenses net of all reductions | 1.00%A | .98% | 1.02% | 1.04% | .99% | 1.10% |
Net investment income (loss) | 1.91%A | 1.56% | 2.50% | 2.40%G | 1.40% | 1.16% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 443,650 | $ 487,582 | $ 439,147 | $ 296,951 | $ 360,900 | $ 457,775 |
Portfolio turnover rate F | 96%A | 103% | 61% | 193% | 265% | 80% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a large, non-recurring dividend which amounted to $.17 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.83%. H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. I Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity Nordic Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 49,619,817 |
Gross unrealized depreciation | (18,201,752) |
Net unrealized appreciation (depreciation) on securities | $ 31,418,065 |
|
|
Tax cost | $ 441,015,917 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
|
|
2017 | $ (24,086,581) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $212,176,130 and $277,330,614, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .20% of average net assets.
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $364 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Security Lending - continued
cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $107,121. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $2,097 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $7,433 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $2,141.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Fidelity Pacific Basin Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Actual | 1.17% | $ 1,000.00 | $ 1,075.70 | $ 6.02 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.99 | $ 5.86 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Pacific Basin Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
Japan | 33.4% |
| |
Australia | 13.2% |
| |
Hong Kong | 6.4% |
| |
Korea (South) | 6.3% |
| |
India | 5.5% |
| |
Taiwan | 5.2% |
| |
Cayman Islands | 5.1% |
| |
Bermuda | 4.4% |
| |
China | 3.8% |
| |
Other* | 16.7% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities) |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Japan | 33.6% |
| |
Australia | 15.6% |
| |
Cayman Islands | 8.6% |
| |
Korea (South) | 7.0% |
| |
Hong Kong | 6.0% |
| |
India | 5.4% |
| |
Taiwan | 5.1% |
| |
Bermuda | 3.6% |
| |
Singapore | 2.7% |
| |
Other* | 12.4% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities) |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 97.4 | 98.7 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.6 | 1.3 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.5 | 2.5 |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 2.3 | 2.6 |
Commonwealth Bank of Australia (Australia, Banks) | 2.2 | 2.4 |
Naspers Ltd. Class N (South Africa, Media) | 1.9 | 0.0 |
AIA Group Ltd. (Hong Kong, Insurance) | 1.8 | 1.7 |
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) | 1.6 | 1.4 |
Astellas Pharma, Inc. (Japan, Pharmaceuticals) | 1.6 | 1.7 |
Nitori Holdings Co. Ltd. (Japan, Specialty Retail) | 1.5 | 1.5 |
SoftBank Corp. (Japan, Wireless Telecommunication Services) | 1.5 | 1.9 |
Seven Bank Ltd. (Japan, Banks) | 1.5 | 1.2 |
| 18.4 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 23.5 | 23.6 |
Consumer Discretionary | 18.3 | 14.0 |
Health Care | 12.8 | 10.6 |
Information Technology | 12.1 | 14.4 |
Consumer Staples | 9.1 | 10.6 |
Industrials | 9.1 | 11.6 |
Materials | 4.7 | 5.5 |
Telecommunication Services | 3.8 | 4.1 |
Utilities | 2.2 | 1.9 |
Energy | 1.8 | 2.4 |
Semiannual Report
Fidelity Pacific Basin Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.4% | |||
Shares | Value | ||
Australia - 13.2% | |||
Amcor Ltd. | 833,402 | $ 8,923,206 | |
Ansell Ltd. | 303,164 | 6,259,221 | |
ARB Corp. Ltd. (d) | 289,695 | 2,883,967 | |
Australia & New Zealand Banking Group Ltd. | 409,926 | 11,026,184 | |
Commonwealth Bank of Australia | 238,278 | 16,757,442 | |
CSL Ltd. | 132,081 | 9,509,439 | |
DuluxGroup Ltd. | 1,288,419 | 6,454,007 | |
Invocare Ltd. (d) | 319,066 | 3,385,930 | |
Magellan Financial Group Ltd. (d) | 251,802 | 3,977,300 | |
Slater & Gordon Ltd. (d) | 666,718 | 3,345,030 | |
Sydney Airport unit | 1,171,376 | 4,996,360 | |
Transurban Group unit | 961,847 | 7,550,684 | |
Woodside Petroleum Ltd. | 267,230 | 7,412,110 | |
Woolworths Ltd. | 327,887 | 7,649,275 | |
TOTAL AUSTRALIA | 100,130,155 | ||
Bermuda - 4.4% | |||
Brilliance China Automotive Holdings Ltd. | 1,820,000 | 3,428,402 | |
Cheung Kong Infrastructure Holdings Ltd. | 1,257,000 | 10,671,578 | |
Hongkong Land Holdings Ltd. | 902,900 | 7,313,490 | |
PAX Global Technology Ltd. (a) | 5,262,000 | 7,671,791 | |
Silverlake Axis Ltd. Class A | 4,158,100 | 3,990,921 | |
TOTAL BERMUDA | 33,076,182 | ||
Cayman Islands - 5.1% | |||
21Vianet Group, Inc. ADR (a)(d) | 150,900 | 3,104,013 | |
Alibaba Group Holding Ltd. sponsored ADR | 55,600 | 4,519,729 | |
China High Precision Automation Group Ltd. (a) | 1,875,000 | 0 | |
China Metal Recycling (Holdings) Ltd. (a) | 2,572,200 | 0 | |
ENN Energy Holdings Ltd. | 844,000 | 6,098,148 | |
Greatview Aseptic Pack Co. Ltd. | 6,257,000 | 3,778,153 | |
International Housewares Retail Co. Ltd. | 12,100,000 | 3,418,983 | |
Sands China Ltd. | 911,600 | 3,734,354 | |
Sino Biopharmaceutical Ltd. | 6,832,000 | 7,827,594 | |
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 145,300 | 6,272,601 | |
TOTAL CAYMAN ISLANDS | 38,753,575 | ||
China - 3.8% | |||
Industrial & Commercial Bank of China Ltd. (H Shares) | 14,414,000 | 12,503,581 | |
Jiangsu Hengrui Medicine Co. Ltd. | 708,370 | 6,510,636 | |
Kweichow Moutai Co. Ltd. | 68,800 | 2,797,676 | |
Weifu High-Technology Co. Ltd. (B Shares) | 1,543,634 | 7,221,703 | |
TOTAL CHINA | 29,033,596 | ||
Hong Kong - 6.4% | |||
AIA Group Ltd. | 2,086,400 | 13,944,239 | |
| |||
Shares | Value | ||
China Resources Enterprise Ltd. | 1,708,000 | $ 5,244,841 | |
Hong Kong Exchanges and Clearing Ltd. | 254,900 | 9,754,577 | |
Lenovo Group Ltd. | 3,310,000 | 5,722,691 | |
Magnificent Estates Ltd. | 90,048,000 | 4,298,761 | |
Techtronic Industries Co. Ltd. | 2,704,000 | 9,611,602 | |
TOTAL HONG KONG | 48,576,711 | ||
India - 5.5% | |||
Asian Paints India Ltd. | 433,057 | 5,195,850 | |
Bharti Infratel Ltd. | 1,277,207 | 8,065,487 | |
Britannia Industries Ltd. (a) | 142,137 | 4,915,926 | |
Housing Development Finance Corp. Ltd. | 229,506 | 4,225,519 | |
Lupin Ltd. | 173,739 | 4,846,140 | |
Page Industries Ltd. | 26,162 | 5,621,246 | |
Petronet LNG Ltd. (a) | 1,523,441 | 4,186,917 | |
Sun Pharmaceutical Industries Ltd. (a) | 345,014 | 5,097,217 | |
TOTAL INDIA | 42,154,302 | ||
Indonesia - 3.1% | |||
PT Bank Central Asia Tbk | 9,814,800 | 10,202,849 | |
PT Bank Rakyat Indonesia Tbk | 6,650,700 | 5,964,466 | |
PT Gudang Garam Tbk | 2,002,900 | 7,725,747 | |
TOTAL INDONESIA | 23,893,062 | ||
Israel - 0.6% | |||
Sarine Technologies Ltd. | 3,174,400 | 4,918,017 | |
Japan - 33.4% | |||
ACOM Co. Ltd. (a)(d) | 813,800 | 2,702,100 | |
Arcland Service Co. Ltd. | 113,400 | 4,829,000 | |
Asahi Group Holdings | 186,400 | 5,994,072 | |
Astellas Pharma, Inc. | 760,500 | 11,841,517 | |
Broadleaf Co. Ltd. | 157,200 | 2,450,862 | |
Calbee, Inc. | 113,700 | 4,629,254 | |
Century Tokyo Leasing Corp. | 116,600 | 3,681,625 | |
Coca-Cola Central Japan Co. Ltd. | 264,900 | 4,950,209 | |
Create SD Holdings Co. Ltd. | 70,600 | 3,074,404 | |
Daito Trust Construction Co. Ltd. | 55,000 | 6,404,783 | |
East Japan Railway Co. | 93,800 | 8,290,705 | |
Fuji Heavy Industries Ltd. | 265,400 | 8,874,981 | |
Hamakyorex Co. Ltd. | 81,100 | 3,023,093 | |
Harmonic Drive Systems, Inc. (d) | 150,500 | 3,178,512 | |
Hoya Corp. | 209,400 | 8,070,464 | |
Japan Exchange Group, Inc. | 111,000 | 3,207,031 | |
Japan Tobacco, Inc. | 290,600 | 10,148,003 | |
KDDI Corp. | 392,100 | 9,278,004 | |
Keyence Corp. | 15,100 | 8,061,122 | |
Miraca Holdings, Inc. | 147,500 | 7,420,644 | |
Misumi Group, Inc. | 100,300 | 3,764,072 | |
Mitsubishi Pencil Co. Ltd. | 142,900 | 5,402,982 | |
Mitsui Fudosan Co. Ltd. | 177,000 | 5,247,042 | |
Nakanishi, Inc. | 138,400 | 5,128,372 | |
NGK Spark Plug Co. Ltd. | 200,100 | 5,603,469 | |
Nihon M&A Center, Inc. | 154,800 | 5,386,955 | |
Nihon Parkerizing Co. Ltd. (d) | 240,400 | 2,733,063 | |
Common Stocks - continued | |||
Shares | Value | ||
Japan - continued | |||
Nitori Holdings Co. Ltd. | 152,900 | $ 11,759,397 | |
Obara Group, Inc. (d) | 11,000 | 647,143 | |
OMRON Corp. | 91,800 | 4,215,278 | |
ORIX Corp. | 600,800 | 9,239,343 | |
Pigeon Corp. | 239,100 | 6,331,960 | |
Rakuten, Inc. | 457,800 | 7,997,972 | |
Seven Bank Ltd. | 2,058,500 | 11,090,933 | |
SHIMANO, Inc. | 41,800 | 5,987,893 | |
Ship Healthcare Holdings, Inc. | 147,200 | 3,597,593 | |
SK Kaken Co. Ltd. | 62,000 | 5,404,063 | |
SoftBank Corp. | 181,300 | 11,333,127 | |
Sony Financial Holdings, Inc. | 253,700 | 4,554,559 | |
Sosei Group Corp. (a)(d) | 144,400 | 3,943,808 | |
Sundrug Co. Ltd. | 105,000 | 5,269,178 | |
Toshiba Plant Systems & Services Corp. | 298,400 | 4,148,934 | |
VT Holdings Co. Ltd. | 572,200 | 2,871,070 | |
Welcia Holdings Co. Ltd. | 51,000 | 2,230,093 | |
TOTAL JAPAN | 253,998,684 | ||
Korea (South) - 6.3% | |||
Hyundai Motor Co. | 28,913 | 4,536,488 | |
KEPCO Plant Service & Engineering Co. Ltd. | 106,223 | 9,595,583 | |
LG Household & Health Care Ltd. | 5,472 | 4,003,246 | |
Medy-Tox, Inc. | 16,881 | 5,823,899 | |
NAVER Corp. | 9,923 | 5,988,200 | |
Samsung Electronics Co. Ltd. | 13,645 | 17,862,103 | |
TOTAL KOREA (SOUTH) | 47,809,519 | ||
Malaysia - 0.7% | |||
Bursa Malaysia Bhd | 1,145,100 | 2,809,312 | |
Tune Insurance Holdings Bhd | 5,540,300 | 2,830,413 | |
TOTAL MALAYSIA | 5,639,725 | ||
Netherlands - 0.6% | |||
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Warrant Program) warrants 11/27/17 (a)(f) | 803,100 | 4,240,267 | |
New Zealand - 1.5% | |||
EBOS Group Ltd. | 566,591 | 4,121,254 | |
Ryman Healthcare Group Ltd. | 1,150,570 | 7,157,106 | |
TOTAL NEW ZEALAND | 11,278,360 | ||
Philippines - 0.4% | |||
D&L Industries, Inc. | 7,386,000 | 3,310,994 | |
Singapore - 2.4% | |||
Ezion Holdings Ltd. | 2,670,000 | 2,431,492 | |
Parkway Life (REIT) | 2,675,000 | 4,952,955 | |
United Overseas Bank Ltd. | 572,000 | 10,586,669 | |
TOTAL SINGAPORE | 17,971,116 | ||
South Africa - 1.9% | |||
Naspers Ltd. Class N | 93,700 | 14,737,040 | |
| |||
Shares | Value | ||
Taiwan - 5.2% | |||
CTCI Corp. | 1,631,000 | $ 2,870,466 | |
eMemory Technology, Inc. | 162,000 | 1,843,434 | |
King Slide Works Co. Ltd. | 332,000 | 5,241,364 | |
Lung Yen Life Service Co. Ltd. | 1,305,000 | 3,477,046 | |
Merida Industry Co. Ltd. | 855,750 | 6,426,647 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4,007,000 | 19,290,790 | |
TOTAL TAIWAN | 39,149,747 | ||
Thailand - 0.7% | |||
Thai Beverage PCL | 9,789,800 | 5,289,984 | |
United Kingdom - 1.4% | |||
Kweichow Moutai Co. Ltd. (A Shares) ELS (UBS Warrant Programme) warrants 7/9/15 (a)(e) | 152,127 | 6,186,076 | |
Standard Chartered PLC (Hong Kong) | 282,000 | 4,657,218 | |
TOTAL UNITED KINGDOM | 10,843,294 | ||
United States of America - 0.8% | |||
GI Dynamics, Inc. CDI (a) | 5,561,290 | 660,139 | |
Yum! Brands, Inc. | 59,800 | 5,140,408 | |
TOTAL UNITED STATES OF AMERICA | 5,800,547 | ||
TOTAL COMMON STOCKS (Cost $600,324,560) |
| ||
Money Market Funds - 5.7% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.15% (b) | 25,123,016 | 25,123,016 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 17,783,084 | 17,783,084 | |
TOTAL MONEY MARKET FUNDS (Cost $42,906,100) |
| ||
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $643,230,660) | 783,510,977 | ||
NET OTHER ASSETS (LIABILITIES) - (3.1)% | (23,191,634) | ||
NET ASSETS - 100% | $ 760,319,343 |
Security Type Abbreviations | ||
ELS | - | Equity-Linked Security |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,426,343 or 1.4% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 4,955 |
Fidelity Securities Lending Cash Central Fund | 94,320 |
Total | $ 99,275 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
GI Dynamics, Inc. CDI | $ 1,385,909 | $ - | $ - | $ - | $ - |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 139,339,392 | $ 81,267,607 | $ 58,071,785 | $ - |
Consumer Staples | 70,105,865 | 37,626,695 | 32,479,170 | - |
Energy | 14,030,519 | 14,030,519 | - | - |
Financials | 178,059,973 | 109,002,633 | 69,057,340 | - |
Health Care | 96,017,180 | 64,085,246 | 31,931,934 | - |
Industrials | 69,014,870 | 35,172,474 | 33,842,396 | - |
Information Technology | 92,791,398 | 50,702,882 | 42,088,516 | - |
Materials | 35,799,336 | 27,662,210 | 8,137,126 | - |
Telecommunication Services | 28,676,618 | 8,065,487 | 20,611,131 | - |
Utilities | 16,769,726 | 16,769,726 | - | - |
Money Market Funds | 42,906,100 | 42,906,100 | - | - |
Total Investments in Securities: | $ 783,510,977 | $ 487,291,579 | $ 296,219,398 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 0 |
Level 2 to Level 1 | $ 295,044,964 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Pacific Basin Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $16,988,732) - See accompanying schedule: Unaffiliated issuers (cost $600,324,560) | $ 740,604,877 |
|
Fidelity Central Funds (cost $42,906,100) | 42,906,100 |
|
Total Investments (cost $643,230,660) |
| $ 783,510,977 |
Foreign currency held at value (cost $1,900) | 1,895 | |
Receivable for investments sold | 2,172,155 | |
Receivable for fund shares sold | 1,517,400 | |
Dividends receivable | 2,013,100 | |
Distributions receivable from Fidelity Central Funds | 18,822 | |
Prepaid expenses | 516 | |
Other receivables | 32,010 | |
Total assets | 789,266,875 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 9,600,559 | |
Payable for fund shares redeemed | 375,700 | |
Accrued management fee | 544,121 | |
Other affiliated payables | 137,634 | |
Other payables and accrued expenses | 506,434 | |
Collateral on securities loaned, at value | 17,783,084 | |
Total liabilities | 28,947,532 | |
|
|
|
Net Assets | $ 760,319,343 | |
Net Assets consist of: |
| |
Paid in capital | $ 613,136,634 | |
Undistributed net investment income | 1,231,182 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 6,054,138 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 139,897,389 | |
Net Assets, for 26,088,447 shares outstanding | $ 760,319,343 | |
Net Asset Value, offering price and redemption price per share ($760,319,343 ÷ 26,088,447 shares) | $ 29.14 |
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 6,184,266 |
Income from Fidelity Central Funds |
| 99,275 |
Income before foreign taxes withheld |
| 6,283,541 |
Less foreign taxes withheld |
| (360,604) |
Total income |
| 5,922,937 |
|
|
|
Expenses | ||
Management fee | $ 2,386,145 | |
Performance adjustment | 660,622 | |
Transfer agent fees | 630,123 | |
Accounting and security lending fees | 168,951 | |
Custodian fees and expenses | 89,753 | |
Independent trustees' compensation | 1,396 | |
Registration fees | 20,868 | |
Audit | 40,303 | |
Legal | 1,186 | |
Miscellaneous | 2,640 | |
Total expenses before reductions | 4,001,987 | |
Expense reductions | (2,899) | 3,999,088 |
Net investment income (loss) | 1,923,849 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 15,549,043 | |
Foreign currency transactions | (193,801) | |
Total net realized gain (loss) |
| 15,355,242 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $178,076) | 32,554,286 | |
Assets and liabilities in foreign currencies | 40,741 | |
Total change in net unrealized appreciation (depreciation) |
| 32,595,027 |
Net gain (loss) | 47,950,269 | |
Net increase (decrease) in net assets resulting from operations | $ 49,874,118 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Pacific Basin Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 1,923,849 | $ 7,675,522 |
Net realized gain (loss) | 15,355,242 | 50,734,532 |
Change in net unrealized appreciation (depreciation) | 32,595,027 | (20,718,497) |
Net increase (decrease) in net assets resulting from operations | 49,874,118 | 37,691,557 |
Distributions to shareholders from net investment income | (4,307,962) | (4,153,037) |
Distributions to shareholders from net realized gain | (38,224,213) | (90,299,349) |
Total distributions | (42,532,175) | (94,452,386) |
Share transactions | 81,687,188 | 106,431,054 |
Reinvestment of distributions | 40,866,947 | 90,804,572 |
Cost of shares redeemed | (66,788,081) | (163,049,316) |
Net increase (decrease) in net assets resulting from share transactions | 55,766,054 | 34,186,310 |
Redemption fees | 9,797 | 100,999 |
Total increase (decrease) in net assets | 63,117,794 | (22,473,520) |
|
|
|
Net Assets | ||
Beginning of period | 697,201,549 | 719,675,069 |
End of period (including undistributed net investment income of $1,231,182 and undistributed net investment income of $3,615,295, respectively) | $ 760,319,343 | $ 697,201,549 |
Other Information Shares | ||
Sold | 2,881,391 | 3,756,614 |
Issued in reinvestment of distributions | 1,545,649 | 3,309,282 |
Redeemed | (2,447,355) | (5,824,547) |
Net increase (decrease) | 1,979,685 | 1,241,349 |
Financial Highlights
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 28.92 | $ 31.47 | $ 24.85 | $ 22.96 | $ 25.11 | $ 19.88 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .08 | .31 | .12 | .30 | .21 | .21 |
Net realized and unrealized gain (loss) | 1.93 | 1.25 | 7.26 | 1.79 | (1.51) | 5.86 |
Total from investment operations | 2.01 | 1.56 | 7.38 | 2.09 | (1.30) | 6.07 |
Distributions from net investment income | (.18) | (.18) | (.29) | (.12) | (.20) | (.15) |
Distributions from net realized gain | (1.61) | (3.93) | (.47) | (.08) | (.66) | (.70) |
Total distributions | (1.79) | (4.11) | (.76) | (.20) | (.86) | (.85) |
Redemption fees added to paid in capital D | -H | -H | -H | -H | .01 | .01 |
Net asset value, end of period | $ 29.14 | $ 28.92 | $ 31.47 | $ 24.85 | $ 22.96 | $ 25.11 |
Total ReturnB, C | 7.57% | 5.68% | 30.58% | 9.22% | (5.44)% | 31.65% |
Ratios to Average Net AssetsE, G |
|
|
|
|
|
|
Expenses before reductions | 1.17%A | 1.18% | 1.23% | 1.28% | 1.14% | 1.07% |
Expenses net of fee waivers, if any | 1.17%A | 1.18% | 1.22% | 1.28% | 1.13% | 1.07% |
Expenses net of all reductions | 1.17%A | 1.18% | 1.21% | 1.26% | 1.10% | 1.03% |
Net investment income (loss) | .56%A | 1.09% | .42% | 1.29% | .81% | .95% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 760,319 | $ 697,202 | $ 719,675 | $ 581,254 | $ 722,453 | $ 836,913 |
Portfolio turnover rate F | 37%A | 30% | 82% | 26% | 59% | 66% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. HAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity Pacific Basin Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2014, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and deferred trustees compensation.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 167,016,080 |
Gross unrealized depreciation | (32,471,722) |
Net unrealized appreciation (depreciation) on securities | $ 134,544,358 |
|
|
Tax cost | $ 648,966,619 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Semiannual Report
3. Significant Accounting Policies - continued
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $129,876,101 and $125,771,791, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country Pacific Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .89% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .18% of average net assets.
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $51 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $530 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Security Lending - continued
apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $94,320, including $2,826 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $1,105 for the period.
Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $7.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $1,787.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(UK) Limited
FIL Investments (Japan) Limited
Fidelity China Region Fund, Fidelity Emerging Asia Fund,
Fidelity Emerging Markets Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Pacific Basin Fund
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodians
JPMorgan Chase Bank
New York, NY
Fidelity Emerging Markets Fund, Fidelity Japan Fund,
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TIF-USAN-0615
1.784917.112
Fidelity Advisor®
Canada Fund -
Class A, Class T, Class B, and Class C
Semiannual Report
April 30, 2015
Class A, Class T, Class B, and Class C are
classes of Fidelity® Canada Fund
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Canada Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Class A | 1.41% |
|
|
|
Actual |
| $ 1,000.00 | $ 993.70 | $ 6.97 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.80 | $ 7.05 |
Class T | 1.73% |
|
|
|
Actual |
| $ 1,000.00 | $ 992.20 | $ 8.55 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.22 | $ 8.65 |
Class B | 2.20% |
|
|
|
Actual |
| $ 1,000.00 | $ 989.80 | $ 10.85 |
HypotheticalA |
| $ 1,000.00 | $ 1,013.88 | $ 10.99 |
Class C | 2.17% |
|
|
|
Actual |
| $ 1,000.00 | $ 990.00 | $ 10.71 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.03 | $ 10.84 |
Canada | 1.13% |
|
|
|
Actual |
| $ 1,000.00 | $ 995.20 | $ 5.59 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.19 | $ 5.66 |
Institutional Class | 1.11% |
|
|
|
Actual |
| $ 1,000.00 | $ 995.30 | $ 5.49 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.29 | $ 5.56 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Canada Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
Canada | 94.3% |
| |
United States of America* | 3.7% |
| |
United Kingdom | 0.7% |
| |
Bailiwick of Jersey | 0.6% |
| |
Ireland | 0.5% |
| |
Netherlands | 0.2% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Canada | 93.0% |
| |
United States of America* | 5.0% |
| |
United Kingdom | 1.0% |
| |
Ireland | 0.5% |
| |
Bailiwick of Jersey | 0.5% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 97.9 | 97.8 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.1 | 2.2 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Royal Bank of Canada (Banks) | 8.3 | 7.7 |
The Toronto-Dominion Bank (Banks) | 7.7 | 7.3 |
Canadian National Railway Co. (Road & Rail) | 5.4 | 5.1 |
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 5.2 | 5.6 |
Enbridge, Inc. (Oil, Gas & Consumable Fuels) | 4.8 | 4.3 |
Valeant Pharmaceuticals International (Canada) (Pharmaceuticals) | 4.3 | 2.7 |
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels) | 2.8 | 3.1 |
Sun Life Financial, Inc. (Insurance) | 2.8 | 0.0 |
Rogers Communications, Inc. Class B (non-vtg.) (Wireless Telecommunication Services) | 2.6 | 2.5 |
Intact Financial Corp. (Insurance) | 2.3 | 2.0 |
| 46.2 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 30.7 | 31.4 |
Energy | 23.1 | 23.8 |
Materials | 10.8 | 10.6 |
Industrials | 7.5 | 8.6 |
Consumer Staples | 7.4 | 8.2 |
Telecommunication Services | 5.6 | 5.5 |
Health Care | 4.9 | 3.2 |
Information Technology | 4.6 | 4.2 |
Consumer Discretionary | 3.3 | 2.3 |
Market Sectors may include more than one industry category. |
The fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of April 30, 2015, the fund did not have more than 25% of its assets invested in any one industry. |
Semiannual Report
Fidelity Canada Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 3.3% | |||
Hotels, Restaurants & Leisure - 0.2% | |||
Pizza Pizza Royalty Corp. | 67,700 | $ 799,606 | |
Whistler Blackcomb Holdings, Inc. | 191,000 | 2,887,559 | |
| 3,687,165 | ||
Media - 0.7% | |||
MDC Partners, Inc. Class A (sub. vtg.) | 170,300 | 3,566,082 | |
Quebecor, Inc. Class B (sub. vtg.) | 371,700 | 10,222,135 | |
| 13,788,217 | ||
Specialty Retail - 1.2% | |||
AutoCanada, Inc. (d) | 168,300 | 5,572,801 | |
RONA, Inc. | 1,246,600 | 16,407,798 | |
| 21,980,599 | ||
Textiles, Apparel & Luxury Goods - 1.2% | |||
Gildan Activewear, Inc. | 694,190 | 22,002,342 | |
TOTAL CONSUMER DISCRETIONARY | 61,458,323 | ||
CONSUMER STAPLES - 7.4% | |||
Food & Staples Retailing - 6.3% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 981,400 | 37,564,071 | |
George Weston Ltd. | 345,800 | 28,563,969 | |
Jean Coutu Group, Inc. Class A (sub. vtg.) | 1,200,600 | 23,365,179 | |
Metro, Inc. Class A (sub. vtg.) | 598,695 | 17,308,315 | |
North West Co., Inc. | 580,000 | 11,902,860 | |
| 118,704,394 | ||
Food Products - 0.4% | |||
Mead Johnson Nutrition Co. Class A | 80,900 | 7,759,928 | |
Household Products - 0.2% | |||
Energizer Holdings, Inc. | 26,900 | 3,675,078 | |
Tobacco - 0.5% | |||
British American Tobacco PLC (United Kingdom) | 172,500 | 9,477,778 | |
TOTAL CONSUMER STAPLES | 139,617,178 | ||
ENERGY - 23.1% | |||
Energy Equipment & Services - 1.2% | |||
Pason Systems, Inc. | 656,100 | 11,811,431 | |
ZCL Composites, Inc. (e) | 1,660,200 | 10,581,797 | |
| 22,393,228 | ||
Oil, Gas & Consumable Fuels - 21.9% | |||
ARC Resources Ltd. (d) | 1,325,500 | 27,125,234 | |
Canadian Natural Resources Ltd. | 663,598 | 22,050,264 | |
Enbridge, Inc. | 1,713,800 | 89,574,992 | |
Imperial Oil Ltd. | 1,214,700 | 53,541,439 | |
Keyera Corp. | 899,304 | 31,656,395 | |
Painted Pony Petroleum Ltd. (a) | 1,102,500 | 6,826,088 | |
| |||
Shares | Value | ||
Paramount Resources Ltd. Class A (a) | 192,100 | $ 5,682,593 | |
Parkland Fuel Corp. | 505,100 | 11,027,214 | |
Peyto Exploration & Development Corp. | 481,200 | 13,987,305 | |
PrairieSky Royalty Ltd. (d) | 335,763 | 9,219,916 | |
Raging River Exploration, Inc. (a) | 729,300 | 5,712,296 | |
Spartan Energy Corp. (a) | 3,645,000 | 10,302,072 | |
Suncor Energy, Inc. | 3,002,600 | 97,780,484 | |
Vermilion Energy, Inc. (d) | 230,100 | 11,076,840 | |
Whitecap Resources, Inc. | 1,319,800 | 16,353,925 | |
| 411,917,057 | ||
TOTAL ENERGY | 434,310,285 | ||
FINANCIALS - 30.7% | |||
Banks - 19.5% | |||
Bank of Nova Scotia | 557,100 | 30,720,152 | |
National Bank of Canada (d) | 868,600 | 35,096,768 | |
Royal Bank of Canada (d) | 2,353,300 | 156,256,001 | |
The Toronto-Dominion Bank | 3,132,000 | 144,593,784 | |
| 366,666,705 | ||
Capital Markets - 0.4% | |||
Gluskin Sheff + Associates, Inc. (d) | 341,700 | 8,048,996 | |
Insurance - 9.1% | |||
Fairfax Financial Holdings Ltd. (sub. vtg.) | 47,600 | 25,999,503 | |
Intact Financial Corp. | 554,225 | 42,688,876 | |
Manulife Financial Corp. | 596,900 | 10,864,421 | |
Power Corp. of Canada (sub. vtg.) (d) | 1,410,600 | 38,757,886 | |
Sun Life Financial, Inc. | 1,640,200 | 52,489,119 | |
| 170,799,805 | ||
Real Estate Investment Trusts - 1.7% | |||
Allied Properties (REIT) | 455,700 | 15,108,164 | |
H&R REIT/H&R Finance Trust | 821,400 | 15,760,804 | |
| 30,868,968 | ||
TOTAL FINANCIALS | 576,384,474 | ||
HEALTH CARE - 4.9% | |||
Health Care Equipment & Supplies - 0.1% | |||
Novadaq Technologies, Inc. (a) | 142,687 | 1,542,447 | |
Pharmaceuticals - 4.8% | |||
Actavis PLC (a) | 29,427 | 8,323,721 | |
Valeant Pharmaceuticals International (Canada) (a) | 374,171 | 81,139,129 | |
| 89,462,850 | ||
TOTAL HEALTH CARE | 91,005,297 | ||
INDUSTRIALS - 7.5% | |||
Airlines - 0.6% | |||
WestJet Airlines Ltd. | 459,800 | 10,392,661 | |
Machinery - 0.1% | |||
AG Growth International, Inc. | 59,000 | 2,557,074 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Professional Services - 0.7% | |||
Stantec, Inc. | 451,300 | $ 12,190,524 | |
Road & Rail - 6.1% | |||
Canadian National Railway Co. | 1,573,400 | 101,589,606 | |
TransForce, Inc. | 602,900 | 13,617,095 | |
| 115,206,701 | ||
TOTAL INDUSTRIALS | 140,346,960 | ||
INFORMATION TECHNOLOGY - 4.6% | |||
Electronic Equipment & Components - 0.6% | |||
Avigilon Corp. (a)(d) | 614,600 | 10,605,862 | |
IT Services - 1.6% | |||
CGI Group, Inc. Class A (sub. vtg.) (a) | 708,100 | 29,802,999 | |
Software - 2.4% | |||
Constellation Software, Inc. | 57,700 | 22,620,887 | |
Constellation Software, Inc. rights 9/15/15 (a) | 60,100 | 17,933 | |
Micro Focus International PLC | 243,700 | 4,690,528 | |
Open Text Corp. | 372,714 | 18,831,865 | |
| 46,161,213 | ||
TOTAL INFORMATION TECHNOLOGY | 86,570,074 | ||
MATERIALS - 10.8% | |||
Chemicals - 2.1% | |||
Agrium, Inc. | 192,400 | 19,933,693 | |
LyondellBasell Industries NV Class A | 29,500 | 3,053,840 | |
Potash Corp. of Saskatchewan, Inc. | 489,900 | 15,998,392 | |
| 38,985,925 | ||
Containers & Packaging - 1.4% | |||
CCL Industries, Inc. Class B | 174,700 | 20,085,070 | |
Winpak Ltd. | 212,100 | 6,893,030 | |
| 26,978,100 | ||
Metals & Mining - 5.9% | |||
Agnico Eagle Mines Ltd. (Canada) | 474,800 | 14,371,899 | |
Barrick Gold Corp. | 353,100 | 4,588,983 | |
Eldorado Gold Corp. | 2,258,500 | 11,250,381 | |
Freeport-McMoRan, Inc. | 419,200 | 9,754,784 | |
Labrador Iron Ore Royalty Corp. (d) | 408,300 | 4,873,203 | |
Lundin Mining Corp. (a) | 2,890,200 | 14,373,145 | |
Randgold Resources Ltd. | 159,600 | 12,145,671 | |
Romarco Minerals, Inc. (a) | 7,369,800 | 2,779,328 | |
Royal Gold, Inc. | 156,000 | 10,066,680 | |
Silver Wheaton Corp. | 786,800 | 15,520,796 | |
Tahoe Resources, Inc. | 450,200 | 6,362,130 | |
Torex Gold Resources, Inc. (a) | 5,533,400 | 5,136,683 | |
| 111,223,683 | ||
| |||
Shares | Value | ||
Paper & Forest Products - 1.4% | |||
Stella-Jones, Inc. | 259,800 | $ 9,364,859 | |
West Fraser Timber Co. Ltd. | 309,100 | 15,904,623 | |
| 25,269,482 | ||
TOTAL MATERIALS | 202,457,190 | ||
TELECOMMUNICATION SERVICES - 5.6% | |||
Diversified Telecommunication Services - 3.0% | |||
TELUS Corp. | 529,300 | 18,307,243 | |
TELUS Corp. | 1,100,000 | 38,046,415 | |
| 56,353,658 | ||
Wireless Telecommunication Services - 2.6% | |||
Rogers Communications, Inc. Class B (non-vtg.) (d) | 1,372,800 | 49,040,763 | |
TOTAL TELECOMMUNICATION SERVICES | 105,394,421 | ||
TOTAL COMMON STOCKS (Cost $1,439,487,112) |
| ||
Money Market Funds - 6.6% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.15% (b) | 35,037,894 | 35,037,894 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 89,134,257 | 89,134,257 | |
TOTAL MONEY MARKET FUNDS (Cost $124,172,151) |
| ||
TOTAL INVESTMENT PORTFOLIO - 104.5% (Cost $1,563,659,263) | 1,961,716,353 | ||
NET OTHER ASSETS (LIABILITIES) - (4.5)% | (84,847,758) | ||
NET ASSETS - 100% | $ 1,876,868,595 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 19,682 |
Fidelity Securities Lending Cash Central Fund | 1,282,153 |
Total | $ 1,301,835 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
ZCL Composites, Inc. | $ 5,395,486 | $ 6,554,081 | $ 1,525,268 | $ 110,374 | $ 10,581,797 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 61,458,323 | $ 61,458,323 | $ - | $ - |
Consumer Staples | 139,617,178 | 130,139,400 | 9,477,778 | - |
Energy | 434,310,285 | 434,310,285 | - | - |
Financials | 576,384,474 | 576,384,474 | - | - |
Health Care | 91,005,297 | 91,005,297 | - | - |
Industrials | 140,346,960 | 140,346,960 | - | - |
Information Technology | 86,570,074 | 81,879,546 | 4,690,528 | - |
Materials | 202,457,190 | 190,311,519 | 12,145,671 | - |
Telecommunication Services | 105,394,421 | 105,394,421 | - | - |
Money Market Funds | 124,172,151 | 124,172,151 | - | - |
Total Investments in Securities: | $ 1,961,716,353 | $ 1,935,402,376 | $ 26,313,977 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Canada Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $82,983,859) - See accompanying schedule: Unaffiliated issuers (cost $1,429,660,671) | $ 1,826,962,405 |
|
Fidelity Central Funds (cost $124,172,151) | 124,172,151 |
|
Other affiliated issuers (cost $9,826,441) | 10,581,797 |
|
Total Investments (cost $1,563,659,263) |
| $ 1,961,716,353 |
Foreign currency held at value (cost $90,160) | 90,045 | |
Receivable for investments sold | 14,718,171 | |
Receivable for fund shares sold | 412,442 | |
Dividends receivable | 3,757,314 | |
Distributions receivable from Fidelity Central Funds | 335,136 | |
Prepaid expenses | 1,699 | |
Other receivables | 5,249 | |
Total assets | 1,981,036,409 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 10,428,933 | |
Payable for fund shares redeemed | 2,818,712 | |
Accrued management fee | 1,286,975 | |
Distribution and service plan fees payable | 54,811 | |
Other affiliated payables | 401,483 | |
Other payables and accrued expenses | 42,643 | |
Collateral on securities loaned, at value | 89,134,257 | |
Total liabilities | 104,167,814 | |
|
|
|
Net Assets | $ 1,876,868,595 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,475,424,478 | |
Undistributed net investment income | 7,827,974 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (4,473,300) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 398,089,443 | |
Net Assets | $ 1,876,868,595 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 52.48 | |
|
|
|
Maximum offering price per share (100/94.25 of $52.48) | $ 55.68 | |
Class T: | $ 52.26 | |
|
|
|
Maximum offering price per share (100/96.50 of $52.26) | $ 54.16 | |
Class B: | $ 51.49 | |
|
|
|
Class C: | $ 51.25 | |
|
|
|
Canada: | $ 52.76 | |
|
|
|
Institutional Class: | $ 52.62 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
Investment Income |
|
|
Dividends (including $110,374 earned from other affiliated issuers) |
| $ 25,413,123 |
Interest |
| 690 |
Income from Fidelity Central Funds (including $1,282,153 from security lending) |
| 1,301,835 |
Income before foreign taxes withheld |
| 26,715,648 |
Less foreign taxes withheld |
| (3,656,480) |
Total income |
| 23,059,168 |
|
|
|
Expenses | ||
Management fee | $ 7,061,376 | |
Performance adjustment | 1,663,305 | |
Transfer agent fees | 2,089,872 | |
Distribution and service plan fees | 354,148 | |
Accounting and security lending fees | 456,176 | |
Custodian fees and expenses | 19,102 | |
Independent trustees' compensation | 4,128 | |
Registration fees | 68,848 | |
Audit | 38,332 | |
Legal | 3,737 | |
Miscellaneous | 5,959 | |
Total expenses before reductions | 11,764,983 | |
Expense reductions | (24,713) | 11,740,270 |
Net investment income (loss) | 11,318,898 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (127,663) | |
Other affiliated issuers | (348,825) |
|
Foreign currency transactions | (161,307) | |
Total net realized gain (loss) |
| (637,795) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (34,470,021) | |
Assets and liabilities in foreign currencies | 40,767 | |
Total change in net unrealized appreciation (depreciation) |
| (34,429,254) |
Net gain (loss) | (35,067,049) | |
Net increase (decrease) in net assets resulting from operations | $ (23,748,151) |
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 11,318,898 | $ 24,923,588 |
Net realized gain (loss) | (637,795) | 290,863,952 |
Change in net unrealized appreciation (depreciation) | (34,429,254) | (164,747,262) |
Net increase (decrease) in net assets resulting from operations | (23,748,151) | 151,040,278 |
Distributions to shareholders from net investment income | (24,029,674) | (9,338,915) |
Distributions to shareholders from net realized gain | (262,730,704) | (13,503,099) |
Total distributions | (286,760,378) | (22,842,014) |
Share transactions - net increase (decrease) | (62,770,611) | (365,686,992) |
Redemption fees | 106,979 | 129,289 |
Total increase (decrease) in net assets | (373,172,161) | (237,359,439) |
|
|
|
Net Assets | ||
Beginning of period | 2,250,040,756 | 2,487,400,195 |
End of period (including undistributed net investment income of $7,827,974 and undistributed net investment income of $20,538,750, respectively) | $ 1,876,868,595 | $ 2,250,040,756 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2015 | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 60.56 | $ 57.31 | $ 53.65 | $ 52.20 | $ 53.81 | $ 44.24 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .23 | .47 | .60 | .57 | .34 | .31 |
Net realized and unrealized gain (loss) | (.59) | 3.13 | 3.63 | 1.50 | (1.17) | 9.64 |
Total from investment operations | (.36) | 3.60 | 4.23 | 2.07 | (.83) | 9.95 |
Distributions from net investment income | (.50) | (.03) | (.57) | (.33) | (.35) | (.39) |
Distributions from net realized gain | (7.22) | (.32) | - | (.29) | (.44) | - |
Total distributions | (7.72) | (.35) | (.57) | (.62) | (.79) | (.39) |
Redemption fees added to paid in capital E | -I | -I | -I | -I | .01 | .01 |
Net asset value, end of period | $ 52.48 | $ 60.56 | $ 57.31 | $ 53.65 | $ 52.20 | $ 53.81 |
Total ReturnB, C, D | (.63)% | 6.32% | 7.98% | 4.04% | (1.64)% | 22.62% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.41%A | 1.29% | 1.19% | 1.08% | 1.12% | 1.24% |
Expenses net of fee waivers, if any | 1.41%A | 1.29% | 1.19% | 1.08% | 1.12% | 1.24% |
Expenses net of all reductions | 1.41%A | 1.29% | 1.18% | 1.08% | 1.12% | 1.18% |
Net investment income (loss) | .88%A | .79% | 1.11% | 1.11% | .59% | .63% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 79,837 | $ 95,004 | $ 116,661 | $ 159,597 | $ 215,369 | $ 170,446 |
Portfolio turnover rate G | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 60.22 | $ 57.14 | $ 53.48 | $ 52.01 | $ 53.64 | $ 44.11 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .15 | .29 | .45 | .43 | .17 | .18 |
Net realized and unrealized gain (loss) | (.59) | 3.11 | 3.63 | 1.49 | (1.16) | 9.60 |
Total from investment operations | (.44) | 3.40 | 4.08 | 1.92 | (.99) | 9.78 |
Distributions from net investment income | (.30) | - | (.42) | (.16) | (.21) | (.26) |
Distributions from net realized gain | (7.22) | (.32) | - | (.29) | (.44) | - |
Total distributions | (7.52) | (.32) | (.42) | (.45) | (.65) | (.26) |
Redemption fees added to paid in capital E | -I | -I | -I | -I | .01 | .01 |
Net asset value, end of period | $ 52.26 | $ 60.22 | $ 57.14 | $ 53.48 | $ 52.01 | $ 53.64 |
Total ReturnB, C, D | (.78)% | 5.99% | 7.69% | 3.74% | (1.93)% | 22.27% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.73%A | 1.59% | 1.47% | 1.36% | 1.42% | 1.51% |
Expenses net of fee waivers, if any | 1.73%A | 1.59% | 1.47% | 1.36% | 1.42% | 1.51% |
Expenses net of all reductions | 1.73%A | 1.59% | 1.46% | 1.36% | 1.42% | 1.46% |
Net investment income (loss) | .56%A | .48% | .83% | .83% | .30% | .36% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 17,420 | $ 21,989 | $ 23,751 | $ 29,626 | $ 34,323 | $ 31,522 |
Portfolio turnover rate G | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 59.27 | $ 56.53 | $ 52.89 | $ 51.37 | $ 53.03 | $ 43.68 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .02 | (.01) | .18 | .17 | (.11) | (.07) |
Net realized and unrealized gain (loss) | (.58) | 3.07 | 3.60 | 1.49 | (1.14) | 9.50 |
Total from investment operations | (.56) | 3.06 | 3.78 | 1.66 | (1.25) | 9.43 |
Distributions from net investment income | - | - | (.14) | - | (.01) | (.09) |
Distributions from net realized gain | (7.22) | (.32) | - | (.14) | (.41) | - |
Total distributions | (7.22) | (.32) | (.14) | (.14) | (.42) | (.09) |
Redemption fees added to paid in capital E | -I | -I | -I | -I | .01 | .01 |
Net asset value, end of period | $ 51.49 | $ 59.27 | $ 56.53 | $ 52.89 | $ 51.37 | $ 53.03 |
Total ReturnB, C, D | (1.02)% | 5.45% | 7.17% | 3.25% | (2.41)% | 21.64% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 2.20%A | 2.09% | 1.96% | 1.85% | 1.91% | 2.01% |
Expenses net of fee waivers, if any | 2.20%A | 2.09% | 1.96% | 1.85% | 1.91% | 2.01% |
Expenses net of all reductions | 2.20%A | 2.09% | 1.95% | 1.85% | 1.91% | 1.96% |
Net investment income (loss) | .09%A | (.01)% | .34% | .34% | (.20)% | (.14)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 4,749 | $ 6,290 | $ 7,737 | $ 9,804 | $ 11,866 | $ 13,464 |
Portfolio turnover rate G | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 59.04 | $ 56.27 | $ 52.61 | $ 51.19 | $ 52.87 | $ 43.60 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .02 | .20 | .19 | (.08) | (.06) |
Net realized and unrealized gain (loss) | (.58) | 3.07 | 3.58 | 1.46 | (1.14) | 9.48 |
Total from investment operations | (.55) | 3.09 | 3.78 | 1.65 | (1.22) | 9.42 |
Distributions from net investment income | (.02) | - | (.12) | - | (.03) | (.16) |
Distributions from net realized gain | (7.22) | (.32) | - | (.23) | (.44) | - |
Total distributions | (7.24) | (.32) | (.12) | (.23) | (.47) | (.16) |
Redemption fees added to paid in capital E | -I | -I | -I | -I | .01 | .01 |
Net asset value, end of period | $ 51.25 | $ 59.04 | $ 56.27 | $ 52.61 | $ 51.19 | $ 52.87 |
Total ReturnB, C, D | (1.00)% | 5.53% | 7.21% | 3.26% | (2.36)% | 21.68% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 2.17%A | 2.03% | 1.93% | 1.82% | 1.86% | 1.99% |
Expenses net of fee waivers, if any | 2.17%A | 2.03% | 1.92% | 1.82% | 1.86% | 1.99% |
Expenses net of all reductions | 2.17%A | 2.03% | 1.92% | 1.82% | 1.86% | 1.94% |
Net investment income (loss) | .12%A | .04% | .37% | .37% | (.15)% | (.12)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 31,870 | $ 38,749 | $ 46,040 | $ 66,500 | $ 87,990 | $ 54,052 |
Portfolio turnover rateG | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Canada
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 60.95 | $ 57.72 | $ 54.05 | $ 52.59 | $ 54.14 | $ 44.46 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .31 | .66 | .77 | .73 | .52 | .46 |
Net realized and unrealized gain (loss) | (.59) | 3.13 | 3.66 | 1.51 | (1.18) | 9.68 |
Total from investment operations | (.28) | 3.79 | 4.43 | 2.24 | (.66) | 10.14 |
Distributions from net investment income | (.69) | (.24) | (.76) | (.49) | (.46) | (.47) |
Distributions from net realized gain | (7.22) | (.32) | - | (.29) | (.44) | - |
Total distributions | (7.91) | (.56) | (.76) | (.78) | (.90) | (.47) |
Redemption fees added to paid in capital D | -H | -H | -H | -H | .01 | .01 |
Net asset value, end of period | $ 52.76 | $ 60.95 | $ 57.72 | $ 54.05 | $ 52.59 | $ 54.14 |
Total ReturnB, C | (.48)% | 6.64% | 8.32% | 4.36% | (1.33)% | 22.97% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | 1.13%A | .98% | .87% | .77% | .82% | .94% |
Expenses net of fee waivers, if any | 1.13%A | .98% | .87% | .77% | .82% | .94% |
Expenses net of all reductions | 1.13%A | .98% | .86% | .77% | .82% | .89% |
Net investment income (loss) | 1.16%A | 1.09% | 1.42% | 1.42% | .90% | .93% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,720,761 | $ 2,057,843 | $ 2,262,380 | $ 2,992,597 | $ 3,778,765 | $ 3,953,693 |
Portfolio turnover rateF | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HAmount represents less than $.01 per share. |
Financial Highlights - Institutional Class
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 60.80 | $ 57.57 | $ 53.91 | $ 52.44 | $ 54.02 | $ 44.39 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .31 | .65 | .78 | .74 | .51 | .46 |
Net realized and unrealized gain (loss) | (.59) | 3.12 | 3.64 | 1.50 | (1.18) | 9.65 |
Total from investment operations | (.28) | 3.77 | 4.42 | 2.24 | (.67) | 10.11 |
Distributions from net investment income | (.68) | (.22) | (.76) | (.48) | (.48) | (.49) |
Distributions from net realized gain | (7.22) | (.32) | - | (.29) | (.44) | - |
Total distributions | (7.90) | (.54) | (.76) | (.77) | (.92) | (.49) |
Redemption fees added to paid in capital D | -H | -H | -H | -H | .01 | .01 |
Net asset value, end of period | $ 52.62 | $ 60.80 | $ 57.57 | $ 53.91 | $ 52.44 | $ 54.02 |
Total ReturnB, C | (.47)% | 6.62% | 8.34% | 4.38% | (1.35)% | 22.94% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | 1.11%A | 1.00% | .86% | .76% | .82% | .95% |
Expenses net of fee waivers, if any | 1.11%A | 1.00% | .86% | .76% | .82% | .95% |
Expenses net of all reductions | 1.11%A | 1.00% | .85% | .76% | .82% | .90% |
Net investment income (loss) | 1.18%A | 1.08% | 1.43% | 1.42% | .89% | .92% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 22,233 | $ 30,165 | $ 30,831 | $ 59,245 | $ 68,112 | $ 46,737 |
Portfolio turnover rateF | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, and Canada and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 458,564,043 |
Gross unrealized depreciation | (64,844,477) |
Net unrealized appreciation (depreciation) on securities | $ 393,719,566 |
|
|
Tax cost | $ 1,567,996,787 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $262,505,678 and $590,711,865, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Canada as compared to its benchmark index, the S&P/TSX Composite Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .87% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 108,098 | $ 3,759 |
Class T | .25% | .25% | 47,316 | 725 |
Class B | .75% | .25% | 27,053 | 20,358 |
Class C | .75% | .25% | 171,681 | 8,391 |
|
|
| $ 354,148 | $ 33,233 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 8,685 |
Class T | 2,024 |
Class B* | 3,581 |
Class C* | 1,037 |
| $ 15,327 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 101,162 | .23 |
Class T | 28,762 | .30 |
Class B | 7,285 | .27 |
Class C | 41,249 | .24 |
Canada | 1,887,847 | .20 |
Institutional Class | 23,567 | .19 |
| $ 2,089,872 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $276 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,655 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,800,330. Security
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Security Lending - continued
lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $19,937 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $9,697 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $4.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Canada expenses during the period in the amount of $15,012.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 783,478 | $ 53,142 |
Class T | 106,245 | - |
Class C | 12,920 | - |
Canada | 22,800,214 | 9,173,811 |
Institutional Class | 326,817 | 111,962 |
Total | $ 24,029,674 | $ 9,338,915 |
From net realized gain |
|
|
Class A | $ 11,358,847 | $ 629,831 |
Class T | 2,548,483 | 130,152 |
Class B | 742,098 | 42,217 |
Class C | 4,664,328 | 256,584 |
Canada | 239,967,215 | 12,282,929 |
Institutional Class | 3,449,733 | 161,386 |
Total | $ 262,730,704 | $ 13,503,099 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 118,017 | 144,381 | $ 6,407,912 | $ 8,740,780 |
Reinvestment of distributions | 200,582 | 9,784 | 10,552,616 | 552,980 |
Shares redeemed | (366,136) | (620,817) | (18,922,208) | (36,791,904) |
Net increase (decrease) | (47,537) | (466,652) | $ (1,961,680) | $ (27,498,144) |
Class T |
|
|
|
|
Shares sold | 13,348 | 29,501 | $ 699,517 | $ 1,790,320 |
Reinvestment of distributions | 49,518 | 2,264 | 2,597,730 | 127,592 |
Shares redeemed | (94,654) | (82,268) | (4,881,474) | (4,830,983) |
Net increase (decrease) | (31,788) | (50,503) | $ (1,584,227) | $ (2,913,071) |
Class B |
|
|
|
|
Shares sold | 1,646 | 547 | $ 85,015 | $ 32,504 |
Reinvestment of distributions | 12,380 | 630 | 641,184 | 35,107 |
Shares redeemed | (27,918) | (31,942) | (1,420,784) | (1,874,606) |
Net increase (decrease) | (13,892) | (30,765) | $ (694,585) | $ (1,806,995) |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class C |
|
|
|
|
Shares sold | 32,171 | 50,749 | $ 1,664,165 | $ 2,984,240 |
Reinvestment of distributions | 75,003 | 3,715 | 3,864,885 | 206,074 |
Shares redeemed | (141,619) | (216,291) | (7,130,852) | (12,480,545) |
Net increase (decrease) | (34,445) | (161,827) | $ (1,601,802) | $ (9,290,231) |
Canada |
|
|
|
|
Shares sold | 792,276 | 1,968,387 | $ 41,470,947 | $ 119,959,708 |
Reinvestment of distributions | 4,716,591 | 358,786 | 249,177,482 | 20,353,959 |
Shares redeemed | (6,655,960) | (7,758,261) | (343,808,869) | (462,389,717) |
Net increase (decrease) | (1,147,093) | (5,431,088) | $ (53,160,440) | $ (322,076,050) |
Institutional Class |
|
|
|
|
Shares sold | 52,286 | 331,645 | $ 2,732,648 | $ 20,156,294 |
Reinvestment of distributions | 49,883 | 3,804 | 2,628,352 | 215,319 |
Shares redeemed | (175,747) | (374,817) | (9,128,877) | (22,474,114) |
Net increase (decrease) | (73,578) | (39,368) | $ (3,767,877) | $ (2,102,501) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(UK) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
ACAN-USAN-0615
1.843167.107
Fidelity Advisor®
Japan
Fund - Institutional Class
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Institutional Class is a class of
Fidelity® Japan Fund
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Japan Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Class A | 1.11% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,062.80 | $ 5.68 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.29 | $ 5.56 |
Class T | 1.44% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,061.10 | $ 7.36 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.65 | $ 7.20 |
Class B | 1.92% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,058.40 | $ 9.80 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.27 | $ 9.59 |
Class C | 1.82% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,059.60 | $ 9.29 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.77 | $ 9.10 |
Japan | .81% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,064.60 | $ 4.15 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.78 | $ 4.06 |
Institutional Class | .80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,064.40 | $ 4.09 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.83 | $ 4.01 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Japan Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
Japan | 90.3% |
| |
United States of America* | 7.5% |
| |
Korea (South) | 1.8% |
| |
Singapore | 0.4% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Japan | 96.0% |
| |
United States of America* | 2.4% |
| |
Korea (South) | 1.6% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 92.5 | 97.6 |
Short-Term Investments and Net Other Assets (Liabilities) | 7.5 | 2.4 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Astellas Pharma, Inc. (Pharmaceuticals) | 4.7 | 5.5 |
Mitsubishi UFJ Financial Group, Inc. (Banks) | 4.1 | 3.8 |
East Japan Railway Co. (Road & Rail) | 4.1 | 4.3 |
KDDI Corp. (Wireless Telecommunication Services) | 3.4 | 3.5 |
Honda Motor Co. Ltd. (Automobiles) | 3.2 | 3.8 |
Hoya Corp. (Electronic Equipment & Components) | 3.2 | 4.5 |
Hitachi Ltd. (Electronic Equipment & Components) | 3.2 | 2.7 |
SoftBank Corp. (Wireless Telecommunication Services) | 3.1 | 3.3 |
ORIX Corp. (Diversified Financial Services) | 3.1 | 3.1 |
Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) | 2.9 | 3.4 |
| 35.0 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Consumer Discretionary | 20.0 | 21.2 |
Financials | 19.2 | 18.0 |
Information Technology | 16.8 | 15.1 |
Industrials | 12.1 | 13.5 |
Health Care | 10.0 | 8.0 |
Telecommunication Services | 7.5 | 8.8 |
Consumer Staples | 3.8 | 7.7 |
Materials | 3.1 | 2.9 |
Utilities | 0.0 | 1.8 |
Energy | 0.0 | 0.6 |
Semiannual Report
Fidelity Japan Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.5% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 20.0% | |||
Auto Components - 3.6% | |||
Bridgestone Corp. | 236,400 | $ 9,901,304 | |
NGK Spark Plug Co. Ltd. | 128,300 | 3,592,829 | |
Sumitomo Electric Industries Ltd. | 351,900 | 4,971,700 | |
| 18,465,833 | ||
Automobiles - 10.0% | |||
Honda Motor Co. Ltd. | 495,700 | 16,618,531 | |
Isuzu Motors Ltd. | 258,800 | 3,430,087 | |
Mazda Motor Corp. | 276,900 | 5,427,793 | |
Suzuki Motor Corp. | 376,800 | 12,178,980 | |
Toyota Motor Corp. | 190,800 | 13,281,423 | |
| 50,936,814 | ||
Household Durables - 3.5% | |||
Casio Computer Co. Ltd. (d) | 144,300 | 2,917,507 | |
Iida Group Holdings Co. Ltd. | 339,400 | 4,555,324 | |
Nihon House Holdings Co. Ltd. (d) | 336,600 | 1,570,160 | |
Rinnai Corp. | 25,800 | 1,957,525 | |
Sony Corp. | 232,400 | 7,025,857 | |
| 18,026,373 | ||
Internet & Catalog Retail - 0.4% | |||
Rakuten, Inc. | 121,900 | 2,129,648 | |
Leisure Products - 0.2% | |||
Sega Sammy Holdings, Inc. | 83,300 | 1,162,900 | |
Multiline Retail - 0.4% | |||
Don Quijote Holdings Co. Ltd. | 27,500 | 2,098,096 | |
Textiles, Apparel & Luxury Goods - 1.9% | |||
Japan Tobacco, Inc. | 276,100 | 9,641,650 | |
TOTAL CONSUMER DISCRETIONARY | 102,461,314 | ||
CONSUMER STAPLES - 3.8% | |||
Beverages - 1.0% | |||
Asahi Group Holdings | 156,000 | 5,016,498 | |
Food & Staples Retailing - 2.8% | |||
Seven & i Holdings Co. Ltd. | 158,200 | 6,800,123 | |
Sundrug Co. Ltd. | 56,600 | 2,840,338 | |
Tsuruha Holdings, Inc. | 24,800 | 1,798,713 | |
Welcia Holdings Co. Ltd. (d) | 72,700 | 3,178,975 | |
| 14,618,149 | ||
TOTAL CONSUMER STAPLES | 19,634,647 | ||
FINANCIALS - 19.2% | |||
Banks - 5.9% | |||
Mitsubishi UFJ Financial Group, Inc. | 2,986,700 | 21,218,562 | |
Sumitomo Mitsui Financial Group, Inc. | 205,000 | 8,951,243 | |
| 30,169,805 | ||
Capital Markets - 0.6% | |||
Monex Group, Inc. | 1,190,400 | 3,235,402 | |
| |||
Shares | Value | ||
Consumer Finance - 1.6% | |||
ACOM Co. Ltd. (a)(d) | 2,413,300 | $ 8,012,998 | |
Diversified Financial Services - 4.3% | |||
Japan Exchange Group, Inc. | 218,100 | 6,301,382 | |
ORIX Corp. | 1,021,800 | 15,713,650 | |
| 22,015,032 | ||
Insurance - 2.2% | |||
Tokio Marine Holdings, Inc. | 275,100 | 11,214,647 | |
Real Estate Investment Trusts - 0.7% | |||
Parkway Life (REIT) | 1,109,000 | 2,053,393 | |
Sekisui House (REIT), Inc. (a) | 1,502 | 1,781,689 | |
| 3,835,082 | ||
Real Estate Management & Development - 3.9% | |||
AEON MALL Co. Ltd. | 282,700 | 5,273,463 | |
Mitsui Fudosan Co. Ltd. | 494,000 | 14,644,286 | |
| 19,917,749 | ||
TOTAL FINANCIALS | 98,400,715 | ||
HEALTH CARE - 10.0% | |||
Health Care Equipment & Supplies - 1.4% | |||
Olympus Corp. (a) | 195,700 | 7,047,157 | |
Health Care Providers & Services - 3.9% | |||
Message Co. Ltd. (d) | 243,700 | 7,555,237 | |
Miraca Holdings, Inc. | 104,100 | 5,237,214 | |
Ship Healthcare Holdings, Inc. | 295,700 | 7,226,958 | |
| 20,019,409 | ||
Pharmaceuticals - 4.7% | |||
Astellas Pharma, Inc. | 1,528,500 | 23,799,814 | |
TOTAL HEALTH CARE | 50,866,380 | ||
INDUSTRIALS - 12.1% | |||
Building Products - 0.5% | |||
LIXIL Group Corp. | 134,600 | 2,805,540 | |
Construction & Engineering - 0.7% | |||
Toshiba Plant Systems & Services Corp. | 246,000 | 3,420,368 | |
Electrical Equipment - 3.1% | |||
Mitsubishi Electric Corp. | 641,000 | 8,371,274 | |
Nidec Corp. (d) | 99,000 | 7,405,676 | |
| 15,776,950 | ||
Industrial Conglomerates - 1.1% | |||
Toshiba Corp. | 1,445,000 | 5,789,479 | |
Machinery - 1.6% | |||
Komatsu Ltd. | 113,100 | 2,275,473 | |
Makita Corp. | 117,000 | 5,838,800 | |
| 8,114,273 | ||
Professional Services - 0.3% | |||
Funai Soken Holdings, Inc. | 145,800 | 1,471,785 | |
Road & Rail - 4.1% | |||
East Japan Railway Co. | 234,900 | 20,762,118 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Trading Companies & Distributors - 0.7% | |||
Misumi Group, Inc. | 96,100 | $ 3,606,453 | |
TOTAL INDUSTRIALS | 61,746,966 | ||
INFORMATION TECHNOLOGY - 16.8% | |||
Electronic Equipment & Components - 10.4% | |||
Azbil Corp. | 207,200 | 5,458,080 | |
Hitachi Ltd. | 2,358,000 | 16,088,406 | |
Hoya Corp. | 430,200 | 16,580,294 | |
OMRON Corp. | 66,500 | 3,053,551 | |
Shimadzu Corp. | 792,000 | 9,263,887 | |
TDK Corp. | 34,900 | 2,513,926 | |
| 52,958,144 | ||
Internet Software & Services - 3.4% | |||
DeNA Co. Ltd. (d) | 168,500 | 3,365,961 | |
Kakaku.com, Inc. (d) | 617,000 | 9,568,417 | |
NAVER Corp. | 7,649 | 4,615,917 | |
| 17,550,295 | ||
Semiconductors & Semiconductor Equipment - 1.4% | |||
Sanken Electric Co. Ltd. | 626,000 | 4,787,139 | |
Sumco Corp. | 150,200 | 2,266,246 | |
| 7,053,385 | ||
Technology Hardware, Storage & Peripherals - 1.6% | |||
NEC Corp. | 1,043,000 | 3,470,073 | |
Samsung Electronics Co. Ltd. | 3,718 | 4,867,080 | |
| 8,337,153 | ||
TOTAL INFORMATION TECHNOLOGY | 85,898,977 | ||
MATERIALS - 3.1% | |||
Chemicals - 2.5% | |||
JSR Corp. | 289,800 | 4,943,245 | |
Shin-Etsu Chemical Co. Ltd. | 132,600 | 8,105,685 | |
| 13,048,930 | ||
Metals & Mining - 0.6% | |||
Kobe Steel Ltd. | 806,000 | 1,464,977 | |
Yamato Kogyo Co. Ltd. | 58,400 | 1,374,030 | |
| 2,839,007 | ||
TOTAL MATERIALS | 15,887,937 | ||
| |||
Shares | Value | ||
TELECOMMUNICATION SERVICES - 7.5% | |||
Diversified Telecommunication Services - 1.0% | |||
Nippon Telegraph & Telephone Corp. | 72,400 | $ 4,888,810 | |
Wireless Telecommunication Services - 6.5% | |||
KDDI Corp. | 738,000 | 17,462,809 | |
SoftBank Corp. | 252,100 | 15,758,860 | |
| 33,221,669 | ||
TOTAL TELECOMMUNICATION SERVICES | 38,110,479 | ||
TOTAL COMMON STOCKS (Cost $440,729,278) |
| ||
Money Market Funds - 11.6% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.15% (b) | 35,525,225 | 35,525,225 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 24,006,616 | 24,006,616 | |
TOTAL MONEY MARKET FUNDS (Cost $59,531,841) |
| ||
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $500,261,119) | 532,539,256 | ||
NET OTHER ASSETS (LIABILITIES) - (4.1)% | (21,046,122) | ||
NET ASSETS - 100% | $ 511,493,134 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 4,310 |
Fidelity Securities Lending Cash Central Fund | 29,222 |
Total | $ 33,532 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 102,461,314 | $ - | $ 102,461,314 | $ - |
Consumer Staples | 19,634,647 | - | 19,634,647 | - |
Financials | 98,400,715 | 2,053,393 | 96,347,322 | - |
Health Care | 50,866,380 | - | 50,866,380 | - |
Industrials | 61,746,966 | - | 61,746,966 | - |
Information Technology | 85,898,977 | 9,482,997 | 76,415,980 | - |
Materials | 15,887,937 | - | 15,887,937 | - |
Telecommunication Services | 38,110,479 | - | 38,110,479 | - |
Money Market Funds | 59,531,841 | 59,531,841 | - | - |
Total Investments in Securities: | $ 532,539,256 | $ 71,068,231 | $ 461,471,025 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Japan Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $22,811,689) - See accompanying schedule: Unaffiliated issuers (cost $440,729,278) | $ 473,007,415 |
|
Fidelity Central Funds (cost $59,531,841) | 59,531,841 |
|
Total Investments (cost $500,261,119) |
| $ 532,539,256 |
Cash |
| 10,121 |
Receivable for investments sold | 1,594,762 | |
Receivable for fund shares sold | 3,012,724 | |
Dividends receivable | 3,061,863 | |
Distributions receivable from Fidelity Central Funds | 9,390 | |
Prepaid expenses | 348 | |
Other receivables | 622 | |
Total assets | 540,229,086 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 3,966,053 | |
Payable for fund shares redeemed | 399,433 | |
Accrued management fee | 204,213 | |
Distribution and service plan fees payable | 17,606 | |
Other affiliated payables | 95,341 | |
Other payables and accrued expenses | 46,690 | |
Collateral on securities loaned, at value | 24,006,616 | |
Total liabilities | 28,735,952 | |
|
|
|
Net Assets | $ 511,493,134 | |
Net Assets consist of: |
| |
Paid in capital | $ 659,867,879 | |
Undistributed net investment income | 1,622,768 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (182,270,942) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 32,273,429 | |
Net Assets | $ 511,493,134 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 12.33 | |
|
|
|
Maximum offering price per share (100/94.25 of $12.33) | $ 13.08 | |
Class T: | $ 12.33 | |
|
|
|
Maximum offering price per share (100/96.50 of $12.33) | $ 12.78 | |
Class B: | $ 12.33 | |
|
|
|
Class C: | $ 12.27 | |
|
|
|
Japan: | $ 12.35 | |
|
|
|
Institutional Class: | $ 12.32 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Japan Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 4,021,326 |
Income from Fidelity Central Funds |
| 33,532 |
Income before foreign taxes withheld |
| 4,054,858 |
Less foreign taxes withheld |
| (406,804) |
Total income |
| 3,648,054 |
|
|
|
Expenses | ||
Management fee | $ 1,592,218 | |
Performance adjustment | (423,430) | |
Transfer agent fees | 436,644 | |
Distribution and service plan fees | 97,472 | |
Accounting and security lending fees | 119,428 | |
Custodian fees and expenses | 24,178 | |
Independent trustees' compensation | 921 | |
Registration fees | 67,071 | |
Audit | 39,800 | |
Legal | 698 | |
Miscellaneous | 1,764 | |
Total expenses before reductions | 1,956,764 | |
Expense reductions | (1,452) | 1,955,312 |
Net investment income (loss) | 1,692,742 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (187,265) | |
Foreign currency transactions | (232,846) | |
Total net realized gain (loss) |
| (420,111) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 24,902,961 | |
Assets and liabilities in foreign currencies | 37,979 | |
Total change in net unrealized appreciation (depreciation) |
| 24,940,940 |
Net gain (loss) | 24,520,829 | |
Net increase (decrease) in net assets resulting from operations | $ 26,213,571 |
Statement of Changes in Net Assets
| Six months ended April 30, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 1,692,742 | $ 3,447,815 |
Net realized gain (loss) | (420,111) | (3,239,373) |
Change in net unrealized appreciation (depreciation) | 24,940,940 | (11,748,802) |
Net increase (decrease) in net assets resulting from operations | 26,213,571 | (11,540,360) |
Distributions to shareholders from net investment income | (3,310,432) | (4,561,447) |
Distributions to shareholders from net realized gain | - | (402,380) |
Total distributions | (3,310,432) | (4,963,827) |
Share transactions - net increase (decrease) | 13,605,778 | (48,052,746) |
Redemption fees | 49,730 | 110,748 |
Total increase (decrease) in net assets | 36,558,647 | (64,446,185) |
|
|
|
Net Assets | ||
Beginning of period | 474,934,487 | 539,380,672 |
End of period (including undistributed net investment income of $1,622,768 and undistributed net investment income of $3,240,458, respectively) | $ 511,493,134 | $ 474,934,487 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2015 | Years ended October 31, | |||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 11.65 | $ 12.00 | $ 9.30 | $ 9.54 | $ 10.83 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E | .03 | .05 | .08 | .09 | .09 |
Net realized and unrealized gain (loss) | .70 | (.31) | 2.80 | (.15) | (1.39) |
Total from investment operations | .73 | (.26) | 2.88 | (.06) | (1.30) |
Distributions from net investment income | (.05) | (.08) | (.11) | (.13) | - |
Distributions from net realized gain | - | (.01) | (.08) | (.05) | - |
Total distributions | (.05) | (.09) | (.19) | (.18) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | - K | .01 |
Net asset value, end of period | $ 12.33 | $ 11.65 | $ 12.00 | $ 9.30 | $ 9.54 |
Total ReturnB, C, D | 6.28% | (2.18)% | 31.58% | (.64)% | (11.91)% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions | 1.11%A | 1.23% | 1.26% | 1.42% | 1.20%A |
Expenses net of fee waivers, if any | 1.11%A | 1.23% | 1.26% | 1.38% | 1.20%A |
Expenses net of all reductions | 1.11%A | 1.23% | 1.25% | 1.36% | 1.16%A |
Net investment income (loss) | .49% A | .41% | .75% | .94% | 1.02% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 19,442 | $ 21,352 | $ 20,520 | $ 9,495 | $ 13,208 |
Portfolio turnover rate G | 47% A | 112% | 68% | 52% | 134% J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period December 14, 2010 (commencement of sale of shares) to October 31, 2011. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended April 30, 2015 | Years ended October 31, | |||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 11.62 | $ 11.96 | $ 9.28 | $ 9.51 | $ 10.83 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E | .01 | .01 | .05 | .06 | .07 |
Net realized and unrealized gain (loss) | .70 | (.30) | 2.78 | (.13) | (1.40) |
Total from investment operations | .71 | (.29) | 2.83 | (.07) | (1.33) |
Distributions from net investment income | - | (.04) | (.08) | (.11) | - |
Distributions from net realized gain | - | (.01) | (.08) | (.05) | - |
Total distributions | - | (.05) | (.16) | (.16) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | - K | .01 |
Net asset value, end of period | $ 12.33 | $ 11.62 | $ 11.96 | $ 9.28 | $ 9.51 |
Total ReturnB, C, D | 6.11% | (2.42)% | 31.04% | (.75)% | (12.19)% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions | 1.44%A | 1.54% | 1.55% | 1.70% | 1.48%A |
Expenses net of fee waivers, if any | 1.44%A | 1.54% | 1.55% | 1.66% | 1.48%A |
Expenses net of all reductions | 1.44%A | 1.54% | 1.53% | 1.64% | 1.44%A |
Net investment income (loss) | .16% A | .10% | .46% | .66% | .74% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 4,449 | $ 4,104 | $ 5,357 | $ 3,934 | $ 4,643 |
Portfolio turnover rate G | 47% A | 112% | 68% | 52% | 134% J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period December 14, 2010 (commencement of sale of shares) to October 31, 2011. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2015 | Years ended October 31, | |||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 11.65 | $ 12.00 | $ 9.26 | $ 9.47 | $ 10.83 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E | (.02) | (.04) | - K | .02 | .02 |
Net realized and unrealized gain (loss) | .70 | (.31) | 2.80 | (.14) | (1.39) |
Total from investment operations | .68 | (.35) | 2.80 | (.12) | (1.37) |
Distributions from net investment income | - | - | - | (.04) | - |
Distributions from net realized gain | - | - | (.07) | (.05) | - |
Total distributions | - | - | (.07) | (.09) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | - K | .01 |
Net asset value, end of period | $ 12.33 | $ 11.65 | $ 12.00 | $ 9.26 | $ 9.47 |
Total ReturnB, C, D | 5.84% | (2.92)% | 30.52% | (1.24)% | (12.56)% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions | 1.92%A | 2.02% | 2.02% | 2.17% | 1.95%A |
Expenses net of fee waivers, if any | 1.92%A | 2.02% | 2.02% | 2.13% | 1.95%A |
Expenses net of all reductions | 1.92%A | 2.02% | 2.01% | 2.11% | 1.91%A |
Net investment income (loss) | (.32)% A | (.37)% | (.02)% | .19% | .27% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 428 | $ 452 | $ 874 | $ 1,012 | $ 1,458 |
Portfolio turnover rate G | 47% A | 112% | 68% | 52% | 134% J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period December 14, 2010 (commencement of sale of shares) to October 31, 2011. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended April 30, 2015 | Years ended October 31, | |||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 11.58 | $ 11.96 | $ 9.25 | $ 9.48 | $ 10.83 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E | (.01) | (.03) | - K | .02 | .03 |
Net realized and unrealized gain (loss) | .70 | (.32) | 2.79 | (.14) | (1.39) |
Total from investment operations | .69 | (.35) | 2.79 | (.12) | (1.36) |
Distributions from net investment income | - | (.03) | (.01) | (.06) | - |
Distributions from net realized gain | - | (.01) | (.08) | (.05) | - |
Total distributions | - | (.03) L | (.09) | (.11) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | - K | .01 |
Net asset value, end of period | $ 12.27 | $ 11.58 | $ 11.96 | $ 9.25 | $ 9.48 |
Total ReturnB, C, D | 5.96% | (2.90)% | 30.55% | (1.27)% | (12.47)% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions | 1.82%A | 1.93% | 1.97% | 2.15% | 1.92%A |
Expenses net of fee waivers, if any | 1.82%A | 1.93% | 1.97% | 2.11% | 1.92%A |
Expenses net of all reductions | 1.82%A | 1.93% | 1.95% | 2.09% | 1.88%A |
Net investment income (loss) | (.22)% A | (.29)% | .04% | .21% | .30% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 14,179 | $ 13,162 | $ 11,824 | $ 7,015 | $ 8,750 |
Portfolio turnover rateG | 47% A | 112% | 68% | 52% | 134% J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period December 14, 2010 (commencement of sale of shares) to October 31, 2011. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. LTotal distributions of $.03 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.009 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Japan
| Six months ended April 30, 2015 | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 11.69 | $ 12.03 | $ 9.34 | $ 9.57 | $ 10.57 | $ 10.03 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .05 | .09 | .12 | .12 | .15 | .10 |
Net realized and unrealized gain (loss) | .70 | (.32) | 2.79 | (.14) | (.75) | .61 |
Total from investment operations | .75 | (.23) | 2.91 | (.02) | (.60) | .71 |
Distributions from net investment income | (.09) | (.11) | (.15) | (.16) | (.20) | (.07) |
Distributions from net realized gain | - | (.01) | (.08) | (.05) | (.21) | (.10) |
Total distributions | (.09) | (.11) J | (.23) | (.21) | (.41) | (.17) |
Redemption fees added to paid in capital D | - I | - I | .01 | - I | .01 | - I |
Net asset value, end of period | $ 12.35 | $ 11.69 | $ 12.03 | $ 9.34 | $ 9.57 | $ 10.57 |
Total ReturnB, C | 6.46% | (1.90)% | 31.92% | (.19)% | (6.00)% | 7.12% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .81%A | .90% | .93% | 1.09% | .86% | .93% |
Expenses net of fee waivers, if any | .81%A | .90% | .93% | 1.06% | .84% | .93% |
Expenses net of all reductions | .81%A | .90% | .91% | 1.04% | .80% | .93% |
Net investment income (loss) | .79% A | .74% | 1.08% | 1.26% | 1.38% | .97% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 457,130 | $ 415,612 | $ 480,773 | $ 353,550 | $ 450,417 | $ 649,316 |
Portfolio turnover rateF | 47% A | 112% | 68% | 52% | 134% H | 43% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HThe portfolio turnover rate does not include the assets acquired in the merger. IAmount represents less than $.01 per share. JTotal distributions of $.11 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.009 per share. |
Financial Highlights - Institutional Class
| Six months ended April 30, 2015 | Years ended October 31, | |||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 G |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 11.67 | $ 12.02 | $ 9.33 | $ 9.57 | $ 10.83 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) D | .05 | .09 | .13 | .12 | .13 |
Net realized and unrealized gain (loss) | .69 | (.32) | 2.78 | (.14) | (1.40) |
Total from investment operations | .74 | (.23) | 2.91 | (.02) | (1.27) |
Distributions from net investment income | (.09) | (.12) | (.15) | (.17) | - |
Distributions from net realized gain | - | (.01) | (.08) | (.05) | - |
Total distributions | (.09) | (.12) K | (.23) | (.22) | - |
Redemption fees added to paid in capital D | - J | - J | .01 | - J | .01 |
Net asset value, end of period | $ 12.32 | $ 11.67 | $ 12.02 | $ 9.33 | $ 9.57 |
Total ReturnB, C | 6.44% | (1.90)% | 32.04% | (.18)% | (11.63)% |
Ratios to Average Net Assets E, H |
|
|
|
|
|
Expenses before reductions | .80%A | .89% | .90% | 1.03% | .79%A |
Expenses net of fee waivers, if any | .80%A | .89% | .90% | 1.01% | .79%A |
Expenses net of all reductions | .80%A | .89% | .88% | .99% | .75%A |
Net investment income (loss) | .80% A | .76% | 1.11% | 1.31% | 1.43% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 15,865 | $ 20,253 | $ 20,033 | $ 1,488 | $ 2,715 |
Portfolio turnover rateF | 47% A | 112% | 68% | 52% | 134% I |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GFor the period December 14, 2010 (commencement of sale of shares) to October 31, 2011. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IThe portfolio turnover rate does not include the assets acquired in the merger. JAmount represents less than $.01 per share. KTotal distributions of $.12 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.009 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Japan Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Japan and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), expiring capital loss carryforwards, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 50,344,709 |
Gross unrealized depreciation | (21,838,082) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 28,506,627 |
|
|
Tax cost | $ 504,032,629 |
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2016 | $ (3,870,588) |
2017 | (41,604,070) |
2018 | (26,887,863) |
2019 | (98,806,037) |
Total with expiration | (171,168,558) |
No expiration |
|
Short-term | (3,919,546) |
Long-term | (2,173,158) |
Total no expiration | (6,092,704) |
Total capital loss carryforward | $ (177,261,262) |
Due to large redemptions in a prior period, $141,955,883 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $18,885,324 per year.
The Fund acquired $5,487,891 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $1,371,973 per year.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $105,071,328 and $120,043,843, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Japan as compared to its benchmark index, the TOPIX, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .51% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 21,821 | $ 654 |
Class T | .25% | .25% | 9,930 | 148 |
Class B | .75% | .25% | 2,129 | 1,602 |
Class C | .75% | .25% | 63,592 | 18,452 |
|
|
| $ 97,472 | $ 20,856 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 23,671 |
Class T | 1,454 |
Class B* | 7 |
Class C* | 2,776 |
| $ 27,908 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 20,710 | .24 |
Class T | 6,248 | .31 |
Class B | 627 | .29 |
Class C | 12,665 | .20 |
Japan | 384,076 | .19 |
Institutional Class | 12,318 | .17 |
| $ 436,644 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $355 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Semiannual Report
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $29,222. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $352 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Japan expenses during the period in the amount of $1,100.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 79,823 | $ 141,802 |
Class T | - | 19,055 |
Class C | - | 25,435 |
Japan | 3,066,127 | 4,169,355 |
Institutional Class | 164,482 | 205,800 |
Total | $ 3,310,432 | $ 4,561,447 |
From net realized gain |
|
|
Class A | $ - | $ 15,756 |
Class T | - | 3,988 |
Class C | - | 9,157 |
Japan | - | 357,373 |
Institutional Class | - | 16,106 |
Total | $ - | $ 402,380 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
| Six months ended | Year ended | Six months ended | Year ended |
Class A |
|
|
|
|
Shares sold | 409,457 | 952,008 | $ 4,956,746 | $ 11,244,440 |
Reinvestment of distributions | 6,565 | 11,439 | 74,452 | 136,237 |
Shares redeemed | (672,047) | (840,548) | (7,649,077) | (9,766,930) |
Net increase (decrease) | (256,025) | 122,899 | $ (2,617,879) | $ 1,613,747 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended | Year ended | Six months ended | Year ended |
Class T |
|
|
|
|
Shares sold | 70,805 | 64,476 | $ 843,542 | $ 752,702 |
Reinvestment of distributions | - | 1,875 | - | 22,328 |
Shares redeemed | (63,130) | (160,810) | (723,971) | (1,872,832) |
Net increase (decrease) | 7,675 | (94,459) | $ 119,571 | $ (1,097,802) |
Class B |
|
|
|
|
Shares sold | 664 | 818 | $ 8,249 | $ 10,000 |
Shares redeemed | (4,750) | (34,849) | (55,599) | (406,096) |
Net increase (decrease) | (4,086) | (34,031) | $ (47,350) | $ (396,096) |
Class C |
|
|
|
|
Shares sold | 220,605 | 496,705 | $ 2,604,188 | $ 5,806,151 |
Reinvestment of distributions | - | 2,168 | - | 25,821 |
Shares redeemed | (201,087) | (351,222) | (2,274,742) | (4,038,883) |
Net increase (decrease) | 19,518 | 147,651 | $ 329,446 | $ 1,793,089 |
Japan |
|
|
|
|
Shares sold | 7,402,038 | 4,922,211 | $ 90,325,394 | $ 57,652,164 |
Reinvestment of distributions | 262,630 | 370,099 | 2,980,854 | 4,407,882 |
Shares redeemed | (6,197,999) | (9,716,469) | (73,161,057) | (112,632,153) |
Net increase (decrease) | 1,466,669 | (4,424,159) | $ 20,145,191 | $ (50,572,107) |
Institutional Class |
|
|
|
|
Shares sold | 1,018,989 | 916,937 | $ 12,375,685 | $ 10,668,831 |
Reinvestment of distributions | 14,222 | 13,570 | 161,134 | 161,488 |
Shares redeemed | (1,480,839) | (862,451) | (16,860,020) | (10,223,896) |
Net increase (decrease) | (447,628) | 68,056 | $ (4,323,201) | $ 606,423 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers International Fund was the owner of record of approximately 36% of the total outstanding shares of the Fund. Mutual Funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 47% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (UK) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
(Fidelity Investment logo)(registered trademark)
AJPNI-USAN-0615
1.917383.104
Fidelity Advisor®
Latin America Fund -
Institutional Class
(Fidelity Cover Art)
Semiannual Report
April 30, 2015
Institutional Class is a class of
Fidelity® Latin America Fund
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Latin America Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Class A | 1.39% |
|
|
|
Actual |
| $ 1,000.00 | $ 851.00 | $ 6.38 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.90 | $ 6.95 |
Class T | 1.66% |
|
|
|
Actual |
| $ 1,000.00 | $ 849.90 | $ 7.61 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.56 | $ 8.30 |
Class B | 2.14% |
|
|
|
Actual |
| $ 1,000.00 | $ 848.00 | $ 9.81 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.18 | $ 10.69 |
Class C | 2.14% |
|
|
|
Actual |
| $ 1,000.00 | $ 848.10 | $ 9.81 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.18 | $ 10.69 |
Latin America | 1.12% |
|
|
|
Actual |
| $ 1,000.00 | $ 852.40 | $ 5.14 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.24 | $ 5.61 |
Institutional Class | 1.04% |
|
|
|
Actual |
| $ 1,000.00 | $ 852.40 | $ 4.78 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.64 | $ 5.21 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Latin America Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
Brazil | 44.0% |
| |
Mexico | 27.0% |
| |
Chile | 12.3% |
| |
Colombia | 7.3% |
| |
Peru | 3.2% |
| |
United States of America* | 1.5% |
| |
Spain | 1.5% |
| |
Panama | 1.3% |
| |
Argentina | 0.5% |
| |
Other | 1.4% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Brazil | 49.8% |
| |
Mexico | 24.1% |
| |
Chile | 10.1% |
| |
Colombia | 8.7% |
| |
Peru | 2.8% |
| |
United States of America* | 1.6% |
| |
Panama | 1.1% |
| |
Spain | 1.0% |
| |
Puerto Rico | 0.4% |
| |
Other | 0.4% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 99.1 | 99.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.9 | 1.0 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
America Movil S.A.B. de CV Series L (Mexico, Wireless Telecommunication Services) | 6.6 | 6.9 |
Itau Unibanco Holding SA (Brazil, Banks) | 6.5 | 7.3 |
Ambev SA sponsored ADR (Brazil, Beverages) | 6.1 | 4.7 |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR (Mexico, Beverages) | 4.1 | 3.2 |
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) | 3.3 | 3.8 |
Banco Bradesco SA (PN) (Brazil, Banks) | 3.1 | 2.7 |
Wal-Mart de Mexico SA de CV Series V (Mexico, Food & Staples Retailing) | 2.7 | 2.1 |
Petroleo Brasileiro SA - Petrobras (ON) (Brazil, Oil, Gas & Consumable Fuels) | 2.6 | 0.8 |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (Brazil, Food & Staples Retailing) | 2.5 | 2.4 |
Grupo de Inversiones Suramerica SA (Colombia, Diversified Financial Services) | 2.5 | 2.3 |
| 40.0 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 30.3 | 30.9 |
Consumer Staples | 23.8 | 20.7 |
Telecommunication Services | 9.9 | 12.0 |
Consumer Discretionary | 7.7 | 6.2 |
Materials | 7.4 | 8.3 |
Energy | 7.3 | 7.8 |
Industrials | 6.7 | 6.6 |
Utilities | 3.4 | 3.2 |
Information Technology | 1.9 | 2.1 |
Health Care | 0.7 | 1.2 |
Market Sectors may include more than one industry category. |
The fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Latin American market. As of April 30, 2015, the fund did not have more than 25% of its total assets invested in any one industry. |
Semiannual Report
Fidelity Latin America Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 73.1% | |||
Shares | Value | ||
Argentina - 0.5% | |||
Banco Macro SA sponsored ADR | 39,000 | $ 2,154,750 | |
Inversiones y Representaciones SA ADR (a) | 94,100 | 1,705,092 | |
TOTAL ARGENTINA | 3,859,842 | ||
Belgium - 0.5% | |||
Euronav NV (d) | 152,900 | 2,104,052 | |
Euronav NV | 128,200 | 1,728,136 | |
TOTAL BELGIUM | 3,832,188 | ||
Brazil - 18.8% | |||
Banco Bradesco SA | 350,880 | 3,498,377 | |
BB Seguridade Participacoes SA | 1,367,500 | 15,999,062 | |
Brasil Brokers Participacoes SA | 2,701,800 | 2,466,005 | |
CCR SA | 1,880,900 | 10,362,913 | |
Cielo SA | 1,013,040 | 14,101,428 | |
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | 1,676,200 | 9,902,707 | |
Cyrela Brazil Realty SA | 287,300 | 1,118,515 | |
Embraer SA | 395,800 | 3,087,107 | |
Estacio Participacoes SA | 257,600 | 1,556,056 | |
Hypermarcas SA (a) | 524,700 | 3,462,067 | |
Industrias Romi SA | 3,235,900 | 2,577,593 | |
Itausa-Investimentos Itau SA | 7 | 24 | |
M. Dias Branco SA | 368,400 | 10,581,435 | |
MAHLE Metal Leve SA | 314,800 | 2,120,991 | |
Multiplus SA | 838,600 | 9,324,118 | |
Petroleo Brasileiro SA - Petrobras (ON) | 4,017,028 | 18,998,871 | |
Porto Seguro SA | 133,300 | 1,667,494 | |
QGEP Participacoes SA | 2,590,000 | 6,240,860 | |
Souza Cruz SA | 1,084,700 | 9,900,347 | |
Tegma Gestao Logistica SA | 270,300 | 1,354,662 | |
TIM Participacoes SA | 1,439,795 | 4,611,435 | |
Vale SA | 468,500 | 3,521,972 | |
TOTAL BRAZIL | 136,454,039 | ||
British Virgin Islands - 0.3% | |||
Arcos Dorados Holdings, Inc. Class A | 383,800 | 2,302,800 | |
Canada - 0.3% | |||
Tahoe Resources, Inc. | 129,934 | 1,836,200 | |
Chile - 11.8% | |||
Aguas Andinas SA | 9,816,128 | 5,778,460 | |
Banco de Chile | 68,264,691 | 7,912,968 | |
Banco de Chile sponsored ADR (d) | 72,837 | 5,113,157 | |
Banmedica SA | 809,643 | 1,706,915 | |
Colbun SA | 19,353,258 | 5,842,523 | |
Compania Cervecerias Unidas SA | 1,261,455 | 13,577,888 | |
CorpBanca SA | 688,348,714 | 7,797,872 | |
Empresa Nacional de Telecomunicaciones SA (ENTEL) | 1,078,740 | 12,160,406 | |
| |||
Shares | Value | ||
Forus SA | 600,674 | $ 2,631,908 | |
Inversiones La Construccion SA | 908,582 | 11,631,157 | |
S.A.C.I. Falabella | 861,484 | 6,746,237 | |
Sociedad Matriz SAAM SA | 59,433,277 | 5,247,113 | |
TOTAL CHILE | 86,146,604 | ||
Colombia - 7.0% | |||
Bancolombia SA | 125,838 | 1,331,284 | |
Bolsa de Valores de Colombia | 545,822,864 | 4,812,040 | |
Cemex Latam Holdings SA (a) | 840,570 | 4,693,359 | |
Empresa de Telecomunicaciones de Bogota | 38,213,250 | 7,620,190 | |
Grupo de Inversiones Suramerica SA | 1,097,096 | 18,027,010 | |
Inversiones Argos SA | 1,878,253 | 14,745,311 | |
TOTAL COLOMBIA | 51,229,194 | ||
Mexico - 27.0% | |||
America Movil S.A.B. de CV: | |||
Series L | 7,064,800 | 7,418,454 | |
Series L sponsored ADR | 1,945,373 | 40,638,842 | |
Consorcio ARA S.A.B. de CV (a) | 25,539,905 | 10,870,524 | |
Controladora Commercial Mexicana S.A.B. de CV unit | 1,114,500 | 3,588,600 | |
Embotelladoras Arca S.A.B. de CV | 453,700 | 2,787,200 | |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR (a) | 328,505 | 29,726,417 | |
Gruma S.A.B. de CV Series B | 241,109 | 2,907,232 | |
Grupo Aeroportuario del Pacifico SA de CV: | |||
Series B | 43,100 | 306,858 | |
sponsored ADR | 105,700 | 7,509,985 | |
Grupo Aeroportuario del Sureste SA de CV Series B | 47,615 | 673,941 | |
Grupo Carso SA de CV Series A1 | 1,254,700 | 5,171,896 | |
Grupo Financiero Inbursa S.A.B. de CV Series O | 6,980,519 | 16,666,433 | |
Grupo Financiero Santander Mexico S.A.B. de CV | 5,620,555 | 11,452,128 | |
Grupo Televisa SA de CV | 104,700 | 762,013 | |
Grupo Televisa SA de CV (CPO) sponsored ADR (a) | 307,400 | 11,192,434 | |
Industrias Penoles SA de CV | 506,693 | 8,593,833 | |
Medica Sur SA de CV | 1,023,734 | 3,774,777 | |
Megacable Holdings S.A.B. de CV unit | 1,927,429 | 8,021,532 | |
Qualitas Controladora S.A.B. de CV (a) | 2,837,000 | 5,325,616 | |
Wal-Mart de Mexico SA de CV Series V | 8,141,348 | 19,231,029 | |
TOTAL MEXICO | 196,619,744 | ||
Panama - 1.3% | |||
Banco Latinoamericano de Comercio Exterior SA Series E | 298,770 | 9,491,923 | |
Common Stocks - continued | |||
Shares | Value | ||
Peru - 3.2% | |||
Alicorp SA Class C | 4,904,034 | $ 9,476,016 | |
Compania de Minas Buenaventura SA sponsored ADR | 1,236,436 | 13,823,354 | |
TOTAL PERU | 23,299,370 | ||
Spain - 1.5% | |||
Melia Hotels International SA | 57,100 | 713,903 | |
Prosegur Compania de Seguridad SA (Reg.) | 1,726,154 | 9,950,514 | |
TOTAL SPAIN | 10,664,417 | ||
United Kingdom - 0.3% | |||
HSBC Holdings PLC (United Kingdom) | 190,400 | 1,902,002 | |
United States of America - 0.6% | |||
First Bancorp, Puerto Rico (a) | 333,700 | 2,005,537 | |
First Cash Financial Services, Inc. (a) | 52,766 | 2,550,708 | |
TOTAL UNITED STATES OF AMERICA | 4,556,245 | ||
TOTAL COMMON STOCKS (Cost $514,697,053) |
| ||
Nonconvertible Preferred Stocks - 26.0% | |||
|
|
|
|
Brazil - 25.2% | |||
Ambev SA sponsored ADR | 7,028,847 | 44,492,602 | |
Banco Bradesco SA (PN) | 2,084,660 | 22,251,503 | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar: | |||
(PN) | 368,325 | 12,469,225 | |
sponsored ADR | 169,470 | 5,684,024 | |
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR | 471,400 | 2,776,546 | |
Embraer SA sponsored ADR | 90,034 | 2,807,260 | |
Itau Unibanco Holding SA | 3,718,405 | 47,551,453 | |
Itausa-Investimentos Itau SA (PN) | 4,095,023 | 14,420,483 | |
| |||
Shares | Value | ||
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | 5,541,771 | $ 24,003,091 | |
Vale SA (PN-A) | 1,112,500 | 6,701,696 | |
TOTAL BRAZIL | 183,157,883 | ||
Chile - 0.5% | |||
Embotelladora Andina SA Class A | 1,336,888 | 3,278,561 | |
Colombia - 0.3% | |||
Grupo de Inversiones Suramerica SA | 163,024 | 2,429,619 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $119,549,054) |
| ||
Money Market Funds - 0.7% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.15% (b) | 4,426,199 | 4,426,199 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 807,105 | 807,105 | |
TOTAL MONEY MARKET FUNDS (Cost $5,233,304) |
| ||
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $639,479,411) | 726,293,935 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 1,181,788 | ||
NET ASSETS - 100% | $ 727,475,723 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 6,593 |
Fidelity Securities Lending Cash Central Fund | 20,157 |
Total | $ 26,750 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 57,361,031 | $ 56,647,128 | $ 713,903 | $ - |
Consumer Staples | 171,162,643 | 171,162,643 | - | - |
Energy | 53,075,010 | 50,970,958 | 2,104,052 | - |
Financials | 220,163,697 | 218,261,695 | 1,902,002 | - |
Health Care | 5,481,692 | 5,481,692 | - | - |
Industrials | 49,049,842 | 39,099,328 | 9,950,514 | - |
Information Technology | 14,101,428 | 14,101,428 | - | - |
Materials | 53,915,725 | 53,915,725 | - | - |
Telecommunication Services | 72,449,327 | 72,449,327 | - | - |
Utilities | 24,300,236 | 24,300,236 | - | - |
Money Market Funds | 5,233,304 | 5,233,304 | - | - |
Total Investments in Securities: | $ 726,293,935 | $ 711,623,464 | $ 14,670,471 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 11,136,826 |
Level 2 to Level 1 | $ 0 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Latin America Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $779,894) - See accompanying schedule: Unaffiliated issuers (cost $634,246,107) | $ 721,060,631 |
|
Fidelity Central Funds (cost $5,233,304) | 5,233,304 |
|
Total Investments (cost $639,479,411) |
| $ 726,293,935 |
Cash |
| 2,234 |
Foreign currency held at value (cost $990,020) | 990,020 | |
Receivable for investments sold | 5,714,430 | |
Receivable for fund shares sold | 349,106 | |
Dividends receivable | 1,276,440 | |
Distributions receivable from Fidelity Central Funds | 3,043 | |
Prepaid expenses | 793 | |
Other receivables | 7,696 | |
Total assets | 734,637,697 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 4,546,831 | |
Payable for fund shares redeemed | 979,086 | |
Accrued management fee | 419,787 | |
Distribution and service plan fees payable | 15,949 | |
Other affiliated payables | 199,579 | |
Other payables and accrued expenses | 193,637 | |
Collateral on securities loaned, at value | 807,105 | |
Total liabilities | 7,161,974 | |
|
|
|
Net Assets | $ 727,475,723 | |
Net Assets consist of: |
| |
Paid in capital | $ 684,609,855 | |
Undistributed net investment income | 5,059,810 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (48,993,744) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 86,799,802 | |
Net Assets | $ 727,475,723 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 23.54 | |
|
|
|
Maximum offering price per share (100/94.25 of $23.54) | $ 24.98 | |
Class T: | $ 23.60 | |
|
|
|
Maximum offering price per share (100/96.50 of $23.60) | $ 24.46 | |
Class B: | $ 23.87 | |
|
|
|
Class C: | $ 23.75 | |
|
|
|
Latin America: | $ 23.51 | |
|
|
|
Institutional Class: | $ 23.50 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 11,345,422 |
Income from Fidelity Central Funds |
| 26,750 |
Income before foreign taxes withheld |
| 11,372,172 |
Less foreign taxes withheld |
| (1,036,514) |
Total income |
| 10,335,658 |
|
|
|
Expenses | ||
Management fee | $ 2,733,693 | |
Transfer agent fees | 1,082,824 | |
Distribution and service plan fees | 105,959 | |
Accounting and security lending fees | 189,395 | |
Custodian fees and expenses | 281,828 | |
Independent trustees' compensation | 1,547 | |
Registration fees | 48,331 | |
Audit | 37,535 | |
Legal | 1,480 | |
Interest | 444 | |
Miscellaneous | 805 | |
Total expenses before reductions | 4,483,841 | |
Expense reductions | (29,373) | 4,454,468 |
Net investment income (loss) | 5,881,190 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (46,666,543) | |
Foreign currency transactions | (263,404) | |
Total net realized gain (loss) |
| (46,929,947) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $64,167) | (105,447,900) | |
Assets and liabilities in foreign currencies | (11,037) | |
Total change in net unrealized appreciation (depreciation) |
| (105,458,937) |
Net gain (loss) | (152,388,884) | |
Net increase (decrease) in net assets resulting from operations | $ (146,507,694) |
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 5,881,190 | $ 20,578,749 |
Net realized gain (loss) | (46,929,947) | 80,758,455 |
Change in net unrealized appreciation (depreciation) | (105,458,937) | (221,687,609) |
Net increase (decrease) in net assets resulting from operations | (146,507,694) | (120,350,405) |
Distributions to shareholders from net investment income | (12,592,762) | (23,599,176) |
Distributions to shareholders from net realized gain | (66,395,306) | (209,492,273) |
Total distributions | (78,988,068) | (233,091,449) |
Share transactions - net increase (decrease) | (43,161,410) | (61,704,730) |
Redemption fees | 84,814 | 197,877 |
Total increase (decrease) in net assets | (268,572,358) | (414,948,707) |
|
|
|
Net Assets | ||
Beginning of period | 996,048,081 | 1,410,996,788 |
End of period (including undistributed net investment income of $5,059,810 and undistributed net investment income of $11,771,382, respectively) | $ 727,475,723 | $ 996,048,081 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.31 | $ 40.71 | $ 48.95 | $ 52.38 | $ 57.48 | $ 55.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .15 | .49 | .72 | .92 | 1.15 | .02 |
Net realized and unrealized gain (loss) | (4.53) | (4.08) | (4.73) | (3.66) | (5.87) | 2.79 |
Total from investment operations | (4.38) | (3.59) | (4.01) | (2.74) | (4.72) | 2.81 |
Distributions from net investment income | (.31) | (.57) | (.79) | (.70) | (.19) | (.80) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | - |
Total distributions | (2.39) | (6.82) | (4.24) | (.70) | (.39) | (.80) |
Redemption fees added to paid in capital E | -K | .01 | .01 | .01 | .01 | -K |
Net asset value, end of period | $ 23.54 | $ 30.31 | $ 40.71 | $ 48.95 | $ 52.38 | $ 57.48 |
Total ReturnB, C, D | (14.90)% | (9.06)% | (8.93)% | (5.23)% | (8.26)% | 5.14% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
Expenses before reductions | 1.39%A | 1.38% | 1.37% | 1.35% | 1.34% | 1.37%A |
Expenses net of fee waivers, if any | 1.39%A | 1.38% | 1.37% | 1.35% | 1.34% | 1.37%A |
Expenses net of all reductions | 1.39%A | 1.38% | 1.35% | 1.35% | 1.34% | 1.34%A |
Net investment income (loss) | 1.27%A | 1.52% | 1.66% | 1.80% | 2.05% | .39%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 24,487 | $ 34,898 | $ 48,464 | $ 69,654 | $ 91,407 | $ 115,626 |
Portfolio turnover rate G | 27%A | 30% | 23% | 23% | 11% | 56%J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period September 28, 2010 (commencement of sale of shares) to October 31, 2010. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.33 | $ 40.68 | $ 48.88 | $ 52.27 | $ 57.47 | $ 55.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .12 | .40 | .61 | .78 | .99 | .01 |
Net realized and unrealized gain (loss) | (4.54) | (4.08) | (4.74) | (3.65) | (5.85) | 2.79 |
Total from investment operations | (4.42) | (3.68) | (4.13) | (2.87) | (4.86) | 2.80 |
Distributions from net investment income | (.23) | (.43) | (.63) | (.53) | (.15) | (.80) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | - |
Total distributions | (2.31) | (6.68) | (4.08) | (.53) | (.35) | (.80) |
Redemption fees added to paid in capital E | -K | .01 | .01 | .01 | .01 | -K |
Net asset value, end of period | $ 23.60 | $ 30.33 | $ 40.68 | $ 48.88 | $ 52.27 | $ 57.47 |
Total ReturnB, C, D | (15.01)% | (9.30)% | (9.17)% | (5.49)% | (8.50)% | 5.12% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
Expenses before reductions | 1.66%A | 1.65% | 1.63% | 1.61% | 1.61% | 1.63%A |
Expenses net of fee waivers, if any | 1.66%A | 1.65% | 1.63% | 1.61% | 1.61% | 1.63%A |
Expenses net of all reductions | 1.65%A | 1.65% | 1.61% | 1.61% | 1.61% | 1.60%A |
Net investment income (loss) | 1.00%A | 1.25% | 1.40% | 1.54% | 1.78% | .13%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 7,407 | $ 9,761 | $ 12,705 | $ 19,334 | $ 26,020 | $ 36,820 |
Portfolio turnover rate G | 27%A | 30% | 23% | 23% | 11% | 56%J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period September 28, 2010 (commencement of sale of shares) to October 31, 2010. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.46 | $ 40.63 | $ 48.72 | $ 52.06 | $ 57.44 | $ 55.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .25 | .40 | .53 | .72 | (.02) |
Net realized and unrealized gain (loss) | (4.57) | (4.08) | (4.74) | (3.63) | (5.84) | 2.79 |
Total from investment operations | (4.51) | (3.83) | (4.34) | (3.10) | (5.12) | 2.77 |
Distributions from net investment income | - | (.10) | (.31) | (.25) | (.07) | (.80) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | - |
Total distributions | (2.08) | (6.35) | (3.76) | (.25) | (.27) | (.80) |
Redemption fees added to paid in capital E | -K | .01 | .01 | .01 | .01 | -K |
Net asset value, end of period | $ 23.87 | $ 30.46 | $ 40.63 | $ 48.72 | $ 52.06 | $ 57.44 |
Total ReturnB, C, D | (15.20)% | (9.73)% | (9.60)% | (5.95)% | (8.94)% | 5.06% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
Expenses before reductions | 2.14%A | 2.14% | 2.12% | 2.10% | 2.10% | 2.12%A |
Expenses net of fee waivers, if any | 2.14%A | 2.14% | 2.12% | 2.10% | 2.10% | 2.12%A |
Expenses net of all reductions | 2.14%A | 2.13% | 2.10% | 2.10% | 2.10% | 2.10%A |
Net investment income (loss) | .51%A | .76% | .91% | 1.05% | 1.29% | (.36)%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,306 | $ 2,211 | $ 4,764 | $ 9,492 | $ 14,114 | $ 20,392 |
Portfolio turnover rate G | 27%A | 30% | 23% | 23% | 11% | 56%J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period September 28, 2010 (commencement of sale of shares) to October 31, 2010. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.37 | $ 40.59 | $ 48.73 | $ 52.05 | $ 57.44 | $ 55.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .25 | .40 | .54 | .73 | (.02) |
Net realized and unrealized gain (loss) | (4.55) | (4.07) | (4.74) | (3.64) | (5.84) | 2.79 |
Total from investment operations | (4.49) | (3.82) | (4.34) | (3.10) | (5.11) | 2.77 |
Distributions from net investment income | (.05) | (.16) | (.36) | (.23) | (.09) | (.80) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | - |
Total distributions | (2.13) | (6.41) | (3.81) | (.23) | (.29) | (.80) |
Redemption fees added to paid in capital E | -K | .01 | .01 | .01 | .01 | -K |
Net asset value, end of period | $ 23.75 | $ 30.37 | $ 40.59 | $ 48.73 | $ 52.05 | $ 57.44 |
Total ReturnB, C, D | (15.19)% | (9.74)% | (9.62)% | (5.94)% | (8.93)% | 5.06% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
Expenses before reductions | 2.14%A | 2.13% | 2.12% | 2.10% | 2.08% | 2.09%A |
Expenses net of fee waivers, if any | 2.14%A | 2.13% | 2.12% | 2.10% | 2.08% | 2.09%A |
Expenses net of all reductions | 2.14%A | 2.13% | 2.10% | 2.10% | 2.08% | 2.07%A |
Net investment income (loss) | .51%A | .77% | .91% | 1.06% | 1.31% | (.34)%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 8,054 | $ 11,349 | $ 15,185 | $ 27,405 | $ 35,203 | $ 48,329 |
Portfolio turnover rate G | 27%A | 30% | 23% | 23% | 11% | 56%J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period September 28, 2010 (commencement of sale of shares) to October 31, 2010. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Latin America
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.34 | $ 40.80 | $ 49.09 | $ 52.48 | $ 57.50 | $ 47.29 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .18 | .59 | .87 | 1.09 | 1.34 | 1.07 |
Net realized and unrealized gain (loss) | (4.52) | (4.10) | (4.74) | (3.67) | (5.88) | 11.00 |
Total from investment operations | (4.34) | (3.51) | (3.87) | (2.58) | (4.54) | 12.07 |
Distributions from net investment income | (.41) | (.71) | (.98) | (.82) | (.29) | (1.49) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | (.39) |
Total distributions | (2.49) | (6.96) | (4.43) | (.82) | (.49) | (1.88) |
Redemption fees added to paid in capital D | -I | .01 | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 23.51 | $ 30.34 | $ 40.80 | $ 49.09 | $ 52.48 | $ 57.50 |
Total ReturnB, C | (14.76)% | (8.79)% | (8.63)% | (4.91)% | (7.96)% | 25.91% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | 1.12%A | 1.08% | 1.04% | 1.02% | 1.00% | 1.03% |
Expenses net of fee waivers, if any | 1.12%A | 1.08% | 1.04% | 1.02% | 1.00% | 1.03% |
Expenses net of all reductions | 1.11%A | 1.07% | 1.03% | 1.02% | 1.00% | 1.01% |
Net investment income (loss) | 1.54%A | 1.83% | 1.99% | 2.14% | 2.39% | 2.10% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 683,779 | $ 933,298 | $ 1,324,748 | $ 2,274,601 | $ 2,884,301 | $ 4,283,462 |
Portfolio turnover rate F | 27%A | 30% | 23% | 23% | 11% | 56%H |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HThe portfolio turnover rate does not include the assets acquired in the merger. IAmount represents less than $.01 per share. |
Financial Highlights - Institutional Class
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 G |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.35 | $ 40.79 | $ 49.07 | $ 52.51 | $ 57.49 | $ 55.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .20 | .60 | .87 | 1.08 | 1.32 | .03 |
Net realized and unrealized gain (loss) | (4.55) | (4.07) | (4.74) | (3.67) | (5.88) | 2.79 |
Total from investment operations | (4.35) | (3.47) | (3.87) | (2.59) | (4.56) | 2.82 |
Distributions from net investment income | (.42) | (.73) | (.97) | (.86) | (.23) | (.80) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | - |
Total distributions | (2.50) | (6.98) | (4.42) | (.86) | (.43) | (.80) |
Redemption fees added to paid in capital D | -J | .01 | .01 | .01 | .01 | -J |
Net asset value, end of period | $ 23.50 | $ 30.35 | $ 40.79 | $ 49.07 | $ 52.51 | $ 57.49 |
Total ReturnB, C | (14.76)% | (8.69)% | (8.63)% | (4.93)% | (7.98)% | 5.15% |
Ratios to Average Net Assets E, H |
|
|
|
|
|
|
Expenses before reductions | 1.04%A | 1.04% | 1.03% | 1.04% | 1.04% | 1.08%A |
Expenses net of fee waivers, if any | 1.04%A | 1.04% | 1.03% | 1.04% | 1.04% | 1.08%A |
Expenses net of all reductions | 1.04%A | 1.04% | 1.01% | 1.04% | 1.04% | 1.06%A |
Net investment income (loss) | 1.61%A | 1.86% | 2.00% | 2.12% | 2.35% | .68%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 2,443 | $ 4,531 | $ 5,131 | $ 7,928 | $ 9,603 | $ 12,868 |
Portfolio turnover rate F | 27%A | 30% | 23% | 23% | 11% | 56%I |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GFor the period September 28, 2010 (commencement of sale of shares) to October 31, 2010. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IThe portfolio turnover rate does not include the assets acquired in the merger. JAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Latin America Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Latin America and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the appreciable securities is included in Other payable and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 193,387,073 |
Gross unrealized depreciation | (110,768,968) |
Net unrealized appreciation (depreciation) on securities | $ 82,618,105 |
|
|
Tax cost | $ 643,675,830 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $106,929,153 and $220,349,401, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 33,818 | $ 804 |
Class T | .25% | .25% | 19,600 | 284 |
Class B | .75% | .25% | 8,181 | 6,153 |
Class C | .75% | .25% | 44,360 | 7,488 |
|
|
| $ 105,959 | $ 14,729 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 6,334 |
Class T | 961 |
Class B* | 452 |
Class C* | 1,259 |
| $ 9,006 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 39,538 | .29 |
Class T | 12,138 | .31 |
Class B | 2,400 | .29 |
Class C | 12,996 | .29 |
Latin America | 1,012,793 | .28 |
Institutional Class | 2,959 | .20 |
| $ 1,082,824 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $2,455 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan | Weighted Average | Interest Expense |
Borrower | $ 5,893,750 | .34% | $ 444 |
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $663 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, Total security lending income during the period amounted to $20,157. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $13,310 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Latin America expenses during the period in the amount of $16,063.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 341,444 | $ 667,095 |
Class T | 71,167 | 136,327 |
Class B | - | 12,098 |
Class C | 18,114 | 60,991 |
Latin America | 12,109,807 | 22,631,305 |
Institutional Class | 52,230 | 91,360 |
Total | $ 12,592,762 | $ 23,599,176 |
From net realized gain |
|
|
Class A | $ 2,330,553 | $ 7,249,224 |
Class T | 658,521 | 1,918,455 |
Class B | 144,042 | 684,975 |
Class C | 754,025 | 2,282,110 |
Latin America | 62,251,897 | 196,577,505 |
Institutional Class | 256,268 | 780,004 |
Total | $ 66,395,306 | $ 209,492,273 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 80,489 | 256,161 | $ 1,893,157 | $ 8,113,294 |
Reinvestment of distributions | 103,775 | 229,379 | 2,587,573 | 7,071,806 |
Shares redeemed | (295,494) | (524,684) | (7,036,927) | (16,539,013) |
Net increase (decrease) | (111,230) | (39,144) | $ (2,556,197) | $ (1,353,913) |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class T |
|
|
|
|
Shares sold | 15,847 | 47,965 | $ 375,373 | $ 1,548,211 |
Reinvestment of distributions | 28,508 | 65,609 | 713,357 | 2,028,652 |
Shares redeemed | (52,329) | (104,082) | (1,240,836) | (3,252,264) |
Net increase (decrease) | (7,974) | 9,492 | $ (152,106) | $ 324,599 |
Class B |
|
|
|
|
Shares sold | 116 | 1,044 | $ 2,989 | $ 32,892 |
Reinvestment of distributions | 5,261 | 18,939 | 133,376 | 590,702 |
Shares redeemed | (23,220) | (64,672) | (559,019) | (2,061,800) |
Net increase (decrease) | (17,843) | (44,689) | $ (422,654) | $ (1,438,206) |
Class C |
|
|
|
|
Shares sold | 28,918 | 91,764 | $ 694,321 | $ 2,901,440 |
Reinvestment of distributions | 25,875 | 69,412 | 652,617 | 2,158,720 |
Shares redeemed | (89,295) | (161,581) | (2,156,109) | (5,151,621) |
Net increase (decrease) | (34,502) | (405) | $ (809,171) | $ (91,461) |
Latin America |
|
|
|
|
Shares sold | 1,578,197 | 4,529,614 | $ 37,317,339 | $ 143,961,705 |
Reinvestment of distributions | 2,862,287 | 6,820,938 | 71,197,829 | 209,950,213 |
Shares redeemed | (6,111,144) | (13,065,128) | (146,603,830) | (413,931,096) |
Net increase (decrease) | (1,670,660) | (1,714,576) | $ (38,088,662) | $ (60,019,178) |
Institutional Class |
|
|
|
|
Shares sold | 19,137 | 125,962 | $ 462,541 | $ 4,086,454 |
Reinvestment of distributions | 11,139 | 21,472 | 276,862 | 660,492 |
Shares redeemed | (75,632) | (123,906) | (1,872,023) | (3,873,517) |
Net increase (decrease) | (45,356) | 23,528 | $ (1,132,620) | $ 873,429 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(UK) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
FALAI-USAN-0615
1.917411.104
Fidelity Advisor®
Canada Fund -
Institutional Class
Semiannual Report
April 30, 2015
Institutional Class is a class of
Fidelity® Canada Fund
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Canada Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Class A | 1.41% |
|
|
|
Actual |
| $ 1,000.00 | $ 993.70 | $ 6.97 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.80 | $ 7.05 |
Class T | 1.73% |
|
|
|
Actual |
| $ 1,000.00 | $ 992.20 | $ 8.55 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.22 | $ 8.65 |
Class B | 2.20% |
|
|
|
Actual |
| $ 1,000.00 | $ 989.80 | $ 10.85 |
HypotheticalA |
| $ 1,000.00 | $ 1,013.88 | $ 10.99 |
Class C | 2.17% |
|
|
|
Actual |
| $ 1,000.00 | $ 990.00 | $ 10.71 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.03 | $ 10.84 |
Canada | 1.13% |
|
|
|
Actual |
| $ 1,000.00 | $ 995.20 | $ 5.59 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.19 | $ 5.66 |
Institutional Class | 1.11% |
|
|
|
Actual |
| $ 1,000.00 | $ 995.30 | $ 5.49 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.29 | $ 5.56 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Canada Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
Canada | 94.3% |
| |
United States of America* | 3.7% |
| |
United Kingdom | 0.7% |
| |
Bailiwick of Jersey | 0.6% |
| |
Ireland | 0.5% |
| |
Netherlands | 0.2% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Canada | 93.0% |
| |
United States of America* | 5.0% |
| |
United Kingdom | 1.0% |
| |
Ireland | 0.5% |
| |
Bailiwick of Jersey | 0.5% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 97.9 | 97.8 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.1 | 2.2 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Royal Bank of Canada (Banks) | 8.3 | 7.7 |
The Toronto-Dominion Bank (Banks) | 7.7 | 7.3 |
Canadian National Railway Co. (Road & Rail) | 5.4 | 5.1 |
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 5.2 | 5.6 |
Enbridge, Inc. (Oil, Gas & Consumable Fuels) | 4.8 | 4.3 |
Valeant Pharmaceuticals International (Canada) (Pharmaceuticals) | 4.3 | 2.7 |
Imperial Oil Ltd. (Oil, Gas & Consumable Fuels) | 2.8 | 3.1 |
Sun Life Financial, Inc. (Insurance) | 2.8 | 0.0 |
Rogers Communications, Inc. Class B (non-vtg.) (Wireless Telecommunication Services) | 2.6 | 2.5 |
Intact Financial Corp. (Insurance) | 2.3 | 2.0 |
| 46.2 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 30.7 | 31.4 |
Energy | 23.1 | 23.8 |
Materials | 10.8 | 10.6 |
Industrials | 7.5 | 8.6 |
Consumer Staples | 7.4 | 8.2 |
Telecommunication Services | 5.6 | 5.5 |
Health Care | 4.9 | 3.2 |
Information Technology | 4.6 | 4.2 |
Consumer Discretionary | 3.3 | 2.3 |
Market Sectors may include more than one industry category. |
The fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of April 30, 2015, the fund did not have more than 25% of its assets invested in any one industry. |
Semiannual Report
Fidelity Canada Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 3.3% | |||
Hotels, Restaurants & Leisure - 0.2% | |||
Pizza Pizza Royalty Corp. | 67,700 | $ 799,606 | |
Whistler Blackcomb Holdings, Inc. | 191,000 | 2,887,559 | |
| 3,687,165 | ||
Media - 0.7% | |||
MDC Partners, Inc. Class A (sub. vtg.) | 170,300 | 3,566,082 | |
Quebecor, Inc. Class B (sub. vtg.) | 371,700 | 10,222,135 | |
| 13,788,217 | ||
Specialty Retail - 1.2% | |||
AutoCanada, Inc. (d) | 168,300 | 5,572,801 | |
RONA, Inc. | 1,246,600 | 16,407,798 | |
| 21,980,599 | ||
Textiles, Apparel & Luxury Goods - 1.2% | |||
Gildan Activewear, Inc. | 694,190 | 22,002,342 | |
TOTAL CONSUMER DISCRETIONARY | 61,458,323 | ||
CONSUMER STAPLES - 7.4% | |||
Food & Staples Retailing - 6.3% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 981,400 | 37,564,071 | |
George Weston Ltd. | 345,800 | 28,563,969 | |
Jean Coutu Group, Inc. Class A (sub. vtg.) | 1,200,600 | 23,365,179 | |
Metro, Inc. Class A (sub. vtg.) | 598,695 | 17,308,315 | |
North West Co., Inc. | 580,000 | 11,902,860 | |
| 118,704,394 | ||
Food Products - 0.4% | |||
Mead Johnson Nutrition Co. Class A | 80,900 | 7,759,928 | |
Household Products - 0.2% | |||
Energizer Holdings, Inc. | 26,900 | 3,675,078 | |
Tobacco - 0.5% | |||
British American Tobacco PLC (United Kingdom) | 172,500 | 9,477,778 | |
TOTAL CONSUMER STAPLES | 139,617,178 | ||
ENERGY - 23.1% | |||
Energy Equipment & Services - 1.2% | |||
Pason Systems, Inc. | 656,100 | 11,811,431 | |
ZCL Composites, Inc. (e) | 1,660,200 | 10,581,797 | |
| 22,393,228 | ||
Oil, Gas & Consumable Fuels - 21.9% | |||
ARC Resources Ltd. (d) | 1,325,500 | 27,125,234 | |
Canadian Natural Resources Ltd. | 663,598 | 22,050,264 | |
Enbridge, Inc. | 1,713,800 | 89,574,992 | |
Imperial Oil Ltd. | 1,214,700 | 53,541,439 | |
Keyera Corp. | 899,304 | 31,656,395 | |
Painted Pony Petroleum Ltd. (a) | 1,102,500 | 6,826,088 | |
| |||
Shares | Value | ||
Paramount Resources Ltd. Class A (a) | 192,100 | $ 5,682,593 | |
Parkland Fuel Corp. | 505,100 | 11,027,214 | |
Peyto Exploration & Development Corp. | 481,200 | 13,987,305 | |
PrairieSky Royalty Ltd. (d) | 335,763 | 9,219,916 | |
Raging River Exploration, Inc. (a) | 729,300 | 5,712,296 | |
Spartan Energy Corp. (a) | 3,645,000 | 10,302,072 | |
Suncor Energy, Inc. | 3,002,600 | 97,780,484 | |
Vermilion Energy, Inc. (d) | 230,100 | 11,076,840 | |
Whitecap Resources, Inc. | 1,319,800 | 16,353,925 | |
| 411,917,057 | ||
TOTAL ENERGY | 434,310,285 | ||
FINANCIALS - 30.7% | |||
Banks - 19.5% | |||
Bank of Nova Scotia | 557,100 | 30,720,152 | |
National Bank of Canada (d) | 868,600 | 35,096,768 | |
Royal Bank of Canada (d) | 2,353,300 | 156,256,001 | |
The Toronto-Dominion Bank | 3,132,000 | 144,593,784 | |
| 366,666,705 | ||
Capital Markets - 0.4% | |||
Gluskin Sheff + Associates, Inc. (d) | 341,700 | 8,048,996 | |
Insurance - 9.1% | |||
Fairfax Financial Holdings Ltd. (sub. vtg.) | 47,600 | 25,999,503 | |
Intact Financial Corp. | 554,225 | 42,688,876 | |
Manulife Financial Corp. | 596,900 | 10,864,421 | |
Power Corp. of Canada (sub. vtg.) (d) | 1,410,600 | 38,757,886 | |
Sun Life Financial, Inc. | 1,640,200 | 52,489,119 | |
| 170,799,805 | ||
Real Estate Investment Trusts - 1.7% | |||
Allied Properties (REIT) | 455,700 | 15,108,164 | |
H&R REIT/H&R Finance Trust | 821,400 | 15,760,804 | |
| 30,868,968 | ||
TOTAL FINANCIALS | 576,384,474 | ||
HEALTH CARE - 4.9% | |||
Health Care Equipment & Supplies - 0.1% | |||
Novadaq Technologies, Inc. (a) | 142,687 | 1,542,447 | |
Pharmaceuticals - 4.8% | |||
Actavis PLC (a) | 29,427 | 8,323,721 | |
Valeant Pharmaceuticals International (Canada) (a) | 374,171 | 81,139,129 | |
| 89,462,850 | ||
TOTAL HEALTH CARE | 91,005,297 | ||
INDUSTRIALS - 7.5% | |||
Airlines - 0.6% | |||
WestJet Airlines Ltd. | 459,800 | 10,392,661 | |
Machinery - 0.1% | |||
AG Growth International, Inc. | 59,000 | 2,557,074 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Professional Services - 0.7% | |||
Stantec, Inc. | 451,300 | $ 12,190,524 | |
Road & Rail - 6.1% | |||
Canadian National Railway Co. | 1,573,400 | 101,589,606 | |
TransForce, Inc. | 602,900 | 13,617,095 | |
| 115,206,701 | ||
TOTAL INDUSTRIALS | 140,346,960 | ||
INFORMATION TECHNOLOGY - 4.6% | |||
Electronic Equipment & Components - 0.6% | |||
Avigilon Corp. (a)(d) | 614,600 | 10,605,862 | |
IT Services - 1.6% | |||
CGI Group, Inc. Class A (sub. vtg.) (a) | 708,100 | 29,802,999 | |
Software - 2.4% | |||
Constellation Software, Inc. | 57,700 | 22,620,887 | |
Constellation Software, Inc. rights 9/15/15 (a) | 60,100 | 17,933 | |
Micro Focus International PLC | 243,700 | 4,690,528 | |
Open Text Corp. | 372,714 | 18,831,865 | |
| 46,161,213 | ||
TOTAL INFORMATION TECHNOLOGY | 86,570,074 | ||
MATERIALS - 10.8% | |||
Chemicals - 2.1% | |||
Agrium, Inc. | 192,400 | 19,933,693 | |
LyondellBasell Industries NV Class A | 29,500 | 3,053,840 | |
Potash Corp. of Saskatchewan, Inc. | 489,900 | 15,998,392 | |
| 38,985,925 | ||
Containers & Packaging - 1.4% | |||
CCL Industries, Inc. Class B | 174,700 | 20,085,070 | |
Winpak Ltd. | 212,100 | 6,893,030 | |
| 26,978,100 | ||
Metals & Mining - 5.9% | |||
Agnico Eagle Mines Ltd. (Canada) | 474,800 | 14,371,899 | |
Barrick Gold Corp. | 353,100 | 4,588,983 | |
Eldorado Gold Corp. | 2,258,500 | 11,250,381 | |
Freeport-McMoRan, Inc. | 419,200 | 9,754,784 | |
Labrador Iron Ore Royalty Corp. (d) | 408,300 | 4,873,203 | |
Lundin Mining Corp. (a) | 2,890,200 | 14,373,145 | |
Randgold Resources Ltd. | 159,600 | 12,145,671 | |
Romarco Minerals, Inc. (a) | 7,369,800 | 2,779,328 | |
Royal Gold, Inc. | 156,000 | 10,066,680 | |
Silver Wheaton Corp. | 786,800 | 15,520,796 | |
Tahoe Resources, Inc. | 450,200 | 6,362,130 | |
Torex Gold Resources, Inc. (a) | 5,533,400 | 5,136,683 | |
| 111,223,683 | ||
| |||
Shares | Value | ||
Paper & Forest Products - 1.4% | |||
Stella-Jones, Inc. | 259,800 | $ 9,364,859 | |
West Fraser Timber Co. Ltd. | 309,100 | 15,904,623 | |
| 25,269,482 | ||
TOTAL MATERIALS | 202,457,190 | ||
TELECOMMUNICATION SERVICES - 5.6% | |||
Diversified Telecommunication Services - 3.0% | |||
TELUS Corp. | 529,300 | 18,307,243 | |
TELUS Corp. | 1,100,000 | 38,046,415 | |
| 56,353,658 | ||
Wireless Telecommunication Services - 2.6% | |||
Rogers Communications, Inc. Class B (non-vtg.) (d) | 1,372,800 | 49,040,763 | |
TOTAL TELECOMMUNICATION SERVICES | 105,394,421 | ||
TOTAL COMMON STOCKS (Cost $1,439,487,112) |
| ||
Money Market Funds - 6.6% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.15% (b) | 35,037,894 | 35,037,894 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 89,134,257 | 89,134,257 | |
TOTAL MONEY MARKET FUNDS (Cost $124,172,151) |
| ||
TOTAL INVESTMENT PORTFOLIO - 104.5% (Cost $1,563,659,263) | 1,961,716,353 | ||
NET OTHER ASSETS (LIABILITIES) - (4.5)% | (84,847,758) | ||
NET ASSETS - 100% | $ 1,876,868,595 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 19,682 |
Fidelity Securities Lending Cash Central Fund | 1,282,153 |
Total | $ 1,301,835 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
ZCL Composites, Inc. | $ 5,395,486 | $ 6,554,081 | $ 1,525,268 | $ 110,374 | $ 10,581,797 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 61,458,323 | $ 61,458,323 | $ - | $ - |
Consumer Staples | 139,617,178 | 130,139,400 | 9,477,778 | - |
Energy | 434,310,285 | 434,310,285 | - | - |
Financials | 576,384,474 | 576,384,474 | - | - |
Health Care | 91,005,297 | 91,005,297 | - | - |
Industrials | 140,346,960 | 140,346,960 | - | - |
Information Technology | 86,570,074 | 81,879,546 | 4,690,528 | - |
Materials | 202,457,190 | 190,311,519 | 12,145,671 | - |
Telecommunication Services | 105,394,421 | 105,394,421 | - | - |
Money Market Funds | 124,172,151 | 124,172,151 | - | - |
Total Investments in Securities: | $ 1,961,716,353 | $ 1,935,402,376 | $ 26,313,977 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Canada Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $82,983,859) - See accompanying schedule: Unaffiliated issuers (cost $1,429,660,671) | $ 1,826,962,405 |
|
Fidelity Central Funds (cost $124,172,151) | 124,172,151 |
|
Other affiliated issuers (cost $9,826,441) | 10,581,797 |
|
Total Investments (cost $1,563,659,263) |
| $ 1,961,716,353 |
Foreign currency held at value (cost $90,160) | 90,045 | |
Receivable for investments sold | 14,718,171 | |
Receivable for fund shares sold | 412,442 | |
Dividends receivable | 3,757,314 | |
Distributions receivable from Fidelity Central Funds | 335,136 | |
Prepaid expenses | 1,699 | |
Other receivables | 5,249 | |
Total assets | 1,981,036,409 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 10,428,933 | |
Payable for fund shares redeemed | 2,818,712 | |
Accrued management fee | 1,286,975 | |
Distribution and service plan fees payable | 54,811 | |
Other affiliated payables | 401,483 | |
Other payables and accrued expenses | 42,643 | |
Collateral on securities loaned, at value | 89,134,257 | |
Total liabilities | 104,167,814 | |
|
|
|
Net Assets | $ 1,876,868,595 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,475,424,478 | |
Undistributed net investment income | 7,827,974 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (4,473,300) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 398,089,443 | |
Net Assets | $ 1,876,868,595 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 52.48 | |
|
|
|
Maximum offering price per share (100/94.25 of $52.48) | $ 55.68 | |
Class T: | $ 52.26 | |
|
|
|
Maximum offering price per share (100/96.50 of $52.26) | $ 54.16 | |
Class B: | $ 51.49 | |
|
|
|
Class C: | $ 51.25 | |
|
|
|
Canada: | $ 52.76 | |
|
|
|
Institutional Class: | $ 52.62 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
Investment Income |
|
|
Dividends (including $110,374 earned from other affiliated issuers) |
| $ 25,413,123 |
Interest |
| 690 |
Income from Fidelity Central Funds (including $1,282,153 from security lending) |
| 1,301,835 |
Income before foreign taxes withheld |
| 26,715,648 |
Less foreign taxes withheld |
| (3,656,480) |
Total income |
| 23,059,168 |
|
|
|
Expenses | ||
Management fee | $ 7,061,376 | |
Performance adjustment | 1,663,305 | |
Transfer agent fees | 2,089,872 | |
Distribution and service plan fees | 354,148 | |
Accounting and security lending fees | 456,176 | |
Custodian fees and expenses | 19,102 | |
Independent trustees' compensation | 4,128 | |
Registration fees | 68,848 | |
Audit | 38,332 | |
Legal | 3,737 | |
Miscellaneous | 5,959 | |
Total expenses before reductions | 11,764,983 | |
Expense reductions | (24,713) | 11,740,270 |
Net investment income (loss) | 11,318,898 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (127,663) | |
Other affiliated issuers | (348,825) |
|
Foreign currency transactions | (161,307) | |
Total net realized gain (loss) |
| (637,795) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (34,470,021) | |
Assets and liabilities in foreign currencies | 40,767 | |
Total change in net unrealized appreciation (depreciation) |
| (34,429,254) |
Net gain (loss) | (35,067,049) | |
Net increase (decrease) in net assets resulting from operations | $ (23,748,151) |
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 11,318,898 | $ 24,923,588 |
Net realized gain (loss) | (637,795) | 290,863,952 |
Change in net unrealized appreciation (depreciation) | (34,429,254) | (164,747,262) |
Net increase (decrease) in net assets resulting from operations | (23,748,151) | 151,040,278 |
Distributions to shareholders from net investment income | (24,029,674) | (9,338,915) |
Distributions to shareholders from net realized gain | (262,730,704) | (13,503,099) |
Total distributions | (286,760,378) | (22,842,014) |
Share transactions - net increase (decrease) | (62,770,611) | (365,686,992) |
Redemption fees | 106,979 | 129,289 |
Total increase (decrease) in net assets | (373,172,161) | (237,359,439) |
|
|
|
Net Assets | ||
Beginning of period | 2,250,040,756 | 2,487,400,195 |
End of period (including undistributed net investment income of $7,827,974 and undistributed net investment income of $20,538,750, respectively) | $ 1,876,868,595 | $ 2,250,040,756 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2015 | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 60.56 | $ 57.31 | $ 53.65 | $ 52.20 | $ 53.81 | $ 44.24 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .23 | .47 | .60 | .57 | .34 | .31 |
Net realized and unrealized gain (loss) | (.59) | 3.13 | 3.63 | 1.50 | (1.17) | 9.64 |
Total from investment operations | (.36) | 3.60 | 4.23 | 2.07 | (.83) | 9.95 |
Distributions from net investment income | (.50) | (.03) | (.57) | (.33) | (.35) | (.39) |
Distributions from net realized gain | (7.22) | (.32) | - | (.29) | (.44) | - |
Total distributions | (7.72) | (.35) | (.57) | (.62) | (.79) | (.39) |
Redemption fees added to paid in capital E | -I | -I | -I | -I | .01 | .01 |
Net asset value, end of period | $ 52.48 | $ 60.56 | $ 57.31 | $ 53.65 | $ 52.20 | $ 53.81 |
Total ReturnB, C, D | (.63)% | 6.32% | 7.98% | 4.04% | (1.64)% | 22.62% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.41%A | 1.29% | 1.19% | 1.08% | 1.12% | 1.24% |
Expenses net of fee waivers, if any | 1.41%A | 1.29% | 1.19% | 1.08% | 1.12% | 1.24% |
Expenses net of all reductions | 1.41%A | 1.29% | 1.18% | 1.08% | 1.12% | 1.18% |
Net investment income (loss) | .88%A | .79% | 1.11% | 1.11% | .59% | .63% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 79,837 | $ 95,004 | $ 116,661 | $ 159,597 | $ 215,369 | $ 170,446 |
Portfolio turnover rate G | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 60.22 | $ 57.14 | $ 53.48 | $ 52.01 | $ 53.64 | $ 44.11 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .15 | .29 | .45 | .43 | .17 | .18 |
Net realized and unrealized gain (loss) | (.59) | 3.11 | 3.63 | 1.49 | (1.16) | 9.60 |
Total from investment operations | (.44) | 3.40 | 4.08 | 1.92 | (.99) | 9.78 |
Distributions from net investment income | (.30) | - | (.42) | (.16) | (.21) | (.26) |
Distributions from net realized gain | (7.22) | (.32) | - | (.29) | (.44) | - |
Total distributions | (7.52) | (.32) | (.42) | (.45) | (.65) | (.26) |
Redemption fees added to paid in capital E | -I | -I | -I | -I | .01 | .01 |
Net asset value, end of period | $ 52.26 | $ 60.22 | $ 57.14 | $ 53.48 | $ 52.01 | $ 53.64 |
Total ReturnB, C, D | (.78)% | 5.99% | 7.69% | 3.74% | (1.93)% | 22.27% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.73%A | 1.59% | 1.47% | 1.36% | 1.42% | 1.51% |
Expenses net of fee waivers, if any | 1.73%A | 1.59% | 1.47% | 1.36% | 1.42% | 1.51% |
Expenses net of all reductions | 1.73%A | 1.59% | 1.46% | 1.36% | 1.42% | 1.46% |
Net investment income (loss) | .56%A | .48% | .83% | .83% | .30% | .36% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 17,420 | $ 21,989 | $ 23,751 | $ 29,626 | $ 34,323 | $ 31,522 |
Portfolio turnover rate G | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 59.27 | $ 56.53 | $ 52.89 | $ 51.37 | $ 53.03 | $ 43.68 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .02 | (.01) | .18 | .17 | (.11) | (.07) |
Net realized and unrealized gain (loss) | (.58) | 3.07 | 3.60 | 1.49 | (1.14) | 9.50 |
Total from investment operations | (.56) | 3.06 | 3.78 | 1.66 | (1.25) | 9.43 |
Distributions from net investment income | - | - | (.14) | - | (.01) | (.09) |
Distributions from net realized gain | (7.22) | (.32) | - | (.14) | (.41) | - |
Total distributions | (7.22) | (.32) | (.14) | (.14) | (.42) | (.09) |
Redemption fees added to paid in capital E | -I | -I | -I | -I | .01 | .01 |
Net asset value, end of period | $ 51.49 | $ 59.27 | $ 56.53 | $ 52.89 | $ 51.37 | $ 53.03 |
Total ReturnB, C, D | (1.02)% | 5.45% | 7.17% | 3.25% | (2.41)% | 21.64% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 2.20%A | 2.09% | 1.96% | 1.85% | 1.91% | 2.01% |
Expenses net of fee waivers, if any | 2.20%A | 2.09% | 1.96% | 1.85% | 1.91% | 2.01% |
Expenses net of all reductions | 2.20%A | 2.09% | 1.95% | 1.85% | 1.91% | 1.96% |
Net investment income (loss) | .09%A | (.01)% | .34% | .34% | (.20)% | (.14)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 4,749 | $ 6,290 | $ 7,737 | $ 9,804 | $ 11,866 | $ 13,464 |
Portfolio turnover rate G | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 59.04 | $ 56.27 | $ 52.61 | $ 51.19 | $ 52.87 | $ 43.60 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .02 | .20 | .19 | (.08) | (.06) |
Net realized and unrealized gain (loss) | (.58) | 3.07 | 3.58 | 1.46 | (1.14) | 9.48 |
Total from investment operations | (.55) | 3.09 | 3.78 | 1.65 | (1.22) | 9.42 |
Distributions from net investment income | (.02) | - | (.12) | - | (.03) | (.16) |
Distributions from net realized gain | (7.22) | (.32) | - | (.23) | (.44) | - |
Total distributions | (7.24) | (.32) | (.12) | (.23) | (.47) | (.16) |
Redemption fees added to paid in capital E | -I | -I | -I | -I | .01 | .01 |
Net asset value, end of period | $ 51.25 | $ 59.04 | $ 56.27 | $ 52.61 | $ 51.19 | $ 52.87 |
Total ReturnB, C, D | (1.00)% | 5.53% | 7.21% | 3.26% | (2.36)% | 21.68% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 2.17%A | 2.03% | 1.93% | 1.82% | 1.86% | 1.99% |
Expenses net of fee waivers, if any | 2.17%A | 2.03% | 1.92% | 1.82% | 1.86% | 1.99% |
Expenses net of all reductions | 2.17%A | 2.03% | 1.92% | 1.82% | 1.86% | 1.94% |
Net investment income (loss) | .12%A | .04% | .37% | .37% | (.15)% | (.12)% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 31,870 | $ 38,749 | $ 46,040 | $ 66,500 | $ 87,990 | $ 54,052 |
Portfolio turnover rateG | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Canada
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 60.95 | $ 57.72 | $ 54.05 | $ 52.59 | $ 54.14 | $ 44.46 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .31 | .66 | .77 | .73 | .52 | .46 |
Net realized and unrealized gain (loss) | (.59) | 3.13 | 3.66 | 1.51 | (1.18) | 9.68 |
Total from investment operations | (.28) | 3.79 | 4.43 | 2.24 | (.66) | 10.14 |
Distributions from net investment income | (.69) | (.24) | (.76) | (.49) | (.46) | (.47) |
Distributions from net realized gain | (7.22) | (.32) | - | (.29) | (.44) | - |
Total distributions | (7.91) | (.56) | (.76) | (.78) | (.90) | (.47) |
Redemption fees added to paid in capital D | -H | -H | -H | -H | .01 | .01 |
Net asset value, end of period | $ 52.76 | $ 60.95 | $ 57.72 | $ 54.05 | $ 52.59 | $ 54.14 |
Total ReturnB, C | (.48)% | 6.64% | 8.32% | 4.36% | (1.33)% | 22.97% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | 1.13%A | .98% | .87% | .77% | .82% | .94% |
Expenses net of fee waivers, if any | 1.13%A | .98% | .87% | .77% | .82% | .94% |
Expenses net of all reductions | 1.13%A | .98% | .86% | .77% | .82% | .89% |
Net investment income (loss) | 1.16%A | 1.09% | 1.42% | 1.42% | .90% | .93% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,720,761 | $ 2,057,843 | $ 2,262,380 | $ 2,992,597 | $ 3,778,765 | $ 3,953,693 |
Portfolio turnover rateF | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HAmount represents less than $.01 per share. |
Financial Highlights - Institutional Class
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 60.80 | $ 57.57 | $ 53.91 | $ 52.44 | $ 54.02 | $ 44.39 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .31 | .65 | .78 | .74 | .51 | .46 |
Net realized and unrealized gain (loss) | (.59) | 3.12 | 3.64 | 1.50 | (1.18) | 9.65 |
Total from investment operations | (.28) | 3.77 | 4.42 | 2.24 | (.67) | 10.11 |
Distributions from net investment income | (.68) | (.22) | (.76) | (.48) | (.48) | (.49) |
Distributions from net realized gain | (7.22) | (.32) | - | (.29) | (.44) | - |
Total distributions | (7.90) | (.54) | (.76) | (.77) | (.92) | (.49) |
Redemption fees added to paid in capital D | -H | -H | -H | -H | .01 | .01 |
Net asset value, end of period | $ 52.62 | $ 60.80 | $ 57.57 | $ 53.91 | $ 52.44 | $ 54.02 |
Total ReturnB, C | (.47)% | 6.62% | 8.34% | 4.38% | (1.35)% | 22.94% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | 1.11%A | 1.00% | .86% | .76% | .82% | .95% |
Expenses net of fee waivers, if any | 1.11%A | 1.00% | .86% | .76% | .82% | .95% |
Expenses net of all reductions | 1.11%A | 1.00% | .85% | .76% | .82% | .90% |
Net investment income (loss) | 1.18%A | 1.08% | 1.43% | 1.42% | .89% | .92% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 22,233 | $ 30,165 | $ 30,831 | $ 59,245 | $ 68,112 | $ 46,737 |
Portfolio turnover rateF | 26%A | 85% | 64% | 86% | 104% | 143% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, and Canada and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 458,564,043 |
Gross unrealized depreciation | (64,844,477) |
Net unrealized appreciation (depreciation) on securities | $ 393,719,566 |
|
|
Tax cost | $ 1,567,996,787 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $262,505,678 and $590,711,865, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Canada as compared to its benchmark index, the S&P/TSX Composite Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .87% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 108,098 | $ 3,759 |
Class T | .25% | .25% | 47,316 | 725 |
Class B | .75% | .25% | 27,053 | 20,358 |
Class C | .75% | .25% | 171,681 | 8,391 |
|
|
| $ 354,148 | $ 33,233 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 8,685 |
Class T | 2,024 |
Class B* | 3,581 |
Class C* | 1,037 |
| $ 15,327 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 101,162 | .23 |
Class T | 28,762 | .30 |
Class B | 7,285 | .27 |
Class C | 41,249 | .24 |
Canada | 1,887,847 | .20 |
Institutional Class | 23,567 | .19 |
| $ 2,089,872 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $276 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,655 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,800,330. Security
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Security Lending - continued
lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $19,937 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $9,697 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $4.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Canada expenses during the period in the amount of $15,012.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 783,478 | $ 53,142 |
Class T | 106,245 | - |
Class C | 12,920 | - |
Canada | 22,800,214 | 9,173,811 |
Institutional Class | 326,817 | 111,962 |
Total | $ 24,029,674 | $ 9,338,915 |
From net realized gain |
|
|
Class A | $ 11,358,847 | $ 629,831 |
Class T | 2,548,483 | 130,152 |
Class B | 742,098 | 42,217 |
Class C | 4,664,328 | 256,584 |
Canada | 239,967,215 | 12,282,929 |
Institutional Class | 3,449,733 | 161,386 |
Total | $ 262,730,704 | $ 13,503,099 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 118,017 | 144,381 | $ 6,407,912 | $ 8,740,780 |
Reinvestment of distributions | 200,582 | 9,784 | 10,552,616 | 552,980 |
Shares redeemed | (366,136) | (620,817) | (18,922,208) | (36,791,904) |
Net increase (decrease) | (47,537) | (466,652) | $ (1,961,680) | $ (27,498,144) |
Class T |
|
|
|
|
Shares sold | 13,348 | 29,501 | $ 699,517 | $ 1,790,320 |
Reinvestment of distributions | 49,518 | 2,264 | 2,597,730 | 127,592 |
Shares redeemed | (94,654) | (82,268) | (4,881,474) | (4,830,983) |
Net increase (decrease) | (31,788) | (50,503) | $ (1,584,227) | $ (2,913,071) |
Class B |
|
|
|
|
Shares sold | 1,646 | 547 | $ 85,015 | $ 32,504 |
Reinvestment of distributions | 12,380 | 630 | 641,184 | 35,107 |
Shares redeemed | (27,918) | (31,942) | (1,420,784) | (1,874,606) |
Net increase (decrease) | (13,892) | (30,765) | $ (694,585) | $ (1,806,995) |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class C |
|
|
|
|
Shares sold | 32,171 | 50,749 | $ 1,664,165 | $ 2,984,240 |
Reinvestment of distributions | 75,003 | 3,715 | 3,864,885 | 206,074 |
Shares redeemed | (141,619) | (216,291) | (7,130,852) | (12,480,545) |
Net increase (decrease) | (34,445) | (161,827) | $ (1,601,802) | $ (9,290,231) |
Canada |
|
|
|
|
Shares sold | 792,276 | 1,968,387 | $ 41,470,947 | $ 119,959,708 |
Reinvestment of distributions | 4,716,591 | 358,786 | 249,177,482 | 20,353,959 |
Shares redeemed | (6,655,960) | (7,758,261) | (343,808,869) | (462,389,717) |
Net increase (decrease) | (1,147,093) | (5,431,088) | $ (53,160,440) | $ (322,076,050) |
Institutional Class |
|
|
|
|
Shares sold | 52,286 | 331,645 | $ 2,732,648 | $ 20,156,294 |
Reinvestment of distributions | 49,883 | 3,804 | 2,628,352 | 215,319 |
Shares redeemed | (175,747) | (374,817) | (9,128,877) | (22,474,114) |
Net increase (decrease) | (73,578) | (39,368) | $ (3,767,877) | $ (2,102,501) |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(UK) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
ACANI-USAN-0615
1.843160.107
Fidelity Advisor®
Japan
Fund - Class A, Class T, Class B, and Class C
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Class A, Class T, Class B, and Class C are
classes of Fidelity® Japan Fund
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Japan Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Class A | 1.11% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,062.80 | $ 5.68 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.29 | $ 5.56 |
Class T | 1.44% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,061.10 | $ 7.36 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.65 | $ 7.20 |
Class B | 1.92% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,058.40 | $ 9.80 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.27 | $ 9.59 |
Class C | 1.82% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,059.60 | $ 9.29 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.77 | $ 9.10 |
Japan | .81% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,064.60 | $ 4.15 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.78 | $ 4.06 |
Institutional Class | .80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,064.40 | $ 4.09 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.83 | $ 4.01 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Japan Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
Japan | 90.3% |
| |
United States of America* | 7.5% |
| |
Korea (South) | 1.8% |
| |
Singapore | 0.4% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Japan | 96.0% |
| |
United States of America* | 2.4% |
| |
Korea (South) | 1.6% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 92.5 | 97.6 |
Short-Term Investments and Net Other Assets (Liabilities) | 7.5 | 2.4 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Astellas Pharma, Inc. (Pharmaceuticals) | 4.7 | 5.5 |
Mitsubishi UFJ Financial Group, Inc. (Banks) | 4.1 | 3.8 |
East Japan Railway Co. (Road & Rail) | 4.1 | 4.3 |
KDDI Corp. (Wireless Telecommunication Services) | 3.4 | 3.5 |
Honda Motor Co. Ltd. (Automobiles) | 3.2 | 3.8 |
Hoya Corp. (Electronic Equipment & Components) | 3.2 | 4.5 |
Hitachi Ltd. (Electronic Equipment & Components) | 3.2 | 2.7 |
SoftBank Corp. (Wireless Telecommunication Services) | 3.1 | 3.3 |
ORIX Corp. (Diversified Financial Services) | 3.1 | 3.1 |
Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) | 2.9 | 3.4 |
| 35.0 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Consumer Discretionary | 20.0 | 21.2 |
Financials | 19.2 | 18.0 |
Information Technology | 16.8 | 15.1 |
Industrials | 12.1 | 13.5 |
Health Care | 10.0 | 8.0 |
Telecommunication Services | 7.5 | 8.8 |
Consumer Staples | 3.8 | 7.7 |
Materials | 3.1 | 2.9 |
Utilities | 0.0 | 1.8 |
Energy | 0.0 | 0.6 |
Semiannual Report
Fidelity Japan Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.5% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 20.0% | |||
Auto Components - 3.6% | |||
Bridgestone Corp. | 236,400 | $ 9,901,304 | |
NGK Spark Plug Co. Ltd. | 128,300 | 3,592,829 | |
Sumitomo Electric Industries Ltd. | 351,900 | 4,971,700 | |
| 18,465,833 | ||
Automobiles - 10.0% | |||
Honda Motor Co. Ltd. | 495,700 | 16,618,531 | |
Isuzu Motors Ltd. | 258,800 | 3,430,087 | |
Mazda Motor Corp. | 276,900 | 5,427,793 | |
Suzuki Motor Corp. | 376,800 | 12,178,980 | |
Toyota Motor Corp. | 190,800 | 13,281,423 | |
| 50,936,814 | ||
Household Durables - 3.5% | |||
Casio Computer Co. Ltd. (d) | 144,300 | 2,917,507 | |
Iida Group Holdings Co. Ltd. | 339,400 | 4,555,324 | |
Nihon House Holdings Co. Ltd. (d) | 336,600 | 1,570,160 | |
Rinnai Corp. | 25,800 | 1,957,525 | |
Sony Corp. | 232,400 | 7,025,857 | |
| 18,026,373 | ||
Internet & Catalog Retail - 0.4% | |||
Rakuten, Inc. | 121,900 | 2,129,648 | |
Leisure Products - 0.2% | |||
Sega Sammy Holdings, Inc. | 83,300 | 1,162,900 | |
Multiline Retail - 0.4% | |||
Don Quijote Holdings Co. Ltd. | 27,500 | 2,098,096 | |
Textiles, Apparel & Luxury Goods - 1.9% | |||
Japan Tobacco, Inc. | 276,100 | 9,641,650 | |
TOTAL CONSUMER DISCRETIONARY | 102,461,314 | ||
CONSUMER STAPLES - 3.8% | |||
Beverages - 1.0% | |||
Asahi Group Holdings | 156,000 | 5,016,498 | |
Food & Staples Retailing - 2.8% | |||
Seven & i Holdings Co. Ltd. | 158,200 | 6,800,123 | |
Sundrug Co. Ltd. | 56,600 | 2,840,338 | |
Tsuruha Holdings, Inc. | 24,800 | 1,798,713 | |
Welcia Holdings Co. Ltd. (d) | 72,700 | 3,178,975 | |
| 14,618,149 | ||
TOTAL CONSUMER STAPLES | 19,634,647 | ||
FINANCIALS - 19.2% | |||
Banks - 5.9% | |||
Mitsubishi UFJ Financial Group, Inc. | 2,986,700 | 21,218,562 | |
Sumitomo Mitsui Financial Group, Inc. | 205,000 | 8,951,243 | |
| 30,169,805 | ||
Capital Markets - 0.6% | |||
Monex Group, Inc. | 1,190,400 | 3,235,402 | |
| |||
Shares | Value | ||
Consumer Finance - 1.6% | |||
ACOM Co. Ltd. (a)(d) | 2,413,300 | $ 8,012,998 | |
Diversified Financial Services - 4.3% | |||
Japan Exchange Group, Inc. | 218,100 | 6,301,382 | |
ORIX Corp. | 1,021,800 | 15,713,650 | |
| 22,015,032 | ||
Insurance - 2.2% | |||
Tokio Marine Holdings, Inc. | 275,100 | 11,214,647 | |
Real Estate Investment Trusts - 0.7% | |||
Parkway Life (REIT) | 1,109,000 | 2,053,393 | |
Sekisui House (REIT), Inc. (a) | 1,502 | 1,781,689 | |
| 3,835,082 | ||
Real Estate Management & Development - 3.9% | |||
AEON MALL Co. Ltd. | 282,700 | 5,273,463 | |
Mitsui Fudosan Co. Ltd. | 494,000 | 14,644,286 | |
| 19,917,749 | ||
TOTAL FINANCIALS | 98,400,715 | ||
HEALTH CARE - 10.0% | |||
Health Care Equipment & Supplies - 1.4% | |||
Olympus Corp. (a) | 195,700 | 7,047,157 | |
Health Care Providers & Services - 3.9% | |||
Message Co. Ltd. (d) | 243,700 | 7,555,237 | |
Miraca Holdings, Inc. | 104,100 | 5,237,214 | |
Ship Healthcare Holdings, Inc. | 295,700 | 7,226,958 | |
| 20,019,409 | ||
Pharmaceuticals - 4.7% | |||
Astellas Pharma, Inc. | 1,528,500 | 23,799,814 | |
TOTAL HEALTH CARE | 50,866,380 | ||
INDUSTRIALS - 12.1% | |||
Building Products - 0.5% | |||
LIXIL Group Corp. | 134,600 | 2,805,540 | |
Construction & Engineering - 0.7% | |||
Toshiba Plant Systems & Services Corp. | 246,000 | 3,420,368 | |
Electrical Equipment - 3.1% | |||
Mitsubishi Electric Corp. | 641,000 | 8,371,274 | |
Nidec Corp. (d) | 99,000 | 7,405,676 | |
| 15,776,950 | ||
Industrial Conglomerates - 1.1% | |||
Toshiba Corp. | 1,445,000 | 5,789,479 | |
Machinery - 1.6% | |||
Komatsu Ltd. | 113,100 | 2,275,473 | |
Makita Corp. | 117,000 | 5,838,800 | |
| 8,114,273 | ||
Professional Services - 0.3% | |||
Funai Soken Holdings, Inc. | 145,800 | 1,471,785 | |
Road & Rail - 4.1% | |||
East Japan Railway Co. | 234,900 | 20,762,118 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Trading Companies & Distributors - 0.7% | |||
Misumi Group, Inc. | 96,100 | $ 3,606,453 | |
TOTAL INDUSTRIALS | 61,746,966 | ||
INFORMATION TECHNOLOGY - 16.8% | |||
Electronic Equipment & Components - 10.4% | |||
Azbil Corp. | 207,200 | 5,458,080 | |
Hitachi Ltd. | 2,358,000 | 16,088,406 | |
Hoya Corp. | 430,200 | 16,580,294 | |
OMRON Corp. | 66,500 | 3,053,551 | |
Shimadzu Corp. | 792,000 | 9,263,887 | |
TDK Corp. | 34,900 | 2,513,926 | |
| 52,958,144 | ||
Internet Software & Services - 3.4% | |||
DeNA Co. Ltd. (d) | 168,500 | 3,365,961 | |
Kakaku.com, Inc. (d) | 617,000 | 9,568,417 | |
NAVER Corp. | 7,649 | 4,615,917 | |
| 17,550,295 | ||
Semiconductors & Semiconductor Equipment - 1.4% | |||
Sanken Electric Co. Ltd. | 626,000 | 4,787,139 | |
Sumco Corp. | 150,200 | 2,266,246 | |
| 7,053,385 | ||
Technology Hardware, Storage & Peripherals - 1.6% | |||
NEC Corp. | 1,043,000 | 3,470,073 | |
Samsung Electronics Co. Ltd. | 3,718 | 4,867,080 | |
| 8,337,153 | ||
TOTAL INFORMATION TECHNOLOGY | 85,898,977 | ||
MATERIALS - 3.1% | |||
Chemicals - 2.5% | |||
JSR Corp. | 289,800 | 4,943,245 | |
Shin-Etsu Chemical Co. Ltd. | 132,600 | 8,105,685 | |
| 13,048,930 | ||
Metals & Mining - 0.6% | |||
Kobe Steel Ltd. | 806,000 | 1,464,977 | |
Yamato Kogyo Co. Ltd. | 58,400 | 1,374,030 | |
| 2,839,007 | ||
TOTAL MATERIALS | 15,887,937 | ||
| |||
Shares | Value | ||
TELECOMMUNICATION SERVICES - 7.5% | |||
Diversified Telecommunication Services - 1.0% | |||
Nippon Telegraph & Telephone Corp. | 72,400 | $ 4,888,810 | |
Wireless Telecommunication Services - 6.5% | |||
KDDI Corp. | 738,000 | 17,462,809 | |
SoftBank Corp. | 252,100 | 15,758,860 | |
| 33,221,669 | ||
TOTAL TELECOMMUNICATION SERVICES | 38,110,479 | ||
TOTAL COMMON STOCKS (Cost $440,729,278) |
| ||
Money Market Funds - 11.6% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.15% (b) | 35,525,225 | 35,525,225 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 24,006,616 | 24,006,616 | |
TOTAL MONEY MARKET FUNDS (Cost $59,531,841) |
| ||
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $500,261,119) | 532,539,256 | ||
NET OTHER ASSETS (LIABILITIES) - (4.1)% | (21,046,122) | ||
NET ASSETS - 100% | $ 511,493,134 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 4,310 |
Fidelity Securities Lending Cash Central Fund | 29,222 |
Total | $ 33,532 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 102,461,314 | $ - | $ 102,461,314 | $ - |
Consumer Staples | 19,634,647 | - | 19,634,647 | - |
Financials | 98,400,715 | 2,053,393 | 96,347,322 | - |
Health Care | 50,866,380 | - | 50,866,380 | - |
Industrials | 61,746,966 | - | 61,746,966 | - |
Information Technology | 85,898,977 | 9,482,997 | 76,415,980 | - |
Materials | 15,887,937 | - | 15,887,937 | - |
Telecommunication Services | 38,110,479 | - | 38,110,479 | - |
Money Market Funds | 59,531,841 | 59,531,841 | - | - |
Total Investments in Securities: | $ 532,539,256 | $ 71,068,231 | $ 461,471,025 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Japan Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $22,811,689) - See accompanying schedule: Unaffiliated issuers (cost $440,729,278) | $ 473,007,415 |
|
Fidelity Central Funds (cost $59,531,841) | 59,531,841 |
|
Total Investments (cost $500,261,119) |
| $ 532,539,256 |
Cash |
| 10,121 |
Receivable for investments sold | 1,594,762 | |
Receivable for fund shares sold | 3,012,724 | |
Dividends receivable | 3,061,863 | |
Distributions receivable from Fidelity Central Funds | 9,390 | |
Prepaid expenses | 348 | |
Other receivables | 622 | |
Total assets | 540,229,086 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 3,966,053 | |
Payable for fund shares redeemed | 399,433 | |
Accrued management fee | 204,213 | |
Distribution and service plan fees payable | 17,606 | |
Other affiliated payables | 95,341 | |
Other payables and accrued expenses | 46,690 | |
Collateral on securities loaned, at value | 24,006,616 | |
Total liabilities | 28,735,952 | |
|
|
|
Net Assets | $ 511,493,134 | |
Net Assets consist of: |
| |
Paid in capital | $ 659,867,879 | |
Undistributed net investment income | 1,622,768 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (182,270,942) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 32,273,429 | |
Net Assets | $ 511,493,134 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 12.33 | |
|
|
|
Maximum offering price per share (100/94.25 of $12.33) | $ 13.08 | |
Class T: | $ 12.33 | |
|
|
|
Maximum offering price per share (100/96.50 of $12.33) | $ 12.78 | |
Class B: | $ 12.33 | |
|
|
|
Class C: | $ 12.27 | |
|
|
|
Japan: | $ 12.35 | |
|
|
|
Institutional Class: | $ 12.32 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Japan Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 4,021,326 |
Income from Fidelity Central Funds |
| 33,532 |
Income before foreign taxes withheld |
| 4,054,858 |
Less foreign taxes withheld |
| (406,804) |
Total income |
| 3,648,054 |
|
|
|
Expenses | ||
Management fee | $ 1,592,218 | |
Performance adjustment | (423,430) | |
Transfer agent fees | 436,644 | |
Distribution and service plan fees | 97,472 | |
Accounting and security lending fees | 119,428 | |
Custodian fees and expenses | 24,178 | |
Independent trustees' compensation | 921 | |
Registration fees | 67,071 | |
Audit | 39,800 | |
Legal | 698 | |
Miscellaneous | 1,764 | |
Total expenses before reductions | 1,956,764 | |
Expense reductions | (1,452) | 1,955,312 |
Net investment income (loss) | 1,692,742 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (187,265) | |
Foreign currency transactions | (232,846) | |
Total net realized gain (loss) |
| (420,111) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 24,902,961 | |
Assets and liabilities in foreign currencies | 37,979 | |
Total change in net unrealized appreciation (depreciation) |
| 24,940,940 |
Net gain (loss) | 24,520,829 | |
Net increase (decrease) in net assets resulting from operations | $ 26,213,571 |
Statement of Changes in Net Assets
| Six months ended April 30, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 1,692,742 | $ 3,447,815 |
Net realized gain (loss) | (420,111) | (3,239,373) |
Change in net unrealized appreciation (depreciation) | 24,940,940 | (11,748,802) |
Net increase (decrease) in net assets resulting from operations | 26,213,571 | (11,540,360) |
Distributions to shareholders from net investment income | (3,310,432) | (4,561,447) |
Distributions to shareholders from net realized gain | - | (402,380) |
Total distributions | (3,310,432) | (4,963,827) |
Share transactions - net increase (decrease) | 13,605,778 | (48,052,746) |
Redemption fees | 49,730 | 110,748 |
Total increase (decrease) in net assets | 36,558,647 | (64,446,185) |
|
|
|
Net Assets | ||
Beginning of period | 474,934,487 | 539,380,672 |
End of period (including undistributed net investment income of $1,622,768 and undistributed net investment income of $3,240,458, respectively) | $ 511,493,134 | $ 474,934,487 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2015 | Years ended October 31, | |||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 11.65 | $ 12.00 | $ 9.30 | $ 9.54 | $ 10.83 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E | .03 | .05 | .08 | .09 | .09 |
Net realized and unrealized gain (loss) | .70 | (.31) | 2.80 | (.15) | (1.39) |
Total from investment operations | .73 | (.26) | 2.88 | (.06) | (1.30) |
Distributions from net investment income | (.05) | (.08) | (.11) | (.13) | - |
Distributions from net realized gain | - | (.01) | (.08) | (.05) | - |
Total distributions | (.05) | (.09) | (.19) | (.18) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | - K | .01 |
Net asset value, end of period | $ 12.33 | $ 11.65 | $ 12.00 | $ 9.30 | $ 9.54 |
Total ReturnB, C, D | 6.28% | (2.18)% | 31.58% | (.64)% | (11.91)% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions | 1.11%A | 1.23% | 1.26% | 1.42% | 1.20%A |
Expenses net of fee waivers, if any | 1.11%A | 1.23% | 1.26% | 1.38% | 1.20%A |
Expenses net of all reductions | 1.11%A | 1.23% | 1.25% | 1.36% | 1.16%A |
Net investment income (loss) | .49% A | .41% | .75% | .94% | 1.02% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 19,442 | $ 21,352 | $ 20,520 | $ 9,495 | $ 13,208 |
Portfolio turnover rate G | 47% A | 112% | 68% | 52% | 134% J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period December 14, 2010 (commencement of sale of shares) to October 31, 2011. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended April 30, 2015 | Years ended October 31, | |||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 11.62 | $ 11.96 | $ 9.28 | $ 9.51 | $ 10.83 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E | .01 | .01 | .05 | .06 | .07 |
Net realized and unrealized gain (loss) | .70 | (.30) | 2.78 | (.13) | (1.40) |
Total from investment operations | .71 | (.29) | 2.83 | (.07) | (1.33) |
Distributions from net investment income | - | (.04) | (.08) | (.11) | - |
Distributions from net realized gain | - | (.01) | (.08) | (.05) | - |
Total distributions | - | (.05) | (.16) | (.16) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | - K | .01 |
Net asset value, end of period | $ 12.33 | $ 11.62 | $ 11.96 | $ 9.28 | $ 9.51 |
Total ReturnB, C, D | 6.11% | (2.42)% | 31.04% | (.75)% | (12.19)% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions | 1.44%A | 1.54% | 1.55% | 1.70% | 1.48%A |
Expenses net of fee waivers, if any | 1.44%A | 1.54% | 1.55% | 1.66% | 1.48%A |
Expenses net of all reductions | 1.44%A | 1.54% | 1.53% | 1.64% | 1.44%A |
Net investment income (loss) | .16% A | .10% | .46% | .66% | .74% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 4,449 | $ 4,104 | $ 5,357 | $ 3,934 | $ 4,643 |
Portfolio turnover rate G | 47% A | 112% | 68% | 52% | 134% J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period December 14, 2010 (commencement of sale of shares) to October 31, 2011. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2015 | Years ended October 31, | |||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 11.65 | $ 12.00 | $ 9.26 | $ 9.47 | $ 10.83 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E | (.02) | (.04) | - K | .02 | .02 |
Net realized and unrealized gain (loss) | .70 | (.31) | 2.80 | (.14) | (1.39) |
Total from investment operations | .68 | (.35) | 2.80 | (.12) | (1.37) |
Distributions from net investment income | - | - | - | (.04) | - |
Distributions from net realized gain | - | - | (.07) | (.05) | - |
Total distributions | - | - | (.07) | (.09) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | - K | .01 |
Net asset value, end of period | $ 12.33 | $ 11.65 | $ 12.00 | $ 9.26 | $ 9.47 |
Total ReturnB, C, D | 5.84% | (2.92)% | 30.52% | (1.24)% | (12.56)% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions | 1.92%A | 2.02% | 2.02% | 2.17% | 1.95%A |
Expenses net of fee waivers, if any | 1.92%A | 2.02% | 2.02% | 2.13% | 1.95%A |
Expenses net of all reductions | 1.92%A | 2.02% | 2.01% | 2.11% | 1.91%A |
Net investment income (loss) | (.32)% A | (.37)% | (.02)% | .19% | .27% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 428 | $ 452 | $ 874 | $ 1,012 | $ 1,458 |
Portfolio turnover rate G | 47% A | 112% | 68% | 52% | 134% J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period December 14, 2010 (commencement of sale of shares) to October 31, 2011. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended April 30, 2015 | Years ended October 31, | |||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 H |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 11.58 | $ 11.96 | $ 9.25 | $ 9.48 | $ 10.83 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) E | (.01) | (.03) | - K | .02 | .03 |
Net realized and unrealized gain (loss) | .70 | (.32) | 2.79 | (.14) | (1.39) |
Total from investment operations | .69 | (.35) | 2.79 | (.12) | (1.36) |
Distributions from net investment income | - | (.03) | (.01) | (.06) | - |
Distributions from net realized gain | - | (.01) | (.08) | (.05) | - |
Total distributions | - | (.03) L | (.09) | (.11) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | - K | .01 |
Net asset value, end of period | $ 12.27 | $ 11.58 | $ 11.96 | $ 9.25 | $ 9.48 |
Total ReturnB, C, D | 5.96% | (2.90)% | 30.55% | (1.27)% | (12.47)% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
Expenses before reductions | 1.82%A | 1.93% | 1.97% | 2.15% | 1.92%A |
Expenses net of fee waivers, if any | 1.82%A | 1.93% | 1.97% | 2.11% | 1.92%A |
Expenses net of all reductions | 1.82%A | 1.93% | 1.95% | 2.09% | 1.88%A |
Net investment income (loss) | (.22)% A | (.29)% | .04% | .21% | .30% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 14,179 | $ 13,162 | $ 11,824 | $ 7,015 | $ 8,750 |
Portfolio turnover rateG | 47% A | 112% | 68% | 52% | 134% J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period December 14, 2010 (commencement of sale of shares) to October 31, 2011. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. LTotal distributions of $.03 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.009 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Japan
| Six months ended April 30, 2015 | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 11.69 | $ 12.03 | $ 9.34 | $ 9.57 | $ 10.57 | $ 10.03 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .05 | .09 | .12 | .12 | .15 | .10 |
Net realized and unrealized gain (loss) | .70 | (.32) | 2.79 | (.14) | (.75) | .61 |
Total from investment operations | .75 | (.23) | 2.91 | (.02) | (.60) | .71 |
Distributions from net investment income | (.09) | (.11) | (.15) | (.16) | (.20) | (.07) |
Distributions from net realized gain | - | (.01) | (.08) | (.05) | (.21) | (.10) |
Total distributions | (.09) | (.11) J | (.23) | (.21) | (.41) | (.17) |
Redemption fees added to paid in capital D | - I | - I | .01 | - I | .01 | - I |
Net asset value, end of period | $ 12.35 | $ 11.69 | $ 12.03 | $ 9.34 | $ 9.57 | $ 10.57 |
Total ReturnB, C | 6.46% | (1.90)% | 31.92% | (.19)% | (6.00)% | 7.12% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .81%A | .90% | .93% | 1.09% | .86% | .93% |
Expenses net of fee waivers, if any | .81%A | .90% | .93% | 1.06% | .84% | .93% |
Expenses net of all reductions | .81%A | .90% | .91% | 1.04% | .80% | .93% |
Net investment income (loss) | .79% A | .74% | 1.08% | 1.26% | 1.38% | .97% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 457,130 | $ 415,612 | $ 480,773 | $ 353,550 | $ 450,417 | $ 649,316 |
Portfolio turnover rateF | 47% A | 112% | 68% | 52% | 134% H | 43% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HThe portfolio turnover rate does not include the assets acquired in the merger. IAmount represents less than $.01 per share. JTotal distributions of $.11 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.009 per share. |
Financial Highlights - Institutional Class
| Six months ended April 30, 2015 | Years ended October 31, | |||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 G |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period | $ 11.67 | $ 12.02 | $ 9.33 | $ 9.57 | $ 10.83 |
Income from Investment Operations |
|
|
|
|
|
Net investment income (loss) D | .05 | .09 | .13 | .12 | .13 |
Net realized and unrealized gain (loss) | .69 | (.32) | 2.78 | (.14) | (1.40) |
Total from investment operations | .74 | (.23) | 2.91 | (.02) | (1.27) |
Distributions from net investment income | (.09) | (.12) | (.15) | (.17) | - |
Distributions from net realized gain | - | (.01) | (.08) | (.05) | - |
Total distributions | (.09) | (.12) K | (.23) | (.22) | - |
Redemption fees added to paid in capital D | - J | - J | .01 | - J | .01 |
Net asset value, end of period | $ 12.32 | $ 11.67 | $ 12.02 | $ 9.33 | $ 9.57 |
Total ReturnB, C | 6.44% | (1.90)% | 32.04% | (.18)% | (11.63)% |
Ratios to Average Net Assets E, H |
|
|
|
|
|
Expenses before reductions | .80%A | .89% | .90% | 1.03% | .79%A |
Expenses net of fee waivers, if any | .80%A | .89% | .90% | 1.01% | .79%A |
Expenses net of all reductions | .80%A | .89% | .88% | .99% | .75%A |
Net investment income (loss) | .80% A | .76% | 1.11% | 1.31% | 1.43% A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 15,865 | $ 20,253 | $ 20,033 | $ 1,488 | $ 2,715 |
Portfolio turnover rateF | 47% A | 112% | 68% | 52% | 134% I |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GFor the period December 14, 2010 (commencement of sale of shares) to October 31, 2011. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IThe portfolio turnover rate does not include the assets acquired in the merger. JAmount represents less than $.01 per share. KTotal distributions of $.12 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.009 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Japan Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Japan and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), expiring capital loss carryforwards, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 50,344,709 |
Gross unrealized depreciation | (21,838,082) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 28,506,627 |
|
|
Tax cost | $ 504,032,629 |
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2016 | $ (3,870,588) |
2017 | (41,604,070) |
2018 | (26,887,863) |
2019 | (98,806,037) |
Total with expiration | (171,168,558) |
No expiration |
|
Short-term | (3,919,546) |
Long-term | (2,173,158) |
Total no expiration | (6,092,704) |
Total capital loss carryforward | $ (177,261,262) |
Due to large redemptions in a prior period, $141,955,883 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $18,885,324 per year.
The Fund acquired $5,487,891 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $1,371,973 per year.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $105,071,328 and $120,043,843, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Japan as compared to its benchmark index, the TOPIX, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .51% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 21,821 | $ 654 |
Class T | .25% | .25% | 9,930 | 148 |
Class B | .75% | .25% | 2,129 | 1,602 |
Class C | .75% | .25% | 63,592 | 18,452 |
|
|
| $ 97,472 | $ 20,856 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 23,671 |
Class T | 1,454 |
Class B* | 7 |
Class C* | 2,776 |
| $ 27,908 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 20,710 | .24 |
Class T | 6,248 | .31 |
Class B | 627 | .29 |
Class C | 12,665 | .20 |
Japan | 384,076 | .19 |
Institutional Class | 12,318 | .17 |
| $ 436,644 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $355 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Semiannual Report
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $29,222. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $352 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Japan expenses during the period in the amount of $1,100.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 79,823 | $ 141,802 |
Class T | - | 19,055 |
Class C | - | 25,435 |
Japan | 3,066,127 | 4,169,355 |
Institutional Class | 164,482 | 205,800 |
Total | $ 3,310,432 | $ 4,561,447 |
From net realized gain |
|
|
Class A | $ - | $ 15,756 |
Class T | - | 3,988 |
Class C | - | 9,157 |
Japan | - | 357,373 |
Institutional Class | - | 16,106 |
Total | $ - | $ 402,380 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
| Six months ended | Year ended | Six months ended | Year ended |
Class A |
|
|
|
|
Shares sold | 409,457 | 952,008 | $ 4,956,746 | $ 11,244,440 |
Reinvestment of distributions | 6,565 | 11,439 | 74,452 | 136,237 |
Shares redeemed | (672,047) | (840,548) | (7,649,077) | (9,766,930) |
Net increase (decrease) | (256,025) | 122,899 | $ (2,617,879) | $ 1,613,747 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended | Year ended | Six months ended | Year ended |
Class T |
|
|
|
|
Shares sold | 70,805 | 64,476 | $ 843,542 | $ 752,702 |
Reinvestment of distributions | - | 1,875 | - | 22,328 |
Shares redeemed | (63,130) | (160,810) | (723,971) | (1,872,832) |
Net increase (decrease) | 7,675 | (94,459) | $ 119,571 | $ (1,097,802) |
Class B |
|
|
|
|
Shares sold | 664 | 818 | $ 8,249 | $ 10,000 |
Shares redeemed | (4,750) | (34,849) | (55,599) | (406,096) |
Net increase (decrease) | (4,086) | (34,031) | $ (47,350) | $ (396,096) |
Class C |
|
|
|
|
Shares sold | 220,605 | 496,705 | $ 2,604,188 | $ 5,806,151 |
Reinvestment of distributions | - | 2,168 | - | 25,821 |
Shares redeemed | (201,087) | (351,222) | (2,274,742) | (4,038,883) |
Net increase (decrease) | 19,518 | 147,651 | $ 329,446 | $ 1,793,089 |
Japan |
|
|
|
|
Shares sold | 7,402,038 | 4,922,211 | $ 90,325,394 | $ 57,652,164 |
Reinvestment of distributions | 262,630 | 370,099 | 2,980,854 | 4,407,882 |
Shares redeemed | (6,197,999) | (9,716,469) | (73,161,057) | (112,632,153) |
Net increase (decrease) | 1,466,669 | (4,424,159) | $ 20,145,191 | $ (50,572,107) |
Institutional Class |
|
|
|
|
Shares sold | 1,018,989 | 916,937 | $ 12,375,685 | $ 10,668,831 |
Reinvestment of distributions | 14,222 | 13,570 | 161,134 | 161,488 |
Shares redeemed | (1,480,839) | (862,451) | (16,860,020) | (10,223,896) |
Net increase (decrease) | (447,628) | 68,056 | $ (4,323,201) | $ 606,423 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers International Fund was the owner of record of approximately 36% of the total outstanding shares of the Fund. Mutual Funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 47% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (UK) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
(Fidelity Investment logo)(registered trademark)
AJPNA-USAN-0615
1.917400.104
Fidelity Advisor®
Latin America Fund -
Class A, Class T, Class B, and Class C
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Class A, Class T, Class B, and Class C are
classes of Fidelity® Latin America Fund
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Latin America Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Class A | 1.39% |
|
|
|
Actual |
| $ 1,000.00 | $ 851.00 | $ 6.38 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.90 | $ 6.95 |
Class T | 1.66% |
|
|
|
Actual |
| $ 1,000.00 | $ 849.90 | $ 7.61 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.56 | $ 8.30 |
Class B | 2.14% |
|
|
|
Actual |
| $ 1,000.00 | $ 848.00 | $ 9.81 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.18 | $ 10.69 |
Class C | 2.14% |
|
|
|
Actual |
| $ 1,000.00 | $ 848.10 | $ 9.81 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.18 | $ 10.69 |
Latin America | 1.12% |
|
|
|
Actual |
| $ 1,000.00 | $ 852.40 | $ 5.14 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.24 | $ 5.61 |
Institutional Class | 1.04% |
|
|
|
Actual |
| $ 1,000.00 | $ 852.40 | $ 4.78 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.64 | $ 5.21 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Latin America Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
Brazil | 44.0% |
| |
Mexico | 27.0% |
| |
Chile | 12.3% |
| |
Colombia | 7.3% |
| |
Peru | 3.2% |
| |
United States of America* | 1.5% |
| |
Spain | 1.5% |
| |
Panama | 1.3% |
| |
Argentina | 0.5% |
| |
Other | 1.4% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Brazil | 49.8% |
| |
Mexico | 24.1% |
| |
Chile | 10.1% |
| |
Colombia | 8.7% |
| |
Peru | 2.8% |
| |
United States of America* | 1.6% |
| |
Panama | 1.1% |
| |
Spain | 1.0% |
| |
Puerto Rico | 0.4% |
| |
Other | 0.4% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 99.1 | 99.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.9 | 1.0 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
America Movil S.A.B. de CV Series L (Mexico, Wireless Telecommunication Services) | 6.6 | 6.9 |
Itau Unibanco Holding SA (Brazil, Banks) | 6.5 | 7.3 |
Ambev SA sponsored ADR (Brazil, Beverages) | 6.1 | 4.7 |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR (Mexico, Beverages) | 4.1 | 3.2 |
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) | 3.3 | 3.8 |
Banco Bradesco SA (PN) (Brazil, Banks) | 3.1 | 2.7 |
Wal-Mart de Mexico SA de CV Series V (Mexico, Food & Staples Retailing) | 2.7 | 2.1 |
Petroleo Brasileiro SA - Petrobras (ON) (Brazil, Oil, Gas & Consumable Fuels) | 2.6 | 0.8 |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (Brazil, Food & Staples Retailing) | 2.5 | 2.4 |
Grupo de Inversiones Suramerica SA (Colombia, Diversified Financial Services) | 2.5 | 2.3 |
| 40.0 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 30.3 | 30.9 |
Consumer Staples | 23.8 | 20.7 |
Telecommunication Services | 9.9 | 12.0 |
Consumer Discretionary | 7.7 | 6.2 |
Materials | 7.4 | 8.3 |
Energy | 7.3 | 7.8 |
Industrials | 6.7 | 6.6 |
Utilities | 3.4 | 3.2 |
Information Technology | 1.9 | 2.1 |
Health Care | 0.7 | 1.2 |
Market Sectors may include more than one industry category. |
The fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Latin American market. As of April 30, 2015, the fund did not have more than 25% of its total assets invested in any one industry. |
Semiannual Report
Fidelity Latin America Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 73.1% | |||
Shares | Value | ||
Argentina - 0.5% | |||
Banco Macro SA sponsored ADR | 39,000 | $ 2,154,750 | |
Inversiones y Representaciones SA ADR (a) | 94,100 | 1,705,092 | |
TOTAL ARGENTINA | 3,859,842 | ||
Belgium - 0.5% | |||
Euronav NV (d) | 152,900 | 2,104,052 | |
Euronav NV | 128,200 | 1,728,136 | |
TOTAL BELGIUM | 3,832,188 | ||
Brazil - 18.8% | |||
Banco Bradesco SA | 350,880 | 3,498,377 | |
BB Seguridade Participacoes SA | 1,367,500 | 15,999,062 | |
Brasil Brokers Participacoes SA | 2,701,800 | 2,466,005 | |
CCR SA | 1,880,900 | 10,362,913 | |
Cielo SA | 1,013,040 | 14,101,428 | |
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | 1,676,200 | 9,902,707 | |
Cyrela Brazil Realty SA | 287,300 | 1,118,515 | |
Embraer SA | 395,800 | 3,087,107 | |
Estacio Participacoes SA | 257,600 | 1,556,056 | |
Hypermarcas SA (a) | 524,700 | 3,462,067 | |
Industrias Romi SA | 3,235,900 | 2,577,593 | |
Itausa-Investimentos Itau SA | 7 | 24 | |
M. Dias Branco SA | 368,400 | 10,581,435 | |
MAHLE Metal Leve SA | 314,800 | 2,120,991 | |
Multiplus SA | 838,600 | 9,324,118 | |
Petroleo Brasileiro SA - Petrobras (ON) | 4,017,028 | 18,998,871 | |
Porto Seguro SA | 133,300 | 1,667,494 | |
QGEP Participacoes SA | 2,590,000 | 6,240,860 | |
Souza Cruz SA | 1,084,700 | 9,900,347 | |
Tegma Gestao Logistica SA | 270,300 | 1,354,662 | |
TIM Participacoes SA | 1,439,795 | 4,611,435 | |
Vale SA | 468,500 | 3,521,972 | |
TOTAL BRAZIL | 136,454,039 | ||
British Virgin Islands - 0.3% | |||
Arcos Dorados Holdings, Inc. Class A | 383,800 | 2,302,800 | |
Canada - 0.3% | |||
Tahoe Resources, Inc. | 129,934 | 1,836,200 | |
Chile - 11.8% | |||
Aguas Andinas SA | 9,816,128 | 5,778,460 | |
Banco de Chile | 68,264,691 | 7,912,968 | |
Banco de Chile sponsored ADR (d) | 72,837 | 5,113,157 | |
Banmedica SA | 809,643 | 1,706,915 | |
Colbun SA | 19,353,258 | 5,842,523 | |
Compania Cervecerias Unidas SA | 1,261,455 | 13,577,888 | |
CorpBanca SA | 688,348,714 | 7,797,872 | |
Empresa Nacional de Telecomunicaciones SA (ENTEL) | 1,078,740 | 12,160,406 | |
| |||
Shares | Value | ||
Forus SA | 600,674 | $ 2,631,908 | |
Inversiones La Construccion SA | 908,582 | 11,631,157 | |
S.A.C.I. Falabella | 861,484 | 6,746,237 | |
Sociedad Matriz SAAM SA | 59,433,277 | 5,247,113 | |
TOTAL CHILE | 86,146,604 | ||
Colombia - 7.0% | |||
Bancolombia SA | 125,838 | 1,331,284 | |
Bolsa de Valores de Colombia | 545,822,864 | 4,812,040 | |
Cemex Latam Holdings SA (a) | 840,570 | 4,693,359 | |
Empresa de Telecomunicaciones de Bogota | 38,213,250 | 7,620,190 | |
Grupo de Inversiones Suramerica SA | 1,097,096 | 18,027,010 | |
Inversiones Argos SA | 1,878,253 | 14,745,311 | |
TOTAL COLOMBIA | 51,229,194 | ||
Mexico - 27.0% | |||
America Movil S.A.B. de CV: | |||
Series L | 7,064,800 | 7,418,454 | |
Series L sponsored ADR | 1,945,373 | 40,638,842 | |
Consorcio ARA S.A.B. de CV (a) | 25,539,905 | 10,870,524 | |
Controladora Commercial Mexicana S.A.B. de CV unit | 1,114,500 | 3,588,600 | |
Embotelladoras Arca S.A.B. de CV | 453,700 | 2,787,200 | |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR (a) | 328,505 | 29,726,417 | |
Gruma S.A.B. de CV Series B | 241,109 | 2,907,232 | |
Grupo Aeroportuario del Pacifico SA de CV: | |||
Series B | 43,100 | 306,858 | |
sponsored ADR | 105,700 | 7,509,985 | |
Grupo Aeroportuario del Sureste SA de CV Series B | 47,615 | 673,941 | |
Grupo Carso SA de CV Series A1 | 1,254,700 | 5,171,896 | |
Grupo Financiero Inbursa S.A.B. de CV Series O | 6,980,519 | 16,666,433 | |
Grupo Financiero Santander Mexico S.A.B. de CV | 5,620,555 | 11,452,128 | |
Grupo Televisa SA de CV | 104,700 | 762,013 | |
Grupo Televisa SA de CV (CPO) sponsored ADR (a) | 307,400 | 11,192,434 | |
Industrias Penoles SA de CV | 506,693 | 8,593,833 | |
Medica Sur SA de CV | 1,023,734 | 3,774,777 | |
Megacable Holdings S.A.B. de CV unit | 1,927,429 | 8,021,532 | |
Qualitas Controladora S.A.B. de CV (a) | 2,837,000 | 5,325,616 | |
Wal-Mart de Mexico SA de CV Series V | 8,141,348 | 19,231,029 | |
TOTAL MEXICO | 196,619,744 | ||
Panama - 1.3% | |||
Banco Latinoamericano de Comercio Exterior SA Series E | 298,770 | 9,491,923 | |
Common Stocks - continued | |||
Shares | Value | ||
Peru - 3.2% | |||
Alicorp SA Class C | 4,904,034 | $ 9,476,016 | |
Compania de Minas Buenaventura SA sponsored ADR | 1,236,436 | 13,823,354 | |
TOTAL PERU | 23,299,370 | ||
Spain - 1.5% | |||
Melia Hotels International SA | 57,100 | 713,903 | |
Prosegur Compania de Seguridad SA (Reg.) | 1,726,154 | 9,950,514 | |
TOTAL SPAIN | 10,664,417 | ||
United Kingdom - 0.3% | |||
HSBC Holdings PLC (United Kingdom) | 190,400 | 1,902,002 | |
United States of America - 0.6% | |||
First Bancorp, Puerto Rico (a) | 333,700 | 2,005,537 | |
First Cash Financial Services, Inc. (a) | 52,766 | 2,550,708 | |
TOTAL UNITED STATES OF AMERICA | 4,556,245 | ||
TOTAL COMMON STOCKS (Cost $514,697,053) |
| ||
Nonconvertible Preferred Stocks - 26.0% | |||
|
|
|
|
Brazil - 25.2% | |||
Ambev SA sponsored ADR | 7,028,847 | 44,492,602 | |
Banco Bradesco SA (PN) | 2,084,660 | 22,251,503 | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar: | |||
(PN) | 368,325 | 12,469,225 | |
sponsored ADR | 169,470 | 5,684,024 | |
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR | 471,400 | 2,776,546 | |
Embraer SA sponsored ADR | 90,034 | 2,807,260 | |
Itau Unibanco Holding SA | 3,718,405 | 47,551,453 | |
Itausa-Investimentos Itau SA (PN) | 4,095,023 | 14,420,483 | |
| |||
Shares | Value | ||
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | 5,541,771 | $ 24,003,091 | |
Vale SA (PN-A) | 1,112,500 | 6,701,696 | |
TOTAL BRAZIL | 183,157,883 | ||
Chile - 0.5% | |||
Embotelladora Andina SA Class A | 1,336,888 | 3,278,561 | |
Colombia - 0.3% | |||
Grupo de Inversiones Suramerica SA | 163,024 | 2,429,619 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $119,549,054) |
| ||
Money Market Funds - 0.7% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.15% (b) | 4,426,199 | 4,426,199 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 807,105 | 807,105 | |
TOTAL MONEY MARKET FUNDS (Cost $5,233,304) |
| ||
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $639,479,411) | 726,293,935 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 1,181,788 | ||
NET ASSETS - 100% | $ 727,475,723 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 6,593 |
Fidelity Securities Lending Cash Central Fund | 20,157 |
Total | $ 26,750 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 57,361,031 | $ 56,647,128 | $ 713,903 | $ - |
Consumer Staples | 171,162,643 | 171,162,643 | - | - |
Energy | 53,075,010 | 50,970,958 | 2,104,052 | - |
Financials | 220,163,697 | 218,261,695 | 1,902,002 | - |
Health Care | 5,481,692 | 5,481,692 | - | - |
Industrials | 49,049,842 | 39,099,328 | 9,950,514 | - |
Information Technology | 14,101,428 | 14,101,428 | - | - |
Materials | 53,915,725 | 53,915,725 | - | - |
Telecommunication Services | 72,449,327 | 72,449,327 | - | - |
Utilities | 24,300,236 | 24,300,236 | - | - |
Money Market Funds | 5,233,304 | 5,233,304 | - | - |
Total Investments in Securities: | $ 726,293,935 | $ 711,623,464 | $ 14,670,471 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 11,136,826 |
Level 2 to Level 1 | $ 0 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Latin America Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $779,894) - See accompanying schedule: Unaffiliated issuers (cost $634,246,107) | $ 721,060,631 |
|
Fidelity Central Funds (cost $5,233,304) | 5,233,304 |
|
Total Investments (cost $639,479,411) |
| $ 726,293,935 |
Cash |
| 2,234 |
Foreign currency held at value (cost $990,020) | 990,020 | |
Receivable for investments sold | 5,714,430 | |
Receivable for fund shares sold | 349,106 | |
Dividends receivable | 1,276,440 | |
Distributions receivable from Fidelity Central Funds | 3,043 | |
Prepaid expenses | 793 | |
Other receivables | 7,696 | |
Total assets | 734,637,697 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 4,546,831 | |
Payable for fund shares redeemed | 979,086 | |
Accrued management fee | 419,787 | |
Distribution and service plan fees payable | 15,949 | |
Other affiliated payables | 199,579 | |
Other payables and accrued expenses | 193,637 | |
Collateral on securities loaned, at value | 807,105 | |
Total liabilities | 7,161,974 | |
|
|
|
Net Assets | $ 727,475,723 | |
Net Assets consist of: |
| |
Paid in capital | $ 684,609,855 | |
Undistributed net investment income | 5,059,810 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (48,993,744) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 86,799,802 | |
Net Assets | $ 727,475,723 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 23.54 | |
|
|
|
Maximum offering price per share (100/94.25 of $23.54) | $ 24.98 | |
Class T: | $ 23.60 | |
|
|
|
Maximum offering price per share (100/96.50 of $23.60) | $ 24.46 | |
Class B: | $ 23.87 | |
|
|
|
Class C: | $ 23.75 | |
|
|
|
Latin America: | $ 23.51 | |
|
|
|
Institutional Class: | $ 23.50 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 11,345,422 |
Income from Fidelity Central Funds |
| 26,750 |
Income before foreign taxes withheld |
| 11,372,172 |
Less foreign taxes withheld |
| (1,036,514) |
Total income |
| 10,335,658 |
|
|
|
Expenses | ||
Management fee | $ 2,733,693 | |
Transfer agent fees | 1,082,824 | |
Distribution and service plan fees | 105,959 | |
Accounting and security lending fees | 189,395 | |
Custodian fees and expenses | 281,828 | |
Independent trustees' compensation | 1,547 | |
Registration fees | 48,331 | |
Audit | 37,535 | |
Legal | 1,480 | |
Interest | 444 | |
Miscellaneous | 805 | |
Total expenses before reductions | 4,483,841 | |
Expense reductions | (29,373) | 4,454,468 |
Net investment income (loss) | 5,881,190 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (46,666,543) | |
Foreign currency transactions | (263,404) | |
Total net realized gain (loss) |
| (46,929,947) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $64,167) | (105,447,900) | |
Assets and liabilities in foreign currencies | (11,037) | |
Total change in net unrealized appreciation (depreciation) |
| (105,458,937) |
Net gain (loss) | (152,388,884) | |
Net increase (decrease) in net assets resulting from operations | $ (146,507,694) |
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 5,881,190 | $ 20,578,749 |
Net realized gain (loss) | (46,929,947) | 80,758,455 |
Change in net unrealized appreciation (depreciation) | (105,458,937) | (221,687,609) |
Net increase (decrease) in net assets resulting from operations | (146,507,694) | (120,350,405) |
Distributions to shareholders from net investment income | (12,592,762) | (23,599,176) |
Distributions to shareholders from net realized gain | (66,395,306) | (209,492,273) |
Total distributions | (78,988,068) | (233,091,449) |
Share transactions - net increase (decrease) | (43,161,410) | (61,704,730) |
Redemption fees | 84,814 | 197,877 |
Total increase (decrease) in net assets | (268,572,358) | (414,948,707) |
|
|
|
Net Assets | ||
Beginning of period | 996,048,081 | 1,410,996,788 |
End of period (including undistributed net investment income of $5,059,810 and undistributed net investment income of $11,771,382, respectively) | $ 727,475,723 | $ 996,048,081 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.31 | $ 40.71 | $ 48.95 | $ 52.38 | $ 57.48 | $ 55.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .15 | .49 | .72 | .92 | 1.15 | .02 |
Net realized and unrealized gain (loss) | (4.53) | (4.08) | (4.73) | (3.66) | (5.87) | 2.79 |
Total from investment operations | (4.38) | (3.59) | (4.01) | (2.74) | (4.72) | 2.81 |
Distributions from net investment income | (.31) | (.57) | (.79) | (.70) | (.19) | (.80) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | - |
Total distributions | (2.39) | (6.82) | (4.24) | (.70) | (.39) | (.80) |
Redemption fees added to paid in capital E | -K | .01 | .01 | .01 | .01 | -K |
Net asset value, end of period | $ 23.54 | $ 30.31 | $ 40.71 | $ 48.95 | $ 52.38 | $ 57.48 |
Total ReturnB, C, D | (14.90)% | (9.06)% | (8.93)% | (5.23)% | (8.26)% | 5.14% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
Expenses before reductions | 1.39%A | 1.38% | 1.37% | 1.35% | 1.34% | 1.37%A |
Expenses net of fee waivers, if any | 1.39%A | 1.38% | 1.37% | 1.35% | 1.34% | 1.37%A |
Expenses net of all reductions | 1.39%A | 1.38% | 1.35% | 1.35% | 1.34% | 1.34%A |
Net investment income (loss) | 1.27%A | 1.52% | 1.66% | 1.80% | 2.05% | .39%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 24,487 | $ 34,898 | $ 48,464 | $ 69,654 | $ 91,407 | $ 115,626 |
Portfolio turnover rate G | 27%A | 30% | 23% | 23% | 11% | 56%J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period September 28, 2010 (commencement of sale of shares) to October 31, 2010. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.33 | $ 40.68 | $ 48.88 | $ 52.27 | $ 57.47 | $ 55.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .12 | .40 | .61 | .78 | .99 | .01 |
Net realized and unrealized gain (loss) | (4.54) | (4.08) | (4.74) | (3.65) | (5.85) | 2.79 |
Total from investment operations | (4.42) | (3.68) | (4.13) | (2.87) | (4.86) | 2.80 |
Distributions from net investment income | (.23) | (.43) | (.63) | (.53) | (.15) | (.80) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | - |
Total distributions | (2.31) | (6.68) | (4.08) | (.53) | (.35) | (.80) |
Redemption fees added to paid in capital E | -K | .01 | .01 | .01 | .01 | -K |
Net asset value, end of period | $ 23.60 | $ 30.33 | $ 40.68 | $ 48.88 | $ 52.27 | $ 57.47 |
Total ReturnB, C, D | (15.01)% | (9.30)% | (9.17)% | (5.49)% | (8.50)% | 5.12% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
Expenses before reductions | 1.66%A | 1.65% | 1.63% | 1.61% | 1.61% | 1.63%A |
Expenses net of fee waivers, if any | 1.66%A | 1.65% | 1.63% | 1.61% | 1.61% | 1.63%A |
Expenses net of all reductions | 1.65%A | 1.65% | 1.61% | 1.61% | 1.61% | 1.60%A |
Net investment income (loss) | 1.00%A | 1.25% | 1.40% | 1.54% | 1.78% | .13%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 7,407 | $ 9,761 | $ 12,705 | $ 19,334 | $ 26,020 | $ 36,820 |
Portfolio turnover rate G | 27%A | 30% | 23% | 23% | 11% | 56%J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period September 28, 2010 (commencement of sale of shares) to October 31, 2010. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.46 | $ 40.63 | $ 48.72 | $ 52.06 | $ 57.44 | $ 55.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .25 | .40 | .53 | .72 | (.02) |
Net realized and unrealized gain (loss) | (4.57) | (4.08) | (4.74) | (3.63) | (5.84) | 2.79 |
Total from investment operations | (4.51) | (3.83) | (4.34) | (3.10) | (5.12) | 2.77 |
Distributions from net investment income | - | (.10) | (.31) | (.25) | (.07) | (.80) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | - |
Total distributions | (2.08) | (6.35) | (3.76) | (.25) | (.27) | (.80) |
Redemption fees added to paid in capital E | -K | .01 | .01 | .01 | .01 | -K |
Net asset value, end of period | $ 23.87 | $ 30.46 | $ 40.63 | $ 48.72 | $ 52.06 | $ 57.44 |
Total ReturnB, C, D | (15.20)% | (9.73)% | (9.60)% | (5.95)% | (8.94)% | 5.06% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
Expenses before reductions | 2.14%A | 2.14% | 2.12% | 2.10% | 2.10% | 2.12%A |
Expenses net of fee waivers, if any | 2.14%A | 2.14% | 2.12% | 2.10% | 2.10% | 2.12%A |
Expenses net of all reductions | 2.14%A | 2.13% | 2.10% | 2.10% | 2.10% | 2.10%A |
Net investment income (loss) | .51%A | .76% | .91% | 1.05% | 1.29% | (.36)%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,306 | $ 2,211 | $ 4,764 | $ 9,492 | $ 14,114 | $ 20,392 |
Portfolio turnover rate G | 27%A | 30% | 23% | 23% | 11% | 56%J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period September 28, 2010 (commencement of sale of shares) to October 31, 2010. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.37 | $ 40.59 | $ 48.73 | $ 52.05 | $ 57.44 | $ 55.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .25 | .40 | .54 | .73 | (.02) |
Net realized and unrealized gain (loss) | (4.55) | (4.07) | (4.74) | (3.64) | (5.84) | 2.79 |
Total from investment operations | (4.49) | (3.82) | (4.34) | (3.10) | (5.11) | 2.77 |
Distributions from net investment income | (.05) | (.16) | (.36) | (.23) | (.09) | (.80) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | - |
Total distributions | (2.13) | (6.41) | (3.81) | (.23) | (.29) | (.80) |
Redemption fees added to paid in capital E | -K | .01 | .01 | .01 | .01 | -K |
Net asset value, end of period | $ 23.75 | $ 30.37 | $ 40.59 | $ 48.73 | $ 52.05 | $ 57.44 |
Total ReturnB, C, D | (15.19)% | (9.74)% | (9.62)% | (5.94)% | (8.93)% | 5.06% |
Ratios to Average Net Assets F, I |
|
|
|
|
|
|
Expenses before reductions | 2.14%A | 2.13% | 2.12% | 2.10% | 2.08% | 2.09%A |
Expenses net of fee waivers, if any | 2.14%A | 2.13% | 2.12% | 2.10% | 2.08% | 2.09%A |
Expenses net of all reductions | 2.14%A | 2.13% | 2.10% | 2.10% | 2.08% | 2.07%A |
Net investment income (loss) | .51%A | .77% | .91% | 1.06% | 1.31% | (.34)%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 8,054 | $ 11,349 | $ 15,185 | $ 27,405 | $ 35,203 | $ 48,329 |
Portfolio turnover rate G | 27%A | 30% | 23% | 23% | 11% | 56%J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period September 28, 2010 (commencement of sale of shares) to October 31, 2010. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Latin America
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.34 | $ 40.80 | $ 49.09 | $ 52.48 | $ 57.50 | $ 47.29 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .18 | .59 | .87 | 1.09 | 1.34 | 1.07 |
Net realized and unrealized gain (loss) | (4.52) | (4.10) | (4.74) | (3.67) | (5.88) | 11.00 |
Total from investment operations | (4.34) | (3.51) | (3.87) | (2.58) | (4.54) | 12.07 |
Distributions from net investment income | (.41) | (.71) | (.98) | (.82) | (.29) | (1.49) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | (.39) |
Total distributions | (2.49) | (6.96) | (4.43) | (.82) | (.49) | (1.88) |
Redemption fees added to paid in capital D | -I | .01 | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 23.51 | $ 30.34 | $ 40.80 | $ 49.09 | $ 52.48 | $ 57.50 |
Total ReturnB, C | (14.76)% | (8.79)% | (8.63)% | (4.91)% | (7.96)% | 25.91% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | 1.12%A | 1.08% | 1.04% | 1.02% | 1.00% | 1.03% |
Expenses net of fee waivers, if any | 1.12%A | 1.08% | 1.04% | 1.02% | 1.00% | 1.03% |
Expenses net of all reductions | 1.11%A | 1.07% | 1.03% | 1.02% | 1.00% | 1.01% |
Net investment income (loss) | 1.54%A | 1.83% | 1.99% | 2.14% | 2.39% | 2.10% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 683,779 | $ 933,298 | $ 1,324,748 | $ 2,274,601 | $ 2,884,301 | $ 4,283,462 |
Portfolio turnover rate F | 27%A | 30% | 23% | 23% | 11% | 56%H |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HThe portfolio turnover rate does not include the assets acquired in the merger. IAmount represents less than $.01 per share. |
Financial Highlights - Institutional Class
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 G |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 30.35 | $ 40.79 | $ 49.07 | $ 52.51 | $ 57.49 | $ 55.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .20 | .60 | .87 | 1.08 | 1.32 | .03 |
Net realized and unrealized gain (loss) | (4.55) | (4.07) | (4.74) | (3.67) | (5.88) | 2.79 |
Total from investment operations | (4.35) | (3.47) | (3.87) | (2.59) | (4.56) | 2.82 |
Distributions from net investment income | (.42) | (.73) | (.97) | (.86) | (.23) | (.80) |
Distributions from net realized gain | (2.08) | (6.25) | (3.45) | - | (.20) | - |
Total distributions | (2.50) | (6.98) | (4.42) | (.86) | (.43) | (.80) |
Redemption fees added to paid in capital D | -J | .01 | .01 | .01 | .01 | -J |
Net asset value, end of period | $ 23.50 | $ 30.35 | $ 40.79 | $ 49.07 | $ 52.51 | $ 57.49 |
Total ReturnB, C | (14.76)% | (8.69)% | (8.63)% | (4.93)% | (7.98)% | 5.15% |
Ratios to Average Net Assets E, H |
|
|
|
|
|
|
Expenses before reductions | 1.04%A | 1.04% | 1.03% | 1.04% | 1.04% | 1.08%A |
Expenses net of fee waivers, if any | 1.04%A | 1.04% | 1.03% | 1.04% | 1.04% | 1.08%A |
Expenses net of all reductions | 1.04%A | 1.04% | 1.01% | 1.04% | 1.04% | 1.06%A |
Net investment income (loss) | 1.61%A | 1.86% | 2.00% | 2.12% | 2.35% | .68%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 2,443 | $ 4,531 | $ 5,131 | $ 7,928 | $ 9,603 | $ 12,868 |
Portfolio turnover rate F | 27%A | 30% | 23% | 23% | 11% | 56%I |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GFor the period September 28, 2010 (commencement of sale of shares) to October 31, 2010. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating period. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IThe portfolio turnover rate does not include the assets acquired in the merger. JAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Latin America Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Latin America and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the appreciable securities is included in Other payable and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 193,387,073 |
Gross unrealized depreciation | (110,768,968) |
Net unrealized appreciation (depreciation) on securities | $ 82,618,105 |
|
|
Tax cost | $ 643,675,830 |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $106,929,153 and $220,349,401, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 33,818 | $ 804 |
Class T | .25% | .25% | 19,600 | 284 |
Class B | .75% | .25% | 8,181 | 6,153 |
Class C | .75% | .25% | 44,360 | 7,488 |
|
|
| $ 105,959 | $ 14,729 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 6,334 |
Class T | 961 |
Class B* | 452 |
Class C* | 1,259 |
| $ 9,006 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 39,538 | .29 |
Class T | 12,138 | .31 |
Class B | 2,400 | .29 |
Class C | 12,996 | .29 |
Latin America | 1,012,793 | .28 |
Institutional Class | 2,959 | .20 |
| $ 1,082,824 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $2,455 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan | Weighted Average | Interest Expense |
Borrower | $ 5,893,750 | .34% | $ 444 |
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $663 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, Total security lending income during the period amounted to $20,157. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $13,310 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Latin America expenses during the period in the amount of $16,063.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 341,444 | $ 667,095 |
Class T | 71,167 | 136,327 |
Class B | - | 12,098 |
Class C | 18,114 | 60,991 |
Latin America | 12,109,807 | 22,631,305 |
Institutional Class | 52,230 | 91,360 |
Total | $ 12,592,762 | $ 23,599,176 |
From net realized gain |
|
|
Class A | $ 2,330,553 | $ 7,249,224 |
Class T | 658,521 | 1,918,455 |
Class B | 144,042 | 684,975 |
Class C | 754,025 | 2,282,110 |
Latin America | 62,251,897 | 196,577,505 |
Institutional Class | 256,268 | 780,004 |
Total | $ 66,395,306 | $ 209,492,273 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 80,489 | 256,161 | $ 1,893,157 | $ 8,113,294 |
Reinvestment of distributions | 103,775 | 229,379 | 2,587,573 | 7,071,806 |
Shares redeemed | (295,494) | (524,684) | (7,036,927) | (16,539,013) |
Net increase (decrease) | (111,230) | (39,144) | $ (2,556,197) | $ (1,353,913) |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class T |
|
|
|
|
Shares sold | 15,847 | 47,965 | $ 375,373 | $ 1,548,211 |
Reinvestment of distributions | 28,508 | 65,609 | 713,357 | 2,028,652 |
Shares redeemed | (52,329) | (104,082) | (1,240,836) | (3,252,264) |
Net increase (decrease) | (7,974) | 9,492 | $ (152,106) | $ 324,599 |
Class B |
|
|
|
|
Shares sold | 116 | 1,044 | $ 2,989 | $ 32,892 |
Reinvestment of distributions | 5,261 | 18,939 | 133,376 | 590,702 |
Shares redeemed | (23,220) | (64,672) | (559,019) | (2,061,800) |
Net increase (decrease) | (17,843) | (44,689) | $ (422,654) | $ (1,438,206) |
Class C |
|
|
|
|
Shares sold | 28,918 | 91,764 | $ 694,321 | $ 2,901,440 |
Reinvestment of distributions | 25,875 | 69,412 | 652,617 | 2,158,720 |
Shares redeemed | (89,295) | (161,581) | (2,156,109) | (5,151,621) |
Net increase (decrease) | (34,502) | (405) | $ (809,171) | $ (91,461) |
Latin America |
|
|
|
|
Shares sold | 1,578,197 | 4,529,614 | $ 37,317,339 | $ 143,961,705 |
Reinvestment of distributions | 2,862,287 | 6,820,938 | 71,197,829 | 209,950,213 |
Shares redeemed | (6,111,144) | (13,065,128) | (146,603,830) | (413,931,096) |
Net increase (decrease) | (1,670,660) | (1,714,576) | $ (38,088,662) | $ (60,019,178) |
Institutional Class |
|
|
|
|
Shares sold | 19,137 | 125,962 | $ 462,541 | $ 4,086,454 |
Reinvestment of distributions | 11,139 | 21,472 | 276,862 | 660,492 |
Shares redeemed | (75,632) | (123,906) | (1,872,023) | (3,873,517) |
Net increase (decrease) | (45,356) | 23,528 | $ (1,132,620) | $ 873,429 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
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(Hong Kong) Limited
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Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.
Boston, MA
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
FALAA-USAN-0615
1.917420.104
Fidelity Advisor®
China Region Fund -
Class A, Class T, Class B, and Class C
Semiannual Report
April 30, 2015
Class A, Class T, Class B, and Class C are
classes of Fidelity® China Region Fund
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity China Region Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Class A | 1.28% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,264.90 | $ 7.19 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.45 | $ 6.41 |
Class T | 1.62% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,262.80 | $ 9.09 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.76 | $ 8.10 |
Class B | 2.09% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,259.50 | $ 11.71 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.43 | $ 10.44 |
Class C | 2.04% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,259.90 | $ 11.43 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.68 | $ 10.19 |
China Region | .98% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,266.60 | $ 5.51 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.93 | $ 4.91 |
Institutional Class | .97% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,266.70 | $ 5.45 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.98 | $ 4.86 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity China Region Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
China | 42.0% |
| |
Cayman Islands | 24.4% |
| |
Hong Kong | 11.8% |
| |
Taiwan | 10.4% |
| |
Bermuda | 5.1% |
| |
Netherlands | 2.4% |
| |
United Kingdom | 1.7% |
| |
Bailiwick of Jersey | 1.4% |
| |
United States of America* | 0.8% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Cayman Islands | 31.7% |
| |
China | 26.3% |
| |
Taiwan | 16.7% |
| |
Hong Kong | 10.2% |
| |
United States of America* | 4.7% |
| |
Bermuda | 4.2% |
| |
Korea (South) | 2.8% |
| |
United Kingdom | 1.4% |
| |
Netherlands | 0.8% |
| |
Other | 1.2% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 99.2 | 95.3 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.8 | 4.7 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
AIA Group Ltd. (Insurance) | 4.4 | 5.4 |
Industrial & Commercial Bank of China Ltd. (H Shares) (Banks) | 4.1 | 3.7 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 3.7 | 8.3 |
China Construction Bank Corp. (H Shares) (Banks) | 3.6 | 3.7 |
Hong Kong Exchanges and Clearing Ltd. (Diversified Financial Services) | 3.3 | 0.0 |
Tencent Holdings Ltd. (Internet Software & Services) | 3.2 | 5.3 |
Bank of China Ltd. (H Shares) (Banks) | 3.1 | 0.0 |
China Pacific Insurance Group Co. Ltd. (H Shares) (Insurance) | 2.3 | 2.1 |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) (Insurance) | 2.3 | 0.0 |
CK Hutchison Holdings Ltd. (Real Estate Management & Development) | 2.1 | 0.0 |
| 32.1 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 40.4 | 25.1 |
Information Technology | 16.6 | 28.6 |
Consumer Discretionary | 13.3 | 16.8 |
Industrials | 12.2 | 6.3 |
Health Care | 9.1 | 7.6 |
Materials | 4.0 | 4.4 |
Consumer Staples | 1.7 | 0.0 |
Telecommunication Services | 1.4 | 1.6 |
Utilities | 0.5 | 2.2 |
Energy | 0.0 | 2.7 |
Market Sectors may include more than one industry category. |
The fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Hong Kong, Taiwanese and Chinese market. As of April 30, 2015, the fund did not have more than 25% of its total assets invested in any one industry. |
Semiannual Report
Fidelity China Region Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 13.3% | |||
Auto Components - 2.3% | |||
Cub Elecparts, Inc. | 400,000 | $ 5,093,711 | |
Fuyao Glass Industries Group Co. Ltd. | 7,571,859 | 19,092,003 | |
Weifu High-Technology Co. Ltd. (B Shares) | 3,941,161 | 18,438,240 | |
| 42,623,954 | ||
Automobiles - 1.8% | |||
Chongqing Changan Automobile Co. Ltd. (B Shares) | 8,233,786 | 26,983,655 | |
Geely Automobile Holdings Ltd. | 11,880,000 | 6,713,640 | |
| 33,697,295 | ||
Diversified Consumer Services - 0.5% | |||
Perfect Shape (PRC) Holdings Ltd. | 40,044,000 | 9,403,214 | |
Hotels, Restaurants & Leisure - 1.0% | |||
Huangshan Tourism Development Co. Ltd. | 762,272 | 1,625,164 | |
Tuniu Corp. Class A sponsored ADR (d) | 1,090,000 | 17,712,500 | |
| 19,337,664 | ||
Household Durables - 1.7% | |||
Haier Electronics Group Co. Ltd. | 3,383,000 | 9,755,443 | |
Qingdao Haier Co. Ltd. | 1,549,911 | 6,774,052 | |
Techtronic Industries Co. Ltd. | 4,203,000 | 14,939,927 | |
| 31,469,422 | ||
Internet & Catalog Retail - 2.9% | |||
Ctrip.com International Ltd. sponsored ADR (a) | 243,000 | 15,474,240 | |
JD.com, Inc. sponsored ADR | 260,000 | 8,725,600 | |
Qunar Cayman Islands Ltd. sponsored ADR (a)(d) | 431,768 | 20,219,695 | |
Vipshop Holdings Ltd. ADR (a) | 300,000 | 8,487,000 | |
| 52,906,535 | ||
Media - 0.6% | |||
Poly Culture Group Corp. Ltd. (H Shares) (a) | 2,978,200 | 11,335,570 | |
Specialty Retail - 1.2% | |||
China Harmony Auto Holding Ltd. | 7,500,000 | 9,483,198 | |
Hengdeli Holdings Ltd. | 38,000,000 | 8,531,007 | |
International Housewares Retail Co. Ltd. | 2,849,000 | 805,015 | |
Oriental Watch Holdings Ltd. | 15,597,000 | 2,837,446 | |
| 21,656,666 | ||
Textiles, Apparel & Luxury Goods - 1.3% | |||
Best Pacific International Holdings Ltd. | 18,342,000 | 8,282,896 | |
ECLAT Textile Co. Ltd. | 500,000 | 6,726,311 | |
Toung Loong Textile Manufacturing Co. Ltd. | 2,375,000 | 9,422,141 | |
| 24,431,348 | ||
TOTAL CONSUMER DISCRETIONARY | 246,861,668 | ||
| |||
Shares | Value | ||
CONSUMER STAPLES - 1.7% | |||
Food Products - 1.7% | |||
China Agri-Industries Holdings Ltd. | 9,500,000 | $ 5,429,937 | |
China Foods Ltd. (a) | 7,500,000 | 5,622,182 | |
Inner Mongoli Yili Industries Co. Ltd. | 3,499,971 | 20,572,797 | |
| 31,624,916 | ||
FINANCIALS - 40.4% | |||
Banks - 14.8% | |||
Bank of China Ltd. (H Shares) | 83,778,000 | 57,613,555 | |
Midea Group ELS (BNP Paribas Warrant Program) warrants 10/8/15 (a)(f) | 3,090,600 | 18,420,630 | |
China Construction Bank Corp. (H Shares) | 68,778,000 | 66,998,329 | |
China Merchants Bank Co. Ltd. (H Shares) | 10,000,000 | 30,255,917 | |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Warrant Program) warrants 11/27/17 (a)(f) | 3,028,600 | 15,990,625 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 88,224,000 | 76,530,869 | |
Kweichow Moutai Co. Ltd. (A Shares) (BNP Paribas Warrant Program) warrants 7/9/15 (a)(f) | 223,520 | 9,089,194 | |
| 274,899,119 | ||
Capital Markets - 4.5% | |||
Emperor Capital Group Ltd. | 42,366,000 | 9,729,823 | |
Emperor Capital Group Ltd. rights (a) 5/21/15 | 15,999,000 | 2,642,228 | |
Guotai Junan International Holdings Ltd. | 6,000,000 | 9,924,457 | |
Haitong Securities Co. Ltd. (H Shares) | 5,600,000 | 18,388,372 | |
Kweichow Moutai Co. Ltd. (A Shares) ELS (UBS Warrant Programme) warrants 8/5/15 (a)(f) | 305,690 | 12,430,546 | |
SAIC Motor Corp. Ltd. ELS (UBS Warrant Programme) warrants 9/16/15 (a)(f) | 2,014,600 | 8,769,298 | |
SAIC Motor Corp. Ltd. ELS (BD Warrant Programme) warrants 7/13/17 (a)(f) | 2,008,500 | 8,742,745 | |
Tai Fook Securities Group Ltd. | 7,310,000 | 8,158,324 | |
Tai Fook Securities Group Ltd. rights 5/15/15 (a) | 7,310,000 | 4,857,268 | |
| 83,643,061 | ||
Diversified Financial Services - 3.3% | |||
Hong Kong Exchanges and Clearing Ltd. | 1,585,000 | 60,655,179 | |
Insurance - 13.9% | |||
AIA Group Ltd. | 12,277,400 | 82,054,734 | |
China Life Insurance Co. Ltd. (H Shares) | 7,000,000 | 33,972,989 | |
China Pacific Insurance Group Co. Ltd. (H Shares) | 7,999,200 | 43,657,051 | |
New China Life Insurance Co. Ltd. (H Shares) | 3,497,000 | 21,724,981 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Insurance - continued | |||
People's Insurance Co. of China Group (H Shares) | 50,176,000 | $ 34,894,122 | |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 3,000,000 | 43,119,521 | |
| 259,423,398 | ||
Real Estate Management & Development - 3.9% | |||
CK Hutchison Holdings Ltd. | 1,810,000 | 39,350,111 | |
Shimao Property Holdings Ltd. | 6,908,500 | 16,365,298 | |
Sunac China Holdings Ltd. | 12,500,000 | 16,482,701 | |
| 72,198,110 | ||
TOTAL FINANCIALS | 750,818,867 | ||
HEALTH CARE - 9.1% | |||
Biotechnology - 0.4% | |||
JHL Biotech, Inc. (g) | 2,005,348 | 7,500,002 | |
Health Care Equipment & Supplies - 0.8% | |||
Intai Technology Corp. | 1,000,000 | 5,632,469 | |
Lifetech Scientific Corp. (a) | 52,266,000 | 9,710,671 | |
| 15,343,140 | ||
Health Care Providers & Services - 1.7% | |||
China National Accord Medicines Corp. Ltd. | 1,930,173 | 14,267,324 | |
Phoenix Healthcare Group Ltd. (d) | 8,739,500 | 18,064,110 | |
| 32,331,434 | ||
Life Sciences Tools & Services - 0.9% | |||
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 385,700 | 16,650,669 | |
Pharmaceuticals - 5.3% | |||
CSPC Pharmaceutical Group Ltd. | 19,842,000 | 20,634,216 | |
Jiangsu Hengrui Medicine Co. Ltd. | 2,299,908 | 21,138,479 | |
Lee's Pharmaceutical Holdings Ltd. | 8,290,000 | 15,380,870 | |
Luye Pharma Group Ltd. (d) | 13,498,500 | 17,346,519 | |
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. Class H | 1,300,000 | 4,956,422 | |
Sino Biopharmaceutical Ltd. | 16,312,000 | 18,689,069 | |
| 98,145,575 | ||
TOTAL HEALTH CARE | 169,970,820 | ||
INDUSTRIALS - 11.8% | |||
Air Freight & Logistics - 0.1% | |||
Sinotrans Air Transportation Development Co. Ltd. (A Shares) | 599,908 | 2,615,192 | |
Airlines - 3.1% | |||
Air China Ltd. (H Shares) | 14,284,000 | 17,250,162 | |
China Eastern Airlines Corp. Ltd. (H Shares) (a) | 24,180,000 | 18,687,474 | |
China Southern Airlines Ltd. (H Shares) | 21,296,000 | 20,927,901 | |
| 56,865,537 | ||
| |||
Shares | Value | ||
Building Products - 0.5% | |||
Sunspring Metal Corp. | 4,350,000 | $ 8,493,763 | |
Electrical Equipment - 1.8% | |||
Harbin Electric Machinery Co. Ltd. (H Shares) | 17,000,000 | 13,993,846 | |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 2,200,000 | 18,819,310 | |
| 32,813,156 | ||
Machinery - 3.0% | |||
China CNR Corp. Ltd. (H Shares) (a) | 7,000,000 | 14,360,271 | |
CSR Corp. Ltd. (H Shares) | 11,689,000 | 22,622,266 | |
King Slide Works Co. Ltd. | 600,000 | 9,472,344 | |
Zhengzhou Yutong Bus Co. Ltd. | 2,099,971 | 10,366,465 | |
| 56,821,346 | ||
Marine - 1.0% | |||
China Shipping Development Co. Ltd. (H Shares) | 22,444,000 | 18,851,622 | |
Road & Rail - 0.5% | |||
Daqin Railway Co. Ltd. (A Shares) | 4,499,962 | 10,134,853 | |
Trading Companies & Distributors - 1.8% | |||
China Aircraft Leasing Group Holdings Ltd. | 5,000,000 | 8,747,766 | |
Summit Ascent Holdings Ltd. (a)(d) | 41,044,000 | 23,989,178 | |
| 32,736,944 | ||
TOTAL INDUSTRIALS | 219,332,413 | ||
INFORMATION TECHNOLOGY - 16.6% | |||
Communications Equipment - 0.5% | |||
ZTE Corp. (H Shares) | 3,000,000 | 10,121,862 | |
Electronic Equipment & Components - 2.7% | |||
Largan Precision Co. Ltd. | 209,000 | 21,018,742 | |
PAX Global Technology Ltd. (a) | 7,500,000 | 10,934,708 | |
Sunny Optical Technology Group Co. Ltd. (d) | 4,500,000 | 10,079,285 | |
TPK Holding Co. Ltd. | 1,250,000 | 7,795,664 | |
| 49,828,399 | ||
Internet Software & Services - 6.2% | |||
58.com, Inc. ADR (a)(d) | 304,300 | 23,212,004 | |
Bitauto Holdings Ltd. ADR (a) | 129,417 | 7,697,723 | |
SouFun Holdings Ltd. ADR | 1,500,000 | 12,405,000 | |
Tencent Holdings Ltd. | 2,900,000 | 59,852,754 | |
Youku Tudou, Inc. ADR (a)(d) | 615,000 | 11,500,500 | |
| 114,667,981 | ||
Semiconductors & Semiconductor Equipment - 5.1% | |||
eMemory Technology, Inc. | 390,000 | 4,437,896 | |
Silergy Corp. | 592,325 | 5,879,540 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 14,240,796 | 68,559,073 | |
Vanguard International Semiconductor Corp. | 10,200,000 | 15,753,282 | |
| 94,629,791 | ||
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Software - 0.7% | |||
China City Railway Transportation Technology Holdings Co. Ltd. (a) | 32,000,000 | $ 12,633,942 | |
Technology Hardware, Storage & Peripherals - 1.4% | |||
ADLINK Technology, Inc. | 3,200,000 | 10,082,936 | |
Advantech Co. Ltd. | 1,415,000 | 11,712,352 | |
Axiomtek Co. Ltd. | 2,000,000 | 5,028,407 | |
| 26,823,695 | ||
TOTAL INFORMATION TECHNOLOGY | 308,705,670 | ||
MATERIALS - 4.0% | |||
Chemicals - 0.2% | |||
Jintex Corp. Ltd. (e) | 4,681,000 | 3,912,806 | |
Construction Materials - 3.8% | |||
Asia Cement (China) Holdings Corp. | 6,409,500 | 3,696,572 | |
BBMG Corp. (H Shares) | 20,000,000 | 24,824,045 | |
China Shanshui Cement Group Ltd. (d) | 20,656,000 | 16,763,486 | |
West China Cement Ltd. | 149,600,000 | 25,671,468 | |
| 70,955,571 | ||
TOTAL MATERIALS | 74,868,377 | ||
TELECOMMUNICATION SERVICES - 1.4% | |||
Diversified Telecommunication Services - 1.4% | |||
China Unicom Ltd. | 14,100,000 | 26,481,628 | |
UTILITIES - 0.5% | |||
Independent Power and Renewable Electricity Producers - 0.5% | |||
Beijing Jingneng Clean Energy Co. Ltd. (H Shares) (d) | 18,500,000 | 9,189,670 | |
TOTAL COMMON STOCKS (Cost $1,346,403,654) |
| ||
Convertible Preferred Stocks - 0.4% | |||
|
|
|
|
INDUSTRIALS - 0.4% | |||
Professional Services - 0.4% | |||
Meituan Corp. Series D (g) | 991,544 | 7,337,426 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $6,268,244) |
| ||
Money Market Funds - 4.0% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.15% (b) | 16,508,102 | $ 16,508,102 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 57,748,215 | 57,748,215 | |
TOTAL MONEY MARKET FUNDS (Cost $74,256,317) |
| ||
TOTAL INVESTMENT PORTFOLIO - 103.2% (Cost $1,426,928,215) | 1,919,447,772 | ||
NET OTHER ASSETS (LIABILITIES) - (3.2)% | (59,865,304) | ||
NET ASSETS - 100% | $ 1,859,582,468 |
Security Type Abbreviations | ||
ELS | - | Equity-Linked Security |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $73,443,038 or 3.9% of net assets. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,837,428 or 0.8% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
JHL Biotech, Inc. | 4/14/15 | $ 7,500,002 |
Meituan Corp. Series D | 1/26/15 | $ 6,268,244 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 20,209 |
Fidelity Securities Lending Cash Central Fund | 697,327 |
Total | $ 717,536 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
Jintex Corp. Ltd. | $ 4,548,561 | $ - | $ 262,332 | $ - | $ 3,912,806 |
Perfect Shape (PRC) Holdings Ltd. | 11,817,466 | - | 5,870,819 | 406,080 | - |
Total | $ 16,366,027 | $ - | $ 6,133,151 | $ 406,080 | $ 3,912,806 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 246,861,668 | $ 246,861,668 | $ - | $ - |
Consumer Staples | 31,624,916 | 31,624,916 | - | - |
Financials | 750,818,867 | 559,372,475 | 191,446,392 | - |
Health Care | 169,970,820 | 162,470,818 | - | 7,500,002 |
Industrials | 226,669,839 | 198,404,512 | 20,927,901 | 7,337,426 |
Information Technology | 308,705,670 | 180,293,843 | 128,411,827 | - |
Materials | 74,868,377 | 58,104,891 | - | 16,763,486 |
Telecommunication Services | 26,481,628 | - | 26,481,628 | - |
Utilities | 9,189,670 | 9,189,670 | - | - |
Money Market Funds | 74,256,317 | 74,256,317 | - | - |
Total Investments in Securities: | $ 1,919,447,772 | $ 1,520,579,110 | $ 367,267,748 | $ 31,600,914 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 0 |
Level 2 to Level 1 | $ 538,436,745 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Equities - Industrials | |
Beginning Balance | $ 28,267,179 |
Net Realized Gain (Loss) on Investment Securities | - |
Net Unrealized Gain (Loss) on Investment Securities | 1,069,182 |
Cost of Purchases | 6,268,244 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | (28,267,179) |
Ending Balance | $ 7,337,426 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2015 | $ 1,069,182 |
Investments in Securities: | |
Other Investments in Securities | |
Beginning Balance | $ - |
Net Realized Gain (Loss) on Investment Securities | 756,975 |
Net Unrealized Gain (Loss) on Investment Securities | 10,741,947 |
Cost of Purchases | 11,680,370 |
Proceeds of Sales | (11,841,958) |
Amortization/Accretion | - |
Transfers into Level 3 | 12,926,154 |
Transfers out of Level 3 | - |
Ending Balance | $ 24,263,488 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2015 | $ 10,741,947 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity China Region Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $54,601,134) - See accompanying schedule: Unaffiliated issuers (cost $1,347,756,763) | $ 1,841,278,649 |
|
Fidelity Central Funds (cost $74,256,317) | 74,256,317 |
|
Other affiliated issuers (cost $4,915,135) | 3,912,806 |
|
Total Investments (cost $1,426,928,215) |
| $ 1,919,447,772 |
Foreign currency held at value (cost $11,559,070) | 11,558,877 | |
Receivable for investments sold | 29,018,521 | |
Receivable for fund shares sold | 7,796,914 | |
Dividends receivable | 448,512 | |
Distributions receivable from Fidelity Central Funds | 223,716 | |
Prepaid expenses | 997 | |
Other receivables | 25,770 | |
Total assets | 1,968,521,079 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 47,688,673 | |
Payable for fund shares redeemed | 2,016,835 | |
Accrued management fee | 1,007,505 | |
Distribution and service plan fees payable | 22,538 | |
Other affiliated payables | 303,103 | |
Other payables and accrued expenses | 151,742 | |
Collateral on securities loaned, at value | 57,748,215 | |
Total liabilities | 108,938,611 | |
|
|
|
Net Assets | $ 1,859,582,468 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,236,708,477 | |
Accumulated net investment loss | (4,167,288) | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 134,522,759 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 492,518,520 | |
Net Assets | $ 1,859,582,468 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 37.66 | |
|
|
|
Maximum offering price per share (100/94.25 of $37.66) | $ 39.96 | |
Class T: | $ 37.52 | |
|
|
|
Maximum offering price per share (100/96.50 of $37.52) | $ 38.88 | |
Class B: | $ 37.32 | |
|
|
|
Class C: | $ 36.95 | |
|
|
|
China Region: | $ 38.00 | |
|
|
|
Institutional Class: | $ 37.81 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity China Region Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends (including $406,080 earned from other affiliated issuers) |
| $ 3,620,497 |
Interest |
| 10 |
Income from Fidelity Central Funds (including $697,327 from security lending) |
| 717,536 |
Income before foreign taxes withheld |
| 4,338,043 |
Less foreign taxes withheld |
| (128,874) |
Total income |
| 4,209,169 |
|
|
|
Expenses | ||
Management fee | $ 5,168,212 | |
Transfer agent fees | 1,414,997 | |
Distribution and service plan fees | 110,543 | |
Accounting and security lending fees | 336,173 | |
Custodian fees and expenses | 251,551 | |
Independent trustees' compensation | 2,820 | |
Registration fees | 80,553 | |
Audit | 37,567 | |
Legal | 2,136 | |
Interest | 1,694 | |
Miscellaneous | 4,945 | |
Total expenses before reductions | 7,411,191 | |
Expense reductions | (47,553) | 7,363,638 |
Net investment income (loss) | (3,154,469) | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers (net of foreign taxes of $22,155) | 138,014,454 | |
Other affiliated issuers | 920,267 | |
Foreign currency transactions | (864,992) | |
Total net realized gain (loss) |
| 138,069,729 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 235,949,261 | |
Assets and liabilities in foreign currencies | 2,330 | |
Total change in net unrealized appreciation (depreciation) |
| 235,951,591 |
Net gain (loss) | 374,021,320 | |
Net increase (decrease) in net assets resulting from operations | $ 370,866,851 |
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ (3,154,469) | $ 13,925,917 |
Net realized gain (loss) | 138,069,729 | 191,786,909 |
Change in net unrealized appreciation (depreciation) | 235,951,591 | (115,260,428) |
Net increase (decrease) in net assets resulting from operations | 370,866,851 | 90,452,398 |
Distributions to shareholders from net investment income | (13,114,934) | (15,459,434) |
Distributions to shareholders from net realized gain | (172,413,722) | (136,131,549) |
Total distributions | (185,528,656) | (151,590,983) |
Share transactions - net increase (decrease) | 262,213,244 | 1,574,280 |
Redemption fees | 173,273 | 349,352 |
Total increase (decrease) in net assets | 447,724,712 | (59,214,953) |
|
|
|
Net Assets | ||
Beginning of period | 1,411,857,756 | 1,471,072,709 |
End of period (including accumulated net investment loss of $4,167,288 and undistributed net investment income of $12,102,115, respectively) | $ 1,859,582,468 | $ 1,411,857,756 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 34.18 | $ 35.56 | $ 28.53 | $ 27.28 | $ 31.61 | $ 26.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.11) | .21 | .30 | .36 | .33 | .25 |
Net realized and unrealized gain (loss) | 8.05 | 2.01J | 7.06 | 1.42 | (4.33) | 5.15 |
Total from investment operations | 7.94 | 2.22 | 7.36 | 1.78 | (4.00) | 5.40 |
Distributions from net investment income | (.22) | (.30) | (.34) | (.19) | (.31) | (.20) |
Distributions from net realized gain | (4.24) | (3.31) | - | (.34) | (.03) | (.07) |
Total distributions | (4.46) | (3.61) | (.34) | (.53) | (.34) | (.27) |
Redemption fees added to paid in capital E | - I | .01 | .01 | - I | .01 | .01 |
Net asset value, end of period | $ 37.66 | $ 34.18 | $ 35.56 | $ 28.53 | $ 27.28 | $ 31.61 |
Total ReturnB, C, D | 26.49% | 6.45%J | 26.07% | 6.70% | (12.79)% | 20.54% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.28%A | 1.35% | 1.35% | 1.36% | 1.37% | 1.38% |
Expenses net of fee waivers, if any | 1.28%A | 1.35% | 1.35% | 1.36% | 1.37% | 1.38% |
Expenses net of all reductions | 1.28%A | 1.35% | 1.31% | 1.29% | 1.31% | 1.31% |
Net investment income (loss) | (.71)%A | .64% | .94% | 1.35% | 1.07% | .91% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 37,753 | $ 21,728 | $ 20,623 | $ 13,539 | $ 14,808 | $ 16,047 |
Portfolio turnover rateG | 152%A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 6.42%. |
Financial Highlights - Class T
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 34.02 | $ 35.40 | $ 28.40 | $ 27.13 | $ 31.48 | $ 26.40 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.17) | .12 | .21 | .29 | .25 | .18 |
Net realized and unrealized gain (loss) | 8.03 | 1.99 L | 7.04 | 1.40 | (4.32) | 5.13 |
Total from investment operations | 7.86 | 2.11 | 7.25 | 1.69 | (4.07) | 5.31 |
Distributions from net investment income | (.12) | (.19) | (.26) | (.08) | (.27) | (.18) |
Distributions from net realized gain | (4.24) | (3.31) | - | (.34) | (.03) | (.07) |
Total distributions | (4.36) | (3.50) | (.26) | (.42) | (.29) J | (.24) K |
Redemption fees added to paid in capital E | - I | .01 | .01 | - I | .01 | .01 |
Net asset value, end of period | $ 37.52 | $ 34.02 | $ 35.40 | $ 28.40 | $ 27.13 | $ 31.48 |
Total ReturnB, C, D | 26.28% | 6.15% L | 25.74% | 6.38% | (13.04)% | 20.27% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.62%A | 1.65% | 1.64% | 1.64% | 1.63% | 1.64% |
Expenses net of fee waivers, if any | 1.62%A | 1.65% | 1.64% | 1.64% | 1.63% | 1.64% |
Expenses net of all reductions | 1.61%A | 1.65% | 1.60% | 1.57% | 1.57% | 1.58% |
Net investment income (loss) | (1.04)%A | .35% | .65% | 1.06% | .81% | .64% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 8,361 | $ 6,305 | $ 5,965 | $ 4,349 | $ 5,281 | $ 6,070 |
Portfolio turnover rateG | 152%A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JTotal distributions of $.29 per share is comprised of distributions from net investment income of $.268 and distributions from net realized gain of $.025 per share. KTotal distributions of $.24 per share is comprised of distributions from net investment income of $.177 and distributions from net realized gain of $.065 per share. LAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 6.12%. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 33.79 | $ 35.12 | $ 28.16 | $ 26.94 | $ 31.23 | $ 26.28 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.24) | (.04) | .06 | .16 | .10 | .04 |
Net realized and unrealized gain (loss) | 7.98 | 1.99J | 6.99 | 1.40 | (4.29) | 5.09 |
Total from investment operations | 7.74 | 1.95 | 7.05 | 1.56 | (4.19) | 5.13 |
Distributions from net investment income | - | - | (.10) | - | (.08) | (.12) |
Distributions from net realized gain | (4.21) | (3.29) | - | (.34) | (.03) | (.07) |
Total distributions | (4.21) | (3.29) | (.10) | (.34) | (.11) | (.19) |
Redemption fees added to paid in capital E | - I | .01 | .01 | - I | .01 | .01 |
Net asset value, end of period | $ 37.32 | $ 33.79 | $ 35.12 | $ 28.16 | $ 26.94 | $ 31.23 |
Total ReturnB, C, D | 25.95% | 5.68%J | 25.12% | 5.90% | (13.45)% | 19.63% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 2.09%A | 2.11% | 2.10% | 2.11% | 2.12% | 2.14% |
Expenses net of fee waivers, if any | 2.09%A | 2.11% | 2.10% | 2.11% | 2.12% | 2.14% |
Expenses net of all reductions | 2.08%A | 2.11% | 2.07% | 2.04% | 2.06% | 2.08% |
Net investment income (loss) | (1.51)%A | (.12)% | .19% | .59% | .32% | .14% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,461 | $ 1,215 | $ 1,494 | $ 1,533 | $ 1,801 | $ 2,496 |
Portfolio turnover rateG | 152%A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 5.65%. |
Financial Highlights - Class C
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 33.56 | $ 34.99 | $ 28.07 | $ 26.86 | $ 31.19 | $ 26.25 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.23) | (.02) | .06 | .16 | .10 | .04 |
Net realized and unrealized gain (loss) | 7.90 | 1.97J | 6.97 | 1.39 | (4.28) | 5.09 |
Total from investment operations | 7.67 | 1.95 | 7.03 | 1.55 | (4.18) | 5.13 |
Distributions from net investment income | (.04) | (.08) | (.12) | - | (.13) | (.13) |
Distributions from net realized gain | (4.24) | (3.31) | - | (.34) | (.03) | (.07) |
Total distributions | (4.28) | (3.39) | (.12) | (.34) | (.16) | (.20) |
Redemption fees added to paid in capital E | - I | .01 | .01 | - I | .01 | .01 |
Net asset value, end of period | $ 36.95 | $ 33.56 | $ 34.99 | $ 28.07 | $ 26.86 | $ 31.19 |
Total ReturnB, C, D | 25.99% | 5.71%J | 25.14% | 5.88% | (13.46)% | 19.66% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 2.04%A | 2.07% | 2.10% | 2.11% | 2.12% | 2.14% |
Expenses net of fee waivers, if any | 2.04%A | 2.07% | 2.10% | 2.11% | 2.12% | 2.14% |
Expenses net of all reductions | 2.04%A | 2.07% | 2.07% | 2.04% | 2.06% | 2.07% |
Net investment income (loss) | (1.47)%A | (.07)% | .19% | .59% | .32% | .15% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 15,207 | $ 10,445 | $ 6,957 | $ 4,515 | $ 5,230 | $ 5,938 |
Portfolio turnover rateG | 152% A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 5.68%. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - China Region
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 34.51 | $ 35.83 | $ 28.73 | $ 27.49 | $ 31.81 | $ 26.55 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | (.07) | .33 | .41 | .45 | .44 | .34 |
Net realized and unrealized gain (loss) | 8.13 | 2.03K | 7.11 | 1.42 | (4.37) | 5.18 |
Total from investment operations | 8.06 | 2.36 | 7.52 | 1.87 | (3.93) | 5.52 |
Distributions from net investment income | (.33) | (.38) | (.43) | (.29) | (.38) | (.21) |
Distributions from net realized gain | (4.24) | (3.31) | - | (.34) | (.03) | (.07) |
Total distributions | (4.57) | (3.69) | (.43) | (.63) | (.40) I | (.27) J |
Redemption fees added to paid in capital D | - H | .01 | .01 | - H | .01 | .01 |
Net asset value, end of period | $ 38.00 | $ 34.51 | $ 35.83 | $ 28.73 | $ 27.49 | $ 31.81 |
Total ReturnB, C | 26.66% | 6.83%K | 26.51% | 7.01% | (12.52)% | 20.97% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .98%A | 1.01% | 1.02% | 1.04% | 1.04% | 1.06% |
Expenses net of fee waivers, if any | .98%A | 1.01% | 1.02% | 1.04% | 1.04% | 1.06% |
Expenses net of all reductions | .98%A | 1.01% | .98% | .98% | .98% | 1.00% |
Net investment income (loss) | (.41)%A | .99% | 1.27% | 1.66% | 1.40% | 1.22% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,761,090 | $ 1,352,761 | $ 1,425,828 | $ 1,265,488 | $ 1,515,084 | $ 2,130,070 |
Portfolio turnover rateF | 152% A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HAmount represents less than $.01 per share. ITotal distributions of $.40 per share is comprised of distributions from net investment income of $.376 and distributions from net realized gain of $.025 per share. JTotal distributions of $.27 per share is comprised of distributions from net investment income of $.209 and distributions from net realized gain of $.065 per share. KAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 6.80%. |
Financial Highlights - Institutional Class
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 34.39 | $ 35.75 | $ 28.68 | $ 27.46 | $ 31.79 | $ 26.55 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | (.06) | .34 | .42 | .45 | .43 | .33 |
Net realized and unrealized gain (loss) | 8.08 | 2.02K | 7.10 | 1.42 | (4.37) | 5.18 |
Total from investment operations | 8.02 | 2.36 | 7.52 | 1.87 | (3.94) | 5.51 |
Distributions from net investment income | (.36) | (.43) | (.46) | (.31) | (.37) | (.22) |
Distributions from net realized gain | (4.24) | (3.31) | - | (.34) | (.03) | (.07) |
Total distributions | (4.60) | (3.73) J | (.46) | (.65) | (.40) | (.28) I |
Redemption fees added to paid in capital D | - H | .01 | .01 | - H | .01 | .01 |
Net asset value, end of period | $ 37.81 | $ 34.39 | $ 35.75 | $ 28.68 | $ 27.46 | $ 31.79 |
Total ReturnB, C | 26.67% | 6.87%K | 26.58% | 7.02% | (12.56)% | 20.92% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .97%A | .98% | .97% | 1.04% | 1.06% | 1.11% |
Expenses net of fee waivers, if any | .97%A | .98% | .97% | 1.04% | 1.06% | 1.11% |
Expenses net of all reductions | .96%A | .98% | .93% | .98% | 1.01% | 1.04% |
Net investment income (loss) | (.39)%A | 1.01% | 1.32% | 1.66% | 1.38% | 1.18% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 35,710 | $ 19,404 | $ 10,206 | $ 1,958 | $ 2,034 | $ 1,904 |
Portfolio turnover rateF | 152% A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HAmount represents less than $.01 per share. ITotal distributions of $.28 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $.065 per share. JTotal distributions of $3.73 per share is comprised of distributions from net investment income of $.425 and distributions from net realized gain of $3.306 per share. KAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 6.84%. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® China Region Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, China Region and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities,
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at | Valuation | Unobservable | Amount or Range/ | Impact to Valuation |
Equities | $ 31,600,914 | Last transaction price | Transaction price | $3.74 - $6.29 / $5.50 | Increase |
|
| Market comparable | EV/GMV multiple | 0.4 | Increase |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 498,299,243 |
Gross unrealized depreciation | (9,514,381) |
Net unrealized appreciation (depreciation) on securities | $ 488,784,862 |
|
|
Tax cost | $ 1,430,662,910 |
Short-Term Trading (Redemption) Fees. Shares purchased by investors in the Fund less than 90 days may be subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,223,949,084 and $1,113,606,471, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 34,195 | $ 2,810 |
Class T | .25% | .25% | 16,378 | 217 |
Class B | .75% | .25% | 6,251 | 4,702 |
Class C | .75% | .25% | 53,719 | 20,123 |
|
|
| $ 110,543 | $ 27,852 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 20,858 |
Class T | 2,735 |
Class B* | 195 |
Class C* | 5,834 |
| $ 29,622 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 32,509 | .24 |
Class T | 10,556 | .32 |
Class B | 1,820 | .29 |
Class C | 13,458 | .25 |
China Region | 1,334,091 | .19 |
Institutional Class | 22,563 | .17 |
| $ 1,414,997 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $3,350 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Interfund Lending Program - continued
alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan | Weighted Average | Interest |
Borrower | $ 10,812,438 | .35% | $ 1,694 |
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,126 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $11,375. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds and includes $275 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $39,782 for the period.
Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $46.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain China Region expenses during the period in the amount of $7,725.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 147,088 | $ 180,108 |
Class T | 22,529 | 32,344 |
Class C | 12,652 | 17,191 |
China Region | 12,728,622 | 15,122,632 |
Institutional Class | 204,043 | 107,159 |
Total | $ 13,114,934 | $ 15,459,434 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
9. Distributions to Shareholders - continued
Six months ended | Year ended | |
From net realized gain |
|
|
Class A | $ 2,783,517 | $ 1,978,191 |
Class T | 789,251 | 554,033 |
Class B | 149,794 | 137,166 |
Class C | 1,276,956 | 701,626 |
China Region | 165,004,911 | 131,926,962 |
Institutional Class | 2,409,293 | 833,571 |
Total | $ 172,413,722 | $ 136,131,549 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 522,266 | 299,718 | $ 17,164,492 | $ 10,085,846 |
Reinvestment of distributions | 93,297 | 60,028 | 2,812,898 | 2,013,956 |
Shares redeemed | (248,636) | (304,062) | (8,476,370) | (10,090,492) |
Net increase (decrease) | 366,927 | 55,684 | $ 11,501,020 | $ 2,009,310 |
Class T |
|
|
|
|
Shares sold | 46,552 | 59,364 | $ 1,614,827 | $ 1,971,301 |
Reinvestment of distributions | 26,640 | 17,176 | 801,072 | 574,877 |
Shares redeemed | (35,628) | (59,747) | (1,118,316) | (1,983,826) |
Net increase (decrease) | 37,564 | 16,793 | $ 1,297,583 | $ 562,352 |
Class B |
|
|
|
|
Shares sold | 1,753 | 1,463 | $ 56,558 | $ 48,104 |
Reinvestment of distributions | 4,834 | 3,586 | 144,877 | 119,685 |
Shares redeemed | (3,397) | (11,640) | (110,024) | (382,157) |
Net increase (decrease) | 3,190 | (6,591) | $ 91,411 | $ (214,368) |
Class C |
|
|
|
|
Shares sold | 127,667 | 172,291 | $ 4,323,836 | $ 5,779,242 |
Reinvestment of distributions | 38,139 | 18,485 | 1,131,586 | 612,773 |
Shares redeemed | (65,498) | (78,373) | (2,064,729) | (2,559,009) |
Net increase (decrease) | 100,308 | 112,403 | $ 3,390,693 | $ 3,833,006 |
China Region |
|
|
|
|
Shares sold | 7,482,027 | 6,962,379 | $ 257,314,676 | $ 236,836,534 |
Reinvestment of distributions | 5,608,420 | 4,157,611 | 170,439,887 | 140,360,927 |
Shares redeemed | (5,945,363) | (11,721,340) | (193,590,170) | (391,493,808) |
Net increase (decrease) | 7,145,084 | (601,350) | $ 234,164,393 | $ (14,296,347) |
Institutional Class |
|
|
|
|
Shares sold | 504,513 | 632,067 | $ 15,938,780 | $ 21,560,054 |
Reinvestment of distributions | 58,945 | 23,866 | 1,781,897 | 802,629 |
Shares redeemed | (183,275) | (377,199) | (5,952,533) | (12,682,356) |
Net increase (decrease) | 380,183 | 278,734 | $ 11,768,144 | $ 9,680,327 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Japan) Limited
Fidelity Management & Research
(Hong Kong) Limited
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(UK) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.,
Boston, MA
(Fidelity Investment logo)(registered trademark)
AHKC-USAN-0615
1.861461.106
Fidelity Advisor®
China Region Fund -
Institutional Class
Semiannual Report
April 30, 2015
Institutional Class is a class of
Fidelity® China Region Fund
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity China Region Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Class A | 1.28% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,264.90 | $ 7.19 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.45 | $ 6.41 |
Class T | 1.62% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,262.80 | $ 9.09 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.76 | $ 8.10 |
Class B | 2.09% |
| �� |
|
Actual |
| $ 1,000.00 | $ 1,259.50 | $ 11.71 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.43 | $ 10.44 |
Class C | 2.04% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,259.90 | $ 11.43 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.68 | $ 10.19 |
China Region | .98% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,266.60 | $ 5.51 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.93 | $ 4.91 |
Institutional Class | .97% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,266.70 | $ 5.45 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.98 | $ 4.86 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity China Region Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
China | 42.0% |
| |
Cayman Islands | 24.4% |
| |
Hong Kong | 11.8% |
| |
Taiwan | 10.4% |
| |
Bermuda | 5.1% |
| |
Netherlands | 2.4% |
| |
United Kingdom | 1.7% |
| |
Bailiwick of Jersey | 1.4% |
| |
United States of America* | 0.8% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Cayman Islands | 31.7% |
| |
China | 26.3% |
| |
Taiwan | 16.7% |
| |
Hong Kong | 10.2% |
| |
United States of America* | 4.7% |
| |
Bermuda | 4.2% |
| |
Korea (South) | 2.8% |
| |
United Kingdom | 1.4% |
| |
Netherlands | 0.8% |
| |
Other | 1.2% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 99.2 | 95.3 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.8 | 4.7 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
AIA Group Ltd. (Insurance) | 4.4 | 5.4 |
Industrial & Commercial Bank of China Ltd. (H Shares) (Banks) | 4.1 | 3.7 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 3.7 | 8.3 |
China Construction Bank Corp. (H Shares) (Banks) | 3.6 | 3.7 |
Hong Kong Exchanges and Clearing Ltd. (Diversified Financial Services) | 3.3 | 0.0 |
Tencent Holdings Ltd. (Internet Software & Services) | 3.2 | 5.3 |
Bank of China Ltd. (H Shares) (Banks) | 3.1 | 0.0 |
China Pacific Insurance Group Co. Ltd. (H Shares) (Insurance) | 2.3 | 2.1 |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) (Insurance) | 2.3 | 0.0 |
CK Hutchison Holdings Ltd. (Real Estate Management & Development) | 2.1 | 0.0 |
| 32.1 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 40.4 | 25.1 |
Information Technology | 16.6 | 28.6 |
Consumer Discretionary | 13.3 | 16.8 |
Industrials | 12.2 | 6.3 |
Health Care | 9.1 | 7.6 |
Materials | 4.0 | 4.4 |
Consumer Staples | 1.7 | 0.0 |
Telecommunication Services | 1.4 | 1.6 |
Utilities | 0.5 | 2.2 |
Energy | 0.0 | 2.7 |
Market Sectors may include more than one industry category. |
The fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Hong Kong, Taiwanese and Chinese market. As of April 30, 2015, the fund did not have more than 25% of its total assets invested in any one industry. |
Semiannual Report
Fidelity China Region Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 13.3% | |||
Auto Components - 2.3% | |||
Cub Elecparts, Inc. | 400,000 | $ 5,093,711 | |
Fuyao Glass Industries Group Co. Ltd. | 7,571,859 | 19,092,003 | |
Weifu High-Technology Co. Ltd. (B Shares) | 3,941,161 | 18,438,240 | |
| 42,623,954 | ||
Automobiles - 1.8% | |||
Chongqing Changan Automobile Co. Ltd. (B Shares) | 8,233,786 | 26,983,655 | |
Geely Automobile Holdings Ltd. | 11,880,000 | 6,713,640 | |
| 33,697,295 | ||
Diversified Consumer Services - 0.5% | |||
Perfect Shape (PRC) Holdings Ltd. | 40,044,000 | 9,403,214 | |
Hotels, Restaurants & Leisure - 1.0% | |||
Huangshan Tourism Development Co. Ltd. | 762,272 | 1,625,164 | |
Tuniu Corp. Class A sponsored ADR (d) | 1,090,000 | 17,712,500 | |
| 19,337,664 | ||
Household Durables - 1.7% | |||
Haier Electronics Group Co. Ltd. | 3,383,000 | 9,755,443 | |
Qingdao Haier Co. Ltd. | 1,549,911 | 6,774,052 | |
Techtronic Industries Co. Ltd. | 4,203,000 | 14,939,927 | |
| 31,469,422 | ||
Internet & Catalog Retail - 2.9% | |||
Ctrip.com International Ltd. sponsored ADR (a) | 243,000 | 15,474,240 | |
JD.com, Inc. sponsored ADR | 260,000 | 8,725,600 | |
Qunar Cayman Islands Ltd. sponsored ADR (a)(d) | 431,768 | 20,219,695 | |
Vipshop Holdings Ltd. ADR (a) | 300,000 | 8,487,000 | |
| 52,906,535 | ||
Media - 0.6% | |||
Poly Culture Group Corp. Ltd. (H Shares) (a) | 2,978,200 | 11,335,570 | |
Specialty Retail - 1.2% | |||
China Harmony Auto Holding Ltd. | 7,500,000 | 9,483,198 | |
Hengdeli Holdings Ltd. | 38,000,000 | 8,531,007 | |
International Housewares Retail Co. Ltd. | 2,849,000 | 805,015 | |
Oriental Watch Holdings Ltd. | 15,597,000 | 2,837,446 | |
| 21,656,666 | ||
Textiles, Apparel & Luxury Goods - 1.3% | |||
Best Pacific International Holdings Ltd. | 18,342,000 | 8,282,896 | |
ECLAT Textile Co. Ltd. | 500,000 | 6,726,311 | |
Toung Loong Textile Manufacturing Co. Ltd. | 2,375,000 | 9,422,141 | |
| 24,431,348 | ||
TOTAL CONSUMER DISCRETIONARY | 246,861,668 | ||
| |||
Shares | Value | ||
CONSUMER STAPLES - 1.7% | |||
Food Products - 1.7% | |||
China Agri-Industries Holdings Ltd. | 9,500,000 | $ 5,429,937 | |
China Foods Ltd. (a) | 7,500,000 | 5,622,182 | |
Inner Mongoli Yili Industries Co. Ltd. | 3,499,971 | 20,572,797 | |
| 31,624,916 | ||
FINANCIALS - 40.4% | |||
Banks - 14.8% | |||
Bank of China Ltd. (H Shares) | 83,778,000 | 57,613,555 | |
Midea Group ELS (BNP Paribas Warrant Program) warrants 10/8/15 (a)(f) | 3,090,600 | 18,420,630 | |
China Construction Bank Corp. (H Shares) | 68,778,000 | 66,998,329 | |
China Merchants Bank Co. Ltd. (H Shares) | 10,000,000 | 30,255,917 | |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Warrant Program) warrants 11/27/17 (a)(f) | 3,028,600 | 15,990,625 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 88,224,000 | 76,530,869 | |
Kweichow Moutai Co. Ltd. (A Shares) (BNP Paribas Warrant Program) warrants 7/9/15 (a)(f) | 223,520 | 9,089,194 | |
| 274,899,119 | ||
Capital Markets - 4.5% | |||
Emperor Capital Group Ltd. | 42,366,000 | 9,729,823 | |
Emperor Capital Group Ltd. rights (a) 5/21/15 | 15,999,000 | 2,642,228 | |
Guotai Junan International Holdings Ltd. | 6,000,000 | 9,924,457 | |
Haitong Securities Co. Ltd. (H Shares) | 5,600,000 | 18,388,372 | |
Kweichow Moutai Co. Ltd. (A Shares) ELS (UBS Warrant Programme) warrants 8/5/15 (a)(f) | 305,690 | 12,430,546 | |
SAIC Motor Corp. Ltd. ELS (UBS Warrant Programme) warrants 9/16/15 (a)(f) | 2,014,600 | 8,769,298 | |
SAIC Motor Corp. Ltd. ELS (BD Warrant Programme) warrants 7/13/17 (a)(f) | 2,008,500 | 8,742,745 | |
Tai Fook Securities Group Ltd. | 7,310,000 | 8,158,324 | |
Tai Fook Securities Group Ltd. rights 5/15/15 (a) | 7,310,000 | 4,857,268 | |
| 83,643,061 | ||
Diversified Financial Services - 3.3% | |||
Hong Kong Exchanges and Clearing Ltd. | 1,585,000 | 60,655,179 | |
Insurance - 13.9% | |||
AIA Group Ltd. | 12,277,400 | 82,054,734 | |
China Life Insurance Co. Ltd. (H Shares) | 7,000,000 | 33,972,989 | |
China Pacific Insurance Group Co. Ltd. (H Shares) | 7,999,200 | 43,657,051 | |
New China Life Insurance Co. Ltd. (H Shares) | 3,497,000 | 21,724,981 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Insurance - continued | |||
People's Insurance Co. of China Group (H Shares) | 50,176,000 | $ 34,894,122 | |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 3,000,000 | 43,119,521 | |
| 259,423,398 | ||
Real Estate Management & Development - 3.9% | |||
CK Hutchison Holdings Ltd. | 1,810,000 | 39,350,111 | |
Shimao Property Holdings Ltd. | 6,908,500 | 16,365,298 | |
Sunac China Holdings Ltd. | 12,500,000 | 16,482,701 | |
| 72,198,110 | ||
TOTAL FINANCIALS | 750,818,867 | ||
HEALTH CARE - 9.1% | |||
Biotechnology - 0.4% | |||
JHL Biotech, Inc. (g) | 2,005,348 | 7,500,002 | |
Health Care Equipment & Supplies - 0.8% | |||
Intai Technology Corp. | 1,000,000 | 5,632,469 | |
Lifetech Scientific Corp. (a) | 52,266,000 | 9,710,671 | |
| 15,343,140 | ||
Health Care Providers & Services - 1.7% | |||
China National Accord Medicines Corp. Ltd. | 1,930,173 | 14,267,324 | |
Phoenix Healthcare Group Ltd. (d) | 8,739,500 | 18,064,110 | |
| 32,331,434 | ||
Life Sciences Tools & Services - 0.9% | |||
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 385,700 | 16,650,669 | |
Pharmaceuticals - 5.3% | |||
CSPC Pharmaceutical Group Ltd. | 19,842,000 | 20,634,216 | |
Jiangsu Hengrui Medicine Co. Ltd. | 2,299,908 | 21,138,479 | |
Lee's Pharmaceutical Holdings Ltd. | 8,290,000 | 15,380,870 | |
Luye Pharma Group Ltd. (d) | 13,498,500 | 17,346,519 | |
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. Class H | 1,300,000 | 4,956,422 | |
Sino Biopharmaceutical Ltd. | 16,312,000 | 18,689,069 | |
| 98,145,575 | ||
TOTAL HEALTH CARE | 169,970,820 | ||
INDUSTRIALS - 11.8% | |||
Air Freight & Logistics - 0.1% | |||
Sinotrans Air Transportation Development Co. Ltd. (A Shares) | 599,908 | 2,615,192 | |
Airlines - 3.1% | |||
Air China Ltd. (H Shares) | 14,284,000 | 17,250,162 | |
China Eastern Airlines Corp. Ltd. (H Shares) (a) | 24,180,000 | 18,687,474 | |
China Southern Airlines Ltd. (H Shares) | 21,296,000 | 20,927,901 | |
| 56,865,537 | ||
| |||
Shares | Value | ||
Building Products - 0.5% | |||
Sunspring Metal Corp. | 4,350,000 | $ 8,493,763 | |
Electrical Equipment - 1.8% | |||
Harbin Electric Machinery Co. Ltd. (H Shares) | 17,000,000 | 13,993,846 | |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 2,200,000 | 18,819,310 | |
| 32,813,156 | ||
Machinery - 3.0% | |||
China CNR Corp. Ltd. (H Shares) (a) | 7,000,000 | 14,360,271 | |
CSR Corp. Ltd. (H Shares) | 11,689,000 | 22,622,266 | |
King Slide Works Co. Ltd. | 600,000 | 9,472,344 | |
Zhengzhou Yutong Bus Co. Ltd. | 2,099,971 | 10,366,465 | |
| 56,821,346 | ||
Marine - 1.0% | |||
China Shipping Development Co. Ltd. (H Shares) | 22,444,000 | 18,851,622 | |
Road & Rail - 0.5% | |||
Daqin Railway Co. Ltd. (A Shares) | 4,499,962 | 10,134,853 | |
Trading Companies & Distributors - 1.8% | |||
China Aircraft Leasing Group Holdings Ltd. | 5,000,000 | 8,747,766 | |
Summit Ascent Holdings Ltd. (a)(d) | 41,044,000 | 23,989,178 | |
| 32,736,944 | ||
TOTAL INDUSTRIALS | 219,332,413 | ||
INFORMATION TECHNOLOGY - 16.6% | |||
Communications Equipment - 0.5% | |||
ZTE Corp. (H Shares) | 3,000,000 | 10,121,862 | |
Electronic Equipment & Components - 2.7% | |||
Largan Precision Co. Ltd. | 209,000 | 21,018,742 | |
PAX Global Technology Ltd. (a) | 7,500,000 | 10,934,708 | |
Sunny Optical Technology Group Co. Ltd. (d) | 4,500,000 | 10,079,285 | |
TPK Holding Co. Ltd. | 1,250,000 | 7,795,664 | |
| 49,828,399 | ||
Internet Software & Services - 6.2% | |||
58.com, Inc. ADR (a)(d) | 304,300 | 23,212,004 | |
Bitauto Holdings Ltd. ADR (a) | 129,417 | 7,697,723 | |
SouFun Holdings Ltd. ADR | 1,500,000 | 12,405,000 | |
Tencent Holdings Ltd. | 2,900,000 | 59,852,754 | |
Youku Tudou, Inc. ADR (a)(d) | 615,000 | 11,500,500 | |
| 114,667,981 | ||
Semiconductors & Semiconductor Equipment - 5.1% | |||
eMemory Technology, Inc. | 390,000 | 4,437,896 | |
Silergy Corp. | 592,325 | 5,879,540 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 14,240,796 | 68,559,073 | |
Vanguard International Semiconductor Corp. | 10,200,000 | 15,753,282 | |
| 94,629,791 | ||
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Software - 0.7% | |||
China City Railway Transportation Technology Holdings Co. Ltd. (a) | 32,000,000 | $ 12,633,942 | |
Technology Hardware, Storage & Peripherals - 1.4% | |||
ADLINK Technology, Inc. | 3,200,000 | 10,082,936 | |
Advantech Co. Ltd. | 1,415,000 | 11,712,352 | |
Axiomtek Co. Ltd. | 2,000,000 | 5,028,407 | |
| 26,823,695 | ||
TOTAL INFORMATION TECHNOLOGY | 308,705,670 | ||
MATERIALS - 4.0% | |||
Chemicals - 0.2% | |||
Jintex Corp. Ltd. (e) | 4,681,000 | 3,912,806 | |
Construction Materials - 3.8% | |||
Asia Cement (China) Holdings Corp. | 6,409,500 | 3,696,572 | |
BBMG Corp. (H Shares) | 20,000,000 | 24,824,045 | |
China Shanshui Cement Group Ltd. (d) | 20,656,000 | 16,763,486 | |
West China Cement Ltd. | 149,600,000 | 25,671,468 | |
| 70,955,571 | ||
TOTAL MATERIALS | 74,868,377 | ||
TELECOMMUNICATION SERVICES - 1.4% | |||
Diversified Telecommunication Services - 1.4% | |||
China Unicom Ltd. | 14,100,000 | 26,481,628 | |
UTILITIES - 0.5% | |||
Independent Power and Renewable Electricity Producers - 0.5% | |||
Beijing Jingneng Clean Energy Co. Ltd. (H Shares) (d) | 18,500,000 | 9,189,670 | |
TOTAL COMMON STOCKS (Cost $1,346,403,654) |
| ||
Convertible Preferred Stocks - 0.4% | |||
|
|
|
|
INDUSTRIALS - 0.4% | |||
Professional Services - 0.4% | |||
Meituan Corp. Series D (g) | 991,544 | 7,337,426 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $6,268,244) |
| ||
Money Market Funds - 4.0% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.15% (b) | 16,508,102 | $ 16,508,102 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 57,748,215 | 57,748,215 | |
TOTAL MONEY MARKET FUNDS (Cost $74,256,317) |
| ||
TOTAL INVESTMENT PORTFOLIO - 103.2% (Cost $1,426,928,215) | 1,919,447,772 | ||
NET OTHER ASSETS (LIABILITIES) - (3.2)% | (59,865,304) | ||
NET ASSETS - 100% | $ 1,859,582,468 |
Security Type Abbreviations | ||
ELS | - | Equity-Linked Security |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $73,443,038 or 3.9% of net assets. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,837,428 or 0.8% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
JHL Biotech, Inc. | 4/14/15 | $ 7,500,002 |
Meituan Corp. Series D | 1/26/15 | $ 6,268,244 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 20,209 |
Fidelity Securities Lending Cash Central Fund | 697,327 |
Total | $ 717,536 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
Jintex Corp. Ltd. | $ 4,548,561 | $ - | $ 262,332 | $ - | $ 3,912,806 |
Perfect Shape (PRC) Holdings Ltd. | 11,817,466 | - | 5,870,819 | 406,080 | - |
Total | $ 16,366,027 | $ - | $ 6,133,151 | $ 406,080 | $ 3,912,806 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 246,861,668 | $ 246,861,668 | $ - | $ - |
Consumer Staples | 31,624,916 | 31,624,916 | - | - |
Financials | 750,818,867 | 559,372,475 | 191,446,392 | - |
Health Care | 169,970,820 | 162,470,818 | - | 7,500,002 |
Industrials | 226,669,839 | 198,404,512 | 20,927,901 | 7,337,426 |
Information Technology | 308,705,670 | 180,293,843 | 128,411,827 | - |
Materials | 74,868,377 | 58,104,891 | - | 16,763,486 |
Telecommunication Services | 26,481,628 | - | 26,481,628 | - |
Utilities | 9,189,670 | 9,189,670 | - | - |
Money Market Funds | 74,256,317 | 74,256,317 | - | - |
Total Investments in Securities: | $ 1,919,447,772 | $ 1,520,579,110 | $ 367,267,748 | $ 31,600,914 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 0 |
Level 2 to Level 1 | $ 538,436,745 |
Valuation Inputs at Reporting Date: |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Equities - Industrials | |
Beginning Balance | $ 28,267,179 |
Net Realized Gain (Loss) on Investment Securities | - |
Net Unrealized Gain (Loss) on Investment Securities | 1,069,182 |
Cost of Purchases | 6,268,244 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers into Level 3 | - |
Transfers out of Level 3 | (28,267,179) |
Ending Balance | $ 7,337,426 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2015 | $ 1,069,182 |
Investments in Securities: | |
Other Investments in Securities | |
Beginning Balance | $ - |
Net Realized Gain (Loss) on Investment Securities | 756,975 |
Net Unrealized Gain (Loss) on Investment Securities | 10,741,947 |
Cost of Purchases | 11,680,370 |
Proceeds of Sales | (11,841,958) |
Amortization/Accretion | - |
Transfers into Level 3 | 12,926,154 |
Transfers out of Level 3 | - |
Ending Balance | $ 24,263,488 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2015 | $ 10,741,947 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity China Region Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $54,601,134) - See accompanying schedule: Unaffiliated issuers (cost $1,347,756,763) | $ 1,841,278,649 |
|
Fidelity Central Funds (cost $74,256,317) | 74,256,317 |
|
Other affiliated issuers (cost $4,915,135) | 3,912,806 |
|
Total Investments (cost $1,426,928,215) |
| $ 1,919,447,772 |
Foreign currency held at value (cost $11,559,070) | 11,558,877 | |
Receivable for investments sold | 29,018,521 | |
Receivable for fund shares sold | 7,796,914 | |
Dividends receivable | 448,512 | |
Distributions receivable from Fidelity Central Funds | 223,716 | |
Prepaid expenses | 997 | |
Other receivables | 25,770 | |
Total assets | 1,968,521,079 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 47,688,673 | |
Payable for fund shares redeemed | 2,016,835 | |
Accrued management fee | 1,007,505 | |
Distribution and service plan fees payable | 22,538 | |
Other affiliated payables | 303,103 | |
Other payables and accrued expenses | 151,742 | |
Collateral on securities loaned, at value | 57,748,215 | |
Total liabilities | 108,938,611 | |
|
|
|
Net Assets | $ 1,859,582,468 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,236,708,477 | |
Accumulated net investment loss | (4,167,288) | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 134,522,759 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 492,518,520 | |
Net Assets | $ 1,859,582,468 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 37.66 | |
|
|
|
Maximum offering price per share (100/94.25 of $37.66) | $ 39.96 | |
Class T: | $ 37.52 | |
|
|
|
Maximum offering price per share (100/96.50 of $37.52) | $ 38.88 | |
Class B: | $ 37.32 | |
|
|
|
Class C: | $ 36.95 | |
|
|
|
China Region: | $ 38.00 | |
|
|
|
Institutional Class: | $ 37.81 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity China Region Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends (including $406,080 earned from other affiliated issuers) |
| $ 3,620,497 |
Interest |
| 10 |
Income from Fidelity Central Funds (including $697,327 from security lending) |
| 717,536 |
Income before foreign taxes withheld |
| 4,338,043 |
Less foreign taxes withheld |
| (128,874) |
Total income |
| 4,209,169 |
|
|
|
Expenses | ||
Management fee | $ 5,168,212 | |
Transfer agent fees | 1,414,997 | |
Distribution and service plan fees | 110,543 | |
Accounting and security lending fees | 336,173 | |
Custodian fees and expenses | 251,551 | |
Independent trustees' compensation | 2,820 | |
Registration fees | 80,553 | |
Audit | 37,567 | |
Legal | 2,136 | |
Interest | 1,694 | |
Miscellaneous | 4,945 | |
Total expenses before reductions | 7,411,191 | |
Expense reductions | (47,553) | 7,363,638 |
Net investment income (loss) | (3,154,469) | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers (net of foreign taxes of $22,155) | 138,014,454 | |
Other affiliated issuers | 920,267 | |
Foreign currency transactions | (864,992) | |
Total net realized gain (loss) |
| 138,069,729 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 235,949,261 | |
Assets and liabilities in foreign currencies | 2,330 | |
Total change in net unrealized appreciation (depreciation) |
| 235,951,591 |
Net gain (loss) | 374,021,320 | |
Net increase (decrease) in net assets resulting from operations | $ 370,866,851 |
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ (3,154,469) | $ 13,925,917 |
Net realized gain (loss) | 138,069,729 | 191,786,909 |
Change in net unrealized appreciation (depreciation) | 235,951,591 | (115,260,428) |
Net increase (decrease) in net assets resulting from operations | 370,866,851 | 90,452,398 |
Distributions to shareholders from net investment income | (13,114,934) | (15,459,434) |
Distributions to shareholders from net realized gain | (172,413,722) | (136,131,549) |
Total distributions | (185,528,656) | (151,590,983) |
Share transactions - net increase (decrease) | 262,213,244 | 1,574,280 |
Redemption fees | 173,273 | 349,352 |
Total increase (decrease) in net assets | 447,724,712 | (59,214,953) |
|
|
|
Net Assets | ||
Beginning of period | 1,411,857,756 | 1,471,072,709 |
End of period (including accumulated net investment loss of $4,167,288 and undistributed net investment income of $12,102,115, respectively) | $ 1,859,582,468 | $ 1,411,857,756 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 34.18 | $ 35.56 | $ 28.53 | $ 27.28 | $ 31.61 | $ 26.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.11) | .21 | .30 | .36 | .33 | .25 |
Net realized and unrealized gain (loss) | 8.05 | 2.01J | 7.06 | 1.42 | (4.33) | 5.15 |
Total from investment operations | 7.94 | 2.22 | 7.36 | 1.78 | (4.00) | 5.40 |
Distributions from net investment income | (.22) | (.30) | (.34) | (.19) | (.31) | (.20) |
Distributions from net realized gain | (4.24) | (3.31) | - | (.34) | (.03) | (.07) |
Total distributions | (4.46) | (3.61) | (.34) | (.53) | (.34) | (.27) |
Redemption fees added to paid in capital E | - I | .01 | .01 | - I | .01 | .01 |
Net asset value, end of period | $ 37.66 | $ 34.18 | $ 35.56 | $ 28.53 | $ 27.28 | $ 31.61 |
Total ReturnB, C, D | 26.49% | 6.45%J | 26.07% | 6.70% | (12.79)% | 20.54% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.28%A | 1.35% | 1.35% | 1.36% | 1.37% | 1.38% |
Expenses net of fee waivers, if any | 1.28%A | 1.35% | 1.35% | 1.36% | 1.37% | 1.38% |
Expenses net of all reductions | 1.28%A | 1.35% | 1.31% | 1.29% | 1.31% | 1.31% |
Net investment income (loss) | (.71)%A | .64% | .94% | 1.35% | 1.07% | .91% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 37,753 | $ 21,728 | $ 20,623 | $ 13,539 | $ 14,808 | $ 16,047 |
Portfolio turnover rateG | 152%A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 6.42%. |
Financial Highlights - Class T
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 34.02 | $ 35.40 | $ 28.40 | $ 27.13 | $ 31.48 | $ 26.40 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.17) | .12 | .21 | .29 | .25 | .18 |
Net realized and unrealized gain (loss) | 8.03 | 1.99 L | 7.04 | 1.40 | (4.32) | 5.13 |
Total from investment operations | 7.86 | 2.11 | 7.25 | 1.69 | (4.07) | 5.31 |
Distributions from net investment income | (.12) | (.19) | (.26) | (.08) | (.27) | (.18) |
Distributions from net realized gain | (4.24) | (3.31) | - | (.34) | (.03) | (.07) |
Total distributions | (4.36) | (3.50) | (.26) | (.42) | (.29) J | (.24) K |
Redemption fees added to paid in capital E | - I | .01 | .01 | - I | .01 | .01 |
Net asset value, end of period | $ 37.52 | $ 34.02 | $ 35.40 | $ 28.40 | $ 27.13 | $ 31.48 |
Total ReturnB, C, D | 26.28% | 6.15% L | 25.74% | 6.38% | (13.04)% | 20.27% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.62%A | 1.65% | 1.64% | 1.64% | 1.63% | 1.64% |
Expenses net of fee waivers, if any | 1.62%A | 1.65% | 1.64% | 1.64% | 1.63% | 1.64% |
Expenses net of all reductions | 1.61%A | 1.65% | 1.60% | 1.57% | 1.57% | 1.58% |
Net investment income (loss) | (1.04)%A | .35% | .65% | 1.06% | .81% | .64% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 8,361 | $ 6,305 | $ 5,965 | $ 4,349 | $ 5,281 | $ 6,070 |
Portfolio turnover rateG | 152%A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JTotal distributions of $.29 per share is comprised of distributions from net investment income of $.268 and distributions from net realized gain of $.025 per share. KTotal distributions of $.24 per share is comprised of distributions from net investment income of $.177 and distributions from net realized gain of $.065 per share. LAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 6.12%. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 33.79 | $ 35.12 | $ 28.16 | $ 26.94 | $ 31.23 | $ 26.28 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.24) | (.04) | .06 | .16 | .10 | .04 |
Net realized and unrealized gain (loss) | 7.98 | 1.99J | 6.99 | 1.40 | (4.29) | 5.09 |
Total from investment operations | 7.74 | 1.95 | 7.05 | 1.56 | (4.19) | 5.13 |
Distributions from net investment income | - | - | (.10) | - | (.08) | (.12) |
Distributions from net realized gain | (4.21) | (3.29) | - | (.34) | (.03) | (.07) |
Total distributions | (4.21) | (3.29) | (.10) | (.34) | (.11) | (.19) |
Redemption fees added to paid in capital E | - I | .01 | .01 | - I | .01 | .01 |
Net asset value, end of period | $ 37.32 | $ 33.79 | $ 35.12 | $ 28.16 | $ 26.94 | $ 31.23 |
Total ReturnB, C, D | 25.95% | 5.68%J | 25.12% | 5.90% | (13.45)% | 19.63% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 2.09%A | 2.11% | 2.10% | 2.11% | 2.12% | 2.14% |
Expenses net of fee waivers, if any | 2.09%A | 2.11% | 2.10% | 2.11% | 2.12% | 2.14% |
Expenses net of all reductions | 2.08%A | 2.11% | 2.07% | 2.04% | 2.06% | 2.08% |
Net investment income (loss) | (1.51)%A | (.12)% | .19% | .59% | .32% | .14% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,461 | $ 1,215 | $ 1,494 | $ 1,533 | $ 1,801 | $ 2,496 |
Portfolio turnover rateG | 152%A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 5.65%. |
Financial Highlights - Class C
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 33.56 | $ 34.99 | $ 28.07 | $ 26.86 | $ 31.19 | $ 26.25 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.23) | (.02) | .06 | .16 | .10 | .04 |
Net realized and unrealized gain (loss) | 7.90 | 1.97J | 6.97 | 1.39 | (4.28) | 5.09 |
Total from investment operations | 7.67 | 1.95 | 7.03 | 1.55 | (4.18) | 5.13 |
Distributions from net investment income | (.04) | (.08) | (.12) | - | (.13) | (.13) |
Distributions from net realized gain | (4.24) | (3.31) | - | (.34) | (.03) | (.07) |
Total distributions | (4.28) | (3.39) | (.12) | (.34) | (.16) | (.20) |
Redemption fees added to paid in capital E | - I | .01 | .01 | - I | .01 | .01 |
Net asset value, end of period | $ 36.95 | $ 33.56 | $ 34.99 | $ 28.07 | $ 26.86 | $ 31.19 |
Total ReturnB, C, D | 25.99% | 5.71%J | 25.14% | 5.88% | (13.46)% | 19.66% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 2.04%A | 2.07% | 2.10% | 2.11% | 2.12% | 2.14% |
Expenses net of fee waivers, if any | 2.04%A | 2.07% | 2.10% | 2.11% | 2.12% | 2.14% |
Expenses net of all reductions | 2.04%A | 2.07% | 2.07% | 2.04% | 2.06% | 2.07% |
Net investment income (loss) | (1.47)%A | (.07)% | .19% | .59% | .32% | .15% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 15,207 | $ 10,445 | $ 6,957 | $ 4,515 | $ 5,230 | $ 5,938 |
Portfolio turnover rateG | 152% A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IAmount represents less than $.01 per share. JAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 5.68%. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - China Region
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 34.51 | $ 35.83 | $ 28.73 | $ 27.49 | $ 31.81 | $ 26.55 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | (.07) | .33 | .41 | .45 | .44 | .34 |
Net realized and unrealized gain (loss) | 8.13 | 2.03K | 7.11 | 1.42 | (4.37) | 5.18 |
Total from investment operations | 8.06 | 2.36 | 7.52 | 1.87 | (3.93) | 5.52 |
Distributions from net investment income | (.33) | (.38) | (.43) | (.29) | (.38) | (.21) |
Distributions from net realized gain | (4.24) | (3.31) | - | (.34) | (.03) | (.07) |
Total distributions | (4.57) | (3.69) | (.43) | (.63) | (.40) I | (.27) J |
Redemption fees added to paid in capital D | - H | .01 | .01 | - H | .01 | .01 |
Net asset value, end of period | $ 38.00 | $ 34.51 | $ 35.83 | $ 28.73 | $ 27.49 | $ 31.81 |
Total ReturnB, C | 26.66% | 6.83%K | 26.51% | 7.01% | (12.52)% | 20.97% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .98%A | 1.01% | 1.02% | 1.04% | 1.04% | 1.06% |
Expenses net of fee waivers, if any | .98%A | 1.01% | 1.02% | 1.04% | 1.04% | 1.06% |
Expenses net of all reductions | .98%A | 1.01% | .98% | .98% | .98% | 1.00% |
Net investment income (loss) | (.41)%A | .99% | 1.27% | 1.66% | 1.40% | 1.22% |
Supplemental Data |
|
| �� |
|
|
|
Net assets, end of period (000 omitted) | $ 1,761,090 | $ 1,352,761 | $ 1,425,828 | $ 1,265,488 | $ 1,515,084 | $ 2,130,070 |
Portfolio turnover rateF | 152% A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HAmount represents less than $.01 per share. ITotal distributions of $.40 per share is comprised of distributions from net investment income of $.376 and distributions from net realized gain of $.025 per share. JTotal distributions of $.27 per share is comprised of distributions from net investment income of $.209 and distributions from net realized gain of $.065 per share. KAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 6.80%. |
Financial Highlights - Institutional Class
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 34.39 | $ 35.75 | $ 28.68 | $ 27.46 | $ 31.79 | $ 26.55 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | (.06) | .34 | .42 | .45 | .43 | .33 |
Net realized and unrealized gain (loss) | 8.08 | 2.02K | 7.10 | 1.42 | (4.37) | 5.18 |
Total from investment operations | 8.02 | 2.36 | 7.52 | 1.87 | (3.94) | 5.51 |
Distributions from net investment income | (.36) | (.43) | (.46) | (.31) | (.37) | (.22) |
Distributions from net realized gain | (4.24) | (3.31) | - | (.34) | (.03) | (.07) |
Total distributions | (4.60) | (3.73) J | (.46) | (.65) | (.40) | (.28) I |
Redemption fees added to paid in capital D | - H | .01 | .01 | - H | .01 | .01 |
Net asset value, end of period | $ 37.81 | $ 34.39 | $ 35.75 | $ 28.68 | $ 27.46 | $ 31.79 |
Total ReturnB, C | 26.67% | 6.87%K | 26.58% | 7.02% | (12.56)% | 20.92% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .97%A | .98% | .97% | 1.04% | 1.06% | 1.11% |
Expenses net of fee waivers, if any | .97%A | .98% | .97% | 1.04% | 1.06% | 1.11% |
Expenses net of all reductions | .96%A | .98% | .93% | .98% | 1.01% | 1.04% |
Net investment income (loss) | (.39)%A | 1.01% | 1.32% | 1.66% | 1.38% | 1.18% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 35,710 | $ 19,404 | $ 10,206 | $ 1,958 | $ 2,034 | $ 1,904 |
Portfolio turnover rateF | 152% A | 87% | 92% | 107% | 87% | 57% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HAmount represents less than $.01 per share. ITotal distributions of $.28 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $.065 per share. JTotal distributions of $3.73 per share is comprised of distributions from net investment income of $.425 and distributions from net realized gain of $3.306 per share. KAmount includes a reimbursement from the investment adviser for an operational error which accounted for $.01 per share. Excluding this reimbursement, the total return would have been 6.84%. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® China Region Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, China Region and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities,
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at | Valuation | Unobservable | Amount or Range/ | Impact to Valuation |
Equities | $ 31,600,914 | Last transaction price | Transaction price | $3.74 - $6.29 / $5.50 | Increase |
|
| Market comparable | EV/GMV multiple | 0.4 | Increase |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 498,299,243 |
Gross unrealized depreciation | (9,514,381) |
Net unrealized appreciation (depreciation) on securities | $ 488,784,862 |
|
|
Tax cost | $ 1,430,662,910 |
Short-Term Trading (Redemption) Fees. Shares purchased by investors in the Fund less than 90 days may be subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,223,949,084 and $1,113,606,471, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 34,195 | $ 2,810 |
Class T | .25% | .25% | 16,378 | 217 |
Class B | .75% | .25% | 6,251 | 4,702 |
Class C | .75% | .25% | 53,719 | 20,123 |
|
|
| $ 110,543 | $ 27,852 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 20,858 |
Class T | 2,735 |
Class B* | 195 |
Class C* | 5,834 |
| $ 29,622 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 32,509 | .24 |
Class T | 10,556 | .32 |
Class B | 1,820 | .29 |
Class C | 13,458 | .25 |
China Region | 1,334,091 | .19 |
Institutional Class | 22,563 | .17 |
| $ 1,414,997 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $3,350 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Interfund Lending Program - continued
alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan | Weighted Average | Interest |
Borrower | $ 10,812,438 | .35% | $ 1,694 |
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,126 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $11,375. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds and includes $275 from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $39,782 for the period.
Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $46.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain China Region expenses during the period in the amount of $7,725.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 147,088 | $ 180,108 |
Class T | 22,529 | 32,344 |
Class C | 12,652 | 17,191 |
China Region | 12,728,622 | 15,122,632 |
Institutional Class | 204,043 | 107,159 |
Total | $ 13,114,934 | $ 15,459,434 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
9. Distributions to Shareholders - continued
Six months ended | Year ended | |
From net realized gain |
|
|
Class A | $ 2,783,517 | $ 1,978,191 |
Class T | 789,251 | 554,033 |
Class B | 149,794 | 137,166 |
Class C | 1,276,956 | 701,626 |
China Region | 165,004,911 | 131,926,962 |
Institutional Class | 2,409,293 | 833,571 |
Total | $ 172,413,722 | $ 136,131,549 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 522,266 | 299,718 | $ 17,164,492 | $ 10,085,846 |
Reinvestment of distributions | 93,297 | 60,028 | 2,812,898 | 2,013,956 |
Shares redeemed | (248,636) | (304,062) | (8,476,370) | (10,090,492) |
Net increase (decrease) | 366,927 | 55,684 | $ 11,501,020 | $ 2,009,310 |
Class T |
|
|
|
|
Shares sold | 46,552 | 59,364 | $ 1,614,827 | $ 1,971,301 |
Reinvestment of distributions | 26,640 | 17,176 | 801,072 | 574,877 |
Shares redeemed | (35,628) | (59,747) | (1,118,316) | (1,983,826) |
Net increase (decrease) | 37,564 | 16,793 | $ 1,297,583 | $ 562,352 |
Class B |
|
|
|
|
Shares sold | 1,753 | 1,463 | $ 56,558 | $ 48,104 |
Reinvestment of distributions | 4,834 | 3,586 | 144,877 | 119,685 |
Shares redeemed | (3,397) | (11,640) | (110,024) | (382,157) |
Net increase (decrease) | 3,190 | (6,591) | $ 91,411 | $ (214,368) |
Class C |
|
|
|
|
Shares sold | 127,667 | 172,291 | $ 4,323,836 | $ 5,779,242 |
Reinvestment of distributions | 38,139 | 18,485 | 1,131,586 | 612,773 |
Shares redeemed | (65,498) | (78,373) | (2,064,729) | (2,559,009) |
Net increase (decrease) | 100,308 | 112,403 | $ 3,390,693 | $ 3,833,006 |
China Region |
|
|
|
|
Shares sold | 7,482,027 | 6,962,379 | $ 257,314,676 | $ 236,836,534 |
Reinvestment of distributions | 5,608,420 | 4,157,611 | 170,439,887 | 140,360,927 |
Shares redeemed | (5,945,363) | (11,721,340) | (193,590,170) | (391,493,808) |
Net increase (decrease) | 7,145,084 | (601,350) | $ 234,164,393 | $ (14,296,347) |
Institutional Class |
|
|
|
|
Shares sold | 504,513 | 632,067 | $ 15,938,780 | $ 21,560,054 |
Reinvestment of distributions | 58,945 | 23,866 | 1,781,897 | 802,629 |
Shares redeemed | (183,275) | (377,199) | (5,952,533) | (12,682,356) |
Net increase (decrease) | 380,183 | 278,734 | $ 11,768,144 | $ 9,680,327 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(UK) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Brown Brothers Harriman & Co.,
Boston, MA
(Fidelity Investment logo)(registered trademark)
AHKCI-USAN-0615
1.861453.106
Fidelity®
Emerging Markets
Fund -
Class K
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
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This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Emerging Markets Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Emerging Markets | 1.06% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,006.00 | $ 5.27 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.54 | $ 5.31 |
Class K | .86% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,007.30 | $ 4.28 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.53 | $ 4.31 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Emerging Markets Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
South Africa | 10.1% |
| |
India | 9.7% |
| |
United States of America* | 7.7% |
| |
China | 6.9% |
| |
Cayman Islands | 6.9% |
| |
Mexico | 6.8% |
| |
Taiwan | 6.8% |
| |
Brazil | 6.4% |
| |
Korea (South) | 5.7% |
| |
Other | 33.0% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities) |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
India | 12.1% |
| |
Brazil | 11.2% |
| |
South Africa | 9.0% |
| |
United States of America* | 6.5% |
| |
Cayman Islands | 6.4% |
| |
Indonesia | 6.3% |
| |
Mexico | 6.0% |
| |
Korea (South) | 5.8% |
| |
Taiwan | 4.7% |
| |
Other | 32.0% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities) |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 99.1 | 97.8 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.9 | 2.2 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 4.4 | 3.9 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 3.4 | 3.0 |
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) | 3.0 | 2.4 |
Naspers Ltd. Class N (South Africa, Media) | 2.0 | 1.7 |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 1.3 | 1.3 |
Housing Development Finance Corp. Ltd. (India, Thrifts & Mortgage Finance) | 1.1 | 1.1 |
Ambev SA sponsored ADR (Brazil, Beverages) | 1.1 | 1.2 |
Grupo Televisa SA de CV (Mexico, Media) | 0.9 | 0.9 |
NAVER Corp. (Korea (South), Internet Software & Services) | 0.9 | 1.0 |
China Pacific Insurance Group Co. Ltd. (H Shares) (China, Insurance) | 0.8 | 0.7 |
| 18.9 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 23.3 | 23.4 |
Information Technology | 22.3 | 19.2 |
Consumer Discretionary | 16.6 | 18.9 |
Industrials | 11.5 | 13.4 |
Health Care | 7.5 | 5.2 |
Consumer Staples | 7.3 | 7.9 |
Materials | 5.2 | 4.9 |
Telecommunication Services | 2.3 | 2.2 |
Utilities | 2.0 | 0.9 |
Energy | 1.1 | 1.8 |
Semiannual Report
Fidelity Emerging Markets Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.6% | |||
Shares | Value | ||
Argentina - 1.2% | |||
Banco Macro SA sponsored ADR | 255,900 | $ 14,138,475 | |
Grupo Financiero Galicia SA sponsored ADR (d) | 648,000 | 14,281,920 | |
YPF SA Class D sponsored ADR | 517,200 | 15,795,288 | |
TOTAL ARGENTINA | 44,215,683 | ||
Australia - 0.8% | |||
SEEK Ltd. | 1,102,030 | 14,171,486 | |
Sydney Airport unit | 3,331,756 | 14,211,194 | |
TOTAL AUSTRALIA | 28,382,680 | ||
Bailiwick of Jersey - 0.7% | |||
United Co. RUSAL Ltd. (a) | 16,424,000 | 9,917,273 | |
WPP PLC | 644,900 | 15,040,034 | |
TOTAL BAILIWICK OF JERSEY | 24,957,307 | ||
Bermuda - 2.3% | |||
Brilliance China Automotive Holdings Ltd. | 8,756,000 | 16,494,004 | |
China Gas Holdings Ltd. | 11,309,000 | 20,048,340 | |
China Resources Gas Group Ltd. | 6,152,000 | 21,431,253 | |
Credicorp Ltd. (United States) | 168,332 | 25,679,047 | |
TOTAL BERMUDA | 83,652,644 | ||
Brazil - 5.3% | |||
BB Seguridade Participacoes SA | 2,150,520 | 25,160,003 | |
Brasil Foods SA | 1,265,400 | 27,047,166 | |
CCR SA | 875,300 | 4,822,510 | |
Cielo SA | 2,162,912 | 30,107,546 | |
Kroton Educacional SA | 5,393,160 | 19,689,925 | |
Linx SA | 797,100 | 11,746,375 | |
Qualicorp SA (a) | 2,307,100 | 18,990,053 | |
Smiles SA | 966,900 | 16,334,559 | |
Ultrapar Participacoes SA | 1,033,400 | 23,782,657 | |
Weg SA | 3,434,290 | 18,294,480 | |
TOTAL BRAZIL | 195,975,274 | ||
British Virgin Islands - 0.4% | |||
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 606,100 | 14,458,179 | |
Cayman Islands - 6.9% | |||
58.com, Inc. ADR (a) | 204,800 | 15,622,144 | |
Alibaba Group Holding Ltd. sponsored ADR | 205,100 | 16,672,579 | |
Autohome, Inc. ADR Class A (a) | 352,301 | 17,981,443 | |
Baidu.com, Inc. sponsored ADR (a) | 88,920 | 17,808,898 | |
Bitauto Holdings Ltd. ADR (a) | 252,735 | 15,032,678 | |
ENN Energy Holdings Ltd. | 2,776,000 | 20,057,415 | |
Sino Biopharmaceutical Ltd. | 16,964,000 | 19,436,081 | |
SouFun Holdings Ltd. ADR | 2,435,000 | 20,137,450 | |
Tencent Holdings Ltd. | 5,400,200 | 111,454,084 | |
TOTAL CAYMAN ISLANDS | 254,202,772 | ||
| |||
Shares | Value | ||
Chile - 0.4% | |||
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 732,400 | $ 15,995,616 | |
China - 6.9% | |||
China International Travel Service Corp. Ltd. (A Shares) | 1,706,900 | 14,133,357 | |
China Pacific Insurance Group Co. Ltd. (H Shares) | 5,778,600 | 31,537,733 | |
Daqin Railway Co. Ltd. (A Shares) | 8,426,621 | 18,978,509 | |
Fuyao Glass Industries Group Co. Ltd. (a) | 5,712,400 | 14,327,894 | |
Inner Mongoli Yili Industries Co. Ltd. | 3,082,004 | 18,115,990 | |
Jiangsu Hengrui Medicine Co. Ltd. | 1,667,079 | 15,322,141 | |
Kweichow Moutai Co. Ltd. | 456,357 | 18,557,253 | |
PICC Property & Casualty Co. Ltd. (H Shares) | 11,396,783 | 25,350,529 | |
Qingdao Haier Co. Ltd. | 4,077,590 | 17,821,543 | |
SAIC Motor Corp. Ltd. | 4,078,551 | 17,753,414 | |
Shanghai International Airport Co. Ltd. | 3,457,200 | 15,399,890 | |
Weifu High-Technology Co. Ltd. (B Shares) | 3,592,978 | 16,809,308 | |
Zhengzhou Yutong Bus Co. Ltd. | 2,672,100 | 13,190,769 | |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 2,025,000 | 17,322,319 | |
TOTAL CHINA | 254,620,649 | ||
Denmark - 0.9% | |||
Novo Nordisk A/S Series B sponsored ADR | 317,232 | 17,850,645 | |
Pandora A/S | 144,500 | 14,935,741 | |
TOTAL DENMARK | 32,786,386 | ||
Egypt - 0.5% | |||
Commercial International Bank SAE sponsored GDR | 2,711,600 | 18,716,096 | |
Finland - 0.0% | |||
Kone Oyj (B Shares) (d) | 1,540 | 66,253 | |
France - 1.3% | |||
Ingenico SA | 136,951 | 17,183,610 | |
LVMH Moet Hennessy - Louis Vuitton SA | 88,717 | 15,513,614 | |
Safran SA | 220,800 | 16,133,272 | |
TOTAL FRANCE | 48,830,496 | ||
Germany - 0.4% | |||
Bayer AG | 102,700 | 14,781,879 | |
Hong Kong - 1.4% | |||
AIA Group Ltd. | 2,716,200 | 18,153,442 | |
CSPC Pharmaceutical Group Ltd. | 18,866,000 | 19,619,248 | |
Techtronic Industries Co. Ltd. | 4,075,500 | 14,486,717 | |
TOTAL HONG KONG | 52,259,407 | ||
India - 9.7% | |||
Adani Ports & Special Economic Zone | 3,263,086 | 16,305,751 | |
Asian Paints India Ltd. | 744,376 | 8,931,078 | |
Axis Bank Ltd. (a) | 1,841,315 | 16,529,512 | |
Bank of Baroda (a) | 4,816,662 | 12,836,425 | |
Common Stocks - continued | |||
Shares | Value | ||
India - continued | |||
Exide Industries Ltd. | 5,411,577 | $ 14,608,806 | |
Grasim Industries Ltd. | 229,691 | 14,316,150 | |
HCL Technologies Ltd. | 1,467,221 | 20,330,578 | |
HDFC Bank Ltd. | 926,759 | 16,555,002 | |
Housing Development Finance Corp. Ltd. | 2,127,230 | 39,165,211 | |
ICICI Bank Ltd. (a) | 4,350,648 | 22,717,591 | |
ITC Ltd. (a) | 4,475,170 | 22,700,602 | |
LIC Housing Finance Ltd. | 2,526,143 | 17,095,313 | |
Lupin Ltd. | 546,281 | 15,237,536 | |
State Bank of India | 4,085,913 | 17,344,059 | |
Sun Pharmaceutical Industries Ltd. (a) | 1,641,451 | 24,250,701 | |
Sun TV Ltd. | 2,413,457 | 13,182,396 | |
Tata Consultancy Services Ltd. | 793,269 | 30,754,486 | |
Tata Motors Ltd. (a) | 2,623,214 | 21,018,611 | |
Titan Co. Ltd. (a) | 2,125,090 | 12,967,578 | |
TOTAL INDIA | 356,847,386 | ||
Indonesia - 5.0% | |||
PT ACE Hardware Indonesia Tbk | 402,334,100 | 20,019,710 | |
PT Astra International Tbk | 13,499,200 | 7,133,618 | |
PT Bank Central Asia Tbk | 26,441,100 | 27,486,505 | |
PT Bank Rakyat Indonesia Tbk | 27,338,400 | 24,517,562 | |
PT Global Mediacom Tbk | 152,380,700 | 18,221,029 | |
PT Indocement Tunggal Prakarsa Tbk | 2,723,600 | 4,412,390 | |
PT Jasa Marga Tbk | 31,356,600 | 14,997,949 | |
PT Kalbe Farma Tbk | 47,546,400 | 6,584,053 | |
PT Matahari Department Store Tbk | 12,922,800 | 17,446,403 | |
PT Media Nusantara Citra Tbk | 75,926,900 | 12,915,627 | |
PT Surya Citra Media Tbk | 58,943,700 | 13,187,019 | |
PT Tower Bersama Infrastructure Tbk | 25,425,800 | 16,623,619 | |
TOTAL INDONESIA | 183,545,484 | ||
Kenya - 1.3% | |||
East African Breweries Ltd. | 4,164,653 | 14,131,645 | |
Kenya Commercial Bank Ltd. | 21,772,300 | 14,384,448 | |
Safaricom Ltd. | 104,536,500 | 19,227,644 | |
TOTAL KENYA | 47,743,737 | ||
Korea (South) - 5.7% | |||
KEPCO Plant Service & Engineering Co. Ltd. | 179,017 | 16,171,379 | |
NAVER Corp. | 53,161 | 32,080,892 | |
Samsung Electronics Co. Ltd. | 123,249 | 161,340,143 | |
TOTAL KOREA (SOUTH) | 209,592,414 | ||
Malaysia - 1.2% | |||
Astro Malaysia Holdings Bhd | 15,311,100 | 13,495,257 | |
| |||
Shares | Value | ||
Public Bank Bhd | 4,860,700 | $ 26,578,649 | |
Tune Insurance Holdings Bhd | 7,782,300 | 3,975,800 | |
TOTAL MALAYSIA | 44,049,706 | ||
Mexico - 6.8% | |||
Banregio Grupo Financiero S.A.B. de CV | 2,148,293 | 12,319,568 | |
Compartamos S.A.B. de CV | 7,556,300 | 12,899,198 | |
Embotelladoras Arca S.A.B. de CV | 2,478,400 | 15,225,473 | |
Fomento Economico Mexicano S.A.B. de CV unit | 3,228,267 | 29,265,244 | |
Gruma S.A.B. de CV Series B | 1,208,400 | 14,570,585 | |
Grupo Aeroportuario del Pacifico SA de CV Series B | 2,680,357 | 19,083,261 | |
Grupo Aeroportuario del Sureste SA de CV Series B | 1,451,535 | 20,544,963 | |
Grupo Aeroportuario Norte S.A.B. de CV | 3,069,500 | 15,329,494 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 5,024,000 | 28,646,820 | |
Grupo Televisa SA de CV | 4,777,257 | 34,769,164 | |
Infraestructura Energetica Nova S.A.B. de CV | 2,406,900 | 14,006,520 | |
Megacable Holdings S.A.B. de CV unit | 4,377,752 | 18,219,233 | |
Promotora y Operadora de Infraestructura S.A.B. de CV (a) | 1,462,300 | 16,812,352 | |
TOTAL MEXICO | 251,691,875 | ||
Netherlands - 1.2% | |||
Gree Electric Applicances, Inc. ELS (BNP Paribas Arbitrage Warrant Program) warrants 12/10/15 (a)(e) | 1,820,300 | 16,728,557 | |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 11/6/15 (a)(e) | 2,723,000 | 14,377,096 | |
Midea Group ELS (BNP Paribas Arbitrage Warrant Program) warrants 1/6/16 (a)(e) | 2,514,900 | 14,989,336 | |
TOTAL NETHERLANDS | 46,094,989 | ||
Panama - 0.3% | |||
Copa Holdings SA Class A | 108,600 | 12,042,654 | |
Philippines - 4.4% | |||
Alliance Global Group, Inc. | 19,818,100 | 11,282,747 | |
Ayala Corp. | 841,020 | 14,703,476 | |
GT Capital Holdings, Inc. | 607,610 | 17,105,417 | |
International Container Terminal Services, Inc. | 6,430,860 | 15,855,533 | |
Metropolitan Bank & Trust Co. | 8,481,297 | 17,679,270 | |
Robinsons Land Corp. | 23,485,300 | 15,765,656 | |
Robinsons Retail Holdings, Inc. | 7,823,000 | 15,254,982 | |
SM Investments Corp. | 1,004,452 | 20,273,653 | |
Common Stocks - continued | |||
Shares | Value | ||
Philippines - continued | |||
SM Prime Holdings, Inc. | 47,144,500 | $ 19,717,951 | |
Vista Land & Lifescapes, Inc. | 76,402,300 | 12,843,601 | |
TOTAL PHILIPPINES | 160,482,286 | ||
Russia - 0.6% | |||
MMC Norilsk Nickel OJSC ADR | 1,091,500 | 20,561,177 | |
South Africa - 10.1% | |||
Alexander Forbes Group Holding (a) | 17,485,152 | 14,477,566 | |
Aspen Pharmacare Holdings Ltd. (f) | 769,490 | 23,415,394 | |
Bidvest Group Ltd. (f) | 887,398 | 24,070,240 | |
Coronation Fund Managers Ltd. | 1,643,800 | 12,574,198 | |
Discovery Ltd. (f) | 1,850,585 | 20,546,413 | |
FirstRand Ltd. (f) | 5,963,500 | 28,488,448 | |
Life Healthcare Group Holdings Ltd. | 5,490,964 | 18,836,712 | |
Mr Price Group Ltd. (f) | 956,688 | 20,453,843 | |
MTN Group Ltd. (f) | 2,456,900 | 49,360,017 | |
Nampak Ltd. | 4,897,400 | 17,557,979 | |
Naspers Ltd. Class N | 467,312 | 73,498,352 | |
Remgro Ltd. (f) | 954,800 | 21,244,977 | |
Sanlam Ltd. (f) | 4,003,700 | 25,904,364 | |
Woolworths Holdings Ltd. | 2,539,700 | 19,111,396 | |
TOTAL SOUTH AFRICA | 369,539,899 | ||
Spain - 0.5% | |||
Amadeus IT Holding SA Class A | 407,800 | 18,588,322 | |
Switzerland - 1.2% | |||
Compagnie Financiere Richemont SA Series A | 191,914 | 17,105,862 | |
Novartis AG | 140,685 | 14,360,026 | |
Sika AG (Bearer) | 3,740 | 12,836,977 | |
TOTAL SWITZERLAND | 44,302,865 | ||
Taiwan - 6.8% | |||
Advantech Co. Ltd. | 1,677,000 | 13,881,000 | |
Catcher Technology Co. Ltd. | 1,999,000 | 23,497,682 | |
Delta Electronics, Inc. | 4,345,000 | 26,246,490 | |
Giant Manufacturing Co. Ltd. | 1,815,000 | 15,675,162 | |
Largan Precision Co. Ltd. | 281,000 | 28,259,649 | |
Merida Industry Co. Ltd. | 2,210,600 | 16,601,515 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 26,015,000 | 125,243,301 | |
TOTAL TAIWAN | 249,404,799 | ||
Thailand - 2.6% | |||
Airports of Thailand PCL (For. Reg.) | 1,951,800 | 17,175,603 | |
Bangkok Dusit Medical Services PCL (For. Reg.) | 22,786,700 | 13,967,269 | |
Bumrungrad Hospital PCL (For. Reg.) | 2,900,600 | 14,126,727 | |
Central Pattana PCL (For. Reg.) | 6,664,600 | 8,493,801 | |
| |||
Shares | Value | ||
Kasikornbank PCL (For. Reg.) | 3,934,800 | $ 25,073,828 | |
Thai Beverage PCL | 28,958,900 | 15,648,136 | |
TOTAL THAILAND | 94,485,364 | ||
Turkey - 1.0% | |||
Enka Insaat ve Sanayi A/S | 7,466,000 | 16,062,823 | |
TAV Havalimanlari Holding A/S | 2,290,000 | 20,135,823 | |
TOTAL TURKEY | 36,198,646 | ||
United Arab Emirates - 1.1% | |||
DP World Ltd. | 816,000 | 18,833,280 | |
First Gulf Bank PJSC | 4,801,900 | 19,937,373 | |
TOTAL UNITED ARAB EMIRATES | 38,770,653 | ||
United Kingdom - 1.9% | |||
Al Noor Hospitals Group PLC | 1,400,557 | 19,290,390 | |
InterContinental Hotel Group PLC | 319,600 | 13,667,859 | |
Johnson Matthey PLC | 283,500 | 14,495,025 | |
NMC Health PLC | 594,700 | 6,921,247 | |
Prudential PLC | 606,803 | 15,107,905 | |
TOTAL UNITED KINGDOM | 69,482,426 | ||
United States of America - 6.8% | |||
A.O. Smith Corp. | 234,200 | 14,965,380 | |
Affiliated Managers Group, Inc. (a) | 67,100 | 15,173,323 | |
American Tower Corp. | 147,200 | 13,914,816 | |
Ball Corp. | 219,300 | 16,098,813 | |
China Biologic Products, Inc. (a) | 136,978 | 13,100,576 | |
Colgate-Palmolive Co. | 190,600 | 12,823,568 | |
Ecolab, Inc. | 137,800 | 15,430,844 | |
Google, Inc. Class C (a) | 31,065 | 16,692,467 | |
International Flavors & Fragrances, Inc. | 116,710 | 13,392,473 | |
Las Vegas Sands Corp. | 258,426 | 13,665,567 | |
MasterCard, Inc. Class A | 176,100 | 15,885,981 | |
McGraw Hill Financial, Inc. | 141,400 | 14,748,020 | |
Mead Johnson Nutrition Co. Class A | 141,700 | 13,591,864 | |
Moody's Corp. | 149,300 | 16,052,736 | |
PPG Industries, Inc. | 64,578 | 14,307,902 | |
Valspar Corp. | 177,600 | 14,403,360 | |
Visa, Inc. Class A | 225,400 | 14,887,670 | |
TOTAL UNITED STATES OF AMERICA | 249,135,360 | ||
TOTAL COMMON STOCKS (Cost $3,087,216,411) |
| ||
Nonconvertible Preferred Stocks - 1.5% | |||
|
|
|
|
Brazil - 1.1% | |||
Ambev SA sponsored ADR | 6,151,480 | 38,938,868 | |
Germany - 0.4% | |||
Henkel AG & Co. KGaA | 124,400 | 14,449,988 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $61,570,303) |
| ||
Money Market Funds - 0.4% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.15% (b) | 3,581,467 | $ 3,581,467 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 10,632,592 | 10,632,592 | |
TOTAL MONEY MARKET FUNDS (Cost $14,214,059) |
| ||
TOTAL INVESTMENT PORTFOLIO - 99.5% (Cost $3,163,000,773) | 3,654,064,278 | ||
NET OTHER ASSETS (LIABILITIES) - 0.5% | 18,800,144 | ||
NET ASSETS - 100% | $ 3,672,864,422 |
Security Type Abbreviations | ||
ELS | - | Equity-Linked Security |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $46,094,989 or 1.2% of net assets. |
(f) A portion of the security sold on a delayed delivery basis. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 34,687 |
Fidelity Securities Lending Cash Central Fund | 283,040 |
Total | $ 317,727 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 600,304,117 | $ 475,921,461 | $ 110,249,299 | $ 14,133,357 |
Consumer Staples | 270,321,364 | 255,871,376 | 14,449,988 | - |
Energy | 39,577,945 | 39,577,945 | - | - |
Financials | 861,717,036 | 713,159,516 | 148,557,520 | - |
Health Care | 276,090,678 | 220,737,136 | 55,353,542 | - |
Industrials | 422,533,567 | 406,334,042 | 16,199,525 | - |
Information Technology | 815,893,647 | 528,966,151 | 286,927,496 | - |
Materials | 192,657,057 | 130,447,728 | 62,209,329 | - |
Telecommunication Services | 85,211,280 | 85,211,280 | - | - |
Utilities | 75,543,528 | 75,543,528 | - | - |
Money Market Funds | 14,214,059 | 14,214,059 | - | - |
Total Investments in Securities: | $ 3,654,064,278 | $ 2,945,984,222 | $ 693,946,699 | $ 14,133,357 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 121,082,740 |
Level 2 to Level 1 | $ 721,156,169 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $10,069,575) - See accompanying schedule: Unaffiliated issuers (cost $3,148,786,714) | $ 3,639,850,219 |
|
Fidelity Central Funds (cost $14,214,059) | 14,214,059 |
|
Total Investments (cost $3,163,000,773) |
| $ 3,654,064,278 |
Foreign currency held at value (cost $8,011) | 909 | |
Receivable for investments sold | ||
Regular delivery. | 101,128,756 | |
Delayed delivery | 3,019,122 | |
Receivable for fund shares sold | 2,643,866 | |
Dividends receivable | 6,041,750 | |
Distributions receivable from Fidelity Central Funds | 27,425 | |
Prepaid expenses | 2,112 | |
Other receivables | 1,659,406 | |
Total assets | 3,768,587,624 | |
|
|
|
Liabilities | ||
Payable to custodian bank | $ 161,281 | |
Payable for investments purchased | 67,798,146 | |
Payable for fund shares redeemed | 12,768,866 | |
Accrued management fee | 2,142,869 | |
Other affiliated payables | 676,250 | |
Other payables and accrued expenses | 1,543,198 | |
Collateral on securities loaned, at value | 10,632,592 | |
Total liabilities | 95,723,202 | |
|
|
|
Net Assets | $ 3,672,864,422 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,311,903,214 | |
Undistributed net investment income | 6,139,952 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (134,618,350) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 489,439,606 | |
Net Assets | $ 3,672,864,422 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Emerging Markets: | $ 25.42 | |
|
|
|
Class K: | $ 25.44 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 25,536,204 |
Interest |
| 99 |
Income from Fidelity Central Funds |
| 317,727 |
Income before foreign taxes withheld |
| 25,854,030 |
Less foreign taxes withheld |
| (2,605,947) |
Total income |
| 23,248,083 |
|
|
|
Expenses | ||
Management fee | $ 10,663,103 | |
Transfer agent fees | 3,230,593 | |
Accounting and security lending fees | 656,560 | |
Custodian fees and expenses | 897,027 | |
Independent trustees' compensation | 5,798 | |
Registration fees | 52,711 | |
Audit | 64,497 | |
Legal | 4,399 | |
Interest | 379 | |
Miscellaneous | 10,049 | |
Total expenses before reductions | 15,585,116 | |
Expense reductions | (36,488) | 15,548,628 |
Net investment income (loss) | 7,699,455 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers (net of foreign taxes of $2,423,447) | (97,080,887) | |
Foreign currency transactions | (698,013) | |
Total net realized gain (loss) |
| (97,778,900) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $2,498,820) | 117,713,863 | |
Assets and liabilities in foreign currencies | (20,486) | |
Total change in net unrealized appreciation (depreciation) |
| 117,693,377 |
Net gain (loss) | 19,914,477 | |
Net increase (decrease) in net assets resulting from operations | $ 27,613,932 |
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 7,699,455 | $ 21,069,375 |
Net realized gain (loss) | (97,778,900) | 19,330,340 |
Change in net unrealized appreciation (depreciation) | 117,693,377 | 67,110,574 |
Net increase (decrease) in net assets resulting from operations | 27,613,932 | 107,510,289 |
Distributions to shareholders from net investment income | (18,114,621) | (2,412,320) |
Distributions to shareholders from net realized gain | (2,942,055) | - |
Total distributions | (21,056,676) | (2,412,320) |
Share transactions - net increase (decrease) | 671,805,736 | 100,101,946 |
Redemption fees | 144,595 | 450,436 |
Total increase (decrease) in net assets | 678,507,587 | 205,650,351 |
|
|
|
Net Assets | ||
Beginning of period | 2,994,356,835 | 2,788,706,484 |
End of period (including undistributed net investment income of $6,139,952 and undistributed net investment income of $16,555,118, respectively) | $ 3,672,864,422 | $ 2,994,356,835 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Emerging Markets
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 25.44 | $ 24.43 | $ 22.15 | $ 22.23 | $ 25.72 | $ 20.68 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .06 | .17 | .20 | .33 | .35 | .23 |
Net realized and unrealized gain (loss) | .09 | .86 | 2.38 | (.11) | (3.48) | 5.05 |
Total from investment operations | .15 | 1.03 | 2.58 | .22 | (3.13) | 5.28 |
Distributions from net investment income | (.14) | (.02) | (.30) | (.30) | (.24) | (.12) |
Distributions from net realized gain | (.03) | - | - | - | (.13) | (.14) |
Total distributions | (.17) | (.02) | (.30) | (.30) | (.37) | (.25)I |
Redemption fees added to paid in capital D | -H | -H | -H | -H | .01 | .01 |
Net asset value, end of period | $ 25.42 | $ 25.44 | $ 24.43 | $ 22.15 | $ 22.23 | $ 25.72 |
Total ReturnB, C | .60% | 4.22% | 11.78% | 1.03% | (12.33)% | 25.76% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | 1.06%A | 1.07% | 1.08% | 1.09% | 1.07% | 1.14% |
Expenses net of fee waivers, if any | 1.06%A | 1.07% | 1.08% | 1.09% | 1.07% | 1.14% |
Expenses net of all reductions | 1.06%A | 1.07% | 1.03% | 1.03% | 1.01% | 1.09% |
Net investment income (loss) | .46%A | .71% | .85% | 1.50% | 1.38% | 1.00% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 3,023,245 | $ 2,370,927 | $ 2,241,338 | $ 2,203,756 | $ 2,907,884 | $ 3,975,342 |
Portfolio turnover rate F | 89%A | 94% | 119% | 176% | 122% | 85% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HAmount represents less than $.01 per share. ITotal distributions of $.25 per share is comprised of distributions from net investment income of $.116 and distributions from net realized gain of $.135 per share. |
Financial Highlights - Class K
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 25.48 | $ 24.42 | $ 22.15 | $ 22.23 | $ 25.75 | $ 20.69 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .08 | .23 | .25 | .37 | .40 | .28 |
Net realized and unrealized gain (loss) | .10 | .86 | 2.38 | (.10) | (3.48) | 5.05 |
Total from investment operations | .18 | 1.09 | 2.63 | .27 | (3.08) | 5.33 |
Distributions from net investment income | (.20) | (.03) | (.36) | (.35) | (.32) | (.15) |
Distributions from net realized gain | (.03) | - | - | - | (.13) | (.14) |
Total distributions | (.22)J | (.03) | (.36) | (.35) | (.45) | (.28)I |
Redemption fees added to paid in capital D | -H | -H | -H | -H | .01 | .01 |
Net asset value, end of period | $ 25.44 | $ 25.48 | $ 24.42 | $ 22.15 | $ 22.23 | $ 25.75 |
Total ReturnB, C | .73% | 4.47% | 12.01% | 1.25% | (12.17)% | 26.03% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .86%A | .86% | .87% | .87% | .87% | .90% |
Expenses net of fee waivers, if any | .86%A | .85% | .87% | .87% | .87% | .90% |
Expenses net of all reductions | .85%A | .85% | .82% | .81% | .80% | .84% |
Net investment income (loss) | .67%A | .92% | 1.07% | 1.72% | 1.58% | 1.24% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 649,620 | $ 623,430 | $ 547,369 | $ 607,919 | $ 497,821 | $ 888,629 |
Portfolio turnover rate F | 89%A | 94% | 119% | 176% | 122% | 85% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HAmount represents less than $.01 per share. ITotal distributions of $.28 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.135 per share. JTotal distributions of $.22 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.025 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Emerging Markets and Class K shares, each of which has equal rights as to assets and voting privileges. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 569,570,029 |
Gross unrealized depreciation | (82,918,104) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 486,651,925 |
|
|
Tax cost | $ 3,167,412,353 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2017 | $ (24,838,920) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities , other than short-term securities, aggregated $2,005,729,154 and $1,362,723,593, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Emerging Markets. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Emerging Markets | $ 3,089,428 | .25 |
Class K | 141,165 | .05 |
| $ 3,230,593 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $4,071 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan | Weighted Average | Interest Expense |
Borrower | $ 12,855,000 | .35% | $ 379 |
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,313 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $283,040, including $2,907 from securities loaned to FCM.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $28,302 for the period.
Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $273.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Emerging Markets expenses during the period in the amount of $7,913.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Emerging Markets | $ 13,346,829 | $ 1,743,046 |
Class K | 4,767,792 | 669,274 |
Total | $ 18,114,621 | $ 2,412,320 |
From net realized gain |
|
|
Emerging Markets | $ 2,332,143 | $ - |
Class K | 609,912 | - |
Total | $ 2,942,055 | $ - |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Emerging Markets |
|
|
|
|
Shares sold | 33,094,702 | 21,791,321 | $ 826,226,854 | $ 537,287,996 |
Reinvestment of distributions | 546,115 | 57,233 | 13,577,228 | 1,363,124 |
Shares redeemed | (7,914,307) | (20,408,773) | (196,662,082) | (492,243,181) |
Net increase (decrease) | 25,726,510 | 1,439,781 | $ 643,142,000 | $ 46,407,939 |
Class K |
|
|
|
|
Shares sold | 5,554,928 | 8,911,150 | $ 138,960,660 | $ 221,271,615 |
Reinvestment of distributions | 216,324 | 28,071 | 5,377,704 | 669,274 |
Shares redeemed | (4,697,933) | (6,884,435) | (115,674,628) | (168,246,882) |
Net increase (decrease) | 1,073,319 | 2,054,786 | $ 28,663,736 | $ 53,694,007 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers Emerging Markets Fund was the owner of record of approximately 14% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management (U.K.) Limited
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(UK) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodians
JPMorgan Chase Bank
New York, NY
Fidelity's International Equity Funds
Fidelity Canada Fund
Fidelity China Region Fund
Fidelity Diversified International Fund
Fidelity Emerging Asia Fund
Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund
Fidelity Emerging Markets Fund
Fidelity Europe Capital Appreciation Fund
Fidelity Europe Fund
Fidelity Global Balanced Fund
Fidelity Global Commodity Stock Fund
Fidelity International Capital Appreciation Fund
Fidelity International Discovery Fund
Fidelity International Growth Fund
Fidelity International Small Cap Fund
Fidelity International Small Cap Opportunities Fund
Fidelity International Value Fund
Fidelity Japan Fund
Fidelity Japan Smaller Companies Fund
Fidelity Latin America Fund
Fidelity Nordic Fund
Fidelity Overseas Fund
Fidelity Pacific Basin Fund
Fidelity Total International Equity Fund
Fidelity Worldwide Fund
Corporate Headquarters
245 Summer St.,
Boston, MA 02210
www.fidelity.com
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
EMF-K-USAN-0615 1.863017.106
Fidelity Advisor®
Europe Fund -
Class A, Class T, Class B and Class C
Semiannual Report
April 30, 2015
Class A, Class T, Class B, and Class C are
classes of Fidelity® Europe Fund
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Europe Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Class A | 1.32% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,098.30 | $ 6.87 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.25 | $ 6.61 |
Class T | 1.61% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,096.40 | $ 8.37 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.81 | $ 8.05 |
Class B | 2.15% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,093.70 | $ 11.16 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | 2.13% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,093.70 | $ 11.06 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.23 | $ 10.64 |
Europe | 1.03% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,099.90 | $ 5.36 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.69 | $ 5.16 |
Institutional Class | .99% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,100.10 | $ 5.16 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.89 | $ 4.96 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Europe Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
United Kingdom | 29.8% |
| |
Sweden | 11.3% |
| |
Germany | 10.5% |
| |
France | 9.6% |
| |
Switzerland | 5.9% |
| |
Finland | 5.8% |
| |
United States of America* | 4.0% |
| |
Ireland | 3.6% |
| |
Bailiwick of Jersey | 3.5% |
| |
Other | 16.0% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities) |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
United Kingdom | 24.2% |
| |
Switzerland | 13.5% |
| |
Germany | 12.5% |
| |
France | 11.2% |
| |
Sweden | 7.4% |
| |
Denmark | 4.5% |
| |
Belgium | 4.1% |
| |
Netherlands | 3.7% |
| |
Ireland | 3.7% |
| |
Other* | 15.2% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities) |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 96.0 | 99.1 |
Short-Term Investments and Net Other Assets (Liabilities) | 4.0 | 0.9 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 3.7 | 4.0 |
Getinge AB (B Shares) (Sweden, Health Care Equipment & Supplies) | 2.7 | 1.2 |
Standard Chartered PLC (United Kingdom) (United Kingdom, Banks) | 2.5 | 1.6 |
Shire PLC (Bailiwick of Jersey, Pharmaceuticals) | 2.5 | 2.8 |
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) | 2.3 | 2.7 |
Cargotec Corp. (B Shares) (Finland, Machinery) | 2.2 | 0.0 |
HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) | 2.1 | 0.0 |
Bayer AG (Germany, Pharmaceuticals) | 2.1 | 2.3 |
Lloyds Banking Group PLC (United Kingdom, Banks) | 1.8 | 1.9 |
ING Groep NV (Certificaten Van Aandelen) (Netherlands, Banks) | 1.7 | 1.9 |
| 23.6 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 26.0 | 23.4 |
Health Care | 21.0 | 20.1 |
Industrials | 20.1 | 14.1 |
Consumer Discretionary | 13.1 | 13.4 |
Consumer Staples | 7.7 | 11.3 |
Information Technology | 3.7 | 1.9 |
Materials | 2.0 | 4.5 |
Energy | 1.3 | 7.0 |
Utilities | 1.1 | 2.5 |
Telecommunication Services | 0.0 | 0.9 |
Semiannual Report
Fidelity Europe Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.5% | |||
Shares | Value | ||
Austria - 1.1% | |||
Andritz AG | 276,400 | $ 16,182,325 | |
Bailiwick of Jersey - 3.5% | |||
Shire PLC | 447,200 | 36,341,091 | |
Wolseley PLC | 260,859 | 15,428,351 | |
TOTAL BAILIWICK OF JERSEY | 51,769,442 | ||
Belgium - 1.3% | |||
KBC Groep NV | 302,421 | 19,897,272 | |
Bermuda - 0.3% | |||
Vostok Nafta Investment Ltd. SDR (a) | 739,825 | 4,888,485 | |
Denmark - 3.3% | |||
Carlsberg A/S Series B | 191,100 | 17,422,311 | |
DSV de Sammensluttede Vognmaend A/S | 485,400 | 16,838,370 | |
William Demant Holding A/S (a) | 181,400 | 14,848,018 | |
TOTAL DENMARK | 49,108,699 | ||
Finland - 5.8% | |||
Amer Group PLC (A Shares) | 651,600 | 16,306,949 | |
Cargotec Corp. (B Shares) (d) | 834,700 | 33,651,502 | |
Huhtamaki Oyj | 463,300 | 14,810,665 | |
Kesko Oyj | 216,900 | 8,862,277 | |
Valmet Corp. | 1,116,500 | 12,939,536 | |
TOTAL FINLAND | 86,570,929 | ||
France - 9.6% | |||
bioMerieux SA | 179,400 | 19,353,948 | |
Bollore Group | 3,422,200 | 19,558,036 | |
Christian Dior SA | 121,195 | 23,693,752 | |
Havas SA | 2,216,300 | 18,485,605 | |
Ipsen SA | 123,611 | 7,098,738 | |
Publicis Groupe SA | 230,946 | 19,369,572 | |
Rexel SA | 1,121,200 | 21,130,866 | |
Wendel SA | 115,200 | 14,149,227 | |
TOTAL FRANCE | 142,839,744 | ||
Germany - 9.1% | |||
adidas AG | 209,100 | 17,132,803 | |
Bayer AG | 212,600 | 30,600,073 | |
Brenntag AG | 262,700 | 15,762,177 | |
CompuGroup Medical AG | 259,600 | 7,420,353 | |
Continental AG (d) | 83,700 | 19,615,499 | |
Deutsche Annington Immobilien SE | 187,935 | 6,308,063 | |
Fresenius SE & Co. KGaA | 360,700 | 21,459,103 | |
GEA Group AG | 337,429 | 16,205,345 | |
MLP AG | 293,073 | 1,252,745 | |
TOTAL GERMANY | 135,756,161 | ||
Ireland - 3.6% | |||
Actavis PLC (a) | 56,700 | 16,038,162 | |
DCC PLC (United Kingdom) | 149,700 | 9,522,956 | |
Greencore Group PLC | 1,417,530 | 7,692,342 | |
| |||
Shares | Value | ||
Ryanair Holdings PLC sponsored ADR | 140,900 | $ 9,137,365 | |
United Drug PLC (United Kingdom) | 1,403,641 | 11,415,820 | |
TOTAL IRELAND | 53,806,645 | ||
Isle of Man - 2.3% | |||
Optimal Payments PLC (a)(d) | 1,461,079 | 6,639,632 | |
Optimal Payments PLC rights 5/1/15 (a) | 2,417,131 | 5,131,525 | |
Playtech Ltd. | 1,818,445 | 22,844,727 | |
TOTAL ISLE OF MAN | 34,615,884 | ||
Italy - 1.1% | |||
Amplifon SpA (d) | 2,192,800 | 17,079,722 | |
Netherlands - 2.8% | |||
ING Groep NV (Certificaten Van Aandelen) | 1,647,300 | 25,272,144 | |
Reed Elsevier NV | 667,835 | 16,106,459 | |
TOTAL NETHERLANDS | 41,378,603 | ||
Norway - 1.3% | |||
TGS Nopec Geophysical Co. ASA (d) | 733,800 | 18,674,481 | |
Spain - 2.5% | |||
Amadeus IT Holding SA Class A | 459,100 | 20,926,676 | |
Red Electrica Corporacion SA | 190,500 | 15,987,684 | |
TOTAL SPAIN | 36,914,360 | ||
Sweden - 11.3% | |||
Elekta AB (B Shares) (d) | 1,323,302 | 12,382,433 | |
Getinge AB (B Shares) | 1,657,700 | 40,290,222 | |
Hemfosa Fastigheter AB (a) | 651,400 | 15,050,579 | |
Indutrade AB | 366,200 | 17,889,565 | |
Kungsleden AB | 1,982,200 | 14,428,201 | |
Lundbergfoeretagen AB | 77,592 | 3,644,437 | |
Nordea Bank AB | 1,122,000 | 14,255,178 | |
SKF AB (B Shares) | 700,900 | 17,119,512 | |
Svenska Cellulosa AB (SCA) (B Shares) | 817,900 | 20,688,757 | |
Svenska Handelsbanken AB (A Shares) | 269,100 | 12,421,378 | |
TOTAL SWEDEN | 168,170,262 | ||
Switzerland - 5.9% | |||
Julius Baer Group Ltd. | 336,720 | 17,624,181 | |
Roche Holding AG (participation certificate) | 190,507 | 54,514,545 | |
Sonova Holding AG Class B | 114,361 | 15,799,506 | |
TOTAL SWITZERLAND | 87,938,232 | ||
United Kingdom - 29.7% | |||
Aberdeen Asset Management PLC | 1,907,757 | 13,853,128 | |
Babcock International Group PLC | 1,574,100 | 24,281,953 | |
British American Tobacco PLC (United Kingdom) | 615,300 | 33,806,822 | |
British Land Co. PLC | 1,292,900 | 16,466,801 | |
Bunzl PLC | 565,823 | 15,909,400 | |
Compass Group PLC | 820,517 | 14,504,881 | |
Dechra Pharmaceuticals PLC | 515,500 | 8,054,448 | |
Diageo PLC | 899,297 | 24,966,622 | |
Common Stocks - continued | |||
Shares | Value | ||
United Kingdom - continued | |||
Diploma PLC | 1,161,000 | $ 14,240,999 | |
Essentra PLC | 1,005,300 | 14,757,117 | |
HSBC Holdings PLC (United Kingdom) | 3,159,900 | 31,565,837 | |
ITV PLC | 3,577,100 | 13,888,154 | |
Land Securities Group PLC | 896,690 | 17,159,539 | |
Lloyds Banking Group PLC | 22,551,600 | 26,707,371 | |
London Stock Exchange Group PLC | 405,300 | 15,776,472 | |
Prudential PLC | 996,204 | 24,803,034 | |
Rolls-Royce Group PLC | 1,416,301 | 22,579,958 | |
Royal & Sun Alliance Insurance Group PLC | 2,730,865 | 17,864,657 | |
Schroders PLC | 195,800 | 9,711,357 | |
Shawbrook Group Ltd. | 681,300 | 3,215,351 | |
St. James's Place Capital PLC | 567,800 | 7,745,195 | |
Standard Chartered PLC (United Kingdom) | 2,267,055 | 37,116,703 | |
Unite Group PLC | 1,662,487 | 15,209,556 | |
William Hill PLC | 3,089,800 | 17,071,526 | |
TOTAL UNITED KINGDOM | 441,256,881 | ||
TOTAL COMMON STOCKS (Cost $1,238,587,648) |
| ||
Nonconvertible Preferred Stocks - 1.5% | |||
|
|
|
|
Germany - 1.4% | |||
Volkswagen AG (d) | 84,300 | 21,702,678 | |
United Kingdom - 0.1% | |||
Rolls-Royce Group PLC | 199,698,441 | 306,537 | |
Rolls-Royce Group PLC (C Shares) (a) | 396,661,293 | 608,875 | |
TOTAL UNITED KINGDOM | 915,412 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $19,269,691) |
| ||
Money Market Funds - 8.2% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.15% (b) | 45,567,985 | $ 45,567,985 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 76,062,306 | 76,062,306 | |
TOTAL MONEY MARKET FUNDS (Cost $121,630,291) |
| ||
TOTAL INVESTMENT PORTFOLIO - 104.2% (Cost $1,379,487,630) | 1,551,096,508 | ||
NET OTHER ASSETS (LIABILITIES) - (4.2)% | (62,987,534) | ||
NET ASSETS - 100% | $ 1,488,108,974 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 28,862 |
Fidelity Securities Lending Cash Central Fund | 600,858 |
Total | $ 629,720 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 197,877,878 | $ - | $ 197,877,878 | $ - |
Consumer Staples | 113,439,131 | - | 113,439,131 | - |
Energy | 18,674,481 | - | 18,674,481 | - |
Financials | 386,386,891 | - | 386,386,891 | - |
Health Care | 312,696,182 | 16,038,162 | 296,658,020 | - |
Industrials | 299,293,628 | 10,052,777 | 289,240,851 | - |
Information Technology | 55,542,560 | - | 55,542,560 | - |
Materials | 29,567,782 | - | 29,567,782 | - |
Utilities | 15,987,684 | - | 15,987,684 | - |
Money Market Funds | 121,630,291 | 121,630,291 | - | - |
Total Investments in Securities: | $ 1,551,096,508 | $ 147,721,230 | $ 1,403,375,278 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 587,594,694 |
Level 2 to Level 1 | $ 0 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Europe Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $72,592,721) - See accompanying schedule: Unaffiliated issuers (cost $1,257,857,339) | $ 1,429,466,217 |
|
Fidelity Central Funds (cost $121,630,291) | 121,630,291 |
|
Total Investments (cost $1,379,487,630) |
| $ 1,551,096,508 |
Foreign currency held at value (cost $394,165) | 394,165 | |
Receivable for investments sold | 2,475,394 | |
Receivable for fund shares sold | 4,760,218 | |
Dividends receivable | 6,858,885 | |
Distributions receivable from Fidelity Central Funds | 157,511 | |
Prepaid expenses | 1,161 | |
Other receivables | 519,363 | |
Total assets | 1,566,263,205 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | 807,696 | |
Accrued management fee | 914,954 | |
Distribution and service plan fees payable | 19,620 | |
Other affiliated payables | 284,360 | |
Other payables and accrued expenses | 65,295 | |
Collateral on securities loaned, at value | 76,062,306 | |
Total liabilities | 78,154,231 | |
|
|
|
Net Assets | $ 1,488,108,974 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,571,152,621 | |
Undistributed net investment income | 9,787,372 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (264,509,644) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 171,678,625 | |
Net Assets | $ 1,488,108,974 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 38.90 | |
|
|
|
Maximum offering price per share (100/94.25 of $38.90) | $ 41.27 | |
Class T: | $ 38.82 | |
|
|
|
Maximum offering price per share (100/96.50 of $38.82) | $ 40.23 | |
Class B: | $ 38.75 | |
|
|
|
Class C: | $ 38.79 | |
|
|
|
Europe: | $ 38.97 | |
|
|
|
Institutional Class: | $ 38.98 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 19,261,993 |
Interest |
| 1,712 |
Income from Fidelity Central Funds |
| 629,720 |
Income before foreign taxes withheld |
| 19,893,425 |
Less foreign taxes withheld |
| (1,497,443) |
Total income |
| 18,395,982 |
|
|
|
Expenses | ||
Management fee | $ 4,576,037 | |
Performance adjustment | 487,670 | |
Transfer agent fees | 1,214,471 | |
Distribution and service plan fees | 104,073 | |
Accounting and security lending fees | 300,628 | |
Custodian fees and expenses | 61,054 | |
Independent trustees' compensation | 2,651 | |
Registration fees | 77,290 | |
Audit | 52,860 | |
Legal | 4,752 | |
Miscellaneous | 6,532 | |
Total expenses before reductions | 6,888,018 | |
Expense reductions | (39,100) | 6,848,918 |
Net investment income (loss) | 11,547,064 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 26,633,125 | |
Foreign currency transactions | 220,726 | |
Total net realized gain (loss) |
| 26,853,851 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 88,188,939 | |
Assets and liabilities in foreign currencies | 182,808 | |
Total change in net unrealized appreciation (depreciation) |
| 88,371,747 |
Net gain (loss) | 115,225,598 | |
Net increase (decrease) in net assets resulting from operations | $ 126,772,662 |
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 11,547,064 | $ 31,583,880 |
Net realized gain (loss) | 26,853,851 | 61,093,776 |
Change in net unrealized appreciation (depreciation) | 88,371,747 | (149,418,761) |
Net increase (decrease) in net assets resulting from operations | 126,772,662 | (56,741,105) |
Distributions to shareholders from net investment income | (31,603,696) | (13,272,490) |
Distributions to shareholders from net realized gain | - | (612,576) |
Total distributions | (31,603,696) | (13,885,066) |
Share transactions - net increase (decrease) | 105,007,717 | 401,467,296 |
Redemption fees | 23,989 | 18,788 |
Total increase (decrease) in net assets | 200,200,672 | 330,859,913 |
|
|
|
Net Assets | ||
Beginning of period | 1,287,908,302 | 957,048,389 |
End of period (including undistributed net investment income of $9,787,372 and undistributed net investment income of $29,844,004, respectively) | $ 1,488,108,974 | $ 1,287,908,302 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended |
| (Unaudited) | 2014H |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 36.24 | $ 39.45 |
Income from Investment Operations |
|
|
Net investment income (loss) E | .27 | .47 |
Net realized and unrealized gain (loss) | 3.23 | (3.68) |
Total from investment operations | 3.50 | (3.21) |
Distributions from net investment income | (.84) | - |
Redemption fees added to paid in capital E, K | - | - |
Net asset value, end of period | $ 38.90 | $ 36.24 |
Total ReturnB, C, D | 9.83% | (8.14)% |
Ratios to Average Net Assets F, I |
|
|
Expenses before reductions | 1.32%A | 1.35%A |
Expenses net of fee waivers, if any | 1.32%A | 1.35%A |
Expenses net of all reductions | 1.32%A | 1.35%A |
Net investment income (loss) | 1.49%A | 1.94%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 29,497 | $ 23,633 |
Portfolio turnover rateG | 89% A | 80%A, J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period March 18, 2014 (commencement of sale of shares) to October 31, 2014. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended | Years ended |
| (Unaudited) | 2014H |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 36.18 | $ 39.45 |
Income from Investment Operations |
|
|
Net investment income (loss) E | .22 | .40 |
Net realized and unrealized gain (loss) | 3.21 | (3.67) |
Total from investment operations | 3.43 | (3.27) |
Distributions from net investment income | (.79) | - |
Redemption fees added to paid in capital E, K | - | - |
Net asset value, end of period | $ 38.82 | $ 36.18 |
Total ReturnB, C, D | 9.64% | (8.29)% |
Ratios to Average Net Assets F, I |
|
|
Expenses before reductions | 1.61%A | 1.62%A |
Expenses net of fee waivers, if any | 1.61%A | 1.61%A |
Expenses net of all reductions | 1.60%A | 1.61%A |
Net investment income (loss) | 1.20%A | 1.68%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 14,859 | $ 13,679 |
Portfolio turnover rateG | 89% A | 80%A, J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period March 18, 2014 (commencement of sale of shares) to October 31, 2014. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended |
| (Unaudited) | 2014H |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 36.07 | $ 39.45 |
Income from Investment Operations |
|
|
Net investment income (loss) E | .12 | .28 |
Net realized and unrealized gain (loss) | 3.21 | (3.66) |
Total from investment operations | 3.33 | (3.38) |
Distributions from net investment income | (.65) | - |
Redemption fees added to paid in capital E, K | - | - |
Net asset value, end of period | $ 38.75 | $ 36.07 |
Total ReturnB, C, D | 9.37% | (8.57)% |
Ratios to Average Net Assets F, I |
|
|
Expenses before reductions | 2.15%A | 2.11%A |
Expenses net of fee waivers, if any | 2.15%A | 2.11%A |
Expenses net of all reductions | 2.14%A | 2.11%A |
Net investment income (loss) | .66%A | 1.19%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 882 | $ 1,065 |
Portfolio turnover rateG | 89% A | 80%A, J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period March 18, 2014 (commencement of sale of shares) to October 31, 2014. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended | Years ended |
| (Unaudited) | 2014H |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 36.07 | $ 39.45 |
Income from Investment Operations |
|
|
Net investment income (loss) E | .12 | .29 |
Net realized and unrealized gain (loss) | 3.22 | (3.67) |
Total from investment operations | 3.34 | (3.38) |
Distributions from net investment income | (.62) | - |
Redemption fees added to paid in capital E, K | - | - |
Net asset value, end of period | $ 38.79 | $ 36.07 |
Total ReturnB, C, D | 9.37% | (8.57)% |
Ratios to Average Net Assets F, I |
|
|
Expenses before reductions | 2.13%A | 2.10%A |
Expenses net of fee waivers, if any | 2.13%A | 2.10%A |
Expenses net of all reductions | 2.13%A | 2.10%A |
Net investment income (loss) | .68%A | 1.19%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 9,262 | $ 6,818 |
Portfolio turnover rateG | 89% A | 80%A, J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period March 18, 2014 (commencement of sale of shares) to October 31, 2014. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Europe
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 36.32 | $ 37.92 | $ 30.15 | $ 27.67 | $ 30.83 | $ 28.52 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .33 | .94K | .61 | .64 | .48 | .33 |
Net realized and unrealized gain (loss) | 3.23 | (2.00) | 7.87 | 2.45 | (2.97) | 2.50 |
Total from investment operations | 3.56 | (1.06) | 8.48 | 3.09 | (2.49) | 2.83 |
Distributions from net investment income | (.91) | (.52) | (.70) | (.60) | (.67) | (.52) |
Distributions from net realized gain | - | (.02) | (.01) | (.02) | - | - |
Total distributions | (.91) | (.54) | (.71) | (.61)J | (.67) | (.52) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 38.97 | $ 36.32 | $ 37.92 | $ 30.15 | $ 27.67 | $ 30.83 |
Total ReturnB, C | 9.99% | (2.82)% | 28.71% | 11.53% | (8.32)% | 10.01% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | 1.03%A | .97% | 1.06% | .83% | 1.10% | 1.12% |
Expenses net of fee waivers, if any | 1.03%A | .97% | 1.05% | .83% | 1.10% | 1.12% |
Expenses net of all reductions | 1.03%A | .96% | 1.02% | .80% | 1.06% | 1.04% |
Net investment income (loss) | 1.78%A | 2.43%K | 1.82% | 2.33% | 1.56% | 1.15% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,426,435 | $ 1,237,047 | $ 957,048 | $ 602,520 | $ 621,778 | $ 802,527 |
Portfolio turnover rateF | 89% A | 80%H | 59% | 127% | 117% | 136% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HThe portfolio turnover rate does not include the assets acquired in the merger. IAmount represents less than $.01 per share. JTotal distributions of $.61 per share is comprised of distributions from net investment income of $.595 and distributions from net realized gain of $.017 per share. KInvestment income per share reflects a large, non-recurring dividend recorded on February 24, 2014 which amounted to $.20 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.92%. |
Financial Highlights - Institutional Class
| Six months ended | Years ended |
| (Unaudited) | 2014G |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 36.32 | $ 39.45 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .33 | .56 |
Net realized and unrealized gain (loss) | 3.24 | (3.69) |
Total from investment operations | 3.57 | (3.13) |
Distributions from net investment income | (.91) | - |
Redemption fees added to paid in capital D, J | - | - |
Net asset value, end of period | $ 38.98 | $ 36.32 |
Total ReturnB, C | 10.01% | (7.93)% |
Ratios to Average Net Assets E, H |
|
|
Expenses before reductions | .99%A | .97%A |
Expenses net of fee waivers, if any | .99%A | .97%A |
Expenses net of all reductions | .98%A | .96%A |
Net investment income (loss) | 1.82%A | 2.33%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 7,174 | $ 5,666 |
Portfolio turnover rateF | 89% A | 80%A, I |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GFor the period March 18, 2014 (commencement of sale of shares) to October 31, 2014. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IThe portfolio turnover rate does not include the assets acquired in the merger. JAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Europe Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund launched Class A, Class T, Class B, Class C and Institutional Class shares and the existing class will be designated Europe on March 18, 2014. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 196,262,442 |
Gross unrealized depreciation | (27,661,298) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 168,601,144 |
|
|
Tax cost | $ 1,382,495,364 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2016 | $ (87,605,890) |
2017 | (201,098,352) |
Total capital loss carryforward | $ (288,704,242) |
The Fund acquired $91,696,156 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $14,730,641 per year.
In addition, due to large redemptions in a prior period, $201,098,352 of capital losses that existed in the Fund prior to the mergers will be limited to proximately $32,029,274 per year.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $610,207,625 and $570,957,542, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Europe as compared to its benchmark index, the MSCI Europe Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .77% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 30,202 | $ 1,272 |
Class T | .25% | .25% | 34,240 | 443 |
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
| Distribution | Service | Total Fees | Retained |
Class B | .75% | .25% | $ 4,699 | $ 3,661 |
Class C | .75% | .25% | 34,932 | 11,440 |
|
|
| $ 104,073 | $ 16,816 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 11,638 |
Class T | 2,512 |
Class B* | 150 |
Class C* | 1,993 |
| $ 16,293 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 26,832 | .22 |
Class T | 17,765 | .26 |
Class B | 1,394 | .30 |
Class C | 10,061 | .29 |
Europe | 1,154,336 | .18 |
Institutional Class | 4,083 | .14 |
| $ 1,214,471 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $2 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,009 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $600,858. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $36,893 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Europe expenses during the period in the amount of $2,207.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 549,660 | $ - |
Class T | 299,142 | - |
Class B | 18,443 | - |
Class C | 108,670 | - |
Europe | 30,497,764 | 13,272,490 |
Institutional Class | 130,017 | - |
Total | $ 31,603,696 | $ 13,272,490 |
From net realized gain |
|
|
Europe | $ - | $ 612,576 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 210,777 | 302,227 | $ 7,881,536 | $ 12,108,972 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 483,084 | - | 18,719,498 |
Reinvestment of distributions | 14,493 | - | 527,143 | - |
Shares redeemed | (119,090) | (133,151) | (4,286,483) | (5,066,903) |
Net increase (decrease) | 106,180 | 652,160 | $ 4,122,196 | $ 25,761,567 |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class T |
|
|
|
|
Shares sold | 49,791 | 196,712 | $ 1,865,474 | $ 7,929,579 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 218,383 | - | 8,462,341 |
Reinvestment of distributions | 8,153 | - | 296,280 | - |
Shares redeemed | (53,338) | (36,984) | (1,951,793) | (1,400,101) |
Net increase (decrease) | 4,606 | 378,111 | $ 209,961 | $ 14,991,819 |
Class B |
|
|
|
|
Shares sold | 2,642 | 16,454 | $ 99,598 | $ 662,209 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 19,997 | - | 774,699 |
Reinvestment of distributions | 481 | - | 17,468 | - |
Shares redeemed | (9,888) | (6,913) | (358,929) | (266,573) |
Net increase (decrease) | (6,765) | 29,538 | $ (241,863) | $ 1,170,335 |
Class C |
|
|
|
|
Shares sold | 94,993 | 43,185 | $ 3,546,577 | $ 1,703,471 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 183,082 | - | 7,092,587 |
Reinvestment of distributions | 2,632 | - | 95,708 | - |
Shares redeemed | (47,868) | (37,236) | (1,747,249) | (1,401,102) |
Net increase (decrease) | 49,757 | 189,031 | $ 1,895,036 | $ 7,394,956 |
Europe |
|
|
|
|
Shares sold | 5,327,243 | 8,548,440 | $ 199,058,087 | $ 332,957,735 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 9,559,313 | - | 370,423,391 |
Reinvestment of distributions | 803,462 | 358,728 | 29,241,922 | 13,351,865 |
Shares redeemed | (3,582,740) | (9,647,960) | (130,327,589) | (370,706,278) |
Net increase (decrease) | 2,547,965 | 8,818,521 | $ 97,972,420 | $ 346,026,713 |
Institutional Class |
|
|
|
|
Shares sold | 72,224 | 33,328 | $ 2,665,326 | $ 1,310,054 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 214,439 | - | 8,309,529 |
Reinvestment of distributions | 2,526 | - | 91,940 | - |
Shares redeemed | (46,717) | (91,772) | (1,707,299) | (3,497,677) |
Net increase (decrease) | 28,033 | 155,995 | $ 1,049,967 | $ 6,121,906 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.
11. Prior Fiscal Year Merger Information.
On March 21, 2014, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Europe Capital Appreciation Fund and Fidelity Advisor Europe Capital Appreciation Fund ("Target Funds") pursuant to agreements and plans of reorganization approved by the Board of Trustees ("The Board") on September 18, 2013. The acquisition was accomplished by an exchange of shares of each class of the Fund for corresponding shares then outstanding of the Target Funds at their net asset value on the acquisition date. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on March 18, 2014. The reorganization provides shareholders of the Target Funds access to a larger portfolio with a similar investment objective and lower expenses. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. The Target Funds' net assets of $370,423,391, including securities of $369,430,411 and unrealized appreciation of $56,486,181 for Fidelity Europe Capital Appreciation Fund; and net assets of $43,358,654, including securities of $43,267,919 and unrealized appreciation of $4,301,890 for Fidelity Advisor Europe Capital Appreciation Fund; were combined with the Fund's net assets of $1,103,858,646 for total net assets after the acquisition of $1,517,640,691.
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
FIL Investment Advisors
FIL Investment Advisors (U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
AEUF-USAN-0615
1.9585994.101
Fidelity Advisor®
Europe Fund -
Institutional Class
Semiannual Report
April 30, 2015
Institutional Class is a class
of Fidelity® Europe Fund
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Europe Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Class A | 1.32% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,098.30 | $ 6.87 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.25 | $ 6.61 |
Class T | 1.61% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,096.40 | $ 8.37 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.81 | $ 8.05 |
Class B | 2.15% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,093.70 | $ 11.16 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | 2.13% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,093.70 | $ 11.06 |
HypotheticalA |
| $ 1,000.00 | $ 1,014.23 | $ 10.64 |
Europe | 1.03% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,099.90 | $ 5.36 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.69 | $ 5.16 |
Institutional Class | .99% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,100.10 | $ 5.16 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.89 | $ 4.96 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Europe Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
United Kingdom | 29.8% |
| |
Sweden | 11.3% |
| |
Germany | 10.5% |
| |
France | 9.6% |
| |
Switzerland | 5.9% |
| |
Finland | 5.8% |
| |
United States of America* | 4.0% |
| |
Ireland | 3.6% |
| |
Bailiwick of Jersey | 3.5% |
| |
Other | 16.0% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities) |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
United Kingdom | 24.2% |
| |
Switzerland | 13.5% |
| |
Germany | 12.5% |
| |
France | 11.2% |
| |
Sweden | 7.4% |
| |
Denmark | 4.5% |
| |
Belgium | 4.1% |
| |
Netherlands | 3.7% |
| |
Ireland | 3.7% |
| |
Other* | 15.2% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities) |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 96.0 | 99.1 |
Short-Term Investments and Net Other Assets (Liabilities) | 4.0 | 0.9 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 3.7 | 4.0 |
Getinge AB (B Shares) (Sweden, Health Care Equipment & Supplies) | 2.7 | 1.2 |
Standard Chartered PLC (United Kingdom) (United Kingdom, Banks) | 2.5 | 1.6 |
Shire PLC (Bailiwick of Jersey, Pharmaceuticals) | 2.5 | 2.8 |
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) | 2.3 | 2.7 |
Cargotec Corp. (B Shares) (Finland, Machinery) | 2.2 | 0.0 |
HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) | 2.1 | 0.0 |
Bayer AG (Germany, Pharmaceuticals) | 2.1 | 2.3 |
Lloyds Banking Group PLC (United Kingdom, Banks) | 1.8 | 1.9 |
ING Groep NV (Certificaten Van Aandelen) (Netherlands, Banks) | 1.7 | 1.9 |
| 23.6 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 26.0 | 23.4 |
Health Care | 21.0 | 20.1 |
Industrials | 20.1 | 14.1 |
Consumer Discretionary | 13.1 | 13.4 |
Consumer Staples | 7.7 | 11.3 |
Information Technology | 3.7 | 1.9 |
Materials | 2.0 | 4.5 |
Energy | 1.3 | 7.0 |
Utilities | 1.1 | 2.5 |
Telecommunication Services | 0.0 | 0.9 |
Semiannual Report
Fidelity Europe Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.5% | |||
Shares | Value | ||
Austria - 1.1% | |||
Andritz AG | 276,400 | $ 16,182,325 | |
Bailiwick of Jersey - 3.5% | |||
Shire PLC | 447,200 | 36,341,091 | |
Wolseley PLC | 260,859 | 15,428,351 | |
TOTAL BAILIWICK OF JERSEY | 51,769,442 | ||
Belgium - 1.3% | |||
KBC Groep NV | 302,421 | 19,897,272 | |
Bermuda - 0.3% | |||
Vostok Nafta Investment Ltd. SDR (a) | 739,825 | 4,888,485 | |
Denmark - 3.3% | |||
Carlsberg A/S Series B | 191,100 | 17,422,311 | |
DSV de Sammensluttede Vognmaend A/S | 485,400 | 16,838,370 | |
William Demant Holding A/S (a) | 181,400 | 14,848,018 | |
TOTAL DENMARK | 49,108,699 | ||
Finland - 5.8% | |||
Amer Group PLC (A Shares) | 651,600 | 16,306,949 | |
Cargotec Corp. (B Shares) (d) | 834,700 | 33,651,502 | |
Huhtamaki Oyj | 463,300 | 14,810,665 | |
Kesko Oyj | 216,900 | 8,862,277 | |
Valmet Corp. | 1,116,500 | 12,939,536 | |
TOTAL FINLAND | 86,570,929 | ||
France - 9.6% | |||
bioMerieux SA | 179,400 | 19,353,948 | |
Bollore Group | 3,422,200 | 19,558,036 | |
Christian Dior SA | 121,195 | 23,693,752 | |
Havas SA | 2,216,300 | 18,485,605 | |
Ipsen SA | 123,611 | 7,098,738 | |
Publicis Groupe SA | 230,946 | 19,369,572 | |
Rexel SA | 1,121,200 | 21,130,866 | |
Wendel SA | 115,200 | 14,149,227 | |
TOTAL FRANCE | 142,839,744 | ||
Germany - 9.1% | |||
adidas AG | 209,100 | 17,132,803 | |
Bayer AG | 212,600 | 30,600,073 | |
Brenntag AG | 262,700 | 15,762,177 | |
CompuGroup Medical AG | 259,600 | 7,420,353 | |
Continental AG (d) | 83,700 | 19,615,499 | |
Deutsche Annington Immobilien SE | 187,935 | 6,308,063 | |
Fresenius SE & Co. KGaA | 360,700 | 21,459,103 | |
GEA Group AG | 337,429 | 16,205,345 | |
MLP AG | 293,073 | 1,252,745 | |
TOTAL GERMANY | 135,756,161 | ||
Ireland - 3.6% | |||
Actavis PLC (a) | 56,700 | 16,038,162 | |
DCC PLC (United Kingdom) | 149,700 | 9,522,956 | |
Greencore Group PLC | 1,417,530 | 7,692,342 | |
| |||
Shares | Value | ||
Ryanair Holdings PLC sponsored ADR | 140,900 | $ 9,137,365 | |
United Drug PLC (United Kingdom) | 1,403,641 | 11,415,820 | |
TOTAL IRELAND | 53,806,645 | ||
Isle of Man - 2.3% | |||
Optimal Payments PLC (a)(d) | 1,461,079 | 6,639,632 | |
Optimal Payments PLC rights 5/1/15 (a) | 2,417,131 | 5,131,525 | |
Playtech Ltd. | 1,818,445 | 22,844,727 | |
TOTAL ISLE OF MAN | 34,615,884 | ||
Italy - 1.1% | |||
Amplifon SpA (d) | 2,192,800 | 17,079,722 | |
Netherlands - 2.8% | |||
ING Groep NV (Certificaten Van Aandelen) | 1,647,300 | 25,272,144 | |
Reed Elsevier NV | 667,835 | 16,106,459 | |
TOTAL NETHERLANDS | 41,378,603 | ||
Norway - 1.3% | |||
TGS Nopec Geophysical Co. ASA (d) | 733,800 | 18,674,481 | |
Spain - 2.5% | |||
Amadeus IT Holding SA Class A | 459,100 | 20,926,676 | |
Red Electrica Corporacion SA | 190,500 | 15,987,684 | |
TOTAL SPAIN | 36,914,360 | ||
Sweden - 11.3% | |||
Elekta AB (B Shares) (d) | 1,323,302 | 12,382,433 | |
Getinge AB (B Shares) | 1,657,700 | 40,290,222 | |
Hemfosa Fastigheter AB (a) | 651,400 | 15,050,579 | |
Indutrade AB | 366,200 | 17,889,565 | |
Kungsleden AB | 1,982,200 | 14,428,201 | |
Lundbergfoeretagen AB | 77,592 | 3,644,437 | |
Nordea Bank AB | 1,122,000 | 14,255,178 | |
SKF AB (B Shares) | 700,900 | 17,119,512 | |
Svenska Cellulosa AB (SCA) (B Shares) | 817,900 | 20,688,757 | |
Svenska Handelsbanken AB (A Shares) | 269,100 | 12,421,378 | |
TOTAL SWEDEN | 168,170,262 | ||
Switzerland - 5.9% | |||
Julius Baer Group Ltd. | 336,720 | 17,624,181 | |
Roche Holding AG (participation certificate) | 190,507 | 54,514,545 | |
Sonova Holding AG Class B | 114,361 | 15,799,506 | |
TOTAL SWITZERLAND | 87,938,232 | ||
United Kingdom - 29.7% | |||
Aberdeen Asset Management PLC | 1,907,757 | 13,853,128 | |
Babcock International Group PLC | 1,574,100 | 24,281,953 | |
British American Tobacco PLC (United Kingdom) | 615,300 | 33,806,822 | |
British Land Co. PLC | 1,292,900 | 16,466,801 | |
Bunzl PLC | 565,823 | 15,909,400 | |
Compass Group PLC | 820,517 | 14,504,881 | |
Dechra Pharmaceuticals PLC | 515,500 | 8,054,448 | |
Diageo PLC | 899,297 | 24,966,622 | |
Common Stocks - continued | |||
Shares | Value | ||
United Kingdom - continued | |||
Diploma PLC | 1,161,000 | $ 14,240,999 | |
Essentra PLC | 1,005,300 | 14,757,117 | |
HSBC Holdings PLC (United Kingdom) | 3,159,900 | 31,565,837 | |
ITV PLC | 3,577,100 | 13,888,154 | |
Land Securities Group PLC | 896,690 | 17,159,539 | |
Lloyds Banking Group PLC | 22,551,600 | 26,707,371 | |
London Stock Exchange Group PLC | 405,300 | 15,776,472 | |
Prudential PLC | 996,204 | 24,803,034 | |
Rolls-Royce Group PLC | 1,416,301 | 22,579,958 | |
Royal & Sun Alliance Insurance Group PLC | 2,730,865 | 17,864,657 | |
Schroders PLC | 195,800 | 9,711,357 | |
Shawbrook Group Ltd. | 681,300 | 3,215,351 | |
St. James's Place Capital PLC | 567,800 | 7,745,195 | |
Standard Chartered PLC (United Kingdom) | 2,267,055 | 37,116,703 | |
Unite Group PLC | 1,662,487 | 15,209,556 | |
William Hill PLC | 3,089,800 | 17,071,526 | |
TOTAL UNITED KINGDOM | 441,256,881 | ||
TOTAL COMMON STOCKS (Cost $1,238,587,648) |
| ||
Nonconvertible Preferred Stocks - 1.5% | |||
|
|
|
|
Germany - 1.4% | |||
Volkswagen AG (d) | 84,300 | 21,702,678 | |
United Kingdom - 0.1% | |||
Rolls-Royce Group PLC | 199,698,441 | 306,537 | |
Rolls-Royce Group PLC (C Shares) (a) | 396,661,293 | 608,875 | |
TOTAL UNITED KINGDOM | 915,412 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $19,269,691) |
| ||
Money Market Funds - 8.2% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.15% (b) | 45,567,985 | $ 45,567,985 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 76,062,306 | 76,062,306 | |
TOTAL MONEY MARKET FUNDS (Cost $121,630,291) |
| ||
TOTAL INVESTMENT PORTFOLIO - 104.2% (Cost $1,379,487,630) | 1,551,096,508 | ||
NET OTHER ASSETS (LIABILITIES) - (4.2)% | (62,987,534) | ||
NET ASSETS - 100% | $ 1,488,108,974 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 28,862 |
Fidelity Securities Lending Cash Central Fund | 600,858 |
Total | $ 629,720 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 197,877,878 | $ - | $ 197,877,878 | $ - |
Consumer Staples | 113,439,131 | - | 113,439,131 | - |
Energy | 18,674,481 | - | 18,674,481 | - |
Financials | 386,386,891 | - | 386,386,891 | - |
Health Care | 312,696,182 | 16,038,162 | 296,658,020 | - |
Industrials | 299,293,628 | 10,052,777 | 289,240,851 | - |
Information Technology | 55,542,560 | - | 55,542,560 | - |
Materials | 29,567,782 | - | 29,567,782 | - |
Utilities | 15,987,684 | - | 15,987,684 | - |
Money Market Funds | 121,630,291 | 121,630,291 | - | - |
Total Investments in Securities: | $ 1,551,096,508 | $ 147,721,230 | $ 1,403,375,278 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 587,594,694 |
Level 2 to Level 1 | $ 0 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Europe Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $72,592,721) - See accompanying schedule: Unaffiliated issuers (cost $1,257,857,339) | $ 1,429,466,217 |
|
Fidelity Central Funds (cost $121,630,291) | 121,630,291 |
|
Total Investments (cost $1,379,487,630) |
| $ 1,551,096,508 |
Foreign currency held at value (cost $394,165) | 394,165 | |
Receivable for investments sold | 2,475,394 | |
Receivable for fund shares sold | 4,760,218 | |
Dividends receivable | 6,858,885 | |
Distributions receivable from Fidelity Central Funds | 157,511 | |
Prepaid expenses | 1,161 | |
Other receivables | 519,363 | |
Total assets | 1,566,263,205 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | 807,696 | |
Accrued management fee | 914,954 | |
Distribution and service plan fees payable | 19,620 | |
Other affiliated payables | 284,360 | |
Other payables and accrued expenses | 65,295 | |
Collateral on securities loaned, at value | 76,062,306 | |
Total liabilities | 78,154,231 | |
|
|
|
Net Assets | $ 1,488,108,974 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,571,152,621 | |
Undistributed net investment income | 9,787,372 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (264,509,644) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 171,678,625 | |
Net Assets | $ 1,488,108,974 |
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 38.90 | |
|
|
|
Maximum offering price per share (100/94.25 of $38.90) | $ 41.27 | |
Class T: | $ 38.82 | |
|
|
|
Maximum offering price per share (100/96.50 of $38.82) | $ 40.23 | |
Class B: | $ 38.75 | |
|
|
|
Class C: | $ 38.79 | |
|
|
|
Europe: | $ 38.97 | |
|
|
|
Institutional Class: | $ 38.98 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 19,261,993 |
Interest |
| 1,712 |
Income from Fidelity Central Funds |
| 629,720 |
Income before foreign taxes withheld |
| 19,893,425 |
Less foreign taxes withheld |
| (1,497,443) |
Total income |
| 18,395,982 |
|
|
|
Expenses | ||
Management fee | $ 4,576,037 | |
Performance adjustment | 487,670 | |
Transfer agent fees | 1,214,471 | |
Distribution and service plan fees | 104,073 | |
Accounting and security lending fees | 300,628 | |
Custodian fees and expenses | 61,054 | |
Independent trustees' compensation | 2,651 | |
Registration fees | 77,290 | |
Audit | 52,860 | |
Legal | 4,752 | |
Miscellaneous | 6,532 | |
Total expenses before reductions | 6,888,018 | |
Expense reductions | (39,100) | 6,848,918 |
Net investment income (loss) | 11,547,064 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 26,633,125 | |
Foreign currency transactions | 220,726 | |
Total net realized gain (loss) |
| 26,853,851 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 88,188,939 | |
Assets and liabilities in foreign currencies | 182,808 | |
Total change in net unrealized appreciation (depreciation) |
| 88,371,747 |
Net gain (loss) | 115,225,598 | |
Net increase (decrease) in net assets resulting from operations | $ 126,772,662 |
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 11,547,064 | $ 31,583,880 |
Net realized gain (loss) | 26,853,851 | 61,093,776 |
Change in net unrealized appreciation (depreciation) | 88,371,747 | (149,418,761) |
Net increase (decrease) in net assets resulting from operations | 126,772,662 | (56,741,105) |
Distributions to shareholders from net investment income | (31,603,696) | (13,272,490) |
Distributions to shareholders from net realized gain | - | (612,576) |
Total distributions | (31,603,696) | (13,885,066) |
Share transactions - net increase (decrease) | 105,007,717 | 401,467,296 |
Redemption fees | 23,989 | 18,788 |
Total increase (decrease) in net assets | 200,200,672 | 330,859,913 |
|
|
|
Net Assets | ||
Beginning of period | 1,287,908,302 | 957,048,389 |
End of period (including undistributed net investment income of $9,787,372 and undistributed net investment income of $29,844,004, respectively) | $ 1,488,108,974 | $ 1,287,908,302 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended |
| (Unaudited) | 2014H |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 36.24 | $ 39.45 |
Income from Investment Operations |
|
|
Net investment income (loss) E | .27 | .47 |
Net realized and unrealized gain (loss) | 3.23 | (3.68) |
Total from investment operations | 3.50 | (3.21) |
Distributions from net investment income | (.84) | - |
Redemption fees added to paid in capital E, K | - | - |
Net asset value, end of period | $ 38.90 | $ 36.24 |
Total ReturnB, C, D | 9.83% | (8.14)% |
Ratios to Average Net Assets F, I |
|
|
Expenses before reductions | 1.32%A | 1.35%A |
Expenses net of fee waivers, if any | 1.32%A | 1.35%A |
Expenses net of all reductions | 1.32%A | 1.35%A |
Net investment income (loss) | 1.49%A | 1.94%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 29,497 | $ 23,633 |
Portfolio turnover rateG | 89% A | 80%A, J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period March 18, 2014 (commencement of sale of shares) to October 31, 2014. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended | Years ended |
| (Unaudited) | 2014H |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 36.18 | $ 39.45 |
Income from Investment Operations |
|
|
Net investment income (loss) E | .22 | .40 |
Net realized and unrealized gain (loss) | 3.21 | (3.67) |
Total from investment operations | 3.43 | (3.27) |
Distributions from net investment income | (.79) | - |
Redemption fees added to paid in capital E, K | - | - |
Net asset value, end of period | $ 38.82 | $ 36.18 |
Total ReturnB, C, D | 9.64% | (8.29)% |
Ratios to Average Net Assets F, I |
|
|
Expenses before reductions | 1.61%A | 1.62%A |
Expenses net of fee waivers, if any | 1.61%A | 1.61%A |
Expenses net of all reductions | 1.60%A | 1.61%A |
Net investment income (loss) | 1.20%A | 1.68%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 14,859 | $ 13,679 |
Portfolio turnover rateG | 89% A | 80%A, J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period March 18, 2014 (commencement of sale of shares) to October 31, 2014. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended |
| (Unaudited) | 2014H |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 36.07 | $ 39.45 |
Income from Investment Operations |
|
|
Net investment income (loss) E | .12 | .28 |
Net realized and unrealized gain (loss) | 3.21 | (3.66) |
Total from investment operations | 3.33 | (3.38) |
Distributions from net investment income | (.65) | - |
Redemption fees added to paid in capital E, K | - | - |
Net asset value, end of period | $ 38.75 | $ 36.07 |
Total ReturnB, C, D | 9.37% | (8.57)% |
Ratios to Average Net Assets F, I |
|
|
Expenses before reductions | 2.15%A | 2.11%A |
Expenses net of fee waivers, if any | 2.15%A | 2.11%A |
Expenses net of all reductions | 2.14%A | 2.11%A |
Net investment income (loss) | .66%A | 1.19%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 882 | $ 1,065 |
Portfolio turnover rateG | 89% A | 80%A, J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period March 18, 2014 (commencement of sale of shares) to October 31, 2014. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended | Years ended |
| (Unaudited) | 2014H |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 36.07 | $ 39.45 |
Income from Investment Operations |
|
|
Net investment income (loss) E | .12 | .29 |
Net realized and unrealized gain (loss) | 3.22 | (3.67) |
Total from investment operations | 3.34 | (3.38) |
Distributions from net investment income | (.62) | - |
Redemption fees added to paid in capital E, K | - | - |
Net asset value, end of period | $ 38.79 | $ 36.07 |
Total ReturnB, C, D | 9.37% | (8.57)% |
Ratios to Average Net Assets F, I |
|
|
Expenses before reductions | 2.13%A | 2.10%A |
Expenses net of fee waivers, if any | 2.13%A | 2.10%A |
Expenses net of all reductions | 2.13%A | 2.10%A |
Net investment income (loss) | .68%A | 1.19%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 9,262 | $ 6,818 |
Portfolio turnover rateG | 89% A | 80%A, J |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HFor the period March 18, 2014 (commencement of sale of shares) to October 31, 2014. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JThe portfolio turnover rate does not include the assets acquired in the merger. KAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Europe
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 36.32 | $ 37.92 | $ 30.15 | $ 27.67 | $ 30.83 | $ 28.52 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .33 | .94K | .61 | .64 | .48 | .33 |
Net realized and unrealized gain (loss) | 3.23 | (2.00) | 7.87 | 2.45 | (2.97) | 2.50 |
Total from investment operations | 3.56 | (1.06) | 8.48 | 3.09 | (2.49) | 2.83 |
Distributions from net investment income | (.91) | (.52) | (.70) | (.60) | (.67) | (.52) |
Distributions from net realized gain | - | (.02) | (.01) | (.02) | - | - |
Total distributions | (.91) | (.54) | (.71) | (.61)J | (.67) | (.52) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 38.97 | $ 36.32 | $ 37.92 | $ 30.15 | $ 27.67 | $ 30.83 |
Total ReturnB, C | 9.99% | (2.82)% | 28.71% | 11.53% | (8.32)% | 10.01% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | 1.03%A | .97% | 1.06% | .83% | 1.10% | 1.12% |
Expenses net of fee waivers, if any | 1.03%A | .97% | 1.05% | .83% | 1.10% | 1.12% |
Expenses net of all reductions | 1.03%A | .96% | 1.02% | .80% | 1.06% | 1.04% |
Net investment income (loss) | 1.78%A | 2.43%K | 1.82% | 2.33% | 1.56% | 1.15% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,426,435 | $ 1,237,047 | $ 957,048 | $ 602,520 | $ 621,778 | $ 802,527 |
Portfolio turnover rateF | 89% A | 80%H | 59% | 127% | 117% | 136% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HThe portfolio turnover rate does not include the assets acquired in the merger. IAmount represents less than $.01 per share. JTotal distributions of $.61 per share is comprised of distributions from net investment income of $.595 and distributions from net realized gain of $.017 per share. KInvestment income per share reflects a large, non-recurring dividend recorded on February 24, 2014 which amounted to $.20 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.92%. |
Financial Highlights - Institutional Class
| Six months ended | Years ended |
| (Unaudited) | 2014G |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 36.32 | $ 39.45 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .33 | .56 |
Net realized and unrealized gain (loss) | 3.24 | (3.69) |
Total from investment operations | 3.57 | (3.13) |
Distributions from net investment income | (.91) | - |
Redemption fees added to paid in capital D, J | - | - |
Net asset value, end of period | $ 38.98 | $ 36.32 |
Total ReturnB, C | 10.01% | (7.93)% |
Ratios to Average Net Assets E, H |
|
|
Expenses before reductions | .99%A | .97%A |
Expenses net of fee waivers, if any | .99%A | .97%A |
Expenses net of all reductions | .98%A | .96%A |
Net investment income (loss) | 1.82%A | 2.33%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 7,174 | $ 5,666 |
Portfolio turnover rateF | 89% A | 80%A, I |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GFor the period March 18, 2014 (commencement of sale of shares) to October 31, 2014. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. IThe portfolio turnover rate does not include the assets acquired in the merger. JAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Europe Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund launched Class A, Class T, Class B, Class C and Institutional Class shares and the existing class will be designated Europe on March 18, 2014. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 196,262,442 |
Gross unrealized depreciation | (27,661,298) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 168,601,144 |
|
|
Tax cost | $ 1,382,495,364 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2016 | $ (87,605,890) |
2017 | (201,098,352) |
Total capital loss carryforward | $ (288,704,242) |
The Fund acquired $91,696,156 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $14,730,641 per year.
In addition, due to large redemptions in a prior period, $201,098,352 of capital losses that existed in the Fund prior to the mergers will be limited to proximately $32,029,274 per year.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $610,207,625 and $570,957,542, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Europe as compared to its benchmark index, the MSCI Europe Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .77% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 30,202 | $ 1,272 |
Class T | .25% | .25% | 34,240 | 443 |
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
| Distribution | Service | Total Fees | Retained |
Class B | .75% | .25% | $ 4,699 | $ 3,661 |
Class C | .75% | .25% | 34,932 | 11,440 |
|
|
| $ 104,073 | $ 16,816 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 11,638 |
Class T | 2,512 |
Class B* | 150 |
Class C* | 1,993 |
| $ 16,293 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 26,832 | .22 |
Class T | 17,765 | .26 |
Class B | 1,394 | .30 |
Class C | 10,061 | .29 |
Europe | 1,154,336 | .18 |
Institutional Class | 4,083 | .14 |
| $ 1,214,471 |
|
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $2 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,009 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $600,858. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $36,893 for the period.
In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Europe expenses during the period in the amount of $2,207.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 549,660 | $ - |
Class T | 299,142 | - |
Class B | 18,443 | - |
Class C | 108,670 | - |
Europe | 30,497,764 | 13,272,490 |
Institutional Class | 130,017 | - |
Total | $ 31,603,696 | $ 13,272,490 |
From net realized gain |
|
|
Europe | $ - | $ 612,576 |
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class A |
|
|
|
|
Shares sold | 210,777 | 302,227 | $ 7,881,536 | $ 12,108,972 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 483,084 | - | 18,719,498 |
Reinvestment of distributions | 14,493 | - | 527,143 | - |
Shares redeemed | (119,090) | (133,151) | (4,286,483) | (5,066,903) |
Net increase (decrease) | 106,180 | 652,160 | $ 4,122,196 | $ 25,761,567 |
Semiannual Report
10. Share Transactions - continued
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Class T |
|
|
|
|
Shares sold | 49,791 | 196,712 | $ 1,865,474 | $ 7,929,579 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 218,383 | - | 8,462,341 |
Reinvestment of distributions | 8,153 | - | 296,280 | - |
Shares redeemed | (53,338) | (36,984) | (1,951,793) | (1,400,101) |
Net increase (decrease) | 4,606 | 378,111 | $ 209,961 | $ 14,991,819 |
Class B |
|
|
|
|
Shares sold | 2,642 | 16,454 | $ 99,598 | $ 662,209 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 19,997 | - | 774,699 |
Reinvestment of distributions | 481 | - | 17,468 | - |
Shares redeemed | (9,888) | (6,913) | (358,929) | (266,573) |
Net increase (decrease) | (6,765) | 29,538 | $ (241,863) | $ 1,170,335 |
Class C |
|
|
|
|
Shares sold | 94,993 | 43,185 | $ 3,546,577 | $ 1,703,471 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 183,082 | - | 7,092,587 |
Reinvestment of distributions | 2,632 | - | 95,708 | - |
Shares redeemed | (47,868) | (37,236) | (1,747,249) | (1,401,102) |
Net increase (decrease) | 49,757 | 189,031 | $ 1,895,036 | $ 7,394,956 |
Europe |
|
|
|
|
Shares sold | 5,327,243 | 8,548,440 | $ 199,058,087 | $ 332,957,735 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 9,559,313 | - | 370,423,391 |
Reinvestment of distributions | 803,462 | 358,728 | 29,241,922 | 13,351,865 |
Shares redeemed | (3,582,740) | (9,647,960) | (130,327,589) | (370,706,278) |
Net increase (decrease) | 2,547,965 | 8,818,521 | $ 97,972,420 | $ 346,026,713 |
Institutional Class |
|
|
|
|
Shares sold | 72,224 | 33,328 | $ 2,665,326 | $ 1,310,054 |
Issued in exchange for shares of Fidelity Advisor Europe Capital Appreciation Fund | - | 214,439 | - | 8,309,529 |
Reinvestment of distributions | 2,526 | - | 91,940 | - |
Shares redeemed | (46,717) | (91,772) | (1,707,299) | (3,497,677) |
Net increase (decrease) | 28,033 | 155,995 | $ 1,049,967 | $ 6,121,906 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.
11. Prior Fiscal Year Merger Information.
On March 21, 2014, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Europe Capital Appreciation Fund and Fidelity Advisor Europe Capital Appreciation Fund ("Target Funds") pursuant to agreements and plans of reorganization approved by the Board of Trustees ("The Board") on September 18, 2013. The acquisition was accomplished by an exchange of shares of each class of the Fund for corresponding shares then outstanding of the Target Funds at their net asset value on the acquisition date. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on March 18, 2014. The reorganization provides shareholders of the Target Funds access to a larger portfolio with a similar investment objective and lower expenses. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. The Target Funds' net assets of $370,423,391, including securities of $369,430,411 and unrealized appreciation of $56,486,181 for Fidelity Europe Capital Appreciation Fund; and net assets of $43,358,654, including securities of $43,267,919 and unrealized appreciation of $4,301,890 for Fidelity Advisor Europe Capital Appreciation Fund; were combined with the Fund's net assets of $1,103,858,646 for total net assets after the acquisition of $1,517,640,691.
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
FIL Investment Advisors
FIL Investment Advisors (U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
AEUFI-USAN-0615
1.9586003.101
Fidelity®
Series Emerging Markets
Series International Growth
Series International Small Cap
Series International Value
Funds -
Fidelity Series Emerging Markets Fund
Fidelity Series International Growth Fund
Fidelity Series International Small Cap Fund
Fidelity Series International Value Fund
Class F
Semiannual Report
April 30, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Fidelity® Series Emerging Markets Fund | ||
Investment Changes | A summary of major shifts in the Fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Fidelity Series International Growth Fund | ||
Investment Changes | A summary of major shifts in the Fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Fidelity Series International Small Cap Fund | ||
Investment Changes | A summary of major shifts in the Fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Fidelity Series International Value Fund | ||
Investment Changes | A summary of major shifts in the Fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the Financial Statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 for Fidelity® Series Emerging Markets Fund, Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund, and Fidelity Series International Value Fund or 1-800-835-5092 for Class F of each fund to request a free copy of the proxy voting guidelines.
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Semiannual Report
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).
Actual Expenses
The first line of the accompanying table for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Semiannual Report
| Annualized | Beginning | Ending | Expenses Paid |
Fidelity Series Emerging Markets Fund |
|
|
|
|
Series Emerging Markets | 1.04% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,022.30 | $ 5.21 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.64 | $ 5.21 |
Class F | .88% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,023.30 | $ 4.41 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.43 | $ 4.41 |
Fidelity Series International Growth Fund |
|
|
|
|
Series International Growth | .94% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,067.70 | $ 4.82 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.13 | $ 4.71 |
Class F | .77% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,068.80 | $ 3.95 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.98 | $ 3.86 |
Fidelity Series International Small Cap Fund |
|
|
|
|
Series International Small Cap | 1.13% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,103.10 | $ 5.89 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.19 | $ 5.66 |
Class F | .97% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,103.10 | $ 5.06 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.98 | $ 4.86 |
Fidelity Series International Value Fund |
|
|
|
|
Series International Value | .90% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,052.60 | $ 4.58 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.33 | $ 4.51 |
Class F | .73% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,053.50 | $ 3.72 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.17 | $ 3.66 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period).
Semiannual Report
Fidelity Series Emerging Markets Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
Korea (South) 15.8% |
| ||
China 11.3% |
| ||
India 10.4% |
| ||
Taiwan 8.9% |
| ||
Cayman Islands 7.2% |
| ||
Hong Kong 6.4% |
| ||
Brazil 5.0% |
| ||
South Africa 4.7% |
| ||
Mexico 4.3% |
| ||
Other* 26.0% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Korea (South) 16.8% |
| ||
India 10.5% |
| ||
Brazil 8.5% |
| ||
Taiwan 7.9% |
| ||
China 7.4% |
| ||
Cayman Islands 6.8% |
| ||
United States of America* 6.5% |
| ||
Mexico 5.9% |
| ||
South Africa 5.6% |
| ||
Other 24.1% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks and Equity Futures | 98.4 | 96.8 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.6 | 3.2 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 4.1 | 3.7 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 3.7 | 2.8 |
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) | 2.5 | 2.0 |
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) | 2.2 | 1.4 |
China Mobile Ltd. (Hong Kong, Wireless Telecommunication Services) | 2.0 | 0.0 |
Naspers Ltd. Class N (South Africa, Media) | 1.8 | 1.6 |
Hyundai Mobis (Korea (South), Auto Components) | 1.6 | 0.9 |
China Life Insurance Co. Ltd. (H Shares) (China, Insurance) | 1.5 | 1.1 |
CNOOC Ltd. (Hong Kong, Oil, Gas & Consumable Fuels) | 1.2 | 0.8 |
Largan Precision Co. Ltd. (Taiwan, Electronic Equipment & Components) | 1.2 | 0.4 |
| 21.8 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 27.9 | 25.7 |
Information Technology | 19.5 | 17.6 |
Consumer Discretionary | 8.4 | 8.3 |
Consumer Staples | 7.5 | 8.0 |
Industrials | 7.5 | 7.0 |
Energy | 7.5 | 9.0 |
Materials | 6.9 | 7.1 |
Telecommunication Services | 6.2 | 6.4 |
Utilities | 3.3 | 2.6 |
Health Care | 2.1 | 2.0 |
Semiannual Report
Fidelity Series Emerging Markets Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.6% | |||
Shares | Value | ||
Argentina - 0.8% | |||
Grupo Financiero Galicia SA sponsored ADR (d) | 1,250,700 | $ 27,565,428 | |
Telecom Argentina SA Class B sponsored ADR | 811,715 | 16,932,375 | |
YPF SA Class D sponsored ADR | 1,643,500 | 50,192,490 | |
TOTAL ARGENTINA | 94,690,293 | ||
Bermuda - 1.6% | |||
Aquarius Platinum Ltd. (Australia) (a)(e) | 85,124,410 | 11,451,744 | |
China Resources Gas Group Ltd. | 6,748,000 | 23,507,493 | |
Credicorp Ltd. (United States) | 364,600 | 55,619,730 | |
GP Investments Ltd. Class A (depositary receipt) (a)(e) | 11,529,837 | 21,123,716 | |
Shangri-La Asia Ltd. | 27,948,000 | 42,550,064 | |
Yue Yuen Industrial (Holdings) Ltd. | 11,747,000 | 44,711,214 | |
TOTAL BERMUDA | 198,963,961 | ||
Brazil - 2.5% | |||
B2W Companhia Global do Varejo (a) | 1,309,600 | 11,896,564 | |
BM&F BOVESPA SA | 10,033,700 | 41,327,675 | |
Cielo SA | 3,679,138 | 51,213,279 | |
Companhia de Saneamento de Minas Gerais | 2,292,610 | 13,810,674 | |
Cosan SA Industria e Comercio | 2,008,900 | 19,669,278 | |
Direcional Engenharia SA | 5,575,050 | 11,805,313 | |
Fibria Celulose SA (a) | 5,740,600 | 80,499,295 | |
Minerva SA (a)(e) | 11,245,800 | 32,733,921 | |
Smiles SA | 2,692,100 | 45,479,643 | |
TOTAL BRAZIL | 308,435,642 | ||
British Virgin Islands - 0.1% | |||
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 412,660 | 9,843,775 | |
Canada - 0.5% | |||
Goldcorp, Inc. | 790,200 | 14,873,968 | |
Pan American Silver Corp. | 3,571,200 | 33,997,824 | |
Torex Gold Resources, Inc. (a) | 9,302,000 | 8,635,093 | |
TOTAL CANADA | 57,506,885 | ||
Common Stocks - continued | |||
Shares | Value | ||
Cayman Islands - 7.0% | |||
21Vianet Group, Inc. ADR (a)(d) | 943,800 | $ 19,413,966 | |
58.com, Inc. ADR (a) | 745,107 | 56,836,762 | |
AAC Technology Holdings, Inc. | 6,424,000 | 34,106,947 | |
Alibaba Group Holding Ltd. sponsored ADR | 208,900 | 16,981,481 | |
China ZhengTong Auto Services Holdings Ltd. | 48,920,300 | 33,515,917 | |
ENN Energy Holdings Ltd. | 11,721,580 | 84,691,858 | |
Haitian International Holdings Ltd. | 9,837,000 | 24,520,949 | |
Hengan International Group Co. Ltd. | 4,443,000 | 54,917,316 | |
Leju Holdings Ltd. ADR (d) | 1,493,195 | 15,723,343 | |
Shenzhou International Group Holdings Ltd. | 3,393,000 | 16,000,690 | |
SINA Corp. (a) | 769,540 | 33,855,912 | |
Tencent Holdings Ltd. | 15,260,800 | 314,965,831 | |
Tingyi (Cayman Islands) Holding Corp. | 21,050,000 | 44,487,036 | |
TPK Holding Co. Ltd. | 6,981,000 | 43,537,223 | |
Uni-President China Holdings Ltd. | 79,281,000 | 64,136,335 | |
Yingde Gases Group Co. Ltd. | 21,485,000 | 18,822,296 | |
TOTAL CAYMAN ISLANDS | 876,513,862 | ||
Chile - 1.6% | |||
Compania Cervecerias Unidas SA sponsored ADR (d) | 784,448 | 17,155,878 | |
Empresa Nacional de Electricidad SA | 9,993,375 | 15,374,423 | |
Empresa Nacional de Telecomunicaciones SA (ENTEL) | 1,696,035 | 19,119,041 | |
Empresas CMPC SA | 9,642,329 | 27,397,047 | |
Enersis SA | 103,822,974 | 36,155,143 | |
Inversiones La Construccion SA | 2,168,897 | 27,765,002 | |
Vina Concha y Toro SA | 28,658,738 | 58,362,338 | |
TOTAL CHILE | 201,328,872 | ||
China - 11.3% | |||
Anhui Conch Cement Co. Ltd. (H Shares) | 13,443,000 | 54,635,413 | |
Baoshan Iron & Steel Co. Ltd. | 36,813,575 | 53,236,888 | |
BBMG Corp. (H Shares) | 65,895,000 | 81,789,021 | |
China Life Insurance Co. Ltd. (H Shares) | 37,379,900 | 181,415,276 | |
China Machinery Engineering Co. (H Shares) | 21,863,000 | 29,110,987 | |
China Pacific Insurance Group Co. Ltd. (H Shares) | 20,715,050 | 113,056,056 | |
China Suntien Green Energy Corp. Ltd. (H Shares) | 61,067,000 | 16,467,222 | |
China Telecom Corp. Ltd. (H Shares) | 97,920,582 | 72,898,279 | |
Daqin Railway Co. Ltd. (A Shares) | 29,909,204 | 67,361,769 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 324,258,400 | 281,281,478 | |
Kweichow Moutai Co. Ltd. | 2,336,969 | 95,030,259 | |
Maanshan Iron & Steel Ltd. (H Shares) (a) | 95,412,000 | 37,177,264 | |
PetroChina Co. Ltd. (H Shares) | 43,122,000 | 55,617,206 | |
Common Stocks - continued | |||
Shares | Value | ||
China - continued | |||
PICC Property & Casualty Co. Ltd. (H Shares) | 27,010,861 | $ 60,081,832 | |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 7,131,250 | 102,498,694 | |
Qingdao Haier Co. Ltd. | 16,849,800 | 73,643,851 | |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 5,231,000 | 44,747,186 | |
TOTAL CHINA | 1,420,048,681 | ||
Colombia - 0.7% | |||
Bancolombia SA sponsored ADR (d) | 1,866,951 | 84,516,872 | |
Czech Republic - 0.2% | |||
Komercni Banka A/S | 121,437 | 27,081,278 | |
Egypt - 0.1% | |||
Citadel Capital Corp. (a) | 55,695,500 | 16,934,825 | |
Greece - 0.6% | |||
National Bank of Greece SA (a) | 11,932,900 | 16,731,529 | |
National Bank of Greece SA sponsored ADR (a) | 6,245,700 | 9,118,722 | |
Public Power Corp. of Greece (a) | 690,307 | 4,643,295 | |
Titan Cement Co. SA (Reg.) | 1,908,419 | 48,132,865 | |
TOTAL GREECE | 78,626,411 | ||
Hong Kong - 6.4% | |||
China Mobile Ltd. | 4,163,760 | 59,472,174 | |
China Mobile Ltd. sponsored ADR | 2,745,600 | 196,118,208 | |
China Power International Development Ltd. | 36,395,020 | 23,525,950 | |
China Resources Enterprise Ltd. | 19,698,000 | 60,487,630 | |
China Resources Power Holdings Co. Ltd. | 22,632,426 | 68,476,481 | |
China Unicom Ltd. | 7,189,850 | 13,503,470 | |
China Unicom Ltd. sponsored ADR (d) | 1,676,790 | 31,506,884 | |
CNOOC Ltd. | 86,363,000 | 147,267,247 | |
CNOOC Ltd. sponsored ADR (d) | 14,400 | 2,466,000 | |
Far East Horizon Ltd. | 71,966,800 | 76,325,822 | |
Lenovo Group Ltd. | 33,626,000 | 58,136,313 | |
Sinotruk Hong Kong Ltd. | 41,464,000 | 29,637,969 | |
Techtronic Industries Co. Ltd. | 11,908,000 | 42,328,015 | |
TOTAL HONG KONG | 809,252,163 | ||
India - 10.4% | |||
Adani Ports & Special Economic Zone | 10,029,767 | 50,119,084 | |
Axis Bank Ltd. (a) | 12,497,551 | 112,190,704 | |
Bharti Airtel Ltd. (a) | 2,853,725 | 17,113,988 | |
Bharti Infratel Ltd. | 14,137,359 | 89,276,593 | |
Coal India Ltd. | 13,887,308 | 79,273,065 | |
Common Stocks - continued | |||
Shares | Value | ||
India - continued | |||
Eicher Motors Ltd. (a) | 186,707 | $ 44,633,843 | |
GAIL India Ltd. (a) | 4,779,971 | 27,101,273 | |
Grasim Industries Ltd. | 971,140 | 60,529,084 | |
HCL Technologies Ltd. | 3,779,249 | 52,367,241 | |
Infosys Ltd. | 3,148,934 | 96,070,928 | |
ITC Ltd. (a) | 18,546,422 | 94,077,978 | |
JK Cement Ltd. | 2,841,263 | 28,860,765 | |
Larsen & Toubro Ltd. (a) | 1,945,516 | 49,942,331 | |
LIC Housing Finance Ltd. | 3,243,679 | 21,951,135 | |
Lupin Ltd. | 2,729,560 | 76,136,219 | |
Oil & Natural Gas Corp. Ltd. | 10,944,585 | 52,356,794 | |
Petronet LNG Ltd. (a) | 7,740,794 | 21,274,250 | |
Phoenix Mills Ltd. (a) | 7,011,182 | 40,187,498 | |
Power Grid Corp. of India Ltd. | 17,838,095 | 42,263,179 | |
SREI Infrastructure Finance Ltd. (e) | 47,462,511 | 29,651,139 | |
State Bank of India | 24,208,491 | 102,761,240 | |
Tata Consultancy Services Ltd. | 1,449,196 | 56,184,318 | |
Yes Bank Ltd. | 4,770,880 | 63,022,190 | |
TOTAL INDIA | 1,307,344,839 | ||
Indonesia - 1.9% | |||
PT Astra International Tbk | 127,786,600 | 67,528,502 | |
PT Bakrieland Development Tbk (a) | 1,406,964,500 | 5,427,057 | |
PT Bank Mandiri (Persero) Tbk | 63,335,600 | 52,096,143 | |
PT Bank Rakyat Indonesia Tbk | 73,069,200 | 65,529,755 | |
PT Kalbe Farma Tbk | 349,908,300 | 48,454,033 | |
PT Perusahaan Gas Negara Tbk Series B | 11,590,100 | 3,665,914 | |
TOTAL INDONESIA | 242,701,404 | ||
Ireland - 0.2% | |||
Dragon Oil PLC | 2,122,500 | 20,174,779 | |
Israel - 0.3% | |||
Bezeq The Israel Telecommunication Corp. Ltd. | 23,358,600 | 44,290,364 | |
Kenya - 0.2% | |||
Equity Group Holdings Ltd. | 40,552,500 | 21,112,163 | |
Korea (South) - 14.3% | |||
AMOREPACIFIC Group, Inc. | 61,225 | 92,652,329 | |
BGFretail Co. Ltd. | 385,060 | 42,005,505 | |
Daewoo International Corp. | 4,091,078 | 119,263,445 | |
E-Mart Co. Ltd. | 396,056 | 81,446,096 | |
Common Stocks - continued | |||
Shares | Value | ||
Korea (South) - continued | |||
Fila Korea Ltd. | 533,515 | $ 52,008,685 | |
Hyundai HCN | 1,091,210 | 5,389,642 | |
Hyundai Industrial Development & Construction Co. | 1,239,459 | 65,936,627 | |
Hyundai Mobis | 888,434 | 195,072,593 | |
KB Financial Group, Inc. | 1,885,968 | 71,578,886 | |
Korea Electric Power Corp. | 951,442 | 41,176,166 | |
Korea Zinc Co. Ltd. | 122,668 | 54,380,676 | |
Korean Reinsurance Co. (e) | 6,563,390 | 72,512,873 | |
LG Chemical Ltd. | 330,938 | 83,878,224 | |
NAVER Corp. | 89,018 | 53,719,397 | |
Samsung C&T Corp. | 1,179,230 | 62,623,090 | |
Samsung Electronics Co. Ltd. | 388,966 | 509,179,249 | |
Shinhan Financial Group Co. Ltd. | 3,220,584 | 132,661,697 | |
SK Hynix, Inc. | 774,064 | 33,165,650 | |
SK Telecom Co. Ltd. sponsored ADR | 1,077,600 | 31,950,840 | |
TOTAL KOREA (SOUTH) | 1,800,601,670 | ||
Malaysia - 0.2% | |||
Malayan Banking Bhd | 10,533,800 | 27,232,645 | |
Mexico - 4.3% | |||
America Movil S.A.B. de CV Series L sponsored ADR | 3,864,820 | 80,736,090 | |
Banregio Grupo Financiero S.A.B. de CV | 4,753,450 | 27,259,062 | |
Grupo Aeroportuario del Pacifico SA de CV Series B | 5,818,000 | 41,422,249 | |
Grupo Aeroportuario Norte S.A.B. de CV | 3,384,900 | 16,904,643 | |
Grupo Comercial Chedraui S.A.B. de CV | 9,203,688 | 27,619,463 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 22,261,900 | 126,937,232 | |
Grupo Televisa SA de CV (CPO) sponsored ADR (a) | 3,440,200 | 125,257,682 | |
Macquarie Mexican (REIT) (e) | 60,048,158 | 91,038,988 | |
TOTAL MEXICO | 537,175,409 | ||
Netherlands - 0.4% | |||
Cnova NV (a) | 1,322,000 | 7,469,300 | |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 11/6/15 (a)(f) | 6,964,800 | 36,773,264 | |
Yandex NV (a) | 629,900 | 12,119,276 | |
TOTAL NETHERLANDS | 56,361,840 | ||
Nigeria - 1.0% | |||
Guaranty Trust Bank PLC GDR (Reg. S) | 5,292,077 | 36,770,609 | |
Common Stocks - continued | |||
Shares | Value | ||
Nigeria - continued | |||
Transnational Corp. of Nigeria PLC | 1,020,502,821 | $ 16,410,096 | |
Zenith Bank PLC | 634,648,578 | 67,451,344 | |
TOTAL NIGERIA | 120,632,049 | ||
Pakistan - 0.3% | |||
Habib Bank Ltd. | 18,938,900 | 37,361,886 | |
Panama - 0.3% | |||
Copa Holdings SA Class A | 361,500 | 40,086,735 | |
Philippines - 2.7% | |||
Alliance Global Group, Inc. | 178,817,850 | 101,803,729 | |
Metro Pacific Investments Corp. | 135,921,400 | 13,800,828 | |
Metropolitan Bank & Trust Co. | 46,263,737 | 96,436,793 | |
Nickel Asia Corp. | 28,709,300 | 14,639,394 | |
Robinsons Land Corp. | 171,724,450 | 115,278,433 | |
TOTAL PHILIPPINES | 341,959,177 | ||
Poland - 0.4% | |||
Powszechny Zaklad Ubezpieczen SA | 402,100 | 52,492,991 | |
Puerto Rico - 0.1% | |||
Popular, Inc. (a) | 479,281 | 15,543,083 | |
Russia - 3.4% | |||
Bashneft OJSC (a) | 165,928 | 6,916,083 | |
Bashneft OJSC rights | 23,529 | 0 | |
E.ON Russia JSC (a) | 244,118,400 | 14,928,615 | |
Gazprom OAO (a) | 20,855,432 | 62,003,640 | |
LUKOIL Oil Co. sponsored ADR (United Kingdom) | 2,617,600 | 133,904,682 | |
Mobile TeleSystems OJSC (a) | 6,754,360 | 34,585,319 | |
NOVATEK OAO GDR (Reg. S) | 1,014,700 | 98,248,754 | |
Sberbank of Russia sponsored ADR | 12,306,031 | 73,039,611 | |
TOTAL RUSSIA | 423,626,704 | ||
Singapore - 0.6% | |||
Ezion Holdings Ltd. | 21,636,540 | 19,703,772 | |
First Resources Ltd. | 37,651,400 | 50,649,556 | |
TOTAL SINGAPORE | 70,353,328 | ||
South Africa - 4.7% | |||
Alexander Forbes Group Holding (a) | 11,593,558 | 9,599,373 | |
Aspen Pharmacare Holdings Ltd. | 3,037,782 | 92,438,969 | |
Barclays Africa Group Ltd. | 6,860,554 | 109,907,272 | |
Bidvest Group Ltd. | 2,294,845 | 62,246,555 | |
Common Stocks - continued | |||
Shares | Value | ||
South Africa - continued | |||
Blue Label Telecoms Ltd. | 15,388,706 | $ 10,387,417 | |
JSE Ltd. | 2,849,092 | 31,871,990 | |
Life Healthcare Group Holdings Ltd. | 13,919,900 | 47,752,117 | |
Naspers Ltd. Class N | 1,451,500 | 228,290,431 | |
TOTAL SOUTH AFRICA | 592,494,124 | ||
Taiwan - 8.9% | |||
Advantech Co. Ltd. | 4,157,000 | 34,408,656 | |
Catcher Technology Co. Ltd. | 4,579,000 | 53,824,855 | |
E.SUN Financial Holdings Co. Ltd. | 91,557,287 | 62,780,090 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 16,806,280 | 50,485,789 | |
Inotera Memories, Inc. (a) | 18,547,000 | 21,528,957 | |
King's Town Bank | 26,073,000 | 26,774,500 | |
Largan Precision Co. Ltd. | 1,439,000 | 144,717,560 | |
Pegatron Corp. | 14,692,000 | 43,798,720 | |
Taiwan Cement Corp. | 34,311,000 | 48,846,065 | |
Taiwan Fertilizer Co. Ltd. | 19,334,300 | 35,605,516 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 88,517,284 | 426,146,331 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,481,601 | 36,210,328 | |
Unified-President Enterprises Corp. | 31,581,637 | 51,869,534 | |
Universal Cement Corp. | 25,623,980 | 27,401,076 | |
Vanguard International Semiconductor Corp. | 11,991,000 | 18,519,372 | |
Yuanta Financial Holding Co. Ltd. | 67,835,000 | 39,536,823 | |
TOTAL TAIWAN | 1,122,454,172 | ||
Thailand - 2.3% | |||
Intouch Holdings PCL NVDR | 19,472,950 | 45,498,927 | |
Jasmine Broadband Internet Infrastructure Fund (a) | 144,100,700 | 41,321,548 | |
Kasikornbank PCL (For. Reg.) | 14,900,260 | 94,949,313 | |
PTT Exploration and Production PCL (For. Reg.) | 14,120,300 | 50,131,243 | |
Thai Union Frozen Products PCL (For. Reg.) | 82,994,000 | 51,375,439 | |
TOTAL THAILAND | 283,276,470 | ||
Turkey - 1.2% | |||
Aselsan A/S | 4,204,000 | 21,943,351 | |
Aygaz A/S | 3,764,111 | 13,802,398 | |
Tupras Turkiye Petrol Rafinelleri A/S | 2,058,196 | 49,980,139 | |
Turkiye Garanti Bankasi A/S | 19,808,100 | 63,024,499 | |
TOTAL TURKEY | 148,750,387 | ||
United Arab Emirates - 0.7% | |||
DP World Ltd. | 1,488,937 | 34,364,666 | |
Common Stocks - continued | |||
Shares | Value | ||
United Arab Emirates - continued | |||
Emaar Properties PJSC | 8,593,225 | $ 19,278,284 | |
First Gulf Bank PJSC | 7,902,980 | 32,812,983 | |
TOTAL UNITED ARAB EMIRATES | 86,455,933 | ||
United Kingdom - 0.1% | |||
Fresnillo PLC | 1,499,400 | 16,629,926 | |
United States of America - 0.3% | |||
Cognizant Technology Solutions Corp. Class A (a) | 580,272 | 33,969,123 | |
TOTAL COMMON STOCKS (Cost $9,884,785,967) |
| ||
Preferred Stocks - 4.2% | |||
|
|
|
|
Convertible Preferred Stocks - 0.2% | |||
Cayman Islands - 0.2% | |||
Meituan Corp. Series D (h) | 3,788,641 | 28,035,943 | |
Nonconvertible Preferred Stocks - 4.0% | |||
Brazil - 2.5% | |||
Ambev SA sponsored ADR | 4,541,200 | 28,745,796 | |
Banco do Estado Rio Grande do Sul SA | 9,086,636 | 35,255,406 | |
Companhia Paranaense de Energia-Copel: | |||
(PN-B) | 149,800 | 1,685,962 | |
(PN-B) sponsored (d) | 1,538,957 | 16,836,190 | |
Itau Unibanco Holding SA sponsored ADR | 10,559,206 | 135,369,021 | |
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) | 5,637,200 | 48,930,896 | |
Vale SA (PN-A) sponsored ADR | 6,661,700 | 40,303,285 | |
TOTAL BRAZIL | 307,126,556 | ||
Korea (South) - 1.5% | |||
Hyundai Motor Co. Series 2 | 548,590 | 62,136,625 | |
Samsung Electronics Co. Ltd. | 81,213 | 82,184,893 | |
Samsung Fire & Marine Insurance Co. Ltd. | 252,168 | 40,619,016 | |
TOTAL KOREA (SOUTH) | 184,940,534 | ||
Preferred Stocks - continued | |||
Shares | Value | ||
Nonconvertible Preferred Stocks - continued | |||
Russia - 0.0% | |||
Surgutneftegas OJSC (a) | 4,069,450 | $ 3,067,860 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 495,134,950 | ||
TOTAL PREFERRED STOCKS (Cost $539,671,169) |
|
Government Obligations - 0.2% | ||||
| Principal Amount |
| ||
United States of America - 0.2% | ||||
U.S. Treasury Bills, yield at date of purchase 0.01% to 0.02% 5/21/15 to 7/9/15 (g) | $ 22,800,000 |
|
Money Market Funds - 3.2% | |||
Shares |
| ||
Fidelity Cash Central Fund, 0.15% (b) | 367,058,992 | 367,058,992 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 39,952,588 | 39,952,588 | |
TOTAL MONEY MARKET FUNDS (Cost $407,011,580) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $10,854,268,328) | 12,579,807,190 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (26,757,562) | ||
NET ASSETS - 100% | $ 12,553,049,628 |
Futures Contracts | |||||
Expiration Date | Underlying Face Amount at Value | Unrealized | |||
Purchased | |||||
Equity Index Contracts | |||||
3,747 ICE E-mini MSCI Emerging Markets Index Contracts (United States) | June 2015 | $ 194,600,445 | $ 18,868,152 |
|
The face value of futures purchased as a percentage of net assets is 1.6% |
Abbreviations: | ||
ELS | - | Equity-Linked Security |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $36,773,264 or 0.3% of net assets. |
(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $7,348,024. |
(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $28,035,943 or 0.2% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
Meituan Corp. Series D | 1/26/15 | $ 23,950,652 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 331,671 |
Fidelity Securities Lending Cash Central Fund | 348,825 |
Total | $ 680,496 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend | Value, |
Aquarius Platinum Ltd. (Australia) | $ 18,498,158 | $ 3,593,615 | $ - | $ - | $ 11,451,744 |
GP Investments Ltd. Class A (depositary receipt) | 23,311,870 | - | - | - | 21,123,716 |
Korean Reinsurance Co. | 54,409,675 | 13,901,513 | - | 947,602 | 72,512,873 |
Macquarie Mexican (REIT) | 48,149,486 | 55,770,231 | - | 1,828,339 | 91,038,988 |
Minerva SA | 50,188,557 | 5,090,498 | - | - | 32,733,921 |
SREI Infrastructure Finance Ltd. | 36,691,182 | - | - | - | 29,651,139 |
T4F Entretenimento SA | 5,103,986 | 21,144 | 3,449,329 | - | - |
Total | $ 236,352,914 | $ 78,377,001 | $ 3,449,329 | $ 2,775,941 | $ 258,512,381 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 1,065,084,731 | $ 1,065,084,731 | $ - | $ - |
Consumer Staples | 947,752,409 | 855,100,080 | - | 92,652,329 |
Energy | 937,645,400 | 417,361,232 | 520,284,168 | - |
Financials | 3,510,053,398 | 2,452,489,702 | 1,057,563,696 | - |
Health Care | 264,781,338 | 264,781,338 | - | - |
Industrials | 945,092,568 | 917,056,625 | - | 28,035,943 |
Information Technology | 2,413,215,475 | 1,566,188,610 | 847,026,865 | - |
Materials | 881,722,729 | 756,430,854 | 125,291,875 | - |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Telecommunication Services | $ 753,002,552 | $ 645,441,589 | $ 107,560,963 | $ - |
Utilities | 431,645,014 | 343,562,374 | 88,082,640 | - |
Government Obligations | 22,799,996 | - | 22,799,996 | - |
Money Market Funds | 407,011,580 | 407,011,580 | - | - |
Total Investments in Securities: | $ 12,579,807,190 | $ 9,690,508,715 | $ 2,768,610,203 | $ 120,688,272 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $ 18,868,152 | $ 18,868,152 | $ - | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 321,996,486 |
Level 2 to Level 1 | $ 2,563,423,567 |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2015. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Primary Risk Exposure / | Value | |
| Asset | Liability |
Equity Risk | ||
Futures Contracts (a) | $ 18,868,152 | $ - |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series Emerging Markets Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $38,846,502) - See accompanying schedule: Unaffiliated issuers (cost $10,106,811,024) | $ 11,914,283,229 |
|
Fidelity Central Funds (cost $407,011,580) | 407,011,580 |
|
Other affiliated issuers (cost $340,445,724) | 258,512,381 |
|
Total Investments (cost $10,854,268,328) |
| $ 12,579,807,190 |
Foreign currency held at value (cost $7,173,887) | 7,166,890 | |
Receivable for investments sold | 36,098,851 | |
Receivable for fund shares sold | 12,448,344 | |
Dividends receivable | 13,125,323 | |
Interest receivable | 145 | |
Distributions receivable from Fidelity Central Funds | 139,063 | |
Prepaid expenses | 6,338 | |
Other receivables | 1,759,101 | |
Total assets | 12,650,551,245 | |
|
|
|
Liabilities | ||
Payable to custodian bank | $ 1,312,459 | |
Payable for investments purchased | 37,423,671 | |
Payable for fund shares redeemed | 1,334,710 | |
Accrued management fee | 8,252,249 | |
Payable for daily variation margin for derivative instruments | 3,110,010 | |
Other affiliated payables | 877,368 | |
Other payables and accrued expenses | 5,238,562 | |
Collateral on securities loaned, at value | 39,952,588 | |
Total liabilities | 97,501,617 | |
|
|
|
Net Assets | $ 12,553,049,628 | |
Net Assets consist of: |
| |
Paid in capital | $ 11,536,311,910 | |
Undistributed net investment income | 10,757,358 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (734,338,647) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 1,740,319,007 | |
Net Assets | $ 12,553,049,628 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Series Emerging Markets: | $ 18.02 | |
|
|
|
Class F: | $ 18.07 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series Emerging Markets Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends (including $2,775,941 earned from other affiliated issuers) |
| $ 83,878,835 |
Interest |
| 1,385 |
Income from Fidelity Central Funds |
| 680,496 |
Income before foreign taxes withheld |
| 84,560,716 |
Less foreign taxes withheld |
| (9,501,737) |
Total income |
| 75,058,979 |
|
|
|
Expenses | ||
Management fee | $ 42,552,893 | |
Transfer agent fees | 4,168,168 | |
Accounting and security lending fees | 910,201 | |
Custodian fees and expenses | 3,284,445 | |
Independent trustees' compensation | 20,073 | |
Audit | 44,503 | |
Legal | 14,249 | |
Miscellaneous | 36,836 | |
Total expenses before reductions | 51,031,368 | |
Expense reductions | (318,903) | 50,712,465 |
Net investment income (loss) | 24,346,514 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers (net of foreign taxes of $3,533,218) | (446,222,458) | |
Other affiliated issuers | (6,772,531) |
|
Foreign currency transactions | (6,443,652) | |
Futures contracts | (2,078,718) | |
Total net realized gain (loss) |
| (461,517,359) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $14,377,544) | 772,028,786 | |
Assets and liabilities in foreign currencies | 614,058 | |
Futures contracts | 10,816,906 | |
Total change in net unrealized appreciation (depreciation) |
| 783,459,750 |
Net gain (loss) | 321,942,391 | |
Net increase (decrease) in net assets resulting from operations | $ 346,288,905 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 24,346,514 | $ 107,299,325 |
Net realized gain (loss) | (461,517,359) | 48,289,090 |
Change in net unrealized appreciation (depreciation) | 783,459,750 | (14,060,354) |
Net increase (decrease) in net assets resulting | 346,288,905 | 141,528,061 |
Distributions to shareholders from net investment income | (89,825,646) | (82,603,080) |
Distributions to shareholders from net realized gain | - | (2,770,030) |
Total distributions | (89,825,646) | (85,373,110) |
Share transactions - net increase (decrease) | 2,250,661,318 | 2,875,521,339 |
Total increase (decrease) in net assets | 2,507,124,577 | 2,931,676,290 |
|
|
|
Net Assets | ||
Beginning of period | 10,045,925,051 | 7,114,248,761 |
End of period (including undistributed net investment income of $10,757,358 and undistributed net investment income of $76,236,490, respectively) | $ 12,553,049,628 | $ 10,045,925,051 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Series Emerging Markets
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.77 | $ 17.56 | $ 16.25 | $ 16.06 | $ 18.85 | $ 16.38 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .03 | .21 | .20 | .21 | .18 | .15 |
Net realized and unrealized gain (loss) | .36 | .17 | 1.34 | .59 | (2.19) | 4.03 |
Total from investment operations | .39 | .38 | 1.54 | .80 | (2.01) | 4.18 |
Distributions from net investment income | (.14) | (.17) | (.22) | (.09) | (.10) | (.09) |
Distributions from net realized gain | - | (.01) | (.01) | (.52) | (.68) | (1.62) |
Total distributions | (.14) | (.17)H | (.23) | (.61) | (.78) | (1.71) |
Net asset value, end of period | $ 18.02 | $ 17.77 | $ 17.56 | $ 16.25 | $ 16.06 | $ 18.85 |
Total ReturnB, C | 2.23% | 2.20% | 9.59% | 5.40% | (11.26)% | 27.32% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | 1.04%A | 1.06% | 1.09% | 1.10% | 1.12% | 1.15% |
Expenses net of fee waivers, if any | 1.04%A | 1.06% | 1.09% | 1.10% | 1.12% | 1.15% |
Expenses net of all reductions | 1.04%A | 1.06% | 1.06% | 1.07% | 1.07% | 1.08% |
Net investment income (loss) | .37%A | 1.18% | 1.22% | 1.37% | 1.00% | .89% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 5,972,563 | $ 4,837,497 | $ 3,623,928 | $ 3,182,644 | $ 3,384,616 | $ 2,425,249 |
Portfolio turnover rate F | 67%A | 93% | 79% | 80% | 104% | 92% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HTotal distributions of $.17 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.006 per share. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class F
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.83 | $ 17.62 | $ 16.30 | $ 16.11 | $ 18.90 | $ 16.40 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .05 | .24 | .23 | .25 | .21 | .19 |
Net realized and unrealized gain (loss) | .36 | .17 | 1.35 | .58 | (2.19) | 4.03 |
Total from investment operations | .41 | .41 | 1.58 | .83 | (1.98) | 4.22 |
Distributions from net investment income | (.17) | (.19) | (.26) | (.12) | (.13) | (.10) |
Distributions from net realized gain | - | (.01) | (.01) | (.52) | (.68) | (1.62) |
Total distributions | (.17) | (.20) | (.26)H | (.64) | (.81) | (1.72) |
Net asset value, end of period | $ 18.07 | $ 17.83 | $ 17.62 | $ 16.30 | $ 16.11 | $ 18.90 |
Total ReturnB, C | 2.33% | 2.35% | 9.84% | 5.60% | (11.07)% | 27.59% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .88%A | .89% | .90% | .90% | .91% | .92% |
Expenses net of fee waivers, if any | .88%A | .89% | .90% | .90% | .91% | .92% |
Expenses net of all reductions | .87%A | .89% | .88% | .87% | .86% | .85% |
Net investment income (loss) | .53%A | 1.35% | 1.40% | 1.57% | 1.21% | 1.13% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 6,580,486 | $ 5,208,429 | $ 3,490,320 | $ 2,570,780 | $ 1,471,427 | $ 454,160 |
Portfolio turnover rate F | 67%A | 93% | 79% | 80% | 104% | 92% |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. HTotal distributions of $.26 per share is comprised of distributions from net investment income of $.255 and distributions from net realized gain of $.009 per share. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Fidelity Series International Growth Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
United States of America* 16.4% |
| ||
Japan 15.5% |
| ||
Switzerland 14.5% |
| ||
United Kingdom 13.1% |
| ||
Sweden 5.2% |
| ||
Belgium 4.6% |
| ||
Germany 3.9% |
| ||
Australia 3.4% |
| ||
Denmark 2.9% |
| ||
Other 20.5% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
United States of America* 16.8% |
| ||
United Kingdom 16.0% |
| ||
Japan 15.0% |
| ||
Switzerland 12.5% |
| ||
Sweden 5.4% |
| ||
Germany 4.6% |
| ||
Belgium 4.5% |
| ||
Australia 3.6% |
| ||
Cayman Islands 3.0% |
| ||
Other 18.6% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 98.8 | 98.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.2 | 1.1 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 3.9 | 4.5 |
Novartis AG (Switzerland, Pharmaceuticals) | 3.9 | 1.4 |
Nestle SA (Switzerland, Food Products) | 3.6 | 3.7 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 2.9 | 2.9 |
DENSO Corp. (Japan, Auto Components) | 2.6 | 2.8 |
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) | 2.3 | 2.3 |
Reckitt Benckiser Group PLC (United Kingdom, Household Products) | 2.2 | 2.3 |
CSL Ltd. (Australia, Biotechnology) | 2.2 | 2.3 |
Keyence Corp. (Japan, Electronic Equipment & Components) | 2.2 | 2.2 |
Bayer AG (Germany, Pharmaceuticals) | 2.1 | 2.1 |
| 27.9 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Health Care | 17.8 | 16.4 |
Financials | 17.5 | 15.9 |
Consumer Discretionary | 15.5 | 16.8 |
Consumer Staples | 14.6 | 15.0 |
Industrials | 14.4 | 14.7 |
Information Technology | 10.6 | 9.9 |
Materials | 6.3 | 7.5 |
Energy | 1.5 | 2.2 |
Telecommunication Services | 0.6 | 0.5 |
Semiannual Report
Fidelity Series International Growth Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8% | |||
Shares | Value | ||
Australia - 3.4% | |||
CSL Ltd. | 3,946,100 | $ 284,107,452 | |
Sydney Airport unit | 15,615,982 | 66,608,043 | |
Transurban Group unit | 11,372,813 | 89,278,766 | |
TOTAL AUSTRALIA | 439,994,261 | ||
Austria - 1.2% | |||
Andritz AG | 2,622,198 | 153,521,197 | |
Bailiwick of Jersey - 1.5% | |||
Shire PLC | 2,465,200 | 200,331,077 | |
Belgium - 4.6% | |||
Anheuser-Busch InBev SA NV (d) | 3,123,281 | 380,254,305 | |
KBC Groep NV | 3,329,019 | 219,027,101 | |
TOTAL BELGIUM | 599,281,406 | ||
Bermuda - 0.5% | |||
Lazard Ltd. Class A | 1,202,548 | 63,771,120 | |
Canada - 0.9% | |||
Canadian Pacific Railway Ltd. | 388,400 | 74,051,929 | |
Pason Systems, Inc. | 1,551,500 | 27,930,858 | |
ShawCor Ltd. Class A | 550,000 | 18,622,047 | |
TOTAL CANADA | 120,604,834 | ||
Cayman Islands - 0.6% | |||
58.com, Inc. ADR (a) | 425,000 | 32,419,000 | |
Alibaba Group Holding Ltd. sponsored ADR | 567,700 | 46,148,333 | |
TOTAL CAYMAN ISLANDS | 78,567,333 | ||
Denmark - 2.9% | |||
Jyske Bank A/S (Reg.) (a) | 1,707,200 | 83,599,696 | |
Novo Nordisk A/S Series B sponsored ADR | 5,284,281 | 297,346,492 | |
TOTAL DENMARK | 380,946,188 | ||
Finland - 0.3% | |||
Tikkurila Oyj | 1,625,679 | 33,482,817 | |
Common Stocks - continued | |||
Shares | Value | ||
France - 1.1% | |||
Safran SA | 2,039,186 | $ 148,997,923 | |
Germany - 3.9% | |||
Bayer AG | 1,858,900 | 267,556,327 | |
Linde AG | 1,197,819 | 234,065,486 | |
TOTAL GERMANY | 501,621,813 | ||
Hong Kong - 1.6% | |||
AIA Group Ltd. | 30,543,200 | 204,132,321 | |
India - 0.6% | |||
Housing Development Finance Corp. Ltd. | 4,157,552 | 76,546,214 | |
Ireland - 2.4% | |||
CRH PLC sponsored ADR | 5,029,105 | 140,563,485 | |
James Hardie Industries PLC CDI | 14,466,311 | 167,254,041 | |
TOTAL IRELAND | 307,817,526 | ||
Israel - 0.3% | |||
Azrieli Group | 1,019,186 | 43,970,475 | |
Italy - 0.8% | |||
Azimut Holding SpA | 1,719,606 | 50,475,110 | |
Interpump Group SpA | 3,290,349 | 55,332,904 | |
TOTAL ITALY | 105,808,014 | ||
Japan - 15.5% | |||
Aozora Bank Ltd. | 12,717,000 | 47,567,178 | |
Astellas Pharma, Inc. | 12,650,300 | 196,974,015 | |
Coca-Cola Central Japan Co. Ltd. | 2,498,300 | 46,685,945 | |
DENSO Corp. | 6,687,400 | 332,001,119 | |
East Japan Railway Co. | 928,100 | 82,032,020 | |
Fanuc Corp. | 613,100 | 134,859,128 | |
Fast Retailing Co. Ltd. | 365,100 | 143,805,519 | |
Hoya Corp. | 2,021,600 | 77,914,277 | |
Japan Tobacco, Inc. | 1,954,500 | 68,252,828 | |
Keyence Corp. | 526,500 | 281,071,559 | |
Mitsui Fudosan Co. Ltd. | 5,370,000 | 159,189,909 | |
Nintendo Co. Ltd. | 179,700 | 30,171,647 | |
OSG Corp. | 1,064,200 | 22,126,717 | |
Seven Bank Ltd. | 20,170,700 | 108,677,137 | |
SHO-BOND Holdings Co. Ltd. (e) | 1,672,600 | 73,737,676 | |
Common Stocks - continued | |||
Shares | Value | ||
Japan - continued | |||
USS Co. Ltd. | 9,851,900 | $ 173,470,333 | |
Yamato Kogyo Co. Ltd. | 1,887,700 | 44,413,653 | |
TOTAL JAPAN | 2,022,950,660 | ||
Kenya - 0.1% | |||
Safaricom Ltd. | 81,000,000 | 14,898,520 | |
Korea (South) - 0.6% | |||
BGFretail Co. Ltd. | 247,254 | 26,972,496 | |
NAVER Corp. | 92,749 | 55,970,931 | |
TOTAL KOREA (SOUTH) | 82,943,427 | ||
Mexico - 0.4% | |||
Fomento Economico Mexicano S.A.B. de CV sponsored ADR (a) | 618,112 | 55,932,955 | |
Netherlands - 1.3% | |||
ING Groep NV (Certificaten Van Aandelen) | 11,123,004 | 170,644,178 | |
South Africa - 2.3% | |||
Clicks Group Ltd. | 9,002,484 | 69,083,683 | |
MTN Group Ltd. | 3,259,300 | 65,480,525 | |
Naspers Ltd. Class N | 1,013,510 | 159,403,813 | |
TOTAL SOUTH AFRICA | 293,968,021 | ||
Spain - 2.8% | |||
Amadeus IT Holding SA Class A | 896,669 | 40,871,928 | |
Hispania Activos Inmobiliarios SA (a) | 1,645,116 | 23,443,300 | |
Inditex SA | 8,333,319 | 267,408,531 | |
Prosegur Compania de Seguridad SA (Reg.) | 6,021,389 | 34,710,643 | |
TOTAL SPAIN | 366,434,402 | ||
Sweden - 5.2% | |||
ASSA ABLOY AB (B Shares) (d) | 3,936,139 | 228,350,438 | |
Atlas Copco AB (A Shares) (d) | 4,430,932 | 138,302,628 | |
H&M Hennes & Mauritz AB (B Shares) (d) | 3,287,901 | 130,716,314 | |
Intrum Justitia AB | 1,349,000 | 42,482,971 | |
Svenska Handelsbanken AB (A Shares) | 3,124,971 | 144,245,437 | |
TOTAL SWEDEN | 684,097,788 | ||
Switzerland - 14.5% | |||
Nestle SA | 6,020,886 | 467,125,748 | |
Novartis AG | 4,998,629 | 510,221,008 | |
Roche Holding AG (participation certificate) | 1,786,612 | 511,248,124 | |
Common Stocks - continued | |||
Shares | Value | ||
Switzerland - continued | |||
Schindler Holding AG: | |||
(participation certificate) | 688,219 | $ 116,424,543 | |
(Reg.) | 154,309 | 25,705,732 | |
UBS Group AG | 13,234,413 | 265,614,669 | |
TOTAL SWITZERLAND | 1,896,339,824 | ||
Taiwan - 0.7% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 19,459,000 | 93,680,930 | |
Turkey - 0.5% | |||
Coca-Cola Icecek Sanayi A/S | 3,368,278 | 57,154,609 | |
Tupras Turkiye Petrol Rafinelleri A/S | 298,000 | 7,236,474 | |
TOTAL TURKEY | 64,391,083 | ||
United Kingdom - 13.1% | |||
Associated British Foods PLC | 1,209,203 | 52,791,689 | |
Babcock International Group PLC | 5,174,861 | 79,827,032 | |
BAE Systems PLC | 11,638,400 | 90,165,131 | |
Berendsen PLC | 3,528,100 | 56,088,159 | |
Informa PLC | 8,919,592 | 75,964,293 | |
InterContinental Hotel Group PLC ADR | 5,646,727 | 240,607,037 | |
Johnson Matthey PLC | 2,470,727 | 126,325,392 | |
Lloyds Banking Group PLC | 35,444,000 | 41,975,561 | |
Prudential PLC | 10,694,857 | 266,275,686 | |
Reckitt Benckiser Group PLC | 3,277,387 | 291,702,013 | |
Rolls-Royce Group PLC | 3,833,611 | 61,118,912 | |
SABMiller PLC | 4,452,736 | 235,696,193 | |
Shaftesbury PLC | 3,510,400 | 45,144,046 | |
Unite Group PLC | 4,769,258 | 43,632,400 | |
TOTAL UNITED KINGDOM | 1,707,313,544 | ||
United States of America - 15.2% | |||
Autoliv, Inc. (d) | 1,467,527 | 174,224,805 | |
Berkshire Hathaway, Inc. Class B (a) | 634,750 | 89,633,048 | |
BorgWarner, Inc. | 2,268,514 | 134,296,029 | |
Cummins, Inc. | 420,227 | 58,100,585 | |
Dril-Quip, Inc. (a) | 384,000 | 30,612,480 | |
FMC Technologies, Inc. (a) | 811,145 | 35,771,495 | |
Google, Inc. Class A (a) | 297,094 | 163,036,274 | |
Martin Marietta Materials, Inc. (d) | 486,500 | 69,399,225 | |
MasterCard, Inc. Class A | 2,333,510 | 210,505,937 | |
McGraw Hill Financial, Inc. | 696,271 | 72,621,065 | |
Common Stocks - continued | |||
Shares | Value | ||
United States of America - continued | |||
Mead Johnson Nutrition Co. Class A | 530,956 | $ 50,929,300 | |
Mohawk Industries, Inc. (a) | 729,515 | 126,570,853 | |
Moody's Corp. | 547,700 | 58,888,704 | |
National Oilwell Varco, Inc. | 546,241 | 29,720,973 | |
Oceaneering International, Inc. | 906,119 | 49,936,218 | |
Philip Morris International, Inc. | 1,335,592 | 111,481,864 | |
PriceSmart, Inc. | 623,575 | 50,172,845 | |
ResMed, Inc. (d) | 895,500 | 57,258,270 | |
Solera Holdings, Inc. | 690,894 | 33,522,177 | |
SS&C Technologies Holdings, Inc. | 1,757,844 | 105,769,473 | |
Union Pacific Corp. | 496,900 | 52,785,687 | |
Visa, Inc. Class A | 3,293,296 | 217,522,201 | |
TOTAL UNITED STATES OF AMERICA | 1,982,759,508 | ||
TOTAL COMMON STOCKS (Cost $9,384,098,422) | 12,895,749,359 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
|
|
|
|
United Kingdom - 0.0% | |||
Rolls-Royce Group PLC | 540,539,151 | 829,728 | |
Money Market Funds - 7.8% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.15% (b) | 141,547,104 | 141,547,104 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 874,545,055 | 874,545,055 | |
TOTAL MONEY MARKET FUNDS (Cost $1,016,092,159) | 1,016,092,159 | ||
TOTAL INVESTMENT PORTFOLIO - 106.6% (Cost $10,401,004,606) | 13,912,671,246 | ||
NET OTHER ASSETS (LIABILITIES) - (6.6)% | (861,605,725) | ||
NET ASSETS - 100% | $ 13,051,065,521 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 118,871 |
Fidelity Securities Lending Cash Central Fund | 1,312,080 |
Total | $ 1,430,951 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
SHO-BOND Holdings Co. Ltd. | $ 64,629,702 | $ - | $ - | $ 312,462 | $ 73,737,676 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 2,026,721,474 | $ 835,102,537 | $ 1,191,618,937 | $ - |
Consumer Staples | 1,895,983,645 | 421,727,752 | 1,474,255,893 | - |
Energy | 199,830,545 | 199,830,545 | - | - |
Financials | 2,279,074,355 | 875,177,616 | 1,403,896,739 | - |
Health Care | 2,325,042,765 | 638,712,214 | 1,686,330,551 | - |
Industrials | 1,885,438,492 | 341,654,738 | 1,543,783,754 | - |
Information Technology | 1,388,604,667 | 864,894,326 | 523,710,341 | - |
Materials | 815,504,099 | 377,216,751 | 438,287,348 | - |
Telecommunication Services | 80,379,045 | 80,379,045 | - | - |
Money Market Funds | 1,016,092,159 | 1,016,092,159 | - | - |
Total Investments in Securities: | $ 13,912,671,246 | $ 5,650,787,683 | $ 8,261,883,563 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 3,408,776,893 |
Level 2 to Level 1 | $ 667,912,998 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Growth Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
Assets | ||
Investment in securities, at value (including securities loaned of $831,908,580) - See accompanying schedule: Unaffiliated issuers (cost $9,332,514,439) | $ 12,822,841,411 |
|
Fidelity Central Funds (cost $1,016,092,159) | 1,016,092,159 |
|
Other affiliated issuers (cost $52,398,008) | 73,737,676 |
|
Total Investments (cost $10,401,004,606) |
| $ 13,912,671,246 |
Receivable for investments sold | 29,662,188 | |
Receivable for fund shares sold | 9,587,819 | |
Dividends receivable | 65,462,429 | |
Distributions receivable from Fidelity Central Funds | 281,018 | |
Prepaid expenses | 9,790 | |
Other receivables | 42,216 | |
Total assets | 14,017,716,706 | |
|
|
|
Liabilities | ||
Payable for investments purchased | 81,625,551 | |
Payable for fund shares redeemed | 1,374,970 | |
Accrued management fee | 7,671,649 | |
Other affiliated payables | 999,161 | |
Other payables and accrued expenses | 434,799 | |
Collateral on securities loaned, at value | 874,545,055 | |
Total liabilities | 966,651,185 | |
|
|
|
Net Assets | $ 13,051,065,521 | |
Net Assets consist of: |
| |
Paid in capital | $ 9,405,701,297 | |
Undistributed net investment income | 74,693,131 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 58,644,268 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 3,512,026,825 | |
Net Assets | $ 13,051,065,521 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
Series International Growth: | $ 14.71 | |
|
|
|
Class F: | $ 14.74 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Growth Fund
Financial Statements - continued
Statement of Operations
| Six months ended April 30, 2015 (Unaudited) | |
Investment Income |
|
|
Dividends (including $312,462 earned from other affiliated issuers) |
| $ 150,819,977 |
Interest |
| 122 |
Income from Fidelity Central Funds |
| 1,430,951 |
Income before foreign taxes withheld |
| 152,251,050 |
Less foreign taxes withheld |
| (13,879,910) |
Total income |
| 138,371,140 |
|
|
|
Expenses | ||
Management fee | $ 44,356,092 | |
Performance adjustment | 2,981,890 | |
Transfer agent fees | 4,962,696 | |
Accounting and security lending fees | 964,908 | |
Custodian fees and expenses | 523,698 | |
Independent trustees' compensation | 24,817 | |
Audit | 42,314 | |
Legal | 19,230 | |
Miscellaneous | 52,669 | |
Total expenses before reductions | 53,928,314 | |
Expense reductions | (17,552) | 53,910,762 |
Net investment income (loss) | 84,460,378 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 78,901,339 | |
Foreign currency transactions | (1,751,064) | |
Total net realized gain (loss) |
| 77,150,275 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $132,385) | 676,651,625 | |
Assets and liabilities in foreign currencies | 1,502,811 | |
Total change in net unrealized appreciation (depreciation) |
| 678,154,436 |
Net gain (loss) | 755,304,711 | |
Net increase (decrease) in net assets resulting from operations | $ 839,765,089 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 84,460,378 | $ 172,847,839 |
Net realized gain (loss) | 77,150,275 | 188,600,604 |
Change in net unrealized appreciation (depreciation) | 678,154,436 | 11,265,981 |
Net increase (decrease) in net assets resulting from operations | 839,765,089 | 372,714,424 |
Distributions to shareholders from net investment income | (177,438,330) | (98,329,968) |
Distributions to shareholders from net realized gain | (186,668,096) | (45,984,907) |
Total distributions | (364,106,426) | (144,314,875) |
Share transactions - net increase (decrease) | (52,140,119) | 1,220,764,933 |
Total increase (decrease) in net assets | 423,518,544 | 1,449,164,482 |
|
|
|
Net Assets | ||
Beginning of period | 12,627,546,977 | 11,178,382,495 |
End of period (including undistributed net investment income of $74,693,131 and undistributed net investment income of $167,671,083, respectively) | $ 13,051,065,521 | $ 12,627,546,977 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Series International Growth
| Six months ended April 30, 2015 | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 G |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 14.17 | $ 13.95 | $ 11.55 | $ 10.53 | $ 10.89 | $ 10.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .09 | .17 | .16 | .15 | .16 | .09 |
Net realized and unrealized gain (loss) | .85 | .20 | 2.43 | .99 | (.46) | .80 |
Total from investment operations | .94 | .37 | 2.59 | 1.14 | (.30) | .89 |
Distributions from net investment income | (.19) | (.10) | (.19) | (.12) | (.05) | - |
Distributions from net realized gain | (.21) | (.05) | - | (.01) | (.01) | - |
Total distributions | (.40) | (.15) | (.19) | (.12) I | (.06) | - |
Net asset value, end of period | $ 14.71 | $ 14.17 | $ 13.95 | $ 11.55 | $ 10.53 | $ 10.89 |
Total ReturnB, C | 6.77% | 2.66% | 22.72% | 11.00% | (2.77)% | 8.90% |
Ratios to Average Net Assets E, H |
|
|
|
|
|
|
Expenses before reductions | .94%A | .97% | 1.04% | 1.05% | 1.00% | 1.01%A |
Expenses net of fee waivers, if any | .94%A | .97% | 1.04% | 1.05% | 1.00% | 1.01%A |
Expenses net of all reductions | .94%A | .97% | 1.02% | 1.04% | .98% | .99%A |
Net investment income (loss) | 1.24%A | 1.23% | 1.26% | 1.38% | 1.40% | 1.06%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $6,179,773 | $ 6,049,347 | $ 5,642,298 | $ 5,045,151 | $ 4,996,927 | $ 3,944,123 |
Portfolio turnover rate F | 25%A | 33% | 41% | 27% | 23% | 63%A |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G For the period December 3, 2009 (commencement of operations) to October 31, 2010. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.12 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.007 per share. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class F
| Six months ended April 30, 2015 | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010G |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 14.21 | $ 13.99 | $ 11.59 | $ 10.57 | $ 10.91 | $ 10.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .10 | .20 | .18 | .17 | .18 | .11 |
Net realized and unrealized gain (loss) | .85 | .19 | 2.43 | 1.00 | (.45) | .80 |
Total from investment operations | .95 | .39 | 2.61 | 1.17 | (.27) | .91 |
Distributions from net investment income | (.21) | (.12) | (.21) | (.14) | (.06) | - |
Distributions from net realized gain | (.21) | (.05) | - | (.01) | (.01) | - |
Total distributions | (.42) | (.17) | (.21) | (.15) | (.07) | - |
Net asset value, end of period | $ 14.74 | $ 14.21 | $ 13.99 | $ 11.59 | $ 10.57 | $ 10.91 |
Total ReturnB, C | 6.88% | 2.80% | 22.88% | 11.23% | (2.50)% | 9.10% |
Ratios to Average Net Assets E, H |
|
|
|
|
|
|
Expenses before reductions | .77%A | .80% | .85% | .85% | .79% | .78%A |
Expenses net of fee waivers, if any | .77%A | .80% | .85% | .85% | .79% | .78%A |
Expenses net of all reductions | .77%A | .80% | .84% | .84% | .77% | .75%A |
Net investment income (loss) | 1.41%A | 1.40% | 1.44% | 1.58% | 1.62% | 1.29%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $6,871,292 | $ 6,578,200 | $ 5,536,085 | $ 4,064,357 | $ 2,165,942 | $ 744,325 |
Portfolio turnover rate F | 25% A | 33% | 41% | 27% | 23% | 63% A |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G For the period December 3, 2009 (commencement of operations) to October 31, 2010. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Fidelity Series International Small Cap Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
Japan 25.3% |
| ||
United Kingdom 22.1% |
| ||
United States of America* 11.2% |
| ||
Germany 5.5% |
| ||
Italy 4.8% |
| ||
Netherlands 3.4% |
| ||
Korea (South) 2.9% |
| ||
Sweden 2.7% |
| ||
France 1.9% |
| ||
Other 20.2% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
Japan 26.3% |
| ||
United Kingdom 21.1% |
| ||
United States of America* 11.4% |
| ||
Germany 4.8% |
| ||
Italy 4.0% |
| ||
Netherlands 3.6% |
| ||
Sweden 3.1% |
| ||
Korea (South) 2.5% |
| ||
Ireland 2.0% |
| ||
Other 21.2% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 97.5 | 98.7 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.5 | 1.3 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
USS Co. Ltd. (Japan, Specialty Retail) | 2.3 | 2.6 |
Unite Group PLC (United Kingdom, Real Estate Management & Development) | 1.9 | 1.7 |
Azimut Holding SpA (Italy, Capital Markets) | 1.8 | 1.4 |
CTS Eventim AG (Germany, Media) | 1.8 | 1.5 |
Interpump Group SpA (Italy, Machinery) | 1.8 | 1.5 |
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) | 1.7 | 1.7 |
OSG Corp. (Japan, Machinery) | 1.7 | 1.4 |
SS&C Technologies Holdings, Inc. (United States of America, Software) | 1.6 | 1.5 |
Seven Bank Ltd. (Japan, Banks) | 1.6 | 1.4 |
Berendsen PLC (United Kingdom, Commercial Services & Supplies) | 1.4 | 1.5 |
| 17.6 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 20.8 | 20.2 |
Industrials | 20.4 | 21.0 |
Consumer Discretionary | 18.7 | 18.1 |
Information Technology | 10.2 | 9.6 |
Consumer Staples | 9.1 | 9.6 |
Materials | 8.8 | 11.2 |
Health Care | 7.1 | 6.0 |
Energy | 2.4 | 3.0 |
Semiannual Report
Fidelity Series International Small Cap Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.3% | |||
Shares | Value | ||
Australia - 1.8% | |||
DuluxGroup Ltd. | 3,194,422 | $ 16,001,644 | |
Imdex Ltd. (a) | 6,780,171 | 1,824,266 | |
RCG Corp. Ltd. (e) | 16,053,658 | 12,831,103 | |
Sydney Airport unit | 3,014,707 | 12,858,860 | |
TFS Corp. Ltd. (d) | 8,450,110 | 11,100,411 | |
TOTAL AUSTRALIA | 54,616,284 | ||
Austria - 1.5% | |||
Andritz AG | 516,024 | 30,211,533 | |
Zumtobel AG | 526,819 | 14,410,281 | |
TOTAL AUSTRIA | 44,621,814 | ||
Belgium - 1.5% | |||
Gimv NV | 280,309 | 13,012,265 | |
KBC Ancora (a) | 859,573 | 32,246,407 | |
TOTAL BELGIUM | 45,258,672 | ||
Bermuda - 1.1% | |||
Lazard Ltd. Class A | 230,001 | 12,196,953 | |
Petra Diamonds Ltd. (a) | 5,525,891 | 13,253,238 | |
Vostok Nafta Investment Ltd. SDR (a) | 1,313,942 | 8,682,034 | |
TOTAL BERMUDA | 34,132,225 | ||
British Virgin Islands - 0.2% | |||
Gem Diamonds Ltd. | 3,037,751 | 6,495,123 | |
Canada - 1.3% | |||
Cara Operations Ltd. (a) | 136,000 | 3,550,767 | |
New Look Eyewear, Inc. | 48,600 | 1,152,060 | |
Pason Systems, Inc. | 1,112,200 | 20,022,366 | |
ShawCor Ltd. Class A | 456,200 | 15,446,142 | |
TOTAL CANADA | 40,171,335 | ||
Cayman Islands - 0.7% | |||
58.com, Inc. ADR (a) | 280,600 | 21,404,168 | |
Common Stocks - continued | |||
Shares | Value | ||
Denmark - 1.9% | |||
Jyske Bank A/S (Reg.) (a) | 571,719 | $ 27,996,447 | |
Spar Nord Bank A/S | 2,602,747 | 28,124,331 | |
TOTAL DENMARK | 56,120,778 | ||
Finland - 0.4% | |||
Tikkurila Oyj | 587,630 | 12,102,948 | |
France - 1.9% | |||
Coface SA | 803,100 | 10,010,113 | |
Laurent-Perrier Group SA | 132,224 | 12,408,932 | |
Vetoquinol SA | 208,127 | 8,263,392 | |
Virbac SA | 100,200 | 26,078,176 | |
TOTAL FRANCE | 56,760,613 | ||
Germany - 4.3% | |||
alstria office REIT-AG | 699,329 | 9,909,165 | |
CompuGroup Medical AG | 1,323,715 | 37,836,797 | |
CTS Eventim AG | 1,603,124 | 54,631,839 | |
Fielmann AG | 423,190 | 28,745,768 | |
TOTAL GERMANY | 131,123,569 | ||
Greece - 0.4% | |||
Titan Cement Co. SA (Reg.) | 472,199 | 11,909,487 | |
India - 0.5% | |||
Jyothy Laboratories Ltd. (a) | 3,841,337 | 15,021,350 | |
Ireland - 1.7% | |||
FBD Holdings PLC | 1,298,400 | 13,962,207 | |
James Hardie Industries PLC CDI | 3,276,486 | 37,881,498 | |
TOTAL IRELAND | 51,843,705 | ||
Israel - 1.8% | |||
Azrieli Group | 399,179 | 17,221,675 | |
Ituran Location & Control Ltd. | 502,446 | 11,470,842 | |
Sarine Technologies Ltd. | 5,168,500 | 8,007,425 | |
Strauss Group Ltd. (a) | 919,855 | 16,374,257 | |
TOTAL ISRAEL | 53,074,199 | ||
Italy - 4.8% | |||
Azimut Holding SpA | 1,883,364 | 55,281,852 | |
Beni Stabili SpA SIIQ (d) | 43,666,820 | 36,006,498 | |
Interpump Group SpA | 3,218,666 | 54,127,430 | |
TOTAL ITALY | 145,415,780 | ||
Common Stocks - continued | |||
Shares | Value | ||
Japan - 25.3% | |||
Aozora Bank Ltd. | 6,275,000 | $ 23,471,262 | |
Artnature, Inc. | 1,366,400 | 12,710,339 | |
Asahi Co. Ltd. (d) | 1,135,800 | 10,032,826 | |
Autobacs Seven Co. Ltd. | 935,300 | 14,567,791 | |
Azbil Corp. | 965,200 | 25,425,381 | |
Broadleaf Co. Ltd. | 247,900 | 3,864,940 | |
Coca-Cola Central Japan Co. Ltd. (d) | 1,162,600 | 21,725,605 | |
Cosmos Pharmaceutical Corp. | 62,800 | 8,454,963 | |
Daiichikosho Co. Ltd. | 398,600 | 12,855,545 | |
Daikokutenbussan Co. Ltd. | 567,600 | 23,826,866 | |
GCA Savvian Group Corp. | 709,400 | 7,576,933 | |
Glory Ltd. | 497,900 | 13,780,550 | |
Goldcrest Co. Ltd. | 1,371,210 | 26,950,052 | |
Harmonic Drive Systems, Inc. (d) | 693,400 | 14,644,385 | |
Iwatsuka Confectionary Co. Ltd. (d) | 167,300 | 10,032,662 | |
Japan Digital Laboratory Co. | 325,000 | 4,949,575 | |
Kobayashi Pharmaceutical Co. Ltd. | 301,400 | 21,118,776 | |
Koshidaka Holdings Co. Ltd. | 354,200 | 7,332,036 | |
Lasertec Corp. | 763,200 | 10,655,187 | |
Medikit Co. Ltd. | 224,500 | 6,998,130 | |
Meiko Network Japan Co. Ltd. | 514,400 | 6,359,298 | |
Miraial Co. Ltd. (d) | 301,300 | 3,652,542 | |
Nabtesco Corp. | 763,300 | 20,993,824 | |
Nagaileben Co. Ltd. | 1,235,900 | 22,284,048 | |
ND Software Co. Ltd. | 222,536 | 2,606,813 | |
Nihon M&A Center, Inc. | 280,400 | 9,757,767 | |
Nihon Parkerizing Co. Ltd. (d) | 3,166,000 | 35,993,673 | |
Nippon Seiki Co. Ltd. | 640,000 | 12,867,641 | |
NS Tool Co. Ltd. | 2,000 | 31,890 | |
OBIC Co. Ltd. | 912,200 | 38,157,885 | |
OSG Corp. | 2,491,000 | 51,792,569 | |
Paramount Bed Holdings Co. Ltd. | 308,100 | 8,348,027 | |
San-Ai Oil Co. Ltd. | 1,575,000 | 10,461,227 | |
Seven Bank Ltd. | 9,056,500 | 48,795,257 | |
SHO-BOND Holdings Co. Ltd. (d) | 814,000 | 35,885,728 | |
Shoei Co. Ltd. | 610,100 | 9,839,516 | |
SK Kaken Co. Ltd. | 98,000 | 8,541,907 | |
Software Service, Inc. | 175,900 | 6,976,886 | |
Techno Medica Co. Ltd. | 283,000 | 5,792,138 | |
The Nippon Synthetic Chemical Industry Co. Ltd. | 2,520,000 | 17,636,222 | |
TKC Corp. | 684,400 | 16,345,927 | |
Tocalo Co. Ltd. | 458,400 | 9,000,504 | |
Common Stocks - continued | |||
Shares | Value | ||
Japan - continued | |||
Tsutsumi Jewelry Co. Ltd. | 273,600 | $ 6,501,491 | |
USS Co. Ltd. | 3,958,000 | 69,691,691 | |
Workman Co. Ltd. | 118,400 | 6,219,523 | |
Yamato Kogyo Co. Ltd. | 846,400 | 19,914,031 | |
TOTAL JAPAN | 765,421,829 | ||
Korea (South) - 2.9% | |||
BGFretail Co. Ltd. | 288,847 | 31,509,802 | |
Coway Co. Ltd. | 457,047 | 38,316,740 | |
Leeno Industrial, Inc. | 389,988 | 16,655,168 | |
TOTAL KOREA (SOUTH) | 86,481,710 | ||
Mexico - 0.6% | |||
Consorcio ARA S.A.B. de CV (a) | 42,160,327 | 17,944,658 | |
Netherlands - 3.4% | |||
Aalberts Industries NV | 1,369,900 | 42,470,610 | |
ASM International NV (depositary receipt) | 228,800 | 11,053,328 | |
Heijmans NV (Certificaten Van Aandelen) (d) | 975,671 | 13,041,829 | |
VastNed Retail NV | 746,955 | 36,474,920 | |
TOTAL NETHERLANDS | 103,040,687 | ||
Norway - 0.1% | |||
Kongsberg Gruppen ASA | 170,000 | 3,652,981 | |
Philippines - 0.5% | |||
Jollibee Food Corp. | 3,395,820 | 15,146,659 | |
South Africa - 1.7% | |||
Alexander Forbes Group Holding (a) | 9,630,704 | 7,974,146 | |
Clicks Group Ltd. | 4,067,421 | 31,212,766 | |
Nampak Ltd. | 3,262,570 | 11,696,847 | |
TOTAL SOUTH AFRICA | 50,883,759 | ||
Spain - 1.2% | |||
Hispania Activos Inmobiliarios SA (a) | 560,000 | 7,980,135 | |
Prosegur Compania de Seguridad SA (Reg.) | 4,722,986 | 27,225,924 | |
TOTAL SPAIN | 35,206,059 | ||
Sweden - 2.7% | |||
Fagerhult AB (e) | 2,407,342 | 43,193,407 | |
Intrum Justitia AB (d) | 1,266,003 | 39,869,213 | |
TOTAL SWEDEN | 83,062,620 | ||
Common Stocks - continued | |||
Shares | Value | ||
Taiwan - 0.4% | |||
Addcn Technology Co. Ltd. | 878,000 | $ 11,739,731 | |
Turkey - 0.9% | |||
Albaraka Turk Katilim Bankasi A/S | 17,450,671 | 11,295,989 | |
Coca-Cola Icecek Sanayi A/S | 971,544 | 16,485,640 | |
TOTAL TURKEY | 27,781,629 | ||
United Kingdom - 22.1% | |||
AA PLC | 999,667 | 6,389,438 | |
Babcock International Group PLC | 721,700 | 11,132,892 | |
Bellway PLC | 1,306,300 | 39,714,410 | |
Berendsen PLC | 2,717,409 | 43,200,155 | |
Britvic PLC | 2,243,612 | 24,916,610 | |
Dechra Pharmaceuticals PLC | 1,636,163 | 25,564,286 | |
Derwent London PLC | 392,190 | 20,643,136 | |
Elementis PLC | 6,296,482 | 29,301,030 | |
Great Portland Estates PLC | 2,534,200 | 30,935,180 | |
H&T Group PLC | 1,288,592 | 3,778,750 | |
Hilton Food Group PLC | 901,038 | 5,938,207 | |
Howden Joinery Group PLC | 2,644,400 | 18,825,005 | |
Informa PLC | 4,200,785 | 35,776,262 | |
InterContinental Hotel Group PLC ADR | 594,546 | 25,333,605 | |
ITE Group PLC | 4,806,372 | 13,800,877 | |
Johnson Matthey PLC | 362,170 | 18,517,330 | |
JUST EAT Ltd. (a) | 1,330,100 | 9,327,287 | |
Meggitt PLC | 2,505,645 | 20,249,056 | |
Rightmove PLC | 290,300 | 14,053,256 | |
Rotork PLC | 427,400 | 15,422,911 | |
Shaftesbury PLC | 2,915,255 | 37,490,430 | |
Spectris PLC | 1,158,816 | 38,085,231 | |
Spirax-Sarco Engineering PLC | 1,007,200 | 52,135,761 | |
Taylor Wimpey PLC | 8,548,700 | 21,706,721 | |
Ted Baker PLC | 559,367 | 24,431,092 | |
Ultra Electronics Holdings PLC | 936,610 | 24,907,296 | |
Unite Group PLC | 6,359,163 | 58,177,927 | |
TOTAL UNITED KINGDOM | 669,754,141 | ||
United States of America - 8.7% | |||
ANSYS, Inc. (a) | 93,715 | 8,044,496 | |
Autoliv, Inc. | 211,500 | 25,109,280 | |
Broadridge Financial Solutions, Inc. | 226,895 | 12,234,178 | |
China Biologic Products, Inc. (a) | 130,908 | 12,520,041 | |
Dril-Quip, Inc. (a) | 166,205 | 13,249,863 | |
Common Stocks - continued | |||
Shares | Value | ||
United States of America - continued | |||
Evercore Partners, Inc. Class A | 246,100 | $ 11,871,864 | |
Kennedy-Wilson Holdings, Inc. | 1,077,388 | 26,697,675 | |
Martin Marietta Materials, Inc. (d) | 85,080 | 12,136,662 | |
Mohawk Industries, Inc. (a) | 148,462 | 25,758,157 | |
Oceaneering International, Inc. | 206,567 | 11,383,907 | |
PriceSmart, Inc. | 363,561 | 29,252,118 | |
ResMed, Inc. | 189,700 | 12,129,418 | |
Solera Holdings, Inc. | 250,190 | 12,139,219 | |
SS&C Technologies Holdings, Inc. | 819,688 | 49,320,627 | |
TOTAL UNITED STATES OF AMERICA | 261,847,505 | ||
TOTAL COMMON STOCKS (Cost $2,079,443,276) |
| ||
Nonconvertible Preferred Stocks - 1.2% | |||
|
|
|
|
Germany - 1.2% | |||
Sartorius AG (non-vtg.) | 225,200 |
| |
Money Market Funds - 3.6% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.15% (b) | 64,650,737 | 64,650,737 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 44,572,177 | 44,572,177 | |
TOTAL MONEY MARKET FUNDS (Cost $109,222,914) |
| ||
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $2,214,349,074) | 3,058,595,329 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (34,226,215) | ||
NET ASSETS - 100% | $ 3,024,369,114 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 49,316 |
Fidelity Securities Lending Cash Central Fund | 298,067 |
Total | $ 347,383 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
Fagerhult AB | $ 44,153,831 | $ 161,326 | $ - | $ 702,878 | $ 43,193,407 |
RCG Corp. Ltd. | 8,273,270 | 418,606 | - | 237,720 | 12,831,103 |
Total | $ 52,427,101 | $ 579,932 | $ - | $ 940,598 | $ 56,024,510 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 573,095,617 | $ 165,143,029 | $ 407,952,588 | $ - |
Consumer Staples | 280,988,893 | 139,855,933 | 141,132,960 | - |
Energy | 70,563,505 | 60,102,278 | 10,461,227 | - |
Financials | 624,763,603 | 87,258,302 | 537,505,301 | - |
Health Care | 212,734,549 | 24,649,459 | 188,085,090 | - |
Industrials | 618,394,219 | 20,866,285 | 597,527,934 | - |
Information Technology | 304,525,712 | 154,061,757 | 150,463,955 | - |
Materials | 264,306,317 | 90,641,328 | 173,664,989 | - |
Money Market Funds | 109,222,914 | 109,222,914 | - | - |
Total Investments in Securities: | $ 3,058,595,329 | $ 851,801,285 | $ 2,206,794,044 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 1,251,059,028 |
Level 2 to Level 1 | $ 132,220,671 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Small Cap Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $41,675,794) - See accompanying schedule: Unaffiliated issuers (cost $2,070,781,453) | $ 2,893,347,905 |
|
Fidelity Central Funds (cost $109,222,914) | 109,222,914 |
|
Other affiliated issuers (cost $34,344,707) | 56,024,510 |
|
Total Investments (cost $2,214,349,074) |
| $ 3,058,595,329 |
Foreign currency held at value (cost $413,255) | 414,188 | |
Receivable for investments sold | 5,835,865 | |
Receivable for fund shares sold | 2,193,260 | |
Dividends receivable | 14,238,062 | |
Distributions receivable from Fidelity Central Funds | 138,695 | |
Prepaid expenses | 2,230 | |
Other receivables | 21,529 | |
Total assets | 3,081,439,158 | |
|
|
|
Liabilities | ||
Payable for investments purchased | 9,555,952 | |
Payable for fund shares redeemed | 314,530 | |
Accrued management fee | 2,222,359 | |
Other affiliated payables | 299,075 | |
Other payables and accrued expenses | 105,951 | |
Collateral on securities loaned, at value | 44,572,177 | |
Total liabilities | 57,070,044 | |
|
|
|
Net Assets | $ 3,024,369,114 | |
Net Assets consist of: |
| |
Paid in capital | $ 2,160,563,451 | |
Undistributed net investment income | 9,666,843 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 9,695,967 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 844,442,853 | |
Net Assets | $ 3,024,369,114 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Small Cap Fund
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Series International Small Cap: | $ 16.40 | |
|
|
|
Class F: | $ 16.43 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends (including $940,598 earned from other affiliated issuers) |
| $ 27,375,367 |
Interest |
| 56 |
Income from Fidelity Central Funds |
| 347,383 |
Income before foreign taxes withheld |
| 27,722,806 |
Less foreign taxes withheld |
| (2,245,201) |
Total income |
| 25,477,605 |
|
|
|
Expenses | ||
Management fee | $ 12,037,903 | |
Performance adjustment | 825,042 | |
Transfer agent fees | 1,104,703 | |
Accounting and security lending fees | 619,480 | |
Custodian fees and expenses | 159,844 | |
Independent trustees' compensation | 5,517 | |
Audit | 34,888 | |
Legal | 4,266 | |
Miscellaneous | 12,160 | |
Total expenses before reductions | 14,803,803 | |
Expense reductions | (42,753) | 14,761,050 |
Net investment income (loss) | 10,716,555 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 26,985,175 | |
Foreign currency transactions | (552,241) | |
Total net realized gain (loss) |
| 26,432,934 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $57,160) | 246,110,366 | |
Assets and liabilities in foreign currencies | 389,224 | |
Total change in net unrealized appreciation (depreciation) |
| 246,499,590 |
Net gain (loss) | 272,932,524 | |
Net increase (decrease) in net assets resulting from operations | $ 283,649,079 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Small Cap Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 10,716,555 | $ 27,564,526 |
Net realized gain (loss) | 26,432,934 | 36,236,413 |
Change in net unrealized appreciation (depreciation) | 246,499,590 | (48,773,803) |
Net increase (decrease) in net assets resulting | 283,649,079 | 15,027,136 |
Distributions to shareholders from net investment income | (28,569,877) | (22,654,352) |
Distributions to shareholders from net realized gain | (36,994,296) | (73,752,533) |
Total distributions | (65,564,173) | (96,406,885) |
Share transactions - net increase (decrease) | 26,747,899 | 555,726,987 |
Total increase (decrease) in net assets | 244,832,805 | 474,347,238 |
|
|
|
Net Assets | ||
Beginning of period | 2,779,536,309 | 2,305,189,071 |
End of period (including undistributed net investment income of $9,666,843 and undistributed net investment income of $27,520,165, respectively) | $ 3,024,369,114 | $ 2,779,536,309 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Series International Small Cap
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 15.21 | $ 15.75 | $ 12.44 | $ 11.22 | $ 11.40 | $ 10.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .05 | .14 | .15 | .15 | .17G | .06 |
Net realized and unrealized gain (loss) | 1.48 | (.11) | 3.29 | 1.19 | (.19) | 1.34 |
Total from investment operations | 1.53 | .03 | 3.44 | 1.34 | (.02) | 1.40 |
Distributions from net investment income | (.14) | (.13) | (.12) | (.11) | (.09) | - |
Distributions from net realized gain | (.20) | (.44) | (.01) | (.01) | (.07) | - |
Total distributions | (.34) | (.57) | (.13) | (.12) | (.16) | - |
Net asset value, end of period | $ 16.40 | $ 15.21 | $ 15.75 | $ 12.44 | $ 11.22 | $ 11.40 |
Total ReturnB, C | 10.31% | .21% | 27.95% | 12.07% | (.23)% | 14.00% |
Ratios to Average Net Assets E, I |
|
|
|
|
|
|
Expenses before reductions | 1.13%A | 1.18% | 1.23% | 1.22% | 1.14% | 1.21%A |
Expenses net of fee waivers, if any | 1.13%A | 1.18% | 1.23% | 1.22% | 1.14% | 1.21%A |
Expenses net of all reductions | 1.13%A | 1.18% | 1.22% | 1.22% | 1.13% | 1.18%A |
Net investment income (loss) | .67%A | .86% | 1.05% | 1.27% | 1.47%G | .68%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $1,429,036 | $ 1,330,809 | $ 1,163,381 | $ 1,040,585 | $ 1,107,242 | $ 701,814 |
Portfolio turnover rate F | 14%A | 18% | 29% | 25% | 22% | 21%A |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GInvestment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.00%. HFor the period December 3, 2009 (commencement of operations) to October 31, 2010. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class F
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 15.27 | $ 15.79 | $ 12.48 | $ 11.26 | $ 11.43 | $ 10.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .06 | .16 | .17 | .17 | .20G | .09 |
Net realized and unrealized gain (loss) | 1.48 | (.09) | 3.30 | 1.19 | (.20) | 1.34 |
Total from investment operations | 1.54 | .07 | 3.47 | 1.36 | - | 1.43 |
Distributions from net investment income | (.17) | (.15) | (.15) | (.13) | (.10) | - |
Distributions from net realized gain | (.20) | (.44) | (.01) | (.01) | (.07) | - |
Total distributions | (.38) J | (.59) | (.16) | (.14) | (.17) | - |
Net asset value, end of period | $ 16.43 | $ 15.27 | $ 15.79 | $ 12.48 | $ 11.26 | $ 11.43 |
Total ReturnB, C | 10.31% | .47% | 28.14% | 12.25% | (.03)% | 14.30% |
Ratios to Average Net Assets E, I |
|
|
|
|
|
|
Expenses before reductions | .97%A | 1.01% | 1.04% | 1.02% | .93% | .98%A |
Expenses net of fee waivers, if any | .97%A | 1.01% | 1.04% | 1.02% | .93% | .98%A |
Expenses net of all reductions | .96%A | 1.01% | 1.03% | 1.01% | .92% | .94%A |
Net investment income (loss) | .83%A | 1.04% | 1.24% | 1.47% | 1.68%G | .92%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $1,595,333 | $ 1,448,727 | $ 1,141,808 | $ 836,468 | $ 480,498 | $ 130,513 |
Portfolio turnover rate F | 14%A | 18% | 29% | 25% | 22% | 21%A |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GInvestment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.21%. HFor the period December 3, 2009 (commencement of operations) to October 31, 2010. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JTotal distributions of $.38 per share is comprised of distributions from net investment income of $.172 and distributions from net realized gain of $.203 per share. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Fidelity Series International Value Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2015 | |||
United Kingdom 24.8% |
| ||
Japan 20.3% |
| ||
France 14.8% |
| ||
Switzerland 6.8% |
| ||
Germany 6.2% |
| ||
Australia 4.6% |
| ||
United States of America* 4.4% |
| ||
Netherlands 2.9% |
| ||
Italy 2.0% |
| ||
Other 13.2% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2014 | |||
United Kingdom 23.4% |
| ||
Japan 18.6% |
| ||
France 14.4% |
| ||
Switzerland 7.9% |
| ||
Germany 7.8% |
| ||
Australia 5.8% |
| ||
United States of America* 3.5% |
| ||
Spain 2.9% |
| ||
Netherlands 2.5% |
| ||
Other 13.2% |
|
* Includes Short-Term Investments and Net Other Assets (Liabilities). |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Stocks | 98.7 | 99.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.3 | 1.0 |
Top Ten Stocks as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Total SA (France, Oil, Gas & Consumable Fuels) | 2.8 | 3.3 |
BP PLC sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.8 | 0.0 |
Toyota Motor Corp. (Japan, Automobiles) | 2.7 | 1.5 |
Mitsubishi UFJ Financial Group, Inc. (Japan, Banks) | 2.6 | 2.2 |
Sanofi SA (France, Pharmaceuticals) | 2.4 | 2.2 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Banks) | 2.1 | 2.7 |
Nestle SA (Switzerland, Food Products) | 2.0 | 2.1 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 1.9 | 2.0 |
Westpac Banking Corp. (Australia, Banks) | 1.8 | 2.4 |
BASF AG (Germany, Chemicals) | 1.8 | 1.7 |
| 22.9 | |
Market Sectors as of April 30, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 27.6 | 25.5 |
Consumer Discretionary | 15.5 | 10.3 |
Health Care | 14.1 | 16.2 |
Industrials | 7.7 | 8.1 |
Consumer Staples | 7.1 | 8.5 |
Telecommunication Services | 7.0 | 9.0 |
Energy | 6.8 | 7.2 |
Information Technology | 5.6 | 5.5 |
Materials | 4.9 | 4.8 |
Utilities | 2.4 | 3.9 |
Semiannual Report
Fidelity Series International Value Fund
Investments April 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.6% | |||
Shares | Value | ||
Australia - 4.6% | |||
Ansell Ltd. | 3,467,096 | $ 71,582,779 | |
Australia & New Zealand Banking Group Ltd. | 5,613,853 | 151,001,342 | |
Telstra Corp. Ltd. | 9,992,046 | 49,261,891 | |
Transurban Group unit | 11,979,571 | 94,041,932 | |
Westpac Banking Corp. | 8,350,429 | 239,913,393 | |
TOTAL AUSTRALIA | 605,801,337 | ||
Bailiwick of Jersey - 1.7% | |||
Shire PLC | 1,470,100 | 119,465,648 | |
Wolseley PLC | 1,814,826 | 107,336,808 | |
TOTAL BAILIWICK OF JERSEY | 226,802,456 | ||
Belgium - 0.6% | |||
Anheuser-Busch InBev SA NV | 653,630 | 79,578,373 | |
Bermuda - 0.2% | |||
Travelport Worldwide Ltd. (d) | 1,961,200 | 31,045,796 | |
Canada - 1.1% | |||
Imperial Oil Ltd. | 1,887,500 | 83,197,058 | |
Potash Corp. of Saskatchewan, Inc. | 1,948,800 | 63,640,879 | |
TOTAL CANADA | 146,837,937 | ||
Denmark - 0.4% | |||
Topdanmark A/S (a) | 1,604,100 | 48,110,813 | |
Finland - 1.1% | |||
Sampo Oyj (A Shares) | 2,930,413 | 141,991,086 | |
France - 14.8% | |||
Atos Origin SA | 1,498,797 | 117,147,782 | |
AXA SA (d) | 7,156,473 | 180,957,516 | |
Cap Gemini SA (d) | 1,694,105 | 150,937,200 | |
Havas SA | 8,029,942 | 66,975,742 | |
Orange SA | 7,353,100 | 121,115,339 | |
Renault SA (d) | 749,992 | 78,912,434 | |
Sanofi SA | 3,047,458 | 310,202,304 | |
Societe Generale Series A | 2,372,800 | 118,627,436 | |
Total SA | 6,764,122 | 366,276,952 | |
Unibail-Rodamco | 477,000 | 131,704,733 | |
Common Stocks - continued | |||
Shares | Value | ||
France - continued | |||
VINCI SA (d) | 2,120,900 | $ 130,084,835 | |
Vivendi SA | 6,113,481 | 153,257,068 | |
TOTAL FRANCE | 1,926,199,341 | ||
Germany - 5.1% | |||
BASF AG (d) | 2,398,266 | 238,262,997 | |
Bayer AG | 889,214 | 127,986,891 | |
Continental AG (d) | 399,433 | 93,609,050 | |
Fresenius SE & Co. KGaA | 1,942,500 | 115,565,033 | |
GEA Group AG | 1,964,827 | 94,362,662 | |
TOTAL GERMANY | 669,786,633 | ||
Ireland - 1.2% | |||
Actavis PLC (a) | 539,100 | 152,489,826 | |
Israel - 1.3% | |||
Teva Pharmaceutical Industries Ltd. sponsored ADR | 2,807,092 | 169,604,499 | |
Italy - 2.0% | |||
Intesa Sanpaolo SpA | 31,035,900 | 104,265,211 | |
Mediaset SpA | 14,752,000 | 75,819,590 | |
Telecom Italia SpA (a)(d) | 65,636,400 | 77,468,567 | |
TOTAL ITALY | 257,553,368 | ||
Japan - 20.3% | |||
Astellas Pharma, Inc. | 8,074,400 | 125,724,053 | |
Dentsu, Inc. | 2,210,200 | 103,027,817 | |
East Japan Railway Co. | 1,279,400 | 113,082,390 | |
Fujitsu Ltd. | 11,867,000 | 78,658,754 | |
Hitachi Ltd. | 12,828,000 | 87,524,203 | |
Hoya Corp. | 3,353,500 | 129,246,898 | |
Itochu Corp. | 7,451,400 | 91,749,634 | |
Japan Tobacco, Inc. | 5,141,900 | 179,559,589 | |
KDDI Corp. | 5,974,200 | 141,363,566 | |
Makita Corp. | 1,245,600 | 62,160,765 | |
Mitsubishi UFJ Financial Group, Inc. | 47,305,000 | 336,071,273 | |
Nippon Prologis REIT, Inc. | 24,562 | 53,219,793 | |
Nippon Telegraph & Telephone Corp. | 2,095,500 | 141,498,642 | |
OMRON Corp. | 1,793,000 | 82,331,090 | |
ORIX Corp. | 7,746,400 | 119,127,244 | |
Seven & i Holdings Co. Ltd. | 3,433,600 | 147,591,041 | |
Seven Bank Ltd. | 17,054,300 | 91,886,375 | |
Sony Financial Holdings, Inc. | 4,650,900 | 83,495,458 | |
Common Stocks - continued | |||
Shares | Value | ||
Japan - continued | |||
Sumitomo Mitsui Trust Holdings, Inc. | 29,000,000 | $ 127,656,219 | |
Toyota Motor Corp. | 5,056,800 | 351,999,469 | |
TOTAL JAPAN | 2,646,974,273 | ||
Korea (South) - 0.5% | |||
Samsung Electronics Co. Ltd. | 51,525 | 67,449,239 | |
Luxembourg - 0.5% | |||
RTL Group SA | 696,539 | 65,927,253 | |
Netherlands - 2.9% | |||
ING Groep NV (Certificaten Van Aandelen) | 9,923,234 | 152,237,840 | |
Mylan N.V. (a) | 854,500 | 61,746,170 | |
Reed Elsevier NV (d) | 6,917,046 | 166,821,319 | |
TOTAL NETHERLANDS | 380,805,329 | ||
Singapore - 1.5% | |||
Singapore Telecommunications Ltd. | 37,845,000 | 126,702,955 | |
UOL Group Ltd. | 10,171,300 | 61,341,425 | |
TOTAL SINGAPORE | 188,044,380 | ||
Spain - 1.8% | |||
Iberdrola SA | 24,952,157 | 167,012,045 | |
Mediaset Espana Comunicacion, S.A. | 5,272,900 | 71,472,362 | |
TOTAL SPAIN | 238,484,407 | ||
Sweden - 1.3% | |||
Nordea Bank AB | 13,107,133 | 166,528,091 | |
Switzerland - 6.8% | |||
Nestle SA | 3,357,617 | 260,498,098 | |
Novartis AG | 2,112,964 | 215,674,863 | |
Roche Holding AG (participation certificate) | 229,269 | 65,606,492 | |
Syngenta AG (Switzerland) | 199,177 | 66,650,562 | |
UBS Group AG | 5,092,971 | 102,215,928 | |
Zurich Insurance Group AG | 580,405 | 179,144,001 | |
TOTAL SWITZERLAND | 889,789,944 | ||
United Kingdom - 24.8% | |||
AstraZeneca PLC (United Kingdom) | 3,241,618 | 222,461,280 | |
Aviva PLC | 17,137,900 | 137,882,323 | |
BAE Systems PLC | 19,432,650 | 150,548,824 | |
Barclays PLC | 47,386,377 | 185,396,961 | |
BG Group PLC | 4,336,000 | 78,540,366 | |
Common Stocks - continued | |||
Shares | Value | ||
United Kingdom - continued | |||
BP PLC sponsored ADR (d) | 8,476,484 | $ 365,845,049 | |
Bunzl PLC | 4,349,311 | 122,290,768 | |
Compass Group PLC | 7,754,417 | 137,080,520 | |
HSBC Holdings PLC sponsored ADR (d) | 5,574,788 | 276,676,728 | |
Imperial Tobacco Group PLC | 3,212,128 | 156,849,869 | |
Informa PLC | 9,239,163 | 78,685,940 | |
ITV PLC | 38,471,485 | 149,366,223 | |
Johnson Matthey PLC | 1,277,545 | 65,319,387 | |
Liberty Global PLC Class A (a) | 1,668,200 | 86,979,948 | |
Lloyds Banking Group PLC | 158,849,800 | 188,122,376 | |
Meggitt PLC | 4,562,260 | 36,869,332 | |
Micro Focus International PLC | 551,719 | 10,619,013 | |
National Grid PLC | 11,000,800 | 147,997,597 | |
Prudential PLC | 3,976,473 | 99,004,416 | |
Rio Tinto PLC | 4,580,900 | 205,000,351 | |
Standard Chartered PLC (United Kingdom) | 2,191,899 | 35,886,233 | |
Tesco PLC | 14,805,400 | 49,904,135 | |
Vodafone Group PLC sponsored ADR | 7,243,966 | 254,987,603 | |
TOTAL UNITED KINGDOM | 3,242,315,242 | ||
United States of America - 3.1% | |||
Altria Group, Inc. | 1,266,800 | 63,403,340 | |
Constellation Brands, Inc. Class A (sub. vtg.) (a) | 921,000 | 106,780,740 | |
Energizer Holdings, Inc. | 469,700 | 64,170,414 | |
McGraw Hill Financial, Inc. | 820,900 | 85,619,870 | |
ResMed, Inc. CDI (e) | 13,652,880 | 87,189,947 | |
TOTAL UNITED STATES OF AMERICA | 407,164,311 | ||
TOTAL COMMON STOCKS (Cost $11,284,290,203) |
| ||
Nonconvertible Preferred Stocks - 1.1% | |||
|
|
|
|
Germany - 1.1% | |||
Volkswagen AG (d) | 561,790 |
| |
Money Market Funds - 8.0% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.15% (b) | 101,971,261 | $ 101,971,261 | |
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) | 936,450,832 | 936,450,832 | |
TOTAL MONEY MARKET FUNDS (Cost $1,038,422,093) |
| ||
TOTAL INVESTMENT PORTFOLIO - 106.7% (Cost $12,440,527,988) | 13,932,336,485 | ||
NET OTHER ASSETS (LIABILITIES) - (6.7)% | (870,713,043) | ||
NET ASSETS - 100% | $ 13,061,623,442 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 96,016 |
Fidelity Securities Lending Cash Central Fund | 3,743,855 |
Total | $ 3,839,871 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
ResMed, Inc. CDI | $ 65,708,901 | $ 6,132,549 | $ - | $ 732,165 | $ 87,189,947 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 2,035,170,578 | $ 118,025,744 | $ 1,917,144,834 | $ - |
Consumer Staples | 928,776,010 | 234,354,494 | 694,421,516 | - |
Energy | 893,859,425 | 449,042,107 | 444,817,318 | - |
Financials | 3,598,084,084 | 676,855,293 | 2,921,228,791 | - |
Health Care | 1,845,299,785 | 542,613,221 | 1,302,686,564 | - |
Industrials | 1,002,527,950 | 94,041,932 | 908,486,018 | - |
Information Technology | 723,914,179 | 67,449,239 | 656,464,940 | - |
Materials | 638,874,176 | 63,640,879 | 575,233,297 | - |
Telecommunication Services | 912,398,563 | 430,952,449 | 481,446,114 | - |
Utilities | 315,009,642 | - | 315,009,642 | - |
Money Market Funds | 1,038,422,093 | 1,038,422,093 | - | - |
Total Investments in Securities: | $ 13,932,336,485 | $ 3,715,397,451 | $ 10,216,939,034 | $ - |
The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements: |
Transfers | Total |
Level 1 to Level 2 | $ 2,832,510,311 |
Level 2 to Level 1 | $ 582,279,477 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Value Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $893,958,975) - See accompanying schedule: Unaffiliated issuers (cost $11,340,890,802) | $ 12,806,724,445 |
|
Fidelity Central Funds (cost $1,038,422,093) | 1,038,422,093 |
|
Other affiliated issuers (cost $61,215,093) | 87,189,947 |
|
Total Investments (cost $12,440,527,988) |
| $ 13,932,336,485 |
Foreign currency held at value (cost $5,356,608) | 5,453,093 | |
Receivable for investments sold | 46,369,182 | |
Receivable for fund shares sold | 9,587,819 | |
Dividends receivable | 65,028,584 | |
Distributions receivable from Fidelity Central Funds | 1,608,766 | |
Prepaid expenses | 9,824 | |
Other receivables | 147,865 | |
Total assets | 14,060,541,618 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 52,538,129 | |
Payable for fund shares redeemed | 1,374,970 | |
Accrued management fee | 7,304,419 | |
Other affiliated payables | 983,788 | |
Other payables and accrued expenses | 266,038 | |
Collateral on securities loaned, at value | 936,450,832 | |
Total liabilities | 998,918,176 | |
|
|
|
Net Assets | $ 13,061,623,442 | |
Net Assets consist of: |
| |
Paid in capital | $ 11,773,530,708 | |
Undistributed net investment income | 107,778,852 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (311,959,711) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 1,492,273,593 | |
Net Assets | $ 13,061,623,442 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2015 (Unaudited) | |
|
|
|
Series International Value: | $ 10.50 | |
|
|
|
Class F: | $ 10.52 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Value Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends (including $732,165 earned from other affiliated issuers) |
| $ 202,074,855 |
Interest |
| 373 |
Income from Fidelity Central Funds |
| 3,839,871 |
Income before foreign taxes withheld |
| 205,915,099 |
Less foreign taxes withheld |
| (14,061,784) |
Total income |
| 191,853,315 |
|
|
|
Expenses | ||
Management fee | $ 43,530,067 | |
Performance adjustment | 646,662 | |
Transfer agent fees | 4,848,317 | |
Accounting and security lending fees | 954,597 | |
Custodian fees and expenses | 464,016 | |
Independent trustees' compensation | 24,385 | |
Audit | 46,083 | |
Legal | 18,985 | |
Interest | 102 | |
Miscellaneous | 52,787 | |
Total expenses before reductions | 50,586,001 | |
Expense reductions | (287,892) | 50,298,109 |
Net investment income (loss) | 141,555,206 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (240,447,439) | |
Foreign currency transactions | (7,105,515) | |
Total net realized gain (loss) |
| (247,552,954) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 754,518,708 | |
Assets and liabilities in foreign currencies | 1,644,815 | |
Total change in net unrealized appreciation (depreciation) |
| 756,163,523 |
Net gain (loss) | 508,610,569 | |
Net increase (decrease) in net assets resulting from operations | $ 650,165,775 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 141,555,206 | $ 545,342,055 |
Net realized gain (loss) | (247,552,954) | 402,652,013 |
Change in net unrealized appreciation (depreciation) | 756,163,523 | (1,082,222,300) |
Net increase (decrease) in net assets resulting | 650,165,775 | (134,228,232) |
Distributions to shareholders from net investment income | (519,162,017) | (280,500,370) |
Distributions to shareholders from net realized gain | (371,264,934) | (41,143,110) |
Total distributions | (890,426,951) | (321,643,480) |
Share transactions - net increase (decrease) | 863,112,145 | 1,583,070,862 |
Total increase (decrease) in net assets | 622,850,969 | 1,127,199,150 |
|
|
|
Net Assets | ||
Beginning of period | 12,438,772,473 | 11,311,573,323 |
End of period (including undistributed net investment income of $107,778,852 and undistributed net investment income of $485,385,663, respectively) | $ 13,061,623,442 | $ 12,438,772,473 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Series International Value
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.73 | $ 11.14 | $ 9.16 | $ 8.59 | $ 9.91 | $ 10.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .11 | .45G | .26 | .29 | .30 | .18 |
Net realized and unrealized gain (loss) | .42 | (.59) | 2.03 | .50 | (1.45) | (.27) |
Total from investment operations | .53 | (.14) | 2.29 | .79 | (1.15) | (.09) |
Distributions from net investment income | (.44) | (.24) | (.26) | (.22) | (.13) | - |
Distributions from net realized gain | (.32) | (.04) | (.06) | - | (.04) | - |
Total distributions | (.76) | (.27)K | (.31)J | (.22) | (.17) | - |
Net asset value, end of period | $ 10.50 | $ 10.73 | $ 11.14 | $ 9.16 | $ 8.59 | $ 9.91 |
Total ReturnB, C | 5.26% | (1.25)% | 25.78% | 9.56% | (11.84)% | (.90)% |
Ratios to Average Net Assets E, I |
|
|
|
|
|
|
Expenses before reductions | .90%A | .82% | .88% | .90% | .95% | 1.01%A |
Expenses net of fee waivers, if any | .90%A | .82% | .88% | .90% | .95% | 1.01%A |
Expenses net of all reductions | .89%A | .81% | .85% | .87% | .93% | .99%A |
Net investment income (loss) | 2.19%A | 4.05%G | 2.58% | 3.35% | 3.05% | 2.24%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 6,188,415 | $ 5,971,189 | $ 5,710,397 | $ 5,107,633 | $ 4,503,487 | $ 3,865,058 |
Portfolio turnover rate F | 52%A | 70% | 80% | 63% | 78% | 72%A |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GInvestment income per share reflects a large, non-recurring dividend which amounted to $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.46%. HFor the period December 3, 2009 (commencement of operations) to October 31, 2010. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. JTotal distributions of $.31 per share is comprised of distributions from net investment income of $.256 and distributions from net realized gain of $.057 per share. KTotal distributions of $.27 per share is comprised of distributions from net investment income of $.237 and distributions from net realized gain of $.036 per share. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class F
| Six months ended | Years ended October 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 H |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.76 | $ 11.18 | $ 9.19 | $ 8.62 | $ 9.93 | $ 10.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .12 | .47G | .28 | .30 | .31 | .20 |
Net realized and unrealized gain (loss) | .42 | (.60) | 2.04 | .51 | (1.44) | (.27) |
Total from investment operations | .54 | (.13) | 2.32 | .81 | (1.13) | (.07) |
Distributions from net investment income | (.46) | (.25) | (.27) | (.24) | (.14) | - |
Distributions from net realized gain | (.32) | (.04) | (.06) | - | (.04) | - |
Total distributions | (.78) | (.29) | (.33) | (.24) | (.18) | - |
Net asset value, end of period | $ 10.52 | $ 10.76 | $ 11.18 | $ 9.19 | $ 8.62 | $ 9.93 |
Total ReturnB, C | 5.35% | (1.18)% | 26.05% | 9.77% | (11.61)% | (.70)% |
Ratios to Average Net Assets E, I |
|
|
|
|
|
|
Expenses before reductions | .73%A | .65% | .69% | .70% | .74% | .78%A |
Expenses net of fee waivers, if any | .73%A | .65% | .69% | .70% | .74% | .78%A |
Expenses net of all reductions | .73%A | .64% | .67% | .67% | .72% | .75%A |
Net investment income (loss) | 2.35%A | 4.22%G | 2.76% | 3.55% | 3.26% | 2.47%A |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 6,873,208 | $ 6,467,583 | $ 5,601,176 | $ 4,114,635 | $ 1,955,967 | $ 730,524 |
Portfolio turnover rate F | 52%A | 70% | 80% | 63% | 78% | 72%A |
AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. DCalculated based on average shares outstanding during the period. EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. GInvestment income per share reflects a large, non-recurring dividend which amounted to $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.64%. HFor the period December 3, 2009 (commencement of operations) to October 31, 2010. IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2015 (Unaudited)
1. Organization.
Fidelity® Series Emerging Markets Fund, Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund and Fidelity Series International Value Fund (the Funds) are funds of Fidelity Investment Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Shares of the Funds are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. Fidelity Series Emerging Markets Fund offers Series Emerging Markets shares and Class F shares. Fidelity Series International Growth Fund offers Series International Growth shares and Class F shares. Fidelity Series International Small Cap Fund offers Series International Small Cap shares and Class F shares. Fidelity Series International Value Fund offers Series International Value shares and Class F shares. All classes have equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Funds invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the FMR Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs),
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, including information on transfers between Levels 1 and 2, is included at the end of each applicable Fund's Schedule of Investments.
Foreign Currency. The Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Foreign Currency - continued
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Funds determine the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Series Emerging Markets Fund and Fidelity Series International Small Cap Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on each applicable Fund's Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, partnerships, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized | Gross unrealized | Net unrealized |
Fidelity Series Emerging Markets Fund | $ 10,914,156,469 | $ 2,239,016,302 | $ (573,365,581) | $ 1,665,650,721 |
Fidelity Series International Growth Fund | 10,408,305,320 | 3,619,307,525 | (114,941,599) | 3,504,365,926 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
| Tax cost | Gross unrealized | Gross unrealized | Net unrealized |
Fidelity Series International Small Cap Fund | $ 2,231,914,052 | $ 909,388,366 | $ (82,707,089) | $ 826,681,277 |
Fidelity Series International Value Fund | 12,464,420,076 | 1,792,644,922 | (324,728,513) | 1,467,916,409 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| No expiration |
| |
|
Short-term |
Long-term | Total capital |
Fidelity Series Emerging Markets Fund | $ (170,132,361) | $ - | $ (170,132,361) |
Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Funds' financial statements and related disclosures.
Semiannual Report
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Funds used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Funds may not achieve their objectives.
The Funds' use of derivatives increased or decreased their exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Funds used futures contracts to manage their exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Derivative Instruments - continued
Futures Contracts - continued
the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is included in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fidelity Series Emerging Markets Fund recognized net realized gain (loss) of $(2,078,718) and a change in net unrealized appreciation (depreciation) of $10,816,906 related to its investment in futures contracts. These amounts are included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Series Emerging Markets Fund | 5,822,437,529 | 3,430,832,091 |
Fidelity Series International Growth Fund | 1,574,099,051 | 1,921,247,819 |
Fidelity Series International Small Cap Fund | 199,105,576 | 264,232,725 |
Fidelity Series International Value Fund | 3,257,581,868 | 3,194,238,273 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee for Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund and Fidelity Series International Value Fund is subject to a performance adjustment (up to a maximum of ± .20% of each applicable Fund's average net assets over a 36 month performance period.) The upward or downward adjustment to the management fee is based on each funds's relative investment performance of the asset-weighted return of all classes as compared to its benchmark index over the same 36 month performance period. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets, including the performance adjustment, if applicable, was as follows. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net asset for the reporting and performance periods.
| Individual Rate | Group Rate | Total |
Fidelity Series Emerging Markets Fund | .55% | .25% | .80% |
Fidelity Series International Growth Fund | .45% | .25% | .75% |
Fidelity Series International Small Cap Fund | .60% | .25% | .91% |
Fidelity Series International Value Fund | .45% | .25% | .71% |
| Performance Benchmark |
Fidelity Series International Growth Fund | MSCI EAFE Growth Index |
Fidelity Series International Small Cap Fund | MSCI EAFE Small Cap Index |
Fidelity Series International Value Fund | MSCI EAFE Value Index |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of each Fund, except for Class F. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each applicable class were as follows:
Fidelity Series Emerging Markets Fund | Amount | % of |
Series Emerging Markets | $ 4,168,168 | .16 |
|
|
|
Fidelity Series International Growth Fund |
|
|
Series International Growth | 4,962,696 | .16 |
|
|
|
Fidelity Series International Small Cap Fund |
|
|
Series International Small Cap | 1,104,703 | .16 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
Fidelity Series International Value Fund | Amount | % of |
Series International Value | $ 4,848,317 | .16 |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
Brokerage Commissions. Certain Funds placed a portion of their portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount |
Fidelity Series Emerging Markets Fund | $ 32,628 |
Fidelity Series International Growth Fund | 2,583 |
Fidelity Series International Small Cap Fund | 606 |
Fidelity Series International Value Fund | 6,462 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Funds, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end there were no interfund loans outstanding. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:
| Borrower or | Average Loan | Weighted | Interest |
Fidelity Series International Value Fund | Borrower | $ 10,532,000 | .35% | $ 102 |
Semiannual Report
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
Fidelity Series Emerging Markets Fund | $ 8,056 |
Fidelity Series International Growth Fund | 9,899 |
Fidelity Series International Small Cap Fund | 2,199 |
Fidelity Series International Value Fund | 9,718 |
During the period, the Funds did not borrow on this line of credit.
8. Security Lending.
Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Funds. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending - continued
presented on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. FCM security lending activity was as follows:
| Total Security | Security Lending |
Fidelity Series Emerging Markets Fund | $ 348,825 | $ 7,627 |
Fidelity Series International Growth Fund | 1,312,080 | - |
Fidelity Series International Small Cap Fund | 298,067 | 24,266 |
Fidelity Series International Value Fund | 3,743,855 | 15 |
9. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of certain Funds include an amount in addition to trade execution, which may be rebated back to the Funds to offset certain expenses. In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. All of the applicable expense reductions are noted in the table below.
| Brokerage Service | Custody |
Fidelity Series Emerging Markets Fund | $ 318,650 | $ 57 |
Fidelity Series International Growth Fund | 17,250 | 7 |
Fidelity Series International Small Cap Fund | 42,688 | 5 |
Fidelity Series International Value Fund | 287,587 | 13 |
In addition, the investment adviser reimbursed a portion of each class's operating expenses during the period as follows:
| Reimbursement |
Fidelity Series Emerging Markets Fund | $ 196 |
Fidelity Series International Growth Fund | 295 |
Fidelity Series International Small Cap Fund | 60 |
Fidelity Series International Value Fund | 292 |
Semiannual Report
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
Fidelity Series Emerging Markets Fund |
|
|
From net investment income |
|
|
Series Emerging Markets | $ 39,027,374 | $ 38,549,457 |
Class F | 50,798,272 | 44,053,623 |
Total | $ 89,825,646 | $ 82,603,080 |
From net realized gain |
|
|
Series Emerging Markets | $ - | $ 1,393,354 |
Class F | - | 1,376,676 |
Total | $ - | $ 2,770,030 |
Fidelity Series International Growth Fund |
|
|
From net investment income |
|
|
Series International Growth | $ 78,746,368 | $ 44,982,373 |
Class F | 98,691,962 | 53,347,595 |
Total | $ 177,438,330 | $ 98,329,968 |
From net realized gain |
|
|
Series International Growth | $ 88,907,190 | $ 23,186,790 |
Class F | 97,760,906 | 22,798,117 |
Total | $ 186,668,096 | $ 45,984,907 |
Fidelity Series International Small Cap Fund |
|
|
From net investment income |
|
|
Series International Small Cap | $ 12,140,821 | $ 10,579,671 |
Class F | 16,429,056 | 12,074,681 |
Total | $ 28,569,877 | $ 22,654,352 |
From net realized gain |
|
|
Series International Small Cap | $ 17,604,190 | $ 37,028,847 |
Class F | 19,390,106 | 36,723,686 |
Total | $ 36,994,296 | $ 73,752,533 |
Fidelity Series International Value Fund |
|
|
From net investment income |
|
|
Series International Value | $ 241,458,154 | $ 136,444,048 |
Class F | 277,703,863 | 144,056,322 |
Total | $ 519,162,017 | $ 280,500,370 |
From net realized gain |
|
|
Series International Value | $ 176,811,463 | $ 20,725,678 |
Class F | 194,453,471 | 20,417,432 |
Total | $ 371,264,934 | $ 41,143,110 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Fidelity Series Emerging Markets Fund |
|
|
|
|
Series Emerging Markets |
|
|
|
|
Shares sold | 72,925,127 | 92,426,382 | $ 1,245,169,916 | $ 1,645,786,227 |
Reinvestment of distributions | 2,286,314 | 2,310,168 | 39,027,374 | 39,942,811 |
Shares redeemed | (15,900,343) | (28,925,774) | (269,620,362) | (505,237,270) |
Net increase (decrease) | 59,311,098 | 65,810,776 | $ 1,014,576,928 | $ 1,180,491,768 |
Class F |
|
|
|
|
Shares sold | 86,330,289 | 119,603,499 | $ 1,476,790,930 | $ 2,144,127,127 |
Reinvestment of distributions | 2,968,923 | 2,622,996 | 50,798,272 | 45,430,299 |
Shares redeemed | (17,102,509) | (28,307,280) | (291,504,812) | (494,527,855) |
Net increase (decrease) | 72,196,703 | 93,919,215 | $ 1,236,084,390 | $ 1,695,029,571 |
Fidelity Series International Growth Fund |
|
|
|
|
Series International Growth |
|
|
|
|
Shares sold | 13,977,875 | 111,100,310 | $ 197,093,007 | $ 1,551,845,942 |
Reinvestment of distributions | 12,078,787 | 4,921,961 | 167,653,558 | 68,169,163 |
Shares redeemed | (32,830,792) | (93,568,720) | (460,659,585) | (1,326,687,201) |
Net increase (decrease) | (6,774,130) | 22,453,551 | $ (95,913,020) | $ 293,327,904 |
Class F |
|
|
|
|
Shares sold | 24,748,465 | 144,005,124 | $ 348,116,826 | $ 2,024,480,402 |
Reinvestment of distributions | 14,123,139 | 5,489,958 | 196,452,868 | 76,145,712 |
Shares redeemed | (35,521,462) | (82,443,810) | (500,796,793) | (1,173,189,085) |
Net increase (decrease) | 3,350,142 | 67,051,272 | $ 43,772,901 | $ 927,437,029 |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars | ||
Six months ended | Year ended | Six months ended | Year ended | |
Fidelity Series International Small Cap Fund |
|
|
|
|
Series International Small Cap |
|
|
|
|
Shares sold | 3,275,947 | 27,564,831 | $ 50,429,502 | $ 428,962,557 |
Reinvestment of distributions | 2,000,337 | 3,165,460 | 29,745,011 | 47,608,518 |
Shares redeemed | (5,605,082) | (17,122,638) | (85,394,693) | (270,568,578) |
Net increase (decrease) | (328,798) | 13,607,653 | $ (5,220,180) | $ 206,002,497 |
Class F |
|
|
|
|
Shares sold | 5,895,513 | 33,881,109 | $ 90,459,479 | $ 531,825,078 |
Reinvestment of distributions | 2,405,585 | 3,238,113 | 35,819,162 | 48,798,367 |
Shares redeemed | (6,125,787) | (14,508,461) | (94,310,562) | (230,898,955) |
Net increase (decrease) | 2,175,311 | 22,610,761 | $ 31,968,079 | $ 349,724,490 |
Fidelity Series International Value Fund |
|
|
|
|
Series International Value |
|
|
|
|
Shares sold | 29,155,766 | 144,202,227 | $ 295,511,739 | $ 1,593,743,427 |
Reinvestment of distributions | 41,826,962 | 14,552,752 | 418,269,617 | 157,169,726 |
Shares redeemed | (37,994,311) | (114,686,628) | (382,004,328) | (1,270,496,899) |
Net increase (decrease) | 32,988,417 | 44,068,351 | $ 331,777,028 | $ 480,416,254 |
Class F |
|
|
|
|
Shares sold | 46,989,315 | 185,652,636 | $ 477,202,367 | $ 2,061,243,349 |
Reinvestment of distributions | 47,121,490 | 15,200,901 | 472,157,334 | 164,473,754 |
Shares redeemed | (41,731,737) | (101,157,768) | (418,024,584) | (1,123,062,495) |
Net increase (decrease) | 52,379,068 | 99,695,769 | $ 531,335,117 | $ 1,102,654,608 |
12. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
12. Other - continued
claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research (Hong Kong) Limited
Fidelity Management & Research (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors (UK) Limited
FIL Investments (Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodians
The Northern Trust Company
Chicago, IL
Fidelity Series Emerging Markets Fund
State Street Bank and Trust Company
Quincy, MA
Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund, Fidelity Series International Value Fund
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
GSV-S-SANN-0615 1.907946.105
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Investment Trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Investment Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Investment Trust
By: | /s/Kenneth B. Robins |
| Kenneth B. Robins |
| President and Treasurer |
|
|
Date: | June 26, 2015 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Kenneth B. Robins |
| Kenneth B. Robins |
| President and Treasurer |
|
|
Date: | June 26, 2015 |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
|
|
Date: | June 26, 2015 |