UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-4008
Fidelity Investment Trust
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | October 31 |
| |
Date of reporting period: | April 30, 2012 |
This report on Form N-CSR relates solely to the Registrant's Fidelity Diversified International Fund, Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund, Fidelity Emerging Markets Discovery 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 Overseas Fund, Fidelity Series Emerging Markets Fund, Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund, Fidelity Series International Value Fund, Fidelity Total Emerging Markets Fund, Fidelity Total International Equity Fund and Fidelity Worldwide Fund series (each, a "Fund" and collectively, the "Funds").
Item 1. Reports to Stockholders
Fidelity's
Broadly Diversified International Equity
Funds
Fidelity® Diversified International Fund
Fidelity International Capital Appreciation Fund
Fidelity Overseas Fund
Fidelity Worldwide Fund
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the 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 Diversified International Fund
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, 2011 to April 30, 2012).
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
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Diversified International | .96% | | | |
Actual | | $ 1,000.00 | $ 1,053.10 | $ 4.90 |
HypotheticalA | | $ 1,000.00 | $ 1,020.09 | $ 4.82 |
Class K | .79% | | | |
Actual | | $ 1,000.00 | $ 1,053.30 | $ 4.03 |
HypotheticalA | | $ 1,000.00 | $ 1,020.93 | $ 3.97 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Fidelity Diversified International Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United Kingdom | 17.7% | |
 | Japan | 15.3% | |
 | United States of America | 8.8% | |
 | Germany | 8.6% | |
 | France | 7.5% | |
 | Switzerland | 4.7% | |
 | Australia | 3.9% | |
 | Canada | 3.6% | |
 | Denmark | 3.2% | |
 | Other | 26.7% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United Kingdom | 18.1% | |
| Japan | 13.4% | |
| Germany | 8.6% | |
| United States of America | 8.4% | |
| France | 7.1% | |
| Canada | 5.6% | |
| Switzerland | 4.4% | |
| Australia | 3.6% | |
| Netherlands | 2.7% | |
| Other | 28.1% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 95.6 | 96.6 |
Short-Term Investments and Net Other Assets (Liabilities) | 4.4 | 3.4 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 2.7 | 1.8 |
Royal Dutch Shell PLC Class B sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.6 | 3.0 |
BHP Billiton Ltd. sponsored ADR (Australia, Metals & Mining) | 2.1 | 2.1 |
Sanofi SA (France, Pharmaceuticals) | 2.0 | 1.0 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 1.8 | 1.6 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.7 | 1.0 |
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) | 1.6 | 1.6 |
Nestle SA (Switzerland, Food Products) | 1.6 | 1.4 |
ORIX Corp. (Japan, Diversified Financial Services) | 1.4 | 1.3 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks) | 1.4 | 1.7 |
| 18.9 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 16.0 | 16.0 |
Financials | 15.0 | 15.5 |
Consumer Staples | 12.1 | 10.1 |
Information Technology | 11.0 | 9.8 |
Health Care | 10.8 | 8.2 |
Energy | 9.2 | 11.4 |
Materials | 8.7 | 10.2 |
Industrials | 7.8 | 9.1 |
Telecommunication Services | 4.7 | 6.2 |
Utilities | 0.3 | 0.1 |
Semiannual Report
Fidelity Diversified International Fund
Investments April 30, 2012
Showing Percentage of Net Assets
Common Stocks - 94.3% |
| Shares | | Value |
Australia - 3.9% |
Australia & New Zealand Banking Group Ltd. | 4,291,862 | | $ 106,913,001 |
BHP Billiton Ltd. sponsored ADR (d) | 6,364,864 | | 472,909,395 |
Iluka Resources Ltd. | 2,498,732 | | 44,256,167 |
Newcrest Mining Ltd. | 6,331,049 | | 173,474,889 |
Origin Energy Ltd. | 3,565,907 | | 49,262,759 |
Spark Infrastructure Group unit | 15,030,146 | | 22,705,779 |
WorleyParsons Ltd. | 857,492 | | 25,237,930 |
TOTAL AUSTRALIA | | 894,759,920 |
Bailiwick of Guernsey - 1.0% |
Amdocs Ltd. (a) | 1,393,700 | | 44,598,400 |
Resolution Ltd. | 48,487,000 | | 176,128,922 |
TOTAL BAILIWICK OF GUERNSEY | | 220,727,322 |
Bailiwick of Jersey - 1.5% |
Experian PLC | 9,017,072 | | 142,331,304 |
Randgold Resources Ltd. sponsored ADR | 440,900 | | 39,306,235 |
Shire PLC | 959,200 | | 31,266,717 |
WPP PLC | 8,999,832 | | 121,881,467 |
TOTAL BAILIWICK OF JERSEY | | 334,785,723 |
Belgium - 1.7% |
Anheuser-Busch InBev SA NV (d) | 5,450,530 | | 392,879,161 |
Anheuser-Busch InBev SA NV (strip VVPR) (a) | 5,250,900 | | 6,951 |
TOTAL BELGIUM | | 392,886,112 |
Bermuda - 0.6% |
Assured Guaranty Ltd. | 2,994,300 | | 42,459,174 |
Kosmos Energy Ltd. | 99,100 | | 1,207,038 |
Li & Fung Ltd. | 47,118,000 | | 100,811,198 |
TOTAL BERMUDA | | 144,477,410 |
Brazil - 1.7% |
Anhanguera Educacional Participacoes SA | 2,713,200 | | 36,068,771 |
Banco Bradesco SA (PN) sponsored ADR | 719,400 | | 11,531,982 |
BR Malls Participacoes SA | 2,043,200 | | 25,382,565 |
Drogasil SA | 3,527,063 | | 38,006,387 |
Estacio Participacoes SA | 1,989,165 | | 24,836,517 |
Itau Unibanco Banco Multiplo SA sponsored ADR | 2,795,252 | | 43,857,504 |
Kroton Educacional SA unit (a) | 1,279,200 | | 18,656,328 |
Qualicorp SA | 4,596,000 | | 40,024,972 |
Souza Cruz Industria e Comercio | 3,570,100 | | 55,607,517 |
T4F Entretenimento SA | 2,091,900 | | 19,117,540 |
Telefonica Brasil SA sponsored ADR | 1,614,255 | | 45,957,840 |
Tractebel Energia SA | 1,894,800 | | 32,654,398 |
TOTAL BRAZIL | | 391,702,321 |
British Virgin Islands - 0.3% |
Arcos Dorados Holdings, Inc. | 1,708,400 | | 30,529,108 |
|
| Shares | | Value |
Camelot Information Systems, Inc. ADR (a) | 1,810,103 | | $ 5,321,703 |
Mail.ru Group Ltd. GDR (Reg. S) (a) | 1,047,500 | | 45,304,375 |
TOTAL BRITISH VIRGIN ISLANDS | | 81,155,186 |
Canada - 3.6% |
ARC Resources Ltd. | 477,800 | | 9,838,980 |
Bonavista Energy Corp. (d) | 657,100 | | 11,854,743 |
Canadian Natural Resources Ltd. | 2,817,800 | | 97,906,248 |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 161,600 | | 66,258,045 |
Goldcorp, Inc. | 1,829,000 | | 70,049,172 |
Ivanhoe Mines Ltd. (a) | 3,867,660 | | 45,147,173 |
Niko Resources Ltd. | 1,596,000 | | 67,249,324 |
Open Text Corp. (a) | 1,002,500 | | 56,206,986 |
Painted Pony Petroleum Ltd. (a)(e)(f) | 2,485,600 | | 20,055,917 |
Painted Pony Petroleum Ltd. Class A (a)(e) | 3,583,070 | | 28,911,230 |
Penn West Petroleum Ltd. | 1,069,900 | | 18,338,048 |
Petrobank Energy & Resources Ltd. (a) | 2,895,100 | | 41,503,028 |
Petrominerales Ltd. | 2,688,075 | | 39,324,408 |
Potash Corp. of Saskatchewan, Inc. (d) | 2,546,700 | | 108,287,927 |
Suncor Energy, Inc. | 2,617,700 | | 86,474,868 |
Tourmaline Oil Corp. (a) | 1,416,200 | | 34,137,911 |
Uranium One, Inc. (a)(d) | 10,763,300 | | 31,273,775 |
TOTAL CANADA | | 832,817,783 |
Cayman Islands - 1.4% |
Baidu.com, Inc. sponsored ADR (a) | 966,800 | | 128,294,360 |
Biostime International Holdings Ltd. | 310,500 | | 894,444 |
Golden Eagle Retail Group Ltd. (H Shares) | 5,116,000 | | 13,418,649 |
Haitian International Holdings Ltd. | 4,243,000 | | 4,883,580 |
Hengan International Group Co. Ltd. | 9,258,000 | | 98,025,391 |
HiSoft Technology International Ltd. ADR (a)(d) | 1,697,800 | | 24,142,716 |
NVC Lighting Holdings Ltd. | 40,695,000 | | 14,791,220 |
Sands China Ltd. | 8,022,400 | | 31,536,827 |
TOTAL CAYMAN ISLANDS | | 315,987,187 |
China - 0.1% |
Weichai Power Co. Ltd. (H Shares) | 4,259,000 | | 20,063,600 |
Curacao - 0.6% |
Schlumberger Ltd. | 1,713,700 | | 127,053,718 |
Denmark - 3.2% |
Danske Bank A/S (a) | 1,467,758 | | 23,832,752 |
Novo Nordisk A/S Series B | 4,165,439 | | 614,136,180 |
William Demant Holding A/S (a) | 1,137,298 | | 107,360,996 |
TOTAL DENMARK | | 745,329,928 |
Finland - 0.1% |
Nokian Tyres PLC (d) | 431,953 | | 20,488,288 |
France - 7.5% |
Arkema SA | 558,400 | | 49,460,536 |
Atos Origin SA | 365,000 | | 23,509,463 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
AXA SA (d) | 6,100,800 | | $ 86,415,758 |
BNP Paribas SA | 3,328,936 | | 133,747,760 |
Bureau Veritas SA | 801,600 | | 71,426,550 |
Danone SA | 1,299,650 | | 91,443,335 |
Dassault Aviation SA (d) | 35,665 | | 32,764,632 |
Edenred SA | 1,205,090 | | 38,494,544 |
Essilor International SA | 1,577,994 | | 138,998,630 |
JC Decaux SA | 1,418,600 | | 40,253,701 |
LVMH Moet Hennessy - Louis Vuitton SA (d) | 1,248,491 | | 206,841,960 |
PPR SA (d) | 1,715,600 | | 286,954,909 |
Publicis Groupe SA | 1,326,300 | | 68,404,251 |
Sanofi SA | 5,915,010 | | 451,833,426 |
TOTAL FRANCE | | 1,720,549,455 |
Germany - 7.3% |
adidas AG | 1,561,780 | | 130,251,515 |
Allianz AG | 1,025,209 | | 114,246,711 |
BASF AG (d) | 2,777,429 | | 228,657,735 |
Bayer AG (d) | 3,033,362 | | 213,668,193 |
Deutsche Boerse AG | 872,900 | | 54,807,500 |
Deutsche Post AG | 3,122,882 | | 58,290,404 |
ElringKlinger AG | 777,428 | | 22,512,857 |
Fresenius Medical Care AG & Co. KGaA | 1,501,400 | | 106,625,261 |
Fresenius SE | 1,409,200 | | 140,658,621 |
GFK AG | 1,496,500 | | 79,500,206 |
Kabel Deutschland Holding AG | 362,700 | | 22,854,772 |
Linde AG (d) | 1,208,129 | | 206,792,227 |
SAP AG | 3,434,790 | | 227,790,296 |
Siemens AG sponsored ADR | 616,100 | | 57,217,207 |
TOTAL GERMANY | | 1,663,873,505 |
Hong Kong - 1.2% |
AIA Group Ltd. | 35,967,000 | | 127,946,125 |
China Mobile Ltd. sponsored ADR | 1,254,275 | | 69,411,579 |
Galaxy Entertainment Group Ltd. (a) | 8,834,000 | | 27,611,053 |
Henderson Land Development Co. Ltd. | 9,504,155 | | 54,143,910 |
TOTAL HONG KONG | | 279,112,667 |
India - 1.7% |
Axis Bank Ltd. | 1,472,751 | | 30,955,317 |
Bajaj Auto Ltd. | 793,148 | | 24,464,622 |
Cummins India Ltd. | 598,043 | | 5,478,512 |
Dr. Reddy's Laboratories Ltd. | 164,145 | | 5,498,628 |
HDFC Bank Ltd. | 12,995,695 | | 133,906,087 |
Housing Development Finance Corp. Ltd. | 6,539,994 | | 83,648,344 |
ITC Ltd. | 7,256,399 | | 33,825,994 |
Lupin Ltd. | 1,028,569 | | 10,788,598 |
|
| Shares | | Value |
Mahindra & Mahindra Financial Services Ltd. | 2,226,876 | | $ 29,277,299 |
Shriram Transport Finance Co. Ltd. | 2,342,970 | | 25,478,381 |
TOTAL INDIA | | 383,321,782 |
Ireland - 0.6% |
Accenture PLC Class A | 1,065,300 | | 69,191,235 |
CRH PLC | 2,256,300 | | 45,784,223 |
Elan Corp. PLC sponsored ADR (a) | 1,743,900 | | 24,048,381 |
TOTAL IRELAND | | 139,023,839 |
Isle of Man - 0.0% |
3Legs Resources PLC (e) | 6,268,300 | | 5,799,224 |
Italy - 2.1% |
ENI SpA | 2,986,900 | | 66,373,386 |
Fiat Industrial SpA (d) | 16,907,592 | | 191,816,056 |
Prada SpA | 7,151,000 | | 48,572,587 |
Saipem SpA | 3,497,799 | | 172,806,017 |
TOTAL ITALY | | 479,568,046 |
Japan - 15.3% |
ABC-Mart, Inc. | 1,141,300 | | 41,564,036 |
Aozora Bank Ltd. | 16,312,000 | | 41,839,359 |
Calbee, Inc. (d) | 1,256,700 | | 76,055,182 |
Canon, Inc. | 490,300 | | 22,225,638 |
Credit Saison Co. Ltd. | 3,299,300 | | 70,810,833 |
Denso Corp. | 1,431,700 | | 46,297,332 |
Dentsu, Inc. | 795,700 | | 24,433,504 |
Don Quijote Co. Ltd. | 2,732,200 | | 100,223,355 |
Fanuc Corp. | 835,100 | | 140,848,876 |
Fast Retailing Co. Ltd. | 115,100 | | 25,722,777 |
Hitachi Ltd. | 48,018,000 | | 305,857,528 |
Honda Motor Co. Ltd. | 7,682,100 | | 276,489,864 |
Hoya Corp. | 2,569,800 | | 58,947,490 |
Itochu Corp. | 12,847,500 | | 145,368,459 |
Japan Tobacco, Inc. | 57,006 | | 315,815,229 |
JSR Corp. | 5,086,800 | | 100,400,680 |
KDDI Corp. | 10,725 | | 70,213,392 |
Keyence Corp. | 715,210 | | 168,817,950 |
Mitsubishi UFJ Financial Group, Inc. | 21,124,000 | | 101,433,516 |
Nikon Corp. | 1,185,600 | | 35,141,378 |
Nippon Telegraph & Telephone Corp. | 1,015,000 | | 45,927,220 |
Nitto Denko Corp. | 604,400 | | 24,806,160 |
ORIX Corp. | 3,358,590 | | 321,137,619 |
Rakuten, Inc. | 257,268 | | 286,961,308 |
Seven & i Holdings Co., Ltd. | 4,692,600 | | 142,054,806 |
Seven Bank Ltd. | 12,099,900 | | 29,897,727 |
SHIMANO, Inc. | 1,070,100 | | 70,367,376 |
SMC Corp. | 752,500 | | 125,677,689 |
SOFTBANK CORP. | 3,631,900 | | 108,406,193 |
Sumitomo Mitsui Financial Group, Inc. | 1,421,800 | | 45,498,719 |
Toray Industries, Inc. | 4,555,000 | | 35,022,482 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Unicharm Corp. | 850,800 | | $ 47,597,977 |
Yahoo! Japan Corp. | 163,955 | | 49,206,957 |
TOTAL JAPAN | | 3,501,068,611 |
Korea (South) - 2.5% |
Amorepacific Corp. | 47,406 | | 45,513,123 |
Hyundai Motor Co. | 291,894 | | 69,349,453 |
LG Household & Health Care Ltd. | 59,599 | | 31,272,835 |
NHN Corp. | 472,201 | | 106,964,693 |
Orion Corp. | 136,504 | | 108,466,417 |
Samsung Electronics Co. Ltd. | 179,325 | | 220,561,254 |
TOTAL KOREA (SOUTH) | | 582,127,775 |
Luxembourg - 0.3% |
Samsonite International SA | 36,017,800 | | 69,819,841 |
Mexico - 0.7% |
America Movil SAB de CV Series L sponsored ADR | 2,983,200 | | 79,502,280 |
Wal-Mart de Mexico SA de CV Series V | 31,862,800 | | 91,101,556 |
TOTAL MEXICO | | 170,603,836 |
Netherlands - 1.7% |
AEGON NV | 27,012,000 | | 125,658,179 |
ASML Holding NV (Netherlands) (d) | 1,626,700 | | 82,777,674 |
Gemalto NV | 1,292,017 | | 96,276,846 |
NXP Semiconductors NV (a) | 1,544,000 | | 39,912,400 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 1,449,700 | | 49,662,220 |
TOTAL NETHERLANDS | | 394,287,319 |
Norway - 1.3% |
DnB NOR ASA (d) | 3,663,309 | | 39,499,181 |
Storebrand ASA (A Shares) | 4,897,500 | | 22,012,775 |
Telenor ASA | 13,373,000 | | 245,852,122 |
TOTAL NORWAY | | 307,364,078 |
Qatar - 0.2% |
Commercial Bank of Qatar GDR (Reg. S) | 9,283,990 | | 36,719,298 |
Russia - 0.1% |
Sberbank (Savings Bank of the Russian Federation) | 9,564,100 | | 30,619,057 |
South Africa - 0.8% |
Foschini Ltd. | 1,674,600 | | 27,726,278 |
Life Healthcare Group Holdings Ltd. | 6,906,900 | | 23,869,564 |
Naspers Ltd. Class N | 807,599 | | 48,639,721 |
Shoprite Holdings Ltd. | 2,836,300 | | 49,009,864 |
Tiger Brands Ltd. | 899,000 | | 32,940,987 |
TOTAL SOUTH AFRICA | | 182,186,414 |
Spain - 2.6% |
Banco Bilbao Vizcaya Argentaria SA | 7,508,784 | | 50,816,128 |
Banco Bilbao Vizcaya Argentaria SA rights 4/30/12 (a) | 7,508,767 | | 1,073,531 |
|
| Shares | | Value |
Grifols SA ADR (d) | 10,138,230 | | $ 95,907,656 |
Inditex SA (d) | 3,030,575 | | 272,606,918 |
Prosegur Compania de Seguridad SA (Reg.) | 1,808,997 | | 103,309,525 |
Repsol YPF SA | 3,312,401 | | 63,362,620 |
TOTAL SPAIN | | 587,076,378 |
Sweden - 0.9% |
H&M Hennes & Mauritz AB (B Shares) | 1,270,905 | | 43,663,574 |
Svenska Handelsbanken AB (A Shares) | 1,104,300 | | 35,787,158 |
Swedbank AB (A Shares) | 4,213,700 | | 69,781,618 |
Swedish Match Co. AB | 1,251,400 | | 50,869,691 |
TOTAL SWEDEN | | 200,102,041 |
Switzerland - 4.7% |
Clariant AG (Reg.) | 1,882,987 | | 23,943,221 |
Kuehne & Nagel International AG | 555,960 | | 67,569,157 |
Nestle SA | 5,934,702 | | 363,582,647 |
Roche Holding AG (participation certificate) | 524,205 | | 95,766,833 |
Schindler Holding AG (Reg.) | 766,553 | | 97,978,236 |
SGS SA (Reg.) | 17,770 | | 34,324,070 |
Syngenta AG (Switzerland) | 402,260 | | 141,078,742 |
UBS AG | 12,221,701 | | 152,643,760 |
Zurich Financial Services AG | 403,865 | | 98,791,284 |
TOTAL SWITZERLAND | | 1,075,677,950 |
Taiwan - 1.0% |
HIWIN Technologies Corp. | 2,408,000 | | 22,878,271 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 12,608,100 | | 196,434,198 |
TOTAL TAIWAN | | 219,312,469 |
United Kingdom - 17.7% |
Aegis Group PLC | 17,996,100 | | 51,905,228 |
Aggreko PLC | 450,000 | | 16,441,192 |
Anglo American PLC (United Kingdom) | 2,896,500 | | 111,327,001 |
Barclays PLC | 45,285,101 | | 160,344,786 |
BG Group PLC | 9,322,979 | | 219,491,507 |
British American Tobacco PLC sponsored ADR | 1,768,200 | | 181,983,144 |
Burberry Group PLC | 3,819,500 | | 92,061,543 |
Capita Group PLC | 6,351,700 | | 68,351,616 |
Compass Group PLC | 2,313,400 | | 24,181,424 |
Diageo PLC | 1,817,649 | | 45,852,713 |
Filtrona PLC | 3,401,808 | | 25,641,728 |
GlaxoSmithKline PLC | 16,226,500 | | 374,902,670 |
Hikma Pharmaceuticals PLC | 2,070,284 | | 21,102,546 |
HSBC Holdings PLC sponsored ADR | 7,005,300 | | 316,429,401 |
Imperial Tobacco Group PLC | 3,167,193 | | 126,666,133 |
Inchcape PLC | 13,505,027 | | 80,205,315 |
ITV PLC | 33,671,700 | | 45,744,173 |
Meggitt PLC | 8,046,700 | | 53,352,546 |
National Grid PLC | 2,351,600 | | 25,396,963 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Next PLC | 3,505,700 | | $ 166,663,079 |
Ocado Group PLC (a)(d) | 7,106,518 | | 14,971,897 |
Pearson PLC | 3,179,800 | | 59,901,447 |
Pz Cussons PLC Class L | 2,710,800 | | 14,620,866 |
Reckitt Benckiser Group PLC | 4,176,187 | | 243,140,102 |
Rolls-Royce Group PLC | 15,196,200 | | 203,115,883 |
Royal Dutch Shell PLC: | | | |
Class A sponsored ADR | 2,464,200 | | 176,288,868 |
Class B sponsored ADR | 8,225,637 | | 603,432,730 |
Standard Chartered PLC (United Kingdom) | 2,832,886 | | 69,246,743 |
Taylor Wimpey PLC | 28,979,200 | | 23,635,660 |
Travis Perkins PLC | 1,369,800 | | 23,344,885 |
Vodafone Group PLC sponsored ADR | 14,726,400 | | 409,835,712 |
TOTAL UNITED KINGDOM | | 4,049,579,501 |
United States of America - 4.4% |
Apple, Inc. (a) | 373,700 | | 218,330,488 |
Beam, Inc. | 601,200 | | 34,136,136 |
Citigroup, Inc. | 4,634,950 | | 153,138,748 |
Cobalt International Energy, Inc. (a) | 462,422 | | 12,374,413 |
Cognizant Technology Solutions Corp. Class A (a) | 648,000 | | 47,511,360 |
Dolby Laboratories, Inc. Class A (a) | 566,330 | | 22,217,126 |
Facebook, Inc. Class B (g) | 1,288,142 | | 39,636,838 |
JPMorgan Chase & Co. | 2,122,898 | | 91,242,156 |
MasterCard, Inc. Class A | 107,660 | | 48,691,388 |
Motorola Solutions, Inc. | 491,700 | | 25,091,451 |
Newmont Mining Corp. | 676,600 | | 32,239,990 |
Noble Energy, Inc. | 769,828 | | 76,459,317 |
Polycom, Inc. (a) | 2,852,000 | | 37,846,040 |
PriceSmart, Inc. | 43,700 | | 3,606,998 |
SanDisk Corp. (a) | 1,908,900 | | 70,648,389 |
Schweitzer-Mauduit International, Inc. | 445,742 | | 30,230,222 |
Splunk, Inc. | 502,000 | | 17,042,900 |
ViroPharma, Inc. (a) | 1,170,500 | | 25,458,375 |
Yum! Brands, Inc. | 340,300 | | 24,750,019 |
TOTAL UNITED STATES OF AMERICA | | 1,010,652,354 |
TOTAL COMMON STOCKS (Cost $18,543,354,522) |
21,610,679,938
|
Nonconvertible Preferred Stocks - 1.3% |
| | | |
Germany - 1.3% |
ProSiebenSat.1 Media AG | 2,783,800 | | 70,682,029 |
Volkswagen AG | 1,248,726 | | 236,553,383 |
TOTAL GERMANY | | 307,235,412 |
|
| Shares | | Value |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C | 1,610,797,200 | | $ 2,614,485 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $173,876,288) |
309,849,897
|
Master Notes - 0.0% |
| Principal
Amount | | |
Canada - 0.0% |
OZ Optics Ltd. 5% 11/5/14 (g)
(Cost $275,431) | | $ 270,994 | |
270,994
|
Money Market Funds - 12.1% |
| Shares | | |
Fidelity Cash Central Fund, 0.14% (b) | 771,187,866 | | 771,187,866 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 2,000,395,353 | | 2,000,395,353 |
TOTAL MONEY MARKET FUNDS (Cost $2,771,583,219) |
2,771,583,219
|
TOTAL INVESTMENT PORTFOLIO - 107.7% (Cost $21,489,089,460) | 24,692,384,048 |
NET OTHER ASSETS (LIABILITIES) - (7.7)% | (1,766,165,157) |
NET ASSETS - 100% | $ 22,926,218,891 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $20,055,917 or 0.1% 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 $39,907,832 or 0.2% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
Facebook, Inc. Class B | 3/31/11 | $ 32,203,550 |
OZ Optics Ltd. 5% 11/5/14 | 11/5/10 | $ 277,840 |
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 | $ 430,932 |
Fidelity Securities Lending Cash Central Fund | 5,190,746 |
Total | $ 5,621,678 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value,
beginning of period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
3Legs Resources PLC | $ 13,837,749 | $ - | $ 109,582 | $ - | $ 5,799,224 |
Painted Pony Petroleum Ltd. | 30,395,209 | - | - | - | 20,055,917 |
Painted Pony Petroleum Ltd. Class A | 44,553,022 | - | 498,801 | - | 28,911,230 |
Schweitzer-Mauduit International, Inc. | 113,092,492 | - | 80,646,955 | 414,873 | - |
Total | $ 201,878,472 | $ - | $ 81,255,338 | $ 414,873 | $ 54,766,371 |
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, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 3,705,829,038 | $ 2,616,845,194 | $ 1,088,983,844 | $ - |
Consumer Staples | 2,779,429,026 | 2,102,390,899 | 677,038,127 | - |
Energy | 2,086,018,007 | 2,019,644,621 | 66,373,386 | - |
Financials | 3,435,358,713 | 2,201,372,000 | 1,233,986,713 | - |
Health Care | 2,481,891,275 | 897,628,393 | 1,584,262,882 | - |
Industrials | 1,767,966,251 | 1,356,071,227 | 411,895,024 | - |
Information Technology | 2,499,358,142 | 1,626,875,445 | 832,845,859 | 39,636,838 |
Materials | 2,008,815,905 | 1,661,723,618 | 347,092,287 | - |
Telecommunication Services | 1,075,106,338 | 850,559,533 | 224,546,805 | - |
Utilities | 80,757,140 | 55,360,177 | 25,396,963 | - |
Master Notes | 270,994 | - | - | 270,994 |
Money Market Funds | 2,771,583,219 | 2,771,583,219 | - | - |
Total Investments in Securities: | $ 24,692,384,048 | $ 18,160,054,326 | $ 6,492,421,890 | $ 39,907,832 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Beginning Balance | $ 32,474,544 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 7,434,123 |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | (835) |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 39,907,832 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ 7,434,123 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Diversified International Fund
Statement of Assets and Liabilities
| April 30, 2012 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $1,878,515,506) - See accompanying schedule: Unaffiliated issuers (cost $18,652,855,193) | $ 21,866,034,458 | |
Fidelity Central Funds (cost $2,771,583,219) | 2,771,583,219 | |
Other affiliated issuers (cost $64,651,048) | 54,766,371 | |
Total Investments (cost $21,489,089,460) | | $ 24,692,384,048 |
Receivable for investments sold
Regular delivery | | 235,116,484 |
Delayed delivery | | 20,760,974 |
Receivable for fund shares sold | | 17,619,307 |
Dividends receivable | | 133,875,044 |
Interest receivable | | 20,120 |
Distributions receivable from Fidelity Central Funds | | 3,659,868 |
Prepaid expenses | | 24,569 |
Other receivables | | 2,556,170 |
Total assets | | 25,106,016,584 |
| | |
Liabilities | | |
Payable to custodian bank | $ 1,838,980 | |
Payable for investments purchased | 68,785,388 | |
Payable for fund shares redeemed | 89,360,924 | |
Accrued management fee | 14,570,832 | |
Other affiliated payables | 3,279,448 | |
Other payables and accrued expenses | 1,566,768 | |
Collateral on securities loaned, at value | 2,000,395,353 | |
Total liabilities | | 2,179,797,693 |
| | |
Net Assets | | $ 22,926,218,891 |
Net Assets consist of: | | |
Paid in capital | | $ 22,616,673,727 |
Undistributed net investment income | | 140,277,663 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (3,038,031,800) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 3,207,299,301 |
Net Assets | | $ 22,926,218,891 |
| | |
Diversified International: Net Asset Value, offering price
and redemption price per share ($14,379,374,775 ÷ 506,047,124 shares) | | $ 28.42 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($8,546,844,116 ÷ 301,104,431 shares) | | $ 28.38 |
Statement of Operations
| Six months ended April 30, 2012 |
| | |
Investment Income | | |
Dividends (including $414,873 earned from other affiliated issuers) | | $ 302,142,354 |
Interest | | 2,160 |
Income from Fidelity Central Funds | | 5,621,678 |
Income before foreign taxes withheld | | 307,766,192 |
Less foreign taxes withheld | | (20,135,709) |
Total income | | 287,630,483 |
| | |
Expenses | | |
Management fee
Basic fee | $ 84,060,317 | |
Performance adjustment | 926,010 | |
Transfer agent fees | 19,409,203 | |
Accounting and security lending fees | 1,223,581 | |
Custodian fees and expenses | 1,288,723 | |
Independent trustees' compensation | 73,662 | |
Appreciation in deferred trustee compensation account | 36 | |
Registration fees | 170,347 | |
Audit | 89,236 | |
Legal | 71,983 | |
Miscellaneous | 120,337 | |
Total expenses before reductions | 107,433,435 | |
Expense reductions | (1,603,364) | 105,830,071 |
Net investment income (loss) | | 181,800,412 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 372,465,473 | |
Other affiliated issuers | 21,401,557 | |
Foreign currency transactions | (1,645,422) | |
Total net realized gain (loss) | | 392,221,608 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $8,309) | 592,686,828 | |
Assets and liabilities in foreign currencies | 1,258,856 | |
Total change in net unrealized appreciation (depreciation) | | 593,945,684 |
Net gain (loss) | | 986,167,292 |
Net increase (decrease) in net assets resulting from operations | | $ 1,167,967,704 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30,
2012 | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 181,800,412 | $ 581,959,099 |
Net realized gain (loss) | 392,221,608 | 1,881,502,446 |
Change in net unrealized appreciation (depreciation) | 593,945,684 | (3,646,283,921) |
Net increase (decrease) in net assets resulting from operations | 1,167,967,704 | (1,182,822,376) |
Distributions to shareholders from net investment income | (460,432,726) | (554,171,382) |
Distributions to shareholders from net realized gain | - | (93,780,346) |
Total distributions | (460,432,726) | (647,951,728) |
Share transactions - net increase (decrease) | (3,353,508,366) | (7,417,526,738) |
Redemption fees | 293,290 | 964,713 |
Total increase (decrease) in net assets | (2,645,680,098) | (9,247,336,129) |
| | |
Net Assets | | |
Beginning of period | 25,571,898,989 | 34,819,235,118 |
End of period (including undistributed net investment income of $140,277,663 and undistributed net investment income of $418,909,977, respectively) | $ 22,926,218,891 | $ 25,571,898,989 |
Financial Highlights - Diversified International
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 27.49 | $ 29.49 | $ 26.86 | $ 21.96 | $ 45.41 | $ 37.58 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .20 | .53 G | .37 | .35 | .55 | .47 |
Net realized and unrealized gain (loss) | 1.22 | (1.99) | 2.61 | 4.86 | (20.96) | 10.23 |
Total from investment operations | 1.42 | (1.46) | 2.98 | 5.21 | (20.41) | 10.70 |
Distributions from net investment income | (.49) | (.46) | (.35) | (.31) | (.47) | (.36) |
Distributions from net realized gain | - | (.08) | - | - | (2.57) | (2.51) |
Total distributions | (.49) | (.54) | (.35) | (.31) | (3.04) | (2.87) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 28.42 | $ 27.49 | $ 29.49 | $ 26.86 | $ 21.96 | $ 45.41 |
Total Return B,C | 5.31% | (5.07)% | 11.15% | 24.32% | (48.04)% | 30.37% |
Ratios to Average Net Assets E,H | | | | | | |
Expenses before reductions | .96% A | .90% | .98% | 1.01% | 1.04% | .93% |
Expenses net of fee waivers, if any | .96% A | .89% | .98% | 1.01% | 1.04% | .93% |
Expenses net of all reductions | .95% A | .87% | .96% | .99% | 1.02% | .91% |
Net investment income (loss) | 1.47% A | 1.78% G | 1.34% | 1.58% | 1.53% | 1.20% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 14,379,375 | $ 17,285,369 | $ 26,527,229 | $ 30,998,270 | $ 28,274,961 | $ 59,929,942 |
Portfolio turnover rate F | 35% A | 45% | 57% | 54% | 49% | 51% |
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 $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.44%. 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 K
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 27.51 | $ 29.51 | $ 26.89 | $ 21.98 | $ 38.39 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .22 | .58 G | .42 | .42 | .16 |
Net realized and unrealized gain (loss) | 1.20 | (1.97) | 2.61 | 4.85 | (16.57) |
Total from investment operations | 1.42 | (1.39) | 3.03 | 5.27 | (16.41) |
Distributions from net investment income | (.55) | (.53) | (.41) | (.36) | - |
Distributions from net realized gain | - | (.08) | - | - | - |
Total distributions | (.55) | (.61) | (.41) | (.36) | - |
Redemption fees added to paid in capital D, J | - | - | - | - | - |
Net asset value, end of period | $ 28.38 | $ 27.51 | $ 29.51 | $ 26.89 | $ 21.98 |
Total Return B,C | 5.33% | (4.87)% | 11.33% | 24.64% | (42.75)% |
Ratios to Average Net Assets E,I | | | | | |
Expenses before reductions | .79% A | .73% | .79% | .77% | .88% A |
Expenses net of fee waivers, if any | .79% A | .72% | .79% | .77% | .88% A |
Expenses net of all reductions | .78% A | .70% | .77% | .76% | .87% A |
Net investment income (loss) | 1.64% A | 1.95% G | 1.54% | 1.81% | 1.45% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,546,844 | $ 8,115,192 | $ 7,697,405 | $ 4,713,909 | $ 932,275 |
Portfolio turnover rate F | 35% A | 45% | 57% | 54% | 49% |
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 $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.61%. HFor the period May 9, 2008 (commencement of sale of shares) to October 31, 2008. 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. 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, 2012
1. Organization.
Fidelity® Diversified International 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 Diversified International and Class K shares, each of which has equal rights as to assets and voting privileges. The Fund offered Class F shares during the period June 26, 2009 through December 16, 2011 and all outstanding shares were redeemed by December 16, 2011. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For master notes, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
Semiannual Report
Notes to Financial Statements - continued
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. Temporary book-tax differences 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 | $ 4,379,584,626 |
Gross unrealized depreciation | (1,279,966,877) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 3,099,617,749 |
| |
Tax cost | $ 21,592,766,299 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2017 | $ (2,666,600,138) |
2018 | (619,571,852) |
Total capital loss carryforward | $ (3,286,171,990) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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.
4. Operating Policies.
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. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $3,998,488,258 and $7,758,711,597, respectively.
Securities delivered through in-kind redemptions totaled $323,156,811. Realized gain of $94,833,623 on securities delivered through in-kind redemptions is included in the accompanying Statement of Operations as realized gain or loss on investment securities and is not taxable to the fund.
Semiannual Report
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Diversified International as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .72% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Diversified International. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Diversified International | $ 17,290,691 | .22 |
Class K | 2,118,512 | .05 |
| $ 19,409,203 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $20,229 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $36,160 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. 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 $5,190,746, including $12,266 from securities loaned to FCM.
Semiannual Report
Notes to Financial Statements - continued
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,603,318 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 $46.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012A | Year ended
October 31,
2011 |
From net investment income | | |
Diversified International | $ 294,774,343 | $ 404,459,076 |
Class K | 163,061,175 | 139,574,930 |
Class F | 2,597,208 | 10,137,376 |
Total | $ 460,432,726 | $ 554,171,382 |
From net realized gain | | |
Diversified International | $ - | $ 71,011,904 |
Class K | - | 21,272,351 |
Class F | - | 1,496,091 |
Total | $ - | $ 93,780,346 |
A All Class F shares were redeemed on December 16, 2011.
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012A | Year ended
October 31,
2011 | Six months ended April 30,
2012A | Year ended
October 31,
2011 |
Diversified International | | | | |
Shares sold | 35,961,980 | 95,789,996 | $ 977,718,484 | $ 2,861,192,033 |
Reinvestment of distributions | 10,773,357 | 15,446,133 | 281,938,754 | 459,413,511 |
Shares redeemed | (169,394,871) | (382,099,741) | (4,604,535,706) | (11,334,070,882) |
Net increase (decrease) | (122,659,534) | (270,863,612) | $ (3,344,878,468) | $ (8,013,465,338) |
Class K | | | | |
Shares sold | 61,281,264 | 125,231,374 | $ 1,656,141,587 | $ 3,707,928,503 |
Reinvestment of distributions | 6,242,771 | 5,413,899 | 163,061,175 | 160,847,281 |
Shares redeemed | (61,458,659) | (96,416,162) | (1,666,128,547) | (2,871,502,023) |
Net increase (decrease) | 6,065,376 | 34,229,111 | $ 153,074,215 | $ 997,273,761 |
Class F | | | | |
Shares sold | 439,287 | 13,012,404 | $ 11,548,416 | $ 389,423,461 |
Reinvestment of distributions | 99,472 | 391,673 | 2,597,208 | 11,633,466 |
Shares redeemed | (6,767,017) | (27,320,491) | (175,849,737) | (802,392,088) |
Net increase (decrease) | (6,228,258) | (13,916,414) | $ (161,704,113) | $ (401,335,161) |
A All Class F shares were redeemed on December 16, 2011.
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Diversified International Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity Diversified International Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of April 30, 2012, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months ended April 30, 2012 and for the year ended October 31, 2011, and the financial highlights for the six months ended April 30, 2012 and for each of the five years in the period ended October 31, 2011. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2012, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Diversified International Fund as of April 30, 2012, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2012 and for the year ended October 31, 2011, and the financial highlights for the six months ended April 30, 2012 and for each of the five years in the period ended October 31, 2011, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 13, 2012
Semiannual Report
Fidelity International Capital Appreciation Fund
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, 2011 to April 30, 2012).
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
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Actual | 1.23% | $ 1,000.00 | $ 1,108.10 | $ 6.45 |
Hypothetical (5% return per year before expenses) | | $ 1,000.00 | $ 1,018.75 | $ 6.17 |
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Fidelity International Capital Appreciation Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
| United States of America | 17.4% | |
| United Kingdom | 15.6% | |
| Japan | 9.2% | |
| France | 7.8% | |
| Switzerland | 4.9% | |
| Indonesia | 4.6% | |
| Germany | 3.8% | |
| Brazil | 3.7% | |
| India | 3.5% | |
| Other | 29.5% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United States of America | 18.1% | |
| United Kingdom | 14.6% | |
| France | 7.8% | |
| Japan | 7.7% | |
| Switzerland | 5.7% | |
| Indonesia | 4.8% | |
| Brazil | 4.7% | |
| Germany | 4.3% | |
| India | 4.2% | |
| Other | 28.1% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.7 | 97.7 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.3 | 2.3 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 1.9 | 2.0 |
Nestle SA (Switzerland, Food Products) | 1.7 | 2.3 |
BHP Billiton PLC ADR (United Kingdom, Metals & Mining) | 1.6 | 1.7 |
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) | 1.4 | 1.8 |
Unilever PLC (United Kingdom, Food Products) | 1.0 | 1.2 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 0.9 | 1.0 |
BASF AG (Germany, Chemicals) | 0.8 | 0.9 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (Taiwan, Semiconductors & Semiconductor Equipment) | 0.8 | 0.0 |
Diageo PLC sponsored ADR (United Kingdom, Beverages) | 0.8 | 0.0 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 0.8 | 0.8 |
| 11.7 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Staples | 21.1 | 21.2 |
Consumer Discretionary | 19.6 | 22.1 |
Industrials | 13.8 | 10.0 |
Financials | 12.7 | 16.1 |
Materials | 11.2 | 10.9 |
Information Technology | 8.8 | 9.2 |
Energy | 7.0 | 6.4 |
Health Care | 2.8 | 1.8 |
Telecommunication Services | 1.7 | 0.0 |
Semiannual Report
Fidelity International Capital Appreciation Fund
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.8% |
| Shares | | Value |
Australia - 0.9% |
Fortescue Metals Group Ltd. | 556,182 | | $ 3,268,144 |
Iluka Resources Ltd. | 174,003 | | 3,081,845 |
TOTAL AUSTRALIA | | 6,349,989 |
Bailiwick of Jersey - 0.5% |
Experian PLC | 223,500 | | 3,527,869 |
Belgium - 1.2% |
Anheuser-Busch InBev SA NV (d) | 77,559 | | 5,590,523 |
Umicore SA | 61,248 | | 3,323,879 |
TOTAL BELGIUM | | 8,914,402 |
Bermuda - 0.9% |
Credicorp Ltd. (NY Shares) | 26,200 | | 3,429,842 |
Petra Diamonds Ltd. (a) | 1,133,716 | | 2,857,729 |
TOTAL BERMUDA | | 6,287,571 |
Brazil - 3.7% |
BR Malls Participacoes SA | 245,700 | | 3,052,318 |
Brasil Foods SA sponsored ADR (d) | 168,600 | | 3,107,298 |
Cia.Hering SA | 114,300 | | 2,836,288 |
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR | 103,300 | | 4,336,534 |
Iguatemi Empresa de Shopping Centers SA | 127,200 | | 2,794,710 |
Itau Unibanco Banco Multiplo SA sponsored ADR | 285,700 | | 4,482,633 |
Multiplan Empreendimentos Imobiliarios SA | 135,500 | | 3,198,856 |
Souza Cruz Industria e Comercio | 211,000 | | 3,286,515 |
TOTAL BRAZIL | | 27,095,152 |
British Virgin Islands - 0.4% |
Arcos Dorados Holdings, Inc. | 148,500 | | 2,653,695 |
Canada - 3.0% |
Barrick Gold Corp. | 109,300 | | 4,421,795 |
Canadian National Railway Co. | 54,700 | | 4,668,398 |
First Quantum Minerals Ltd. | 166,600 | | 3,461,030 |
Potash Corp. of Saskatchewan, Inc. | 100,700 | | 4,281,853 |
Suncor Energy, Inc. | 144,800 | | 4,783,421 |
TOTAL CANADA | | 21,616,497 |
Cayman Islands - 1.8% |
Baidu.com, Inc. sponsored ADR (a) | 22,300 | | 2,959,210 |
Belle International Holdings Ltd. | 1,802,000 | | 3,534,950 |
Golden Eagle Retail Group Ltd.
(H Shares) | 1,167,000 | | 3,060,900 |
Hengan International Group Co. Ltd. | 309,500 | | 3,277,042 |
TOTAL CAYMAN ISLANDS | | 12,832,102 |
Chile - 0.3% |
Embotelladora Andina SA Class A | 561,722 | | 2,547,493 |
Colombia - 0.4% |
Grupo de Inversiones Surameric | 162,174 | | 2,940,958 |
|
| Shares | | Value |
Curacao - 0.4% |
Schlumberger Ltd. | 36,900 | | $ 2,735,766 |
Denmark - 0.8% |
Novo Nordisk A/S Series B sponsored ADR | 37,940 | | 5,577,939 |
Finland - 0.9% |
Kone Oyj (B Shares) | 54,000 | | 3,341,933 |
Nokian Tyres PLC (d) | 68,300 | | 3,239,589 |
TOTAL FINLAND | | 6,581,522 |
France - 7.8% |
Air Liquide SA | 28,900 | | 3,717,512 |
BNP Paribas SA | 108,891 | | 4,374,950 |
Bureau Veritas SA | 32,100 | | 2,860,270 |
Casino Guichard Perrachon SA | 32,751 | | 3,216,565 |
CFAO SA | 65,800 | | 2,837,915 |
Christian Dior SA (d) | 22,312 | | 3,362,745 |
Edenred SA | 99,400 | | 3,175,163 |
Essilor International SA | 33,727 | | 2,970,865 |
L'Oreal SA | 28,900 | | 3,477,253 |
LVMH Moet Hennessy - Louis Vuitton SA | 30,165 | | 4,997,543 |
Pernod Ricard SA | 35,400 | | 3,674,490 |
PPR SA | 22,800 | | 3,813,577 |
Publicis Groupe SA | 65,100 | | 3,357,549 |
Remy Cointreau SA | 28,300 | | 3,154,055 |
Schneider Electric SA | 67,294 | | 4,134,379 |
Technip SA | 30,500 | | 3,449,313 |
TOTAL FRANCE | | 56,574,144 |
Germany - 2.8% |
BASF AG (d) | 73,306 | | 6,035,072 |
Bayerische Motoren Werke AG (BMW) | 49,059 | | 4,663,650 |
Henkel AG & Co. KGaA | 64,800 | | 3,966,571 |
SAP AG | 81,245 | | 5,388,051 |
TOTAL GERMANY | | 20,053,344 |
Hong Kong - 0.5% |
AIA Group Ltd. | 1,127,200 | | 4,009,811 |
India - 3.5% |
Asian Paints India Ltd. | 42,707 | | 2,859,946 |
Bajaj Auto Ltd. | 96,527 | | 2,977,372 |
HDFC Bank Ltd. | 361,139 | | 3,721,133 |
Housing Development Finance Corp. Ltd. | 260,412 | | 3,330,742 |
ITC Ltd. | 742,542 | | 3,461,389 |
Mahindra & Mahindra Ltd. | 231,530 | | 3,121,578 |
Smithkline Beecham Consumer Healthcare Ltd. | 57,605 | | 3,069,970 |
Titan Industries Ltd. | 610,769 | | 2,702,159 |
TOTAL INDIA | | 25,244,289 |
Indonesia - 4.6% |
PT ACE Hardware Indonesia Tbk | 6,454,500 | | 3,616,851 |
PT Astra International Tbk | 472,000 | | 3,646,374 |
PT Bank Central Asia Tbk | 3,326,500 | | 2,895,598 |
Common Stocks - continued |
| Shares | | Value |
Indonesia - continued |
PT Global Mediacom Tbk | 16,816,500 | | $ 3,037,418 |
PT Gudang Garam Tbk | 474,000 | | 3,053,240 |
PT Jasa Marga Tbk | 5,247,000 | | 3,054,398 |
PT Mitra Adiperkasa Tbk | 4,049,500 | | 3,062,295 |
PT Modern Internasional Tbk | 8,164,500 | | 2,354,162 |
PT Semen Gresik (Persero) Tbk | 2,259,500 | | 2,987,098 |
PT Tower Bersama Infrastructure Tbk | 9,023,000 | | 2,994,412 |
PT United Tractors Tbk | 970,000 | | 3,124,095 |
TOTAL INDONESIA | | 33,825,941 |
Ireland - 0.8% |
Accenture PLC Class A | 45,500 | | 2,955,225 |
Dragon Oil PLC | 299,900 | | 2,854,893 |
TOTAL IRELAND | | 5,810,118 |
Israel - 0.8% |
Check Point Software Technologies Ltd. (a) | 49,900 | | 2,900,687 |
Israel Chemicals Ltd. | 251,400 | | 2,884,075 |
TOTAL ISRAEL | | 5,784,762 |
Italy - 1.3% |
Prada SpA | 439,500 | | 2,985,268 |
Saipem SpA | 69,763 | | 3,446,586 |
Salvatore Ferragamo Italia SpA | 116,700 | | 2,853,383 |
TOTAL ITALY | | 9,285,237 |
Japan - 9.2% |
Canon, Inc. sponsored ADR | 114,609 | | 5,198,664 |
Fanuc Corp. | 24,800 | | 4,182,795 |
Fast Retailing Co. Ltd. | 15,100 | | 3,374,578 |
Hitachi Ltd. | 683,000 | | 4,350,466 |
Japan Tobacco, Inc. | 713 | | 3,950,045 |
Keyence Corp. | 13,970 | | 3,297,475 |
Komatsu Ltd. | 143,300 | | 4,124,432 |
Makita Corp. | 76,100 | | 2,913,189 |
Mitsubishi Corp. | 186,600 | | 4,044,241 |
Mitsui & Co. Ltd. | 253,200 | | 3,954,118 |
Nabtesco Corp. | 140,000 | | 2,988,861 |
Nikon Corp. | 115,100 | | 3,411,583 |
Nissan Motor Co. Ltd. | 393,100 | | 4,087,331 |
Rakuten, Inc. | 3,057 | | 3,409,832 |
SMC Corp. | 19,900 | | 3,323,569 |
SOFTBANK CORP. | 125,300 | | 3,739,997 |
Sysmex Corp. | 77,100 | | 3,098,711 |
Unicharm Corp. | 59,200 | | 3,311,942 |
TOTAL JAPAN | | 66,761,829 |
Korea (South) - 0.7% |
Hyundai Motor Co. | 20,492 | | 4,868,579 |
Mexico - 1.7% |
Bolsa Mexicana de Valores SA de CV | 1,412,763 | | 2,823,748 |
|
| Shares | | Value |
Coca-Cola FEMSA SAB de CV sponsored ADR | 25,600 | | $ 2,712,320 |
Grupo Mexico SA de CV Series B | 1,054,100 | | 3,251,737 |
Wal-Mart de Mexico SA de CV Series V | 1,270,900 | | 3,633,735 |
TOTAL MEXICO | | 12,421,540 |
Netherlands - 0.8% |
ASML Holding NV (Netherlands) | 62,600 | | 3,185,518 |
LyondellBasell Industries NV Class A | 64,300 | | 2,686,454 |
TOTAL NETHERLANDS | | 5,871,972 |
Philippines - 1.6% |
International Container Terminal Services, Inc. | 1,575,610 | | 2,541,005 |
Metropolitan Bank & Trust Co. | 1,251,000 | | 2,711,761 |
SM Investments Corp. | 193,280 | | 3,204,144 |
SM Prime Holdings, Inc. | 7,820,100 | | 3,097,253 |
TOTAL PHILIPPINES | | 11,554,163 |
Portugal - 0.4% |
Jeronimo Martins SGPS SA | 163,205 | | 3,057,119 |
Russia - 1.9% |
Magnit OJSC GDR (Reg. S) | 112,805 | | 3,302,930 |
NOVATEK OAO GDR (Reg. S) | 27,400 | | 3,482,540 |
Sberbank (Savings Bank of the Russian Federation) | 1,263,400 | | 4,044,721 |
TNK-BP Holding (a) | 980,500 | | 3,000,488 |
TOTAL RUSSIA | | 13,830,679 |
South Africa - 1.8% |
JSE Ltd. | 264,300 | | 2,793,194 |
Mr Price Group Ltd. | 218,600 | | 2,956,637 |
Naspers Ltd. Class N | 69,300 | | 4,173,770 |
Shoprite Holdings Ltd. | 183,400 | | 3,169,061 |
TOTAL SOUTH AFRICA | | 13,092,662 |
Spain - 0.5% |
Inditex SA (d) | 40,200 | | 3,616,079 |
Sweden - 1.4% |
Atlas Copco AB (A Shares) | 162,700 | | 3,873,377 |
Elekta AB (B Shares) | 61,600 | | 3,125,485 |
Swedish Match Co. AB | 85,000 | | 3,455,269 |
TOTAL SWEDEN | | 10,454,131 |
Switzerland - 4.9% |
Compagnie Financiere Richemont SA Series A | 70,536 | | 4,360,167 |
Dufry AG (a) | 22,290 | | 3,023,414 |
Nestle SA | 202,495 | | 12,405,622 |
Schindler Holding AG (Reg.) | 24,070 | | 3,076,547 |
Swatch Group AG (Bearer) | 8,210 | | 3,786,795 |
Syngenta AG (Switzerland) | 12,980 | | 4,552,285 |
UBS AG (NY Shares) | 359,300 | | 4,444,541 |
TOTAL SWITZERLAND | | 35,649,371 |
Common Stocks - continued |
| Shares | | Value |
Taiwan - 0.8% |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 369,400 | | $ 5,755,252 |
Thailand - 1.3% |
C.P. ALL PCL (For. Reg.) | 1,191,600 | | 2,963,986 |
Central Pattana PCL (For. Reg.) | 1,990,200 | | 3,251,749 |
Siam Makro PCL (For. Reg.) | 249,600 | | 3,108,334 |
TOTAL THAILAND | | 9,324,069 |
Turkey - 1.2% |
Coca-Cola Icecek A/S | 209,000 | | 2,938,133 |
TAV Havalimanlari Holding A/S (a) | 568,475 | | 2,989,590 |
Turkiye Garanti Bankasi A/S | 859,909 | | 3,161,646 |
TOTAL TURKEY | | 9,089,369 |
United Kingdom - 15.6% |
Anglo American PLC (United Kingdom) | 133,100 | | 5,115,700 |
Antofagasta PLC | 155,500 | | 2,980,750 |
Barclays PLC sponsored ADR (d) | 321,900 | | 4,583,856 |
BG Group PLC | 277,253 | | 6,527,386 |
BHP Billiton PLC ADR (d) | 186,057 | | 11,974,629 |
British American Tobacco PLC (United Kingdom) | 194,300 | | 9,966,785 |
Burberry Group PLC | 143,200 | | 3,451,555 |
Diageo PLC sponsored ADR | 56,800 | | 5,743,616 |
Imperial Tobacco Group PLC | 118,113 | | 4,723,715 |
Johnson Matthey PLC | 91,349 | | 3,430,935 |
Meggitt PLC | 470,300 | | 3,118,260 |
Prudential PLC | 364,157 | | 4,463,625 |
Reckitt Benckiser Group PLC | 78,900 | | 4,593,605 |
Rolls-Royce Group PLC | 302,800 | | 4,047,294 |
Royal Dutch Shell PLC Class B | 379,216 | | 13,878,945 |
SABMiller PLC | 116,200 | | 4,882,020 |
Standard Chartered PLC (United Kingdom) | 215,383 | | 5,264,798 |
The Weir Group PLC | 104,200 | | 2,883,616 |
Unilever PLC | 217,200 | | 7,420,896 |
Xstrata PLC | 237,226 | | 4,533,864 |
TOTAL UNITED KINGDOM | | 113,585,850 |
United States of America - 15.7% |
Allergan, Inc. | 30,400 | | 2,918,400 |
Altria Group, Inc. | 88,200 | | 2,840,922 |
American Tower Corp. | 45,800 | | 3,003,564 |
Apple, Inc. (a) | 4,785 | | 2,795,588 |
Caterpillar, Inc. | 25,400 | | 2,610,358 |
Coach, Inc. | 38,900 | | 2,845,924 |
Crown Castle International Corp. (a) | 49,500 | | 2,802,195 |
Cummins, Inc. | 24,700 | | 2,861,001 |
Deere & Co. | 33,507 | | 2,759,637 |
EMC Corp. (a) | 103,307 | | 2,914,290 |
|
| Shares | | Value |
Google, Inc. Class A (a) | 4,600 | | $ 2,784,058 |
Halliburton Co. | 81,800 | | 2,799,196 |
IBM Corp. | 14,400 | | 2,981,952 |
Joy Global, Inc. | 42,600 | | 3,014,802 |
JPMorgan Chase & Co. | 67,394 | | 2,896,594 |
Las Vegas Sands Corp. | 48,485 | | 2,690,433 |
Lorillard, Inc. | 20,600 | | 2,786,974 |
MasterCard, Inc. Class A | 6,300 | | 2,849,301 |
McGraw-Hill Companies, Inc. | 55,400 | | 2,724,018 |
Mead Johnson Nutrition Co. Class A | 34,500 | | 2,951,820 |
Moody's Corp. | 60,200 | | 2,465,190 |
National Oilwell Varco, Inc. | 38,750 | | 2,935,700 |
NIKE, Inc. Class B | 26,100 | | 2,919,807 |
Oracle Corp. | 95,400 | | 2,803,806 |
Perrigo Co. | 27,200 | | 2,853,280 |
Philip Morris International, Inc. | 61,045 | | 5,464,138 |
PriceSmart, Inc. | 35,900 | | 2,963,186 |
QUALCOMM, Inc. | 44,200 | | 2,821,728 |
Rackspace Hosting, Inc. (a) | 50,683 | | 2,944,175 |
salesforce.com, Inc. (a) | 18,600 | | 2,896,578 |
SBA Communications Corp. Class A (a) | 55,100 | | 2,961,074 |
The Coca-Cola Co. | 38,400 | | 2,930,688 |
Tiffany & Co., Inc. | 41,681 | | 2,853,481 |
TJX Companies, Inc. | 69,000 | | 2,877,990 |
Union Pacific Corp. | 26,000 | | 2,923,440 |
United Technologies Corp. | 33,778 | | 2,757,636 |
Visa, Inc. Class A | 23,800 | | 2,926,924 |
Wells Fargo & Co. | 87,752 | | 2,933,549 |
Yum! Brands, Inc. | 40,930 | | 2,976,839 |
TOTAL UNITED STATES OF AMERICA | | 114,040,236 |
TOTAL COMMON STOCKS (Cost $627,483,744) |
703,221,501
|
Preferred Stocks - 1.9% |
| | | |
Convertible Preferred Stocks - 0.4% |
United States of America - 0.4% |
Citigroup, Inc. 7.50% | 27,700 | | 2,699,919 |
Nonconvertible Preferred Stocks - 1.5% |
Germany - 1.0% |
Hugo Boss AG (non-vtg.) | 24,700 | | 2,756,757 |
Volkswagen AG | 25,100 | | 4,754,838 |
TOTAL GERMANY | | 7,511,595 |
Italy - 0.5% |
Fiat Industrial SpA | 402,233 | | 3,301,351 |
Preferred Stocks - continued |
| Shares | | Value |
Nonconvertible Preferred Stocks - continued |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C | 32,096,800 | | $ 52,096 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | | 10,865,042 |
TOTAL PREFERRED STOCKS (Cost $12,005,031) |
13,564,961
|
Money Market Funds - 5.6% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 8,551,522 | | 8,551,522 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 32,617,795 | | 32,617,795 |
TOTAL MONEY MARKET FUNDS (Cost $41,169,317) |
41,169,317
|
TOTAL INVESTMENT PORTFOLIO - 104.3% (Cost $680,658,092) | 757,955,779 |
NET OTHER ASSETS (LIABILITIES) - (4.3)% | (31,392,392) |
NET ASSETS - 100% | $ 726,563,387 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
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 | $ 3,399 |
Fidelity Securities Lending Cash Central Fund | 58,188 |
Total | $ 61,587 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 140,635,668 | $ 126,352,344 | $ 14,283,324 | $ - |
Consumer Staples | 154,495,799 | 129,846,131 | 24,649,668 | - |
Energy | 49,894,234 | 36,015,289 | 13,878,945 | - |
Financials | 92,871,259 | 84,686,501 | 8,184,758 | - |
Health Care | 20,544,680 | 17,445,969 | 3,098,711 | - |
Industrials | 99,431,864 | 73,900,659 | 25,531,205 | - |
Information Technology | 64,708,948 | 51,672,956 | 13,035,992 | - |
Materials | 81,706,332 | 77,154,047 | 4,552,285 | - |
Telecommunication Services | 12,497,678 | 8,757,681 | 3,739,997 | - |
Money Market Funds | 41,169,317 | 41,169,317 | - | - |
Total Investments in Securities: | $ 757,955,779 | $ 647,000,894 | $ 110,954,885 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity International Capital Appreciation Fund
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $31,107,365) - See accompanying schedule: Unaffiliated issuers (cost $639,488,775) | $ 716,786,462 | |
Fidelity Central Funds (cost $41,169,317) | 41,169,317 | |
Total Investments (cost $680,658,092) | | $ 757,955,779 |
Foreign currency held at value (cost $5,339,609) | | 5,336,371 |
Receivable for investments sold | | 19,954,085 |
Receivable for fund shares sold | | 2,861,707 |
Dividends receivable | | 3,012,409 |
Distributions receivable from Fidelity Central Funds | | 33,678 |
Prepaid expenses | | 568 |
Other receivables | | 339,920 |
Total assets | | 789,494,517 |
| | |
Liabilities | | |
Payable to custodian bank | $ 468,997 | |
Payable for investments purchased | 28,012,954 | |
Payable for fund shares redeemed | 604,242 | |
Accrued management fee | 507,837 | |
Other affiliated payables | 163,455 | |
Other payables and accrued expenses | 555,850 | |
Collateral on securities loaned, at value | 32,617,795 | |
Total liabilities | | 62,931,130 |
| | |
Net Assets | | $ 726,563,387 |
Net Assets consist of: | | |
Paid in capital | | $ 783,468,776 |
Undistributed net investment income | | 2,284,526 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (135,988,619) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 76,798,704 |
Net Assets, for 55,741,638 shares outstanding | | $ 726,563,387 |
Net Asset Value, offering price and redemption price per share ($726,563,387 ÷ 55,741,638 shares) | | $ 13.03 |
Statement of Operations
Six months ended April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 6,535,212 |
Interest | | 13,656 |
Income from Fidelity Central Funds | | 61,587 |
Income before foreign taxes withheld | | 6,610,455 |
Less foreign taxes withheld | | (503,160) |
Total income | | 6,107,295 |
| | |
Expenses | | |
Management fee
Basic fee | $ 2,190,182 | |
Performance adjustment | 514,733 | |
Transfer agent fees | 757,177 | |
Accounting and security lending fees | 155,231 | |
Custodian fees and expenses | 114,688 | |
Independent trustees' compensation | 1,791 | |
Registration fees | 26,630 | |
Audit | 45,796 | |
Legal | 1,308 | |
Miscellaneous | 2,779 | |
Total expenses before reductions | 3,810,315 | |
Expense reductions | (92,584) | 3,717,731 |
Net investment income (loss) | | 2,389,564 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 8,686,912 | |
Foreign currency transactions | (204,679) | |
Total net realized gain (loss) | | 8,482,233 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $392,731) | 56,138,111 | |
Assets and liabilities in foreign currencies | 63,976 | |
Total change in net unrealized appreciation (depreciation) | | 56,202,087 |
Net gain (loss) | | 64,684,320 |
Net increase (decrease) in net assets resulting from operations | | $ 67,073,884 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fund Name
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,389,564 | $ 6,324,489 |
Net realized gain (loss) | 8,482,233 | 25,569,213 |
Change in net unrealized appreciation (depreciation) | 56,202,087 | (54,391,377) |
Net increase (decrease) in net assets resulting from operations | 67,073,884 | (22,497,675) |
Distributions to shareholders from net investment income | (5,617,060) | (7,380,589) |
Distributions to shareholders from net realized gain | (424,819) | (4,973,519) |
Total distributions | (6,041,879) | (12,354,108) |
Share transactions
Proceeds from sales of shares | 173,405,516 | 171,547,780 |
Reinvestment of distributions | 4,397,051 | 9,861,670 |
Cost of shares redeemed | (67,849,992) | (218,161,559) |
Net increase (decrease) in net assets resulting from share transactions | 109,952,575 | (36,752,109) |
Redemption fees | 10,415 | 43,769 |
Total increase (decrease) in net assets | 170,994,995 | (71,560,123) |
| | |
Net Assets | | |
Beginning of period | 555,568,392 | 627,128,515 |
End of period (including undistributed net investment income of $2,284,526 and undistributed net investment income of $5,512,022, respectively) | $ 726,563,387 | $ 555,568,392 |
Other Information Shares | | |
Sold | 14,342,273 | 13,689,530 |
Issued in reinvestment of distributions | 382,352 | 769,704 |
Redeemed | (5,704,583) | (17,394,486) |
Net increase (decrease) | 9,020,042 | (2,935,252) |
Financial Highlights
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 11.89 | $ 12.63 | $ 10.78 | $ 7.42 | $ 19.30 | $ 18.14 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .13 G | .12 | .13 | .19 | .20 |
Net realized and unrealized gain (loss) | 1.22 | (.62) | 1.92 | 3.26 | (9.54) | 3.80 |
Total from investment operations | 1.27 | (.49) | 2.04 | 3.39 | (9.35) | 4.00 |
Distributions from net investment income | (.12) | (.15) | (.07) | (.03) | (.14) | (.20) |
Distributions from net realized gain | (.01) | (.10) | (.12) | - | (2.39) | (2.64) |
Total distributions | (.13) | (.25) | (.19) | (.03) | (2.53) | (2.84) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 13.03 | $ 11.89 | $ 12.63 | $ 10.78 | $ 7.42 | $ 19.30 |
Total Return B,C | 10.81% | (4.03)% | 19.12% | 45.95% | (55.30)% | 24.81% |
Ratios to Average Net Assets E,H | | | | | | |
Expenses before reductions | 1.23% A | 1.16% | 1.04% | .84% | .89% | .85% |
Expenses net of fee waivers, if any | 1.23% A | 1.16% | 1.04% | .84% | .89% | .85% |
Expenses net of all reductions | 1.20% A | 1.09% | .87% | .72% | .72% | .79% |
Net investment income (loss) | .77% A | 1.02% G | 1.07% | 1.49% | 1.39% | 1.11% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 726,563 | $ 555,568 | $ 627,129 | $ 456,330 | $ 204,743 | $ 747,095 |
Portfolio turnover rate F | 116% A | 254% | 480% | 387% | 387% | 138% |
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 $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .78%. 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, 2012 (Unaudited)
1. Organization.
Fidelity® International Capital Appreciation 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'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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 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
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, equity-debt classifications, certain foreign taxes, passive foreign investment companies (PFIC), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
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 | $ 91,402,687 |
Gross unrealized depreciation | (18,633,058) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 72,769,629 |
| |
Tax cost | $ 685,186,150 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2016 | $ (107,738,427) |
2017 | (28,474,110) |
Total capital loss carryforward | $ (136,212,537) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $466,538,652 and $357,666,523, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .87% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR 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 .24% of average net assets.
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $1,163 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $880 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $58,188. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $92,584 for the period.
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, Mutual funds managed by FMR or its affiliates were the owners of record, in the aggregate, of approximately 31% of the total outstanding shares of the Fund.
Semiannual Report
Fidelity Overseas Fund
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, 2011 to April 30, 2012).
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
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Overseas | .53% | | | |
Actual | | $ 1,000.00 | $ 1,067.00 | $ 2.72 |
HypotheticalA | | $ 1,000.00 | $ 1,022.23 | $ 2.66 |
Class K | .35% | | | |
Actual | | $ 1,000.00 | $ 1,068.10 | $ 1.80 |
HypotheticalA | | $ 1,000.00 | $ 1,023.12 | $ 1.76 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Fidelity Overseas Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
| United Kingdom | 28.6% | |
| Japan | 14.6% | |
| Germany | 13.3% | |
| France | 11.1% | |
| Switzerland | 8.6% | |
| Italy | 3.5% | |
| Australia | 3.0% | |
| United States of America | 2.5% | |
| Sweden | 2.3% | |
| Other | 12.5% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| France | 21.4% | |
| Germany | 16.3% | |
| Japan | 11.7% | |
| United Kingdom | 11.6% | |
| United States of America | 8.6% | |
| Australia | 4.4% | |
| Switzerland | 4.1% | |
| Italy | 3.8% | |
| Spain | 2.6% | |
| Other | 15.5% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.5 | 91.8 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.5 | 8.2 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Dutch Shell PLC Class A (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels) | 2.8 | 0.0 |
Nestle SA (Switzerland, Food Products) | 2.6 | 0.0 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 2.1 | 0.0 |
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) | 1.9 | 0.0 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.8 | 0.0 |
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) | 1.7 | 0.0 |
Sanofi SA (France, Pharmaceuticals) | 1.6 | 1.4 |
Diageo PLC (United Kingdom, Beverages) | 1.3 | 0.0 |
Australia & New Zealand Banking Group Ltd. (Australia, Commercial Banks) | 1.3 | 1.0 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.3 | 1.2 |
| 18.4 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Staples | 16.7 | 11.4 |
Industrials | 16.3 | 7.5 |
Consumer Discretionary | 14.3 | 23.3 |
Financials | 14.2 | 15.4 |
Materials | 10.5 | 10.1 |
Health Care | 9.7 | 3.1 |
Information Technology | 7.4 | 6.6 |
Energy | 6.5 | 6.6 |
Telecommunication Services | 2.9 | 5.9 |
Utilities | 0.0 | 1.9 |
Semiannual Report
Fidelity Overseas Fund
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.3% |
| Shares | | Value |
Australia - 3.0% |
Australia & New Zealand Banking Group Ltd. | 1,021,805 | | $ 25,453,810 |
BHP Billiton Ltd. | 616,284 | | 22,866,411 |
Fortescue Metals Group Ltd. | 1,557,818 | | 9,153,792 |
Newcrest Mining Ltd. | 1,180 | | 32,333 |
TOTAL AUSTRALIA | | 57,506,346 |
Bailiwick of Jersey - 1.6% |
Experian PLC | 944,500 | | 14,908,600 |
WPP PLC | 1,199,231 | | 16,240,751 |
TOTAL BAILIWICK OF JERSEY | | 31,149,351 |
Belgium - 1.2% |
Anheuser-Busch InBev SA NV | 330,612 | | 23,830,814 |
Bermuda - 0.4% |
Li & Fung Ltd. | 3,676,000 | | 7,864,977 |
Brazil - 0.2% |
Qualicorp SA | 367,000 | | 3,196,076 |
Cayman Islands - 0.2% |
China Medical System Holding Ltd. | 6,358,875 | | 2,934,115 |
Denmark - 2.0% |
Danske Bank A/S (a) | 977,708 | | 15,875,555 |
Novo Nordisk A/S Series B | 155,800 | | 22,970,548 |
TOTAL DENMARK | | 38,846,103 |
Finland - 0.6% |
Nokian Tyres PLC (d) | 245,400 | | 11,639,752 |
France - 11.1% |
Alstom SA | 244,250 | | 8,723,663 |
Arkema SA | 113,400 | | 10,044,457 |
Atos Origin SA | 227,725 | | 14,667,651 |
BNP Paribas SA | 365,026 | | 14,665,770 |
Bureau Veritas SA | 141,100 | | 12,572,712 |
Cap Gemini SA | 343,800 | | 13,421,561 |
Christian Dior SA (d) | 104,697 | | 15,779,370 |
Danone SA | 198,400 | | 13,959,418 |
Eurofins Scientific SA | 73,500 | | 8,684,935 |
Ipsos SA | 290,200 | | 9,419,769 |
JC Decaux SA | 281,700 | | 7,993,421 |
Laurent-Perrier Group | 98,019 | | 9,892,716 |
Pernod Ricard SA | 147,424 | | 15,302,487 |
PPR SA | 94,100 | | 15,739,366 |
Sanofi SA | 396,442 | | 30,283,253 |
VINCI SA | 286,800 | | 13,288,304 |
TOTAL FRANCE | | 214,438,853 |
Germany - 11.1% |
adidas AG | 184,600 | | 15,395,529 |
Allianz AG | 173,705 | | 19,357,248 |
BASF AG (d) | 301,569 | | 24,827,308 |
Bayer AG | 324,797 | | 22,878,505 |
|
| Shares | | Value |
Bayerische Motoren Werke AG (BMW) | 178,035 | | $ 16,924,377 |
Brenntag AG | 121,000 | | 15,072,919 |
Deutsche Boerse AG | 187,492 | | 11,772,217 |
Deutsche Post AG | 747,186 | | 13,946,660 |
Fresenius SE | 148,100 | | 14,782,530 |
Linde AG | 70,107 | | 12,000,029 |
SAP AG | 367,008 | | 24,339,439 |
Siemens AG | 242,074 | | 22,471,101 |
TOTAL GERMANY | | 213,767,862 |
Hong Kong - 0.2% |
City Telecom (HK) Ltd. (CTI) | 7,267,000 | | 4,289,775 |
Ireland - 0.6% |
Kerry Group PLC Class A | 260,664 | | 11,916,889 |
Israel - 0.5% |
Israel Chemicals Ltd. | 835,300 | | 9,582,609 |
Italy - 3.5% |
Ansaldo STS SpA | 52,081 | | 459,862 |
ENI SpA | 988,400 | | 21,963,726 |
Fiat Industrial SpA | 1,219,700 | | 13,837,455 |
Pirelli & C SpA | 660,200 | | 8,040,549 |
Prysmian SpA (d) | 654,900 | | 10,663,566 |
Saipem SpA | 266,573 | | 13,169,830 |
TOTAL ITALY | | 68,134,988 |
Japan - 14.6% |
ABC-Mart, Inc. | 253,600 | | 9,235,643 |
Air Water, Inc. | 714,000 | | 9,000,711 |
Aozora Bank Ltd. | 3,533,000 | | 9,061,946 |
Asahi Group Holdings | 311,200 | | 7,007,803 |
Asics Corp. | 700,800 | | 7,545,304 |
Calbee, Inc. (d) | 178,000 | | 10,772,517 |
Canon, Inc. | 428,400 | | 19,419,668 |
DeNA Co. Ltd. | 249,300 | | 7,823,242 |
Fanuc Corp. | 105,500 | | 17,793,745 |
Fast Retailing Co. Ltd. | 30,800 | | 6,883,245 |
Hitachi Ltd. | 2,711,000 | | 17,268,103 |
Honda Motor Co. Ltd. sponsored ADR | 653,100 | | 23,537,724 |
Hoya Corp. | 487,700 | | 11,187,132 |
Japan Tobacco, Inc. | 2,718 | | 15,057,815 |
Keyence Corp. | 51,090 | | 12,059,268 |
Komatsu Ltd. | 401,700 | | 11,561,648 |
Mitsubishi Corp. | 567,300 | | 12,295,274 |
Nakanishi, Inc. | 17,700 | | 1,944,020 |
Nitto Denko Corp. | 184,900 | | 7,588,781 |
ORIX Corp. | 122,490 | | 11,712,101 |
Rakuten, Inc. | 10,190 | | 11,366,107 |
Seven Bank Ltd. | 5,577,300 | | 13,780,989 |
Shinsei Bank Ltd. | 5,408,000 | | 6,979,155 |
SMC Corp. | 57,600 | | 9,619,980 |
USS Co. Ltd. | 111,230 | | 11,283,565 |
TOTAL JAPAN | | 281,785,486 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - 2.2% |
AEGON NV | 1,085,500 | | $ 5,049,680 |
Akzo Nobel NV | 213,602 | | 11,447,795 |
ASML Holding NV (Netherlands) | 89,100 | | 4,534,020 |
Koninklijke Ahold NV | 793,147 | | 10,060,793 |
Koninklijke KPN NV | 1,171,689 | | 10,517,886 |
TOTAL NETHERLANDS | | 41,610,174 |
Norway - 0.7% |
DnB NOR ASA | 1,208,000 | | 13,025,112 |
South Africa - 0.3% |
Coronation Fund Managers Ltd. | 1,665,500 | | 6,252,584 |
Spain - 1.8% |
Amadeus IT Holding SA Class A | 589,800 | | 12,055,201 |
Banco Bilbao Vizcaya Argentaria SA | 1,538,836 | | 10,414,161 |
Banco Bilbao Vizcaya Argentaria SA rights 4/30/12 (a) | 1,583,336 | | 226,370 |
Inditex SA | 132,532 | | 11,921,546 |
TOTAL SPAIN | | 34,617,278 |
Sweden - 2.3% |
ASSA ABLOY AB (B Shares) | 327,400 | | 9,543,230 |
Atlas Copco AB (A Shares) | 596,700 | | 14,205,557 |
Svenska Handelsbanken AB (A Shares) | 412,600 | | 13,371,168 |
Swedbank AB (A Shares) | 431,200 | | 7,140,953 |
TOTAL SWEDEN | | 44,260,908 |
Switzerland - 8.6% |
Aryzta AG | 295,590 | | 14,884,539 |
Nestle SA | 805,815 | | 49,367,323 |
Panalpina Welttransport Holding AG | 69,290 | | 6,756,834 |
Roche Holding AG (participation certificate) | 193,224 | | 35,300,027 |
Schindler Holding AG (participation certificate) | 81,984 | | 10,605,390 |
Syngenta AG (Switzerland) | 56,540 | | 19,829,444 |
UBS AG | 1,173,013 | | 14,650,425 |
Zurich Financial Services AG | 59,195 | | 14,479,963 |
TOTAL SWITZERLAND | | 165,873,945 |
United Kingdom - 28.6% |
AMEC PLC | 524,493 | | 9,662,307 |
Anglo American PLC (United Kingdom) | 408,900 | | 15,716,075 |
Ashmore Group PLC | 1,609,200 | | 9,993,101 |
Babcock International Group PLC | 842,400 | | 11,362,258 |
Barclays PLC | 3,825,429 | | 13,545,020 |
BHP Billiton PLC | 789,596 | | 25,421,706 |
BP PLC | 2,384,900 | | 17,230,884 |
|
| Shares | | Value |
British American Tobacco PLC (United Kingdom) | 635,000 | | $ 32,572,870 |
Bunzl PLC | 623,400 | | 10,351,129 |
Diageo PLC | 1,023,077 | | 25,808,534 |
Domino Printing Sciences PLC | 878,514 | | 8,541,237 |
G4S PLC (United Kingdom) | 2,526,400 | | 11,465,277 |
GlaxoSmithKline PLC | 1,587,700 | | 36,682,770 |
ICAP PLC | 1,832,400 | | 11,292,918 |
Imperial Tobacco Group PLC | 353,877 | | 14,152,668 |
Johnson Matthey PLC | 263,300 | | 9,889,162 |
Kingfisher PLC | 2,808,100 | | 13,240,488 |
Meggitt PLC | 2,166,500 | | 14,364,683 |
Next PLC | 333,900 | | 15,873,806 |
Reckitt Benckiser Group PLC | 345,700 | | 20,126,861 |
Reed Elsevier PLC | 1,605,300 | | 13,285,589 |
Rolls-Royce Group PLC | 1,012,900 | | 13,538,653 |
Rotork PLC | 261,700 | | 9,374,570 |
Royal Dutch Shell PLC: | | | |
Class A (United Kingdom) | 1,521,003 | | 54,254,705 |
Class B | 235,419 | | 8,616,114 |
SABMiller PLC | 309,900 | | 13,020,121 |
Serco Group PLC | 1,541,405 | | 13,572,561 |
Smith & Nephew PLC | 975,100 | | 9,599,266 |
Standard Chartered PLC (United Kingdom) | 935,457 | | 22,866,204 |
SuperGroup PLC (a)(d) | 257,000 | | 1,450,801 |
Tate & Lyle PLC | 918,395 | | 10,292,917 |
Vodafone Group PLC | 14,291,600 | | 39,563,473 |
Xstrata PLC | 780,700 | | 14,920,740 |
TOTAL UNITED KINGDOM | | 551,649,468 |
United States of America - 1.0% |
Corrections Corp. of America (a) | 297,200 | | 8,586,108 |
Lorillard, Inc. | 70,000 | | 9,470,300 |
TOTAL UNITED STATES OF AMERICA | | 18,056,408 |
TOTAL COMMON STOCKS (Cost $1,831,911,704) |
1,856,229,873
|
Nonconvertible Preferred Stocks - 2.2% |
| | | |
Germany - 2.2% |
Henkel AG & Co. KGaA | 231,200 | | 17,200,716 |
ProSiebenSat.1 Media AG | 341,400 | | 8,668,311 |
Volkswagen AG (d) | 90,868 | | 17,213,650 |
TOTAL GERMANY | | 43,082,677 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C | 107,367,400 | | 174,268 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $36,935,729) |
43,256,945
|
Money Market Funds - 4.4% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.14% (b) | 19,608,732 | | $ 19,608,732 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 64,285,742 | | 64,285,742 |
TOTAL MONEY MARKET FUNDS (Cost $83,894,474) |
83,894,474
|
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $1,952,741,907) | 1,983,381,292 |
NET OTHER ASSETS (LIABILITIES) - (2.9)% | (55,757,482) |
NET ASSETS - 100% | $ 1,927,623,810 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
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 | $ 41,933 |
Fidelity Securities Lending Cash Central Fund | 854,338 |
Total | $ 896,271 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 276,543,640 | $ 200,703,436 | $ 75,840,204 | $ - |
Consumer Staples | 324,698,101 | 233,478,562 | 91,219,539 | - |
Energy | 124,897,566 | 22,832,137 | 102,065,429 | - |
Financials | 270,966,450 | 185,772,973 | 85,193,477 | - |
Health Care | 186,059,969 | 84,580,112 | 101,479,857 | - |
Industrials | 314,312,083 | 240,570,335 | 73,741,748 | - |
Information Technology | 145,316,522 | 53,219,670 | 92,096,852 | - |
Materials | 202,321,353 | 117,614,300 | 84,707,053 | - |
Telecommunication Services | 54,371,134 | 14,807,661 | 39,563,473 | - |
Money Market Funds | 83,894,474 | 83,894,474 | - | - |
Total Investments in Securities: | $ 1,983,381,292 | $ 1,237,473,660 | $ 745,907,632 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Overseas Fund
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $59,853,343) - See accompanying schedule: Unaffiliated issuers (cost $1,868,847,433) | $ 1,899,486,818 | |
Fidelity Central Funds (cost $83,894,474) | 83,894,474 | |
Total Investments (cost $1,952,741,907) | | $ 1,983,381,292 |
Receivable for investments sold | | 1,991,721 |
Receivable for fund shares sold | | 1,080,506 |
Dividends receivable | | 11,572,394 |
Distributions receivable from Fidelity Central Funds | | 215,099 |
Prepaid expenses | | 2,268 |
Other receivables | | 387,107 |
Total assets | | 1,998,630,387 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,586,203 | |
Payable for fund shares redeemed | 1,771,771 | |
Accrued management fee | 663,447 | |
Other affiliated payables | 420,667 | |
Other payables and accrued expenses | 278,747 | |
Collateral on securities loaned, at value | 64,285,742 | |
Total liabilities | | 71,006,577 |
| | |
Net Assets | | $ 1,927,623,810 |
Net Assets consist of: | | |
Paid in capital | | $ 3,419,289,384 |
Undistributed net investment income | | 24,665,870 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (1,547,127,567) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 30,796,123 |
Net Assets | | $ 1,927,623,810 |
| | |
Overseas: Net Asset Value, offering price and
redemption price per share ($1,659,809,191 ÷ 54,763,523 shares) | | $ 30.31 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($267,814,619 ÷ 8,853,911 shares) | | $ 30.25 |
Statement of Operations
Six months ended April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 37,337,563 |
Interest | | 33 |
Income from Fidelity Central Funds | | 896,271 |
Income before foreign taxes withheld | | 38,233,867 |
Less foreign taxes withheld | | (3,170,802) |
Total income | | 35,063,065 |
| | |
Expenses | | |
Management fee
Basic fee | $ 7,438,927 | |
Performance adjustment | (5,023,994) | |
Transfer agent fees | 2,144,267 | |
Accounting and security lending fees | 469,442 | |
Custodian fees and expenses | 104,583 | |
Independent trustees' compensation | 6,979 | |
Appreciation in deferred trustee compensation account | 297 | |
Registration fees | 48,521 | |
Audit | 45,343 | |
Legal | 45,261 | |
Interest | 559 | |
Miscellaneous | 11,859 | |
Total expenses before reductions | 5,292,044 | |
Expense reductions | (456,374) | 4,835,670 |
Net investment income (loss) | | 30,227,395 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (103,251,043) | |
Foreign currency transactions | (621,614) | |
Futures contracts | 4,377,933 | |
Total net realized gain (loss) | | (99,494,724) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 176,229,900 | |
Assets and liabilities in foreign currencies | 133,869 | |
Total change in net unrealized appreciation (depreciation) | | 176,363,769 |
Net gain (loss) | | 76,869,045 |
Net increase (decrease) in net assets resulting from operations | | $ 107,096,440 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Overseas Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 30,227,395 | $ 70,820,055 |
Net realized gain (loss) | (99,494,724) | 282,595,294 |
Change in net unrealized appreciation (depreciation) | 176,363,769 | (436,401,912) |
Net increase (decrease) in net assets resulting from operations | 107,096,440 | (82,986,563) |
Distributions to shareholders from net investment income | (70,077,891) | (92,196,839) |
Distributions to shareholders from net realized gain | (1,661,965) | - |
Total distributions | (71,739,856) | (92,196,839) |
Share transactions - net increase (decrease) | (773,445,677) | (3,671,962,139) |
Redemption fees | 57,576 | 112,180 |
Total increase (decrease) in net assets | (738,031,517) | (3,847,033,361) |
| | |
Net Assets | | |
Beginning of period | 2,665,655,327 | 6,512,688,688 |
End of period (including undistributed net investment income of $24,665,870 and undistributed net investment income of $64,516,366, respectively) | $ 1,927,623,810 | $ 2,665,655,327 |
Financial Highlights - Overseas
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 29.28 | $ 31.56 | $ 30.13 | $ 25.43 | $ 58.39 | $ 47.08 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .41 | .47 | .42 | .52 | .55 | .70 |
Net realized and unrealized gain (loss) | 1.47 | (2.27) | 1.49 | 4.55 | (27.19) | 15.80 |
Total from investment operations | 1.88 | (1.80) | 1.91 | 5.07 | (26.64) | 16.50 |
Distributions from net investment income | (.83) | (.48) | (.47) | (.37) | (.57) | (.55) |
Distributions from net realized gain | (.02) | - | (.01) | - | (5.75) | (4.64) |
Total distributions | (.85) | (.48) | (.48) | (.37) | (6.32) | (5.19) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 30.31 | $ 29.28 | $ 31.56 | $ 30.13 | $ 25.43 | $ 58.39 |
Total Return B,C | 6.70% | (5.83)% | 6.33% | 20.44% | (50.88)% | 38.79% |
Ratios to Average Net Assets E,G | | | | | | |
Expenses before reductions | .53% A | .73% | .89% | 1.02% | 1.13% | .95% |
Expenses net of fee waivers, if any | .53% A | .73% | .89% | 1.02% | 1.13% | .95% |
Expenses net of all reductions | .49% A | .67% | .85% | .98% | 1.10% | .91% |
Net investment income (loss) | 2.84% A | 1.44% | 1.41% | 2.01% | 1.33% | 1.43% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,659,809 | $ 2,215,717 | $ 5,548,689 | $ 6,602,017 | $ 5,464,901 | $ 9,543,353 |
Portfolio turnover rate F | 133% A | 77% | 111% | 115% | 113% | 87% |
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
Financial Highlights - Class K
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.29 | $ 31.59 | $ 30.16 | $ 25.45 | $ 45.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .44 | .52 | .47 | .59 | .13 |
Net realized and unrealized gain (loss) | 1.46 | (2.27) | 1.50 | 4.54 | (19.68) |
Total from investment operations | 1.90 | (1.75) | 1.97 | 5.13 | (19.55) |
Distributions from net investment income | (.92) | (.55) | (.53) | (.42) | - |
Distributions from net realized gain | (.02) | - | (.01) | - | - |
Total distributions | (.94) | (.55) | (.54) | (.42) | - |
Redemption fees added to paid in capital D,I | - | - | - | - | - |
Net asset value, end of period | $ 30.25 | $ 29.29 | $ 31.59 | $ 30.16 | $ 25.45 |
Total Return B,C | 6.81% | (5.67)% | 6.55% | 20.73% | (43.44)% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | .35% A | .56% | .69% | .78% | .96% A |
Expenses net of fee waivers, if any | .35% A | .55% | .69% | .78% | .96% A |
Expenses net of all reductions | .31% A | .50% | .66% | .74% | .93% A |
Net investment income (loss) | 3.03% A | 1.61% | 1.60% | 2.25% | 1.08% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 267,815 | $ 291,323 | $ 368,004 | $ 383,048 | $ 44,277 |
Portfolio turnover rate F | 133% A | 77% | 111% | 115% | 113% |
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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. 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 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. IAmount 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, 2012 (Unaudited)
1. Organization.
Fidelity® Overseas 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 Overseas and Class K shares, each of which has equal rights as to assets and voting privileges. The Fund offered Class F shares during the period June 26, 2009 through December 16, 2011, and all outstanding shares were redeemed by December 16, 2011. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 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
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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. Temporary book-tax differences 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.
Semiannual Report
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 | $ 129,126,685 |
Gross unrealized depreciation | (106,206,344) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 22,920,341 |
| |
Tax cost | $ 1,960,460,951 |
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. At October 31, 2011 capital loss carryforwards were as follows:
Fiscal year of expiration | |
2016 | $ (464,379,963) |
2017 | (939,719,765) |
Total capital loss carryforward | $ (1,404,099,728) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund used derivative instruments (derivatives), including futures contracts, in order to meet its investment objectives. The strategy is to use 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its 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 Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund 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 Fund. Counterparty credit risk related to exchange-traded futures contracts is minimal because of the protection provided by the exchange on which they trade. Derivatives involve, to varying degrees, risk of loss in excess of the amounts recognized in the Statement of Assets and Liabilities.
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 Fund used futures contracts to manage its 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 payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
The underlying face amount at value of open futures contracts at period end, if any, is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end.
During the period the Fund recognized net realized gain (loss) of $4,377,933 related to its investment in futures contracts. This amount is included in the Statement of Operations.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $1,377,536,387 and $1,998,608,999, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Overseas as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .23% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Overseas. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Overseas | $ 2,060,755 | .24 |
Class K | 83,512 | .05 |
| $ 2,144,267 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $365 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, 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 Balance | Weighted Average Interest Rate | Interest
Expense |
Borrower | $ 29,057,000 | .35% | $ 559 |
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $3,331 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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, a fund could
Semiannual Report
8. Security Lending - continued
experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $854,338.During the period, there were no securities loaned to FCM.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $456,374 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 A | Year ended
October 31,
2011 |
From net investment income | | |
Overseas | $ 56,962,859 | $ 75,897,727 |
Class K | 9,516,308 | 6,408,873 |
Class F | 3,598,724 | 9,890,239 |
Total | $ 70,077,891 | $ 92,196,839 |
From net realized gain | | |
Overseas | $ 1,377,579 | $ - |
Class K | 207,326 | - |
Class F | 77,060 | - |
Total | $ 1,661,965 | $ - |
A All Class F shares were redeemed on December 16, 2011.
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012A | Year ended
October 31,
2011 | Six months ended April 30,
2012A | Year ended
October 31,
2011 |
Overseas | | | | |
Shares sold | 2,912,487 | 10,588,919 | $ 83,171,556 | $ 338,680,110 |
Reinvestment of distributions | 2,082,243 | 2,356,512 | 57,282,489 | 75,196,294 |
Shares redeemed | (25,906,055) | (113,084,725) | (726,937,577) | (3,611,089,764) |
Net increase (decrease) | (20,911,325) | (100,139,294) | $ (586,483,532) | $ (3,197,213,360) |
Class K | | | | |
Shares sold | 3,997,574 | 4,129,689 | $ 112,890,455 | $ 128,992,232 |
Reinvestment of distributions | 354,489 | 201,094 | 9,723,634 | 6,408,873 |
Shares redeemed | (5,444,099) | (6,034,878) | (162,301,936) | (198,074,826) |
Net increase (decrease) | (1,092,036) | (1,704,095) | $ (39,687,847) | $ (62,673,721) |
Class F | | | | |
Shares sold | 373,582 | 12,066,248 | $ 10,277,470 | $ 388,123,231 |
Reinvestment of distributions | 134,104 | 310,526 | 3,675,784 | 9,890,239 |
Shares redeemed | (5,923,991) | (25,830,866) | (161,227,552) | (810,088,528) |
Net increase (decrease) | (5,416,305) | (13,454,092) | $ (147,274,298) | $ (412,075,058) |
A All Class F shares were redeemed on December 16, 2011.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 Worldwide Fund
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, 2011 to April 30, 2012).
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
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,089.10 | $ 7.27 |
HypotheticalA | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
Class T | 1.66% | | | |
Actual | | $ 1,000.00 | $ 1,088.10 | $ 8.62 |
HypotheticalA | | $ 1,000.00 | $ 1,016.61 | $ 8.32 |
Class B | 2.15% | | | |
Actual | | $ 1,000.00 | $ 1,085.00 | $ 11.15 |
HypotheticalA | | $ 1,000.00 | $ 1,014.17 | $ 10.77 |
Class C | 2.16% | | | |
Actual | | $ 1,000.00 | $ 1,085.10 | $ 11.20 |
HypotheticalA | | $ 1,000.00 | $ 1,014.12 | $ 10.82 |
Worldwide | 1.09% | | | |
Actual | | $ 1,000.00 | $ 1,091.20 | $ 5.67 |
HypotheticalA | | $ 1,000.00 | $ 1,019.44 | $ 5.47 |
Institutional Class | 1.16% | | | |
Actual | | $ 1,000.00 | $ 1,090.40 | $ 6.03 |
HypotheticalA | | $ 1,000.00 | $ 1,019.10 | $ 5.82 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Fidelity Worldwide Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
| United States of America | 53.8% | |
| United Kingdom | 10.4% | |
| Japan | 7.7% | |
| France | 2.9% | |
| Netherlands | 2.5% | |
| Germany | 2.5% | |
| Switzerland | 2.0% | |
| Korea (South) | 1.8% | |
| Ireland | 1.7% | |
| Other | 14.7% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United States of America | 52.8% | |
| United Kingdom | 9.8% | |
| Japan | 7.0% | |
| France | 4.3% | |
| Switzerland | 3.2% | |
| Germany | 2.7% | |
| Canada | 2.1% | |
| Netherlands | 1.6% | |
| Australia | 1.5% | |
| Other | 15.0% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Investment Companies | 98.0 | 96.6 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.0 | 3.4 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Citrix Systems, Inc. (United States of America, Software) | 3.0 | 1.1 |
MasterCard, Inc. Class A (United States of America, IT Services) | 3.0 | 2.1 |
Wells Fargo & Co. (United States of America, Commercial Banks) | 2.4 | 0.6 |
Intuit, Inc. (United States of America, Software) | 2.3 | 2.7 |
Estee Lauder Companies, Inc. Class A (United States of America, Personal Products) | 1.7 | 1.0 |
TJX Companies, Inc. (United States of America, Specialty Retail) | 1.7 | 0.9 |
Fifth Third Bancorp (United States of America, Commercial Banks) | 1.7 | 0.4 |
Apple, Inc. (United States of America, Computers & Peripherals) | 1.7 | 1.8 |
UnitedHealth Group, Inc. (United States of America, Health Care Providers & Services) | 1.6 | 1.2 |
Pioneer Natural Resources Co. (United States of America, Oil, Gas & Consumable Fuels) | 1.5 | 0.0 |
| 20.6 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Information Technology | 19.9 | 14.3 |
Consumer Discretionary | 17.8 | 14.7 |
Financials | 15.9 | 18.2 |
Industrials | 10.8 | 9.2 |
Consumer Staples | 10.3 | 9.4 |
Health Care | 7.8 | 10.7 |
Energy | 7.3 | 11.4 |
Materials | 4.8 | 4.3 |
Telecommunication Services | 2.1 | 3.0 |
Utilities | 1.3 | 1.4 |
Semiannual Report
Fidelity Worldwide Fund
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.6% |
| Shares | | Value |
Australia - 1.7% |
Australia & New Zealand Banking Group Ltd. | 267,724 | | $ 6,669,174 |
Commonwealth Bank of Australia | 78,325 | | 4,240,903 |
Fortescue Metals Group Ltd. | 218,016 | | 1,281,069 |
Imdex Ltd. | 398,114 | | 1,045,233 |
NRW Holdings Ltd. | 135,597 | | 577,801 |
Ramsay Health Care Ltd. | 86,433 | | 1,803,706 |
Spark Infrastructure Group unit | 959,218 | | 1,449,074 |
WorleyParsons Ltd. | 54,064 | | 1,591,226 |
TOTAL AUSTRALIA | | 18,658,186 |
Bailiwick of Jersey - 1.0% |
Experian PLC | 249,900 | | 3,944,583 |
Shire PLC | 61,500 | | 2,004,695 |
Wolseley PLC | 135,960 | | 5,170,455 |
TOTAL BAILIWICK OF JERSEY | | 11,119,733 |
Belgium - 1.5% |
Anheuser-Busch InBev SA NV (d) | 227,711 | | 16,413,616 |
Bermuda - 0.6% |
African Minerals Ltd. (a) | 185,600 | | 1,566,486 |
Cheung Kong Infrastructure Holdings Ltd. | 398,000 | | 2,362,254 |
Li & Fung Ltd. | 928,000 | | 1,985,500 |
Petra Diamonds Ltd. (a) | 386,300 | | 973,736 |
TOTAL BERMUDA | | 6,887,976 |
Brazil - 0.9% |
Arezzo Industria e Comercio SA | 51,200 | | 805,813 |
Qualicorp SA | 329,000 | | 2,865,147 |
Redecard SA | 63,500 | | 1,069,354 |
Souza Cruz Industria e Comercio | 112,500 | | 1,752,289 |
TIM Participacoes SA sponsored ADR | 122,878 | | 3,677,739 |
TOTAL BRAZIL | | 10,170,342 |
British Virgin Islands - 0.3% |
Gem Diamonds Ltd. (a) | 118,800 | | 499,415 |
Mail.ru Group Ltd. GDR (Reg. S) (a) | 68,600 | | 2,966,950 |
TOTAL BRITISH VIRGIN ISLANDS | | 3,466,365 |
Canada - 0.4% |
Goldcorp, Inc. | 35,100 | | 1,344,301 |
InterOil Corp. (a) | 10,500 | | 634,620 |
Open Text Corp. (a) | 36,300 | | 2,035,226 |
TOTAL CANADA | | 4,014,147 |
Cayman Islands - 0.8% |
Baidu.com, Inc. sponsored ADR (a) | 17,600 | | 2,335,520 |
Biostime International Holdings Ltd. | 496,500 | | 1,430,246 |
China Kanghui Holdings sponsored ADR (a) | 105,800 | | 2,112,826 |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 19,400 | | 552,900 |
|
| Shares | | Value |
Sands China Ltd. | 554,400 | | $ 2,179,400 |
Shenguan Holdings Group Ltd. | 558,000 | | 302,063 |
TOTAL CAYMAN ISLANDS | | 8,912,955 |
Denmark - 1.2% |
Danske Bank A/S (a) | 93,416 | | 1,516,844 |
Novo Nordisk A/S Series B | 48,916 | | 7,211,985 |
William Demant Holding A/S (a) | 47,100 | | 4,446,243 |
TOTAL DENMARK | | 13,175,072 |
France - 2.9% |
Arkema SA | 20,430 | | 1,809,597 |
AXA SA | 237,737 | | 3,367,464 |
BNP Paribas SA | 87,788 | | 3,527,087 |
Bureau Veritas SA | 29,600 | | 2,637,507 |
Iliad SA | 22,513 | | 2,898,313 |
JC Decaux SA | 31,800 | | 902,346 |
L'Oreal SA | 9,000 | | 1,082,882 |
LVMH Moet Hennessy - Louis Vuitton SA (d) | 21,299 | | 3,528,681 |
PPR SA (d) | 23,950 | | 4,005,928 |
Sanofi SA | 57,258 | | 4,373,801 |
Schneider Electric SA | 43,500 | | 2,672,534 |
Technip SA | 11,800 | | 1,334,488 |
TOTAL FRANCE | | 32,140,628 |
Germany - 2.2% |
Aareal Bank AG (a) | 63,891 | | 1,232,738 |
Allianz AG | 15,766 | | 1,756,923 |
BASF AG (d) | 39,164 | | 3,224,259 |
Bayerische Motoren Werke AG (BMW) | 44,338 | | 4,214,862 |
Fresenius Medical Care AG & Co. KGaA | 22,400 | | 1,590,786 |
GEA Group AG | 59,653 | | 1,968,688 |
Gerry Weber International AG (Bearer) | 19,400 | | 823,870 |
GSW Immobilien AG | 26,800 | | 892,090 |
GSW Immobilien AG rights 5/3/12 (a) | 26,800 | | 31,480 |
Lanxess AG | 20,100 | | 1,600,494 |
MTU Aero Engines Holdings AG | 17,300 | | 1,457,009 |
SAP AG | 56,734 | | 3,762,517 |
Wirecard AG | 97,400 | | 1,805,134 |
TOTAL GERMANY | | 24,360,850 |
Hong Kong - 0.7% |
AIA Group Ltd. | 1,071,600 | | 3,812,024 |
HKT Trust / HKT Ltd. unit | 1,451,000 | | 1,127,713 |
Techtronic Industries Co. Ltd. | 2,728,500 | | 3,295,167 |
TOTAL HONG KONG | | 8,234,904 |
India - 0.6% |
Apollo Hospitals Enterprise Ltd. | 25,151 | | 301,034 |
Housing Development Finance Corp. Ltd. | 205,593 | | 2,629,592 |
IndusInd Bank Ltd. | 191,444 | | 1,211,198 |
Common Stocks - continued |
| Shares | | Value |
India - continued |
The Jammu & Kashmir Bank Ltd. | 30,114 | | $ 538,124 |
Titan Industries Ltd. | 374,259 | | 1,655,793 |
TOTAL INDIA | | 6,335,741 |
Indonesia - 0.2% |
PT Media Nusantara Citra Tbk | 4,495,500 | | 1,100,579 |
PT Sarana Menara Nusantara Tbk (a) | 371,000 | | 557,075 |
PT Tower Bersama Infrastructure Tbk | 3,318,000 | | 1,101,126 |
TOTAL INDONESIA | | 2,758,780 |
Ireland - 1.7% |
Accenture PLC Class A | 121,800 | | 7,910,910 |
Alkermes PLC (a) | 84,000 | | 1,453,200 |
Elan Corp. PLC sponsored ADR (a) | 169,000 | | 2,330,510 |
Ingersoll-Rand PLC | 40,000 | | 1,700,800 |
James Hardie Industries NV CDI | 365,087 | | 2,848,941 |
Paddy Power PLC (Ireland) | 43,800 | | 2,858,534 |
TOTAL IRELAND | | 19,102,895 |
Israel - 0.2% |
Check Point Software Technologies Ltd. (a) | 44,700 | | 2,598,411 |
Italy - 0.8% |
Brunello Cucinelli SpA | 8,500 | | 135,028 |
Fiat Industrial SpA (d) | 113,100 | | 1,283,116 |
Prada SpA | 253,200 | | 1,719,840 |
Saipem SpA | 109,488 | | 5,409,169 |
TOTAL ITALY | | 8,547,153 |
Japan - 7.7% |
ABC-Mart, Inc. | 70,200 | | 2,556,554 |
Aozora Bank Ltd. | 810,000 | | 2,077,604 |
Calbee, Inc. | 37,400 | | 2,263,439 |
Canon, Inc. | 57,400 | | 2,601,982 |
Chiyoda Corp. | 171,000 | | 2,059,291 |
Cosmos Pharmaceutical Corp. | 44,900 | | 2,517,415 |
Credit Saison Co. Ltd. | 158,600 | | 3,403,934 |
CyberAgent, Inc. | 462 | | 1,422,948 |
Don Quijote Co. Ltd. | 103,100 | | 3,781,944 |
Fanuc Corp. | 35,200 | | 5,936,870 |
Fast Retailing Co. Ltd. | 9,500 | | 2,123,079 |
Hitachi Ltd. | 521,000 | | 3,318,584 |
Honda Motor Co. Ltd. | 161,800 | | 5,823,415 |
Japan Tobacco, Inc. | 1,175 | | 6,509,541 |
JS Group Corp. | 116,000 | | 2,277,968 |
JSR Corp. | 137,200 | | 2,707,984 |
Kakaku.com, Inc. | 54,300 | | 1,688,643 |
KDDI Corp. | 413 | | 2,703,788 |
Keyence Corp. | 18,460 | | 4,357,293 |
Mitsubishi Corp. | 109,200 | | 2,366,726 |
Mitsubishi Estate Co. Ltd. | 94,000 | | 1,661,868 |
Mitsubishi UFJ Financial Group, Inc. | 910,900 | | 4,373,972 |
|
| Shares | | Value |
Nexon Co. Ltd. (d) | 23,200 | | $ 439,773 |
ORIX Corp. | 79,370 | | 7,589,105 |
Rakuten, Inc. | 4,586 | | 5,115,306 |
Seven Bank Ltd. | 795,700 | | 1,966,101 |
So-net M3, Inc. | 320 | | 1,487,647 |
Unicharm Corp. | 13,200 | | 738,474 |
TOTAL JAPAN | | 85,871,248 |
Korea (South) - 1.8% |
Hyundai Motor Co. | 16,534 | | 3,928,220 |
Kia Motors Corp. | 34,480 | | 2,544,526 |
LG Household & Health Care Ltd. | 5,774 | | 3,029,738 |
NCsoft Corp. | 4,691 | | 1,216,205 |
NHN Corp. | 3,893 | | 881,857 |
Orion Corp. | 4,433 | | 3,522,473 |
Samsung Electronics Co. Ltd. | 3,934 | | 4,838,634 |
TOTAL KOREA (SOUTH) | | 19,961,653 |
Luxembourg - 0.6% |
Brait SA | 357,400 | | 1,118,885 |
Millicom International Cellular SA | 11,500 | | 1,230,385 |
Millicom International Cellular SA (depository receipt) | 8,600 | | 913,648 |
Samsonite International SA | 1,596,000 | | 3,093,817 |
TOTAL LUXEMBOURG | | 6,356,735 |
Mexico - 0.1% |
Wal-Mart de Mexico SA de CV Series V | 472,400 | | 1,350,678 |
Netherlands - 2.5% |
AEGON NV | 292,700 | | 1,361,623 |
ASML Holding NV | 69,100 | | 3,523,409 |
Gemalto NV | 121,249 | | 9,035,076 |
HeidelbergCement Finance AG (d) | 51,700 | | 2,842,675 |
ING Groep NV (Certificaten Van Aandelen) (a) | 309,500 | | 2,183,649 |
LyondellBasell Industries NV Class A | 64,000 | | 2,673,920 |
NXP Semiconductors NV (a) | 55,800 | | 1,442,430 |
Randstad Holding NV | 46,058 | | 1,595,017 |
Yandex NV | 138,000 | | 3,273,360 |
TOTAL NETHERLANDS | | 27,931,159 |
Norway - 0.3% |
DnB NOR ASA (d) | 274,800 | | 2,962,997 |
Philippines - 0.0% |
Alliance Global Group, Inc. | 596,900 | | 174,972 |
Poland - 0.2% |
Eurocash SA | 215,900 | | 2,636,309 |
Puerto Rico - 0.1% |
Popular, Inc. (a) | 850,000 | | 1,513,000 |
Qatar - 0.1% |
Commercial Bank of Qatar GDR (Reg. S) | 306,102 | | 1,210,670 |
Common Stocks - continued |
| Shares | | Value |
Russia - 0.2% |
Mobile TeleSystems OJSC sponsored ADR | 135,800 | | $ 2,656,248 |
South Africa - 0.4% |
Distell Group Ltd. | 126,410 | | 1,381,441 |
Shoprite Holdings Ltd. | 95,600 | | 1,651,921 |
Tiger Brands Ltd. | 33,200 | | 1,216,508 |
TOTAL SOUTH AFRICA | | 4,249,870 |
Spain - 0.5% |
Banco Bilbao Vizcaya Argentaria SA | 344,675 | | 2,332,608 |
Banco Bilbao Vizcaya Argentaria SA rights 4/30/12 (a) | 344,651 | | 49,275 |
Inditex SA | 33,906 | | 3,049,920 |
TOTAL SPAIN | | 5,431,803 |
Sweden - 1.2% |
Atlas Copco AB (A Shares) | 131,200 | | 3,123,461 |
Elekta AB: | | | |
unit (a) | 30,000 | | 97,757 |
(B Shares) | 30,000 | | 1,522,152 |
Intrum Justitia AB | 115,000 | | 1,745,341 |
Svenska Handelsbanken AB (A Shares) | 100,200 | | 3,247,191 |
Swedish Match Co. AB | 78,000 | | 3,170,718 |
TOTAL SWEDEN | | 12,906,620 |
Switzerland - 2.0% |
Adecco SA (Reg.) | 32,451 | | 1,580,446 |
Partners Group Holding AG | 13,818 | | 2,629,462 |
Roche Holding AG (participation certificate) | 14,101 | | 2,576,107 |
Schindler Holding AG (participation certificate) | 33,294 | | 4,306,887 |
Swatch Group AG (Bearer) | 3,280 | | 1,512,873 |
Syngenta AG (Switzerland) | 5,030 | | 1,764,098 |
UBS AG | 248,020 | | 3,097,663 |
Zurich Financial Services AG | 20,820 | | 5,092,876 |
TOTAL SWITZERLAND | | 22,560,412 |
Turkey - 0.0% |
Boyner Buyuk Magazacilik A/S (a) | 280,000 | | 562,550 |
United Kingdom - 10.4% |
Aberdeen Asset Management PLC | 355,842 | | 1,637,403 |
Aggreko PLC | 79,600 | | 2,908,264 |
Anglo American PLC (United Kingdom) | 89,418 | | 3,436,782 |
Ashmore Group PLC | 187,900 | | 1,166,855 |
Barclays PLC | 1,259,033 | | 4,457,965 |
BG Group PLC | 274,063 | | 6,452,283 |
BHP Billiton PLC | 230,347 | | 7,416,215 |
BP PLC | 679,369 | | 4,908,436 |
British American Tobacco PLC: | | | |
(United Kingdom) | 174,800 | | 8,966,516 |
sponsored ADR | 67,500 | | 6,947,100 |
British Land Co. PLC | 332,855 | | 2,644,018 |
|
| Shares | | Value |
Burberry Group PLC | 94,800 | | $ 2,284,968 |
Carphone Warehouse Group PLC | 868,479 | | 1,846,613 |
Diageo PLC | 235,504 | | 5,940,914 |
GlaxoSmithKline PLC | 169,900 | | 3,925,428 |
HSBC Holdings PLC (United Kingdom) | 715,328 | | 6,458,188 |
Jazztel PLC (a) | 353,900 | | 2,371,042 |
Legal & General Group PLC | 1,970,424 | | 3,761,078 |
London Stock Exchange Group PLC | 33,500 | | 591,587 |
Meggitt PLC | 416,600 | | 2,762,209 |
Michael Page International PLC | 230,900 | | 1,557,560 |
Next PLC | 43,800 | | 2,082,278 |
Ocado Group PLC (a)(d) | 898,900 | | 1,893,788 |
Reckitt Benckiser Group PLC | 36,900 | | 2,148,340 |
Rolls-Royce Group PLC | 271,600 | | 3,630,268 |
Rotork PLC | 37,010 | | 1,325,765 |
Royal Dutch Shell PLC Class B | 371,647 | | 13,601,931 |
Royalblue Group PLC | 39,800 | | 1,001,290 |
Ultra Electronics Holdings PLC | 36,900 | | 1,008,588 |
Vodafone Group PLC | 1,452,800 | | 4,021,790 |
Vodafone Group PLC sponsored ADR | 47,212 | | 1,313,910 |
Xstrata PLC | 112,700 | | 2,153,923 |
TOTAL UNITED KINGDOM | | 116,623,295 |
United States of America - 51.8% |
3D Systems Corp. (a) | 18,000 | | 530,820 |
Active Network, Inc. | 123,000 | | 2,066,400 |
Advance Auto Parts, Inc. | 5,000 | | 459,000 |
Airgas, Inc. | 15,000 | | 1,374,600 |
Alexion Pharmaceuticals, Inc. (a) | 29,000 | | 2,619,280 |
Allergan, Inc. | 13,000 | | 1,248,000 |
Altria Group, Inc. | 78,000 | | 2,512,380 |
Amazon.com, Inc. (a) | 14,000 | | 3,246,600 |
American International Group, Inc. (a) | 141,000 | | 4,798,230 |
American Tower Corp. | 143,000 | | 9,377,940 |
Amgen, Inc. | 86,000 | | 6,115,460 |
Apple, Inc. (a) | 32,600 | | 19,046,224 |
AutoZone, Inc. (a) | 14,000 | | 5,546,240 |
BB&T Corp. | 204,000 | | 6,536,160 |
Beam, Inc. | 68,200 | | 3,872,396 |
Bed Bath & Beyond, Inc. (a) | 12,000 | | 844,680 |
Biogen Idec, Inc. (a) | 94,500 | | 12,663,945 |
Cabela's, Inc. Class A (a) | 171,000 | | 6,465,510 |
Cirrus Logic, Inc. (a) | 55,500 | | 1,519,590 |
Citrix Systems, Inc. (a) | 396,109 | | 33,910,888 |
Cognizant Technology Solutions Corp. Class A (a) | 47,200 | | 3,460,704 |
Comcast Corp. Class A | 122,000 | | 3,700,260 |
Concur Technologies, Inc. (a) | 3,000 | | 169,680 |
Continental Resources, Inc. (a) | 23,000 | | 2,052,750 |
Cray, Inc. (a) | 17,000 | | 189,550 |
Cummins, Inc. | 23,300 | | 2,698,839 |
Dick's Sporting Goods, Inc. | 7,000 | | 354,200 |
Discover Financial Services | 25,000 | | 847,500 |
Discovery Communications, Inc. (a) | 69,000 | | 3,754,980 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Dollar General Corp. (a) | 145,400 | | $ 6,900,684 |
Drew Industries, Inc. (a) | 8,000 | | 238,240 |
Elizabeth Arden, Inc. (a) | 56,534 | | 2,203,695 |
EOG Resources, Inc. | 12,000 | | 1,317,720 |
Equifax, Inc. | 54,000 | | 2,474,280 |
Estee Lauder Companies, Inc. Class A | 297,000 | | 19,408,950 |
Expedia, Inc. | 27,000 | | 1,151,010 |
Fair Isaac Corp. | 90,000 | | 3,861,000 |
Fifth Third Bancorp | 1,340,000 | | 19,068,200 |
FMC Corp. | 18,000 | | 1,988,100 |
Foot Locker, Inc. | 41,000 | | 1,254,190 |
Fusion-io, Inc. | 17,000 | | 436,050 |
G-III Apparel Group Ltd. (a) | 246,200 | | 6,610,470 |
Gilead Sciences, Inc. (a) | 68,000 | | 3,536,680 |
H.B. Fuller Co. | 60,000 | | 1,974,000 |
HollyFrontier Corp. | 74,000 | | 2,280,680 |
Home Depot, Inc. | 38,000 | | 1,968,020 |
Hubbell, Inc. Class B | 15,000 | | 1,203,600 |
IBM Corp. | 55,000 | | 11,389,400 |
Intuit, Inc. | 446,000 | | 25,854,620 |
J.B. Hunt Transport Services, Inc. | 104,000 | | 5,754,320 |
JCPenney Co., Inc. | 62,000 | | 2,235,720 |
Kansas City Southern | 178,000 | | 13,709,560 |
Las Vegas Sands Corp. | 94,000 | | 5,216,060 |
Limited Brands, Inc. | 28,000 | | 1,391,600 |
Lincoln National Corp. | 45,000 | | 1,114,650 |
Lithia Motors, Inc. Class A (sub. vtg.) | 53,000 | | 1,421,990 |
Lorillard, Inc. | 36,000 | | 4,870,440 |
Mako Surgical Corp. (a) | 24,000 | | 991,440 |
Manitowoc Co., Inc. | 118,000 | | 1,634,300 |
Marathon Petroleum Corp. | 149,000 | | 6,199,890 |
Marten Transport Ltd. | 39,600 | | 834,372 |
MasterCard, Inc. Class A | 74,400 | | 33,648,888 |
McDonald's Corp. | 29,500 | | 2,874,775 |
Medivation, Inc. (a) | 32,000 | | 2,588,160 |
Merrimack Pharmaceuticals, Inc. | 19,000 | | 150,100 |
Michael Kors Holdings Ltd. | 154,500 | | 7,056,015 |
MICROS Systems, Inc. (a) | 7,000 | | 397,810 |
Microsoft Corp. | 349,000 | | 11,174,980 |
Monster Beverage Corp. (a) | 19,000 | | 1,234,240 |
National Oilwell Varco, Inc. | 16,000 | | 1,212,160 |
NIKE, Inc. Class B | 75,000 | | 8,390,250 |
Noble Energy, Inc. | 78,000 | | 7,746,960 |
O'Reilly Automotive, Inc. (a) | 27,000 | | 2,847,420 |
Perrigo Co. | 24,000 | | 2,517,600 |
PetSmart, Inc. | 18,000 | | 1,048,680 |
Pioneer Natural Resources Co. | 143,000 | | 16,562,260 |
Prestige Brands Holdings, Inc. (a) | 304,000 | | 5,164,960 |
Priceline.com, Inc. (a) | 5,000 | | 3,804,100 |
|
| Shares | | Value |
PulteGroup, Inc. (a) | 43,300 | | $ 426,072 |
Ralph Lauren Corp. | 10,000 | | 1,722,700 |
Raymond James Financial, Inc. | 65,000 | | 2,380,300 |
Responsys, Inc. | 13,000 | | 166,140 |
Robert Half International, Inc. | 18,000 | | 536,400 |
Royal Gold, Inc. | 24,200 | | 1,499,432 |
salesforce.com, Inc. (a) | 69,000 | | 10,745,370 |
Sempra Energy | 174,000 | | 11,264,760 |
Starbucks Corp. | 17,000 | | 975,460 |
Stratasys, Inc. (a) | 3,000 | | 153,630 |
SVB Financial Group (a) | 62,000 | | 3,973,580 |
The Coca-Cola Co. | 7,000 | | 534,240 |
TIBCO Software, Inc. (a) | 75,000 | | 2,467,500 |
Timken Co. | 39,000 | | 2,203,890 |
TJX Companies, Inc. | 462,000 | | 19,270,020 |
Total System Services, Inc. | 67,900 | | 1,597,008 |
Tractor Supply Co. | 5,000 | | 492,050 |
U.S. Bancorp | 75,000 | | 2,412,750 |
Under Armour, Inc. Class A (sub. vtg.) (a) | 16,000 | | 1,566,880 |
Union Pacific Corp. | 56,400 | | 6,341,616 |
United Rentals, Inc. (a)(d) | 128,000 | | 5,975,040 |
United Technologies Corp. | 19,000 | | 1,551,160 |
UnitedHealth Group, Inc. | 317,800 | | 17,844,470 |
Valmont Industries, Inc. | 31,000 | | 3,841,830 |
Vertex Pharmaceuticals, Inc. (a) | 36,000 | | 1,385,280 |
W.R. Grace & Co. (a) | 104,200 | | 6,211,362 |
Weight Watchers International, Inc. | 8,000 | | 607,680 |
Wells Fargo & Co. | 797,000 | | 26,643,710 |
WESCO International, Inc. (a) | 152,000 | | 10,091,280 |
Williams Companies, Inc. | 267,000 | | 9,086,010 |
Wyndham Worldwide Corp. | 122,000 | | 6,141,480 |
Yum! Brands, Inc. | 115,000 | | 8,363,950 |
TOTAL UNITED STATES OF AMERICA | | 579,369,145 |
TOTAL COMMON STOCKS (Cost $957,152,210) |
1,091,227,118
|
Nonconvertible Preferred Stocks - 0.4% |
| | | |
Germany - 0.3% |
Volkswagen AG | 17,500 | | 3,315,126 |
Italy - 0.1% |
Fiat Industrial SpA | 111,500 | | 915,143 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C | 28,789,600 | | 46,728 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,270,670) |
4,276,997
|
Investment Companies - 0.0% |
| Shares | | Value |
Cyprus - 0.0% |
Aisi Realty Public Ltd. (a)
(Cost $400,856) | 12,322 | | $ 16,700 |
Money Market Funds - 5.0% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 17,091,275 | | 17,091,275 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 38,391,837 | | 38,391,837 |
TOTAL MONEY MARKET FUNDS (Cost $55,483,112) |
55,483,112
|
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $1,016,306,848) | 1,151,003,927 |
NET OTHER ASSETS (LIABILITIES) - (3.0)% | (33,633,321) |
NET ASSETS - 100% | $ 1,117,370,606 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
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 | $ 16,421 |
Fidelity Securities Lending Cash Central Fund | 94,686 |
Total | $ 111,107 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 194,496,252 | $ 173,673,006 | $ 20,823,246 | $ - |
Consumer Staples | 114,773,922 | 87,837,623 | 26,936,299 | - |
Energy | 80,943,483 | 62,433,116 | 18,510,367 | - |
Financials | 177,168,238 | 134,992,760 | 42,175,478 | - |
Health Care | 88,898,292 | 68,303,950 | 20,594,342 | - |
Industrials | 123,006,706 | 110,365,851 | 12,640,855 | - |
Information Technology | 224,888,810 | 208,720,018 | 16,168,792 | - |
Materials | 52,236,622 | 40,348,325 | 11,888,297 | - |
Telecommunication Services | 24,015,702 | 17,290,124 | 6,725,578 | - |
Utilities | 15,076,088 | 15,076,088 | - | - |
Investment Companies | 16,700 | 16,700 | - | - |
Money Market Funds | 55,483,112 | 55,483,112 | - | - |
Total Investments in Securities: | $ 1,151,003,927 | $ 974,540,673 | $ 176,463,254 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Worldwide Fund
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $36,129,814) - See accompanying schedule: Unaffiliated issuers (cost $960,823,736) | $ 1,095,520,815 | |
Fidelity Central Funds (cost $55,483,112) | 55,483,112 | |
Total Investments (cost $1,016,306,848) | | $ 1,151,003,927 |
Foreign currency held at value (cost $49,813) | | 49,785 |
Receivable for investments sold | | 26,995,321 |
Receivable for fund shares sold | | 1,033,941 |
Dividends receivable | | 2,769,472 |
Distributions receivable from Fidelity Central Funds | | 49,346 |
Prepaid expenses | | 1,182 |
Other receivables | | 360,808 |
Total assets | | 1,182,263,782 |
| | |
Liabilities | | |
Payable for investments purchased | $ 24,303,114 | |
Payable for fund shares redeemed | 1,087,221 | |
Accrued management fee | 776,264 | |
Distribution and service plan fees payable | 6,594 | |
Other affiliated payables | 254,471 | |
Other payables and accrued expenses | 73,675 | |
Collateral on securities loaned, at value | 38,391,837 | |
Total liabilities | | 64,893,176 |
| | |
Net Assets | | $ 1,117,370,606 |
Net Assets consist of: | | |
Paid in capital | | $ 1,026,239,913 |
Undistributed net investment income | | 3,791,146 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (47,353,775) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 134,693,322 |
Net Assets | | $ 1,117,370,606 |
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($15,452,662 ÷ 794,000 shares) | | $ 19.46 |
| | |
Maximum offering price per share (100/94.25 of $19.46) | | $ 20.65 |
Class T:
Net Asset Value and redemption price per share ($4,677,810 ÷ 241,096 shares) | | $ 19.40 |
| | |
Maximum offering price per share (100/96.50 of $19.40) | | $ 20.10 |
Class B:
Net Asset Value and offering price per share ($301,541 ÷ 15,637 shares)A | | $ 19.28 |
| | |
Class C:
Net Asset Value and offering price per share ($1,591,335 ÷ 82,668 shares)A | | $ 19.25 |
| | |
Worldwide:
Net Asset Value, offering price and redemption price per share ($1,091,428,457 ÷ 55,726,819 shares) | | $ 19.59 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($3,918,801 ÷ 200,715 shares) | | $ 19.52 |
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, 2012 (Unaudited) |
Investment Income | | |
Dividends | | $ 11,328,444 |
Interest | | 10 |
Income from Fidelity Central Funds | | 111,107 |
Income before foreign taxes withheld | | 11,439,561 |
Less foreign taxes withheld | | (447,100) |
Total income | | 10,992,461 |
Expenses | | |
Management fee
Basic fee | $ 3,869,316 | |
Performance adjustment | 317,081 | |
Transfer agent fees | 1,288,963 | |
Distribution and service plan fees | 33,944 | |
Accounting and security lending fees | 253,528 | |
Custodian fees and expenses | 98,662 | |
Independent trustees' compensation | 3,420 | |
Registration fees | 76,647 | |
Audit | 34,852 | |
Legal | 2,803 | |
Interest | 56 | |
Miscellaneous | 5,555 | |
Total expenses before reductions | 5,984,827 | |
Expense reductions | (172,044) | 5,812,783 |
Net investment income (loss) | | 5,179,678 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 10,519,556 | |
Foreign currency transactions | (110,900) | |
Total net realized gain (loss) | | 10,408,656 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 77,507,072 | |
Assets and liabilities in foreign currencies | (19,107) | |
Total change in net unrealized appreciation (depreciation) | | 77,487,965 |
Net gain (loss) | | 87,896,621 |
Net increase (decrease) in net assets resulting from operations | | $ 93,076,299 |
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,179,678 | $ 7,182,199 |
Net realized gain (loss) | 10,408,656 | 120,543,178 |
Change in net unrealized appreciation (depreciation) | 77,487,965 | (94,457,618) |
Net increase (decrease) in net assets resulting from operations | 93,076,299 | 33,267,759 |
Distributions to shareholders from net investment income | (4,089,511) | (6,244,141) |
Distributions to shareholders from net realized gain | - | (2,870,519) |
Total distributions | (4,089,511) | (9,114,660) |
Share transactions - net increase (decrease) | (106,307,332) | 12,558,124 |
Redemption fees | 18,358 | 33,448 |
Total increase (decrease) in net assets | (17,302,186) | 36,744,671 |
| | |
Net Assets | | |
Beginning of period | 1,134,672,792 | 1,097,928,121 |
End of period (including undistributed net investment income of $3,791,146 and undistributed net investment income of $2,700,979, respectively) | $ 1,117,370,606 | $ 1,134,672,792 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 17.89 | $ 17.50 | $ 14.96 | $ 10.88 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .06 | .05 | .03 | (.01) |
Net realized and unrealized gain (loss) | 1.53 | .47 | 2.63 | 4.09 |
Total from investment operations | 1.59 | .52 | 2.66 | 4.08 |
Distributions from net investment income | (.02) | (.08) | (.10) | - |
Distributions from net realized gain | - | (.05) | (.02) | - |
Total distributions | (.02) | (.13) | (.12) | - |
Redemption fees added to paid in capital E,J | - | - | - | - |
Net asset value, end of period | $ 19.46 | $ 17.89 | $ 17.50 | $ 14.96 |
Total Return B,C,D | 8.91% | 2.94% | 17.85% | 37.50% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 1.40% A | 1.41% | 1.43% | 1.52% A |
Expenses net of fee waivers, if any | 1.40% A | 1.40% | 1.43% | 1.52% A |
Expenses net of all reductions | 1.37% A | 1.38% | 1.41% | 1.49% A |
Net investment income (loss) | .64% A | .28% | .21% | (.06)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 15,453 | $ 13,153 | $ 7,530 | $ 993 |
Portfolio turnover rate G | 192% A | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. 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. JAmount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 17.83 | $ 17.46 | $ 14.94 | $ 10.88 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .03 | .01 | (.01) | (.01) |
Net realized and unrealized gain (loss) | 1.54 | .45 | 2.62 | 4.07 |
Total from investment operations | 1.57 | .46 | 2.61 | 4.06 |
Distributions from net investment income | - | (.04) | (.08) | - |
Distributions from net realized gain | - | (.05) | (.02) | - |
Total distributions | - | (.09) | (.09) K | - |
Redemption fees added to paid in capital E,J | - | - | - | - |
Net asset value, end of period | $ 19.40 | $ 17.83 | $ 17.46 | $ 14.94 |
Total Return B,C,D | 8.81% | 2.61% | 17.53% | 37.32% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 1.66% A | 1.66% | 1.70% | 1.73% A |
Expenses net of fee waivers, if any | 1.66% A | 1.65% | 1.70% | 1.73% A |
Expenses net of all reductions | 1.63% A | 1.63% | 1.68% | 1.70% A |
Net investment income (loss) | .38% A | .03% | (.05)% | (.08)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 4,678 | $ 2,187 | $ 1,120 | $ 458 |
Portfolio turnover rate G | 192% A | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. 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. JAmount represents less than $.01 per share. KTotal distributions of $.09 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.015 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, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 17.77 | $ 17.39 | $ 14.89 | $ 10.88 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.01) | (.09) | (.09) | (.03) |
Net realized and unrealized gain (loss) | 1.52 | .47 | 2.61 | 4.04 |
Total from investment operations | 1.51 | .38 | 2.52 | 4.01 |
Distributions from net investment income | - | - | (.01) | - |
Distributions from net realized gain | - | - | (.01) | - |
Total distributions | - | - | (.02) | - |
Redemption fees added to paid in capital E,J | - | - | - | - |
Net asset value, end of period | $ 19.28 | $ 17.77 | $ 17.39 | $ 14.89 |
Total Return B,C,D | 8.50% | 2.19% | 16.92% | 36.86% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 2.15% A | 2.16% | 2.19% | 2.20% A |
Expenses net of fee waivers, if any | 2.15% A | 2.16% | 2.19% | 2.20% A |
Expenses net of all reductions | 2.12% A | 2.13% | 2.17% | 2.17% A |
Net investment income (loss) | (.11)% A | (.47)% | (.55)% | (.30)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 302 | $ 256 | $ 305 | $ 224 |
Portfolio turnover rate G | 192% A | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. 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. JAmount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 17.74 | $ 17.36 | $ 14.89 | $ 10.88 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.01) | (.09) | (.09) | (.04) |
Net realized and unrealized gain (loss) | 1.52 | .47 | 2.61 | 4.05 |
Total from investment operations | 1.51 | .38 | 2.52 | 4.01 |
Distributions from net investment income | - | - | (.03) | - |
Distributions from net realized gain | - | - | (.02) | - |
Total distributions | - | - | (.05) | - |
Redemption fees added to paid in capital E,J | - | - | - | - |
Net asset value, end of period | $ 19.25 | $ 17.74 | $ 17.36 | $ 14.89 |
Total Return B,C,D | 8.51% | 2.19% | 16.94% | 36.86% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 2.16% A | 2.16% | 2.19% | 2.18% A |
Expenses net of fee waivers, if any | 2.16% A | 2.15% | 2.19% | 2.18% A |
Expenses net of all reductions | 2.13% A | 2.13% | 2.16% | 2.15% A |
Net investment income (loss) | (.12)% A | (.47)% | (.54)% | (.39)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 1,591 | $ 1,297 | $ 710 | $ 335 |
Portfolio turnover rate G | 192% A | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. 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. JAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Worldwide
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 18.02 | $ 17.58 | $ 14.98 | $ 13.40 | $ 25.18 | $ 21.82 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .09 | .11 | .08 | .12 | .16 | .14 |
Net realized and unrealized gain (loss) | 1.55 | .48 | 2.63 | 1.63 | (9.44) | 6.05 |
Total from investment operations | 1.64 | .59 | 2.71 | 1.75 | (9.28) | 6.19 |
Distributions from net investment income | (.07) | (.10) | (.10) | (.17) | (.12) | (.17) |
Distributions from net realized gain | - | (.05) | (.02) | - | (2.38) | (2.66) |
Total distributions | (.07) | (.15) | (.11) I | (.17) | (2.50) | (2.83) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 19.59 | $ 18.02 | $ 17.58 | $ 14.98 | $ 13.40 | $ 25.18 |
Total Return B,C | 9.12% | 3.32% | 18.18% | 13.39% | (40.66)% | 31.87% |
Ratios to Average Net Assets E,G | | | | | | |
Expenses before reductions | 1.09% A | 1.08% | 1.15% | 1.27% | 1.21% | 1.04% |
Expenses net of fee waivers, if any | 1.09% A | 1.08% | 1.15% | 1.27% | 1.21% | 1.04% |
Expenses net of all reductions | 1.06% A | 1.05% | 1.12% | 1.24% | 1.19% | 1.02% |
Net investment income (loss) | .96% A | .60% | .50% | .92% | .84% | .66% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,091,428 | $ 1,114,694 | $ 1,087,928 | $ 991,996 | $ 934,885 | $ 1,773,603 |
Portfolio turnover rate F | 192% A | 203% | 166% | 224% | 264% | 128% |
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 $.11 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.015 per share. |
Financial Highlights - Institutional Class
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 17.98 | $ 17.57 | $ 15.00 | $ 10.88 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .08 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | 1.54 | .47 | 2.63 | 4.06 |
Total from investment operations | 1.62 | .57 | 2.70 | 4.12 |
Distributions from net investment income | (.08) | (.11) | (.11) | - |
Distributions from net realized gain | - | (.05) | (.02) | - |
Total distributions | (.08) | (.16) | (.13) | - |
Redemption fees added to paid in capital D, I | - | - | - | - |
Net asset value, end of period | $ 19.52 | $ 17.98 | $ 17.57 | $ 15.00 |
Total Return B,C | 9.04% | 3.23% | 18.08% | 37.87% |
Ratios to Average Net Assets E,H | | | | |
Expenses before reductions | 1.16% A | 1.13% | 1.21% | 1.17% A |
Expenses net of fee waivers, if any | 1.16% A | 1.13% | 1.21% | 1.17% A |
Expenses net of all reductions | 1.13% A | 1.10% | 1.19% | 1.15% A |
Net investment income (loss) | .88% A | .56% | .44% | .62% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 3,919 | $ 3,086 | $ 335 | $ 290 |
Portfolio turnover rate F | 192% A | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. 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 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. IAmount 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, 2012 (Unaudited)
1. Organization.
Fidelity® Worldwide 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, Worldwide and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 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
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, equity-debt classifications, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
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 | $ 157,577,746 |
Gross unrealized depreciation | (28,021,841) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 129,555,905 |
| |
Tax cost | $ 1,021,448,022 |
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. At October 31, 2011 capital loss carryforwards were as follows:
Fiscal year of expiration | |
2017 | $ (43,909,944) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $1,033,250,196 and $1,119,584,452, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Worldwide as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .77% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total
Fees | Retained
by FDC |
Class A | -% | .25% | $ 17,376 | $ 1,400 |
Class T | .25% | .25% | 8,102 | 84 |
Class B | .75% | .25% | 1,357 | 1,019 |
Class C | .75% | .25% | 7,109 | 2,763 |
| | | $ 33,944 | $ 5,266 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 4,384 |
Class T | 972 |
Class B* | 481 |
Class C* | 1,262 |
| $ 7,099 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 20,918 | .30 |
Class T | 5,033 | .31 |
Class B | 409 | .30 |
Class C | 2,170 | .31 |
Worldwide | 1,255,256 | .23 |
Institutional Class | 5,177 | .31 |
| $ 1,288,963 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $24,998 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, 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
Balance | Weighted Average Interest Rate | Interest
Expense |
Borrower | $ 6,075,000 | .33% | $ 56 |
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $1,642 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $94,686. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $172,044 for the period.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 16,597 | $ 36,687 |
Class T | - | 3,024 |
Class B | - | - |
Class C | - | - |
Worldwide | 4,059,520 | 6,199,611 |
Institutional Class | 13,394 | 4,819 |
Total | $ 4,089,511 | $ 6,244,141 |
From net realized gain | | |
Class A | $ - | $ 20,664 |
Class T | - | 3,280 |
Class B | - | - |
Class C | - | - |
Worldwide | - | 2,844,643 |
Institutional Class | - | 1,932 |
Total | $ - | $ 2,870,519 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 188,055 | 446,295 | $ 3,446,072 | $ 8,440,354 |
Reinvestment of distributions | 720 | 2,409 | 12,524 | 44,007 |
Shares redeemed | (130,134) | (143,732) | (2,373,904) | (2,654,718) |
Net increase (decrease) | 58,641 | 304,972 | $ 1,084,692 | $ 5,829,643 |
Class T | | | | |
Shares sold | 131,790 | 307,740 | $ 2,443,223 | $ 5,853,479 |
Reinvestment of distributions | - | 344 | - | 6,293 |
Shares redeemed | (13,325) | (249,620) | (241,694) | (4,835,753) |
Net increase (decrease) | 118,465 | 58,464 | $ 2,201,529 | $ 1,024,019 |
Class B | | | | |
Shares sold | 2,613 | 3,768 | $ 46,396 | $ 71,519 |
Shares redeemed | (1,359) | (6,939) | (23,981) | (128,598) |
Net increase (decrease) | 1,254 | (3,171) | $ 22,415 | $ (57,079) |
Class C | | | | |
Shares sold | 25,761 | 41,472 | $ 466,522 | $ 784,669 |
Shares redeemed | (16,217) | (9,227) | (292,789) | (167,760) |
Net increase (decrease) | 9,544 | 32,245 | $ 173,733 | $ 616,909 |
Worldwide | | | | |
Shares sold | 4,617,352 | 12,255,493 | $ 82,942,652 | $ 231,984,939 |
Reinvestment of distributions | 226,349 | 480,262 | 3,956,581 | 8,805,760 |
Shares redeemed | (10,988,502) | (12,736,797) | (197,231,169) | (238,335,100) |
Net increase (decrease) | (6,144,801) | (1,042) | $ (110,331,936) | $ 2,455,599 |
Institutional Class | | | | |
Shares sold | 60,053 | 162,911 | $ 1,113,224 | $ 2,875,496 |
Reinvestment of distributions | 745 | 360 | 12,982 | 6,581 |
Shares redeemed | (31,757) | (10,647) | (583,971) | (193,044) |
Net increase (decrease) | 29,041 | 152,624 | $ 542,235 | $ 2,689,033 |
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.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(UK) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodians
JPMorgan Chase Bank
New York, NY
Fidelity Diversified International Fund, Fidelity Overseas Fund, and Fidelity Worldwide Fund
The Northern Trust Company
Chicago, IL
Fidelity International Capital Appreciation Fund
Corporate Headquarters
82 Devonshire Street
Boston, MA 02109
www.fidelity.com
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
IBD-USAN-0612
1.784910.109
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Emerging Europe,
Middle East, Africa (EMEA)
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Class A, Class T, Class B, and Class C are classes of Fidelity® Emerging Europe,
Middle East, Africa (EMEA) Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
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
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to
April 30, 2012 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,080.90 | $ 8.54 |
Hypothetical A | | $ 1,000.00 | $ 1,016.66 | $ 8.27 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 1,080.90 | $ 9.83 |
Hypothetical A | | $ 1,000.00 | $ 1,015.42 | $ 9.52 |
Class B | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,077.50 | $ 12.40 |
Hypothetical A | | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,077.70 | $ 12.40 |
Hypothetical A | | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,082.80 | $ 7.25 |
Hypothetical A | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
Institutional Class | 1.32% | | | |
Actual | | $ 1,000.00 | $ 1,084.00 | $ 6.84 |
Hypothetical A | | $ 1,000.00 | $ 1,018.30 | $ 6.62 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | South Africa 47.1% | |
 | Russia 31.2% | |
 | Turkey 5.0% | |
 | United Arab Emirates 3.5% | |
 | Kenya 2.5% | |
 | Poland 2.4% | |
 | Nigeria 1.5% | |
 | Morocco 1.0% | |
 | Qatar 0.9% | |
 | Other* 4.9% | |
* Includes short-term investments and net other assets.
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| South Africa 46.7% | |
| Russia 33.6% | |
| Turkey 5.8% | |
| Poland 3.3% | |
| United Arab Emirates 2.3% | |
| Nigeria 1.6% | |
| Morocco 1.2% | |
| Kenya 1.2% | |
| Qatar 1.1% | |
| Other* 3.2% | |
* Includes short-term investments and net other assets.
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.7 | 98.9 |
Bonds | 0.6 | 0.7 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.7 | 0.4 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Gazprom OAO (Russia, Oil, Gas & Consumable Fuels) | 8.0 | 8.7 |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 7.4 | 7.9 |
Sberbank (Savings Bank of the Russian Federation) (Russia, Commercial Banks) | 6.5 | 5.6 |
Lukoil Oil Co. sponsored ADR (United Kingdom) (Russia, Oil, Gas & Consumable Fuels) | 6.3 | 6.0 |
Standard Bank Group Ltd. (South Africa, Commercial Banks) | 5.0 | 4.3 |
FirstRand Ltd. (South Africa, Diversified Financial Services) | 4.2 | 3.3 |
Clicks Group Ltd. (South Africa, Food & Staples Retailing) | 2.8 | 2.9 |
NOVATEK OAO GDR (Russia, Oil, Gas & Consumable Fuels) | 2.7 | 4.0 |
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels) | 2.6 | 2.8 |
Vodacom Group (Pty) Ltd. (South Africa, Wireless Telecommunication Services) | 2.6 | 3.1 |
| 48.1 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Energy | 27.5 | 26.7 |
Financials | 26.8 | 23.4 |
Telecommunication Services | 13.5 | 14.3 |
Materials | 10.8 | 14.9 |
Consumer Staples | 10.5 | 9.2 |
Consumer Discretionary | 4.1 | 6.3 |
Industrials | 3.2 | 1.7 |
Health Care | 1.3 | 0.7 |
Utilities | 1.0 | 1.7 |
Information Technology | 0.3 | 0.3 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.4% |
| Shares | | Value |
Bailiwick of Jersey - 0.5% |
Randgold Resources Ltd. | 9,200 | | $ 816,705 |
Canada - 0.9% |
Africa Oil Corp. (a) | 165,000 | | 912,073 |
Silver Wheaton Corp. | 13,200 | | 403,049 |
TOTAL CANADA | | 1,315,122 |
Cayman Islands - 0.3% |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 18,000 | | 513,000 |
Czech Republic - 0.7% |
Philip Morris CR A/S (d) | 1,700 | | 987,528 |
Kenya - 2.5% |
Barclays Bank of Kenya Ltd. | 1,920,640 | | 295,306 |
British American Tobacco Kenya Ltd. | 190,700 | | 739,893 |
East African Breweries Ltd. | 388,906 | | 981,024 |
Kenya Airways Ltd. | 1,754,900 | | 313,036 |
Safaricom Ltd. | 26,267,959 | | 1,041,252 |
Uchumi Supermarket Ltd. (a) | 2,300,000 | | 393,694 |
TOTAL KENYA | | 3,764,205 |
Morocco - 1.0% |
Maroc Telecom SA | 103,600 | | 1,586,776 |
Nigeria - 1.5% |
Guaranty Trust Bank PLC | 3,807,451 | | 387,518 |
Nigerian Breweries PLC | 893,687 | | 625,127 |
Skye Bank PLC | 20,371,010 | | 512,511 |
Zenith Bank PLC | 7,548,060 | | 679,038 |
TOTAL NIGERIA | | 2,204,194 |
Poland - 2.4% |
Bank Polska Kasa Opieki SA | 37,400 | | 1,763,866 |
Eurocash SA | 102,354 | | 1,249,823 |
Kruk SA (a) | 40,000 | | 612,759 |
TOTAL POLAND | | 3,626,448 |
Qatar - 0.9% |
Qatar National Bank SAQ | 21,351 | | 782,296 |
Vodafone Qatar QSC (a) | 248,198 | | 588,310 |
TOTAL QATAR | | 1,370,606 |
Russia - 28.9% |
Bank St. Petersburg OJSC | 120,000 | | 285,996 |
Gazprom OAO | 2,098,400 | | 12,086,285 |
Common Stocks - continued |
| Shares | | Value |
Russia - continued |
Lukoil Oil Co. sponsored ADR (United Kingdom) | 153,895 | | $ 9,441,458 |
NOVATEK OAO | 40,000 | | 515,583 |
NOVATEK OAO GDR (Reg. S) | 27,700 | | 3,520,670 |
OGK-4 OJSC (a) | 3,500,000 | | 316,384 |
Rosneft Oil Co. OJSC | 131,100 | | 938,157 |
Rosneft Oil Co. OJSC GDR (Reg. S) | 234,500 | | 1,673,158 |
Sberbank (Savings Bank of the Russian Federation) | 3,072,600 | | 9,836,797 |
Sistema JSFC sponsored GDR | 26,700 | | 507,300 |
TNK-BP Holding (a) | 915,000 | | 2,800,048 |
Uralkali OJSC | 236,900 | | 1,788,506 |
TOTAL RUSSIA | | 43,710,342 |
South Africa - 47.1% |
African Rainbow Minerals Ltd. | 70,300 | | 1,635,935 |
AngloGold Ashanti Ltd. | 85,100 | | 2,916,237 |
Aspen Pharmacare Holdings Ltd. | 41,800 | | 675,528 |
Aveng Ltd. | 224,400 | | 1,147,100 |
Cashbuild Ltd. | 83,400 | | 1,404,440 |
Clicks Group Ltd. | 701,033 | | 4,216,293 |
DRDGOLD Ltd. | 948,914 | | 646,915 |
Exxaro Resources Ltd. | 77,100 | | 2,051,903 |
FirstRand Ltd. | 1,931,600 | | 6,275,589 |
Harmony Gold Mining Co. Ltd. | 398,900 | | 3,876,663 |
Holdsport Ltd. | 60,000 | | 341,733 |
Kagiso Media Ltd. | 63,000 | | 157,136 |
Life Healthcare Group Holdings Ltd. (e) | 299,200 | | 1,034,006 |
Massmart Holdings Ltd. (e) | 35,231 | | 756,891 |
Mr Price Group Ltd. | 128,700 | | 1,740,710 |
MTN Group Ltd. | 642,450 | | 11,224,290 |
Nampak Ltd. | 538,200 | | 1,553,431 |
Naspers Ltd. Class N | 32,000 | | 1,927,282 |
Northam Platinum Ltd. | 140,200 | | 601,321 |
Pinnacle Technology Holdings Ltd. | 200,000 | | 408,588 |
Pioneer Foods Ltd. | 237,900 | | 1,833,647 |
Raubex Group Ltd. | 1,079,300 | | 1,992,639 |
RMB Holdings Ltd. | 265,100 | | 1,145,199 |
Sanlam Ltd. | 443,400 | | 1,906,312 |
Sasol Ltd. | 82,100 | | 3,901,073 |
Shoprite Holdings Ltd. | 184,700 | | 3,191,525 |
Spur Corp. Ltd. | 162,800 | | 345,359 |
Standard Bank Group Ltd. | 513,963 | | 7,582,573 |
Super Group Ltd. (a) | 200,000 | | 377,989 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
Vodacom Group (Pty) Ltd. | 279,600 | | $ 3,885,930 |
Wilson Bayly Holmes-Ovcon Ltd. | 18,600 | | 325,105 |
TOTAL SOUTH AFRICA | | 71,079,342 |
Turkey - 5.0% |
Aygaz A/S | 247,000 | | 1,141,514 |
Koc Holding A/S | 137,000 | | 508,389 |
Tupras-Turkiye Petrol Rafinerileri A/S | 28,000 | | 584,861 |
Turk Telekomunikasyon A/S | 397,100 | | 1,740,279 |
Turkiye Garanti Bankasi A/S | 973,000 | | 3,577,450 |
TOTAL TURKEY | | 7,552,493 |
United Arab Emirates - 3.5% |
Agthia Group PJSC | 392,608 | | 226,610 |
Aldar Properties PJSC (a) | 1,417,210 | | 443,728 |
Dubai Financial Market PJSC (a) | 5,382,523 | | 1,655,958 |
Emirates NBD Bank PJSC (a) | 396,999 | | 305,887 |
First Gulf Bank PJSC | 779,396 | | 1,909,790 |
National Bank of Abu Dhabi PJSC (a) | 156,000 | | 369,937 |
NMC Health PLC | 92,300 | | 313,856 |
TOTAL UNITED ARAB EMIRATES | | 5,225,766 |
United Kingdom - 0.8% |
Ophir Energy PLC | 70,500 | | 660,253 |
Tullow Oil PLC | 25,100 | | 624,949 |
TOTAL UNITED KINGDOM | | 1,285,202 |
Zambia - 0.4% |
Zambeef Products PLC | 997,525 | | 532,013 |
TOTAL COMMON STOCKS (Cost $132,654,380) |
145,569,742
|
Nonconvertible Preferred Stocks - 2.3% |
| | | |
Russia - 2.3% |
Surgutneftegaz JSC
(Cost $2,724,197) | 5,308,600 | |
3,535,693
|
Nonconvertible Bonds - 0.3% |
| Principal Amount | | Value |
Multi-National - 0.3% |
International Bank for Reconstruction & Development 8.2% 12/12/12
(Cost $511,213) | NGN | 80,000,000 | | $ 487,166 |
Government Obligations - 0.3% |
|
Ghana - 0.3% |
Ghana Republic 14.99% 3/11/13
(Cost $672,328) | GHS | 950,000 | |
504,877
|
Money Market Funds - 1.3% |
| Shares | | |
Fidelity Cash Central Fund, 0.14% (b) | 1,295,619 | | 1,295,619 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 612,500 | | 612,500 |
TOTAL MONEY MARKET FUNDS (Cost $1,908,119) |
1,908,119
|
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $138,470,237) | | 152,005,597 |
NET OTHER ASSETS (LIABILITIES) - (0.6)% | | (950,427) |
NET ASSETS - 100% | $ 151,055,170 |
Currency Abbreviations |
GHS | - | Ghana Cedi |
NGN | - | Nigerian naira |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security or a portion of the security purchased on a delayed delivery or when-issued 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 | $ 866 |
Fidelity Securities Lending Cash Central Fund | 2,228 |
Total | $ 3,094 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 6,294,649 | $ 6,294,649 | $ - | $ - |
Consumer Staples | 15,734,068 | 15,734,068 | - | - |
Energy | 41,707,261 | 37,806,188 | 3,901,073 | - |
Financials | 39,715,751 | 39,715,751 | - | - |
Health Care | 2,023,390 | 2,023,390 | - | - |
Industrials | 4,899,028 | 4,899,028 | - | - |
Information Technology | 408,588 | 408,588 | - | - |
Materials | 16,290,665 | 8,034,145 | 8,256,520 | - |
Telecommunication Services | 20,574,137 | 20,574,137 | - | - |
Utilities | 1,457,898 | 1,457,898 | - | - |
Corporate Bonds | 487,166 | - | 487,166 | - |
Government Obligations | 504,877 | - | 504,877 | - |
Money Market Funds | 1,908,119 | 1,908,119 | - | - |
Total Investments in Securities: | $ 152,005,597 | $ 138,855,961 | $ 13,149,636 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $580,879) - See accompanying schedule: Unaffiliated issuers (cost $136,562,118) | $ 150,097,478 | |
Fidelity Central Funds (cost $1,908,119) | 1,908,119 | |
Total Investments (cost $138,470,237) | | $ 152,005,597 |
Foreign currency held at value (cost $22,778) | | 22,778 |
Receivable for investments sold
Regular delivery | | 256,687 |
Delayed delivery | | 172,470 |
Receivable for fund shares sold | | 188,020 |
Dividends receivable | | 608,325 |
Interest receivable | | 25,657 |
Distributions receivable from Fidelity Central Funds | | 2,420 |
Prepaid expenses | | 179 |
Receivable from investment adviser for expense reductions | | 10,749 |
Other receivables | | 16,672 |
Total assets | | 153,309,554 |
| | |
Liabilities | | |
Payable to custodian bank | $ 27,272 | |
Payable for investments purchased
Regular delivery | 650,077 | |
Delayed delivery | 324,678 | |
Payable for fund shares redeemed | 413,864 | |
Accrued management fee | 100,960 | |
Distribution and service plan fees payable | 10,886 | |
Other affiliated payables | 42,702 | |
Other payables and accrued expenses | 71,445 | |
Collateral on securities loaned, at value | 612,500 | |
Total liabilities | | 2,254,384 |
| | |
Net Assets | | $ 151,055,170 |
Net Assets consist of: | | |
Paid in capital | | $ 144,429,888 |
Undistributed net investment income | | 1,082,420 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (7,996,049) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 13,538,911 |
Net Assets | | $ 151,055,170 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($9,266,201 ÷ 1,046,724 shares) | | $ 8.85 |
| | |
Maximum offering price per share (100/94.25 of $8.85) | | $ 9.39 |
Class T:
Net Asset Value and redemption price per share ($3,651,238 ÷ 413,253 shares) | | $ 8.84 |
| | |
Maximum offering price per share (100/96.50 of $8.84) | | $ 9.16 |
Class B:
Net Asset Value and offering price per share ($503,429 ÷ 56,777 shares)A | | $ 8.87 |
| | |
Class C:
Net Asset Value and offering price per share ($8,408,575 ÷ 956,733 shares)A | | $ 8.79 |
| | |
Emerging Europe, Middle East, Africa (EMEA):
Net Asset Value, offering price and redemption price per share ($120,516,775 ÷ 13,580,367 shares) | | $ 8.87 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($8,708,952 ÷ 981,679 shares) | | $ 8.87 |
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, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 2,189,221 |
Interest | | 62,167 |
Income from Fidelity Central Funds | | 3,094 |
Income before foreign taxes withheld | | 2,254,482 |
Less foreign taxes withheld | | (101,420) |
Total income | | 2,153,062 |
| | |
Expenses | | |
Management fee | $ 579,386 | |
Transfer agent fees | 206,691 | |
Distribution and service plan fees | 60,444 | |
Accounting and security lending fees | 37,145 | |
Custodian fees and expenses | 80,777 | |
Independent trustees' compensation | 427 | |
Registration fees | 73,740 | |
Audit | 31,878 | |
Legal | 293 | |
Miscellaneous | 804 | |
Total expenses before reductions | 1,071,585 | |
Expense reductions | (36,152) | 1,035,433 |
Net investment income (loss) | | 1,117,629 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 4,012,003 | |
Foreign currency transactions | (6,158) | |
Total net realized gain (loss) | | 4,005,845 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 5,763,245 | |
Assets and liabilities in foreign currencies | 6,010 | |
Total change in net unrealized appreciation (depreciation) | | 5,769,255 |
Net gain (loss) | | 9,775,100 |
Net increase (decrease) in net assets resulting from operations | | $ 10,892,729 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,117,629 | $ 3,341,999 |
Net realized gain (loss) | 4,005,845 | 3,427,666 |
Change in net unrealized appreciation (depreciation) | 5,769,255 | (17,523,712) |
Net increase (decrease) in net assets resulting
from operations | 10,892,729 | (10,754,047) |
Distributions to shareholders from net investment income | (2,782,952) | (1,835,361) |
Distributions to shareholders from net realized gain | - | (302,617) |
Total distributions | (2,782,952) | (2,137,978) |
Share transactions - net increase (decrease) | 220,191 | (11,096,734) |
Redemption fees | 22,892 | 119,309 |
Total increase (decrease) in net assets | 8,352,860 | (23,869,450) |
| | |
Net Assets | | |
Beginning of period | 142,702,310 | 166,571,760 |
End of period (including undistributed net investment income of $1,082,420 and undistributed net investment income of $2,747,743, respectively) | $ 151,055,170 | $ 142,702,310 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.34 | $ 8.97 | $ 7.26 | $ 4.75 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .06 | .16 H | .07 | .05 | .04 |
Net realized and unrealized gain (loss) | .60 | (.70) | 1.70 | 2.48 | (5.31) |
Total from investment operations | .66 | (.54) | 1.77 | 2.53 | (5.27) |
Distributions from net investment income | (.15) | (.08) | (.04) | (.03) | - |
Distributions from net realized gain | - | (.02) | (.02) | - | - |
Total distributions | (.15) | (.10) | (.07) L | (.03) | - |
Redemption fees added to paid in capital E | - K | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.85 | $ 8.34 | $ 8.97 | $ 7.26 | $ 4.75 |
Total Return B,C,D | 8.09% | (6.05)% | 24.66% | 53.78% | (52.50)% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.67% A | 1.60% | 1.69% | 1.87% | 2.50% A |
Expenses net of fee waivers, if any | 1.65% A | 1.56% | 1.50% | 1.50% | 1.50% A |
Expenses net of all reductions | 1.62% A | 1.51% | 1.38% | 1.39% | 1.23% A |
Net investment income (loss) | 1.38% A | 1.70% H | .95% | .84% | 1.20% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,266 | $ 10,260 | $ 10,045 | $ 4,817 | $ 1,368 |
Portfolio turnover rate G | 29% A | 53% | 96% | 58% | 68% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.25%.
I For the period May 8, 2008 (commencement of operations) to October 31, 2008.
J 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.
K Amount represents less than $.01 per share.
L Total distributions of $.07 per share is comprised of distributions from net investment income of $.041 and distributions from net realized gain of $.024 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.31 | $ 8.96 | $ 7.25 | $ 4.75 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .05 | .13 H | .06 | .04 | .04 |
Net realized and unrealized gain (loss) | .61 | (.71) | 1.69 | 2.47 | (5.31) |
Total from investment operations | .66 | (.58) | 1.75 | 2.51 | (5.27) |
Distributions from net investment income | (.13) | (.07) | (.03) | (.02) | - |
Distributions from net realized gain | - | (.02) | (.02) | - | - |
Total distributions | (.13) | (.08) L | (.05) | (.02) | - |
Redemption fees added to paid in capital E | - K | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.84 | $ 8.31 | $ 8.96 | $ 7.25 | $ 4.75 |
Total Return B,C,D | 8.09% | (6.42)% | 24.44% | 53.20% | (52.50)% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.93% A | 1.87% | 1.95% | 2.15% | 2.78% A |
Expenses net of fee waivers, if any | 1.90% A | 1.84% | 1.75% | 1.75% | 1.75% A |
Expenses net of all reductions | 1.86% A | 1.78% | 1.62% | 1.64% | 1.49% A |
Net investment income (loss) | 1.14% A | 1.42% H | .70% | .59% | .95% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 3,651 | $ 3,502 | $ 3,114 | $ 1,560 | $ 568 |
Portfolio turnover rate G | 29% A | 53% | 96% | 58% | 68% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .98%.
I For the period May 8, 2008 (commencement of operations) to October 31, 2008.
J 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.
K Amount represents less than $.01 per share.
L Total distributions of $.08 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.015 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, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.29 | $ 8.93 | $ 7.23 | $ 4.73 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .03 | .09 H | .02 | .01 | .02 |
Net realized and unrealized gain (loss) | .61 | (.71) | 1.68 | 2.48 | (5.31) |
Total from investment operations | .64 | (.62) | 1.70 | 2.49 | (5.29) |
Distributions from net investment income | (.06) | (.02) | - | - | - |
Distributions from net realized gain | - | (.01) | (.01) | - | - |
Total distributions | (.06) | (.03) | (.01) | - | - |
Redemption fees added to paid in capital E | - K | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.87 | $ 8.29 | $ 8.93 | $ 7.23 | $ 4.73 |
Total Return B,C,D | 7.75% | (6.85)% | 23.72% | 52.85% | (52.70)% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 2.42% A | 2.37% | 2.47% | 2.68% | 3.32% A |
Expenses net of fee waivers, if any | 2.40% A | 2.33% | 2.25% | 2.25% | 2.25% A |
Expenses net of all reductions | 2.37% A | 2.27% | 2.12% | 2.14% | 1.99% A |
Net investment income (loss) | .63% A | .93% H | .20% | .09% | .45% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 503 | $ 539 | $ 822 | $ 782 | $ 487 |
Portfolio turnover rate G | 29% A | 53% | 96% | 58% | 68% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%.
I For the period May 8, 2008 (commencement of operations) to October 31, 2008.
J 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.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.24 | $ 8.90 | $ 7.23 | $ 4.73 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .03 | .08 H | .02 | .01 | .02 |
Net realized and unrealized gain (loss) | .60 | (.69) | 1.67 | 2.48 | (5.31) |
Total from investment operations | .63 | (.61) | 1.69 | 2.49 | (5.29) |
Distributions from net investment income | (.08) | (.05) | (.01) | - | - |
Distributions from net realized gain | - | (.02) | (.02) | - | - |
Total distributions | (.08) | (.06) L | (.03) | - | - |
Redemption fees added to paid in capital E | - K | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.79 | $ 8.24 | $ 8.90 | $ 7.23 | $ 4.73 |
Total Return B,C,D | 7.77% | (6.79)% | 23.61% | 52.85% | (52.70)% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 2.41% A | 2.36% | 2.45% | 2.61% | 3.28% A |
Expenses net of fee waivers, if any | 2.40% A | 2.33% | 2.25% | 2.25% | 2.25% A |
Expenses net of all reductions | 2.36% A | 2.27% | 2.13% | 2.14% | 1.99% A |
Net investment income (loss) | .64% A | .93% H | .20% | .09% | .45% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,409 | $ 6,650 | $ 5,151 | $ 2,677 | $ 741 |
Portfolio turnover rate G | 29% A | 53% | 96% | 58% | 68% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%.
I For the period May 8, 2008 (commencement of operations) to October 31, 2008.
J 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.
K Amount represents less than $.01 per share.
L Total distributions of $.06 per share is comprised of distributions from net investment income of $.047 and distributions from net realized gain of $.015 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Emerging Europe, Middle East, Africa (EMEA)
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .07 | .18 G | .09 | .07 | .05 |
Net realized and unrealized gain (loss) | .60 | (.71) | 1.70 | 2.48 | (5.31) |
Total from investment operations | .67 | (.53) | 1.79 | 2.55 | (5.26) |
Distributions from net investment income | (.17) | (.09) | (.05) | (.04) | - |
Distributions from net realized gain | - | (.02) | (.02) | - | - |
Total distributions | (.17) | (.11) | (.08) K | (.04) | - |
Redemption fees added to paid in capital D | - J | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.87 | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 |
Total Return B,C | 8.28% | (5.91)% | 24.92% | 54.15% | (52.40)% |
Ratios to Average Net Assets E,I | | | | | |
Expenses before reductions | 1.41% A | 1.35% | 1.45% | 1.61% | 2.19% A |
Expenses net of fee waivers, if any | 1.40% A | 1.31% | 1.25% | 1.25% | 1.25% A |
Expenses net of all reductions | 1.36% A | 1.25% | 1.12% | 1.14% | .98% A |
Net investment income (loss) | 1.64% A | 1.95% G | 1.21% | 1.09% | 1.45% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 120,517 | $ 114,117 | $ 140,270 | $ 104,141 | $ 32,535 |
Portfolio turnover rate F | 29% A | 53% | 96% | 58% | 68% |
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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.51%.
H For the period May 8, 2008 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.08 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.024 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .07 | .19 G | .09 | .06 | .05 |
Net realized and unrealized gain (loss) | .61 | (.72) | 1.70 | 2.49 | (5.31) |
Total from investment operations | .68 | (.53) | 1.79 | 2.55 | (5.26) |
Distributions from net investment income | (.18) | (.09) | (.05) | (.04) | - |
Distributions from net realized gain | - | (.02) | (.02) | - | - |
Total distributions | (.18) | (.11) | (.08) K | (.04) | - |
Redemption fees added to paid in capital D | - J | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.87 | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 |
Total Return B,C | 8.40% | (5.91)% | 24.95% | 54.15% | (52.40)% |
Ratios to Average Net Assets E,I | | | | | |
Expenses before reductions | 1.32% A | 1.26% | 1.34% | 1.60% | 2.12% A |
Expenses net of fee waivers, if any | 1.32% A | 1.24% | 1.25% | 1.25% | 1.25% A |
Expenses net of all reductions | 1.28% A | 1.19% | 1.13% | 1.14% | .98% A |
Net investment income (loss) | 1.72% A | 2.02% G | 1.20% | 1.09% | 1.46% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,709 | $ 7,633 | $ 7,171 | $ 4,235 | $ 2,695 |
Portfolio turnover rate F | 29% A | 53% | 96% | 58% | 68% |
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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.58%.
H For the period May 8, 2008 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.08 per share is comprised of distributions from net investment income of $.054 and distributions from net realized gain of $.024 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, 2012 (Unaudited)
1. Organization.
Fidelity® Emerging Europe, Middle East, Africa (EMEA) 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, Emerging Europe, Middle East, Africa (EMEA) and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
(ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and foreign government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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 | $ 24,656,295 |
Gross unrealized depreciation | (11,840,416) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 12,815,879 |
| |
Tax cost | $ 139,189,718 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2016 | $ (7,410,645) |
2017 | (579,836) |
2018 | (3,276,010) |
Total capital loss carryforward | $ (11,266,491) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the net asset value 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.
4. Operating Policies.
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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $21,031,325 and $22,836,403, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .81% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period,
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 11,938 | $ 89 |
Class T | .25% | .25% | 8,707 | 68 |
Class B | .75% | .25% | 2,594 | 1,961 |
Class C | .75% | .25% | 37,205 | 7,362 |
| | | $ 60,444 | $ 9,480 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,700 |
Class T | 1,369 |
Class B* | 1,857 |
Class C* | 1,943 |
| $ 7,869 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
| Amount | % of
Average
Net Assets* |
Class A | $ 14,184 | .30 |
Class T | 5,438 | .31 |
Class B | 772 | .30 |
Class C | 10,891 | .29 |
Emerging Europe, Middle East, Africa (EMEA) | 167,642 | .29 |
Institutional Class | 7,764 | .19 |
| $ 206,691 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $212 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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
Semiannual Report
8. Security Lending - continued
or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $2,228. During the period, there were no securities loaned to FCM.
9. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.65% | $ 753 |
Class T | 1.90% | 591 |
Class B | 2.40% | 40 |
Class C | 2.40% | 632 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | 8,733 |
| | $ 10,749 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $25,403 for the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 173,376 | $ 97,896 |
Class T | 52,030 | 26,168 |
Class B | 3,592 | 1,907 |
Class C | 61,819 | 32,267 |
Emerging Europe, Middle East, Africa (EMEA) | 2,310,485 | 1,585,636 |
Institutional Class | 181,650 | 91,487 |
Total | $ 2,782,952 | $ 1,835,361 |
From net realized gain | | |
Class A | $ - | $ 18,012 |
Class T | - | 5,690 |
Class B | - | 902 |
Class C | - | 9,924 |
Emerging Europe, Middle East, Africa (EMEA) | - | 253,422 |
Institutional Class | - | 14,667 |
Total | $ - | $ 302,617 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31, 2011 | Six months ended April 30,
2012 | Year ended
October 31, 2011 |
Class A | | | | |
Shares sold | 106,664 | 827,297 | $ 917,610 | $ 7,697,437 |
Reinvestment of distributions | 16,919 | 10,020 | 134,509 | 92,483 |
Shares redeemed | (307,768) | (725,856) | (2,554,974) | (6,651,188) |
Net increase (decrease) | (184,185) | 111,461 | $ (1,502,855) | $ 1,138,732 |
Class T | | | | |
Shares sold | 43,723 | 164,342 | $ 370,181 | $ 1,527,510 |
Reinvestment of distributions | 6,513 | 3,447 | 51,713 | 31,848 |
Shares redeemed | (58,478) | (94,003) | (487,295) | (862,784) |
Net increase (decrease) | (8,242) | 73,786 | $ (65,401) | $ 696,574 |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31, 2011 | Six months ended April 30,
2012 | Year ended
October 31, 2011 |
Class B | | | | |
Shares sold | 2,520 | 9,372 | $ 21,708 | $ 87,632 |
Reinvestment of distributions | 430 | 285 | 3,432 | 2,673 |
Shares redeemed | (11,224) | (36,653) | (95,086) | (325,442) |
Net increase (decrease) | (8,274) | (26,996) | $ (69,946) | $ (235,137) |
Class C | | | | |
Shares sold | 280,052 | 438,284 | $ 2,287,086 | $ 4,066,195 |
Reinvestment of distributions | 7,082 | 4,100 | 56,016 | 37,820 |
Shares redeemed | (137,673) | (213,656) | (1,118,796) | (1,892,778) |
Net increase (decrease) | 149,461 | 228,728 | $ 1,224,306 | $ 2,211,237 |
Emerging Europe, Middle East, Africa (EMEA) | | | | |
Shares sold | 2,306,744 | 7,381,313 | $ 19,711,348 | $ 68,910,601 |
Reinvestment of distributions | 276,215 | 187,137 | 2,198,675 | 1,730,170 |
Shares redeemed | (2,634,988) | (9,520,946) | (21,913,264) | (86,802,311) |
Net increase (decrease) | (52,029) | (1,952,496) | $ (3,241) | $ (16,161,540) |
Institutional Class | | | | |
Shares sold | 256,793 | 597,666 | $ 2,151,470 | $ 5,560,036 |
Reinvestment of distributions | 5,723 | 1,263 | 45,553 | 11,681 |
Shares redeemed | (192,324) | (484,423) | (1,559,695) | (4,318,317) |
Net increase (decrease) | 70,192 | 114,506 | $ 637,328 | $ 1,253,400 |
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.
At the end of the period, FMR or its affiliates were the owners of record of 11% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank & Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
AEME-USAN-0612
1.861991.103
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Emerging Europe,
Middle East, Africa (EMEA)
Fund - Institutional Class
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Institutional Class is a
class of Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
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
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to
April 30, 2012 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,080.90 | $ 8.54 |
Hypothetical A | | $ 1,000.00 | $ 1,016.66 | $ 8.27 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 1,080.90 | $ 9.83 |
Hypothetical A | | $ 1,000.00 | $ 1,015.42 | $ 9.52 |
Class B | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,077.50 | $ 12.40 |
Hypothetical A | | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,077.70 | $ 12.40 |
Hypothetical A | | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,082.80 | $ 7.25 |
Hypothetical A | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
Institutional Class | 1.32% | | | |
Actual | | $ 1,000.00 | $ 1,084.00 | $ 6.84 |
Hypothetical A | | $ 1,000.00 | $ 1,018.30 | $ 6.62 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | South Africa 47.1% | |
 | Russia 31.2% | |
 | Turkey 5.0% | |
 | United Arab Emirates 3.5% | |
 | Kenya 2.5% | |
 | Poland 2.4% | |
 | Nigeria 1.5% | |
 | Morocco 1.0% | |
 | Qatar 0.9% | |
 | Other* 4.9% | |
* Includes short-term investments and net other assets.
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| South Africa 46.7% | |
| Russia 33.6% | |
| Turkey 5.8% | |
| Poland 3.3% | |
| United Arab Emirates 2.3% | |
| Nigeria 1.6% | |
| Morocco 1.2% | |
| Kenya 1.2% | |
| Qatar 1.1% | |
| Other* 3.2% | |
* Includes short-term investments and net other assets.
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.7 | 98.9 |
Bonds | 0.6 | 0.7 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.7 | 0.4 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Gazprom OAO (Russia, Oil, Gas & Consumable Fuels) | 8.0 | 8.7 |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 7.4 | 7.9 |
Sberbank (Savings Bank of the Russian Federation) (Russia, Commercial Banks) | 6.5 | 5.6 |
Lukoil Oil Co. sponsored ADR (United Kingdom) (Russia, Oil, Gas & Consumable Fuels) | 6.3 | 6.0 |
Standard Bank Group Ltd. (South Africa, Commercial Banks) | 5.0 | 4.3 |
FirstRand Ltd. (South Africa, Diversified Financial Services) | 4.2 | 3.3 |
Clicks Group Ltd. (South Africa, Food & Staples Retailing) | 2.8 | 2.9 |
NOVATEK OAO GDR (Russia, Oil, Gas & Consumable Fuels) | 2.7 | 4.0 |
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels) | 2.6 | 2.8 |
Vodacom Group (Pty) Ltd. (South Africa, Wireless Telecommunication Services) | 2.6 | 3.1 |
| 48.1 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Energy | 27.5 | 26.7 |
Financials | 26.8 | 23.4 |
Telecommunication Services | 13.5 | 14.3 |
Materials | 10.8 | 14.9 |
Consumer Staples | 10.5 | 9.2 |
Consumer Discretionary | 4.1 | 6.3 |
Industrials | 3.2 | 1.7 |
Health Care | 1.3 | 0.7 |
Utilities | 1.0 | 1.7 |
Information Technology | 0.3 | 0.3 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.4% |
| Shares | | Value |
Bailiwick of Jersey - 0.5% |
Randgold Resources Ltd. | 9,200 | | $ 816,705 |
Canada - 0.9% |
Africa Oil Corp. (a) | 165,000 | | 912,073 |
Silver Wheaton Corp. | 13,200 | | 403,049 |
TOTAL CANADA | | 1,315,122 |
Cayman Islands - 0.3% |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 18,000 | | 513,000 |
Czech Republic - 0.7% |
Philip Morris CR A/S (d) | 1,700 | | 987,528 |
Kenya - 2.5% |
Barclays Bank of Kenya Ltd. | 1,920,640 | | 295,306 |
British American Tobacco Kenya Ltd. | 190,700 | | 739,893 |
East African Breweries Ltd. | 388,906 | | 981,024 |
Kenya Airways Ltd. | 1,754,900 | | 313,036 |
Safaricom Ltd. | 26,267,959 | | 1,041,252 |
Uchumi Supermarket Ltd. (a) | 2,300,000 | | 393,694 |
TOTAL KENYA | | 3,764,205 |
Morocco - 1.0% |
Maroc Telecom SA | 103,600 | | 1,586,776 |
Nigeria - 1.5% |
Guaranty Trust Bank PLC | 3,807,451 | | 387,518 |
Nigerian Breweries PLC | 893,687 | | 625,127 |
Skye Bank PLC | 20,371,010 | | 512,511 |
Zenith Bank PLC | 7,548,060 | | 679,038 |
TOTAL NIGERIA | | 2,204,194 |
Poland - 2.4% |
Bank Polska Kasa Opieki SA | 37,400 | | 1,763,866 |
Eurocash SA | 102,354 | | 1,249,823 |
Kruk SA (a) | 40,000 | | 612,759 |
TOTAL POLAND | | 3,626,448 |
Qatar - 0.9% |
Qatar National Bank SAQ | 21,351 | | 782,296 |
Vodafone Qatar QSC (a) | 248,198 | | 588,310 |
TOTAL QATAR | | 1,370,606 |
Russia - 28.9% |
Bank St. Petersburg OJSC | 120,000 | | 285,996 |
Gazprom OAO | 2,098,400 | | 12,086,285 |
Common Stocks - continued |
| Shares | | Value |
Russia - continued |
Lukoil Oil Co. sponsored ADR (United Kingdom) | 153,895 | | $ 9,441,458 |
NOVATEK OAO | 40,000 | | 515,583 |
NOVATEK OAO GDR (Reg. S) | 27,700 | | 3,520,670 |
OGK-4 OJSC (a) | 3,500,000 | | 316,384 |
Rosneft Oil Co. OJSC | 131,100 | | 938,157 |
Rosneft Oil Co. OJSC GDR (Reg. S) | 234,500 | | 1,673,158 |
Sberbank (Savings Bank of the Russian Federation) | 3,072,600 | | 9,836,797 |
Sistema JSFC sponsored GDR | 26,700 | | 507,300 |
TNK-BP Holding (a) | 915,000 | | 2,800,048 |
Uralkali OJSC | 236,900 | | 1,788,506 |
TOTAL RUSSIA | | 43,710,342 |
South Africa - 47.1% |
African Rainbow Minerals Ltd. | 70,300 | | 1,635,935 |
AngloGold Ashanti Ltd. | 85,100 | | 2,916,237 |
Aspen Pharmacare Holdings Ltd. | 41,800 | | 675,528 |
Aveng Ltd. | 224,400 | | 1,147,100 |
Cashbuild Ltd. | 83,400 | | 1,404,440 |
Clicks Group Ltd. | 701,033 | | 4,216,293 |
DRDGOLD Ltd. | 948,914 | | 646,915 |
Exxaro Resources Ltd. | 77,100 | | 2,051,903 |
FirstRand Ltd. | 1,931,600 | | 6,275,589 |
Harmony Gold Mining Co. Ltd. | 398,900 | | 3,876,663 |
Holdsport Ltd. | 60,000 | | 341,733 |
Kagiso Media Ltd. | 63,000 | | 157,136 |
Life Healthcare Group Holdings Ltd. (e) | 299,200 | | 1,034,006 |
Massmart Holdings Ltd. (e) | 35,231 | | 756,891 |
Mr Price Group Ltd. | 128,700 | | 1,740,710 |
MTN Group Ltd. | 642,450 | | 11,224,290 |
Nampak Ltd. | 538,200 | | 1,553,431 |
Naspers Ltd. Class N | 32,000 | | 1,927,282 |
Northam Platinum Ltd. | 140,200 | | 601,321 |
Pinnacle Technology Holdings Ltd. | 200,000 | | 408,588 |
Pioneer Foods Ltd. | 237,900 | | 1,833,647 |
Raubex Group Ltd. | 1,079,300 | | 1,992,639 |
RMB Holdings Ltd. | 265,100 | | 1,145,199 |
Sanlam Ltd. | 443,400 | | 1,906,312 |
Sasol Ltd. | 82,100 | | 3,901,073 |
Shoprite Holdings Ltd. | 184,700 | | 3,191,525 |
Spur Corp. Ltd. | 162,800 | | 345,359 |
Standard Bank Group Ltd. | 513,963 | | 7,582,573 |
Super Group Ltd. (a) | 200,000 | | 377,989 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
Vodacom Group (Pty) Ltd. | 279,600 | | $ 3,885,930 |
Wilson Bayly Holmes-Ovcon Ltd. | 18,600 | | 325,105 |
TOTAL SOUTH AFRICA | | 71,079,342 |
Turkey - 5.0% |
Aygaz A/S | 247,000 | | 1,141,514 |
Koc Holding A/S | 137,000 | | 508,389 |
Tupras-Turkiye Petrol Rafinerileri A/S | 28,000 | | 584,861 |
Turk Telekomunikasyon A/S | 397,100 | | 1,740,279 |
Turkiye Garanti Bankasi A/S | 973,000 | | 3,577,450 |
TOTAL TURKEY | | 7,552,493 |
United Arab Emirates - 3.5% |
Agthia Group PJSC | 392,608 | | 226,610 |
Aldar Properties PJSC (a) | 1,417,210 | | 443,728 |
Dubai Financial Market PJSC (a) | 5,382,523 | | 1,655,958 |
Emirates NBD Bank PJSC (a) | 396,999 | | 305,887 |
First Gulf Bank PJSC | 779,396 | | 1,909,790 |
National Bank of Abu Dhabi PJSC (a) | 156,000 | | 369,937 |
NMC Health PLC | 92,300 | | 313,856 |
TOTAL UNITED ARAB EMIRATES | | 5,225,766 |
United Kingdom - 0.8% |
Ophir Energy PLC | 70,500 | | 660,253 |
Tullow Oil PLC | 25,100 | | 624,949 |
TOTAL UNITED KINGDOM | | 1,285,202 |
Zambia - 0.4% |
Zambeef Products PLC | 997,525 | | 532,013 |
TOTAL COMMON STOCKS (Cost $132,654,380) |
145,569,742
|
Nonconvertible Preferred Stocks - 2.3% |
| | | |
Russia - 2.3% |
Surgutneftegaz JSC
(Cost $2,724,197) | 5,308,600 | |
3,535,693
|
Nonconvertible Bonds - 0.3% |
| Principal Amount | | Value |
Multi-National - 0.3% |
International Bank for Reconstruction & Development 8.2% 12/12/12
(Cost $511,213) | NGN | 80,000,000 | | $ 487,166 |
Government Obligations - 0.3% |
|
Ghana - 0.3% |
Ghana Republic 14.99% 3/11/13
(Cost $672,328) | GHS | 950,000 | |
504,877
|
Money Market Funds - 1.3% |
| Shares | | |
Fidelity Cash Central Fund, 0.14% (b) | 1,295,619 | | 1,295,619 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 612,500 | | 612,500 |
TOTAL MONEY MARKET FUNDS (Cost $1,908,119) |
1,908,119
|
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $138,470,237) | | 152,005,597 |
NET OTHER ASSETS (LIABILITIES) - (0.6)% | | (950,427) |
NET ASSETS - 100% | $ 151,055,170 |
Currency Abbreviations |
GHS | - | Ghana Cedi |
NGN | - | Nigerian naira |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security or a portion of the security purchased on a delayed delivery or when-issued 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 | $ 866 |
Fidelity Securities Lending Cash Central Fund | 2,228 |
Total | $ 3,094 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 6,294,649 | $ 6,294,649 | $ - | $ - |
Consumer Staples | 15,734,068 | 15,734,068 | - | - |
Energy | 41,707,261 | 37,806,188 | 3,901,073 | - |
Financials | 39,715,751 | 39,715,751 | - | - |
Health Care | 2,023,390 | 2,023,390 | - | - |
Industrials | 4,899,028 | 4,899,028 | - | - |
Information Technology | 408,588 | 408,588 | - | - |
Materials | 16,290,665 | 8,034,145 | 8,256,520 | - |
Telecommunication Services | 20,574,137 | 20,574,137 | - | - |
Utilities | 1,457,898 | 1,457,898 | - | - |
Corporate Bonds | 487,166 | - | 487,166 | - |
Government Obligations | 504,877 | - | 504,877 | - |
Money Market Funds | 1,908,119 | 1,908,119 | - | - |
Total Investments in Securities: | $ 152,005,597 | $ 138,855,961 | $ 13,149,636 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $580,879) - See accompanying schedule: Unaffiliated issuers (cost $136,562,118) | $ 150,097,478 | |
Fidelity Central Funds (cost $1,908,119) | 1,908,119 | |
Total Investments (cost $138,470,237) | | $ 152,005,597 |
Foreign currency held at value (cost $22,778) | | 22,778 |
Receivable for investments sold
Regular delivery | | 256,687 |
Delayed delivery | | 172,470 |
Receivable for fund shares sold | | 188,020 |
Dividends receivable | | 608,325 |
Interest receivable | | 25,657 |
Distributions receivable from Fidelity Central Funds | | 2,420 |
Prepaid expenses | | 179 |
Receivable from investment adviser for expense reductions | | 10,749 |
Other receivables | | 16,672 |
Total assets | | 153,309,554 |
| | |
Liabilities | | |
Payable to custodian bank | $ 27,272 | |
Payable for investments purchased
Regular delivery | 650,077 | |
Delayed delivery | 324,678 | |
Payable for fund shares redeemed | 413,864 | |
Accrued management fee | 100,960 | |
Distribution and service plan fees payable | 10,886 | |
Other affiliated payables | 42,702 | |
Other payables and accrued expenses | 71,445 | |
Collateral on securities loaned, at value | 612,500 | |
Total liabilities | | 2,254,384 |
| | |
Net Assets | | $ 151,055,170 |
Net Assets consist of: | | |
Paid in capital | | $ 144,429,888 |
Undistributed net investment income | | 1,082,420 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (7,996,049) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 13,538,911 |
Net Assets | | $ 151,055,170 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($9,266,201 ÷ 1,046,724 shares) | | $ 8.85 |
| | |
Maximum offering price per share (100/94.25 of $8.85) | | $ 9.39 |
Class T:
Net Asset Value and redemption price per share ($3,651,238 ÷ 413,253 shares) | | $ 8.84 |
| | |
Maximum offering price per share (100/96.50 of $8.84) | | $ 9.16 |
Class B:
Net Asset Value and offering price per share ($503,429 ÷ 56,777 shares)A | | $ 8.87 |
| | |
Class C:
Net Asset Value and offering price per share ($8,408,575 ÷ 956,733 shares)A | | $ 8.79 |
| | |
Emerging Europe, Middle East, Africa (EMEA):
Net Asset Value, offering price and redemption price per share ($120,516,775 ÷ 13,580,367 shares) | | $ 8.87 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($8,708,952 ÷ 981,679 shares) | | $ 8.87 |
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, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 2,189,221 |
Interest | | 62,167 |
Income from Fidelity Central Funds | | 3,094 |
Income before foreign taxes withheld | | 2,254,482 |
Less foreign taxes withheld | | (101,420) |
Total income | | 2,153,062 |
| | |
Expenses | | |
Management fee | $ 579,386 | |
Transfer agent fees | 206,691 | |
Distribution and service plan fees | 60,444 | |
Accounting and security lending fees | 37,145 | |
Custodian fees and expenses | 80,777 | |
Independent trustees' compensation | 427 | |
Registration fees | 73,740 | |
Audit | 31,878 | |
Legal | 293 | |
Miscellaneous | 804 | |
Total expenses before reductions | 1,071,585 | |
Expense reductions | (36,152) | 1,035,433 |
Net investment income (loss) | | 1,117,629 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 4,012,003 | |
Foreign currency transactions | (6,158) | |
Total net realized gain (loss) | | 4,005,845 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 5,763,245 | |
Assets and liabilities in foreign currencies | 6,010 | |
Total change in net unrealized appreciation (depreciation) | | 5,769,255 |
Net gain (loss) | | 9,775,100 |
Net increase (decrease) in net assets resulting from operations | | $ 10,892,729 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,117,629 | $ 3,341,999 |
Net realized gain (loss) | 4,005,845 | 3,427,666 |
Change in net unrealized appreciation (depreciation) | 5,769,255 | (17,523,712) |
Net increase (decrease) in net assets resulting
from operations | 10,892,729 | (10,754,047) |
Distributions to shareholders from net investment income | (2,782,952) | (1,835,361) |
Distributions to shareholders from net realized gain | - | (302,617) |
Total distributions | (2,782,952) | (2,137,978) |
Share transactions - net increase (decrease) | 220,191 | (11,096,734) |
Redemption fees | 22,892 | 119,309 |
Total increase (decrease) in net assets | 8,352,860 | (23,869,450) |
| | |
Net Assets | | |
Beginning of period | 142,702,310 | 166,571,760 |
End of period (including undistributed net investment income of $1,082,420 and undistributed net investment income of $2,747,743, respectively) | $ 151,055,170 | $ 142,702,310 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.34 | $ 8.97 | $ 7.26 | $ 4.75 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .06 | .16 H | .07 | .05 | .04 |
Net realized and unrealized gain (loss) | .60 | (.70) | 1.70 | 2.48 | (5.31) |
Total from investment operations | .66 | (.54) | 1.77 | 2.53 | (5.27) |
Distributions from net investment income | (.15) | (.08) | (.04) | (.03) | - |
Distributions from net realized gain | - | (.02) | (.02) | - | - |
Total distributions | (.15) | (.10) | (.07) L | (.03) | - |
Redemption fees added to paid in capital E | - K | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.85 | $ 8.34 | $ 8.97 | $ 7.26 | $ 4.75 |
Total Return B,C,D | 8.09% | (6.05)% | 24.66% | 53.78% | (52.50)% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.67% A | 1.60% | 1.69% | 1.87% | 2.50% A |
Expenses net of fee waivers, if any | 1.65% A | 1.56% | 1.50% | 1.50% | 1.50% A |
Expenses net of all reductions | 1.62% A | 1.51% | 1.38% | 1.39% | 1.23% A |
Net investment income (loss) | 1.38% A | 1.70% H | .95% | .84% | 1.20% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,266 | $ 10,260 | $ 10,045 | $ 4,817 | $ 1,368 |
Portfolio turnover rate G | 29% A | 53% | 96% | 58% | 68% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.25%.
I For the period May 8, 2008 (commencement of operations) to October 31, 2008.
J 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.
K Amount represents less than $.01 per share.
L Total distributions of $.07 per share is comprised of distributions from net investment income of $.041 and distributions from net realized gain of $.024 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.31 | $ 8.96 | $ 7.25 | $ 4.75 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .05 | .13 H | .06 | .04 | .04 |
Net realized and unrealized gain (loss) | .61 | (.71) | 1.69 | 2.47 | (5.31) |
Total from investment operations | .66 | (.58) | 1.75 | 2.51 | (5.27) |
Distributions from net investment income | (.13) | (.07) | (.03) | (.02) | - |
Distributions from net realized gain | - | (.02) | (.02) | - | - |
Total distributions | (.13) | (.08) L | (.05) | (.02) | - |
Redemption fees added to paid in capital E | - K | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.84 | $ 8.31 | $ 8.96 | $ 7.25 | $ 4.75 |
Total Return B,C,D | 8.09% | (6.42)% | 24.44% | 53.20% | (52.50)% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.93% A | 1.87% | 1.95% | 2.15% | 2.78% A |
Expenses net of fee waivers, if any | 1.90% A | 1.84% | 1.75% | 1.75% | 1.75% A |
Expenses net of all reductions | 1.86% A | 1.78% | 1.62% | 1.64% | 1.49% A |
Net investment income (loss) | 1.14% A | 1.42% H | .70% | .59% | .95% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 3,651 | $ 3,502 | $ 3,114 | $ 1,560 | $ 568 |
Portfolio turnover rate G | 29% A | 53% | 96% | 58% | 68% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .98%.
I For the period May 8, 2008 (commencement of operations) to October 31, 2008.
J 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.
K Amount represents less than $.01 per share.
L Total distributions of $.08 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.015 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, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.29 | $ 8.93 | $ 7.23 | $ 4.73 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .03 | .09 H | .02 | .01 | .02 |
Net realized and unrealized gain (loss) | .61 | (.71) | 1.68 | 2.48 | (5.31) |
Total from investment operations | .64 | (.62) | 1.70 | 2.49 | (5.29) |
Distributions from net investment income | (.06) | (.02) | - | - | - |
Distributions from net realized gain | - | (.01) | (.01) | - | - |
Total distributions | (.06) | (.03) | (.01) | - | - |
Redemption fees added to paid in capital E | - K | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.87 | $ 8.29 | $ 8.93 | $ 7.23 | $ 4.73 |
Total Return B,C,D | 7.75% | (6.85)% | 23.72% | 52.85% | (52.70)% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 2.42% A | 2.37% | 2.47% | 2.68% | 3.32% A |
Expenses net of fee waivers, if any | 2.40% A | 2.33% | 2.25% | 2.25% | 2.25% A |
Expenses net of all reductions | 2.37% A | 2.27% | 2.12% | 2.14% | 1.99% A |
Net investment income (loss) | .63% A | .93% H | .20% | .09% | .45% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 503 | $ 539 | $ 822 | $ 782 | $ 487 |
Portfolio turnover rate G | 29% A | 53% | 96% | 58% | 68% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%.
I For the period May 8, 2008 (commencement of operations) to October 31, 2008.
J 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.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.24 | $ 8.90 | $ 7.23 | $ 4.73 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .03 | .08 H | .02 | .01 | .02 |
Net realized and unrealized gain (loss) | .60 | (.69) | 1.67 | 2.48 | (5.31) |
Total from investment operations | .63 | (.61) | 1.69 | 2.49 | (5.29) |
Distributions from net investment income | (.08) | (.05) | (.01) | - | - |
Distributions from net realized gain | - | (.02) | (.02) | - | - |
Total distributions | (.08) | (.06) L | (.03) | - | - |
Redemption fees added to paid in capital E | - K | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.79 | $ 8.24 | $ 8.90 | $ 7.23 | $ 4.73 |
Total Return B,C,D | 7.77% | (6.79)% | 23.61% | 52.85% | (52.70)% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 2.41% A | 2.36% | 2.45% | 2.61% | 3.28% A |
Expenses net of fee waivers, if any | 2.40% A | 2.33% | 2.25% | 2.25% | 2.25% A |
Expenses net of all reductions | 2.36% A | 2.27% | 2.13% | 2.14% | 1.99% A |
Net investment income (loss) | .64% A | .93% H | .20% | .09% | .45% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,409 | $ 6,650 | $ 5,151 | $ 2,677 | $ 741 |
Portfolio turnover rate G | 29% A | 53% | 96% | 58% | 68% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%.
I For the period May 8, 2008 (commencement of operations) to October 31, 2008.
J 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.
K Amount represents less than $.01 per share.
L Total distributions of $.06 per share is comprised of distributions from net investment income of $.047 and distributions from net realized gain of $.015 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Emerging Europe, Middle East, Africa (EMEA)
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .07 | .18 G | .09 | .07 | .05 |
Net realized and unrealized gain (loss) | .60 | (.71) | 1.70 | 2.48 | (5.31) |
Total from investment operations | .67 | (.53) | 1.79 | 2.55 | (5.26) |
Distributions from net investment income | (.17) | (.09) | (.05) | (.04) | - |
Distributions from net realized gain | - | (.02) | (.02) | - | - |
Total distributions | (.17) | (.11) | (.08) K | (.04) | - |
Redemption fees added to paid in capital D | - J | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.87 | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 |
Total Return B,C | 8.28% | (5.91)% | 24.92% | 54.15% | (52.40)% |
Ratios to Average Net Assets E,I | | | | | |
Expenses before reductions | 1.41% A | 1.35% | 1.45% | 1.61% | 2.19% A |
Expenses net of fee waivers, if any | 1.40% A | 1.31% | 1.25% | 1.25% | 1.25% A |
Expenses net of all reductions | 1.36% A | 1.25% | 1.12% | 1.14% | .98% A |
Net investment income (loss) | 1.64% A | 1.95% G | 1.21% | 1.09% | 1.45% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 120,517 | $ 114,117 | $ 140,270 | $ 104,141 | $ 32,535 |
Portfolio turnover rate F | 29% A | 53% | 96% | 58% | 68% |
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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.51%.
H For the period May 8, 2008 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.08 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.024 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .07 | .19 G | .09 | .06 | .05 |
Net realized and unrealized gain (loss) | .61 | (.72) | 1.70 | 2.49 | (5.31) |
Total from investment operations | .68 | (.53) | 1.79 | 2.55 | (5.26) |
Distributions from net investment income | (.18) | (.09) | (.05) | (.04) | - |
Distributions from net realized gain | - | (.02) | (.02) | - | - |
Total distributions | (.18) | (.11) | (.08) K | (.04) | - |
Redemption fees added to paid in capital D | - J | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.87 | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 |
Total Return B,C | 8.40% | (5.91)% | 24.95% | 54.15% | (52.40)% |
Ratios to Average Net Assets E,I | | | | | |
Expenses before reductions | 1.32% A | 1.26% | 1.34% | 1.60% | 2.12% A |
Expenses net of fee waivers, if any | 1.32% A | 1.24% | 1.25% | 1.25% | 1.25% A |
Expenses net of all reductions | 1.28% A | 1.19% | 1.13% | 1.14% | .98% A |
Net investment income (loss) | 1.72% A | 2.02% G | 1.20% | 1.09% | 1.46% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,709 | $ 7,633 | $ 7,171 | $ 4,235 | $ 2,695 |
Portfolio turnover rate F | 29% A | 53% | 96% | 58% | 68% |
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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.58%.
H For the period May 8, 2008 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.08 per share is comprised of distributions from net investment income of $.054 and distributions from net realized gain of $.024 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, 2012 (Unaudited)
1. Organization.
Fidelity® Emerging Europe, Middle East, Africa (EMEA) 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, Emerging Europe, Middle East, Africa (EMEA) and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
(ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and foreign government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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 | $ 24,656,295 |
Gross unrealized depreciation | (11,840,416) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 12,815,879 |
| |
Tax cost | $ 139,189,718 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2016 | $ (7,410,645) |
2017 | (579,836) |
2018 | (3,276,010) |
Total capital loss carryforward | $ (11,266,491) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the net asset value 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.
4. Operating Policies.
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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $21,031,325 and $22,836,403, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .81% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period,
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 11,938 | $ 89 |
Class T | .25% | .25% | 8,707 | 68 |
Class B | .75% | .25% | 2,594 | 1,961 |
Class C | .75% | .25% | 37,205 | 7,362 |
| | | $ 60,444 | $ 9,480 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,700 |
Class T | 1,369 |
Class B* | 1,857 |
Class C* | 1,943 |
| $ 7,869 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
| Amount | % of
Average
Net Assets* |
Class A | $ 14,184 | .30 |
Class T | 5,438 | .31 |
Class B | 772 | .30 |
Class C | 10,891 | .29 |
Emerging Europe, Middle East, Africa (EMEA) | 167,642 | .29 |
Institutional Class | 7,764 | .19 |
| $ 206,691 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $212 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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
Semiannual Report
8. Security Lending - continued
or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $2,228. During the period, there were no securities loaned to FCM.
9. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.65% | $ 753 |
Class T | 1.90% | 591 |
Class B | 2.40% | 40 |
Class C | 2.40% | 632 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | 8,733 |
| | $ 10,749 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $25,403 for the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 173,376 | $ 97,896 |
Class T | 52,030 | 26,168 |
Class B | 3,592 | 1,907 |
Class C | 61,819 | 32,267 |
Emerging Europe, Middle East, Africa (EMEA) | 2,310,485 | 1,585,636 |
Institutional Class | 181,650 | 91,487 |
Total | $ 2,782,952 | $ 1,835,361 |
From net realized gain | | |
Class A | $ - | $ 18,012 |
Class T | - | 5,690 |
Class B | - | 902 |
Class C | - | 9,924 |
Emerging Europe, Middle East, Africa (EMEA) | - | 253,422 |
Institutional Class | - | 14,667 |
Total | $ - | $ 302,617 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31, 2011 | Six months ended April 30,
2012 | Year ended
October 31, 2011 |
Class A | | | | |
Shares sold | 106,664 | 827,297 | $ 917,610 | $ 7,697,437 |
Reinvestment of distributions | 16,919 | 10,020 | 134,509 | 92,483 |
Shares redeemed | (307,768) | (725,856) | (2,554,974) | (6,651,188) |
Net increase (decrease) | (184,185) | 111,461 | $ (1,502,855) | $ 1,138,732 |
Class T | | | | |
Shares sold | 43,723 | 164,342 | $ 370,181 | $ 1,527,510 |
Reinvestment of distributions | 6,513 | 3,447 | 51,713 | 31,848 |
Shares redeemed | (58,478) | (94,003) | (487,295) | (862,784) |
Net increase (decrease) | (8,242) | 73,786 | $ (65,401) | $ 696,574 |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31, 2011 | Six months ended April 30,
2012 | Year ended
October 31, 2011 |
Class B | | | | |
Shares sold | 2,520 | 9,372 | $ 21,708 | $ 87,632 |
Reinvestment of distributions | 430 | 285 | 3,432 | 2,673 |
Shares redeemed | (11,224) | (36,653) | (95,086) | (325,442) |
Net increase (decrease) | (8,274) | (26,996) | $ (69,946) | $ (235,137) |
Class C | | | | |
Shares sold | 280,052 | 438,284 | $ 2,287,086 | $ 4,066,195 |
Reinvestment of distributions | 7,082 | 4,100 | 56,016 | 37,820 |
Shares redeemed | (137,673) | (213,656) | (1,118,796) | (1,892,778) |
Net increase (decrease) | 149,461 | 228,728 | $ 1,224,306 | $ 2,211,237 |
Emerging Europe, Middle East, Africa (EMEA) | | | | |
Shares sold | 2,306,744 | 7,381,313 | $ 19,711,348 | $ 68,910,601 |
Reinvestment of distributions | 276,215 | 187,137 | 2,198,675 | 1,730,170 |
Shares redeemed | (2,634,988) | (9,520,946) | (21,913,264) | (86,802,311) |
Net increase (decrease) | (52,029) | (1,952,496) | $ (3,241) | $ (16,161,540) |
Institutional Class | | | | |
Shares sold | 256,793 | 597,666 | $ 2,151,470 | $ 5,560,036 |
Reinvestment of distributions | 5,723 | 1,263 | 45,553 | 11,681 |
Shares redeemed | (192,324) | (484,423) | (1,559,695) | (4,318,317) |
Net increase (decrease) | 70,192 | 114,506 | $ 637,328 | $ 1,253,400 |
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.
At the end of the period, FMR or its affiliates were the owners of record of 11% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank & Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
AEMEI-USAN-0612
1.861983.103
Fidelity®
Emerging Europe,
Middle East, Africa (EMEA)
Fund
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
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
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to
April 30, 2012 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,080.90 | $ 8.54 |
Hypothetical A | | $ 1,000.00 | $ 1,016.66 | $ 8.27 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 1,080.90 | $ 9.83 |
Hypothetical A | | $ 1,000.00 | $ 1,015.42 | $ 9.52 |
Class B | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,077.50 | $ 12.40 |
Hypothetical A | | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,077.70 | $ 12.40 |
Hypothetical A | | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,082.80 | $ 7.25 |
Hypothetical A | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
Institutional Class | 1.32% | | | |
Actual | | $ 1,000.00 | $ 1,084.00 | $ 6.84 |
Hypothetical A | | $ 1,000.00 | $ 1,018.30 | $ 6.62 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | South Africa 47.1% | |
 | Russia 31.2% | |
 | Turkey 5.0% | |
 | United Arab Emirates 3.5% | |
 | Kenya 2.5% | |
 | Poland 2.4% | |
 | Nigeria 1.5% | |
 | Morocco 1.0% | |
 | Qatar 0.9% | |
 | Other* 4.9% | |
* Includes short-term investments and net other assets.
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| South Africa 46.7% | |
| Russia 33.6% | |
| Turkey 5.8% | |
| Poland 3.3% | |
| United Arab Emirates 2.3% | |
| Nigeria 1.6% | |
| Morocco 1.2% | |
| Kenya 1.2% | |
 | Qatar 1.1% | |
| Other* 3.2% | |
* Includes short-term investments and net other assets.
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.7 | 98.9 |
Bonds | 0.6 | 0.7 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.7 | 0.4 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Gazprom OAO (Russia, Oil, Gas & Consumable Fuels) | 8.0 | 8.7 |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 7.4 | 7.9 |
Sberbank (Savings Bank of the Russian Federation) (Russia, Commercial Banks) | 6.5 | 5.6 |
Lukoil Oil Co. sponsored ADR (United Kingdom) (Russia, Oil, Gas & Consumable Fuels) | 6.3 | 6.0 |
Standard Bank Group Ltd. (South Africa, Commercial Banks) | 5.0 | 4.3 |
FirstRand Ltd. (South Africa, Diversified Financial Services) | 4.2 | 3.3 |
Clicks Group Ltd. (South Africa, Food & Staples Retailing) | 2.8 | 2.9 |
NOVATEK OAO GDR (Russia, Oil, Gas & Consumable Fuels) | 2.7 | 4.0 |
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels) | 2.6 | 2.8 |
Vodacom Group (Pty) Ltd. (South Africa, Wireless Telecommunication Services) | 2.6 | 3.1 |
| 48.1 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Energy | 27.5 | 26.7 |
Financials | 26.8 | 23.4 |
Telecommunication Services | 13.5 | 14.3 |
Materials | 10.8 | 14.9 |
Consumer Staples | 10.5 | 9.2 |
Consumer Discretionary | 4.1 | 6.3 |
Industrials | 3.2 | 1.7 |
Health Care | 1.3 | 0.7 |
Utilities | 1.0 | 1.7 |
Information Technology | 0.3 | 0.3 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.4% |
| Shares | | Value |
Bailiwick of Jersey - 0.5% |
Randgold Resources Ltd. | 9,200 | | $ 816,705 |
Canada - 0.9% |
Africa Oil Corp. (a) | 165,000 | | 912,073 |
Silver Wheaton Corp. | 13,200 | | 403,049 |
TOTAL CANADA | | 1,315,122 |
Cayman Islands - 0.3% |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 18,000 | | 513,000 |
Czech Republic - 0.7% |
Philip Morris CR A/S (d) | 1,700 | | 987,528 |
Kenya - 2.5% |
Barclays Bank of Kenya Ltd. | 1,920,640 | | 295,306 |
British American Tobacco Kenya Ltd. | 190,700 | | 739,893 |
East African Breweries Ltd. | 388,906 | | 981,024 |
Kenya Airways Ltd. | 1,754,900 | | 313,036 |
Safaricom Ltd. | 26,267,959 | | 1,041,252 |
Uchumi Supermarket Ltd. (a) | 2,300,000 | | 393,694 |
TOTAL KENYA | | 3,764,205 |
Morocco - 1.0% |
Maroc Telecom SA | 103,600 | | 1,586,776 |
Nigeria - 1.5% |
Guaranty Trust Bank PLC | 3,807,451 | | 387,518 |
Nigerian Breweries PLC | 893,687 | | 625,127 |
Skye Bank PLC | 20,371,010 | | 512,511 |
Zenith Bank PLC | 7,548,060 | | 679,038 |
TOTAL NIGERIA | | 2,204,194 |
Poland - 2.4% |
Bank Polska Kasa Opieki SA | 37,400 | | 1,763,866 |
Eurocash SA | 102,354 | | 1,249,823 |
Kruk SA (a) | 40,000 | | 612,759 |
TOTAL POLAND | | 3,626,448 |
Qatar - 0.9% |
Qatar National Bank SAQ | 21,351 | | 782,296 |
Vodafone Qatar QSC (a) | 248,198 | | 588,310 |
TOTAL QATAR | | 1,370,606 |
Russia - 28.9% |
Bank St. Petersburg OJSC | 120,000 | | 285,996 |
Gazprom OAO | 2,098,400 | | 12,086,285 |
Common Stocks - continued |
| Shares | | Value |
Russia - continued |
Lukoil Oil Co. sponsored ADR (United Kingdom) | 153,895 | | $ 9,441,458 |
NOVATEK OAO | 40,000 | | 515,583 |
NOVATEK OAO GDR (Reg. S) | 27,700 | | 3,520,670 |
OGK-4 OJSC (a) | 3,500,000 | | 316,384 |
Rosneft Oil Co. OJSC | 131,100 | | 938,157 |
Rosneft Oil Co. OJSC GDR (Reg. S) | 234,500 | | 1,673,158 |
Sberbank (Savings Bank of the Russian Federation) | 3,072,600 | | 9,836,797 |
Sistema JSFC sponsored GDR | 26,700 | | 507,300 |
TNK-BP Holding (a) | 915,000 | | 2,800,048 |
Uralkali OJSC | 236,900 | | 1,788,506 |
TOTAL RUSSIA | | 43,710,342 |
South Africa - 47.1% |
African Rainbow Minerals Ltd. | 70,300 | | 1,635,935 |
AngloGold Ashanti Ltd. | 85,100 | | 2,916,237 |
Aspen Pharmacare Holdings Ltd. | 41,800 | | 675,528 |
Aveng Ltd. | 224,400 | | 1,147,100 |
Cashbuild Ltd. | 83,400 | | 1,404,440 |
Clicks Group Ltd. | 701,033 | | 4,216,293 |
DRDGOLD Ltd. | 948,914 | | 646,915 |
Exxaro Resources Ltd. | 77,100 | | 2,051,903 |
FirstRand Ltd. | 1,931,600 | | 6,275,589 |
Harmony Gold Mining Co. Ltd. | 398,900 | | 3,876,663 |
Holdsport Ltd. | 60,000 | | 341,733 |
Kagiso Media Ltd. | 63,000 | | 157,136 |
Life Healthcare Group Holdings Ltd. (e) | 299,200 | | 1,034,006 |
Massmart Holdings Ltd. (e) | 35,231 | | 756,891 |
Mr Price Group Ltd. | 128,700 | | 1,740,710 |
MTN Group Ltd. | 642,450 | | 11,224,290 |
Nampak Ltd. | 538,200 | | 1,553,431 |
Naspers Ltd. Class N | 32,000 | | 1,927,282 |
Northam Platinum Ltd. | 140,200 | | 601,321 |
Pinnacle Technology Holdings Ltd. | 200,000 | | 408,588 |
Pioneer Foods Ltd. | 237,900 | | 1,833,647 |
Raubex Group Ltd. | 1,079,300 | | 1,992,639 |
RMB Holdings Ltd. | 265,100 | | 1,145,199 |
Sanlam Ltd. | 443,400 | | 1,906,312 |
Sasol Ltd. | 82,100 | | 3,901,073 |
Shoprite Holdings Ltd. | 184,700 | | 3,191,525 |
Spur Corp. Ltd. | 162,800 | | 345,359 |
Standard Bank Group Ltd. | 513,963 | | 7,582,573 |
Super Group Ltd. (a) | 200,000 | | 377,989 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
Vodacom Group (Pty) Ltd. | 279,600 | | $ 3,885,930 |
Wilson Bayly Holmes-Ovcon Ltd. | 18,600 | | 325,105 |
TOTAL SOUTH AFRICA | | 71,079,342 |
Turkey - 5.0% |
Aygaz A/S | 247,000 | | 1,141,514 |
Koc Holding A/S | 137,000 | | 508,389 |
Tupras-Turkiye Petrol Rafinerileri A/S | 28,000 | | 584,861 |
Turk Telekomunikasyon A/S | 397,100 | | 1,740,279 |
Turkiye Garanti Bankasi A/S | 973,000 | | 3,577,450 |
TOTAL TURKEY | | 7,552,493 |
United Arab Emirates - 3.5% |
Agthia Group PJSC | 392,608 | | 226,610 |
Aldar Properties PJSC (a) | 1,417,210 | | 443,728 |
Dubai Financial Market PJSC (a) | 5,382,523 | | 1,655,958 |
Emirates NBD Bank PJSC (a) | 396,999 | | 305,887 |
First Gulf Bank PJSC | 779,396 | | 1,909,790 |
National Bank of Abu Dhabi PJSC (a) | 156,000 | | 369,937 |
NMC Health PLC | 92,300 | | 313,856 |
TOTAL UNITED ARAB EMIRATES | | 5,225,766 |
United Kingdom - 0.8% |
Ophir Energy PLC | 70,500 | | 660,253 |
Tullow Oil PLC | 25,100 | | 624,949 |
TOTAL UNITED KINGDOM | | 1,285,202 |
Zambia - 0.4% |
Zambeef Products PLC | 997,525 | | 532,013 |
TOTAL COMMON STOCKS (Cost $132,654,380) |
145,569,742
|
Nonconvertible Preferred Stocks - 2.3% |
| | | |
Russia - 2.3% |
Surgutneftegaz JSC
(Cost $2,724,197) | 5,308,600 | |
3,535,693
|
Nonconvertible Bonds - 0.3% |
| Principal Amount | | Value |
Multi-National - 0.3% |
International Bank for Reconstruction & Development 8.2% 12/12/12
(Cost $511,213) | NGN | 80,000,000 | | $ 487,166 |
Government Obligations - 0.3% |
|
Ghana - 0.3% |
Ghana Republic 14.99% 3/11/13
(Cost $672,328) | GHS | 950,000 | |
504,877
|
Money Market Funds - 1.3% |
| Shares | | |
Fidelity Cash Central Fund, 0.14% (b) | 1,295,619 | | 1,295,619 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 612,500 | | 612,500 |
TOTAL MONEY MARKET FUNDS (Cost $1,908,119) |
1,908,119
|
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $138,470,237) | | 152,005,597 |
NET OTHER ASSETS (LIABILITIES) - (0.6)% | | (950,427) |
NET ASSETS - 100% | $ 151,055,170 |
Currency Abbreviations |
GHS | - | Ghana Cedi |
NGN | - | Nigerian naira |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security or a portion of the security purchased on a delayed delivery or when-issued 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 | $ 866 |
Fidelity Securities Lending Cash Central Fund | 2,228 |
Total | $ 3,094 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 6,294,649 | $ 6,294,649 | $ - | $ - |
Consumer Staples | 15,734,068 | 15,734,068 | - | - |
Energy | 41,707,261 | 37,806,188 | 3,901,073 | - |
Financials | 39,715,751 | 39,715,751 | - | - |
Health Care | 2,023,390 | 2,023,390 | - | - |
Industrials | 4,899,028 | 4,899,028 | - | - |
Information Technology | 408,588 | 408,588 | - | - |
Materials | 16,290,665 | 8,034,145 | 8,256,520 | - |
Telecommunication Services | 20,574,137 | 20,574,137 | - | - |
Utilities | 1,457,898 | 1,457,898 | - | - |
Corporate Bonds | 487,166 | - | 487,166 | - |
Government Obligations | 504,877 | - | 504,877 | - |
Money Market Funds | 1,908,119 | 1,908,119 | - | - |
Total Investments in Securities: | $ 152,005,597 | $ 138,855,961 | $ 13,149,636 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $580,879) - See accompanying schedule: Unaffiliated issuers (cost $136,562,118) | $ 150,097,478 | |
Fidelity Central Funds (cost $1,908,119) | 1,908,119 | |
Total Investments (cost $138,470,237) | | $ 152,005,597 |
Foreign currency held at value (cost $22,778) | | 22,778 |
Receivable for investments sold
Regular delivery | | 256,687 |
Delayed delivery | | 172,470 |
Receivable for fund shares sold | | 188,020 |
Dividends receivable | | 608,325 |
Interest receivable | | 25,657 |
Distributions receivable from Fidelity Central Funds | | 2,420 |
Prepaid expenses | | 179 |
Receivable from investment adviser for expense reductions | | 10,749 |
Other receivables | | 16,672 |
Total assets | | 153,309,554 |
| | |
Liabilities | | |
Payable to custodian bank | $ 27,272 | |
Payable for investments purchased
Regular delivery | 650,077 | |
Delayed delivery | 324,678 | |
Payable for fund shares redeemed | 413,864 | |
Accrued management fee | 100,960 | |
Distribution and service plan fees payable | 10,886 | |
Other affiliated payables | 42,702 | |
Other payables and accrued expenses | 71,445 | |
Collateral on securities loaned, at value | 612,500 | |
Total liabilities | | 2,254,384 |
| | |
Net Assets | | $ 151,055,170 |
Net Assets consist of: | | |
Paid in capital | | $ 144,429,888 |
Undistributed net investment income | | 1,082,420 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (7,996,049) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 13,538,911 |
Net Assets | | $ 151,055,170 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($9,266,201 ÷ 1,046,724 shares) | | $ 8.85 |
| | |
Maximum offering price per share (100/94.25 of $8.85) | | $ 9.39 |
Class T:
Net Asset Value and redemption price per share ($3,651,238 ÷ 413,253 shares) | | $ 8.84 |
| | |
Maximum offering price per share (100/96.50 of $8.84) | | $ 9.16 |
Class B:
Net Asset Value and offering price per share ($503,429 ÷ 56,777 shares)A | | $ 8.87 |
| | |
Class C:
Net Asset Value and offering price per share ($8,408,575 ÷ 956,733 shares)A | | $ 8.79 |
| | |
Emerging Europe, Middle East, Africa (EMEA):
Net Asset Value, offering price and redemption price per share ($120,516,775 ÷ 13,580,367 shares) | | $ 8.87 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($8,708,952 ÷ 981,679 shares) | | $ 8.87 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 2,189,221 |
Interest | | 62,167 |
Income from Fidelity Central Funds | | 3,094 |
Income before foreign taxes withheld | | 2,254,482 |
Less foreign taxes withheld | | (101,420) |
Total income | | 2,153,062 |
| | |
Expenses | | |
Management fee | $ 579,386 | |
Transfer agent fees | 206,691 | |
Distribution and service plan fees | 60,444 | |
Accounting and security lending fees | 37,145 | |
Custodian fees and expenses | 80,777 | |
Independent trustees' compensation | 427 | |
Registration fees | 73,740 | |
Audit | 31,878 | |
Legal | 293 | |
Miscellaneous | 804 | |
Total expenses before reductions | 1,071,585 | |
Expense reductions | (36,152) | 1,035,433 |
Net investment income (loss) | | 1,117,629 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 4,012,003 | |
Foreign currency transactions | (6,158) | |
Total net realized gain (loss) | | 4,005,845 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 5,763,245 | |
Assets and liabilities in foreign currencies | 6,010 | |
Total change in net unrealized appreciation (depreciation) | | 5,769,255 |
Net gain (loss) | | 9,775,100 |
Net increase (decrease) in net assets resulting from operations | | $ 10,892,729 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,117,629 | $ 3,341,999 |
Net realized gain (loss) | 4,005,845 | 3,427,666 |
Change in net unrealized appreciation (depreciation) | 5,769,255 | (17,523,712) |
Net increase (decrease) in net assets resulting
from operations | 10,892,729 | (10,754,047) |
Distributions to shareholders from net investment income | (2,782,952) | (1,835,361) |
Distributions to shareholders from net realized gain | - | (302,617) |
Total distributions | (2,782,952) | (2,137,978) |
Share transactions - net increase (decrease) | 220,191 | (11,096,734) |
Redemption fees | 22,892 | 119,309 |
Total increase (decrease) in net assets | 8,352,860 | (23,869,450) |
| | |
Net Assets | | |
Beginning of period | 142,702,310 | 166,571,760 |
End of period (including undistributed net investment income of $1,082,420 and undistributed net investment income of $2,747,743, respectively) | $ 151,055,170 | $ 142,702,310 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.34 | $ 8.97 | $ 7.26 | $ 4.75 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .06 | .16 H | .07 | .05 | .04 |
Net realized and unrealized gain (loss) | .60 | (.70) | 1.70 | 2.48 | (5.31) |
Total from investment operations | .66 | (.54) | 1.77 | 2.53 | (5.27) |
Distributions from net investment income | (.15) | (.08) | (.04) | (.03) | - |
Distributions from net realized gain | - | (.02) | (.02) | - | - |
Total distributions | (.15) | (.10) | (.07) L | (.03) | - |
Redemption fees added to paid in capital E | - K | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.85 | $ 8.34 | $ 8.97 | $ 7.26 | $ 4.75 |
Total Return B,C,D | 8.09% | (6.05)% | 24.66% | 53.78% | (52.50)% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.67% A | 1.60% | 1.69% | 1.87% | 2.50% A |
Expenses net of fee waivers, if any | 1.65% A | 1.56% | 1.50% | 1.50% | 1.50% A |
Expenses net of all reductions | 1.62% A | 1.51% | 1.38% | 1.39% | 1.23% A |
Net investment income (loss) | 1.38% A | 1.70% H | .95% | .84% | 1.20% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,266 | $ 10,260 | $ 10,045 | $ 4,817 | $ 1,368 |
Portfolio turnover rate G | 29% A | 53% | 96% | 58% | 68% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.25%.
I For the period May 8, 2008 (commencement of operations) to October 31, 2008.
J 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.
K Amount represents less than $.01 per share.
L Total distributions of $.07 per share is comprised of distributions from net investment income of $.041 and distributions from net realized gain of $.024 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.31 | $ 8.96 | $ 7.25 | $ 4.75 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .05 | .13 H | .06 | .04 | .04 |
Net realized and unrealized gain (loss) | .61 | (.71) | 1.69 | 2.47 | (5.31) |
Total from investment operations | .66 | (.58) | 1.75 | 2.51 | (5.27) |
Distributions from net investment income | (.13) | (.07) | (.03) | (.02) | - |
Distributions from net realized gain | - | (.02) | (.02) | - | - |
Total distributions | (.13) | (.08) L | (.05) | (.02) | - |
Redemption fees added to paid in capital E | - K | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.84 | $ 8.31 | $ 8.96 | $ 7.25 | $ 4.75 |
Total Return B,C,D | 8.09% | (6.42)% | 24.44% | 53.20% | (52.50)% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.93% A | 1.87% | 1.95% | 2.15% | 2.78% A |
Expenses net of fee waivers, if any | 1.90% A | 1.84% | 1.75% | 1.75% | 1.75% A |
Expenses net of all reductions | 1.86% A | 1.78% | 1.62% | 1.64% | 1.49% A |
Net investment income (loss) | 1.14% A | 1.42% H | .70% | .59% | .95% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 3,651 | $ 3,502 | $ 3,114 | $ 1,560 | $ 568 |
Portfolio turnover rate G | 29% A | 53% | 96% | 58% | 68% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .98%.
I For the period May 8, 2008 (commencement of operations) to October 31, 2008.
J 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.
K Amount represents less than $.01 per share.
L Total distributions of $.08 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.015 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, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.29 | $ 8.93 | $ 7.23 | $ 4.73 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .03 | .09 H | .02 | .01 | .02 |
Net realized and unrealized gain (loss) | .61 | (.71) | 1.68 | 2.48 | (5.31) |
Total from investment operations | .64 | (.62) | 1.70 | 2.49 | (5.29) |
Distributions from net investment income | (.06) | (.02) | - | - | - |
Distributions from net realized gain | - | (.01) | (.01) | - | - |
Total distributions | (.06) | (.03) | (.01) | - | - |
Redemption fees added to paid in capital E | - K | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.87 | $ 8.29 | $ 8.93 | $ 7.23 | $ 4.73 |
Total Return B,C,D | 7.75% | (6.85)% | 23.72% | 52.85% | (52.70)% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 2.42% A | 2.37% | 2.47% | 2.68% | 3.32% A |
Expenses net of fee waivers, if any | 2.40% A | 2.33% | 2.25% | 2.25% | 2.25% A |
Expenses net of all reductions | 2.37% A | 2.27% | 2.12% | 2.14% | 1.99% A |
Net investment income (loss) | .63% A | .93% H | .20% | .09% | .45% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 503 | $ 539 | $ 822 | $ 782 | $ 487 |
Portfolio turnover rate G | 29% A | 53% | 96% | 58% | 68% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%.
I For the period May 8, 2008 (commencement of operations) to October 31, 2008.
J 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.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.24 | $ 8.90 | $ 7.23 | $ 4.73 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .03 | .08 H | .02 | .01 | .02 |
Net realized and unrealized gain (loss) | .60 | (.69) | 1.67 | 2.48 | (5.31) |
Total from investment operations | .63 | (.61) | 1.69 | 2.49 | (5.29) |
Distributions from net investment income | (.08) | (.05) | (.01) | - | - |
Distributions from net realized gain | - | (.02) | (.02) | - | - |
Total distributions | (.08) | (.06) L | (.03) | - | - |
Redemption fees added to paid in capital E | - K | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.79 | $ 8.24 | $ 8.90 | $ 7.23 | $ 4.73 |
Total Return B,C,D | 7.77% | (6.79)% | 23.61% | 52.85% | (52.70)% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 2.41% A | 2.36% | 2.45% | 2.61% | 3.28% A |
Expenses net of fee waivers, if any | 2.40% A | 2.33% | 2.25% | 2.25% | 2.25% A |
Expenses net of all reductions | 2.36% A | 2.27% | 2.13% | 2.14% | 1.99% A |
Net investment income (loss) | .64% A | .93% H | .20% | .09% | .45% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,409 | $ 6,650 | $ 5,151 | $ 2,677 | $ 741 |
Portfolio turnover rate G | 29% A | 53% | 96% | 58% | 68% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%.
I For the period May 8, 2008 (commencement of operations) to October 31, 2008.
J 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.
K Amount represents less than $.01 per share.
L Total distributions of $.06 per share is comprised of distributions from net investment income of $.047 and distributions from net realized gain of $.015 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Emerging Europe, Middle East, Africa (EMEA)
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .07 | .18 G | .09 | .07 | .05 |
Net realized and unrealized gain (loss) | .60 | (.71) | 1.70 | 2.48 | (5.31) |
Total from investment operations | .67 | (.53) | 1.79 | 2.55 | (5.26) |
Distributions from net investment income | (.17) | (.09) | (.05) | (.04) | - |
Distributions from net realized gain | - | (.02) | (.02) | - | - |
Total distributions | (.17) | (.11) | (.08) K | (.04) | - |
Redemption fees added to paid in capital D | - J | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.87 | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 |
Total Return B,C | 8.28% | (5.91)% | 24.92% | 54.15% | (52.40)% |
Ratios to Average Net Assets E,I | | | | | |
Expenses before reductions | 1.41% A | 1.35% | 1.45% | 1.61% | 2.19% A |
Expenses net of fee waivers, if any | 1.40% A | 1.31% | 1.25% | 1.25% | 1.25% A |
Expenses net of all reductions | 1.36% A | 1.25% | 1.12% | 1.14% | .98% A |
Net investment income (loss) | 1.64% A | 1.95% G | 1.21% | 1.09% | 1.45% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 120,517 | $ 114,117 | $ 140,270 | $ 104,141 | $ 32,535 |
Portfolio turnover rate F | 29% A | 53% | 96% | 58% | 68% |
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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.51%.
H For the period May 8, 2008 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.08 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.024 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .07 | .19 G | .09 | .06 | .05 |
Net realized and unrealized gain (loss) | .61 | (.72) | 1.70 | 2.49 | (5.31) |
Total from investment operations | .68 | (.53) | 1.79 | 2.55 | (5.26) |
Distributions from net investment income | (.18) | (.09) | (.05) | (.04) | - |
Distributions from net realized gain | - | (.02) | (.02) | - | - |
Total distributions | (.18) | (.11) | (.08) K | (.04) | - |
Redemption fees added to paid in capital D | - J | .01 | .01 | .01 | .02 |
Net asset value, end of period | $ 8.87 | $ 8.37 | $ 9.00 | $ 7.28 | $ 4.76 |
Total Return B,C | 8.40% | (5.91)% | 24.95% | 54.15% | (52.40)% |
Ratios to Average Net Assets E,I | | | | | |
Expenses before reductions | 1.32% A | 1.26% | 1.34% | 1.60% | 2.12% A |
Expenses net of fee waivers, if any | 1.32% A | 1.24% | 1.25% | 1.25% | 1.25% A |
Expenses net of all reductions | 1.28% A | 1.19% | 1.13% | 1.14% | .98% A |
Net investment income (loss) | 1.72% A | 2.02% G | 1.20% | 1.09% | 1.46% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,709 | $ 7,633 | $ 7,171 | $ 4,235 | $ 2,695 |
Portfolio turnover rate F | 29% A | 53% | 96% | 58% | 68% |
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 $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.58%.
H For the period May 8, 2008 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.08 per share is comprised of distributions from net investment income of $.054 and distributions from net realized gain of $.024 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, 2012 (Unaudited)
1. Organization.
Fidelity® Emerging Europe, Middle East, Africa (EMEA) 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, Emerging Europe, Middle East, Africa (EMEA) and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
Semiannual Report
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
(ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and foreign government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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 | $ 24,656,295 |
Gross unrealized depreciation | (11,840,416) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 12,815,879 |
| |
Tax cost | $ 139,189,718 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2016 | $ (7,410,645) |
2017 | (579,836) |
2018 | (3,276,010) |
Total capital loss carryforward | $ (11,266,491) |
Semiannual Report
3. Significant Accounting Policies - continued
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the net asset value 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.
4. Operating Policies.
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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $21,031,325 and $22,836,403, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .81% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period,
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 11,938 | $ 89 |
Class T | .25% | .25% | 8,707 | 68 |
Class B | .75% | .25% | 2,594 | 1,961 |
Class C | .75% | .25% | 37,205 | 7,362 |
| | | $ 60,444 | $ 9,480 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,700 |
Class T | 1,369 |
Class B* | 1,857 |
Class C* | 1,943 |
| $ 7,869 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
| Amount | % of
Average
Net Assets* |
Class A | $ 14,184 | .30 |
Class T | 5,438 | .31 |
Class B | 772 | .30 |
Class C | 10,891 | .29 |
Emerging Europe, Middle East, Africa (EMEA) | 167,642 | .29 |
Institutional Class | 7,764 | .19 |
| $ 206,691 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $212 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending - continued
or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $2,228. During the period, there were no securities loaned to FCM.
9. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.65% | $ 753 |
Class T | 1.90% | 591 |
Class B | 2.40% | 40 |
Class C | 2.40% | 632 |
Emerging Europe, Middle East, Africa (EMEA) | 1.40% | 8,733 |
| | $ 10,749 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $25,403 for the period.
Semiannual Report
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 173,376 | $ 97,896 |
Class T | 52,030 | 26,168 |
Class B | 3,592 | 1,907 |
Class C | 61,819 | 32,267 |
Emerging Europe, Middle East, Africa (EMEA) | 2,310,485 | 1,585,636 |
Institutional Class | 181,650 | 91,487 |
Total | $ 2,782,952 | $ 1,835,361 |
From net realized gain | | |
Class A | $ - | $ 18,012 |
Class T | - | 5,690 |
Class B | - | 902 |
Class C | - | 9,924 |
Emerging Europe, Middle East, Africa (EMEA) | - | 253,422 |
Institutional Class | - | 14,667 |
Total | $ - | $ 302,617 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31, 2011 | Six months ended April 30,
2012 | Year ended
October 31, 2011 |
Class A | | | | |
Shares sold | 106,664 | 827,297 | $ 917,610 | $ 7,697,437 |
Reinvestment of distributions | 16,919 | 10,020 | 134,509 | 92,483 |
Shares redeemed | (307,768) | (725,856) | (2,554,974) | (6,651,188) |
Net increase (decrease) | (184,185) | 111,461 | $ (1,502,855) | $ 1,138,732 |
Class T | | | | |
Shares sold | 43,723 | 164,342 | $ 370,181 | $ 1,527,510 |
Reinvestment of distributions | 6,513 | 3,447 | 51,713 | 31,848 |
Shares redeemed | (58,478) | (94,003) | (487,295) | (862,784) |
Net increase (decrease) | (8,242) | 73,786 | $ (65,401) | $ 696,574 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31, 2011 | Six months ended April 30,
2012 | Year ended
October 31, 2011 |
Class B | | | | |
Shares sold | 2,520 | 9,372 | $ 21,708 | $ 87,632 |
Reinvestment of distributions | 430 | 285 | 3,432 | 2,673 |
Shares redeemed | (11,224) | (36,653) | (95,086) | (325,442) |
Net increase (decrease) | (8,274) | (26,996) | $ (69,946) | $ (235,137) |
Class C | | | | |
Shares sold | 280,052 | 438,284 | $ 2,287,086 | $ 4,066,195 |
Reinvestment of distributions | 7,082 | 4,100 | 56,016 | 37,820 |
Shares redeemed | (137,673) | (213,656) | (1,118,796) | (1,892,778) |
Net increase (decrease) | 149,461 | 228,728 | $ 1,224,306 | $ 2,211,237 |
Emerging Europe, Middle East, Africa (EMEA) | | | | |
Shares sold | 2,306,744 | 7,381,313 | $ 19,711,348 | $ 68,910,601 |
Reinvestment of distributions | 276,215 | 187,137 | 2,198,675 | 1,730,170 |
Shares redeemed | (2,634,988) | (9,520,946) | (21,913,264) | (86,802,311) |
Net increase (decrease) | (52,029) | (1,952,496) | $ (3,241) | $ (16,161,540) |
Institutional Class | | | | |
Shares sold | 256,793 | 597,666 | $ 2,151,470 | $ 5,560,036 |
Reinvestment of distributions | 5,723 | 1,263 | 45,553 | 11,681 |
Shares redeemed | (192,324) | (484,423) | (1,559,695) | (4,318,317) |
Net increase (decrease) | 70,192 | 114,506 | $ 637,328 | $ 1,253,400 |
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.
At the end of the period, FMR or its affiliates were the owners of record of 11% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management &
Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank & Trust Company
Quincy, MA
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
EME-USAN-0612
1.861974.103
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Value
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Class A, Class T, Class B, and Class C are classes of Fidelity® International Value Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.41% | | | |
Actual | | $ 1,000.00 | $ 1,029.30 | $ 7.11 |
HypotheticalA | | $ 1,000.00 | $ 1,017.85 | $ 7.07 |
Class T | 1.68% | | | |
Actual | | $ 1,000.00 | $ 1,028.60 | $ 8.47 |
HypotheticalA | | $ 1,000.00 | $ 1,016.51 | $ 8.42 |
Class B | 2.16% | | | |
Actual | | $ 1,000.00 | $ 1,025.10 | $ 10.88 |
HypotheticalA | | $ 1,000.00 | $ 1,014.12 | $ 10.82 |
Class C | 2.16% | | | |
Actual | | $ 1,000.00 | $ 1,025.60 | $ 10.88 |
HypotheticalA | | $ 1,000.00 | $ 1,014.12 | $ 10.82 |
International Value | 1.10% | | | |
Actual | | $ 1,000.00 | $ 1,029.90 | $ 5.55 |
HypotheticalA | | $ 1,000.00 | $ 1,019.39 | $ 5.52 |
Institutional Class | 1.07% | | | |
Actual | | $ 1,000.00 | $ 1,031.80 | $ 5.41 |
HypotheticalA | | $ 1,000.00 | $ 1,019.54 | $ 5.37 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United Kingdom 27.4% | |
 | Japan 22.7% | |
 | Germany 10.3% | |
 | Switzerland 9.7% | |
 | Australia 7.5% | |
 | France 7.4% | |
 | Netherlands 3.5% | |
 | Italy 2.7% | |
 | Spain 1.8% | |
 | Other * 7.0% | |
* 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, 2011 |
| United Kingdom 27.1% | |
| Japan 21.8% | |
| Germany 10.6% | |
| France 8.5% | |
| Switzerland 7.6% | |
| Australia 6.3% | |
| Norway 2.9% | |
| Netherlands 2.8% | |
| Italy 2.7% | |
| Other * 9.7% | |
* 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. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 99.1 | 99.2 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.9 | 0.8 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 5.1 | 5.9 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 3.8 | 2.8 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 3.5 | 3.5 |
Sanofi SA (France, Pharmaceuticals) | 3.2 | 2.9 |
BP PLC sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.9 | 2.8 |
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals) | 2.5 | 3.5 |
Australia & New Zealand Banking Group Ltd. (Australia, Commercial Banks) | 2.4 | 1.9 |
Commonwealth Bank of Australia (Australia, Commercial Banks) | 2.3 | 2.9 |
Nestle SA (Switzerland, Food Products) | 2.1 | 2.2 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks) | 2.1 | 0.8 |
| 29.9 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 26.7 | 24.1 |
Health Care | 13.2 | 11.7 |
Energy | 11.8 | 13.2 |
Consumer Staples | 9.1 | 9.1 |
Consumer Discretionary | 9.0 | 7.5 |
Industrials | 7.5 | 6.4 |
Utilities | 7.1 | 7.8 |
Telecommunication Services | 7.0 | 11.6 |
Materials | 5.0 | 5.1 |
Information Technology | 2.7 | 2.7 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% |
| Shares | | Value |
Australia - 7.5% |
Australia & New Zealand Banking Group Ltd. | 140,603 | | $ 3,502,510 |
Commonwealth Bank of Australia | 63,465 | | 3,436,309 |
Origin Energy Ltd. | 42,091 | | 581,484 |
Sydney Airport unit | 264,603 | | 802,219 |
Telstra Corp. Ltd. | 280,351 | | 1,033,976 |
Transurban Group unit | 61,346 | | 375,171 |
Westfield Group unit | 136,750 | | 1,316,450 |
TOTAL AUSTRALIA | | 11,048,119 |
Bailiwick of Jersey - 0.7% |
Wolseley PLC | 27,635 | | 1,050,938 |
Bermuda - 0.6% |
Cheung Kong Infrastructure Holdings Ltd. | 148,000 | | 878,426 |
France - 7.4% |
Atos Origin SA | 17,635 | | 1,135,861 |
BNP Paribas SA | 37,793 | | 1,518,422 |
Euler Hermes SA | 6,117 | | 433,307 |
GDF Suez (d) | 42,500 | | 978,387 |
Pernod Ricard SA | 8,000 | | 830,393 |
PPR SA (d) | 5,625 | | 940,849 |
Sanofi SA | 62,224 | | 4,753,142 |
Societe Generale Series A | 15,000 | | 354,646 |
TOTAL FRANCE | | 10,945,007 |
Germany - 8.9% |
Aareal Bank AG (a) | 16,284 | | 314,190 |
Allianz AG | 21,906 | | 2,441,150 |
BASF AG (d) | 11,996 | | 987,596 |
Bayer AG (d) | 41,390 | | 2,915,487 |
Daimler AG (Germany) | 32,619 | | 1,803,456 |
Deutsche Boerse AG | 11,300 | | 709,503 |
Deutsche Post AG | 55,334 | | 1,032,841 |
Metro AG | 13,500 | | 435,613 |
RWE AG | 32,800 | | 1,410,085 |
Siemens AG | 11,832 | | 1,098,334 |
TOTAL GERMANY | | 13,148,255 |
Hong Kong - 0.6% |
Cheung Kong Holdings Ltd. | 53,000 | | 704,968 |
Henderson Land Development Co. Ltd. | 42,000 | | 239,268 |
TOTAL HONG KONG | | 944,236 |
Common Stocks - continued |
| Shares | | Value |
Italy - 2.7% |
ENI SpA | 127,600 | | $ 2,835,463 |
Fiat Industrial SpA | 37,900 | | 429,974 |
Intesa Sanpaolo SpA | 472,020 | | 714,215 |
TOTAL ITALY | | 3,979,652 |
Japan - 22.7% |
Aeon Credit Service Co. Ltd. | 44,200 | | 770,558 |
Air Water, Inc. | 93,000 | | 1,172,362 |
Aozora Bank Ltd. | 409,000 | | 1,049,062 |
Astellas Pharma, Inc. | 37,600 | | 1,524,986 |
Canon, Inc. | 22,600 | | 1,024,474 |
Chubu Electric Power Co., Inc. | 41,700 | | 682,960 |
Credit Saison Co. Ltd. | 39,500 | | 847,764 |
Denso Corp. | 38,700 | | 1,251,454 |
Fanuc Corp. | 4,400 | | 742,109 |
Hitachi Ltd. | 188,000 | | 1,197,493 |
Honda Motor Co. Ltd. | 76,000 | | 2,735,350 |
INPEX Corp. | 110 | | 726,322 |
Itochu Corp. | 116,400 | | 1,317,057 |
Japan Retail Fund Investment Corp. | 589 | | 939,178 |
Japan Tobacco, Inc. | 410 | | 2,271,414 |
JSR Corp. | 57,400 | | 1,132,932 |
JX Holdings, Inc. | 200 | | 1,128 |
Mitsubishi Corp. | 73,400 | | 1,590,822 |
Nippon Telegraph & Telephone Corp. | 39,500 | | 1,787,315 |
Obic Co. Ltd. | 2,840 | | 598,644 |
ORIX Corp. | 6,330 | | 605,254 |
Santen Pharmaceutical Co. Ltd. | 23,500 | | 983,512 |
Seven & i Holdings Co., Ltd. | 58,500 | | 1,770,917 |
Seven Bank Ltd. | 328,000 | | 810,457 |
Sumitomo Mitsui Financial Group, Inc. | 85,300 | | 2,729,667 |
Sumitomo Realty & Development Co. Ltd. | 34,000 | | 810,840 |
Toray Industries, Inc. | 153,000 | | 1,176,386 |
Toyo Suisan Kaisha Ltd. | 17,000 | | 436,438 |
USS Co. Ltd. | 8,310 | | 842,996 |
TOTAL JAPAN | | 33,529,851 |
Mexico - 0.6% |
Grupo Modelo SAB de CV Series C | 131,353 | | 927,462 |
Netherlands - 3.5% |
AEGON NV | 97,100 | | 451,703 |
HeidelbergCement Finance AG (d) | 18,000 | | 989,713 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - continued |
ING Groep NV (Certificaten Van Aandelen) (a) | 150,182 | | $ 1,059,595 |
Koninklijke KPN NV | 62,785 | | 563,601 |
Koninklijke Philips Electronics NV | 43,300 | | 861,755 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 34,131 | | 1,169,222 |
TOTAL NETHERLANDS | | 5,095,589 |
Norway - 1.2% |
Orkla ASA (A Shares) | 109,700 | | 805,933 |
Telenor ASA | 49,800 | | 915,534 |
TOTAL NORWAY | | 1,721,467 |
Singapore - 1.6% |
Singapore Telecommunications Ltd. | 322,000 | | 811,732 |
United Overseas Bank Ltd. | 98,480 | | 1,531,725 |
TOTAL SINGAPORE | | 2,343,457 |
Spain - 1.8% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 200,114 | | 1,350,770 |
Red Electrica Corporacion SA | 5,200 | | 226,407 |
Repsol YPF SA | 54,393 | | 1,040,479 |
TOTAL SPAIN | | 2,617,656 |
Sweden - 0.8% |
Svenska Handelsbanken AB (A Shares) | 35,800 | | 1,160,174 |
Switzerland - 9.7% |
Nestle SA | 51,690 | | 3,166,728 |
Roche Holding AG (participation certificate) | 30,340 | | 5,542,804 |
Syngenta AG (Switzerland) | 4,885 | | 1,713,244 |
Transocean Ltd. (Switzerland) | 9,912 | | 494,754 |
UBS AG (NY Shares) | 97,541 | | 1,206,582 |
Zurich Financial Services AG | 9,011 | | 2,204,222 |
TOTAL SWITZERLAND | | 14,328,334 |
United Kingdom - 27.4% |
Aegis Group PLC | 245,827 | | 709,026 |
Barclays PLC | 417,806 | | 1,479,361 |
BP PLC sponsored ADR | 99,635 | | 4,325,155 |
British American Tobacco PLC (United Kingdom) | 24,947 | | 1,279,678 |
British Land Co. PLC | 66,300 | | 526,651 |
Bunzl PLC | 56,086 | | 931,270 |
Centrica PLC | 238,084 | | 1,185,966 |
Compass Group PLC | 138,300 | | 1,445,617 |
GlaxoSmithKline PLC sponsored ADR | 79,285 | | 3,665,346 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
HSBC Holdings PLC sponsored ADR | 69,866 | | $ 3,155,847 |
Imperial Tobacco Group PLC | 29,468 | | 1,178,519 |
International Power PLC | 154,613 | | 1,046,471 |
National Grid PLC | 258,700 | | 2,793,925 |
Next PLC | 12,800 | | 608,520 |
Prudential PLC | 122,494 | | 1,501,460 |
Reed Elsevier PLC | 105,897 | | 876,412 |
Royal Dutch Shell PLC Class A sponsored ADR | 104,829 | | 7,499,470 |
Scottish & Southern Energy PLC | 51,571 | | 1,105,742 |
Vodafone Group PLC | 42,300 | | 117,099 |
Vodafone Group PLC sponsored ADR | 178,466 | | 4,966,709 |
TOTAL UNITED KINGDOM | | 40,398,244 |
TOTAL COMMON STOCKS (Cost $148,233,213) |
144,116,867
|
Nonconvertible Preferred Stocks - 1.4% |
| | | |
Germany - 1.4% |
Hugo Boss AG (non-vtg.) | 6,117 | | 682,716 |
ProSiebenSat.1 Media AG | 27,280 | | 692,652 |
Volkswagen AG | 3,427 | | 649,196 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,892,138) |
2,024,564
|
Money Market Funds - 5.5% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 709,273 | | 709,273 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 7,385,196 | | 7,385,196 |
TOTAL MONEY MARKET FUNDS (Cost $8,094,469) |
8,094,469
|
TOTAL INVESTMENT PORTFOLIO - 104.6% (Cost $158,219,820) | | 154,235,900 |
NET OTHER ASSETS (LIABILITIES) - (4.6)% | | (6,742,589) |
NET ASSETS - 100% | $ 147,493,311 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
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 | $ 177 |
Fidelity Securities Lending Cash Central Fund | 90,253 |
Total | $ 90,430 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 13,238,244 | $ 7,532,032 | $ 5,706,212 | $ - |
Consumer Staples | 13,466,384 | 6,538,715 | 6,927,669 | - |
Energy | 17,504,255 | 13,941,342 | 3,562,913 | - |
Financials | 39,875,808 | 26,820,909 | 13,054,899 | - |
Health Care | 19,385,277 | 12,123,637 | 7,261,640 | - |
Industrials | 11,038,423 | 5,428,346 | 5,610,077 | - |
Information Technology | 3,956,472 | 1,135,861 | 2,820,611 | - |
Materials | 7,172,233 | 1,977,309 | 5,194,924 | - |
Telecommunication Services | 10,195,966 | 8,291,552 | 1,904,414 | - |
Utilities | 10,308,369 | 6,831,484 | 3,476,885 | - |
Money Market Funds | 8,094,469 | 8,094,469 | - | - |
Total Investments in Securities: | $ 154,235,900 | $ 98,715,656 | $ 55,520,244 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $7,022,563) - See accompanying schedule: Unaffiliated issuers (cost $150,125,351) | $ 146,141,431 | |
Fidelity Central Funds (cost $8,094,469) | 8,094,469 | |
Total Investments (cost $158,219,820) | | $ 154,235,900 |
Foreign currency held at value (cost $154,522) | | 154,522 |
Receivable for investments sold | | 2,154,039 |
Receivable for fund shares sold | | 95,222 |
Dividends receivable | | 1,083,760 |
Distributions receivable from Fidelity Central Funds | | 31,937 |
Prepaid expenses | | 188 |
Other receivables | | 18,467 |
Total assets | | 157,774,035 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,455,522 | |
Payable for fund shares redeemed | 260,444 | |
Accrued management fee | 84,088 | |
Distribution and service plan fees payable | 4,433 | |
Other affiliated payables | 37,939 | |
Other payables and accrued expenses | 53,102 | |
Collateral on securities loaned, at value | 7,385,196 | |
Total liabilities | | 10,280,724 |
| | |
Net Assets | | $ 147,493,311 |
Net Assets consist of: | | |
Paid in capital | | $ 273,993,755 |
Undistributed net investment income | | 1,773,441 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (124,322,023) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (3,951,862) |
Net Assets | | $ 147,493,311 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($4,460,665 ÷ 638,374 shares) | | $ 6.99 |
| | |
Maximum offering price per share (100/94.25 of $6.99) | | $ 7.42 |
Class T:
Net Asset Value and redemption price per share ($2,414,195 ÷ 345,590 shares) | | $ 6.99 |
| | |
Maximum offering price per share (100/96.50 of $6.99) | | $ 7.24 |
Class B:
Net Asset Value and offering price per share ($848,761 ÷ 120,999 shares)A | | $ 7.01 |
| | |
Class C:
Net Asset Value and offering price per share ($2,175,340 ÷ 310,779 shares)A | | $ 7.00 |
| | |
International Value:
Net Asset Value, offering price and redemption price per share ($137,241,724 ÷ 19,654,934 shares) | | $ 6.98 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($352,626 ÷ 50,406 shares) | | $ 7.00 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2012 (Unaudited) |
Investment Income | | |
Dividends | | $ 3,472,972 |
Income from Fidelity Central Funds | | 90,430 |
Income before foreign taxes withheld | | 3,563,402 |
Less foreign taxes withheld | | (284,722) |
Total income | | 3,278,680 |
| | |
Expenses | | |
Management fee
Basic fee | $ 543,618 | |
Performance adjustment | (54,084) | |
Transfer agent fees | 189,891 | |
Distribution and service plan fees | 26,441 | |
Accounting and security lending fees | 40,494 | |
Custodian fees and expenses | 55,745 | |
Independent trustees' compensation | 471 | |
Registration fees | 37,024 | |
Audit | 30,908 | |
Legal | 358 | |
Miscellaneous | 858 | |
Total expenses before reductions | 871,724 | |
Expense reductions | (33,680) | 838,044 |
Net investment income (loss) | | 2,440,636 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (5,696,875) | |
Foreign currency transactions | (34,325) | |
Total net realized gain (loss) | | (5,731,200) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 7,584,694 | |
Assets and liabilities in foreign currencies | 21,538 | |
Total change in net unrealized appreciation (depreciation) | | 7,606,232 |
Net gain (loss) | | 1,875,032 |
Net increase (decrease) in net assets resulting from operations | | $ 4,315,668 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,440,636 | $ 5,953,007 |
Net realized gain (loss) | (5,731,200) | (31,214,422) |
Change in net unrealized appreciation (depreciation) | 7,606,232 | (382,882) |
Net increase (decrease) in net assets resulting
from operations | 4,315,668 | (25,644,297) |
Distributions to shareholders from net investment income | (5,463,877) | (4,441,935) |
Distributions to shareholders from net realized gain | - | (710,581) |
Total distributions | (5,463,877) | (5,152,516) |
Share transactions - net increase (decrease) | (12,944,348) | 18,454,243 |
Redemption fees | 1,329 | 3,151 |
Total increase (decrease) in net assets | (14,091,228) | (12,339,419) |
| | |
Net Assets | | |
Beginning of period | 161,584,539 | 173,923,958 |
End of period (including undistributed net investment income of $1,773,441 and undistributed net investment income of $4,796,681, respectively) | $ 147,493,311 | $ 161,584,539 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
Net asset value, beginning of period | $ 7.02 | $ 8.22 | $ 7.75 | $ 5.93 | $ 13.02 | $ 10.60 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .10 | .22 | .15 | .12 | .21 | .18 |
Net realized and unrealized gain (loss) | .09 | (1.19) | .44 | 1.78 | (6.53) | 2.29 |
Total from investment operations | .19 | (.97) | .59 | 1.90 | (6.32) | 2.47 |
Distributions from net investment income | (.22) | (.19) | (.11) | (.08) | (.15) | (.03) |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.02) |
Total distributions | (.22) | (.23) J | (.12) | (.08) | (.77) | (.05) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 6.99 | $ 7.02 | $ 8.22 | $ 7.75 | $ 5.93 | $ 13.02 |
Total Return B,C,D | 2.93% | (12.19)% | 7.60% | 32.71% | (51.50)% | 23.43% |
Ratios to Average Net Assets F,H |
Expenses before reductions | 1.41% A | 1.36% | 1.40% | 1.34% | 1.42% | 1.38% |
Expenses net of fee waivers, if any | 1.41% A | 1.36% | 1.40% | 1.34% | 1.42% | 1.38% |
Expenses net of all reductions | 1.36% A | 1.34% | 1.38% | 1.32% | 1.41% | 1.37% |
Net investment income (loss) | 2.91% A | 2.79% | 1.93% | 1.86% | 2.05% | 1.49% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,461 | $ 4,668 | $ 4,699 | $ 4,456 | $ 2,854 | $ 6,052 |
Portfolio turnover rate G | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.23 per share is comprised of distributions from net investment income of $.191 and distributions from net realized gain of $.034 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
Net asset value, beginning of period | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.91 | $ 12.99 | $ 10.59 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .09 | .20 | .13 | .10 | .18 | .15 |
Net realized and unrealized gain (loss) | .10 | (1.19) | .44 | 1.77 | (6.50) | 2.29 |
Total from investment operations | .19 | (.99) | .57 | 1.87 | (6.32) | 2.44 |
Distributions from net investment income | (.20) | (.17) | (.09) | (.05) | (.14) | (.02) |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.02) |
Total distributions | (.20) | (.21) J | (.10) | (.05) | (.76) | (.04) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 6.99 | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.91 | $ 12.99 |
Total Return B,C,D | 2.86% | (12.42)% | 7.32% | 32.14% | (51.60)% | 23.13% |
Ratios to Average Net Assets F,H |
Expenses before reductions | 1.68% A | 1.63% | 1.67% | 1.60% | 1.67% | 1.60% |
Expenses net of fee waivers, if any | 1.68% A | 1.62% | 1.67% | 1.60% | 1.67% | 1.60% |
Expenses net of all reductions | 1.64% A | 1.60% | 1.65% | 1.59% | 1.66% | 1.58% |
Net investment income (loss) | 2.63% A | 2.52% | 1.65% | 1.59% | 1.80% | 1.27% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,414 | $ 2,468 | $ 2,276 | $ 2,395 | $ 2,087 | $ 5,081 |
Portfolio turnover rate G | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.21 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.034 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, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
Net asset value, beginning of period | $ 7.00 | $ 8.20 | $ 7.74 | $ 5.88 | $ 12.93 | $ 10.56 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .07 | .17 | .09 | .07 | .13 | .09 |
Net realized and unrealized gain (loss) | .10 | (1.20) | .44 | 1.79 | (6.48) | 2.29 |
Total from investment operations | .17 | (1.03) | .53 | 1.86 | (6.35) | 2.38 |
Distributions from net investment income | (.16) | (.13) | (.06) | - | (.08) | - |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.01) |
Total distributions | (.16) | (.17) J | (.07) | - | (.70) | (.01) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 7.01 | $ 7.00 | $ 8.20 | $ 7.74 | $ 5.88 | $ 12.93 |
Total Return B ,C,D | 2.51% | (12.88)% | 6.82% | 31.63% | (51.85)% | 22.59% |
Ratios to Average Net Assets F,H |
Expenses before reductions | 2.16% A | 2.11% | 2.15% | 2.08% | 2.18% | 2.10% |
Expenses net of fee waivers, if any | 2.16% A | 2.11% | 2.15% | 2.08% | 2.18% | 2.10% |
Expenses net of all reductions | 2.11% A | 2.09% | 2.13% | 2.07% | 2.17% | 2.08% |
Net investment income (loss) | 2.16% A | 2.04% | 1.18% | 1.11% | 1.29% | .77% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 849 | $ 901 | $ 1,216 | $ 1,076 | $ 931 | $ 2,651 |
Portfolio turnover rate G | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.17 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.034 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.88 | $ 12.92 | $ 10.56 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .07 | .16 | .09 | .07 | .13 | .09 |
Net realized and unrealized gain (loss) | .10 | (1.19) | .44 | 1.78 | (6.47) | 2.29 |
Total from investment operations | .17 | (1.03) | .53 | 1.85 | (6.34) | 2.38 |
Distributions from net investment income | (.17) | (.14) | (.05) | - | (.08) | - |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.02) |
Total distributions | (.17) | (.17) | (.06) | - | (.70) | (.02) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 7.00 | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.88 | $ 12.92 |
Total Return B,C,D | 2.56% | (12.84)% | 6.84% | 31.46% | (51.80)% | 22.56% |
Ratios to Average Net Assets F,H |
Expenses before reductions | 2.16% A | 2.12% | 2.15% | 2.08% | 2.17% | 2.07% |
Expenses net of fee waivers, if any | 2.16% A | 2.11% | 2.15% | 2.08% | 2.17% | 2.07% |
Expenses net of all reductions | 2.11% A | 2.09% | 2.13% | 2.06% | 2.16% | 2.05% |
Net investment income (loss) | 2.16% A | 2.04% | 1.18% | 1.12% | 1.30% | .80% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,175 | $ 2,108 | $ 2,123 | $ 2,108 | $ 1,784 | $ 5,996 |
Portfolio turnover rate G | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Value
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
Net asset value, beginning of period | $ 7.03 | $ 8.23 | $ 7.75 | $ 5.95 | $ 13.06 | $ 10.61 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .11 | .25 | .17 | .13 | .24 | .22 |
Net realized and unrealized gain (loss) | .09 | (1.20) | .44 | 1.78 | (6.54) | 2.29 |
Total from investment operations | .20 | (.95) | .61 | 1.91 | (6.30) | 2.51 |
Distributions from net investment income | (.25) | (.22) | (.13) | (.11) | (.19) | (.04) |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.02) |
Total distributions | (.25) | (.25) | (.13) I | (.11) | (.81) | (.06) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 6.98 | $ 7.03 | $ 8.23 | $ 7.75 | $ 5.95 | $ 13.06 |
Total Return B,C | 2.99% | (11.91)% | 7.95% | 33.09% | (51.34)% | 23.81% |
Ratios to Average Net Assets E,G |
Expenses before reductions | 1.10% A | 1.04% | 1.09% | 1.07% | 1.10% | 1.03% |
Expenses net of fee waivers, if any | 1.10% A | 1.03% | 1.09% | 1.07% | 1.10% | 1.03% |
Expenses net of all reductions | 1.05% A | 1.01% | 1.08% | 1.06% | 1.09% | 1.02% |
Net investment income (loss) | 3.22% A | 3.11% | 2.23% | 2.12% | 2.37% | 1.84% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 137,242 | $ 150,967 | $ 163,090 | $ 180,447 | $ 160,777 | $ 381,148 |
Portfolio turnover rate F | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per share. I Total distributions of $.13 per share is comprised of distributions from net investment income of $.129 and distributions from net realized gain of $.005 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 7.04 | $ 8.24 | $ 7.76 | $ 5.96 | $ 13.07 | $ 10.61 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .11 | .25 | .18 | .14 | .25 | .22 |
Net realized and unrealized gain (loss) | .10 | (1.19) | .44 | 1.78 | (6.54) | 2.30 |
Total from investment operations | .21 | (.94) | .62 | 1.92 | (6.29) | 2.52 |
Distributions from net investment income | (.25) | (.22) | (.14) | (.12) | (.20) | (.04) |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.02) |
Total distributions | (.25) | (.26) J | (.14) I | (.12) | (.82) | (.06) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 7.00 | $ 7.04 | $ 8.24 | $ 7.76 | $ 5.96 | $ 13.07 |
Total Return B,C | 3.18% | (11.83)% | 8.05% | 33.06% | (51.27)% | 23.91% |
Ratios to Average Net Assets E,G |
Expenses before reductions | 1.07% A | .98% | .98% | .93% | 1.02% | .98% |
Expenses net of fee waivers, if any | 1.07% A | .98% | .98% | .93% | 1.02% | .98% |
Expenses net of all reductions | 1.02% A | .96% | .97% | .92% | 1.01% | .96% |
Net investment income (loss) | 3.25% A | 3.17% | 2.34% | 2.26% | 2.45% | 1.89% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 353 | $ 473 | $ 519 | $ 814 | $ 1,052 | $ 3,965 |
Portfolio turnover rate F | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per share. I Total distributions of $.14 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.005 per share. J Total distributions of $.26 per share is comprised of distributions from net investment income of $.221 and distributions from net realized gain of $.034 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, 2012 (Unaudited)
1. Organization.
Fidelity® International Value 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, International Value and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
(ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
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 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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
Semiannual Report
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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 | $ 9,040,708 |
Gross unrealized depreciation | (14,364,055) |
Net unrealized appreciation (depreciation) on securities and other investments | $ (5,323,347) |
| |
Tax cost | $ 159,559,247 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2016 | $ (17,089,067) |
2017 | (65,376,972) |
2018 | (3,571,319) |
2019 | (31,368,797) |
Total capital loss carryforward | $ (117,406,155) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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
Notes to Financial Statements (Unaudited) - continued
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $67,693,788 and $83,825,862, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Value as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .64% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 5,619 | $ 77 |
Class T | .25% | .25% | 5,956 | 50 |
Class B | .75% | .25% | 4,322 | 3,251 |
Class C | .75% | .25% | 10,544 | 2,769 |
| | | $ 26,441 | $ 6,147 |
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, 1.00% for Class C, 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
by FDC |
Class A | $ 1,322 |
Class T | 718 |
Class B* | 1,679 |
Class C* | 481 |
| $ 4,200 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 6,823 | .30 |
Class T | 3,898 | .33 |
Class B | 1,315 | .30 |
Class C | 3,216 | .31 |
International Value | 174,206 | .24 |
Institutional Class | 433 | .21 |
| $ 189,891 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $35 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $233 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $90,253. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $33,680 for the period.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 143,989 | $ 109,917 |
Class T | 67,838 | 48,265 |
Class B | 19,758 | 18,831 |
Class C | 50,970 | 34,950 |
International Value | 5,163,324 | 4,218,039 |
Institutional Class | 17,998 | 11,933 |
Total | $ 5,463,877 | $ 4,441,935 |
From net realized gain | | |
Class A | $ - | $ 19,461 |
Class T | - | 9,435 |
Class B | - | 4,893 |
Class C | - | 8,796 |
International Value | - | 666,153 |
Institutional Class | - | 1,843 |
Total | $ - | $ 710,581 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 105,682 | 297,051 | $ 724,719 | $ 2,472,449 |
Reinvestment of distributions | 19,578 | 14,168 | 128,823 | 113,424 |
Shares redeemed | (152,008) | (217,894) | (1,041,717) | (1,776,674) |
Net increase (decrease) | (26,748) | 93,325 | $ (188,175) | $ 809,199 |
Class T | | | | |
Shares sold | 41,061 | 184,684 | $ 274,896 | $ 1,564,957 |
Reinvestment of distributions | 10,069 | 7,104 | 66,355 | 56,884 |
Shares redeemed | (58,016) | (116,856) | (391,300) | (949,653) |
Net increase (decrease) | (6,886) | 74,932 | $ (50,049) | $ 672,188 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class B | | | | |
Shares sold | 2,337 | 10,615 | $ 15,632 | $ 84,177 |
Reinvestment of distributions | 2,474 | 2,474 | 16,400 | 19,918 |
Shares redeemed | (12,528) | (32,689) | (86,326) | (270,345) |
Net increase (decrease) | (7,717) | (19,600) | $ (54,294) | $ (166,250) |
Class C | | | | |
Shares sold | 45,129 | 94,118 | $ 308,745 | $ 764,274 |
Reinvestment of distributions | 6,699 | 4,468 | 44,283 | 35,965 |
Shares redeemed | (42,179) | (56,323) | (287,656) | (453,389) |
Net increase (decrease) | 9,649 | 42,263 | $ 65,372 | $ 346,850 |
International Value | | | | |
Shares sold | 1,162,890 | 9,000,450 | $ 7,893,827 | $ 76,813,955 |
Reinvestment of distributions | 762,294 | 587,427 | 5,008,269 | 4,695,920 |
Shares redeemed | (3,757,243) | (7,927,908) | (25,506,869) | (64,758,392) |
Net increase (decrease) | (1,832,059) | 1,659,969 | $ (12,604,773) | $ 16,751,483 |
Institutional Class | | | | |
Shares sold | 7,780 | 19,868 | $ 52,723 | $ 168,608 |
Reinvestment of distributions | 1,234 | 395 | 8,117 | 3,160 |
Shares redeemed | (25,804) | (16,071) | (173,269) | (130,995) |
Net increase (decrease) | (16,790) | 4,192 | $ (112,429) | $ 40,773 |
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 II Fund and VIP FundsManager 60% Portfolio were the owners of record of approximately 18% and 19%, respectively, of the total outstanding shares of the Fund.
The VIP FundsManager Portfolios were the owners of record, in the aggregate, of approximately 25% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
AFIV-USAN-0612
1.827499.105
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Value
Fund - Institutional Class
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Institutional Class is
a class of Fidelity®
International Value Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.41% | | | |
Actual | | $ 1,000.00 | $ 1,029.30 | $ 7.11 |
HypotheticalA | | $ 1,000.00 | $ 1,017.85 | $ 7.07 |
Class T | 1.68% | | | |
Actual | | $ 1,000.00 | $ 1,028.60 | $ 8.47 |
HypotheticalA | | $ 1,000.00 | $ 1,016.51 | $ 8.42 |
Class B | 2.16% | | | |
Actual | | $ 1,000.00 | $ 1,025.10 | $ 10.88 |
HypotheticalA | | $ 1,000.00 | $ 1,014.12 | $ 10.82 |
Class C | 2.16% | | | |
Actual | | $ 1,000.00 | $ 1,025.60 | $ 10.88 |
HypotheticalA | | $ 1,000.00 | $ 1,014.12 | $ 10.82 |
International Value | 1.10% | | | |
Actual | | $ 1,000.00 | $ 1,029.90 | $ 5.55 |
HypotheticalA | | $ 1,000.00 | $ 1,019.39 | $ 5.52 |
Institutional Class | 1.07% | | | |
Actual | | $ 1,000.00 | $ 1,031.80 | $ 5.41 |
HypotheticalA | | $ 1,000.00 | $ 1,019.54 | $ 5.37 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United Kingdom 27.4% | |
 | Japan 22.7% | |
 | Germany 10.3% | |
 | Switzerland 9.7% | |
 | Australia 7.5% | |
 | France 7.4% | |
 | Netherlands 3.5% | |
 | Italy 2.7% | |
 | Spain 1.8% | |
 | Other * 7.0% | |
* 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, 2011 |
| United Kingdom 27.1% | |
| Japan 21.8% | |
| Germany 10.6% | |
| France 8.5% | |
| Switzerland 7.6% | |
| Australia 6.3% | |
| Norway 2.9% | |
| Netherlands 2.8% | |
| Italy 2.7% | |
| Other * 9.7% | |
* 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. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 99.1 | 99.2 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.9 | 0.8 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 5.1 | 5.9 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 3.8 | 2.8 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 3.5 | 3.5 |
Sanofi SA (France, Pharmaceuticals) | 3.2 | 2.9 |
BP PLC sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.9 | 2.8 |
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals) | 2.5 | 3.5 |
Australia & New Zealand Banking Group Ltd. (Australia, Commercial Banks) | 2.4 | 1.9 |
Commonwealth Bank of Australia (Australia, Commercial Banks) | 2.3 | 2.9 |
Nestle SA (Switzerland, Food Products) | 2.1 | 2.2 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks) | 2.1 | 0.8 |
| 29.9 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 26.7 | 24.1 |
Health Care | 13.2 | 11.7 |
Energy | 11.8 | 13.2 |
Consumer Staples | 9.1 | 9.1 |
Consumer Discretionary | 9.0 | 7.5 |
Industrials | 7.5 | 6.4 |
Utilities | 7.1 | 7.8 |
Telecommunication Services | 7.0 | 11.6 |
Materials | 5.0 | 5.1 |
Information Technology | 2.7 | 2.7 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% |
| Shares | | Value |
Australia - 7.5% |
Australia & New Zealand Banking Group Ltd. | 140,603 | | $ 3,502,510 |
Commonwealth Bank of Australia | 63,465 | | 3,436,309 |
Origin Energy Ltd. | 42,091 | | 581,484 |
Sydney Airport unit | 264,603 | | 802,219 |
Telstra Corp. Ltd. | 280,351 | | 1,033,976 |
Transurban Group unit | 61,346 | | 375,171 |
Westfield Group unit | 136,750 | | 1,316,450 |
TOTAL AUSTRALIA | | 11,048,119 |
Bailiwick of Jersey - 0.7% |
Wolseley PLC | 27,635 | | 1,050,938 |
Bermuda - 0.6% |
Cheung Kong Infrastructure Holdings Ltd. | 148,000 | | 878,426 |
France - 7.4% |
Atos Origin SA | 17,635 | | 1,135,861 |
BNP Paribas SA | 37,793 | | 1,518,422 |
Euler Hermes SA | 6,117 | | 433,307 |
GDF Suez (d) | 42,500 | | 978,387 |
Pernod Ricard SA | 8,000 | | 830,393 |
PPR SA (d) | 5,625 | | 940,849 |
Sanofi SA | 62,224 | | 4,753,142 |
Societe Generale Series A | 15,000 | | 354,646 |
TOTAL FRANCE | | 10,945,007 |
Germany - 8.9% |
Aareal Bank AG (a) | 16,284 | | 314,190 |
Allianz AG | 21,906 | | 2,441,150 |
BASF AG (d) | 11,996 | | 987,596 |
Bayer AG (d) | 41,390 | | 2,915,487 |
Daimler AG (Germany) | 32,619 | | 1,803,456 |
Deutsche Boerse AG | 11,300 | | 709,503 |
Deutsche Post AG | 55,334 | | 1,032,841 |
Metro AG | 13,500 | | 435,613 |
RWE AG | 32,800 | | 1,410,085 |
Siemens AG | 11,832 | | 1,098,334 |
TOTAL GERMANY | | 13,148,255 |
Hong Kong - 0.6% |
Cheung Kong Holdings Ltd. | 53,000 | | 704,968 |
Henderson Land Development Co. Ltd. | 42,000 | | 239,268 |
TOTAL HONG KONG | | 944,236 |
Common Stocks - continued |
| Shares | | Value |
Italy - 2.7% |
ENI SpA | 127,600 | | $ 2,835,463 |
Fiat Industrial SpA | 37,900 | | 429,974 |
Intesa Sanpaolo SpA | 472,020 | | 714,215 |
TOTAL ITALY | | 3,979,652 |
Japan - 22.7% |
Aeon Credit Service Co. Ltd. | 44,200 | | 770,558 |
Air Water, Inc. | 93,000 | | 1,172,362 |
Aozora Bank Ltd. | 409,000 | | 1,049,062 |
Astellas Pharma, Inc. | 37,600 | | 1,524,986 |
Canon, Inc. | 22,600 | | 1,024,474 |
Chubu Electric Power Co., Inc. | 41,700 | | 682,960 |
Credit Saison Co. Ltd. | 39,500 | | 847,764 |
Denso Corp. | 38,700 | | 1,251,454 |
Fanuc Corp. | 4,400 | | 742,109 |
Hitachi Ltd. | 188,000 | | 1,197,493 |
Honda Motor Co. Ltd. | 76,000 | | 2,735,350 |
INPEX Corp. | 110 | | 726,322 |
Itochu Corp. | 116,400 | | 1,317,057 |
Japan Retail Fund Investment Corp. | 589 | | 939,178 |
Japan Tobacco, Inc. | 410 | | 2,271,414 |
JSR Corp. | 57,400 | | 1,132,932 |
JX Holdings, Inc. | 200 | | 1,128 |
Mitsubishi Corp. | 73,400 | | 1,590,822 |
Nippon Telegraph & Telephone Corp. | 39,500 | | 1,787,315 |
Obic Co. Ltd. | 2,840 | | 598,644 |
ORIX Corp. | 6,330 | | 605,254 |
Santen Pharmaceutical Co. Ltd. | 23,500 | | 983,512 |
Seven & i Holdings Co., Ltd. | 58,500 | | 1,770,917 |
Seven Bank Ltd. | 328,000 | | 810,457 |
Sumitomo Mitsui Financial Group, Inc. | 85,300 | | 2,729,667 |
Sumitomo Realty & Development Co. Ltd. | 34,000 | | 810,840 |
Toray Industries, Inc. | 153,000 | | 1,176,386 |
Toyo Suisan Kaisha Ltd. | 17,000 | | 436,438 |
USS Co. Ltd. | 8,310 | | 842,996 |
TOTAL JAPAN | | 33,529,851 |
Mexico - 0.6% |
Grupo Modelo SAB de CV Series C | 131,353 | | 927,462 |
Netherlands - 3.5% |
AEGON NV | 97,100 | | 451,703 |
HeidelbergCement Finance AG (d) | 18,000 | | 989,713 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - continued |
ING Groep NV (Certificaten Van Aandelen) (a) | 150,182 | | $ 1,059,595 |
Koninklijke KPN NV | 62,785 | | 563,601 |
Koninklijke Philips Electronics NV | 43,300 | | 861,755 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 34,131 | | 1,169,222 |
TOTAL NETHERLANDS | | 5,095,589 |
Norway - 1.2% |
Orkla ASA (A Shares) | 109,700 | | 805,933 |
Telenor ASA | 49,800 | | 915,534 |
TOTAL NORWAY | | 1,721,467 |
Singapore - 1.6% |
Singapore Telecommunications Ltd. | 322,000 | | 811,732 |
United Overseas Bank Ltd. | 98,480 | | 1,531,725 |
TOTAL SINGAPORE | | 2,343,457 |
Spain - 1.8% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 200,114 | | 1,350,770 |
Red Electrica Corporacion SA | 5,200 | | 226,407 |
Repsol YPF SA | 54,393 | | 1,040,479 |
TOTAL SPAIN | | 2,617,656 |
Sweden - 0.8% |
Svenska Handelsbanken AB (A Shares) | 35,800 | | 1,160,174 |
Switzerland - 9.7% |
Nestle SA | 51,690 | | 3,166,728 |
Roche Holding AG (participation certificate) | 30,340 | | 5,542,804 |
Syngenta AG (Switzerland) | 4,885 | | 1,713,244 |
Transocean Ltd. (Switzerland) | 9,912 | | 494,754 |
UBS AG (NY Shares) | 97,541 | | 1,206,582 |
Zurich Financial Services AG | 9,011 | | 2,204,222 |
TOTAL SWITZERLAND | | 14,328,334 |
United Kingdom - 27.4% |
Aegis Group PLC | 245,827 | | 709,026 |
Barclays PLC | 417,806 | | 1,479,361 |
BP PLC sponsored ADR | 99,635 | | 4,325,155 |
British American Tobacco PLC (United Kingdom) | 24,947 | | 1,279,678 |
British Land Co. PLC | 66,300 | | 526,651 |
Bunzl PLC | 56,086 | | 931,270 |
Centrica PLC | 238,084 | | 1,185,966 |
Compass Group PLC | 138,300 | | 1,445,617 |
GlaxoSmithKline PLC sponsored ADR | 79,285 | | 3,665,346 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
HSBC Holdings PLC sponsored ADR | 69,866 | | $ 3,155,847 |
Imperial Tobacco Group PLC | 29,468 | | 1,178,519 |
International Power PLC | 154,613 | | 1,046,471 |
National Grid PLC | 258,700 | | 2,793,925 |
Next PLC | 12,800 | | 608,520 |
Prudential PLC | 122,494 | | 1,501,460 |
Reed Elsevier PLC | 105,897 | | 876,412 |
Royal Dutch Shell PLC Class A sponsored ADR | 104,829 | | 7,499,470 |
Scottish & Southern Energy PLC | 51,571 | | 1,105,742 |
Vodafone Group PLC | 42,300 | | 117,099 |
Vodafone Group PLC sponsored ADR | 178,466 | | 4,966,709 |
TOTAL UNITED KINGDOM | | 40,398,244 |
TOTAL COMMON STOCKS (Cost $148,233,213) |
144,116,867
|
Nonconvertible Preferred Stocks - 1.4% |
| | | |
Germany - 1.4% |
Hugo Boss AG (non-vtg.) | 6,117 | | 682,716 |
ProSiebenSat.1 Media AG | 27,280 | | 692,652 |
Volkswagen AG | 3,427 | | 649,196 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,892,138) |
2,024,564
|
Money Market Funds - 5.5% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 709,273 | | 709,273 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 7,385,196 | | 7,385,196 |
TOTAL MONEY MARKET FUNDS (Cost $8,094,469) |
8,094,469
|
TOTAL INVESTMENT PORTFOLIO - 104.6% (Cost $158,219,820) | | 154,235,900 |
NET OTHER ASSETS (LIABILITIES) - (4.6)% | | (6,742,589) |
NET ASSETS - 100% | $ 147,493,311 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
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 | $ 177 |
Fidelity Securities Lending Cash Central Fund | 90,253 |
Total | $ 90,430 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 13,238,244 | $ 7,532,032 | $ 5,706,212 | $ - |
Consumer Staples | 13,466,384 | 6,538,715 | 6,927,669 | - |
Energy | 17,504,255 | 13,941,342 | 3,562,913 | - |
Financials | 39,875,808 | 26,820,909 | 13,054,899 | - |
Health Care | 19,385,277 | 12,123,637 | 7,261,640 | - |
Industrials | 11,038,423 | 5,428,346 | 5,610,077 | - |
Information Technology | 3,956,472 | 1,135,861 | 2,820,611 | - |
Materials | 7,172,233 | 1,977,309 | 5,194,924 | - |
Telecommunication Services | 10,195,966 | 8,291,552 | 1,904,414 | - |
Utilities | 10,308,369 | 6,831,484 | 3,476,885 | - |
Money Market Funds | 8,094,469 | 8,094,469 | - | - |
Total Investments in Securities: | $ 154,235,900 | $ 98,715,656 | $ 55,520,244 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $7,022,563) - See accompanying schedule: Unaffiliated issuers (cost $150,125,351) | $ 146,141,431 | |
Fidelity Central Funds (cost $8,094,469) | 8,094,469 | |
Total Investments (cost $158,219,820) | | $ 154,235,900 |
Foreign currency held at value (cost $154,522) | | 154,522 |
Receivable for investments sold | | 2,154,039 |
Receivable for fund shares sold | | 95,222 |
Dividends receivable | | 1,083,760 |
Distributions receivable from Fidelity Central Funds | | 31,937 |
Prepaid expenses | | 188 |
Other receivables | | 18,467 |
Total assets | | 157,774,035 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,455,522 | |
Payable for fund shares redeemed | 260,444 | |
Accrued management fee | 84,088 | |
Distribution and service plan fees payable | 4,433 | |
Other affiliated payables | 37,939 | |
Other payables and accrued expenses | 53,102 | |
Collateral on securities loaned, at value | 7,385,196 | |
Total liabilities | | 10,280,724 |
| | |
Net Assets | | $ 147,493,311 |
Net Assets consist of: | | |
Paid in capital | | $ 273,993,755 |
Undistributed net investment income | | 1,773,441 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (124,322,023) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (3,951,862) |
Net Assets | | $ 147,493,311 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($4,460,665 ÷ 638,374 shares) | | $ 6.99 |
| | |
Maximum offering price per share (100/94.25 of $6.99) | | $ 7.42 |
Class T:
Net Asset Value and redemption price per share ($2,414,195 ÷ 345,590 shares) | | $ 6.99 |
| | |
Maximum offering price per share (100/96.50 of $6.99) | | $ 7.24 |
Class B:
Net Asset Value and offering price per share ($848,761 ÷ 120,999 shares)A | | $ 7.01 |
| | |
Class C:
Net Asset Value and offering price per share ($2,175,340 ÷ 310,779 shares)A | | $ 7.00 |
| | |
International Value:
Net Asset Value, offering price and redemption price per share ($137,241,724 ÷ 19,654,934 shares) | | $ 6.98 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($352,626 ÷ 50,406 shares) | | $ 7.00 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2012 (Unaudited) |
Investment Income | | |
Dividends | | $ 3,472,972 |
Income from Fidelity Central Funds | | 90,430 |
Income before foreign taxes withheld | | 3,563,402 |
Less foreign taxes withheld | | (284,722) |
Total income | | 3,278,680 |
| | |
Expenses | | |
Management fee
Basic fee | $ 543,618 | |
Performance adjustment | (54,084) | |
Transfer agent fees | 189,891 | |
Distribution and service plan fees | 26,441 | |
Accounting and security lending fees | 40,494 | |
Custodian fees and expenses | 55,745 | |
Independent trustees' compensation | 471 | |
Registration fees | 37,024 | |
Audit | 30,908 | |
Legal | 358 | |
Miscellaneous | 858 | |
Total expenses before reductions | 871,724 | |
Expense reductions | (33,680) | 838,044 |
Net investment income (loss) | | 2,440,636 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (5,696,875) | |
Foreign currency transactions | (34,325) | |
Total net realized gain (loss) | | (5,731,200) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 7,584,694 | |
Assets and liabilities in foreign currencies | 21,538 | |
Total change in net unrealized appreciation (depreciation) | | 7,606,232 |
Net gain (loss) | | 1,875,032 |
Net increase (decrease) in net assets resulting from operations | | $ 4,315,668 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,440,636 | $ 5,953,007 |
Net realized gain (loss) | (5,731,200) | (31,214,422) |
Change in net unrealized appreciation (depreciation) | 7,606,232 | (382,882) |
Net increase (decrease) in net assets resulting
from operations | 4,315,668 | (25,644,297) |
Distributions to shareholders from net investment income | (5,463,877) | (4,441,935) |
Distributions to shareholders from net realized gain | - | (710,581) |
Total distributions | (5,463,877) | (5,152,516) |
Share transactions - net increase (decrease) | (12,944,348) | 18,454,243 |
Redemption fees | 1,329 | 3,151 |
Total increase (decrease) in net assets | (14,091,228) | (12,339,419) |
| | |
Net Assets | | |
Beginning of period | 161,584,539 | 173,923,958 |
End of period (including undistributed net investment income of $1,773,441 and undistributed net investment income of $4,796,681, respectively) | $ 147,493,311 | $ 161,584,539 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
Net asset value, beginning of period | $ 7.02 | $ 8.22 | $ 7.75 | $ 5.93 | $ 13.02 | $ 10.60 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .10 | .22 | .15 | .12 | .21 | .18 |
Net realized and unrealized gain (loss) | .09 | (1.19) | .44 | 1.78 | (6.53) | 2.29 |
Total from investment operations | .19 | (.97) | .59 | 1.90 | (6.32) | 2.47 |
Distributions from net investment income | (.22) | (.19) | (.11) | (.08) | (.15) | (.03) |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.02) |
Total distributions | (.22) | (.23) J | (.12) | (.08) | (.77) | (.05) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 6.99 | $ 7.02 | $ 8.22 | $ 7.75 | $ 5.93 | $ 13.02 |
Total Return B,C,D | 2.93% | (12.19)% | 7.60% | 32.71% | (51.50)% | 23.43% |
Ratios to Average Net Assets F,H |
Expenses before reductions | 1.41% A | 1.36% | 1.40% | 1.34% | 1.42% | 1.38% |
Expenses net of fee waivers, if any | 1.41% A | 1.36% | 1.40% | 1.34% | 1.42% | 1.38% |
Expenses net of all reductions | 1.36% A | 1.34% | 1.38% | 1.32% | 1.41% | 1.37% |
Net investment income (loss) | 2.91% A | 2.79% | 1.93% | 1.86% | 2.05% | 1.49% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,461 | $ 4,668 | $ 4,699 | $ 4,456 | $ 2,854 | $ 6,052 |
Portfolio turnover rate G | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.23 per share is comprised of distributions from net investment income of $.191 and distributions from net realized gain of $.034 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
Net asset value, beginning of period | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.91 | $ 12.99 | $ 10.59 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .09 | .20 | .13 | .10 | .18 | .15 |
Net realized and unrealized gain (loss) | .10 | (1.19) | .44 | 1.77 | (6.50) | 2.29 |
Total from investment operations | .19 | (.99) | .57 | 1.87 | (6.32) | 2.44 |
Distributions from net investment income | (.20) | (.17) | (.09) | (.05) | (.14) | (.02) |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.02) |
Total distributions | (.20) | (.21) J | (.10) | (.05) | (.76) | (.04) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 6.99 | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.91 | $ 12.99 |
Total Return B,C,D | 2.86% | (12.42)% | 7.32% | 32.14% | (51.60)% | 23.13% |
Ratios to Average Net Assets F,H |
Expenses before reductions | 1.68% A | 1.63% | 1.67% | 1.60% | 1.67% | 1.60% |
Expenses net of fee waivers, if any | 1.68% A | 1.62% | 1.67% | 1.60% | 1.67% | 1.60% |
Expenses net of all reductions | 1.64% A | 1.60% | 1.65% | 1.59% | 1.66% | 1.58% |
Net investment income (loss) | 2.63% A | 2.52% | 1.65% | 1.59% | 1.80% | 1.27% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,414 | $ 2,468 | $ 2,276 | $ 2,395 | $ 2,087 | $ 5,081 |
Portfolio turnover rate G | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.21 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.034 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, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
Net asset value, beginning of period | $ 7.00 | $ 8.20 | $ 7.74 | $ 5.88 | $ 12.93 | $ 10.56 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .07 | .17 | .09 | .07 | .13 | .09 |
Net realized and unrealized gain (loss) | .10 | (1.20) | .44 | 1.79 | (6.48) | 2.29 |
Total from investment operations | .17 | (1.03) | .53 | 1.86 | (6.35) | 2.38 |
Distributions from net investment income | (.16) | (.13) | (.06) | - | (.08) | - |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.01) |
Total distributions | (.16) | (.17) J | (.07) | - | (.70) | (.01) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 7.01 | $ 7.00 | $ 8.20 | $ 7.74 | $ 5.88 | $ 12.93 |
Total Return B ,C,D | 2.51% | (12.88)% | 6.82% | 31.63% | (51.85)% | 22.59% |
Ratios to Average Net Assets F,H |
Expenses before reductions | 2.16% A | 2.11% | 2.15% | 2.08% | 2.18% | 2.10% |
Expenses net of fee waivers, if any | 2.16% A | 2.11% | 2.15% | 2.08% | 2.18% | 2.10% |
Expenses net of all reductions | 2.11% A | 2.09% | 2.13% | 2.07% | 2.17% | 2.08% |
Net investment income (loss) | 2.16% A | 2.04% | 1.18% | 1.11% | 1.29% | .77% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 849 | $ 901 | $ 1,216 | $ 1,076 | $ 931 | $ 2,651 |
Portfolio turnover rate G | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.17 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.034 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.88 | $ 12.92 | $ 10.56 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .07 | .16 | .09 | .07 | .13 | .09 |
Net realized and unrealized gain (loss) | .10 | (1.19) | .44 | 1.78 | (6.47) | 2.29 |
Total from investment operations | .17 | (1.03) | .53 | 1.85 | (6.34) | 2.38 |
Distributions from net investment income | (.17) | (.14) | (.05) | - | (.08) | - |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.02) |
Total distributions | (.17) | (.17) | (.06) | - | (.70) | (.02) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 7.00 | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.88 | $ 12.92 |
Total Return B,C,D | 2.56% | (12.84)% | 6.84% | 31.46% | (51.80)% | 22.56% |
Ratios to Average Net Assets F,H |
Expenses before reductions | 2.16% A | 2.12% | 2.15% | 2.08% | 2.17% | 2.07% |
Expenses net of fee waivers, if any | 2.16% A | 2.11% | 2.15% | 2.08% | 2.17% | 2.07% |
Expenses net of all reductions | 2.11% A | 2.09% | 2.13% | 2.06% | 2.16% | 2.05% |
Net investment income (loss) | 2.16% A | 2.04% | 1.18% | 1.12% | 1.30% | .80% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,175 | $ 2,108 | $ 2,123 | $ 2,108 | $ 1,784 | $ 5,996 |
Portfolio turnover rate G | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Value
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
Net asset value, beginning of period | $ 7.03 | $ 8.23 | $ 7.75 | $ 5.95 | $ 13.06 | $ 10.61 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .11 | .25 | .17 | .13 | .24 | .22 |
Net realized and unrealized gain (loss) | .09 | (1.20) | .44 | 1.78 | (6.54) | 2.29 |
Total from investment operations | .20 | (.95) | .61 | 1.91 | (6.30) | 2.51 |
Distributions from net investment income | (.25) | (.22) | (.13) | (.11) | (.19) | (.04) |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.02) |
Total distributions | (.25) | (.25) | (.13) I | (.11) | (.81) | (.06) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 6.98 | $ 7.03 | $ 8.23 | $ 7.75 | $ 5.95 | $ 13.06 |
Total Return B,C | 2.99% | (11.91)% | 7.95% | 33.09% | (51.34)% | 23.81% |
Ratios to Average Net Assets E,G |
Expenses before reductions | 1.10% A | 1.04% | 1.09% | 1.07% | 1.10% | 1.03% |
Expenses net of fee waivers, if any | 1.10% A | 1.03% | 1.09% | 1.07% | 1.10% | 1.03% |
Expenses net of all reductions | 1.05% A | 1.01% | 1.08% | 1.06% | 1.09% | 1.02% |
Net investment income (loss) | 3.22% A | 3.11% | 2.23% | 2.12% | 2.37% | 1.84% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 137,242 | $ 150,967 | $ 163,090 | $ 180,447 | $ 160,777 | $ 381,148 |
Portfolio turnover rate F | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per share. I Total distributions of $.13 per share is comprised of distributions from net investment income of $.129 and distributions from net realized gain of $.005 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 7.04 | $ 8.24 | $ 7.76 | $ 5.96 | $ 13.07 | $ 10.61 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .11 | .25 | .18 | .14 | .25 | .22 |
Net realized and unrealized gain (loss) | .10 | (1.19) | .44 | 1.78 | (6.54) | 2.30 |
Total from investment operations | .21 | (.94) | .62 | 1.92 | (6.29) | 2.52 |
Distributions from net investment income | (.25) | (.22) | (.14) | (.12) | (.20) | (.04) |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.02) |
Total distributions | (.25) | (.26) J | (.14) I | (.12) | (.82) | (.06) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 7.00 | $ 7.04 | $ 8.24 | $ 7.76 | $ 5.96 | $ 13.07 |
Total Return B,C | 3.18% | (11.83)% | 8.05% | 33.06% | (51.27)% | 23.91% |
Ratios to Average Net Assets E,G |
Expenses before reductions | 1.07% A | .98% | .98% | .93% | 1.02% | .98% |
Expenses net of fee waivers, if any | 1.07% A | .98% | .98% | .93% | 1.02% | .98% |
Expenses net of all reductions | 1.02% A | .96% | .97% | .92% | 1.01% | .96% |
Net investment income (loss) | 3.25% A | 3.17% | 2.34% | 2.26% | 2.45% | 1.89% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 353 | $ 473 | $ 519 | $ 814 | $ 1,052 | $ 3,965 |
Portfolio turnover rate F | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per share. I Total distributions of $.14 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.005 per share. J Total distributions of $.26 per share is comprised of distributions from net investment income of $.221 and distributions from net realized gain of $.034 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, 2012 (Unaudited)
1. Organization.
Fidelity® International Value 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, International Value and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
(ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
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 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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
Semiannual Report
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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 | $ 9,040,708 |
Gross unrealized depreciation | (14,364,055) |
Net unrealized appreciation (depreciation) on securities and other investments | $ (5,323,347) |
| |
Tax cost | $ 159,559,247 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2016 | $ (17,089,067) |
2017 | (65,376,972) |
2018 | (3,571,319) |
2019 | (31,368,797) |
Total capital loss carryforward | $ (117,406,155) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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
Notes to Financial Statements (Unaudited) - continued
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $67,693,788 and $83,825,862, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Value as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .64% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 5,619 | $ 77 |
Class T | .25% | .25% | 5,956 | 50 |
Class B | .75% | .25% | 4,322 | 3,251 |
Class C | .75% | .25% | 10,544 | 2,769 |
| | | $ 26,441 | $ 6,147 |
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, 1.00% for Class C, 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
by FDC |
Class A | $ 1,322 |
Class T | 718 |
Class B* | 1,679 |
Class C* | 481 |
| $ 4,200 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 6,823 | .30 |
Class T | 3,898 | .33 |
Class B | 1,315 | .30 |
Class C | 3,216 | .31 |
International Value | 174,206 | .24 |
Institutional Class | 433 | .21 |
| $ 189,891 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $35 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $233 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $90,253. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $33,680 for the period.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 143,989 | $ 109,917 |
Class T | 67,838 | 48,265 |
Class B | 19,758 | 18,831 |
Class C | 50,970 | 34,950 |
International Value | 5,163,324 | 4,218,039 |
Institutional Class | 17,998 | 11,933 |
Total | $ 5,463,877 | $ 4,441,935 |
From net realized gain | | |
Class A | $ - | $ 19,461 |
Class T | - | 9,435 |
Class B | - | 4,893 |
Class C | - | 8,796 |
International Value | - | 666,153 |
Institutional Class | - | 1,843 |
Total | $ - | $ 710,581 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 105,682 | 297,051 | $ 724,719 | $ 2,472,449 |
Reinvestment of distributions | 19,578 | 14,168 | 128,823 | 113,424 |
Shares redeemed | (152,008) | (217,894) | (1,041,717) | (1,776,674) |
Net increase (decrease) | (26,748) | 93,325 | $ (188,175) | $ 809,199 |
Class T | | | | |
Shares sold | 41,061 | 184,684 | $ 274,896 | $ 1,564,957 |
Reinvestment of distributions | 10,069 | 7,104 | 66,355 | 56,884 |
Shares redeemed | (58,016) | (116,856) | (391,300) | (949,653) |
Net increase (decrease) | (6,886) | 74,932 | $ (50,049) | $ 672,188 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class B | | | | |
Shares sold | 2,337 | 10,615 | $ 15,632 | $ 84,177 |
Reinvestment of distributions | 2,474 | 2,474 | 16,400 | 19,918 |
Shares redeemed | (12,528) | (32,689) | (86,326) | (270,345) |
Net increase (decrease) | (7,717) | (19,600) | $ (54,294) | $ (166,250) |
Class C | | | | |
Shares sold | 45,129 | 94,118 | $ 308,745 | $ 764,274 |
Reinvestment of distributions | 6,699 | 4,468 | 44,283 | 35,965 |
Shares redeemed | (42,179) | (56,323) | (287,656) | (453,389) |
Net increase (decrease) | 9,649 | 42,263 | $ 65,372 | $ 346,850 |
International Value | | | | |
Shares sold | 1,162,890 | 9,000,450 | $ 7,893,827 | $ 76,813,955 |
Reinvestment of distributions | 762,294 | 587,427 | 5,008,269 | 4,695,920 |
Shares redeemed | (3,757,243) | (7,927,908) | (25,506,869) | (64,758,392) |
Net increase (decrease) | (1,832,059) | 1,659,969 | $ (12,604,773) | $ 16,751,483 |
Institutional Class | | | | |
Shares sold | 7,780 | 19,868 | $ 52,723 | $ 168,608 |
Reinvestment of distributions | 1,234 | 395 | 8,117 | 3,160 |
Shares redeemed | (25,804) | (16,071) | (173,269) | (130,995) |
Net increase (decrease) | (16,790) | 4,192 | $ (112,429) | $ 40,773 |
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 II Fund and VIP FundsManager 60% Portfolio were the owners of record of approximately 18% and 19%, respectively, of the total outstanding shares of the Fund.
The VIP FundsManager Portfolios were the owners of record, in the aggregate, of approximately 25% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
AFIVI-USAN-0612
1.827491.105
Fidelity®
International Value
Fund
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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.
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
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.41% | | | |
Actual | | $ 1,000.00 | $ 1,029.30 | $ 7.11 |
HypotheticalA | | $ 1,000.00 | $ 1,017.85 | $ 7.07 |
Class T | 1.68% | | | |
Actual | | $ 1,000.00 | $ 1,028.60 | $ 8.47 |
HypotheticalA | | $ 1,000.00 | $ 1,016.51 | $ 8.42 |
Class B | 2.16% | | | |
Actual | | $ 1,000.00 | $ 1,025.10 | $ 10.88 |
HypotheticalA | | $ 1,000.00 | $ 1,014.12 | $ 10.82 |
Class C | 2.16% | | | |
Actual | | $ 1,000.00 | $ 1,025.60 | $ 10.88 |
HypotheticalA | | $ 1,000.00 | $ 1,014.12 | $ 10.82 |
International Value | 1.10% | | | |
Actual | | $ 1,000.00 | $ 1,029.90 | $ 5.55 |
HypotheticalA | | $ 1,000.00 | $ 1,019.39 | $ 5.52 |
Institutional Class | 1.07% | | | |
Actual | | $ 1,000.00 | $ 1,031.80 | $ 5.41 |
HypotheticalA | | $ 1,000.00 | $ 1,019.54 | $ 5.37 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United Kingdom 27.4% | |
 | Japan 22.7% | |
 | Germany 10.3% | |
 | Switzerland 9.7% | |
 | Australia 7.5% | |
 | France 7.4% | |
 | Netherlands 3.5% | |
 | Italy 2.7% | |
 | Spain 1.8% | |
 | Other * 7.0% | |
* 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, 2011 |
| United Kingdom 27.1% | |
| Japan 21.8% | |
 | Germany 10.6% | |
| France 8.5% | |
| Switzerland 7.6% | |
| Australia 6.3% | |
| Norway 2.9% | |
| Netherlands 2.8% | |
| Italy 2.7% | |
| Other * 9.7% | |
* 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. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 99.1 | 99.2 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.9 | 0.8 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 5.1 | 5.9 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 3.8 | 2.8 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 3.5 | 3.5 |
Sanofi SA (France, Pharmaceuticals) | 3.2 | 2.9 |
BP PLC sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.9 | 2.8 |
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals) | 2.5 | 3.5 |
Australia & New Zealand Banking Group Ltd. (Australia, Commercial Banks) | 2.4 | 1.9 |
Commonwealth Bank of Australia (Australia, Commercial Banks) | 2.3 | 2.9 |
Nestle SA (Switzerland, Food Products) | 2.1 | 2.2 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks) | 2.1 | 0.8 |
| 29.9 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 26.7 | 24.1 |
Health Care | 13.2 | 11.7 |
Energy | 11.8 | 13.2 |
Consumer Staples | 9.1 | 9.1 |
Consumer Discretionary | 9.0 | 7.5 |
Industrials | 7.5 | 6.4 |
Utilities | 7.1 | 7.8 |
Telecommunication Services | 7.0 | 11.6 |
Materials | 5.0 | 5.1 |
Information Technology | 2.7 | 2.7 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% |
| Shares | | Value |
Australia - 7.5% |
Australia & New Zealand Banking Group Ltd. | 140,603 | | $ 3,502,510 |
Commonwealth Bank of Australia | 63,465 | | 3,436,309 |
Origin Energy Ltd. | 42,091 | | 581,484 |
Sydney Airport unit | 264,603 | | 802,219 |
Telstra Corp. Ltd. | 280,351 | | 1,033,976 |
Transurban Group unit | 61,346 | | 375,171 |
Westfield Group unit | 136,750 | | 1,316,450 |
TOTAL AUSTRALIA | | 11,048,119 |
Bailiwick of Jersey - 0.7% |
Wolseley PLC | 27,635 | | 1,050,938 |
Bermuda - 0.6% |
Cheung Kong Infrastructure Holdings Ltd. | 148,000 | | 878,426 |
France - 7.4% |
Atos Origin SA | 17,635 | | 1,135,861 |
BNP Paribas SA | 37,793 | | 1,518,422 |
Euler Hermes SA | 6,117 | | 433,307 |
GDF Suez (d) | 42,500 | | 978,387 |
Pernod Ricard SA | 8,000 | | 830,393 |
PPR SA (d) | 5,625 | | 940,849 |
Sanofi SA | 62,224 | | 4,753,142 |
Societe Generale Series A | 15,000 | | 354,646 |
TOTAL FRANCE | | 10,945,007 |
Germany - 8.9% |
Aareal Bank AG (a) | 16,284 | | 314,190 |
Allianz AG | 21,906 | | 2,441,150 |
BASF AG (d) | 11,996 | | 987,596 |
Bayer AG (d) | 41,390 | | 2,915,487 |
Daimler AG (Germany) | 32,619 | | 1,803,456 |
Deutsche Boerse AG | 11,300 | | 709,503 |
Deutsche Post AG | 55,334 | | 1,032,841 |
Metro AG | 13,500 | | 435,613 |
RWE AG | 32,800 | | 1,410,085 |
Siemens AG | 11,832 | | 1,098,334 |
TOTAL GERMANY | | 13,148,255 |
Hong Kong - 0.6% |
Cheung Kong Holdings Ltd. | 53,000 | | 704,968 |
Henderson Land Development Co. Ltd. | 42,000 | | 239,268 |
TOTAL HONG KONG | | 944,236 |
Common Stocks - continued |
| Shares | | Value |
Italy - 2.7% |
ENI SpA | 127,600 | | $ 2,835,463 |
Fiat Industrial SpA | 37,900 | | 429,974 |
Intesa Sanpaolo SpA | 472,020 | | 714,215 |
TOTAL ITALY | | 3,979,652 |
Japan - 22.7% |
Aeon Credit Service Co. Ltd. | 44,200 | | 770,558 |
Air Water, Inc. | 93,000 | | 1,172,362 |
Aozora Bank Ltd. | 409,000 | | 1,049,062 |
Astellas Pharma, Inc. | 37,600 | | 1,524,986 |
Canon, Inc. | 22,600 | | 1,024,474 |
Chubu Electric Power Co., Inc. | 41,700 | | 682,960 |
Credit Saison Co. Ltd. | 39,500 | | 847,764 |
Denso Corp. | 38,700 | | 1,251,454 |
Fanuc Corp. | 4,400 | | 742,109 |
Hitachi Ltd. | 188,000 | | 1,197,493 |
Honda Motor Co. Ltd. | 76,000 | | 2,735,350 |
INPEX Corp. | 110 | | 726,322 |
Itochu Corp. | 116,400 | | 1,317,057 |
Japan Retail Fund Investment Corp. | 589 | | 939,178 |
Japan Tobacco, Inc. | 410 | | 2,271,414 |
JSR Corp. | 57,400 | | 1,132,932 |
JX Holdings, Inc. | 200 | | 1,128 |
Mitsubishi Corp. | 73,400 | | 1,590,822 |
Nippon Telegraph & Telephone Corp. | 39,500 | | 1,787,315 |
Obic Co. Ltd. | 2,840 | | 598,644 |
ORIX Corp. | 6,330 | | 605,254 |
Santen Pharmaceutical Co. Ltd. | 23,500 | | 983,512 |
Seven & i Holdings Co., Ltd. | 58,500 | | 1,770,917 |
Seven Bank Ltd. | 328,000 | | 810,457 |
Sumitomo Mitsui Financial Group, Inc. | 85,300 | | 2,729,667 |
Sumitomo Realty & Development Co. Ltd. | 34,000 | | 810,840 |
Toray Industries, Inc. | 153,000 | | 1,176,386 |
Toyo Suisan Kaisha Ltd. | 17,000 | | 436,438 |
USS Co. Ltd. | 8,310 | | 842,996 |
TOTAL JAPAN | | 33,529,851 |
Mexico - 0.6% |
Grupo Modelo SAB de CV Series C | 131,353 | | 927,462 |
Netherlands - 3.5% |
AEGON NV | 97,100 | | 451,703 |
HeidelbergCement Finance AG (d) | 18,000 | | 989,713 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - continued |
ING Groep NV (Certificaten Van Aandelen) (a) | 150,182 | | $ 1,059,595 |
Koninklijke KPN NV | 62,785 | | 563,601 |
Koninklijke Philips Electronics NV | 43,300 | | 861,755 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 34,131 | | 1,169,222 |
TOTAL NETHERLANDS | | 5,095,589 |
Norway - 1.2% |
Orkla ASA (A Shares) | 109,700 | | 805,933 |
Telenor ASA | 49,800 | | 915,534 |
TOTAL NORWAY | | 1,721,467 |
Singapore - 1.6% |
Singapore Telecommunications Ltd. | 322,000 | | 811,732 |
United Overseas Bank Ltd. | 98,480 | | 1,531,725 |
TOTAL SINGAPORE | | 2,343,457 |
Spain - 1.8% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 200,114 | | 1,350,770 |
Red Electrica Corporacion SA | 5,200 | | 226,407 |
Repsol YPF SA | 54,393 | | 1,040,479 |
TOTAL SPAIN | | 2,617,656 |
Sweden - 0.8% |
Svenska Handelsbanken AB (A Shares) | 35,800 | | 1,160,174 |
Switzerland - 9.7% |
Nestle SA | 51,690 | | 3,166,728 |
Roche Holding AG (participation certificate) | 30,340 | | 5,542,804 |
Syngenta AG (Switzerland) | 4,885 | | 1,713,244 |
Transocean Ltd. (Switzerland) | 9,912 | | 494,754 |
UBS AG (NY Shares) | 97,541 | | 1,206,582 |
Zurich Financial Services AG | 9,011 | | 2,204,222 |
TOTAL SWITZERLAND | | 14,328,334 |
United Kingdom - 27.4% |
Aegis Group PLC | 245,827 | | 709,026 |
Barclays PLC | 417,806 | | 1,479,361 |
BP PLC sponsored ADR | 99,635 | | 4,325,155 |
British American Tobacco PLC (United Kingdom) | 24,947 | | 1,279,678 |
British Land Co. PLC | 66,300 | | 526,651 |
Bunzl PLC | 56,086 | | 931,270 |
Centrica PLC | 238,084 | | 1,185,966 |
Compass Group PLC | 138,300 | | 1,445,617 |
GlaxoSmithKline PLC sponsored ADR | 79,285 | | 3,665,346 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
HSBC Holdings PLC sponsored ADR | 69,866 | | $ 3,155,847 |
Imperial Tobacco Group PLC | 29,468 | | 1,178,519 |
International Power PLC | 154,613 | | 1,046,471 |
National Grid PLC | 258,700 | | 2,793,925 |
Next PLC | 12,800 | | 608,520 |
Prudential PLC | 122,494 | | 1,501,460 |
Reed Elsevier PLC | 105,897 | | 876,412 |
Royal Dutch Shell PLC Class A sponsored ADR | 104,829 | | 7,499,470 |
Scottish & Southern Energy PLC | 51,571 | | 1,105,742 |
Vodafone Group PLC | 42,300 | | 117,099 |
Vodafone Group PLC sponsored ADR | 178,466 | | 4,966,709 |
TOTAL UNITED KINGDOM | | 40,398,244 |
TOTAL COMMON STOCKS (Cost $148,233,213) |
144,116,867
|
Nonconvertible Preferred Stocks - 1.4% |
| | | |
Germany - 1.4% |
Hugo Boss AG (non-vtg.) | 6,117 | | 682,716 |
ProSiebenSat.1 Media AG | 27,280 | | 692,652 |
Volkswagen AG | 3,427 | | 649,196 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,892,138) |
2,024,564
|
Money Market Funds - 5.5% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 709,273 | | 709,273 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 7,385,196 | | 7,385,196 |
TOTAL MONEY MARKET FUNDS (Cost $8,094,469) |
8,094,469
|
TOTAL INVESTMENT PORTFOLIO - 104.6% (Cost $158,219,820) | | 154,235,900 |
NET OTHER ASSETS (LIABILITIES) - (4.6)% | | (6,742,589) |
NET ASSETS - 100% | $ 147,493,311 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
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 | $ 177 |
Fidelity Securities Lending Cash Central Fund | 90,253 |
Total | $ 90,430 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 13,238,244 | $ 7,532,032 | $ 5,706,212 | $ - |
Consumer Staples | 13,466,384 | 6,538,715 | 6,927,669 | - |
Energy | 17,504,255 | 13,941,342 | 3,562,913 | - |
Financials | 39,875,808 | 26,820,909 | 13,054,899 | - |
Health Care | 19,385,277 | 12,123,637 | 7,261,640 | - |
Industrials | 11,038,423 | 5,428,346 | 5,610,077 | - |
Information Technology | 3,956,472 | 1,135,861 | 2,820,611 | - |
Materials | 7,172,233 | 1,977,309 | 5,194,924 | - |
Telecommunication Services | 10,195,966 | 8,291,552 | 1,904,414 | - |
Utilities | 10,308,369 | 6,831,484 | 3,476,885 | - |
Money Market Funds | 8,094,469 | 8,094,469 | - | - |
Total Investments in Securities: | $ 154,235,900 | $ 98,715,656 | $ 55,520,244 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $7,022,563) - See accompanying schedule: Unaffiliated issuers (cost $150,125,351) | $ 146,141,431 | |
Fidelity Central Funds (cost $8,094,469) | 8,094,469 | |
Total Investments (cost $158,219,820) | | $ 154,235,900 |
Foreign currency held at value (cost $154,522) | | 154,522 |
Receivable for investments sold | | 2,154,039 |
Receivable for fund shares sold | | 95,222 |
Dividends receivable | | 1,083,760 |
Distributions receivable from Fidelity Central Funds | | 31,937 |
Prepaid expenses | | 188 |
Other receivables | | 18,467 |
Total assets | | 157,774,035 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,455,522 | |
Payable for fund shares redeemed | 260,444 | |
Accrued management fee | 84,088 | |
Distribution and service plan fees payable | 4,433 | |
Other affiliated payables | 37,939 | |
Other payables and accrued expenses | 53,102 | |
Collateral on securities loaned, at value | 7,385,196 | |
Total liabilities | | 10,280,724 |
| | |
Net Assets | | $ 147,493,311 |
Net Assets consist of: | | |
Paid in capital | | $ 273,993,755 |
Undistributed net investment income | | 1,773,441 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (124,322,023) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (3,951,862) |
Net Assets | | $ 147,493,311 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($4,460,665 ÷ 638,374 shares) | | $ 6.99 |
| | |
Maximum offering price per share (100/94.25 of $6.99) | | $ 7.42 |
Class T:
Net Asset Value and redemption price per share ($2,414,195 ÷ 345,590 shares) | | $ 6.99 |
| | |
Maximum offering price per share (100/96.50 of $6.99) | | $ 7.24 |
Class B:
Net Asset Value and offering price per share ($848,761 ÷ 120,999 shares)A | | $ 7.01 |
| | |
Class C:
Net Asset Value and offering price per share ($2,175,340 ÷ 310,779 shares)A | | $ 7.00 |
| | |
International Value:
Net Asset Value, offering price and redemption price per share ($137,241,724 ÷ 19,654,934 shares) | | $ 6.98 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($352,626 ÷ 50,406 shares) | | $ 7.00 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2012 (Unaudited) |
Investment Income | | |
Dividends | | $ 3,472,972 |
Income from Fidelity Central Funds | | 90,430 |
Income before foreign taxes withheld | | 3,563,402 |
Less foreign taxes withheld | | (284,722) |
Total income | | 3,278,680 |
| | |
Expenses | | |
Management fee
Basic fee | $ 543,618 | |
Performance adjustment | (54,084) | |
Transfer agent fees | 189,891 | |
Distribution and service plan fees | 26,441 | |
Accounting and security lending fees | 40,494 | |
Custodian fees and expenses | 55,745 | |
Independent trustees' compensation | 471 | |
Registration fees | 37,024 | |
Audit | 30,908 | |
Legal | 358 | |
Miscellaneous | 858 | |
Total expenses before reductions | 871,724 | |
Expense reductions | (33,680) | 838,044 |
Net investment income (loss) | | 2,440,636 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (5,696,875) | |
Foreign currency transactions | (34,325) | |
Total net realized gain (loss) | | (5,731,200) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 7,584,694 | |
Assets and liabilities in foreign currencies | 21,538 | |
Total change in net unrealized appreciation (depreciation) | | 7,606,232 |
Net gain (loss) | | 1,875,032 |
Net increase (decrease) in net assets resulting from operations | | $ 4,315,668 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,440,636 | $ 5,953,007 |
Net realized gain (loss) | (5,731,200) | (31,214,422) |
Change in net unrealized appreciation (depreciation) | 7,606,232 | (382,882) |
Net increase (decrease) in net assets resulting
from operations | 4,315,668 | (25,644,297) |
Distributions to shareholders from net investment income | (5,463,877) | (4,441,935) |
Distributions to shareholders from net realized gain | - | (710,581) |
Total distributions | (5,463,877) | (5,152,516) |
Share transactions - net increase (decrease) | (12,944,348) | 18,454,243 |
Redemption fees | 1,329 | 3,151 |
Total increase (decrease) in net assets | (14,091,228) | (12,339,419) |
| | |
Net Assets | | |
Beginning of period | 161,584,539 | 173,923,958 |
End of period (including undistributed net investment income of $1,773,441 and undistributed net investment income of $4,796,681, respectively) | $ 147,493,311 | $ 161,584,539 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
Net asset value, beginning of period | $ 7.02 | $ 8.22 | $ 7.75 | $ 5.93 | $ 13.02 | $ 10.60 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .10 | .22 | .15 | .12 | .21 | .18 |
Net realized and unrealized gain (loss) | .09 | (1.19) | .44 | 1.78 | (6.53) | 2.29 |
Total from investment operations | .19 | (.97) | .59 | 1.90 | (6.32) | 2.47 |
Distributions from net investment income | (.22) | (.19) | (.11) | (.08) | (.15) | (.03) |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.02) |
Total distributions | (.22) | (.23) J | (.12) | (.08) | (.77) | (.05) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 6.99 | $ 7.02 | $ 8.22 | $ 7.75 | $ 5.93 | $ 13.02 |
Total Return B,C,D | 2.93% | (12.19)% | 7.60% | 32.71% | (51.50)% | 23.43% |
Ratios to Average Net Assets F,H |
Expenses before reductions | 1.41% A | 1.36% | 1.40% | 1.34% | 1.42% | 1.38% |
Expenses net of fee waivers, if any | 1.41% A | 1.36% | 1.40% | 1.34% | 1.42% | 1.38% |
Expenses net of all reductions | 1.36% A | 1.34% | 1.38% | 1.32% | 1.41% | 1.37% |
Net investment income (loss) | 2.91% A | 2.79% | 1.93% | 1.86% | 2.05% | 1.49% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,461 | $ 4,668 | $ 4,699 | $ 4,456 | $ 2,854 | $ 6,052 |
Portfolio turnover rate G | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.23 per share is comprised of distributions from net investment income of $.191 and distributions from net realized gain of $.034 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
Net asset value, beginning of period | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.91 | $ 12.99 | $ 10.59 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .09 | .20 | .13 | .10 | .18 | .15 |
Net realized and unrealized gain (loss) | .10 | (1.19) | .44 | 1.77 | (6.50) | 2.29 |
Total from investment operations | .19 | (.99) | .57 | 1.87 | (6.32) | 2.44 |
Distributions from net investment income | (.20) | (.17) | (.09) | (.05) | (.14) | (.02) |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.02) |
Total distributions | (.20) | (.21) J | (.10) | (.05) | (.76) | (.04) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 6.99 | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.91 | $ 12.99 |
Total Return B,C,D | 2.86% | (12.42)% | 7.32% | 32.14% | (51.60)% | 23.13% |
Ratios to Average Net Assets F,H |
Expenses before reductions | 1.68% A | 1.63% | 1.67% | 1.60% | 1.67% | 1.60% |
Expenses net of fee waivers, if any | 1.68% A | 1.62% | 1.67% | 1.60% | 1.67% | 1.60% |
Expenses net of all reductions | 1.64% A | 1.60% | 1.65% | 1.59% | 1.66% | 1.58% |
Net investment income (loss) | 2.63% A | 2.52% | 1.65% | 1.59% | 1.80% | 1.27% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,414 | $ 2,468 | $ 2,276 | $ 2,395 | $ 2,087 | $ 5,081 |
Portfolio turnover rate G | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.21 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.034 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, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
Net asset value, beginning of period | $ 7.00 | $ 8.20 | $ 7.74 | $ 5.88 | $ 12.93 | $ 10.56 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .07 | .17 | .09 | .07 | .13 | .09 |
Net realized and unrealized gain (loss) | .10 | (1.20) | .44 | 1.79 | (6.48) | 2.29 |
Total from investment operations | .17 | (1.03) | .53 | 1.86 | (6.35) | 2.38 |
Distributions from net investment income | (.16) | (.13) | (.06) | - | (.08) | - |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.01) |
Total distributions | (.16) | (.17) J | (.07) | - | (.70) | (.01) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 7.01 | $ 7.00 | $ 8.20 | $ 7.74 | $ 5.88 | $ 12.93 |
Total Return B ,C,D | 2.51% | (12.88)% | 6.82% | 31.63% | (51.85)% | 22.59% |
Ratios to Average Net Assets F,H |
Expenses before reductions | 2.16% A | 2.11% | 2.15% | 2.08% | 2.18% | 2.10% |
Expenses net of fee waivers, if any | 2.16% A | 2.11% | 2.15% | 2.08% | 2.18% | 2.10% |
Expenses net of all reductions | 2.11% A | 2.09% | 2.13% | 2.07% | 2.17% | 2.08% |
Net investment income (loss) | 2.16% A | 2.04% | 1.18% | 1.11% | 1.29% | .77% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 849 | $ 901 | $ 1,216 | $ 1,076 | $ 931 | $ 2,651 |
Portfolio turnover rate G | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.17 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.034 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.88 | $ 12.92 | $ 10.56 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .07 | .16 | .09 | .07 | .13 | .09 |
Net realized and unrealized gain (loss) | .10 | (1.19) | .44 | 1.78 | (6.47) | 2.29 |
Total from investment operations | .17 | (1.03) | .53 | 1.85 | (6.34) | 2.38 |
Distributions from net investment income | (.17) | (.14) | (.05) | - | (.08) | - |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.02) |
Total distributions | (.17) | (.17) | (.06) | - | (.70) | (.02) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 7.00 | $ 7.00 | $ 8.20 | $ 7.73 | $ 5.88 | $ 12.92 |
Total Return B,C,D | 2.56% | (12.84)% | 6.84% | 31.46% | (51.80)% | 22.56% |
Ratios to Average Net Assets F,H |
Expenses before reductions | 2.16% A | 2.12% | 2.15% | 2.08% | 2.17% | 2.07% |
Expenses net of fee waivers, if any | 2.16% A | 2.11% | 2.15% | 2.08% | 2.17% | 2.07% |
Expenses net of all reductions | 2.11% A | 2.09% | 2.13% | 2.06% | 2.16% | 2.05% |
Net investment income (loss) | 2.16% A | 2.04% | 1.18% | 1.12% | 1.30% | .80% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,175 | $ 2,108 | $ 2,123 | $ 2,108 | $ 1,784 | $ 5,996 |
Portfolio turnover rate G | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Value
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data |
Net asset value, beginning of period | $ 7.03 | $ 8.23 | $ 7.75 | $ 5.95 | $ 13.06 | $ 10.61 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .11 | .25 | .17 | .13 | .24 | .22 |
Net realized and unrealized gain (loss) | .09 | (1.20) | .44 | 1.78 | (6.54) | 2.29 |
Total from investment operations | .20 | (.95) | .61 | 1.91 | (6.30) | 2.51 |
Distributions from net investment income | (.25) | (.22) | (.13) | (.11) | (.19) | (.04) |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.02) |
Total distributions | (.25) | (.25) | (.13) I | (.11) | (.81) | (.06) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 6.98 | $ 7.03 | $ 8.23 | $ 7.75 | $ 5.95 | $ 13.06 |
Total Return B,C | 2.99% | (11.91)% | 7.95% | 33.09% | (51.34)% | 23.81% |
Ratios to Average Net Assets E,G |
Expenses before reductions | 1.10% A | 1.04% | 1.09% | 1.07% | 1.10% | 1.03% |
Expenses net of fee waivers, if any | 1.10% A | 1.03% | 1.09% | 1.07% | 1.10% | 1.03% |
Expenses net of all reductions | 1.05% A | 1.01% | 1.08% | 1.06% | 1.09% | 1.02% |
Net investment income (loss) | 3.22% A | 3.11% | 2.23% | 2.12% | 2.37% | 1.84% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 137,242 | $ 150,967 | $ 163,090 | $ 180,447 | $ 160,777 | $ 381,148 |
Portfolio turnover rate F | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per share. I Total distributions of $.13 per share is comprised of distributions from net investment income of $.129 and distributions from net realized gain of $.005 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 7.04 | $ 8.24 | $ 7.76 | $ 5.96 | $ 13.07 | $ 10.61 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .11 | .25 | .18 | .14 | .25 | .22 |
Net realized and unrealized gain (loss) | .10 | (1.19) | .44 | 1.78 | (6.54) | 2.30 |
Total from investment operations | .21 | (.94) | .62 | 1.92 | (6.29) | 2.52 |
Distributions from net investment income | (.25) | (.22) | (.14) | (.12) | (.20) | (.04) |
Distributions from net realized gain | - | (.03) | (.01) | - | (.62) | (.02) |
Total distributions | (.25) | (.26) J | (.14) I | (.12) | (.82) | (.06) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 7.00 | $ 7.04 | $ 8.24 | $ 7.76 | $ 5.96 | $ 13.07 |
Total Return B,C | 3.18% | (11.83)% | 8.05% | 33.06% | (51.27)% | 23.91% |
Ratios to Average Net Assets E,G |
Expenses before reductions | 1.07% A | .98% | .98% | .93% | 1.02% | .98% |
Expenses net of fee waivers, if any | 1.07% A | .98% | .98% | .93% | 1.02% | .98% |
Expenses net of all reductions | 1.02% A | .96% | .97% | .92% | 1.01% | .96% |
Net investment income (loss) | 3.25% A | 3.17% | 2.34% | 2.26% | 2.45% | 1.89% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 353 | $ 473 | $ 519 | $ 814 | $ 1,052 | $ 3,965 |
Portfolio turnover rate F | 88% A | 83% | 43% | 46% | 68% | 59% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per share. I Total distributions of $.14 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.005 per share. J Total distributions of $.26 per share is comprised of distributions from net investment income of $.221 and distributions from net realized gain of $.034 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, 2012 (Unaudited)
1. Organization.
Fidelity® International Value 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, International Value and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
(ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
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 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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
Semiannual Report
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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 | $ 9,040,708 |
Gross unrealized depreciation | (14,364,055) |
Net unrealized appreciation (depreciation) on securities and other investments | $ (5,323,347) |
| |
Tax cost | $ 159,559,247 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2016 | $ (17,089,067) |
2017 | (65,376,972) |
2018 | (3,571,319) |
2019 | (31,368,797) |
Total capital loss carryforward | $ (117,406,155) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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
Notes to Financial Statements (Unaudited) - continued
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $67,693,788 and $83,825,862, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Value as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .64% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 5,619 | $ 77 |
Class T | .25% | .25% | 5,956 | 50 |
Class B | .75% | .25% | 4,322 | 3,251 |
Class C | .75% | .25% | 10,544 | 2,769 |
| | | $ 26,441 | $ 6,147 |
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, 1.00% for Class C, 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
by FDC |
Class A | $ 1,322 |
Class T | 718 |
Class B* | 1,679 |
Class C* | 481 |
| $ 4,200 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 6,823 | .30 |
Class T | 3,898 | .33 |
Class B | 1,315 | .30 |
Class C | 3,216 | .31 |
International Value | 174,206 | .24 |
Institutional Class | 433 | .21 |
| $ 189,891 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $35 for the period.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $233 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $90,253. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $33,680 for the period.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 143,989 | $ 109,917 |
Class T | 67,838 | 48,265 |
Class B | 19,758 | 18,831 |
Class C | 50,970 | 34,950 |
International Value | 5,163,324 | 4,218,039 |
Institutional Class | 17,998 | 11,933 |
Total | $ 5,463,877 | $ 4,441,935 |
From net realized gain | | |
Class A | $ - | $ 19,461 |
Class T | - | 9,435 |
Class B | - | 4,893 |
Class C | - | 8,796 |
International Value | - | 666,153 |
Institutional Class | - | 1,843 |
Total | $ - | $ 710,581 |
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 105,682 | 297,051 | $ 724,719 | $ 2,472,449 |
Reinvestment of distributions | 19,578 | 14,168 | 128,823 | 113,424 |
Shares redeemed | (152,008) | (217,894) | (1,041,717) | (1,776,674) |
Net increase (decrease) | (26,748) | 93,325 | $ (188,175) | $ 809,199 |
Class T | | | | |
Shares sold | 41,061 | 184,684 | $ 274,896 | $ 1,564,957 |
Reinvestment of distributions | 10,069 | 7,104 | 66,355 | 56,884 |
Shares redeemed | (58,016) | (116,856) | (391,300) | (949,653) |
Net increase (decrease) | (6,886) | 74,932 | $ (50,049) | $ 672,188 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class B | | | | |
Shares sold | 2,337 | 10,615 | $ 15,632 | $ 84,177 |
Reinvestment of distributions | 2,474 | 2,474 | 16,400 | 19,918 |
Shares redeemed | (12,528) | (32,689) | (86,326) | (270,345) |
Net increase (decrease) | (7,717) | (19,600) | $ (54,294) | $ (166,250) |
Class C | | | | |
Shares sold | 45,129 | 94,118 | $ 308,745 | $ 764,274 |
Reinvestment of distributions | 6,699 | 4,468 | 44,283 | 35,965 |
Shares redeemed | (42,179) | (56,323) | (287,656) | (453,389) |
Net increase (decrease) | 9,649 | 42,263 | $ 65,372 | $ 346,850 |
International Value | | | | |
Shares sold | 1,162,890 | 9,000,450 | $ 7,893,827 | $ 76,813,955 |
Reinvestment of distributions | 762,294 | 587,427 | 5,008,269 | 4,695,920 |
Shares redeemed | (3,757,243) | (7,927,908) | (25,506,869) | (64,758,392) |
Net increase (decrease) | (1,832,059) | 1,659,969 | $ (12,604,773) | $ 16,751,483 |
Institutional Class | | | | |
Shares sold | 7,780 | 19,868 | $ 52,723 | $ 168,608 |
Reinvestment of distributions | 1,234 | 395 | 8,117 | 3,160 |
Shares redeemed | (25,804) | (16,071) | (173,269) | (130,995) |
Net increase (decrease) | (16,790) | 4,192 | $ (112,429) | $ 40,773 |
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 II Fund and VIP FundsManager 60% Portfolio were the owners of record of approximately 18% and 19%, respectively, of the total outstanding shares of the Fund.
The VIP FundsManager Portfolios were the owners of record, in the aggregate, of approximately 25% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, Illinois
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
FIV-USAN-0612
1.827484.105
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Discovery
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Class A, Class T, Class B, and Class C are classes of Fidelity® International Discovery Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to
April 30, 2012 |
Class A | 1.27% | | | |
Actual | | $ 1,000.00 | $ 1,052.00 | $ 6.48 |
HypotheticalA | | $ 1,000.00 | $ 1,018.55 | $ 6.37 |
Class T | 1.51% | | | |
Actual | | $ 1,000.00 | $ 1,050.70 | $ 7.70 |
HypotheticalA | | $ 1,000.00 | $ 1,017.35 | $ 7.57 |
Class B | 2.01% | | | |
Actual | | $ 1,000.00 | $ 1,047.80 | $ 10.23 |
HypotheticalA | | $ 1,000.00 | $ 1,014.87 | $ 10.07 |
Class C | 2.01% | | | |
Actual | | $ 1,000.00 | $ 1,047.60 | $ 10.23 |
HypotheticalA | | $ 1,000.00 | $ 1,014.87 | $ 10.07 |
International Discovery | .94% | | | |
Actual | | $ 1,000.00 | $ 1,053.40 | $ 4.80 |
HypotheticalA | | $ 1,000.00 | $ 1,020.19 | $ 4.72 |
Class K | .76% | | | |
Actual | | $ 1,000.00 | $ 1,054.70 | $ 3.88 |
HypotheticalA | | $ 1,000.00 | $ 1,021.08 | $ 3.82 |
Institutional Class | .93% | | | |
Actual | | $ 1,000.00 | $ 1,053.70 | $ 4.75 |
HypotheticalA | | $ 1,000.00 | $ 1,020.24 | $ 4.67 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United Kingdom 21.0% | |
 | Japan 16.7% | |
 | United States of America 6.7% | |
 | France 6.2% | |
 | Germany 5.4% | |
 | Netherlands 4.7% | |
 | Switzerland 4.5% | |
 | Korea (South) 3.9% | |
 | Australia 3.4% | |
 | Other 27.5% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United Kingdom 21.0% | |
| Japan 15.8% | |
| France 9.1% | |
| Switzerland 6.8% | |
| Germany 6.3% | |
| Australia 3.5% | |
| Netherlands 3.4% | |
| Cayman Islands 2.8% | |
| Korea (South) 2.5% | |
 | Other 28.8% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Investment Companies | 97.5 | 99.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.5 | 0.1 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 2.7 | 2.8 |
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) | 1.8 | 1.8 |
ORIX Corp. (Japan, Diversified Financial Services) | 1.5 | 1.3 |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.4 | 1.3 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.3 | 0.3 |
Australia & New Zealand Banking Group Ltd. (Australia, Commercial Banks) | 1.3 | 1.2 |
Gemalto NV (Netherlands, Computers & Peripherals) | 1.3 | 0.9 |
Japan Tobacco, Inc. (Japan, Tobacco) | 1.3 | 1.3 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 1.3 | 1.3 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.3 | 1.7 |
| 15.2 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 18.9 | 21.3 |
Consumer Discretionary | 15.8 | 18.6 |
Information Technology | 12.7 | 9.8 |
Industrials | 12.6 | 9.6 |
Consumer Staples | 11.2 | 12.6 |
Materials | 7.5 | 6.0 |
Energy | 6.7 | 7.5 |
Health Care | 6.5 | 7.2 |
Telecommunication Services | 4.9 | 6.4 |
Utilities | 0.7 | 0.9 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.6% |
| Shares | | Value (000s) |
Australia - 3.4% |
Australia & New Zealand Banking Group Ltd. | 4,456,031 | | $ 111,003 |
Commonwealth Bank of Australia | 1,303,655 | | 70,586 |
Fortescue Metals Group Ltd. | 3,503,390 | | 20,586 |
NRW Holdings Ltd. | 2,211,824 | | 9,425 |
Ramsay Health Care Ltd. | 1,305,776 | | 27,249 |
Spark Infrastructure Group unit | 14,882,292 | | 22,482 |
WorleyParsons Ltd. | 909,980 | | 26,783 |
TOTAL AUSTRALIA | | 288,114 |
Bailiwick of Jersey - 1.9% |
Experian PLC | 4,210,200 | | 66,457 |
Shire PLC | 1,036,900 | | 33,799 |
Wolseley PLC | 1,479,764 | | 56,274 |
TOTAL BAILIWICK OF JERSEY | | 156,530 |
Belgium - 1.3% |
Anheuser-Busch InBev SA NV (d) | 1,556,327 | | 112,181 |
Bermuda - 1.3% |
African Minerals Ltd. (a) | 2,964,821 | | 25,023 |
Cheung Kong Infrastructure Holdings Ltd. | 6,458,000 | | 38,330 |
Li & Fung Ltd. | 15,198,000 | | 32,517 |
Petra Diamonds Ltd. (a) | 6,298,600 | | 15,877 |
TOTAL BERMUDA | | 111,747 |
Brazil - 1.9% |
Arezzo Industria e Comercio SA | 849,800 | | 13,375 |
Qualicorp SA | 4,567,000 | | 39,772 |
Redecard SA | 1,037,900 | | 17,478 |
Souza Cruz Industria e Comercio | 1,909,200 | | 29,738 |
TIM Participacoes SA sponsored ADR (d) | 2,036,249 | | 60,945 |
TOTAL BRAZIL | | 161,308 |
British Virgin Islands - 0.7% |
Gem Diamonds Ltd. (a) | 1,936,600 | | 8,141 |
Mail.ru Group Ltd. GDR (Reg. S) (a) | 1,116,000 | | 48,267 |
TOTAL BRITISH VIRGIN ISLANDS | | 56,408 |
Canada - 0.8% |
Goldcorp, Inc. | 571,200 | | 21,876 |
InterOil Corp. (a)(d) | 204,400 | | 12,354 |
Open Text Corp. (a) | 609,900 | | 34,195 |
TOTAL CANADA | | 68,425 |
Common Stocks - continued |
| Shares | | Value (000s) |
Cayman Islands - 1.7% |
Baidu.com, Inc. sponsored ADR (a) | 256,700 | | $ 34,064 |
Biostime International Holdings Ltd. | 8,183,000 | | 23,572 |
China Kanghui Holdings sponsored ADR (a)(d) | 1,747,000 | | 34,888 |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 317,300 | | 9,043 |
Sands China Ltd. | 9,822,800 | | 38,614 |
Shenguan Holdings Group Ltd. | 9,696,000 | | 5,249 |
TOTAL CAYMAN ISLANDS | | 145,430 |
Denmark - 2.6% |
Danske Bank A/S (a) | 1,523,998 | | 24,746 |
Novo Nordisk A/S Series B | 819,389 | | 120,808 |
William Demant Holding A/S (a) | 784,700 | | 74,076 |
TOTAL DENMARK | | 219,630 |
France - 6.2% |
Arkema SA | 341,370 | | 30,237 |
AXA SA (d) | 4,066,402 | | 57,599 |
BNP Paribas SA | 1,457,466 | | 58,557 |
Bureau Veritas SA | 401,400 | | 35,767 |
Iliad SA | 370,211 | | 47,661 |
JC Decaux SA | 547,328 | | 15,531 |
LVMH Moet Hennessy - Louis Vuitton SA (d) | 428,223 | | 70,945 |
PPR SA (d) | 398,700 | | 66,687 |
Sanofi SA | 953,011 | | 72,798 |
Schneider Electric SA | 719,300 | | 44,192 |
Technip SA | 192,300 | | 21,748 |
TOTAL FRANCE | | 521,722 |
Germany - 4.7% |
Aareal Bank AG (a) | 1,044,895 | | 20,161 |
Allianz AG | 262,417 | | 29,243 |
BASF AG (d) | 642,722 | | 52,913 |
Bayerische Motoren Werke AG (BMW) | 740,107 | | 70,356 |
Fresenius Medical Care AG & Co. KGaA | 384,000 | | 27,271 |
GEA Group AG | 992,880 | | 32,767 |
Gerry Weber International AG (Bearer) | 320,600 | | 13,615 |
GSW Immobilien AG | 404,500 | | 13,465 |
GSW Immobilien AG rights 5/3/12 (a) | 404,500 | | 475 |
Lanxess AG | 329,400 | | 26,229 |
MTU Aero Engines Holdings AG (d) | 286,300 | | 24,112 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
SAP AG | 869,957 | | $ 57,694 |
Wirecard AG | 1,592,900 | | 29,522 |
TOTAL GERMANY | | 397,823 |
Hong Kong - 1.6% |
AIA Group Ltd. | 17,729,600 | | 63,070 |
HKT Trust / HKT Ltd. unit | 23,518,000 | | 18,278 |
Techtronic Industries Co. Ltd. | 46,012,500 | | 55,569 |
TOTAL HONG KONG | | 136,917 |
India - 1.2% |
Apollo Hospitals Enterprise Ltd. | 442,506 | | 5,296 |
Housing Development Finance Corp. Ltd. | 3,327,565 | | 42,560 |
IndusInd Bank Ltd. | 2,255,331 | | 14,269 |
The Jammu & Kashmir Bank Ltd. | 545,569 | | 9,749 |
Titan Industries Ltd. | 6,456,377 | | 28,564 |
TOTAL INDIA | | 100,438 |
Indonesia - 0.6% |
PT Media Nusantara Citra Tbk | 74,826,000 | | 18,319 |
PT Sarana Menara Nusantara Tbk (a) | 6,310,500 | | 9,476 |
PT Tower Bersama Infrastructure Tbk | 55,223,500 | | 18,327 |
TOTAL INDONESIA | | 46,122 |
Ireland - 2.0% |
Accenture PLC Class A | 723,300 | | 46,978 |
Ingersoll-Rand PLC | 653,900 | | 27,804 |
James Hardie Industries NV CDI | 6,070,470 | | 47,371 |
Paddy Power PLC (Ireland) | 728,700 | | 47,557 |
TOTAL IRELAND | | 169,710 |
Israel - 0.5% |
Check Point Software Technologies Ltd. (a) | 743,300 | | 43,208 |
Italy - 1.7% |
Brunello Cucinelli SpA | 64,500 | | 1,025 |
Fiat Industrial SpA | 1,853,300 | | 21,026 |
Prada SpA | 4,029,100 | | 27,367 |
Saipem SpA | 1,811,859 | | 89,513 |
TOTAL ITALY | | 138,931 |
Japan - 16.7% |
ABC-Mart, Inc. | 1,177,300 | | 42,875 |
Aozora Bank Ltd. | 13,450,000 | | 34,498 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Calbee, Inc. (d) | 613,300 | | $ 37,117 |
Canon, Inc. | 936,700 | | 42,461 |
Chiyoda Corp. | 2,780,000 | | 33,479 |
Cosmos Pharmaceutical Corp. | 770,000 | | 43,172 |
Credit Saison Co. Ltd. | 2,631,100 | | 56,470 |
CyberAgent, Inc. | 7,246 | | 22,317 |
Don Quijote Co. Ltd. | 1,716,200 | | 62,954 |
Fanuc Corp. | 580,800 | | 97,958 |
Fast Retailing Co. Ltd. | 155,700 | | 34,796 |
Hitachi Ltd. | 8,485,000 | | 54,046 |
Honda Motor Co. Ltd. | 2,539,700 | | 91,407 |
Japan Tobacco, Inc. | 19,478 | | 107,909 |
JS Group Corp. | 1,856,500 | | 36,457 |
JSR Corp. | 2,283,400 | | 45,069 |
Kakaku.com, Inc. | 810,600 | | 25,208 |
KDDI Corp. | 7,108 | | 46,534 |
Keyence Corp. | 304,060 | | 71,770 |
Mitsubishi Corp. | 1,836,500 | | 39,803 |
Mitsubishi Estate Co. Ltd. | 1,553,000 | | 27,456 |
Mitsubishi UFJ Financial Group, Inc. | 15,161,400 | | 72,802 |
Nexon Co. Ltd. | 386,400 | | 7,325 |
ORIX Corp. | 1,321,050 | | 126,315 |
Rakuten, Inc. | 76,332 | | 85,142 |
Seven Bank Ltd. | 12,837,900 | | 31,721 |
So-net M3, Inc. | 5,296 | | 24,621 |
Unicharm Corp. | 98,700 | | 5,522 |
TOTAL JAPAN | | 1,407,204 |
Korea (South) - 3.9% |
Hyundai Motor Co. | 273,935 | | 65,083 |
Kia Motors Corp. | 570,510 | | 42,102 |
LG Household & Health Care Ltd. | 92,676 | | 48,629 |
NCsoft Corp. | 73,550 | | 19,069 |
NHN Corp. | 64,289 | | 14,563 |
Orion Corp. | 74,285 | | 59,027 |
Samsung Electronics Co. Ltd. | 64,872 | | 79,789 |
TOTAL KOREA (SOUTH) | | 328,262 |
Luxembourg - 1.2% |
Brait SA | 5,949,360 | | 18,625 |
Millicom International Cellular SA (d) | 190,400 | | 20,371 |
Common Stocks - continued |
| Shares | | Value (000s) |
Luxembourg - continued |
Millicom International Cellular SA (depository receipt) | 149,700 | | $ 15,904 |
Samsonite International SA | 25,547,100 | | 49,523 |
TOTAL LUXEMBOURG | | 104,423 |
Mexico - 0.3% |
Wal-Mart de Mexico SA de CV Series V | 8,018,800 | | 22,927 |
Netherlands - 4.7% |
AEGON NV | 5,028,800 | | 23,394 |
ASML Holding NV | 1,164,200 | | 59,363 |
Gemalto NV | 1,463,106 | | 109,026 |
HeidelbergCement Finance AG (d) | 850,200 | | 46,747 |
ING Groep NV (Certificaten Van Aandelen) (a) | 5,244,400 | | 37,001 |
LyondellBasell Industries NV Class A | 474,800 | | 19,837 |
NXP Semiconductors NV (a) | 923,700 | | 23,878 |
Randstad Holding NV | 741,403 | | 25,675 |
Yandex NV | 2,218,600 | | 52,625 |
TOTAL NETHERLANDS | | 397,546 |
Norway - 0.6% |
DnB NOR ASA (d) | 4,617,355 | | 49,786 |
Philippines - 0.0% |
Alliance Global Group, Inc. | 11,837,700 | | 3,470 |
Poland - 0.5% |
Eurocash SA | 3,593,990 | | 43,885 |
Qatar - 0.2% |
Commercial Bank of Qatar GDR (Reg. S) | 5,094,802 | | 20,151 |
Russia - 0.5% |
Mobile TeleSystems OJSC sponsored ADR | 2,203,700 | | 43,104 |
South Africa - 0.6% |
Shoprite Holdings Ltd. | 1,552,300 | | 26,823 |
Tiger Brands Ltd. | 525,500 | | 19,255 |
TOTAL SOUTH AFRICA | | 46,078 |
Spain - 1.0% |
Banco Bilbao Vizcaya Argentaria SA | 5,172,700 | | 35,007 |
Banco Bilbao Vizcaya Argentaria SA rights 4/30/12 (a) | 5,172,679 | | 740 |
Inditex SA | 562,106 | | 50,563 |
TOTAL SPAIN | | 86,310 |
Sweden - 2.5% |
Atlas Copco AB (A Shares) | 2,131,200 | | 50,737 |
Common Stocks - continued |
| Shares | | Value (000s) |
Sweden - continued |
Elekta AB: | | | |
unit (a) | 495,400 | | $ 1,614 |
(B Shares) | 495,400 | | 25,136 |
Intrum Justitia AB | 1,835,800 | | 27,862 |
Svenska Handelsbanken AB (A Shares) | 1,632,100 | | 52,892 |
Swedish Match Co. AB | 1,250,800 | | 50,845 |
TOTAL SWEDEN | | 209,086 |
Switzerland - 4.5% |
Adecco SA (Reg.) | 521,444 | | 25,396 |
Partners Group Holding AG | 230,056 | | 43,778 |
Roche Holding AG (participation certificate) | 242,272 | | 44,261 |
Schindler Holding AG (participation certificate) | 554,147 | | 71,684 |
Swatch Group AG (Bearer) | 54,660 | | 25,211 |
Syngenta AG (Switzerland) | 81,540 | | 28,597 |
UBS AG | 4,126,610 | | 51,540 |
Zurich Financial Services AG | 346,539 | | 84,769 |
TOTAL SWITZERLAND | | 375,236 |
Turkey - 0.1% |
Boyner Buyuk Magazacilik A/S (a)(e) | 4,683,100 | | 9,409 |
United Kingdom - 21.0% |
Aberdeen Asset Management PLC | 5,975,132 | | 27,495 |
Aggreko PLC | 1,276,500 | | 46,638 |
Anglo American PLC (United Kingdom) | 1,482,200 | | 56,968 |
Ashmore Group PLC | 3,169,400 | | 19,682 |
Barclays PLC | 21,015,144 | | 74,410 |
BG Group PLC | 4,571,872 | | 107,636 |
BHP Billiton PLC | 3,298,888 | | 106,210 |
BP PLC | 10,744,667 | | 77,630 |
British American Tobacco PLC (United Kingdom) | 2,906,800 | | 149,107 |
British Land Co. PLC | 5,756,734 | | 45,728 |
Burberry Group PLC | 1,577,700 | | 38,027 |
Carphone Warehouse Group PLC | 14,430,174 | | 30,682 |
Diageo PLC | 3,917,457 | | 98,823 |
GlaxoSmithKline PLC | 2,658,600 | | 61,425 |
HSBC Holdings PLC (United Kingdom) | 10,856,757 | | 98,018 |
Jazztel PLC (a) | 5,843,900 | | 39,153 |
Legal & General Group PLC | 32,995,838 | | 62,981 |
London Stock Exchange Group PLC | 547,400 | | 9,667 |
Meggitt PLC | 6,792,200 | | 45,035 |
Michael Page International PLC | 3,700,600 | | 24,963 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Next PLC | 514,144 | | $ 24,443 |
Ocado Group PLC (a)(d) | 14,388,400 | | 30,313 |
Reckitt Benckiser Group PLC | 595,000 | | 34,641 |
Rolls-Royce Group PLC | 4,197,715 | | 56,108 |
Rotork PLC | 598,000 | | 21,421 |
Royal Dutch Shell PLC Class B | 6,206,463 | | 227,155 |
Royalblue Group PLC | 607,375 | | 15,280 |
Ultra Electronics Holdings PLC | 614,667 | | 16,801 |
Vodafone Group PLC | 32,422,743 | | 89,756 |
Xstrata PLC | 1,857,800 | | 35,506 |
TOTAL UNITED KINGDOM | | 1,771,702 |
United States of America - 4.2% |
Beam, Inc. | 312,900 | | 17,766 |
Cirrus Logic, Inc. (a) | 356,774 | | 9,768 |
Citrix Systems, Inc. (a) | 303,600 | | 25,991 |
Cognizant Technology Solutions Corp. Class A (a) | 787,700 | | 57,754 |
Cummins, Inc. | 223,700 | | 25,911 |
Dollar General Corp. (a) | 719,200 | | 34,133 |
MasterCard, Inc. Class A | 160,100 | | 72,408 |
Michael Kors Holdings Ltd. | 827,500 | | 37,792 |
Royal Gold, Inc. | 394,800 | | 24,462 |
Total System Services, Inc. | 1,094,700 | | 25,747 |
United Technologies Corp. | 310,700 | | 25,366 |
TOTAL UNITED STATES OF AMERICA | | 357,098 |
TOTAL COMMON STOCKS (Cost $7,586,277) |
8,150,321
|
Nonconvertible Preferred Stocks - 0.9% |
| | | |
Germany - 0.7% |
Volkswagen AG | 297,200 | | 56,300 |
Italy - 0.2% |
Fiat Industrial SpA | 2,028,320 | | 16,648 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C | 444,957,790 | | 722 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $56,671) |
73,670
|
Investment Companies - 0.0% |
| Shares | | Value (000s) |
Cyprus - 0.0% |
Aisi Realty Public Ltd. (a)
(Cost $6,902) | 216,330 | | $ 293 |
Money Market Funds - 6.6% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 145,226,599 | | 145,227 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 415,162,260 | | 415,162 |
TOTAL MONEY MARKET FUNDS (Cost $560,389) |
560,389
|
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $8,210,239) | | 8,784,673 |
NET OTHER ASSETS (LIABILITIES) - (4.1)% | | (346,812) |
NET ASSETS - 100% | $ 8,437,861 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) 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
(Amounts in thousands) |
Fidelity Cash Central Fund | $ 37 |
Fidelity Securities Lending Cash Central Fund | 1,557 |
Total | $ 1,594 |
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
(Amounts in thousands) | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Aisi Realty Public Ltd. | $ 240 | $ - | $ - | $ - | $ - |
Boyner Buyuk Magazacilik A/S | 10,096 | - | 1,569 | - | 9,409 |
Total | $ 10,336 | $ - | $ 1,569 | $ - | $ 9,409 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 1,333,113 | $ 993,622 | $ 339,491 | $ - |
Consumer Staples | 936,188 | 494,538 | 441,650 | - |
Energy | 571,862 | 267,077 | 304,785 | - |
Financials | 1,620,409 | 937,508 | 682,901 | - |
Health Care | 553,242 | 212,520 | 340,722 | - |
Industrials | 1,059,206 | 851,509 | 207,697 | - |
Information Technology | 1,077,477 | 818,973 | 258,504 | - |
Materials | 611,649 | 431,773 | 179,876 | - |
Telecommunication Services | 400,033 | 263,743 | 136,290 | - |
Utilities | 60,812 | 60,812 | - | - |
Investment Companies | 293 | 293 | - | - |
Money Market Funds | 560,389 | 560,389 | - | - |
Total Investments in Securities: | $ 8,784,673 | $ 5,892,757 | $ 2,891,916 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $394,609) - See accompanying schedule: Unaffiliated issuers (cost $7,638,088) | $ 8,214,875 | |
Fidelity Central Funds (cost $560,389) | 560,389 | |
Other affiliated issuers (cost $11,762) | 9,409 | |
Total Investments (cost $8,210,239) | | $ 8,784,673 |
Foreign currency held at value (cost $2,858) | | 2,858 |
Receivable for investments sold | | 48,540 |
Receivable for fund shares sold | | 5,251 |
Dividends receivable | | 35,054 |
Distributions receivable from Fidelity Central Funds | | 835 |
Prepaid expenses | | 9 |
Other receivables | | 5,300 |
Total assets | | 8,882,520 |
| | |
Liabilities | | |
Payable for investments purchased | $ 9,450 | |
Payable for fund shares redeemed | 11,412 | |
Accrued management fee | 5,413 | |
Distribution and service plan fees payable | 119 | |
Other affiliated payables | 1,535 | |
Other payables and accrued expenses | 1,568 | |
Collateral on securities loaned, at value | 415,162 | |
Total liabilities | | 444,659 |
| | |
Net Assets | | $ 8,437,861 |
Net Assets consist of: | | |
Paid in capital | | $ 9,446,354 |
Undistributed net investment income | | 69,050 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (1,651,021) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 573,478 |
Net Assets | | $ 8,437,861 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A: Net Asset Value and redemption price per share ($300,537 ÷ 9,809.7 shares) | | $ 30.64 |
| | |
Maximum offering price per share (100/94.25 of $30.64) | | $ 32.51 |
Class T:
Net Asset Value and redemption price per share ($56,614 ÷ 1,859.4 shares) | | $ 30.45 |
| | |
Maximum offering price per share (100/96.50 of $30.45) | | $ 31.55 |
Class B:
Net Asset Value and offering price per share ($9,076 ÷ 298.7 shares)A | | $ 30.39 |
| | |
Class C:
Net Asset Value and offering price per share ($31,480 ÷ 1,034.8 shares)A | | $ 30.42 |
| | |
| | |
International Discovery:
Net Asset Value, offering price and redemption price per share ($6,173,937 ÷ 200,242.2 shares) | | $ 30.83 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($1,575,845 ÷ 51,219.8 shares) | | $ 30.77 |
| | |
Institutional Class: Net Asset Value, offering price and redemption price per share ($290,372 ÷ 9,432.2 shares) | | $ 30.79 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 126,624 |
Interest | | 1 |
Income from Fidelity Central Funds | | 1,594 |
Income before foreign taxes withheld | | 128,219 |
Less foreign taxes withheld | | (5,881) |
Total income | | 122,338 |
| | |
Expenses | | |
Management fee
Basic fee | $ 29,546 | |
Performance adjustment | (1,661) | |
Transfer agent fees | 8,460 | |
Distribution and service plan fees | 718 | |
Accounting and security lending fees | 859 | |
Custodian fees and expenses | 670 | |
Independent trustees' compensation | 25 | |
Registration fees | 147 | |
Audit | 58 | |
Legal | 19 | |
Interest | 5 | |
Miscellaneous | 43 | |
Total expenses before reductions | 38,889 | |
Expense reductions | (2,136) | 36,753 |
Net investment income (loss) | | 85,585 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (180,622) | |
Other affiliated issuers | (1,405) | |
Foreign currency transactions | (2,181) | |
Total net realized gain (loss) | | (184,208) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $110) | 523,787 | |
Assets and liabilities in foreign currencies | (333) | |
Total change in net unrealized appreciation (depreciation) | | 523,454 |
Net gain (loss) | | 339,246 |
Net increase (decrease) in net assets resulting from operations | | $ 424,831 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended
April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 85,585 | $ 161,608 |
Net realized gain (loss) | (184,208) | 501,938 |
Change in net unrealized appreciation (depreciation) | 523,454 | (1,247,522) |
Net increase (decrease) in net assets resulting
from operations | 424,831 | (583,976) |
Distributions to shareholders from net investment income | (118,968) | (149,936) |
Distributions to shareholders from net realized gain | - | (48,090) |
Total distributions | (118,968) | (198,026) |
Share transactions - net increase (decrease) | (621,058) | (537,341) |
Redemption fees | 89 | 160 |
Total increase (decrease) in net assets | (315,106) | (1,319,183) |
| | |
Net Assets | | |
Beginning of period | 8,752,967 | 10,072,150 |
End of period (including undistributed net investment income of $69,050 and undistributed net investment income of $102,433, respectively) | $ 8,437,861 | $ 8,752,967 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.43 | $ 32.07 | $ 28.57 | $ 23.68 | $ 47.34 | $ 36.47 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .25 | .42 | .31 | .31 | .46 | .44 |
Net realized and unrealized gain (loss) | 1.25 | (2.52) | 3.51 | 4.84 | (22.08) | 11.76 |
Total from investment operations | 1.50 | (2.10) | 3.82 | 5.15 | (21.62) | 12.20 |
Distributions from net investment income | (.29) | (.38) | (.28) | (.26) | (.37) | (.35) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.29) | (.54) | (.32) | (.26) | (2.04) | (1.33) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 30.64 | $ 29.43 | $ 32.07 | $ 28.57 | $ 23.68 | $ 47.34 |
Total Return B, C, D | 5.20% | (6.71)% | 13.43% | 22.14% | (47.65)% | 34.54% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.27% A | 1.30% | 1.33% | 1.37% | 1.32% | 1.25% |
Expenses net of fee waivers, if any | 1.27% A | 1.29% | 1.33% | 1.37% | 1.32% | 1.25% |
Expenses net of all reductions | 1.21% A | 1.25% | 1.28% | 1.32% | 1.29% | 1.22% |
Net investment income (loss) | 1.72% A | 1.31% | 1.06% | 1.28% | 1.27% | 1.08% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 301 | $ 320 | $ 392 | $ 414 | $ 380 | $ 417 |
Portfolio turnover rate G | 91% A | 75% | 82% | 98% | 79% | 56% |
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 T
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.18 | $ 31.81 | $ 28.35 | $ 23.49 | $ 47.06 | $ 36.30 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .21 | .34 | .23 | .24 | .33 | .29 |
Net realized and unrealized gain (loss) | 1.25 | (2.51) | 3.48 | 4.81 | (21.94) | 11.71 |
Total from investment operations | 1.46 | (2.17) | 3.71 | 5.05 | (21.61) | 12.00 |
Distributions from net investment income | (.19) | (.30) | (.21) | (.19) | (.29) | (.26) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.19) | (.46) | (.25) | (.19) | (1.96) | (1.24) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 30.45 | $ 29.18 | $ 31.81 | $ 28.35 | $ 23.49 | $ 47.06 |
Total Return B, C, D | 5.07% | (6.96)% | 13.14% | 21.79% | (47.84)% | 34.08% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.51% A | 1.56% | 1.60% | 1.65% | 1.68% | 1.63% |
Expenses net of fee waivers, if any | 1.51% A | 1.55% | 1.60% | 1.65% | 1.68% | 1.63% |
Expenses net of all reductions | 1.46% A | 1.51% | 1.56% | 1.60% | 1.64% | 1.60% |
Net investment income (loss) | 1.47% A | 1.05% | .79% | 1.00% | .91% | .70% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 57 | $ 61 | $ 92 | $ 83 | $ 64 | $ 53 |
Portfolio turnover rate G | 91% A | 75% | 82% | 98% | 79% | 56% |
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
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.02 | $ 31.60 | $ 28.18 | $ 23.25 | $ 46.70 | $ 36.12 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .14 | .17 | .08 | .12 | .15 | .08 |
Net realized and unrealized gain (loss) | 1.25 | (2.48) | 3.44 | 4.81 | (21.77) | 11.64 |
Total from investment operations | 1.39 | (2.31) | 3.52 | 4.93 | (21.62) | 11.72 |
Distributions from net investment income | (.02) | (.12) | (.06) | - | (.16) | (.16) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.02) | (.27) J | (.10) | - | (1.83) | (1.14) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 30.39 | $ 29.02 | $ 31.60 | $ 28.18 | $ 23.25 | $ 46.70 |
Total Return B, C, D | 4.78% | (7.39)% | 12.52% | 21.20% | (48.11)% | 33.37% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.01% A | 2.06% | 2.12% | 2.16% | 2.19% | 2.14% |
Expenses net of fee waivers, if any | 2.01% A | 2.06% | 2.12% | 2.16% | 2.19% | 2.14% |
Expenses net of all reductions | 1.96% A | 2.02% | 2.08% | 2.11% | 2.15% | 2.10% |
Net investment income (loss) | .97% A | .54% | .27% | .49% | .40% | .19% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 9 | $ 10 | $ 14 | $ 16 | $ 15 | $ 17 |
Portfolio turnover rate G | 91% A | 75% | 82% | 98% | 79% | 56% |
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. JTotal distributions of $.27 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.155 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.08 | $ 31.68 | $ 28.23 | $ 23.31 | $ 46.82 | $ 36.19 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .14 | .18 | .09 | .12 | .15 | .09 |
Net realized and unrealized gain (loss) | 1.24 | (2.49) | 3.45 | 4.82 | (21.82) | 11.66 |
Total from investment operations | 1.38 | (2.31) | 3.54 | 4.94 | (21.67) | 11.75 |
Distributions from net investment income | (.04) | (.14) | (.05) | (.02) | (.17) | (.14) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.04) | (.29) J | (.09) | (.02) | (1.84) | (1.12) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 30.42 | $ 29.08 | $ 31.68 | $ 28.23 | $ 23.31 | $ 46.82 |
Total Return B, C, D | 4.76% | (7.37)% | 12.54% | 21.22% | (48.10)% | 33.38% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.01% A | 2.05% | 2.09% | 2.14% | 2.17% | 2.11% |
Expenses net of fee waivers, if any | 2.01% A | 2.04% | 2.09% | 2.14% | 2.17% | 2.11% |
Expenses net of all reductions | 1.96% A | 2.00% | 2.05% | 2.09% | 2.13% | 2.08% |
Net investment income (loss) | .97% A | .56% | .30% | .51% | .42% | .22% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 31 | $ 33 | $ 44 | $ 43 | $ 36 | $ 28 |
Portfolio turnover rate G | 91% A | 75% | 82% | 98% | 79% | 56% |
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. JTotal distributions of $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Discovery
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.69 | $ 32.34 | $ 28.79 | $ 23.88 | $ 47.68 | $ 36.67 |
Income from
Investment Operations | | | | | |
Net investment income (loss) D | .30 | .53 | .40 | .37 | .57 | .53 |
Net realized and unrealized gain (loss) | 1.25 | (2.54) | 3.54 | 4.88 | (22.29) | 11.84 |
Total from investment operations | 1.55 | (2.01) | 3.94 | 5.25 | (21.72) | 12.37 |
Distributions from net investment income | (.41) | (.48) | (.35) | (.34) | (.41) | (.38) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.41) | (.64) | (.39) | (.34) | (2.08) | (1.36) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 30.83 | $ 29.69 | $ 32.34 | $ 28.79 | $ 23.88 | $ 47.68 |
Total Return B, C | 5.34% | (6.39)% | 13.76% | 22.47% | (47.55)% | 34.85% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .94% A | .97% | 1.05% | 1.12% | 1.09% | 1.04% |
Expenses net of fee waivers, if any | .94% A | .96% | 1.05% | 1.12% | 1.09% | 1.04% |
Expenses net of all reductions | .89% A | .92% | 1.00% | 1.07% | 1.05% | 1.00% |
Net investment income (loss) | 2.04% A | 1.64% | 1.35% | 1.53% | 1.51% | 1.30% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 6,174 | $ 6,806 | $ 8,133 | $ 8,114 | $ 6,999 | $ 14,176 |
Portfolio turnover rate F | 91% A | 75% | 82% | 98% | 79% | 56% |
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
Financial Highlights - Class K
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.66 | $ 32.32 | $ 28.78 | $ 23.90 | $ 40.32 |
Income from
Investment Operations | | | | |
Net investment income (loss) D | .32 | .58 | .46 | .44 | .10 |
Net realized and unrealized gain (loss) | 1.26 | (2.54) | 3.53 | 4.86 | (16.52) |
Total from investment operations | 1.58 | (1.96) | 3.99 | 5.30 | (16.42) |
Distributions from net investment income | (.47) | (.55) | (.41) | (.42) | - |
Distributions from net realized gain | - | (.16) | (.04) | - | - |
Total distributions | (.47) | (.70) J | (.45) | (.42) | - |
Redemption fees added to paid in capital D, I | - | - | - | - | - |
Net asset value, end of period | $ 30.77 | $ 29.66 | $ 32.32 | $ 28.78 | $ 23.90 |
Total Return B, C | 5.47% | (6.24)% | 13.96% | 22.80% | (40.72)% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | .76% A | .80% | .84% | .88% | .93% A |
Expenses net of fee waivers, if any | .76% A | .79% | .84% | .88% | .93% A |
Expenses net of all reductions | .71% A | .75% | .79% | .83% | .89% A |
Net investment income (loss) | 2.22% A | 1.81% | 1.55% | 1.77% | .83% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 1,576 | $ 1,245 | $ 1,078 | $ 674 | $ 145 |
Portfolio turnover rate F | 91% A | 75% | 82% | 98% | 79% |
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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. 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 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. IAmount represents less than $.01 per share. JTotal distributions of $.70 per share is comprised of distributions from net investment income of $.548 and distributions from net realized gain of $.155 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.65 | $ 32.31 | $ 28.77 | $ 23.91 | $ 47.73 | $ 36.71 |
Income from
Investment Operations | | | | | |
Net investment income (loss) D | .30 | .54 | .41 | .39 | .53 | .55 |
Net realized and unrealized gain (loss) | 1.25 | (2.55) | 3.55 | 4.86 | (22.24) | 11.85 |
Total from investment operations | 1.55 | (2.01) | 3.96 | 5.25 | (21.71) | 12.40 |
Distributions from net investment income | (.41) | (.50) | (.38) | (.39) | (.44) | (.40) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.41) | (.65) I | (.42) | (.39) | (2.11) | (1.38) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 30.79 | $ 29.65 | $ 32.31 | $ 28.77 | $ 23.91 | $ 47.73 |
Total Return B, C | 5.37% | (6.39)% | 13.84% | 22.52% | (47.51)% | 34.93% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .93% A | .95% | .99% | 1.05% | 1.05% | .97% |
Expenses net of fee waivers, if any | .93% A | .94% | .99% | 1.05% | 1.05% | .97% |
Expenses net of all reductions | .88% A | .90% | .95% | 1.00% | 1.01% | .94% |
Net investment income (loss) | 2.05% A | 1.66% | 1.40% | 1.60% | 1.54% | 1.36% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 290 | $ 278 | $ 319 | $ 267 | $ 159 | $ 58 |
Portfolio turnover rate F | 91% A | 75% | 82% | 98% | 79% | 56% |
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 $.65 per share is comprised of distributions from net investment income of $.497 and distributions from net realized gain of $.155 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, 2012 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity® International Discovery 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, International Discovery, Class K and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Temporary book-tax differences 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 | $ 1,048,408 |
Gross unrealized depreciation | (571,068) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 477,340 |
| |
Tax cost | $ 8,307,333 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2017 | $ (1,349,541) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
4. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $3,765,570 and $4,603,191, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Discovery as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .67% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 373 | $ 8 |
Class T | .25% | .25% | 141 | 1 |
Class B | .75% | .25% | 47 | 35 |
Class C | .75% | .25% | 157 | 12 |
| | | $ 718 | $ 56 |
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, 1.00% for Class C,
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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
by FDC |
Class A | $ 39 |
Class T | 5 |
Class B* | 11 |
Class C* | 1 |
| $ 56 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 453 | .30 |
Class T | 86 | .30 |
Class B | 14 | .30 |
Class C | 47 | .30 |
International Discovery | 7,197 | .23 |
Class K | 360 | .05 |
Institutional Class | 303 | .22 |
| $ 8,460 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $11 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, 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
Balance | Weighted Average
Interest Rate | Interest
Expense |
Borrower | $ 19,289 | .34% | $ 5 |
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $13 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $314. Security lending
Semiannual Report
7. Security Lending - continued
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 $1,557, including $43 from securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $2,136 for the period.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 3,123 | $ 4,617 |
Class T | 388 | 859 |
Class B | 6 | 51 |
Class C | 44 | 184 |
International Discovery | 90,633 | 121,061 |
Class K | 20,917 | 18,291 |
Institutional Class | 3,857 | 4,873 |
Total | $ 118,968 | $ 149,936 |
From net realized gain | | |
Class A | $ - | $ 1,880 |
Class T | - | 439 |
Class B | - | 69 |
Class C | - | 209 |
International Discovery | - | 38,831 |
Class K | - | 5,143 |
Institutional Class | - | 1,519 |
Total | $ - | $ 48,090 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 1,002 | 2,821 | $ 29,166 | $ 91,649 |
Reinvestment of distributions | 101 | 173 | 2,828 | 5,606 |
Shares redeemed | (2,162) | (4,335) | (61,874) | (139,721) |
Net increase (decrease) | (1,059) | (1,341) | $ (29,880) | $ (42,466) |
Class T | | | | |
Shares sold | 140 | 443 | $ 4,039 | $ 14,328 |
Reinvestment of distributions | 13 | 38 | 369 | 1,235 |
Shares redeemed | (381) | (1,286) | (10,941) | (41,028) |
Net increase (decrease) | (228) | (805) | $ (6,533) | $ (25,465) |
Class B | | | | |
Shares sold | 2 | 21 | $ 51 | $ 671 |
Reinvestment of distributions | - | 3 | 5 | 111 |
Shares redeemed | (54) | (130) | (1,561) | (4,124) |
Net increase (decrease) | (52) | (106) | $ (1,505) | $ (3,342) |
Class C | | | | |
Shares sold | 135 | 183 | $ 3,824 | $ 5,847 |
Reinvestment of distributions | 1 | 11 | 39 | 344 |
Shares redeemed | (233) | (437) | (6,699) | (13,875) |
Net increase (decrease) | (97) | (243) | $ (2,836) | $ (7,684) |
International Discovery | | | | |
Shares sold | 9,877 | 32,543 | $ 288,286 | $ 1,052,266 |
Reinvestment of distributions | 3,081 | 4,718 | 86,859 | 153,551 |
Shares redeemed | (41,967) | (59,489) | (1,221,280) | (1,934,353) |
Net increase (decrease) | (29,009) | (22,228) | $ (846,135) | $ (728,536) |
Class K | | | | |
Shares sold | 16,476 | 18,148 | $ 477,382 | $ 593,408 |
Reinvestment of distributions | 744 | 722 | 20,917 | 23,434 |
Shares redeemed | (7,956) | (10,275) | (233,411) | (330,258) |
Net increase (decrease) | 9,264 | 8,595 | $ 264,888 | $ 286,584 |
Institutional Class | | | | |
Shares sold | 1,446 | 2,364 | $ 41,448 | $ 75,348 |
Reinvestment of distributions | 53 | 69 | 1,502 | 2,254 |
Shares redeemed | (1,454) | (2,923) | (42,007) | (94,034) |
Net increase (decrease) | 45 | (490) | $ 943 | $ (16,432) |
Semiannual Report
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.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
AID-USAN-0612
1.806663.107
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Discovery
Fund - Institutional Class
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Institutional Class is
a class of Fidelity®
International Discovery Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the fund's 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
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to
April 30, 2012 |
Class A | 1.27% | | | |
Actual | | $ 1,000.00 | $ 1,052.00 | $ 6.48 |
HypotheticalA | | $ 1,000.00 | $ 1,018.55 | $ 6.37 |
Class T | 1.51% | | | |
Actual | | $ 1,000.00 | $ 1,050.70 | $ 7.70 |
HypotheticalA | | $ 1,000.00 | $ 1,017.35 | $ 7.57 |
Class B | 2.01% | | | |
Actual | | $ 1,000.00 | $ 1,047.80 | $ 10.23 |
HypotheticalA | | $ 1,000.00 | $ 1,014.87 | $ 10.07 |
Class C | 2.01% | | | |
Actual | | $ 1,000.00 | $ 1,047.60 | $ 10.23 |
HypotheticalA | | $ 1,000.00 | $ 1,014.87 | $ 10.07 |
International Discovery | .94% | | | |
Actual | | $ 1,000.00 | $ 1,053.40 | $ 4.80 |
HypotheticalA | | $ 1,000.00 | $ 1,020.19 | $ 4.72 |
Class K | .76% | | | |
Actual | | $ 1,000.00 | $ 1,054.70 | $ 3.88 |
HypotheticalA | | $ 1,000.00 | $ 1,021.08 | $ 3.82 |
Institutional Class | .93% | | | |
Actual | | $ 1,000.00 | $ 1,053.70 | $ 4.75 |
HypotheticalA | | $ 1,000.00 | $ 1,020.24 | $ 4.67 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United Kingdom 21.0% | |
 | Japan 16.7% | |
 | United States of America 6.7% | |
 | France 6.2% | |
 | Germany 5.4% | |
 | Netherlands 4.7% | |
 | Switzerland 4.5% | |
 | Korea (South) 3.9% | |
 | Australia 3.4% | |
 | Other 27.5% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United Kingdom 21.0% | |
| Japan 15.8% | |
| France 9.1% | |
| Switzerland 6.8% | |
| Germany 6.3% | |
| Australia 3.5% | |
| Netherlands 3.4% | |
| Cayman Islands 2.8% | |
| Korea (South) 2.5% | |
| Other 28.8% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Investment Companies | 97.5 | 99.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.5 | 0.1 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 2.7 | 2.8 |
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) | 1.8 | 1.8 |
ORIX Corp. (Japan, Diversified Financial Services) | 1.5 | 1.3 |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.4 | 1.3 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.3 | 0.3 |
Australia & New Zealand Banking Group Ltd. (Australia, Commercial Banks) | 1.3 | 1.2 |
Gemalto NV (Netherlands, Computers & Peripherals) | 1.3 | 0.9 |
Japan Tobacco, Inc. (Japan, Tobacco) | 1.3 | 1.3 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 1.3 | 1.3 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.3 | 1.7 |
| 15.2 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 18.9 | 21.3 |
Consumer Discretionary | 15.8 | 18.6 |
Information Technology | 12.7 | 9.8 |
Industrials | 12.6 | 9.6 |
Consumer Staples | 11.2 | 12.6 |
Materials | 7.5 | 6.0 |
Energy | 6.7 | 7.5 |
Health Care | 6.5 | 7.2 |
Telecommunication Services | 4.9 | 6.4 |
Utilities | 0.7 | 0.9 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.6% |
| Shares | | Value (000s) |
Australia - 3.4% |
Australia & New Zealand Banking Group Ltd. | 4,456,031 | | $ 111,003 |
Commonwealth Bank of Australia | 1,303,655 | | 70,586 |
Fortescue Metals Group Ltd. | 3,503,390 | | 20,586 |
NRW Holdings Ltd. | 2,211,824 | | 9,425 |
Ramsay Health Care Ltd. | 1,305,776 | | 27,249 |
Spark Infrastructure Group unit | 14,882,292 | | 22,482 |
WorleyParsons Ltd. | 909,980 | | 26,783 |
TOTAL AUSTRALIA | | 288,114 |
Bailiwick of Jersey - 1.9% |
Experian PLC | 4,210,200 | | 66,457 |
Shire PLC | 1,036,900 | | 33,799 |
Wolseley PLC | 1,479,764 | | 56,274 |
TOTAL BAILIWICK OF JERSEY | | 156,530 |
Belgium - 1.3% |
Anheuser-Busch InBev SA NV (d) | 1,556,327 | | 112,181 |
Bermuda - 1.3% |
African Minerals Ltd. (a) | 2,964,821 | | 25,023 |
Cheung Kong Infrastructure Holdings Ltd. | 6,458,000 | | 38,330 |
Li & Fung Ltd. | 15,198,000 | | 32,517 |
Petra Diamonds Ltd. (a) | 6,298,600 | | 15,877 |
TOTAL BERMUDA | | 111,747 |
Brazil - 1.9% |
Arezzo Industria e Comercio SA | 849,800 | | 13,375 |
Qualicorp SA | 4,567,000 | | 39,772 |
Redecard SA | 1,037,900 | | 17,478 |
Souza Cruz Industria e Comercio | 1,909,200 | | 29,738 |
TIM Participacoes SA sponsored ADR (d) | 2,036,249 | | 60,945 |
TOTAL BRAZIL | | 161,308 |
British Virgin Islands - 0.7% |
Gem Diamonds Ltd. (a) | 1,936,600 | | 8,141 |
Mail.ru Group Ltd. GDR (Reg. S) (a) | 1,116,000 | | 48,267 |
TOTAL BRITISH VIRGIN ISLANDS | | 56,408 |
Canada - 0.8% |
Goldcorp, Inc. | 571,200 | | 21,876 |
InterOil Corp. (a)(d) | 204,400 | | 12,354 |
Open Text Corp. (a) | 609,900 | | 34,195 |
TOTAL CANADA | | 68,425 |
Common Stocks - continued |
| Shares | | Value (000s) |
Cayman Islands - 1.7% |
Baidu.com, Inc. sponsored ADR (a) | 256,700 | | $ 34,064 |
Biostime International Holdings Ltd. | 8,183,000 | | 23,572 |
China Kanghui Holdings sponsored ADR (a)(d) | 1,747,000 | | 34,888 |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 317,300 | | 9,043 |
Sands China Ltd. | 9,822,800 | | 38,614 |
Shenguan Holdings Group Ltd. | 9,696,000 | | 5,249 |
TOTAL CAYMAN ISLANDS | | 145,430 |
Denmark - 2.6% |
Danske Bank A/S (a) | 1,523,998 | | 24,746 |
Novo Nordisk A/S Series B | 819,389 | | 120,808 |
William Demant Holding A/S (a) | 784,700 | | 74,076 |
TOTAL DENMARK | | 219,630 |
France - 6.2% |
Arkema SA | 341,370 | | 30,237 |
AXA SA (d) | 4,066,402 | | 57,599 |
BNP Paribas SA | 1,457,466 | | 58,557 |
Bureau Veritas SA | 401,400 | | 35,767 |
Iliad SA | 370,211 | | 47,661 |
JC Decaux SA | 547,328 | | 15,531 |
LVMH Moet Hennessy - Louis Vuitton SA (d) | 428,223 | | 70,945 |
PPR SA (d) | 398,700 | | 66,687 |
Sanofi SA | 953,011 | | 72,798 |
Schneider Electric SA | 719,300 | | 44,192 |
Technip SA | 192,300 | | 21,748 |
TOTAL FRANCE | | 521,722 |
Germany - 4.7% |
Aareal Bank AG (a) | 1,044,895 | | 20,161 |
Allianz AG | 262,417 | | 29,243 |
BASF AG (d) | 642,722 | | 52,913 |
Bayerische Motoren Werke AG (BMW) | 740,107 | | 70,356 |
Fresenius Medical Care AG & Co. KGaA | 384,000 | | 27,271 |
GEA Group AG | 992,880 | | 32,767 |
Gerry Weber International AG (Bearer) | 320,600 | | 13,615 |
GSW Immobilien AG | 404,500 | | 13,465 |
GSW Immobilien AG rights 5/3/12 (a) | 404,500 | | 475 |
Lanxess AG | 329,400 | | 26,229 |
MTU Aero Engines Holdings AG (d) | 286,300 | | 24,112 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
SAP AG | 869,957 | | $ 57,694 |
Wirecard AG | 1,592,900 | | 29,522 |
TOTAL GERMANY | | 397,823 |
Hong Kong - 1.6% |
AIA Group Ltd. | 17,729,600 | | 63,070 |
HKT Trust / HKT Ltd. unit | 23,518,000 | | 18,278 |
Techtronic Industries Co. Ltd. | 46,012,500 | | 55,569 |
TOTAL HONG KONG | | 136,917 |
India - 1.2% |
Apollo Hospitals Enterprise Ltd. | 442,506 | | 5,296 |
Housing Development Finance Corp. Ltd. | 3,327,565 | | 42,560 |
IndusInd Bank Ltd. | 2,255,331 | | 14,269 |
The Jammu & Kashmir Bank Ltd. | 545,569 | | 9,749 |
Titan Industries Ltd. | 6,456,377 | | 28,564 |
TOTAL INDIA | | 100,438 |
Indonesia - 0.6% |
PT Media Nusantara Citra Tbk | 74,826,000 | | 18,319 |
PT Sarana Menara Nusantara Tbk (a) | 6,310,500 | | 9,476 |
PT Tower Bersama Infrastructure Tbk | 55,223,500 | | 18,327 |
TOTAL INDONESIA | | 46,122 |
Ireland - 2.0% |
Accenture PLC Class A | 723,300 | | 46,978 |
Ingersoll-Rand PLC | 653,900 | | 27,804 |
James Hardie Industries NV CDI | 6,070,470 | | 47,371 |
Paddy Power PLC (Ireland) | 728,700 | | 47,557 |
TOTAL IRELAND | | 169,710 |
Israel - 0.5% |
Check Point Software Technologies Ltd. (a) | 743,300 | | 43,208 |
Italy - 1.7% |
Brunello Cucinelli SpA | 64,500 | | 1,025 |
Fiat Industrial SpA | 1,853,300 | | 21,026 |
Prada SpA | 4,029,100 | | 27,367 |
Saipem SpA | 1,811,859 | | 89,513 |
TOTAL ITALY | | 138,931 |
Japan - 16.7% |
ABC-Mart, Inc. | 1,177,300 | | 42,875 |
Aozora Bank Ltd. | 13,450,000 | | 34,498 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Calbee, Inc. (d) | 613,300 | | $ 37,117 |
Canon, Inc. | 936,700 | | 42,461 |
Chiyoda Corp. | 2,780,000 | | 33,479 |
Cosmos Pharmaceutical Corp. | 770,000 | | 43,172 |
Credit Saison Co. Ltd. | 2,631,100 | | 56,470 |
CyberAgent, Inc. | 7,246 | | 22,317 |
Don Quijote Co. Ltd. | 1,716,200 | | 62,954 |
Fanuc Corp. | 580,800 | | 97,958 |
Fast Retailing Co. Ltd. | 155,700 | | 34,796 |
Hitachi Ltd. | 8,485,000 | | 54,046 |
Honda Motor Co. Ltd. | 2,539,700 | | 91,407 |
Japan Tobacco, Inc. | 19,478 | | 107,909 |
JS Group Corp. | 1,856,500 | | 36,457 |
JSR Corp. | 2,283,400 | | 45,069 |
Kakaku.com, Inc. | 810,600 | | 25,208 |
KDDI Corp. | 7,108 | | 46,534 |
Keyence Corp. | 304,060 | | 71,770 |
Mitsubishi Corp. | 1,836,500 | | 39,803 |
Mitsubishi Estate Co. Ltd. | 1,553,000 | | 27,456 |
Mitsubishi UFJ Financial Group, Inc. | 15,161,400 | | 72,802 |
Nexon Co. Ltd. | 386,400 | | 7,325 |
ORIX Corp. | 1,321,050 | | 126,315 |
Rakuten, Inc. | 76,332 | | 85,142 |
Seven Bank Ltd. | 12,837,900 | | 31,721 |
So-net M3, Inc. | 5,296 | | 24,621 |
Unicharm Corp. | 98,700 | | 5,522 |
TOTAL JAPAN | | 1,407,204 |
Korea (South) - 3.9% |
Hyundai Motor Co. | 273,935 | | 65,083 |
Kia Motors Corp. | 570,510 | | 42,102 |
LG Household & Health Care Ltd. | 92,676 | | 48,629 |
NCsoft Corp. | 73,550 | | 19,069 |
NHN Corp. | 64,289 | | 14,563 |
Orion Corp. | 74,285 | | 59,027 |
Samsung Electronics Co. Ltd. | 64,872 | | 79,789 |
TOTAL KOREA (SOUTH) | | 328,262 |
Luxembourg - 1.2% |
Brait SA | 5,949,360 | | 18,625 |
Millicom International Cellular SA (d) | 190,400 | | 20,371 |
Common Stocks - continued |
| Shares | | Value (000s) |
Luxembourg - continued |
Millicom International Cellular SA (depository receipt) | 149,700 | | $ 15,904 |
Samsonite International SA | 25,547,100 | | 49,523 |
TOTAL LUXEMBOURG | | 104,423 |
Mexico - 0.3% |
Wal-Mart de Mexico SA de CV Series V | 8,018,800 | | 22,927 |
Netherlands - 4.7% |
AEGON NV | 5,028,800 | | 23,394 |
ASML Holding NV | 1,164,200 | | 59,363 |
Gemalto NV | 1,463,106 | | 109,026 |
HeidelbergCement Finance AG (d) | 850,200 | | 46,747 |
ING Groep NV (Certificaten Van Aandelen) (a) | 5,244,400 | | 37,001 |
LyondellBasell Industries NV Class A | 474,800 | | 19,837 |
NXP Semiconductors NV (a) | 923,700 | | 23,878 |
Randstad Holding NV | 741,403 | | 25,675 |
Yandex NV | 2,218,600 | | 52,625 |
TOTAL NETHERLANDS | | 397,546 |
Norway - 0.6% |
DnB NOR ASA (d) | 4,617,355 | | 49,786 |
Philippines - 0.0% |
Alliance Global Group, Inc. | 11,837,700 | | 3,470 |
Poland - 0.5% |
Eurocash SA | 3,593,990 | | 43,885 |
Qatar - 0.2% |
Commercial Bank of Qatar GDR (Reg. S) | 5,094,802 | | 20,151 |
Russia - 0.5% |
Mobile TeleSystems OJSC sponsored ADR | 2,203,700 | | 43,104 |
South Africa - 0.6% |
Shoprite Holdings Ltd. | 1,552,300 | | 26,823 |
Tiger Brands Ltd. | 525,500 | | 19,255 |
TOTAL SOUTH AFRICA | | 46,078 |
Spain - 1.0% |
Banco Bilbao Vizcaya Argentaria SA | 5,172,700 | | 35,007 |
Banco Bilbao Vizcaya Argentaria SA rights 4/30/12 (a) | 5,172,679 | | 740 |
Inditex SA | 562,106 | | 50,563 |
TOTAL SPAIN | | 86,310 |
Sweden - 2.5% |
Atlas Copco AB (A Shares) | 2,131,200 | | 50,737 |
Common Stocks - continued |
| Shares | | Value (000s) |
Sweden - continued |
Elekta AB: | | | |
unit (a) | 495,400 | | $ 1,614 |
(B Shares) | 495,400 | | 25,136 |
Intrum Justitia AB | 1,835,800 | | 27,862 |
Svenska Handelsbanken AB (A Shares) | 1,632,100 | | 52,892 |
Swedish Match Co. AB | 1,250,800 | | 50,845 |
TOTAL SWEDEN | | 209,086 |
Switzerland - 4.5% |
Adecco SA (Reg.) | 521,444 | | 25,396 |
Partners Group Holding AG | 230,056 | | 43,778 |
Roche Holding AG (participation certificate) | 242,272 | | 44,261 |
Schindler Holding AG (participation certificate) | 554,147 | | 71,684 |
Swatch Group AG (Bearer) | 54,660 | | 25,211 |
Syngenta AG (Switzerland) | 81,540 | | 28,597 |
UBS AG | 4,126,610 | | 51,540 |
Zurich Financial Services AG | 346,539 | | 84,769 |
TOTAL SWITZERLAND | | 375,236 |
Turkey - 0.1% |
Boyner Buyuk Magazacilik A/S (a)(e) | 4,683,100 | | 9,409 |
United Kingdom - 21.0% |
Aberdeen Asset Management PLC | 5,975,132 | | 27,495 |
Aggreko PLC | 1,276,500 | | 46,638 |
Anglo American PLC (United Kingdom) | 1,482,200 | | 56,968 |
Ashmore Group PLC | 3,169,400 | | 19,682 |
Barclays PLC | 21,015,144 | | 74,410 |
BG Group PLC | 4,571,872 | | 107,636 |
BHP Billiton PLC | 3,298,888 | | 106,210 |
BP PLC | 10,744,667 | | 77,630 |
British American Tobacco PLC (United Kingdom) | 2,906,800 | | 149,107 |
British Land Co. PLC | 5,756,734 | | 45,728 |
Burberry Group PLC | 1,577,700 | | 38,027 |
Carphone Warehouse Group PLC | 14,430,174 | | 30,682 |
Diageo PLC | 3,917,457 | | 98,823 |
GlaxoSmithKline PLC | 2,658,600 | | 61,425 |
HSBC Holdings PLC (United Kingdom) | 10,856,757 | | 98,018 |
Jazztel PLC (a) | 5,843,900 | | 39,153 |
Legal & General Group PLC | 32,995,838 | | 62,981 |
London Stock Exchange Group PLC | 547,400 | | 9,667 |
Meggitt PLC | 6,792,200 | | 45,035 |
Michael Page International PLC | 3,700,600 | | 24,963 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Next PLC | 514,144 | | $ 24,443 |
Ocado Group PLC (a)(d) | 14,388,400 | | 30,313 |
Reckitt Benckiser Group PLC | 595,000 | | 34,641 |
Rolls-Royce Group PLC | 4,197,715 | | 56,108 |
Rotork PLC | 598,000 | | 21,421 |
Royal Dutch Shell PLC Class B | 6,206,463 | | 227,155 |
Royalblue Group PLC | 607,375 | | 15,280 |
Ultra Electronics Holdings PLC | 614,667 | | 16,801 |
Vodafone Group PLC | 32,422,743 | | 89,756 |
Xstrata PLC | 1,857,800 | | 35,506 |
TOTAL UNITED KINGDOM | | 1,771,702 |
United States of America - 4.2% |
Beam, Inc. | 312,900 | | 17,766 |
Cirrus Logic, Inc. (a) | 356,774 | | 9,768 |
Citrix Systems, Inc. (a) | 303,600 | | 25,991 |
Cognizant Technology Solutions Corp. Class A (a) | 787,700 | | 57,754 |
Cummins, Inc. | 223,700 | | 25,911 |
Dollar General Corp. (a) | 719,200 | | 34,133 |
MasterCard, Inc. Class A | 160,100 | | 72,408 |
Michael Kors Holdings Ltd. | 827,500 | | 37,792 |
Royal Gold, Inc. | 394,800 | | 24,462 |
Total System Services, Inc. | 1,094,700 | | 25,747 |
United Technologies Corp. | 310,700 | | 25,366 |
TOTAL UNITED STATES OF AMERICA | | 357,098 |
TOTAL COMMON STOCKS (Cost $7,586,277) |
8,150,321
|
Nonconvertible Preferred Stocks - 0.9% |
| | | |
Germany - 0.7% |
Volkswagen AG | 297,200 | | 56,300 |
Italy - 0.2% |
Fiat Industrial SpA | 2,028,320 | | 16,648 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C | 444,957,790 | | 722 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $56,671) |
73,670
|
Investment Companies - 0.0% |
| Shares | | Value (000s) |
Cyprus - 0.0% |
Aisi Realty Public Ltd. (a)
(Cost $6,902) | 216,330 | | $ 293 |
Money Market Funds - 6.6% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 145,226,599 | | 145,227 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 415,162,260 | | 415,162 |
TOTAL MONEY MARKET FUNDS (Cost $560,389) |
560,389
|
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $8,210,239) | | 8,784,673 |
NET OTHER ASSETS (LIABILITIES) - (4.1)% | | (346,812) |
NET ASSETS - 100% | $ 8,437,861 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) 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
(Amounts in thousands) |
Fidelity Cash Central Fund | $ 37 |
Fidelity Securities Lending Cash Central Fund | 1,557 |
Total | $ 1,594 |
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
(Amounts in thousands) | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Aisi Realty Public Ltd. | $ 240 | $ - | $ - | $ - | $ - |
Boyner Buyuk Magazacilik A/S | 10,096 | - | 1,569 | - | 9,409 |
Total | $ 10,336 | $ - | $ 1,569 | $ - | $ 9,409 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 1,333,113 | $ 993,622 | $ 339,491 | $ - |
Consumer Staples | 936,188 | 494,538 | 441,650 | - |
Energy | 571,862 | 267,077 | 304,785 | - |
Financials | 1,620,409 | 937,508 | 682,901 | - |
Health Care | 553,242 | 212,520 | 340,722 | - |
Industrials | 1,059,206 | 851,509 | 207,697 | - |
Information Technology | 1,077,477 | 818,973 | 258,504 | - |
Materials | 611,649 | 431,773 | 179,876 | - |
Telecommunication Services | 400,033 | 263,743 | 136,290 | - |
Utilities | 60,812 | 60,812 | - | - |
Investment Companies | 293 | 293 | - | - |
Money Market Funds | 560,389 | 560,389 | - | - |
Total Investments in Securities: | $ 8,784,673 | $ 5,892,757 | $ 2,891,916 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $394,609) - See accompanying schedule: Unaffiliated issuers (cost $7,638,088) | $ 8,214,875 | |
Fidelity Central Funds (cost $560,389) | 560,389 | |
Other affiliated issuers (cost $11,762) | 9,409 | |
Total Investments (cost $8,210,239) | | $ 8,784,673 |
Foreign currency held at value (cost $2,858) | | 2,858 |
Receivable for investments sold | | 48,540 |
Receivable for fund shares sold | | 5,251 |
Dividends receivable | | 35,054 |
Distributions receivable from Fidelity Central Funds | | 835 |
Prepaid expenses | | 9 |
Other receivables | | 5,300 |
Total assets | | 8,882,520 |
| | |
Liabilities | | |
Payable for investments purchased | $ 9,450 | |
Payable for fund shares redeemed | 11,412 | |
Accrued management fee | 5,413 | |
Distribution and service plan fees payable | 119 | |
Other affiliated payables | 1,535 | |
Other payables and accrued expenses | 1,568 | |
Collateral on securities loaned, at value | 415,162 | |
Total liabilities | | 444,659 |
| | |
Net Assets | | $ 8,437,861 |
Net Assets consist of: | | |
Paid in capital | | $ 9,446,354 |
Undistributed net investment income | | 69,050 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (1,651,021) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 573,478 |
Net Assets | | $ 8,437,861 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A: Net Asset Value and redemption price per share ($300,537 ÷ 9,809.7 shares) | | $ 30.64 |
| | |
Maximum offering price per share (100/94.25 of $30.64) | | $ 32.51 |
Class T:
Net Asset Value and redemption price per share ($56,614 ÷ 1,859.4 shares) | | $ 30.45 |
| | |
Maximum offering price per share (100/96.50 of $30.45) | | $ 31.55 |
Class B:
Net Asset Value and offering price per share ($9,076 ÷ 298.7 shares)A | | $ 30.39 |
| | |
Class C:
Net Asset Value and offering price per share ($31,480 ÷ 1,034.8 shares)A | | $ 30.42 |
| | |
| | |
International Discovery:
Net Asset Value, offering price and redemption price per share ($6,173,937 ÷ 200,242.2 shares) | | $ 30.83 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($1,575,845 ÷ 51,219.8 shares) | | $ 30.77 |
| | |
Institutional Class: Net Asset Value, offering price and redemption price per share ($290,372 ÷ 9,432.2 shares) | | $ 30.79 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 126,624 |
Interest | | 1 |
Income from Fidelity Central Funds | | 1,594 |
Income before foreign taxes withheld | | 128,219 |
Less foreign taxes withheld | | (5,881) |
Total income | | 122,338 |
| | |
Expenses | | |
Management fee
Basic fee | $ 29,546 | |
Performance adjustment | (1,661) | |
Transfer agent fees | 8,460 | |
Distribution and service plan fees | 718 | |
Accounting and security lending fees | 859 | |
Custodian fees and expenses | 670 | |
Independent trustees' compensation | 25 | |
Registration fees | 147 | |
Audit | 58 | |
Legal | 19 | |
Interest | 5 | |
Miscellaneous | 43 | |
Total expenses before reductions | 38,889 | |
Expense reductions | (2,136) | 36,753 |
Net investment income (loss) | | 85,585 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (180,622) | |
Other affiliated issuers | (1,405) | |
Foreign currency transactions | (2,181) | |
Total net realized gain (loss) | | (184,208) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $110) | 523,787 | |
Assets and liabilities in foreign currencies | (333) | |
Total change in net unrealized appreciation (depreciation) | | 523,454 |
Net gain (loss) | | 339,246 |
Net increase (decrease) in net assets resulting from operations | | $ 424,831 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended
April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 85,585 | $ 161,608 |
Net realized gain (loss) | (184,208) | 501,938 |
Change in net unrealized appreciation (depreciation) | 523,454 | (1,247,522) |
Net increase (decrease) in net assets resulting
from operations | 424,831 | (583,976) |
Distributions to shareholders from net investment income | (118,968) | (149,936) |
Distributions to shareholders from net realized gain | - | (48,090) |
Total distributions | (118,968) | (198,026) |
Share transactions - net increase (decrease) | (621,058) | (537,341) |
Redemption fees | 89 | 160 |
Total increase (decrease) in net assets | (315,106) | (1,319,183) |
| | |
Net Assets | | |
Beginning of period | 8,752,967 | 10,072,150 |
End of period (including undistributed net investment income of $69,050 and undistributed net investment income of $102,433, respectively) | $ 8,437,861 | $ 8,752,967 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.43 | $ 32.07 | $ 28.57 | $ 23.68 | $ 47.34 | $ 36.47 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .25 | .42 | .31 | .31 | .46 | .44 |
Net realized and unrealized gain (loss) | 1.25 | (2.52) | 3.51 | 4.84 | (22.08) | 11.76 |
Total from investment operations | 1.50 | (2.10) | 3.82 | 5.15 | (21.62) | 12.20 |
Distributions from net investment income | (.29) | (.38) | (.28) | (.26) | (.37) | (.35) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.29) | (.54) | (.32) | (.26) | (2.04) | (1.33) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 30.64 | $ 29.43 | $ 32.07 | $ 28.57 | $ 23.68 | $ 47.34 |
Total Return B, C, D | 5.20% | (6.71)% | 13.43% | 22.14% | (47.65)% | 34.54% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.27% A | 1.30% | 1.33% | 1.37% | 1.32% | 1.25% |
Expenses net of fee waivers, if any | 1.27% A | 1.29% | 1.33% | 1.37% | 1.32% | 1.25% |
Expenses net of all reductions | 1.21% A | 1.25% | 1.28% | 1.32% | 1.29% | 1.22% |
Net investment income (loss) | 1.72% A | 1.31% | 1.06% | 1.28% | 1.27% | 1.08% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 301 | $ 320 | $ 392 | $ 414 | $ 380 | $ 417 |
Portfolio turnover rate G | 91% A | 75% | 82% | 98% | 79% | 56% |
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 T
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.18 | $ 31.81 | $ 28.35 | $ 23.49 | $ 47.06 | $ 36.30 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .21 | .34 | .23 | .24 | .33 | .29 |
Net realized and unrealized gain (loss) | 1.25 | (2.51) | 3.48 | 4.81 | (21.94) | 11.71 |
Total from investment operations | 1.46 | (2.17) | 3.71 | 5.05 | (21.61) | 12.00 |
Distributions from net investment income | (.19) | (.30) | (.21) | (.19) | (.29) | (.26) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.19) | (.46) | (.25) | (.19) | (1.96) | (1.24) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 30.45 | $ 29.18 | $ 31.81 | $ 28.35 | $ 23.49 | $ 47.06 |
Total Return B, C, D | 5.07% | (6.96)% | 13.14% | 21.79% | (47.84)% | 34.08% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.51% A | 1.56% | 1.60% | 1.65% | 1.68% | 1.63% |
Expenses net of fee waivers, if any | 1.51% A | 1.55% | 1.60% | 1.65% | 1.68% | 1.63% |
Expenses net of all reductions | 1.46% A | 1.51% | 1.56% | 1.60% | 1.64% | 1.60% |
Net investment income (loss) | 1.47% A | 1.05% | .79% | 1.00% | .91% | .70% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 57 | $ 61 | $ 92 | $ 83 | $ 64 | $ 53 |
Portfolio turnover rate G | 91% A | 75% | 82% | 98% | 79% | 56% |
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
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.02 | $ 31.60 | $ 28.18 | $ 23.25 | $ 46.70 | $ 36.12 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .14 | .17 | .08 | .12 | .15 | .08 |
Net realized and unrealized gain (loss) | 1.25 | (2.48) | 3.44 | 4.81 | (21.77) | 11.64 |
Total from investment operations | 1.39 | (2.31) | 3.52 | 4.93 | (21.62) | 11.72 |
Distributions from net investment income | (.02) | (.12) | (.06) | - | (.16) | (.16) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.02) | (.27) J | (.10) | - | (1.83) | (1.14) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 30.39 | $ 29.02 | $ 31.60 | $ 28.18 | $ 23.25 | $ 46.70 |
Total Return B, C, D | 4.78% | (7.39)% | 12.52% | 21.20% | (48.11)% | 33.37% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.01% A | 2.06% | 2.12% | 2.16% | 2.19% | 2.14% |
Expenses net of fee waivers, if any | 2.01% A | 2.06% | 2.12% | 2.16% | 2.19% | 2.14% |
Expenses net of all reductions | 1.96% A | 2.02% | 2.08% | 2.11% | 2.15% | 2.10% |
Net investment income (loss) | .97% A | .54% | .27% | .49% | .40% | .19% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 9 | $ 10 | $ 14 | $ 16 | $ 15 | $ 17 |
Portfolio turnover rate G | 91% A | 75% | 82% | 98% | 79% | 56% |
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. JTotal distributions of $.27 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.155 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.08 | $ 31.68 | $ 28.23 | $ 23.31 | $ 46.82 | $ 36.19 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .14 | .18 | .09 | .12 | .15 | .09 |
Net realized and unrealized gain (loss) | 1.24 | (2.49) | 3.45 | 4.82 | (21.82) | 11.66 |
Total from investment operations | 1.38 | (2.31) | 3.54 | 4.94 | (21.67) | 11.75 |
Distributions from net investment income | (.04) | (.14) | (.05) | (.02) | (.17) | (.14) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.04) | (.29) J | (.09) | (.02) | (1.84) | (1.12) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 30.42 | $ 29.08 | $ 31.68 | $ 28.23 | $ 23.31 | $ 46.82 |
Total Return B, C, D | 4.76% | (7.37)% | 12.54% | 21.22% | (48.10)% | 33.38% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.01% A | 2.05% | 2.09% | 2.14% | 2.17% | 2.11% |
Expenses net of fee waivers, if any | 2.01% A | 2.04% | 2.09% | 2.14% | 2.17% | 2.11% |
Expenses net of all reductions | 1.96% A | 2.00% | 2.05% | 2.09% | 2.13% | 2.08% |
Net investment income (loss) | .97% A | .56% | .30% | .51% | .42% | .22% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 31 | $ 33 | $ 44 | $ 43 | $ 36 | $ 28 |
Portfolio turnover rate G | 91% A | 75% | 82% | 98% | 79% | 56% |
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. JTotal distributions of $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Discovery
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.69 | $ 32.34 | $ 28.79 | $ 23.88 | $ 47.68 | $ 36.67 |
Income from
Investment Operations | | | | | |
Net investment income (loss) D | .30 | .53 | .40 | .37 | .57 | .53 |
Net realized and unrealized gain (loss) | 1.25 | (2.54) | 3.54 | 4.88 | (22.29) | 11.84 |
Total from investment operations | 1.55 | (2.01) | 3.94 | 5.25 | (21.72) | 12.37 |
Distributions from net investment income | (.41) | (.48) | (.35) | (.34) | (.41) | (.38) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.41) | (.64) | (.39) | (.34) | (2.08) | (1.36) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 30.83 | $ 29.69 | $ 32.34 | $ 28.79 | $ 23.88 | $ 47.68 |
Total Return B, C | 5.34% | (6.39)% | 13.76% | 22.47% | (47.55)% | 34.85% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .94% A | .97% | 1.05% | 1.12% | 1.09% | 1.04% |
Expenses net of fee waivers, if any | .94% A | .96% | 1.05% | 1.12% | 1.09% | 1.04% |
Expenses net of all reductions | .89% A | .92% | 1.00% | 1.07% | 1.05% | 1.00% |
Net investment income (loss) | 2.04% A | 1.64% | 1.35% | 1.53% | 1.51% | 1.30% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 6,174 | $ 6,806 | $ 8,133 | $ 8,114 | $ 6,999 | $ 14,176 |
Portfolio turnover rate F | 91% A | 75% | 82% | 98% | 79% | 56% |
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
Financial Highlights - Class K
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.66 | $ 32.32 | $ 28.78 | $ 23.90 | $ 40.32 |
Income from
Investment Operations | | | | |
Net investment income (loss) D | .32 | .58 | .46 | .44 | .10 |
Net realized and unrealized gain (loss) | 1.26 | (2.54) | 3.53 | 4.86 | (16.52) |
Total from investment operations | 1.58 | (1.96) | 3.99 | 5.30 | (16.42) |
Distributions from net investment income | (.47) | (.55) | (.41) | (.42) | - |
Distributions from net realized gain | - | (.16) | (.04) | - | - |
Total distributions | (.47) | (.70) J | (.45) | (.42) | - |
Redemption fees added to paid in capital D, I | - | - | - | - | - |
Net asset value, end of period | $ 30.77 | $ 29.66 | $ 32.32 | $ 28.78 | $ 23.90 |
Total Return B, C | 5.47% | (6.24)% | 13.96% | 22.80% | (40.72)% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | .76% A | .80% | .84% | .88% | .93% A |
Expenses net of fee waivers, if any | .76% A | .79% | .84% | .88% | .93% A |
Expenses net of all reductions | .71% A | .75% | .79% | .83% | .89% A |
Net investment income (loss) | 2.22% A | 1.81% | 1.55% | 1.77% | .83% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 1,576 | $ 1,245 | $ 1,078 | $ 674 | $ 145 |
Portfolio turnover rate F | 91% A | 75% | 82% | 98% | 79% |
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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. 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 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. IAmount represents less than $.01 per share. JTotal distributions of $.70 per share is comprised of distributions from net investment income of $.548 and distributions from net realized gain of $.155 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.65 | $ 32.31 | $ 28.77 | $ 23.91 | $ 47.73 | $ 36.71 |
Income from
Investment Operations | | | | | |
Net investment income (loss) D | .30 | .54 | .41 | .39 | .53 | .55 |
Net realized and unrealized gain (loss) | 1.25 | (2.55) | 3.55 | 4.86 | (22.24) | 11.85 |
Total from investment operations | 1.55 | (2.01) | 3.96 | 5.25 | (21.71) | 12.40 |
Distributions from net investment income | (.41) | (.50) | (.38) | (.39) | (.44) | (.40) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.41) | (.65) I | (.42) | (.39) | (2.11) | (1.38) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 30.79 | $ 29.65 | $ 32.31 | $ 28.77 | $ 23.91 | $ 47.73 |
Total Return B, C | 5.37% | (6.39)% | 13.84% | 22.52% | (47.51)% | 34.93% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .93% A | .95% | .99% | 1.05% | 1.05% | .97% |
Expenses net of fee waivers, if any | .93% A | .94% | .99% | 1.05% | 1.05% | .97% |
Expenses net of all reductions | .88% A | .90% | .95% | 1.00% | 1.01% | .94% |
Net investment income (loss) | 2.05% A | 1.66% | 1.40% | 1.60% | 1.54% | 1.36% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 290 | $ 278 | $ 319 | $ 267 | $ 159 | $ 58 |
Portfolio turnover rate F | 91% A | 75% | 82% | 98% | 79% | 56% |
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 $.65 per share is comprised of distributions from net investment income of $.497 and distributions from net realized gain of $.155 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, 2012 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity® International Discovery 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, International Discovery, Class K and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Temporary book-tax differences 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 | $ 1,048,408 |
Gross unrealized depreciation | (571,068) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 477,340 |
| |
Tax cost | $ 8,307,333 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2017 | $ (1,349,541) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
4. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $3,765,570 and $4,603,191, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Discovery as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .67% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 373 | $ 8 |
Class T | .25% | .25% | 141 | 1 |
Class B | .75% | .25% | 47 | 35 |
Class C | .75% | .25% | 157 | 12 |
| | | $ 718 | $ 56 |
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, 1.00% for Class C,
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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
by FDC |
Class A | $ 39 |
Class T | 5 |
Class B* | 11 |
Class C* | 1 |
| $ 56 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 453 | .30 |
Class T | 86 | .30 |
Class B | 14 | .30 |
Class C | 47 | .30 |
International Discovery | 7,197 | .23 |
Class K | 360 | .05 |
Institutional Class | 303 | .22 |
| $ 8,460 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $11 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, 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
Balance | Weighted Average
Interest Rate | Interest
Expense |
Borrower | $ 19,289 | .34% | $ 5 |
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $13 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $314. Security lending
Semiannual Report
7. Security Lending - continued
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 $1,557, including $43 from securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $2,136 for the period.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 3,123 | $ 4,617 |
Class T | 388 | 859 |
Class B | 6 | 51 |
Class C | 44 | 184 |
International Discovery | 90,633 | 121,061 |
Class K | 20,917 | 18,291 |
Institutional Class | 3,857 | 4,873 |
Total | $ 118,968 | $ 149,936 |
From net realized gain | | |
Class A | $ - | $ 1,880 |
Class T | - | 439 |
Class B | - | 69 |
Class C | - | 209 |
International Discovery | - | 38,831 |
Class K | - | 5,143 |
Institutional Class | - | 1,519 |
Total | $ - | $ 48,090 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 1,002 | 2,821 | $ 29,166 | $ 91,649 |
Reinvestment of distributions | 101 | 173 | 2,828 | 5,606 |
Shares redeemed | (2,162) | (4,335) | (61,874) | (139,721) |
Net increase (decrease) | (1,059) | (1,341) | $ (29,880) | $ (42,466) |
Class T | | | | |
Shares sold | 140 | 443 | $ 4,039 | $ 14,328 |
Reinvestment of distributions | 13 | 38 | 369 | 1,235 |
Shares redeemed | (381) | (1,286) | (10,941) | (41,028) |
Net increase (decrease) | (228) | (805) | $ (6,533) | $ (25,465) |
Class B | | | | |
Shares sold | 2 | 21 | $ 51 | $ 671 |
Reinvestment of distributions | - | 3 | 5 | 111 |
Shares redeemed | (54) | (130) | (1,561) | (4,124) |
Net increase (decrease) | (52) | (106) | $ (1,505) | $ (3,342) |
Class C | | | | |
Shares sold | 135 | 183 | $ 3,824 | $ 5,847 |
Reinvestment of distributions | 1 | 11 | 39 | 344 |
Shares redeemed | (233) | (437) | (6,699) | (13,875) |
Net increase (decrease) | (97) | (243) | $ (2,836) | $ (7,684) |
International Discovery | | | | |
Shares sold | 9,877 | 32,543 | $ 288,286 | $ 1,052,266 |
Reinvestment of distributions | 3,081 | 4,718 | 86,859 | 153,551 |
Shares redeemed | (41,967) | (59,489) | (1,221,280) | (1,934,353) |
Net increase (decrease) | (29,009) | (22,228) | $ (846,135) | $ (728,536) |
Class K | | | | |
Shares sold | 16,476 | 18,148 | $ 477,382 | $ 593,408 |
Reinvestment of distributions | 744 | 722 | 20,917 | 23,434 |
Shares redeemed | (7,956) | (10,275) | (233,411) | (330,258) |
Net increase (decrease) | 9,264 | 8,595 | $ 264,888 | $ 286,584 |
Institutional Class | | | | |
Shares sold | 1,446 | 2,364 | $ 41,448 | $ 75,348 |
Reinvestment of distributions | 53 | 69 | 1,502 | 2,254 |
Shares redeemed | (1,454) | (2,923) | (42,007) | (94,034) |
Net increase (decrease) | 45 | (490) | $ 943 | $ (16,432) |
Semiannual Report
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.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
AIDI-USAN-0612
1.806664.107
Fidelity®
International Discovery
Fund
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to
April 30, 2012 |
Class A | 1.27% | | | |
Actual | | $ 1,000.00 | $ 1,052.00 | $ 6.48 |
HypotheticalA | | $ 1,000.00 | $ 1,018.55 | $ 6.37 |
Class T | 1.51% | | | |
Actual | | $ 1,000.00 | $ 1,050.70 | $ 7.70 |
HypotheticalA | | $ 1,000.00 | $ 1,017.35 | $ 7.57 |
Class B | 2.01% | | | |
Actual | | $ 1,000.00 | $ 1,047.80 | $ 10.23 |
HypotheticalA | | $ 1,000.00 | $ 1,014.87 | $ 10.07 |
Class C | 2.01% | | | |
Actual | | $ 1,000.00 | $ 1,047.60 | $ 10.23 |
HypotheticalA | | $ 1,000.00 | $ 1,014.87 | $ 10.07 |
International Discovery | .94% | | | |
Actual | | $ 1,000.00 | $ 1,053.40 | $ 4.80 |
HypotheticalA | | $ 1,000.00 | $ 1,020.19 | $ 4.72 |
Class K | .76% | | | |
Actual | | $ 1,000.00 | $ 1,054.70 | $ 3.88 |
HypotheticalA | | $ 1,000.00 | $ 1,021.08 | $ 3.82 |
Institutional Class | .93% | | | |
Actual | | $ 1,000.00 | $ 1,053.70 | $ 4.75 |
HypotheticalA | | $ 1,000.00 | $ 1,020.24 | $ 4.67 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United Kingdom 21.0% | |
 | Japan 16.7% | |
 | United States of America 6.7% | |
 | France 6.2% | |
 | Germany 5.4% | |
 | Netherlands 4.7% | |
 | Switzerland 4.5% | |
 | Korea (South) 3.9% | |
 | Australia 3.4% | |
 | Other 27.5% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United Kingdom 21.0% | |
| Japan 15.8% | |
| France 9.1% | |
| Switzerland 6.8% | |
| Germany 6.3% | |
| Australia 3.5% | |
| Netherlands 3.4% | |
| Cayman Islands 2.8% | |
| Korea (South) 2.5% | |
| Other 28.8% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Investment Companies | 97.5 | 99.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.5 | 0.1 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 2.7 | 2.8 |
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) | 1.8 | 1.8 |
ORIX Corp. (Japan, Diversified Financial Services) | 1.5 | 1.3 |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.4 | 1.3 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.3 | 0.3 |
Australia & New Zealand Banking Group Ltd. (Australia, Commercial Banks) | 1.3 | 1.2 |
Gemalto NV (Netherlands, Computers & Peripherals) | 1.3 | 0.9 |
Japan Tobacco, Inc. (Japan, Tobacco) | 1.3 | 1.3 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 1.3 | 1.3 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.3 | 1.7 |
| 15.2 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 18.9 | 21.3 |
Consumer Discretionary | 15.8 | 18.6 |
Information Technology | 12.7 | 9.8 |
Industrials | 12.6 | 9.6 |
Consumer Staples | 11.2 | 12.6 |
Materials | 7.5 | 6.0 |
Energy | 6.7 | 7.5 |
Health Care | 6.5 | 7.2 |
Telecommunication Services | 4.9 | 6.4 |
Utilities | 0.7 | 0.9 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.6% |
| Shares | | Value (000s) |
Australia - 3.4% |
Australia & New Zealand Banking Group Ltd. | 4,456,031 | | $ 111,003 |
Commonwealth Bank of Australia | 1,303,655 | | 70,586 |
Fortescue Metals Group Ltd. | 3,503,390 | | 20,586 |
NRW Holdings Ltd. | 2,211,824 | | 9,425 |
Ramsay Health Care Ltd. | 1,305,776 | | 27,249 |
Spark Infrastructure Group unit | 14,882,292 | | 22,482 |
WorleyParsons Ltd. | 909,980 | | 26,783 |
TOTAL AUSTRALIA | | 288,114 |
Bailiwick of Jersey - 1.9% |
Experian PLC | 4,210,200 | | 66,457 |
Shire PLC | 1,036,900 | | 33,799 |
Wolseley PLC | 1,479,764 | | 56,274 |
TOTAL BAILIWICK OF JERSEY | | 156,530 |
Belgium - 1.3% |
Anheuser-Busch InBev SA NV (d) | 1,556,327 | | 112,181 |
Bermuda - 1.3% |
African Minerals Ltd. (a) | 2,964,821 | | 25,023 |
Cheung Kong Infrastructure Holdings Ltd. | 6,458,000 | | 38,330 |
Li & Fung Ltd. | 15,198,000 | | 32,517 |
Petra Diamonds Ltd. (a) | 6,298,600 | | 15,877 |
TOTAL BERMUDA | | 111,747 |
Brazil - 1.9% |
Arezzo Industria e Comercio SA | 849,800 | | 13,375 |
Qualicorp SA | 4,567,000 | | 39,772 |
Redecard SA | 1,037,900 | | 17,478 |
Souza Cruz Industria e Comercio | 1,909,200 | | 29,738 |
TIM Participacoes SA sponsored ADR (d) | 2,036,249 | | 60,945 |
TOTAL BRAZIL | | 161,308 |
British Virgin Islands - 0.7% |
Gem Diamonds Ltd. (a) | 1,936,600 | | 8,141 |
Mail.ru Group Ltd. GDR (Reg. S) (a) | 1,116,000 | | 48,267 |
TOTAL BRITISH VIRGIN ISLANDS | | 56,408 |
Canada - 0.8% |
Goldcorp, Inc. | 571,200 | | 21,876 |
InterOil Corp. (a)(d) | 204,400 | | 12,354 |
Open Text Corp. (a) | 609,900 | | 34,195 |
TOTAL CANADA | | 68,425 |
Common Stocks - continued |
| Shares | | Value (000s) |
Cayman Islands - 1.7% |
Baidu.com, Inc. sponsored ADR (a) | 256,700 | | $ 34,064 |
Biostime International Holdings Ltd. | 8,183,000 | | 23,572 |
China Kanghui Holdings sponsored ADR (a)(d) | 1,747,000 | | 34,888 |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 317,300 | | 9,043 |
Sands China Ltd. | 9,822,800 | | 38,614 |
Shenguan Holdings Group Ltd. | 9,696,000 | | 5,249 |
TOTAL CAYMAN ISLANDS | | 145,430 |
Denmark - 2.6% |
Danske Bank A/S (a) | 1,523,998 | | 24,746 |
Novo Nordisk A/S Series B | 819,389 | | 120,808 |
William Demant Holding A/S (a) | 784,700 | | 74,076 |
TOTAL DENMARK | | 219,630 |
France - 6.2% |
Arkema SA | 341,370 | | 30,237 |
AXA SA (d) | 4,066,402 | | 57,599 |
BNP Paribas SA | 1,457,466 | | 58,557 |
Bureau Veritas SA | 401,400 | | 35,767 |
Iliad SA | 370,211 | | 47,661 |
JC Decaux SA | 547,328 | | 15,531 |
LVMH Moet Hennessy - Louis Vuitton SA (d) | 428,223 | | 70,945 |
PPR SA (d) | 398,700 | | 66,687 |
Sanofi SA | 953,011 | | 72,798 |
Schneider Electric SA | 719,300 | | 44,192 |
Technip SA | 192,300 | | 21,748 |
TOTAL FRANCE | | 521,722 |
Germany - 4.7% |
Aareal Bank AG (a) | 1,044,895 | | 20,161 |
Allianz AG | 262,417 | | 29,243 |
BASF AG (d) | 642,722 | | 52,913 |
Bayerische Motoren Werke AG (BMW) | 740,107 | | 70,356 |
Fresenius Medical Care AG & Co. KGaA | 384,000 | | 27,271 |
GEA Group AG | 992,880 | | 32,767 |
Gerry Weber International AG (Bearer) | 320,600 | | 13,615 |
GSW Immobilien AG | 404,500 | | 13,465 |
GSW Immobilien AG rights 5/3/12 (a) | 404,500 | | 475 |
Lanxess AG | 329,400 | | 26,229 |
MTU Aero Engines Holdings AG (d) | 286,300 | | 24,112 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
SAP AG | 869,957 | | $ 57,694 |
Wirecard AG | 1,592,900 | | 29,522 |
TOTAL GERMANY | | 397,823 |
Hong Kong - 1.6% |
AIA Group Ltd. | 17,729,600 | | 63,070 |
HKT Trust / HKT Ltd. unit | 23,518,000 | | 18,278 |
Techtronic Industries Co. Ltd. | 46,012,500 | | 55,569 |
TOTAL HONG KONG | | 136,917 |
India - 1.2% |
Apollo Hospitals Enterprise Ltd. | 442,506 | | 5,296 |
Housing Development Finance Corp. Ltd. | 3,327,565 | | 42,560 |
IndusInd Bank Ltd. | 2,255,331 | | 14,269 |
The Jammu & Kashmir Bank Ltd. | 545,569 | | 9,749 |
Titan Industries Ltd. | 6,456,377 | | 28,564 |
TOTAL INDIA | | 100,438 |
Indonesia - 0.6% |
PT Media Nusantara Citra Tbk | 74,826,000 | | 18,319 |
PT Sarana Menara Nusantara Tbk (a) | 6,310,500 | | 9,476 |
PT Tower Bersama Infrastructure Tbk | 55,223,500 | | 18,327 |
TOTAL INDONESIA | | 46,122 |
Ireland - 2.0% |
Accenture PLC Class A | 723,300 | | 46,978 |
Ingersoll-Rand PLC | 653,900 | | 27,804 |
James Hardie Industries NV CDI | 6,070,470 | | 47,371 |
Paddy Power PLC (Ireland) | 728,700 | | 47,557 |
TOTAL IRELAND | | 169,710 |
Israel - 0.5% |
Check Point Software Technologies Ltd. (a) | 743,300 | | 43,208 |
Italy - 1.7% |
Brunello Cucinelli SpA | 64,500 | | 1,025 |
Fiat Industrial SpA | 1,853,300 | | 21,026 |
Prada SpA | 4,029,100 | | 27,367 |
Saipem SpA | 1,811,859 | | 89,513 |
TOTAL ITALY | | 138,931 |
Japan - 16.7% |
ABC-Mart, Inc. | 1,177,300 | | 42,875 |
Aozora Bank Ltd. | 13,450,000 | | 34,498 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Calbee, Inc. (d) | 613,300 | | $ 37,117 |
Canon, Inc. | 936,700 | | 42,461 |
Chiyoda Corp. | 2,780,000 | | 33,479 |
Cosmos Pharmaceutical Corp. | 770,000 | | 43,172 |
Credit Saison Co. Ltd. | 2,631,100 | | 56,470 |
CyberAgent, Inc. | 7,246 | | 22,317 |
Don Quijote Co. Ltd. | 1,716,200 | | 62,954 |
Fanuc Corp. | 580,800 | | 97,958 |
Fast Retailing Co. Ltd. | 155,700 | | 34,796 |
Hitachi Ltd. | 8,485,000 | | 54,046 |
Honda Motor Co. Ltd. | 2,539,700 | | 91,407 |
Japan Tobacco, Inc. | 19,478 | | 107,909 |
JS Group Corp. | 1,856,500 | | 36,457 |
JSR Corp. | 2,283,400 | | 45,069 |
Kakaku.com, Inc. | 810,600 | | 25,208 |
KDDI Corp. | 7,108 | | 46,534 |
Keyence Corp. | 304,060 | | 71,770 |
Mitsubishi Corp. | 1,836,500 | | 39,803 |
Mitsubishi Estate Co. Ltd. | 1,553,000 | | 27,456 |
Mitsubishi UFJ Financial Group, Inc. | 15,161,400 | | 72,802 |
Nexon Co. Ltd. | 386,400 | | 7,325 |
ORIX Corp. | 1,321,050 | | 126,315 |
Rakuten, Inc. | 76,332 | | 85,142 |
Seven Bank Ltd. | 12,837,900 | | 31,721 |
So-net M3, Inc. | 5,296 | | 24,621 |
Unicharm Corp. | 98,700 | | 5,522 |
TOTAL JAPAN | | 1,407,204 |
Korea (South) - 3.9% |
Hyundai Motor Co. | 273,935 | | 65,083 |
Kia Motors Corp. | 570,510 | | 42,102 |
LG Household & Health Care Ltd. | 92,676 | | 48,629 |
NCsoft Corp. | 73,550 | | 19,069 |
NHN Corp. | 64,289 | | 14,563 |
Orion Corp. | 74,285 | | 59,027 |
Samsung Electronics Co. Ltd. | 64,872 | | 79,789 |
TOTAL KOREA (SOUTH) | | 328,262 |
Luxembourg - 1.2% |
Brait SA | 5,949,360 | | 18,625 |
Millicom International Cellular SA (d) | 190,400 | | 20,371 |
Common Stocks - continued |
| Shares | | Value (000s) |
Luxembourg - continued |
Millicom International Cellular SA (depository receipt) | 149,700 | | $ 15,904 |
Samsonite International SA | 25,547,100 | | 49,523 |
TOTAL LUXEMBOURG | | 104,423 |
Mexico - 0.3% |
Wal-Mart de Mexico SA de CV Series V | 8,018,800 | | 22,927 |
Netherlands - 4.7% |
AEGON NV | 5,028,800 | | 23,394 |
ASML Holding NV | 1,164,200 | | 59,363 |
Gemalto NV | 1,463,106 | | 109,026 |
HeidelbergCement Finance AG (d) | 850,200 | | 46,747 |
ING Groep NV (Certificaten Van Aandelen) (a) | 5,244,400 | | 37,001 |
LyondellBasell Industries NV Class A | 474,800 | | 19,837 |
NXP Semiconductors NV (a) | 923,700 | | 23,878 |
Randstad Holding NV | 741,403 | | 25,675 |
Yandex NV | 2,218,600 | | 52,625 |
TOTAL NETHERLANDS | | 397,546 |
Norway - 0.6% |
DnB NOR ASA (d) | 4,617,355 | | 49,786 |
Philippines - 0.0% |
Alliance Global Group, Inc. | 11,837,700 | | 3,470 |
Poland - 0.5% |
Eurocash SA | 3,593,990 | | 43,885 |
Qatar - 0.2% |
Commercial Bank of Qatar GDR (Reg. S) | 5,094,802 | | 20,151 |
Russia - 0.5% |
Mobile TeleSystems OJSC sponsored ADR | 2,203,700 | | 43,104 |
South Africa - 0.6% |
Shoprite Holdings Ltd. | 1,552,300 | | 26,823 |
Tiger Brands Ltd. | 525,500 | | 19,255 |
TOTAL SOUTH AFRICA | | 46,078 |
Spain - 1.0% |
Banco Bilbao Vizcaya Argentaria SA | 5,172,700 | | 35,007 |
Banco Bilbao Vizcaya Argentaria SA rights 4/30/12 (a) | 5,172,679 | | 740 |
Inditex SA | 562,106 | | 50,563 |
TOTAL SPAIN | | 86,310 |
Sweden - 2.5% |
Atlas Copco AB (A Shares) | 2,131,200 | | 50,737 |
Common Stocks - continued |
| Shares | | Value (000s) |
Sweden - continued |
Elekta AB: | | | |
unit (a) | 495,400 | | $ 1,614 |
(B Shares) | 495,400 | | 25,136 |
Intrum Justitia AB | 1,835,800 | | 27,862 |
Svenska Handelsbanken AB (A Shares) | 1,632,100 | | 52,892 |
Swedish Match Co. AB | 1,250,800 | | 50,845 |
TOTAL SWEDEN | | 209,086 |
Switzerland - 4.5% |
Adecco SA (Reg.) | 521,444 | | 25,396 |
Partners Group Holding AG | 230,056 | | 43,778 |
Roche Holding AG (participation certificate) | 242,272 | | 44,261 |
Schindler Holding AG (participation certificate) | 554,147 | | 71,684 |
Swatch Group AG (Bearer) | 54,660 | | 25,211 |
Syngenta AG (Switzerland) | 81,540 | | 28,597 |
UBS AG | 4,126,610 | | 51,540 |
Zurich Financial Services AG | 346,539 | | 84,769 |
TOTAL SWITZERLAND | | 375,236 |
Turkey - 0.1% |
Boyner Buyuk Magazacilik A/S (a)(e) | 4,683,100 | | 9,409 |
United Kingdom - 21.0% |
Aberdeen Asset Management PLC | 5,975,132 | | 27,495 |
Aggreko PLC | 1,276,500 | | 46,638 |
Anglo American PLC (United Kingdom) | 1,482,200 | | 56,968 |
Ashmore Group PLC | 3,169,400 | | 19,682 |
Barclays PLC | 21,015,144 | | 74,410 |
BG Group PLC | 4,571,872 | | 107,636 |
BHP Billiton PLC | 3,298,888 | | 106,210 |
BP PLC | 10,744,667 | | 77,630 |
British American Tobacco PLC (United Kingdom) | 2,906,800 | | 149,107 |
British Land Co. PLC | 5,756,734 | | 45,728 |
Burberry Group PLC | 1,577,700 | | 38,027 |
Carphone Warehouse Group PLC | 14,430,174 | | 30,682 |
Diageo PLC | 3,917,457 | | 98,823 |
GlaxoSmithKline PLC | 2,658,600 | | 61,425 |
HSBC Holdings PLC (United Kingdom) | 10,856,757 | | 98,018 |
Jazztel PLC (a) | 5,843,900 | | 39,153 |
Legal & General Group PLC | 32,995,838 | | 62,981 |
London Stock Exchange Group PLC | 547,400 | | 9,667 |
Meggitt PLC | 6,792,200 | | 45,035 |
Michael Page International PLC | 3,700,600 | | 24,963 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Next PLC | 514,144 | | $ 24,443 |
Ocado Group PLC (a)(d) | 14,388,400 | | 30,313 |
Reckitt Benckiser Group PLC | 595,000 | | 34,641 |
Rolls-Royce Group PLC | 4,197,715 | | 56,108 |
Rotork PLC | 598,000 | | 21,421 |
Royal Dutch Shell PLC Class B | 6,206,463 | | 227,155 |
Royalblue Group PLC | 607,375 | | 15,280 |
Ultra Electronics Holdings PLC | 614,667 | | 16,801 |
Vodafone Group PLC | 32,422,743 | | 89,756 |
Xstrata PLC | 1,857,800 | | 35,506 |
TOTAL UNITED KINGDOM | | 1,771,702 |
United States of America - 4.2% |
Beam, Inc. | 312,900 | | 17,766 |
Cirrus Logic, Inc. (a) | 356,774 | | 9,768 |
Citrix Systems, Inc. (a) | 303,600 | | 25,991 |
Cognizant Technology Solutions Corp. Class A (a) | 787,700 | | 57,754 |
Cummins, Inc. | 223,700 | | 25,911 |
Dollar General Corp. (a) | 719,200 | | 34,133 |
MasterCard, Inc. Class A | 160,100 | | 72,408 |
Michael Kors Holdings Ltd. | 827,500 | | 37,792 |
Royal Gold, Inc. | 394,800 | | 24,462 |
Total System Services, Inc. | 1,094,700 | | 25,747 |
United Technologies Corp. | 310,700 | | 25,366 |
TOTAL UNITED STATES OF AMERICA | | 357,098 |
TOTAL COMMON STOCKS (Cost $7,586,277) |
8,150,321
|
Nonconvertible Preferred Stocks - 0.9% |
| | | |
Germany - 0.7% |
Volkswagen AG | 297,200 | | 56,300 |
Italy - 0.2% |
Fiat Industrial SpA | 2,028,320 | | 16,648 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C | 444,957,790 | | 722 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $56,671) |
73,670
|
Investment Companies - 0.0% |
| Shares | | Value (000s) |
Cyprus - 0.0% |
Aisi Realty Public Ltd. (a)
(Cost $6,902) | 216,330 | | $ 293 |
Money Market Funds - 6.6% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 145,226,599 | | 145,227 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 415,162,260 | | 415,162 |
TOTAL MONEY MARKET FUNDS (Cost $560,389) |
560,389
|
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $8,210,239) | | 8,784,673 |
NET OTHER ASSETS (LIABILITIES) - (4.1)% | | (346,812) |
NET ASSETS - 100% | $ 8,437,861 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) 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
(Amounts in thousands) |
Fidelity Cash Central Fund | $ 37 |
Fidelity Securities Lending Cash Central Fund | 1,557 |
Total | $ 1,594 |
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
(Amounts in thousands) | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Aisi Realty Public Ltd. | $ 240 | $ - | $ - | $ - | $ - |
Boyner Buyuk Magazacilik A/S | 10,096 | - | 1,569 | - | 9,409 |
Total | $ 10,336 | $ - | $ 1,569 | $ - | $ 9,409 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 1,333,113 | $ 993,622 | $ 339,491 | $ - |
Consumer Staples | 936,188 | 494,538 | 441,650 | - |
Energy | 571,862 | 267,077 | 304,785 | - |
Financials | 1,620,409 | 937,508 | 682,901 | - |
Health Care | 553,242 | 212,520 | 340,722 | - |
Industrials | 1,059,206 | 851,509 | 207,697 | - |
Information Technology | 1,077,477 | 818,973 | 258,504 | - |
Materials | 611,649 | 431,773 | 179,876 | - |
Telecommunication Services | 400,033 | 263,743 | 136,290 | - |
Utilities | 60,812 | 60,812 | - | - |
Investment Companies | 293 | 293 | - | - |
Money Market Funds | 560,389 | 560,389 | - | - |
Total Investments in Securities: | $ 8,784,673 | $ 5,892,757 | $ 2,891,916 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $394,609) - See accompanying schedule: Unaffiliated issuers (cost $7,638,088) | $ 8,214,875 | |
Fidelity Central Funds (cost $560,389) | 560,389 | |
Other affiliated issuers (cost $11,762) | 9,409 | |
Total Investments (cost $8,210,239) | | $ 8,784,673 |
Foreign currency held at value (cost $2,858) | | 2,858 |
Receivable for investments sold | | 48,540 |
Receivable for fund shares sold | | 5,251 |
Dividends receivable | | 35,054 |
Distributions receivable from Fidelity Central Funds | | 835 |
Prepaid expenses | | 9 |
Other receivables | | 5,300 |
Total assets | | 8,882,520 |
| | |
Liabilities | | |
Payable for investments purchased | $ 9,450 | |
Payable for fund shares redeemed | 11,412 | |
Accrued management fee | 5,413 | |
Distribution and service plan fees payable | 119 | |
Other affiliated payables | 1,535 | |
Other payables and accrued expenses | 1,568 | |
Collateral on securities loaned, at value | 415,162 | |
Total liabilities | | 444,659 |
| | |
Net Assets | | $ 8,437,861 |
Net Assets consist of: | | |
Paid in capital | | $ 9,446,354 |
Undistributed net investment income | | 69,050 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (1,651,021) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 573,478 |
Net Assets | | $ 8,437,861 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A: Net Asset Value and redemption price per share ($300,537 ÷ 9,809.7 shares) | | $ 30.64 |
| | |
Maximum offering price per share (100/94.25 of $30.64) | | $ 32.51 |
Class T:
Net Asset Value and redemption price per share ($56,614 ÷ 1,859.4 shares) | | $ 30.45 |
| | |
Maximum offering price per share (100/96.50 of $30.45) | | $ 31.55 |
Class B:
Net Asset Value and offering price per share ($9,076 ÷ 298.7 shares)A | | $ 30.39 |
| | |
Class C:
Net Asset Value and offering price per share ($31,480 ÷ 1,034.8 shares)A | | $ 30.42 |
| | |
| | |
International Discovery:
Net Asset Value, offering price and redemption price per share ($6,173,937 ÷ 200,242.2 shares) | | $ 30.83 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($1,575,845 ÷ 51,219.8 shares) | | $ 30.77 |
| | |
Institutional Class: Net Asset Value, offering price and redemption price per share ($290,372 ÷ 9,432.2 shares) | | $ 30.79 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 126,624 |
Interest | | 1 |
Income from Fidelity Central Funds | | 1,594 |
Income before foreign taxes withheld | | 128,219 |
Less foreign taxes withheld | | (5,881) |
Total income | | 122,338 |
| | |
Expenses | | |
Management fee
Basic fee | $ 29,546 | |
Performance adjustment | (1,661) | |
Transfer agent fees | 8,460 | |
Distribution and service plan fees | 718 | |
Accounting and security lending fees | 859 | |
Custodian fees and expenses | 670 | |
Independent trustees' compensation | 25 | |
Registration fees | 147 | |
Audit | 58 | |
Legal | 19 | |
Interest | 5 | |
Miscellaneous | 43 | |
Total expenses before reductions | 38,889 | |
Expense reductions | (2,136) | 36,753 |
Net investment income (loss) | | 85,585 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (180,622) | |
Other affiliated issuers | (1,405) | |
Foreign currency transactions | (2,181) | |
Total net realized gain (loss) | | (184,208) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $110) | 523,787 | |
Assets and liabilities in foreign currencies | (333) | |
Total change in net unrealized appreciation (depreciation) | | 523,454 |
Net gain (loss) | | 339,246 |
Net increase (decrease) in net assets resulting from operations | | $ 424,831 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended
April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 85,585 | $ 161,608 |
Net realized gain (loss) | (184,208) | 501,938 |
Change in net unrealized appreciation (depreciation) | 523,454 | (1,247,522) |
Net increase (decrease) in net assets resulting
from operations | 424,831 | (583,976) |
Distributions to shareholders from net investment income | (118,968) | (149,936) |
Distributions to shareholders from net realized gain | - | (48,090) |
Total distributions | (118,968) | (198,026) |
Share transactions - net increase (decrease) | (621,058) | (537,341) |
Redemption fees | 89 | 160 |
Total increase (decrease) in net assets | (315,106) | (1,319,183) |
| | |
Net Assets | | |
Beginning of period | 8,752,967 | 10,072,150 |
End of period (including undistributed net investment income of $69,050 and undistributed net investment income of $102,433, respectively) | $ 8,437,861 | $ 8,752,967 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.43 | $ 32.07 | $ 28.57 | $ 23.68 | $ 47.34 | $ 36.47 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .25 | .42 | .31 | .31 | .46 | .44 |
Net realized and unrealized gain (loss) | 1.25 | (2.52) | 3.51 | 4.84 | (22.08) | 11.76 |
Total from investment operations | 1.50 | (2.10) | 3.82 | 5.15 | (21.62) | 12.20 |
Distributions from net investment income | (.29) | (.38) | (.28) | (.26) | (.37) | (.35) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.29) | (.54) | (.32) | (.26) | (2.04) | (1.33) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 30.64 | $ 29.43 | $ 32.07 | $ 28.57 | $ 23.68 | $ 47.34 |
Total Return B, C, D | 5.20% | (6.71)% | 13.43% | 22.14% | (47.65)% | 34.54% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.27% A | 1.30% | 1.33% | 1.37% | 1.32% | 1.25% |
Expenses net of fee waivers, if any | 1.27% A | 1.29% | 1.33% | 1.37% | 1.32% | 1.25% |
Expenses net of all reductions | 1.21% A | 1.25% | 1.28% | 1.32% | 1.29% | 1.22% |
Net investment income (loss) | 1.72% A | 1.31% | 1.06% | 1.28% | 1.27% | 1.08% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 301 | $ 320 | $ 392 | $ 414 | $ 380 | $ 417 |
Portfolio turnover rate G | 91% A | 75% | 82% | 98% | 79% | 56% |
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 T
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.18 | $ 31.81 | $ 28.35 | $ 23.49 | $ 47.06 | $ 36.30 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .21 | .34 | .23 | .24 | .33 | .29 |
Net realized and unrealized gain (loss) | 1.25 | (2.51) | 3.48 | 4.81 | (21.94) | 11.71 |
Total from investment operations | 1.46 | (2.17) | 3.71 | 5.05 | (21.61) | 12.00 |
Distributions from net investment income | (.19) | (.30) | (.21) | (.19) | (.29) | (.26) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.19) | (.46) | (.25) | (.19) | (1.96) | (1.24) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 30.45 | $ 29.18 | $ 31.81 | $ 28.35 | $ 23.49 | $ 47.06 |
Total Return B, C, D | 5.07% | (6.96)% | 13.14% | 21.79% | (47.84)% | 34.08% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.51% A | 1.56% | 1.60% | 1.65% | 1.68% | 1.63% |
Expenses net of fee waivers, if any | 1.51% A | 1.55% | 1.60% | 1.65% | 1.68% | 1.63% |
Expenses net of all reductions | 1.46% A | 1.51% | 1.56% | 1.60% | 1.64% | 1.60% |
Net investment income (loss) | 1.47% A | 1.05% | .79% | 1.00% | .91% | .70% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 57 | $ 61 | $ 92 | $ 83 | $ 64 | $ 53 |
Portfolio turnover rate G | 91% A | 75% | 82% | 98% | 79% | 56% |
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
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.02 | $ 31.60 | $ 28.18 | $ 23.25 | $ 46.70 | $ 36.12 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .14 | .17 | .08 | .12 | .15 | .08 |
Net realized and unrealized gain (loss) | 1.25 | (2.48) | 3.44 | 4.81 | (21.77) | 11.64 |
Total from investment operations | 1.39 | (2.31) | 3.52 | 4.93 | (21.62) | 11.72 |
Distributions from net investment income | (.02) | (.12) | (.06) | - | (.16) | (.16) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.02) | (.27) J | (.10) | - | (1.83) | (1.14) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 30.39 | $ 29.02 | $ 31.60 | $ 28.18 | $ 23.25 | $ 46.70 |
Total Return B, C, D | 4.78% | (7.39)% | 12.52% | 21.20% | (48.11)% | 33.37% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.01% A | 2.06% | 2.12% | 2.16% | 2.19% | 2.14% |
Expenses net of fee waivers, if any | 2.01% A | 2.06% | 2.12% | 2.16% | 2.19% | 2.14% |
Expenses net of all reductions | 1.96% A | 2.02% | 2.08% | 2.11% | 2.15% | 2.10% |
Net investment income (loss) | .97% A | .54% | .27% | .49% | .40% | .19% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 9 | $ 10 | $ 14 | $ 16 | $ 15 | $ 17 |
Portfolio turnover rate G | 91% A | 75% | 82% | 98% | 79% | 56% |
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. JTotal distributions of $.27 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.155 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.08 | $ 31.68 | $ 28.23 | $ 23.31 | $ 46.82 | $ 36.19 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .14 | .18 | .09 | .12 | .15 | .09 |
Net realized and unrealized gain (loss) | 1.24 | (2.49) | 3.45 | 4.82 | (21.82) | 11.66 |
Total from investment operations | 1.38 | (2.31) | 3.54 | 4.94 | (21.67) | 11.75 |
Distributions from net investment income | (.04) | (.14) | (.05) | (.02) | (.17) | (.14) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.04) | (.29) J | (.09) | (.02) | (1.84) | (1.12) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 30.42 | $ 29.08 | $ 31.68 | $ 28.23 | $ 23.31 | $ 46.82 |
Total Return B, C, D | 4.76% | (7.37)% | 12.54% | 21.22% | (48.10)% | 33.38% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.01% A | 2.05% | 2.09% | 2.14% | 2.17% | 2.11% |
Expenses net of fee waivers, if any | 2.01% A | 2.04% | 2.09% | 2.14% | 2.17% | 2.11% |
Expenses net of all reductions | 1.96% A | 2.00% | 2.05% | 2.09% | 2.13% | 2.08% |
Net investment income (loss) | .97% A | .56% | .30% | .51% | .42% | .22% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 31 | $ 33 | $ 44 | $ 43 | $ 36 | $ 28 |
Portfolio turnover rate G | 91% A | 75% | 82% | 98% | 79% | 56% |
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. JTotal distributions of $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Discovery
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.69 | $ 32.34 | $ 28.79 | $ 23.88 | $ 47.68 | $ 36.67 |
Income from
Investment Operations | | | | | |
Net investment income (loss) D | .30 | .53 | .40 | .37 | .57 | .53 |
Net realized and unrealized gain (loss) | 1.25 | (2.54) | 3.54 | 4.88 | (22.29) | 11.84 |
Total from investment operations | 1.55 | (2.01) | 3.94 | 5.25 | (21.72) | 12.37 |
Distributions from net investment income | (.41) | (.48) | (.35) | (.34) | (.41) | (.38) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.41) | (.64) | (.39) | (.34) | (2.08) | (1.36) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 30.83 | $ 29.69 | $ 32.34 | $ 28.79 | $ 23.88 | $ 47.68 |
Total Return B, C | 5.34% | (6.39)% | 13.76% | 22.47% | (47.55)% | 34.85% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .94% A | .97% | 1.05% | 1.12% | 1.09% | 1.04% |
Expenses net of fee waivers, if any | .94% A | .96% | 1.05% | 1.12% | 1.09% | 1.04% |
Expenses net of all reductions | .89% A | .92% | 1.00% | 1.07% | 1.05% | 1.00% |
Net investment income (loss) | 2.04% A | 1.64% | 1.35% | 1.53% | 1.51% | 1.30% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 6,174 | $ 6,806 | $ 8,133 | $ 8,114 | $ 6,999 | $ 14,176 |
Portfolio turnover rate F | 91% A | 75% | 82% | 98% | 79% | 56% |
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
Financial Highlights - Class K
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.66 | $ 32.32 | $ 28.78 | $ 23.90 | $ 40.32 |
Income from
Investment Operations | | | | |
Net investment income (loss) D | .32 | .58 | .46 | .44 | .10 |
Net realized and unrealized gain (loss) | 1.26 | (2.54) | 3.53 | 4.86 | (16.52) |
Total from investment operations | 1.58 | (1.96) | 3.99 | 5.30 | (16.42) |
Distributions from net investment income | (.47) | (.55) | (.41) | (.42) | - |
Distributions from net realized gain | - | (.16) | (.04) | - | - |
Total distributions | (.47) | (.70) J | (.45) | (.42) | - |
Redemption fees added to paid in capital D, I | - | - | - | - | - |
Net asset value, end of period | $ 30.77 | $ 29.66 | $ 32.32 | $ 28.78 | $ 23.90 |
Total Return B, C | 5.47% | (6.24)% | 13.96% | 22.80% | (40.72)% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | .76% A | .80% | .84% | .88% | .93% A |
Expenses net of fee waivers, if any | .76% A | .79% | .84% | .88% | .93% A |
Expenses net of all reductions | .71% A | .75% | .79% | .83% | .89% A |
Net investment income (loss) | 2.22% A | 1.81% | 1.55% | 1.77% | .83% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 1,576 | $ 1,245 | $ 1,078 | $ 674 | $ 145 |
Portfolio turnover rate F | 91% A | 75% | 82% | 98% | 79% |
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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. 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 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. IAmount represents less than $.01 per share. JTotal distributions of $.70 per share is comprised of distributions from net investment income of $.548 and distributions from net realized gain of $.155 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.65 | $ 32.31 | $ 28.77 | $ 23.91 | $ 47.73 | $ 36.71 |
Income from
Investment Operations | | | | | |
Net investment income (loss) D | .30 | .54 | .41 | .39 | .53 | .55 |
Net realized and unrealized gain (loss) | 1.25 | (2.55) | 3.55 | 4.86 | (22.24) | 11.85 |
Total from investment operations | 1.55 | (2.01) | 3.96 | 5.25 | (21.71) | 12.40 |
Distributions from net investment income | (.41) | (.50) | (.38) | (.39) | (.44) | (.40) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.41) | (.65) I | (.42) | (.39) | (2.11) | (1.38) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 30.79 | $ 29.65 | $ 32.31 | $ 28.77 | $ 23.91 | $ 47.73 |
Total Return B, C | 5.37% | (6.39)% | 13.84% | 22.52% | (47.51)% | 34.93% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .93% A | .95% | .99% | 1.05% | 1.05% | .97% |
Expenses net of fee waivers, if any | .93% A | .94% | .99% | 1.05% | 1.05% | .97% |
Expenses net of all reductions | .88% A | .90% | .95% | 1.00% | 1.01% | .94% |
Net investment income (loss) | 2.05% A | 1.66% | 1.40% | 1.60% | 1.54% | 1.36% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 290 | $ 278 | $ 319 | $ 267 | $ 159 | $ 58 |
Portfolio turnover rate F | 91% A | 75% | 82% | 98% | 79% | 56% |
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 $.65 per share is comprised of distributions from net investment income of $.497 and distributions from net realized gain of $.155 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, 2012 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity® International Discovery 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, International Discovery, Class K and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Temporary book-tax differences 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 | $ 1,048,408 |
Gross unrealized depreciation | (571,068) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 477,340 |
| |
Tax cost | $ 8,307,333 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2017 | $ (1,349,541) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
4. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $3,765,570 and $4,603,191, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Discovery as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .67% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 373 | $ 8 |
Class T | .25% | .25% | 141 | 1 |
Class B | .75% | .25% | 47 | 35 |
Class C | .75% | .25% | 157 | 12 |
| | | $ 718 | $ 56 |
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, 1.00% for Class C,
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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
by FDC |
Class A | $ 39 |
Class T | 5 |
Class B* | 11 |
Class C* | 1 |
| $ 56 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 453 | .30 |
Class T | 86 | .30 |
Class B | 14 | .30 |
Class C | 47 | .30 |
International Discovery | 7,197 | .23 |
Class K | 360 | .05 |
Institutional Class | 303 | .22 |
| $ 8,460 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $11 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, 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
Balance | Weighted Average
Interest Rate | Interest
Expense |
Borrower | $ 19,289 | .34% | $ 5 |
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $13 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $314. Security lending
Semiannual Report
7. Security Lending - continued
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 $1,557, including $43 from securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $2,136 for the period.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 3,123 | $ 4,617 |
Class T | 388 | 859 |
Class B | 6 | 51 |
Class C | 44 | 184 |
International Discovery | 90,633 | 121,061 |
Class K | 20,917 | 18,291 |
Institutional Class | 3,857 | 4,873 |
Total | $ 118,968 | $ 149,936 |
From net realized gain | | |
Class A | $ - | $ 1,880 |
Class T | - | 439 |
Class B | - | 69 |
Class C | - | 209 |
International Discovery | - | 38,831 |
Class K | - | 5,143 |
Institutional Class | - | 1,519 |
Total | $ - | $ 48,090 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 1,002 | 2,821 | $ 29,166 | $ 91,649 |
Reinvestment of distributions | 101 | 173 | 2,828 | 5,606 |
Shares redeemed | (2,162) | (4,335) | (61,874) | (139,721) |
Net increase (decrease) | (1,059) | (1,341) | $ (29,880) | $ (42,466) |
Class T | | | | |
Shares sold | 140 | 443 | $ 4,039 | $ 14,328 |
Reinvestment of distributions | 13 | 38 | 369 | 1,235 |
Shares redeemed | (381) | (1,286) | (10,941) | (41,028) |
Net increase (decrease) | (228) | (805) | $ (6,533) | $ (25,465) |
Class B | | | | |
Shares sold | 2 | 21 | $ 51 | $ 671 |
Reinvestment of distributions | - | 3 | 5 | 111 |
Shares redeemed | (54) | (130) | (1,561) | (4,124) |
Net increase (decrease) | (52) | (106) | $ (1,505) | $ (3,342) |
Class C | | | | |
Shares sold | 135 | 183 | $ 3,824 | $ 5,847 |
Reinvestment of distributions | 1 | 11 | 39 | 344 |
Shares redeemed | (233) | (437) | (6,699) | (13,875) |
Net increase (decrease) | (97) | (243) | $ (2,836) | $ (7,684) |
International Discovery | | | | |
Shares sold | 9,877 | 32,543 | $ 288,286 | $ 1,052,266 |
Reinvestment of distributions | 3,081 | 4,718 | 86,859 | 153,551 |
Shares redeemed | (41,967) | (59,489) | (1,221,280) | (1,934,353) |
Net increase (decrease) | (29,009) | (22,228) | $ (846,135) | $ (728,536) |
Class K | | | | |
Shares sold | 16,476 | 18,148 | $ 477,382 | $ 593,408 |
Reinvestment of distributions | 744 | 722 | 20,917 | 23,434 |
Shares redeemed | (7,956) | (10,275) | (233,411) | (330,258) |
Net increase (decrease) | 9,264 | 8,595 | $ 264,888 | $ 286,584 |
Institutional Class | | | | |
Shares sold | 1,446 | 2,364 | $ 41,448 | $ 75,348 |
Reinvestment of distributions | 53 | 69 | 1,502 | 2,254 |
Shares redeemed | (1,454) | (2,923) | (42,007) | (94,034) |
Net increase (decrease) | 45 | (490) | $ 943 | $ (16,432) |
Semiannual Report
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.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
IGI-USAN-0612
1.807260.107
Fidelity®
International Discovery
Fund -
Class K
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to
April 30, 2012 |
Class A | 1.27% | | | |
Actual | | $ 1,000.00 | $ 1,052.00 | $ 6.48 |
HypotheticalA | | $ 1,000.00 | $ 1,018.55 | $ 6.37 |
Class T | 1.51% | | | |
Actual | | $ 1,000.00 | $ 1,050.70 | $ 7.70 |
HypotheticalA | | $ 1,000.00 | $ 1,017.35 | $ 7.57 |
Class B | 2.01% | | | |
Actual | | $ 1,000.00 | $ 1,047.80 | $ 10.23 |
HypotheticalA | | $ 1,000.00 | $ 1,014.87 | $ 10.07 |
Class C | 2.01% | | | |
Actual | | $ 1,000.00 | $ 1,047.60 | $ 10.23 |
HypotheticalA | | $ 1,000.00 | $ 1,014.87 | $ 10.07 |
International Discovery | .94% | | | |
Actual | | $ 1,000.00 | $ 1,053.40 | $ 4.80 |
HypotheticalA | | $ 1,000.00 | $ 1,020.19 | $ 4.72 |
Class K | .76% | | | |
Actual | | $ 1,000.00 | $ 1,054.70 | $ 3.88 |
HypotheticalA | | $ 1,000.00 | $ 1,021.08 | $ 3.82 |
Institutional Class | .93% | | | |
Actual | | $ 1,000.00 | $ 1,053.70 | $ 4.75 |
HypotheticalA | | $ 1,000.00 | $ 1,020.24 | $ 4.67 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United Kingdom 21.0% | |
 | Japan 16.7% | |
 | United States of America 6.7% | |
 | France 6.2% | |
 | Germany 5.4% | |
 | Netherlands 4.7% | |
 | Switzerland 4.5% | |
 | Korea (South) 3.9% | |
 | Australia 3.4% | |
 | Other 27.5% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United Kingdom 21.0% | |
| Japan 15.8% | |
| France 9.1% | |
| Switzerland 6.8% | |
| Germany 6.3% | |
| Australia 3.5% | |
| Netherlands 3.4% | |
| Cayman Islands 2.8% | |
| Korea (South) 2.5% | |
| Other 28.8% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Investment Companies | 97.5 | 99.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.5 | 0.1 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 2.7 | 2.8 |
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) | 1.8 | 1.8 |
ORIX Corp. (Japan, Diversified Financial Services) | 1.5 | 1.3 |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.4 | 1.3 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.3 | 0.3 |
Australia & New Zealand Banking Group Ltd. (Australia, Commercial Banks) | 1.3 | 1.2 |
Gemalto NV (Netherlands, Computers & Peripherals) | 1.3 | 0.9 |
Japan Tobacco, Inc. (Japan, Tobacco) | 1.3 | 1.3 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 1.3 | 1.3 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.3 | 1.7 |
| 15.2 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 18.9 | 21.3 |
Consumer Discretionary | 15.8 | 18.6 |
Information Technology | 12.7 | 9.8 |
Industrials | 12.6 | 9.6 |
Consumer Staples | 11.2 | 12.6 |
Materials | 7.5 | 6.0 |
Energy | 6.7 | 7.5 |
Health Care | 6.5 | 7.2 |
Telecommunication Services | 4.9 | 6.4 |
Utilities | 0.7 | 0.9 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.6% |
| Shares | | Value (000s) |
Australia - 3.4% |
Australia & New Zealand Banking Group Ltd. | 4,456,031 | | $ 111,003 |
Commonwealth Bank of Australia | 1,303,655 | | 70,586 |
Fortescue Metals Group Ltd. | 3,503,390 | | 20,586 |
NRW Holdings Ltd. | 2,211,824 | | 9,425 |
Ramsay Health Care Ltd. | 1,305,776 | | 27,249 |
Spark Infrastructure Group unit | 14,882,292 | | 22,482 |
WorleyParsons Ltd. | 909,980 | | 26,783 |
TOTAL AUSTRALIA | | 288,114 |
Bailiwick of Jersey - 1.9% |
Experian PLC | 4,210,200 | | 66,457 |
Shire PLC | 1,036,900 | | 33,799 |
Wolseley PLC | 1,479,764 | | 56,274 |
TOTAL BAILIWICK OF JERSEY | | 156,530 |
Belgium - 1.3% |
Anheuser-Busch InBev SA NV (d) | 1,556,327 | | 112,181 |
Bermuda - 1.3% |
African Minerals Ltd. (a) | 2,964,821 | | 25,023 |
Cheung Kong Infrastructure Holdings Ltd. | 6,458,000 | | 38,330 |
Li & Fung Ltd. | 15,198,000 | | 32,517 |
Petra Diamonds Ltd. (a) | 6,298,600 | | 15,877 |
TOTAL BERMUDA | | 111,747 |
Brazil - 1.9% |
Arezzo Industria e Comercio SA | 849,800 | | 13,375 |
Qualicorp SA | 4,567,000 | | 39,772 |
Redecard SA | 1,037,900 | | 17,478 |
Souza Cruz Industria e Comercio | 1,909,200 | | 29,738 |
TIM Participacoes SA sponsored ADR (d) | 2,036,249 | | 60,945 |
TOTAL BRAZIL | | 161,308 |
British Virgin Islands - 0.7% |
Gem Diamonds Ltd. (a) | 1,936,600 | | 8,141 |
Mail.ru Group Ltd. GDR (Reg. S) (a) | 1,116,000 | | 48,267 |
TOTAL BRITISH VIRGIN ISLANDS | | 56,408 |
Canada - 0.8% |
Goldcorp, Inc. | 571,200 | | 21,876 |
InterOil Corp. (a)(d) | 204,400 | | 12,354 |
Open Text Corp. (a) | 609,900 | | 34,195 |
TOTAL CANADA | | 68,425 |
Common Stocks - continued |
| Shares | | Value (000s) |
Cayman Islands - 1.7% |
Baidu.com, Inc. sponsored ADR (a) | 256,700 | | $ 34,064 |
Biostime International Holdings Ltd. | 8,183,000 | | 23,572 |
China Kanghui Holdings sponsored ADR (a)(d) | 1,747,000 | | 34,888 |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 317,300 | | 9,043 |
Sands China Ltd. | 9,822,800 | | 38,614 |
Shenguan Holdings Group Ltd. | 9,696,000 | | 5,249 |
TOTAL CAYMAN ISLANDS | | 145,430 |
Denmark - 2.6% |
Danske Bank A/S (a) | 1,523,998 | | 24,746 |
Novo Nordisk A/S Series B | 819,389 | | 120,808 |
William Demant Holding A/S (a) | 784,700 | | 74,076 |
TOTAL DENMARK | | 219,630 |
France - 6.2% |
Arkema SA | 341,370 | | 30,237 |
AXA SA (d) | 4,066,402 | | 57,599 |
BNP Paribas SA | 1,457,466 | | 58,557 |
Bureau Veritas SA | 401,400 | | 35,767 |
Iliad SA | 370,211 | | 47,661 |
JC Decaux SA | 547,328 | | 15,531 |
LVMH Moet Hennessy - Louis Vuitton SA (d) | 428,223 | | 70,945 |
PPR SA (d) | 398,700 | | 66,687 |
Sanofi SA | 953,011 | | 72,798 |
Schneider Electric SA | 719,300 | | 44,192 |
Technip SA | 192,300 | | 21,748 |
TOTAL FRANCE | | 521,722 |
Germany - 4.7% |
Aareal Bank AG (a) | 1,044,895 | | 20,161 |
Allianz AG | 262,417 | | 29,243 |
BASF AG (d) | 642,722 | | 52,913 |
Bayerische Motoren Werke AG (BMW) | 740,107 | | 70,356 |
Fresenius Medical Care AG & Co. KGaA | 384,000 | | 27,271 |
GEA Group AG | 992,880 | | 32,767 |
Gerry Weber International AG (Bearer) | 320,600 | | 13,615 |
GSW Immobilien AG | 404,500 | | 13,465 |
GSW Immobilien AG rights 5/3/12 (a) | 404,500 | | 475 |
Lanxess AG | 329,400 | | 26,229 |
MTU Aero Engines Holdings AG (d) | 286,300 | | 24,112 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
SAP AG | 869,957 | | $ 57,694 |
Wirecard AG | 1,592,900 | | 29,522 |
TOTAL GERMANY | | 397,823 |
Hong Kong - 1.6% |
AIA Group Ltd. | 17,729,600 | | 63,070 |
HKT Trust / HKT Ltd. unit | 23,518,000 | | 18,278 |
Techtronic Industries Co. Ltd. | 46,012,500 | | 55,569 |
TOTAL HONG KONG | | 136,917 |
India - 1.2% |
Apollo Hospitals Enterprise Ltd. | 442,506 | | 5,296 |
Housing Development Finance Corp. Ltd. | 3,327,565 | | 42,560 |
IndusInd Bank Ltd. | 2,255,331 | | 14,269 |
The Jammu & Kashmir Bank Ltd. | 545,569 | | 9,749 |
Titan Industries Ltd. | 6,456,377 | | 28,564 |
TOTAL INDIA | | 100,438 |
Indonesia - 0.6% |
PT Media Nusantara Citra Tbk | 74,826,000 | | 18,319 |
PT Sarana Menara Nusantara Tbk (a) | 6,310,500 | | 9,476 |
PT Tower Bersama Infrastructure Tbk | 55,223,500 | | 18,327 |
TOTAL INDONESIA | | 46,122 |
Ireland - 2.0% |
Accenture PLC Class A | 723,300 | | 46,978 |
Ingersoll-Rand PLC | 653,900 | | 27,804 |
James Hardie Industries NV CDI | 6,070,470 | | 47,371 |
Paddy Power PLC (Ireland) | 728,700 | | 47,557 |
TOTAL IRELAND | | 169,710 |
Israel - 0.5% |
Check Point Software Technologies Ltd. (a) | 743,300 | | 43,208 |
Italy - 1.7% |
Brunello Cucinelli SpA | 64,500 | | 1,025 |
Fiat Industrial SpA | 1,853,300 | | 21,026 |
Prada SpA | 4,029,100 | | 27,367 |
Saipem SpA | 1,811,859 | | 89,513 |
TOTAL ITALY | | 138,931 |
Japan - 16.7% |
ABC-Mart, Inc. | 1,177,300 | | 42,875 |
Aozora Bank Ltd. | 13,450,000 | | 34,498 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Calbee, Inc. (d) | 613,300 | | $ 37,117 |
Canon, Inc. | 936,700 | | 42,461 |
Chiyoda Corp. | 2,780,000 | | 33,479 |
Cosmos Pharmaceutical Corp. | 770,000 | | 43,172 |
Credit Saison Co. Ltd. | 2,631,100 | | 56,470 |
CyberAgent, Inc. | 7,246 | | 22,317 |
Don Quijote Co. Ltd. | 1,716,200 | | 62,954 |
Fanuc Corp. | 580,800 | | 97,958 |
Fast Retailing Co. Ltd. | 155,700 | | 34,796 |
Hitachi Ltd. | 8,485,000 | | 54,046 |
Honda Motor Co. Ltd. | 2,539,700 | | 91,407 |
Japan Tobacco, Inc. | 19,478 | | 107,909 |
JS Group Corp. | 1,856,500 | | 36,457 |
JSR Corp. | 2,283,400 | | 45,069 |
Kakaku.com, Inc. | 810,600 | | 25,208 |
KDDI Corp. | 7,108 | | 46,534 |
Keyence Corp. | 304,060 | | 71,770 |
Mitsubishi Corp. | 1,836,500 | | 39,803 |
Mitsubishi Estate Co. Ltd. | 1,553,000 | | 27,456 |
Mitsubishi UFJ Financial Group, Inc. | 15,161,400 | | 72,802 |
Nexon Co. Ltd. | 386,400 | | 7,325 |
ORIX Corp. | 1,321,050 | | 126,315 |
Rakuten, Inc. | 76,332 | | 85,142 |
Seven Bank Ltd. | 12,837,900 | | 31,721 |
So-net M3, Inc. | 5,296 | | 24,621 |
Unicharm Corp. | 98,700 | | 5,522 |
TOTAL JAPAN | | 1,407,204 |
Korea (South) - 3.9% |
Hyundai Motor Co. | 273,935 | | 65,083 |
Kia Motors Corp. | 570,510 | | 42,102 |
LG Household & Health Care Ltd. | 92,676 | | 48,629 |
NCsoft Corp. | 73,550 | | 19,069 |
NHN Corp. | 64,289 | | 14,563 |
Orion Corp. | 74,285 | | 59,027 |
Samsung Electronics Co. Ltd. | 64,872 | | 79,789 |
TOTAL KOREA (SOUTH) | | 328,262 |
Luxembourg - 1.2% |
Brait SA | 5,949,360 | | 18,625 |
Millicom International Cellular SA (d) | 190,400 | | 20,371 |
Common Stocks - continued |
| Shares | | Value (000s) |
Luxembourg - continued |
Millicom International Cellular SA (depository receipt) | 149,700 | | $ 15,904 |
Samsonite International SA | 25,547,100 | | 49,523 |
TOTAL LUXEMBOURG | | 104,423 |
Mexico - 0.3% |
Wal-Mart de Mexico SA de CV Series V | 8,018,800 | | 22,927 |
Netherlands - 4.7% |
AEGON NV | 5,028,800 | | 23,394 |
ASML Holding NV | 1,164,200 | | 59,363 |
Gemalto NV | 1,463,106 | | 109,026 |
HeidelbergCement Finance AG (d) | 850,200 | | 46,747 |
ING Groep NV (Certificaten Van Aandelen) (a) | 5,244,400 | | 37,001 |
LyondellBasell Industries NV Class A | 474,800 | | 19,837 |
NXP Semiconductors NV (a) | 923,700 | | 23,878 |
Randstad Holding NV | 741,403 | | 25,675 |
Yandex NV | 2,218,600 | | 52,625 |
TOTAL NETHERLANDS | | 397,546 |
Norway - 0.6% |
DnB NOR ASA (d) | 4,617,355 | | 49,786 |
Philippines - 0.0% |
Alliance Global Group, Inc. | 11,837,700 | | 3,470 |
Poland - 0.5% |
Eurocash SA | 3,593,990 | | 43,885 |
Qatar - 0.2% |
Commercial Bank of Qatar GDR (Reg. S) | 5,094,802 | | 20,151 |
Russia - 0.5% |
Mobile TeleSystems OJSC sponsored ADR | 2,203,700 | | 43,104 |
South Africa - 0.6% |
Shoprite Holdings Ltd. | 1,552,300 | | 26,823 |
Tiger Brands Ltd. | 525,500 | | 19,255 |
TOTAL SOUTH AFRICA | | 46,078 |
Spain - 1.0% |
Banco Bilbao Vizcaya Argentaria SA | 5,172,700 | | 35,007 |
Banco Bilbao Vizcaya Argentaria SA rights 4/30/12 (a) | 5,172,679 | | 740 |
Inditex SA | 562,106 | | 50,563 |
TOTAL SPAIN | | 86,310 |
Sweden - 2.5% |
Atlas Copco AB (A Shares) | 2,131,200 | | 50,737 |
Common Stocks - continued |
| Shares | | Value (000s) |
Sweden - continued |
Elekta AB: | | | |
unit (a) | 495,400 | | $ 1,614 |
(B Shares) | 495,400 | | 25,136 |
Intrum Justitia AB | 1,835,800 | | 27,862 |
Svenska Handelsbanken AB (A Shares) | 1,632,100 | | 52,892 |
Swedish Match Co. AB | 1,250,800 | | 50,845 |
TOTAL SWEDEN | | 209,086 |
Switzerland - 4.5% |
Adecco SA (Reg.) | 521,444 | | 25,396 |
Partners Group Holding AG | 230,056 | | 43,778 |
Roche Holding AG (participation certificate) | 242,272 | | 44,261 |
Schindler Holding AG (participation certificate) | 554,147 | | 71,684 |
Swatch Group AG (Bearer) | 54,660 | | 25,211 |
Syngenta AG (Switzerland) | 81,540 | | 28,597 |
UBS AG | 4,126,610 | | 51,540 |
Zurich Financial Services AG | 346,539 | | 84,769 |
TOTAL SWITZERLAND | | 375,236 |
Turkey - 0.1% |
Boyner Buyuk Magazacilik A/S (a)(e) | 4,683,100 | | 9,409 |
United Kingdom - 21.0% |
Aberdeen Asset Management PLC | 5,975,132 | | 27,495 |
Aggreko PLC | 1,276,500 | | 46,638 |
Anglo American PLC (United Kingdom) | 1,482,200 | | 56,968 |
Ashmore Group PLC | 3,169,400 | | 19,682 |
Barclays PLC | 21,015,144 | | 74,410 |
BG Group PLC | 4,571,872 | | 107,636 |
BHP Billiton PLC | 3,298,888 | | 106,210 |
BP PLC | 10,744,667 | | 77,630 |
British American Tobacco PLC (United Kingdom) | 2,906,800 | | 149,107 |
British Land Co. PLC | 5,756,734 | | 45,728 |
Burberry Group PLC | 1,577,700 | | 38,027 |
Carphone Warehouse Group PLC | 14,430,174 | | 30,682 |
Diageo PLC | 3,917,457 | | 98,823 |
GlaxoSmithKline PLC | 2,658,600 | | 61,425 |
HSBC Holdings PLC (United Kingdom) | 10,856,757 | | 98,018 |
Jazztel PLC (a) | 5,843,900 | | 39,153 |
Legal & General Group PLC | 32,995,838 | | 62,981 |
London Stock Exchange Group PLC | 547,400 | | 9,667 |
Meggitt PLC | 6,792,200 | | 45,035 |
Michael Page International PLC | 3,700,600 | | 24,963 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Next PLC | 514,144 | | $ 24,443 |
Ocado Group PLC (a)(d) | 14,388,400 | | 30,313 |
Reckitt Benckiser Group PLC | 595,000 | | 34,641 |
Rolls-Royce Group PLC | 4,197,715 | | 56,108 |
Rotork PLC | 598,000 | | 21,421 |
Royal Dutch Shell PLC Class B | 6,206,463 | | 227,155 |
Royalblue Group PLC | 607,375 | | 15,280 |
Ultra Electronics Holdings PLC | 614,667 | | 16,801 |
Vodafone Group PLC | 32,422,743 | | 89,756 |
Xstrata PLC | 1,857,800 | | 35,506 |
TOTAL UNITED KINGDOM | | 1,771,702 |
United States of America - 4.2% |
Beam, Inc. | 312,900 | | 17,766 |
Cirrus Logic, Inc. (a) | 356,774 | | 9,768 |
Citrix Systems, Inc. (a) | 303,600 | | 25,991 |
Cognizant Technology Solutions Corp. Class A (a) | 787,700 | | 57,754 |
Cummins, Inc. | 223,700 | | 25,911 |
Dollar General Corp. (a) | 719,200 | | 34,133 |
MasterCard, Inc. Class A | 160,100 | | 72,408 |
Michael Kors Holdings Ltd. | 827,500 | | 37,792 |
Royal Gold, Inc. | 394,800 | | 24,462 |
Total System Services, Inc. | 1,094,700 | | 25,747 |
United Technologies Corp. | 310,700 | | 25,366 |
TOTAL UNITED STATES OF AMERICA | | 357,098 |
TOTAL COMMON STOCKS (Cost $7,586,277) |
8,150,321
|
Nonconvertible Preferred Stocks - 0.9% |
| | | |
Germany - 0.7% |
Volkswagen AG | 297,200 | | 56,300 |
Italy - 0.2% |
Fiat Industrial SpA | 2,028,320 | | 16,648 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C | 444,957,790 | | 722 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $56,671) |
73,670
|
Investment Companies - 0.0% |
| Shares | | Value (000s) |
Cyprus - 0.0% |
Aisi Realty Public Ltd. (a)
(Cost $6,902) | 216,330 | | $ 293 |
Money Market Funds - 6.6% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 145,226,599 | | 145,227 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 415,162,260 | | 415,162 |
TOTAL MONEY MARKET FUNDS (Cost $560,389) |
560,389
|
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $8,210,239) | | 8,784,673 |
NET OTHER ASSETS (LIABILITIES) - (4.1)% | | (346,812) |
NET ASSETS - 100% | $ 8,437,861 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) 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
(Amounts in thousands) |
Fidelity Cash Central Fund | $ 37 |
Fidelity Securities Lending Cash Central Fund | 1,557 |
Total | $ 1,594 |
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
(Amounts in thousands) | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Aisi Realty Public Ltd. | $ 240 | $ - | $ - | $ - | $ - |
Boyner Buyuk Magazacilik A/S | 10,096 | - | 1,569 | - | 9,409 |
Total | $ 10,336 | $ - | $ 1,569 | $ - | $ 9,409 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 1,333,113 | $ 993,622 | $ 339,491 | $ - |
Consumer Staples | 936,188 | 494,538 | 441,650 | - |
Energy | 571,862 | 267,077 | 304,785 | - |
Financials | 1,620,409 | 937,508 | 682,901 | - |
Health Care | 553,242 | 212,520 | 340,722 | - |
Industrials | 1,059,206 | 851,509 | 207,697 | - |
Information Technology | 1,077,477 | 818,973 | 258,504 | - |
Materials | 611,649 | 431,773 | 179,876 | - |
Telecommunication Services | 400,033 | 263,743 | 136,290 | - |
Utilities | 60,812 | 60,812 | - | - |
Investment Companies | 293 | 293 | - | - |
Money Market Funds | 560,389 | 560,389 | - | - |
Total Investments in Securities: | $ 8,784,673 | $ 5,892,757 | $ 2,891,916 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $394,609) - See accompanying schedule: Unaffiliated issuers (cost $7,638,088) | $ 8,214,875 | |
Fidelity Central Funds (cost $560,389) | 560,389 | |
Other affiliated issuers (cost $11,762) | 9,409 | |
Total Investments (cost $8,210,239) | | $ 8,784,673 |
Foreign currency held at value (cost $2,858) | | 2,858 |
Receivable for investments sold | | 48,540 |
Receivable for fund shares sold | | 5,251 |
Dividends receivable | | 35,054 |
Distributions receivable from Fidelity Central Funds | | 835 |
Prepaid expenses | | 9 |
Other receivables | | 5,300 |
Total assets | | 8,882,520 |
| | |
Liabilities | | |
Payable for investments purchased | $ 9,450 | |
Payable for fund shares redeemed | 11,412 | |
Accrued management fee | 5,413 | |
Distribution and service plan fees payable | 119 | |
Other affiliated payables | 1,535 | |
Other payables and accrued expenses | 1,568 | |
Collateral on securities loaned, at value | 415,162 | |
Total liabilities | | 444,659 |
| | |
Net Assets | | $ 8,437,861 |
Net Assets consist of: | | |
Paid in capital | | $ 9,446,354 |
Undistributed net investment income | | 69,050 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (1,651,021) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 573,478 |
Net Assets | | $ 8,437,861 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A: Net Asset Value and redemption price per share ($300,537 ÷ 9,809.7 shares) | | $ 30.64 |
| | |
Maximum offering price per share (100/94.25 of $30.64) | | $ 32.51 |
Class T:
Net Asset Value and redemption price per share ($56,614 ÷ 1,859.4 shares) | | $ 30.45 |
| | |
Maximum offering price per share (100/96.50 of $30.45) | | $ 31.55 |
Class B:
Net Asset Value and offering price per share ($9,076 ÷ 298.7 shares)A | | $ 30.39 |
| | |
Class C:
Net Asset Value and offering price per share ($31,480 ÷ 1,034.8 shares)A | | $ 30.42 |
| | |
| | |
International Discovery:
Net Asset Value, offering price and redemption price per share ($6,173,937 ÷ 200,242.2 shares) | | $ 30.83 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($1,575,845 ÷ 51,219.8 shares) | | $ 30.77 |
| | |
Institutional Class: Net Asset Value, offering price and redemption price per share ($290,372 ÷ 9,432.2 shares) | | $ 30.79 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 126,624 |
Interest | | 1 |
Income from Fidelity Central Funds | | 1,594 |
Income before foreign taxes withheld | | 128,219 |
Less foreign taxes withheld | | (5,881) |
Total income | | 122,338 |
| | |
Expenses | | |
Management fee
Basic fee | $ 29,546 | |
Performance adjustment | (1,661) | |
Transfer agent fees | 8,460 | |
Distribution and service plan fees | 718 | |
Accounting and security lending fees | 859 | |
Custodian fees and expenses | 670 | |
Independent trustees' compensation | 25 | |
Registration fees | 147 | |
Audit | 58 | |
Legal | 19 | |
Interest | 5 | |
Miscellaneous | 43 | |
Total expenses before reductions | 38,889 | |
Expense reductions | (2,136) | 36,753 |
Net investment income (loss) | | 85,585 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (180,622) | |
Other affiliated issuers | (1,405) | |
Foreign currency transactions | (2,181) | |
Total net realized gain (loss) | | (184,208) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $110) | 523,787 | |
Assets and liabilities in foreign currencies | (333) | |
Total change in net unrealized appreciation (depreciation) | | 523,454 |
Net gain (loss) | | 339,246 |
Net increase (decrease) in net assets resulting from operations | | $ 424,831 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended
April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 85,585 | $ 161,608 |
Net realized gain (loss) | (184,208) | 501,938 |
Change in net unrealized appreciation (depreciation) | 523,454 | (1,247,522) |
Net increase (decrease) in net assets resulting
from operations | 424,831 | (583,976) |
Distributions to shareholders from net investment income | (118,968) | (149,936) |
Distributions to shareholders from net realized gain | - | (48,090) |
Total distributions | (118,968) | (198,026) |
Share transactions - net increase (decrease) | (621,058) | (537,341) |
Redemption fees | 89 | 160 |
Total increase (decrease) in net assets | (315,106) | (1,319,183) |
| | |
Net Assets | | |
Beginning of period | 8,752,967 | 10,072,150 |
End of period (including undistributed net investment income of $69,050 and undistributed net investment income of $102,433, respectively) | $ 8,437,861 | $ 8,752,967 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.43 | $ 32.07 | $ 28.57 | $ 23.68 | $ 47.34 | $ 36.47 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .25 | .42 | .31 | .31 | .46 | .44 |
Net realized and unrealized gain (loss) | 1.25 | (2.52) | 3.51 | 4.84 | (22.08) | 11.76 |
Total from investment operations | 1.50 | (2.10) | 3.82 | 5.15 | (21.62) | 12.20 |
Distributions from net investment income | (.29) | (.38) | (.28) | (.26) | (.37) | (.35) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.29) | (.54) | (.32) | (.26) | (2.04) | (1.33) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 30.64 | $ 29.43 | $ 32.07 | $ 28.57 | $ 23.68 | $ 47.34 |
Total Return B, C, D | 5.20% | (6.71)% | 13.43% | 22.14% | (47.65)% | 34.54% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.27% A | 1.30% | 1.33% | 1.37% | 1.32% | 1.25% |
Expenses net of fee waivers, if any | 1.27% A | 1.29% | 1.33% | 1.37% | 1.32% | 1.25% |
Expenses net of all reductions | 1.21% A | 1.25% | 1.28% | 1.32% | 1.29% | 1.22% |
Net investment income (loss) | 1.72% A | 1.31% | 1.06% | 1.28% | 1.27% | 1.08% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 301 | $ 320 | $ 392 | $ 414 | $ 380 | $ 417 |
Portfolio turnover rate G | 91% A | 75% | 82% | 98% | 79% | 56% |
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 T
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.18 | $ 31.81 | $ 28.35 | $ 23.49 | $ 47.06 | $ 36.30 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .21 | .34 | .23 | .24 | .33 | .29 |
Net realized and unrealized gain (loss) | 1.25 | (2.51) | 3.48 | 4.81 | (21.94) | 11.71 |
Total from investment operations | 1.46 | (2.17) | 3.71 | 5.05 | (21.61) | 12.00 |
Distributions from net investment income | (.19) | (.30) | (.21) | (.19) | (.29) | (.26) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.19) | (.46) | (.25) | (.19) | (1.96) | (1.24) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 30.45 | $ 29.18 | $ 31.81 | $ 28.35 | $ 23.49 | $ 47.06 |
Total Return B, C, D | 5.07% | (6.96)% | 13.14% | 21.79% | (47.84)% | 34.08% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.51% A | 1.56% | 1.60% | 1.65% | 1.68% | 1.63% |
Expenses net of fee waivers, if any | 1.51% A | 1.55% | 1.60% | 1.65% | 1.68% | 1.63% |
Expenses net of all reductions | 1.46% A | 1.51% | 1.56% | 1.60% | 1.64% | 1.60% |
Net investment income (loss) | 1.47% A | 1.05% | .79% | 1.00% | .91% | .70% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 57 | $ 61 | $ 92 | $ 83 | $ 64 | $ 53 |
Portfolio turnover rate G | 91% A | 75% | 82% | 98% | 79% | 56% |
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
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.02 | $ 31.60 | $ 28.18 | $ 23.25 | $ 46.70 | $ 36.12 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .14 | .17 | .08 | .12 | .15 | .08 |
Net realized and unrealized gain (loss) | 1.25 | (2.48) | 3.44 | 4.81 | (21.77) | 11.64 |
Total from investment operations | 1.39 | (2.31) | 3.52 | 4.93 | (21.62) | 11.72 |
Distributions from net investment income | (.02) | (.12) | (.06) | - | (.16) | (.16) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.02) | (.27) J | (.10) | - | (1.83) | (1.14) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 30.39 | $ 29.02 | $ 31.60 | $ 28.18 | $ 23.25 | $ 46.70 |
Total Return B, C, D | 4.78% | (7.39)% | 12.52% | 21.20% | (48.11)% | 33.37% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.01% A | 2.06% | 2.12% | 2.16% | 2.19% | 2.14% |
Expenses net of fee waivers, if any | 2.01% A | 2.06% | 2.12% | 2.16% | 2.19% | 2.14% |
Expenses net of all reductions | 1.96% A | 2.02% | 2.08% | 2.11% | 2.15% | 2.10% |
Net investment income (loss) | .97% A | .54% | .27% | .49% | .40% | .19% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 9 | $ 10 | $ 14 | $ 16 | $ 15 | $ 17 |
Portfolio turnover rate G | 91% A | 75% | 82% | 98% | 79% | 56% |
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. JTotal distributions of $.27 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.155 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.08 | $ 31.68 | $ 28.23 | $ 23.31 | $ 46.82 | $ 36.19 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .14 | .18 | .09 | .12 | .15 | .09 |
Net realized and unrealized gain (loss) | 1.24 | (2.49) | 3.45 | 4.82 | (21.82) | 11.66 |
Total from investment operations | 1.38 | (2.31) | 3.54 | 4.94 | (21.67) | 11.75 |
Distributions from net investment income | (.04) | (.14) | (.05) | (.02) | (.17) | (.14) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.04) | (.29) J | (.09) | (.02) | (1.84) | (1.12) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 30.42 | $ 29.08 | $ 31.68 | $ 28.23 | $ 23.31 | $ 46.82 |
Total Return B, C, D | 4.76% | (7.37)% | 12.54% | 21.22% | (48.10)% | 33.38% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.01% A | 2.05% | 2.09% | 2.14% | 2.17% | 2.11% |
Expenses net of fee waivers, if any | 2.01% A | 2.04% | 2.09% | 2.14% | 2.17% | 2.11% |
Expenses net of all reductions | 1.96% A | 2.00% | 2.05% | 2.09% | 2.13% | 2.08% |
Net investment income (loss) | .97% A | .56% | .30% | .51% | .42% | .22% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 31 | $ 33 | $ 44 | $ 43 | $ 36 | $ 28 |
Portfolio turnover rate G | 91% A | 75% | 82% | 98% | 79% | 56% |
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. JTotal distributions of $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Discovery
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.69 | $ 32.34 | $ 28.79 | $ 23.88 | $ 47.68 | $ 36.67 |
Income from
Investment Operations | | | | | |
Net investment income (loss) D | .30 | .53 | .40 | .37 | .57 | .53 |
Net realized and unrealized gain (loss) | 1.25 | (2.54) | 3.54 | 4.88 | (22.29) | 11.84 |
Total from investment operations | 1.55 | (2.01) | 3.94 | 5.25 | (21.72) | 12.37 |
Distributions from net investment income | (.41) | (.48) | (.35) | (.34) | (.41) | (.38) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.41) | (.64) | (.39) | (.34) | (2.08) | (1.36) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 30.83 | $ 29.69 | $ 32.34 | $ 28.79 | $ 23.88 | $ 47.68 |
Total Return B, C | 5.34% | (6.39)% | 13.76% | 22.47% | (47.55)% | 34.85% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .94% A | .97% | 1.05% | 1.12% | 1.09% | 1.04% |
Expenses net of fee waivers, if any | .94% A | .96% | 1.05% | 1.12% | 1.09% | 1.04% |
Expenses net of all reductions | .89% A | .92% | 1.00% | 1.07% | 1.05% | 1.00% |
Net investment income (loss) | 2.04% A | 1.64% | 1.35% | 1.53% | 1.51% | 1.30% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 6,174 | $ 6,806 | $ 8,133 | $ 8,114 | $ 6,999 | $ 14,176 |
Portfolio turnover rate F | 91% A | 75% | 82% | 98% | 79% | 56% |
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
Financial Highlights - Class K
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.66 | $ 32.32 | $ 28.78 | $ 23.90 | $ 40.32 |
Income from
Investment Operations | | | | |
Net investment income (loss) D | .32 | .58 | .46 | .44 | .10 |
Net realized and unrealized gain (loss) | 1.26 | (2.54) | 3.53 | 4.86 | (16.52) |
Total from investment operations | 1.58 | (1.96) | 3.99 | 5.30 | (16.42) |
Distributions from net investment income | (.47) | (.55) | (.41) | (.42) | - |
Distributions from net realized gain | - | (.16) | (.04) | - | - |
Total distributions | (.47) | (.70) J | (.45) | (.42) | - |
Redemption fees added to paid in capital D, I | - | - | - | - | - |
Net asset value, end of period | $ 30.77 | $ 29.66 | $ 32.32 | $ 28.78 | $ 23.90 |
Total Return B, C | 5.47% | (6.24)% | 13.96% | 22.80% | (40.72)% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | .76% A | .80% | .84% | .88% | .93% A |
Expenses net of fee waivers, if any | .76% A | .79% | .84% | .88% | .93% A |
Expenses net of all reductions | .71% A | .75% | .79% | .83% | .89% A |
Net investment income (loss) | 2.22% A | 1.81% | 1.55% | 1.77% | .83% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 1,576 | $ 1,245 | $ 1,078 | $ 674 | $ 145 |
Portfolio turnover rate F | 91% A | 75% | 82% | 98% | 79% |
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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. 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 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. IAmount represents less than $.01 per share. JTotal distributions of $.70 per share is comprised of distributions from net investment income of $.548 and distributions from net realized gain of $.155 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.65 | $ 32.31 | $ 28.77 | $ 23.91 | $ 47.73 | $ 36.71 |
Income from
Investment Operations | | | | | |
Net investment income (loss) D | .30 | .54 | .41 | .39 | .53 | .55 |
Net realized and unrealized gain (loss) | 1.25 | (2.55) | 3.55 | 4.86 | (22.24) | 11.85 |
Total from investment operations | 1.55 | (2.01) | 3.96 | 5.25 | (21.71) | 12.40 |
Distributions from net investment income | (.41) | (.50) | (.38) | (.39) | (.44) | (.40) |
Distributions from net realized gain | - | (.16) | (.04) | - | (1.67) | (.98) |
Total distributions | (.41) | (.65) I | (.42) | (.39) | (2.11) | (1.38) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 30.79 | $ 29.65 | $ 32.31 | $ 28.77 | $ 23.91 | $ 47.73 |
Total Return B, C | 5.37% | (6.39)% | 13.84% | 22.52% | (47.51)% | 34.93% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | .93% A | .95% | .99% | 1.05% | 1.05% | .97% |
Expenses net of fee waivers, if any | .93% A | .94% | .99% | 1.05% | 1.05% | .97% |
Expenses net of all reductions | .88% A | .90% | .95% | 1.00% | 1.01% | .94% |
Net investment income (loss) | 2.05% A | 1.66% | 1.40% | 1.60% | 1.54% | 1.36% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 290 | $ 278 | $ 319 | $ 267 | $ 159 | $ 58 |
Portfolio turnover rate F | 91% A | 75% | 82% | 98% | 79% | 56% |
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 $.65 per share is comprised of distributions from net investment income of $.497 and distributions from net realized gain of $.155 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, 2012 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity® International Discovery 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, International Discovery, Class K and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Temporary book-tax differences 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 | $ 1,048,408 |
Gross unrealized depreciation | (571,068) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 477,340 |
| |
Tax cost | $ 8,307,333 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2017 | $ (1,349,541) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
4. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $3,765,570 and $4,603,191, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Discovery as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .67% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 373 | $ 8 |
Class T | .25% | .25% | 141 | 1 |
Class B | .75% | .25% | 47 | 35 |
Class C | .75% | .25% | 157 | 12 |
| | | $ 718 | $ 56 |
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, 1.00% for Class C,
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
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
by FDC |
Class A | $ 39 |
Class T | 5 |
Class B* | 11 |
Class C* | 1 |
| $ 56 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 453 | .30 |
Class T | 86 | .30 |
Class B | 14 | .30 |
Class C | 47 | .30 |
International Discovery | 7,197 | .23 |
Class K | 360 | .05 |
Institutional Class | 303 | .22 |
| $ 8,460 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $11 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, 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
Balance | Weighted Average
Interest Rate | Interest
Expense |
Borrower | $ 19,289 | .34% | $ 5 |
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $13 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $314. Security lending
Semiannual Report
7. Security Lending - continued
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 $1,557, including $43 from securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $2,136 for the period.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 3,123 | $ 4,617 |
Class T | 388 | 859 |
Class B | 6 | 51 |
Class C | 44 | 184 |
International Discovery | 90,633 | 121,061 |
Class K | 20,917 | 18,291 |
Institutional Class | 3,857 | 4,873 |
Total | $ 118,968 | $ 149,936 |
From net realized gain | | |
Class A | $ - | $ 1,880 |
Class T | - | 439 |
Class B | - | 69 |
Class C | - | 209 |
International Discovery | - | 38,831 |
Class K | - | 5,143 |
Institutional Class | - | 1,519 |
Total | $ - | $ 48,090 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 1,002 | 2,821 | $ 29,166 | $ 91,649 |
Reinvestment of distributions | 101 | 173 | 2,828 | 5,606 |
Shares redeemed | (2,162) | (4,335) | (61,874) | (139,721) |
Net increase (decrease) | (1,059) | (1,341) | $ (29,880) | $ (42,466) |
Class T | | | | |
Shares sold | 140 | 443 | $ 4,039 | $ 14,328 |
Reinvestment of distributions | 13 | 38 | 369 | 1,235 |
Shares redeemed | (381) | (1,286) | (10,941) | (41,028) |
Net increase (decrease) | (228) | (805) | $ (6,533) | $ (25,465) |
Class B | | | | |
Shares sold | 2 | 21 | $ 51 | $ 671 |
Reinvestment of distributions | - | 3 | 5 | 111 |
Shares redeemed | (54) | (130) | (1,561) | (4,124) |
Net increase (decrease) | (52) | (106) | $ (1,505) | $ (3,342) |
Class C | | | | |
Shares sold | 135 | 183 | $ 3,824 | $ 5,847 |
Reinvestment of distributions | 1 | 11 | 39 | 344 |
Shares redeemed | (233) | (437) | (6,699) | (13,875) |
Net increase (decrease) | (97) | (243) | $ (2,836) | $ (7,684) |
International Discovery | | | | |
Shares sold | 9,877 | 32,543 | $ 288,286 | $ 1,052,266 |
Reinvestment of distributions | 3,081 | 4,718 | 86,859 | 153,551 |
Shares redeemed | (41,967) | (59,489) | (1,221,280) | (1,934,353) |
Net increase (decrease) | (29,009) | (22,228) | $ (846,135) | $ (728,536) |
Class K | | | | |
Shares sold | 16,476 | 18,148 | $ 477,382 | $ 593,408 |
Reinvestment of distributions | 744 | 722 | 20,917 | 23,434 |
Shares redeemed | (7,956) | (10,275) | (233,411) | (330,258) |
Net increase (decrease) | 9,264 | 8,595 | $ 264,888 | $ 286,584 |
Institutional Class | | | | |
Shares sold | 1,446 | 2,364 | $ 41,448 | $ 75,348 |
Reinvestment of distributions | 53 | 69 | 1,502 | 2,254 |
Shares redeemed | (1,454) | (2,923) | (42,007) | (94,034) |
Net increase (decrease) | 45 | (490) | $ 943 | $ (16,432) |
Semiannual Report
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.
Fidelity Management & Research
(U.K.) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
The Northern Trust Company
Chicago, IL
IGI-K-USAN-0612
1.863310.103
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Growth
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Class A, Class T,
Class B, and Class C are
classes of Fidelity®
International Growth Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,097.30 | $ 7.56 |
HypotheticalA | | $ 1,000.00 | $ 1,017.65 | $ 7.27 |
Class T | 1.70% | | | |
Actual | | $ 1,000.00 | $ 1,095.70 | $ 8.86 |
HypotheticalA | | $ 1,000.00 | $ 1,016.41 | $ 8.52 |
Class B | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,093.10 | $ 11.45 |
HypotheticalA | | $ 1,000.00 | $ 1,013.92 | $ 11.02 |
Class C | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,092.70 | $ 11.45 |
HypotheticalA | | $ 1,000.00 | $ 1,013.92 | $ 11.02 |
International Growth | 1.20% | | | |
Actual | | $ 1,000.00 | $ 1,099.10 | $ 6.26 |
HypotheticalA | | $ 1,000.00 | $ 1,018.90 | $ 6.02 |
Institutional Class | 1.20% | | | |
Actual | | $ 1,000.00 | $ 1,097.90 | $ 6.26 |
HypotheticalA | | $ 1,000.00 | $ 1,018.90 | $ 6.02 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United Kingdom 18.3% | |
 | United States of America 18.1% | |
 | Japan 10.6% | |
 | Switzerland 9.5% | |
 | Belgium 4.2% | |
 | Australia 4.0% | |
 | Germany 3.8% | |
 | Denmark 3.3% | |
 | France 3.3% | |
 | Other 24.9% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United Kingdom 18.5% | |
 | United States of America 17.5% | |
| Switzerland 9.6% | |
| Japan 7.4% | |
| Australia 5.2% | |
| Germany 4.9% | |
| France 4.1% | |
| Belgium 3.5% | |
| Denmark 2.9% | |
| Other 26.4% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.4 | 95.8 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.6 | 4.2 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Switzerland, Food Products) | 5.0 | 4.9 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 3.3 | 2.9 |
BHP Billiton PLC ADR (United Kingdom, Metals & Mining) | 3.1 | 3.6 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 2.9 | 2.8 |
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) | 2.5 | 2.2 |
Linde AG (Germany, Chemicals) | 2.4 | 2.2 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.0 | 1.8 |
Standard Chartered PLC (United Kingdom) (United Kingdom, Commercial Banks) | 1.9 | 1.5 |
Philip Morris International, Inc. (United States of America, Tobacco) | 1.8 | 1.6 |
MasterCard, Inc. Class A (United States of America, IT Services) | 1.8 | 1.4 |
| 26.7 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Staples | 22.4 | 22.2 |
Consumer Discretionary | 15.2 | 12.1 |
Industrials | 13.4 | 12.7 |
Materials | 13.2 | 15.8 |
Financials | 10.9 | 10.4 |
Health Care | 9.5 | 8.2 |
Information Technology | 7.5 | 8.5 |
Energy | 4.9 | 5.2 |
Telecommunication Services | 0.4 | 0.7 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.4% |
| Shares | | Value |
Australia - 4.0% |
Coca-Cola Amatil Ltd. | 68,245 | | $ 885,208 |
CSL Ltd. | 47,526 | | 1,815,219 |
Newcrest Mining Ltd. | 30,456 | | 834,514 |
Sydney Airport unit | 98,642 | | 299,061 |
WorleyParsons Ltd. | 36,234 | | 1,066,449 |
TOTAL AUSTRALIA | | 4,900,451 |
Austria - 1.1% |
Andritz AG | 19,600 | | 1,025,924 |
Zumtobel AG | 20,266 | | 279,013 |
TOTAL AUSTRIA | | 1,304,937 |
Bailiwick of Guernsey - 0.4% |
Resolution Ltd. | 139,565 | | 506,970 |
Bailiwick of Jersey - 0.9% |
Informa PLC | 46,650 | | 313,925 |
Randgold Resources Ltd. sponsored ADR | 8,435 | | 751,980 |
TOTAL BAILIWICK OF JERSEY | | 1,065,905 |
Belgium - 4.2% |
Anheuser-Busch InBev SA NV (d) | 56,091 | | 4,043,090 |
Umicore SA (d) | 20,951 | | 1,136,994 |
TOTAL BELGIUM | | 5,180,084 |
Bermuda - 1.4% |
Lazard Ltd. Class A | 10,692 | | 294,137 |
Li & Fung Ltd. | 534,000 | | 1,142,518 |
Trinity Ltd. | 328,000 | | 274,367 |
TOTAL BERMUDA | | 1,711,022 |
Brazil - 1.8% |
Arezzo Industria e Comercio SA | 17,200 | | 270,703 |
BM&F Bovespa SA | 80,200 | | 451,037 |
Braskem SA Class A sponsored ADR | 16,800 | | 246,960 |
Cetip SA | 17,600 | | 271,181 |
Iguatemi Empresa de Shopping Centers SA | 12,300 | | 270,243 |
Itau Unibanco Banco Multiplo SA sponsored ADR | 18,748 | | 294,156 |
Multiplan Empreendimentos Imobiliarios SA | 19,600 | | 462,713 |
TOTAL BRAZIL | | 2,266,993 |
Canada - 1.7% |
Agnico-Eagle Mines Ltd. (Canada) | 9,200 | | 367,534 |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 1,400 | | 574,018 |
Common Stocks - continued |
| Shares | | Value |
Canada - continued |
First Quantum Minerals Ltd. | 13,600 | | $ 282,533 |
Goldcorp, Inc. | 16,706 | | 639,826 |
Open Text Corp. (a) | 4,900 | | 274,727 |
TOTAL CANADA | | 2,138,638 |
Cayman Islands - 1.9% |
Baidu.com, Inc. sponsored ADR (a) | 5,380 | | 713,926 |
NVC Lighting Holdings Ltd. | 736,000 | | 267,510 |
Sands China Ltd. | 339,600 | | 1,335,000 |
TOTAL CAYMAN ISLANDS | | 2,316,436 |
Denmark - 3.3% |
Novo Nordisk A/S Series B sponsored ADR | 21,000 | | 3,087,420 |
William Demant Holding A/S (a) | 10,700 | | 1,010,081 |
TOTAL DENMARK | | 4,097,501 |
Finland - 1.7% |
Nokian Tyres PLC | 31,108 | | 1,475,507 |
Outotec Oyj | 12,000 | | 644,955 |
TOTAL FINLAND | | 2,120,462 |
France - 3.3% |
Alstom SA | 26,338 | | 940,691 |
Danone SA | 25,452 | | 1,790,802 |
Remy Cointreau SA | 5,690 | | 634,155 |
Safran SA | 19,500 | | 722,795 |
TOTAL FRANCE | | 4,088,443 |
Germany - 3.8% |
Linde AG | 17,241 | | 2,951,096 |
Siemens AG sponsored ADR | 19,000 | | 1,764,530 |
TOTAL GERMANY | | 4,715,626 |
Hong Kong - 1.1% |
Hong Kong Exchanges and Clearing Ltd. | 83,400 | | 1,333,987 |
India - 0.4% |
Bharti Airtel Ltd. | 78,769 | | 464,403 |
Ireland - 1.2% |
CRH PLC sponsored ADR | 37,600 | | 764,408 |
James Hardie Industries NV sponsored ADR | 18,200 | | 707,070 |
TOTAL IRELAND | | 1,471,478 |
Common Stocks - continued |
| Shares | | Value |
Israel - 0.3% |
Azrieli Group | 12,600 | | $ 309,511 |
Italy - 1.1% |
Fiat Industrial SpA | 85,401 | | 968,871 |
Interpump Group SpA | 37,651 | | 335,938 |
TOTAL ITALY | | 1,304,809 |
Japan - 10.6% |
Autobacs Seven Co. Ltd. | 12,300 | | 590,354 |
Denso Corp. | 51,300 | | 1,658,904 |
Fanuc Corp. (e) | 12,200 | | 2,057,665 |
Fast Retailing Co. Ltd. | 3,800 | | 849,232 |
Japan Tobacco, Inc. | 78 | | 432,123 |
JS Group Corp. | 21,600 | | 424,173 |
Keyence Corp. | 5,862 | | 1,383,665 |
Kobayashi Pharmaceutical Co. Ltd. | 10,200 | | 512,309 |
Mitsui Fudosan Co. Ltd. | 47,000 | | 860,944 |
Osaka Securities Exchange Co. Ltd. | 90 | | 515,306 |
SHO-BOND Holdings Co. Ltd. | 12,000 | | 303,521 |
SMC Corp. | 3,100 | | 517,742 |
Unicharm Corp. | 18,200 | | 1,018,198 |
USS Co. Ltd. | 12,420 | | 1,259,929 |
Yamato Kogyo Co. Ltd. | 23,700 | | 674,428 |
TOTAL JAPAN | | 13,058,493 |
Mexico - 0.8% |
Wal-Mart de Mexico SA de CV Series V | 347,500 | | 993,566 |
Netherlands - 1.6% |
ASML Holding NV | 38,600 | | 1,968,214 |
Portugal - 1.1% |
Jeronimo Martins SGPS SA | 74,652 | | 1,398,364 |
South Africa - 1.2% |
African Rainbow Minerals Ltd. | 11,639 | | 270,848 |
Clicks Group Ltd. | 52,017 | | 312,851 |
JSE Ltd. | 52,400 | | 553,777 |
Mr Price Group Ltd. | 25,000 | | 338,133 |
TOTAL SOUTH AFRICA | | 1,475,609 |
Spain - 1.4% |
Inditex SA (d) | 12,766 | | 1,148,330 |
Prosegur Compania de Seguridad SA (Reg.) | 9,200 | | 525,400 |
TOTAL SPAIN | | 1,673,730 |
Common Stocks - continued |
| Shares | | Value |
Sweden - 2.2% |
Fagerhult AB | 9,800 | | $ 293,821 |
H&M Hennes & Mauritz AB (B Shares) | 44,830 | | 1,540,192 |
Swedish Match Co. AB | 21,200 | | 861,785 |
TOTAL SWEDEN | | 2,695,798 |
Switzerland - 9.5% |
Nestle SA | 100,540 | | 6,159,471 |
Roche Holding AG (participation certificate) | 13,745 | | 2,511,069 |
Schindler Holding AG: | | | |
(participation certificate) | 4,901 | | 633,990 |
(Reg.) | 1,130 | | 144,433 |
Swatch Group AG (Bearer) | 3,780 | | 1,743,494 |
UBS AG (NY Shares) | 47,825 | | 591,595 |
TOTAL SWITZERLAND | | 11,784,052 |
Turkey - 1.6% |
Anadolu Efes Biracilik ve Malt Sanayii A/S | 21,800 | | 307,086 |
Coca-Cola Icecek A/S | 43,142 | | 606,492 |
Tupras-Turkiye Petrol Rafinerileri A/S | 15,687 | | 327,668 |
Turkiye Garanti Bankasi A/S | 204,500 | | 751,890 |
TOTAL TURKEY | | 1,993,136 |
United Kingdom - 18.3% |
Anglo American PLC: | | | |
ADR | 33,200 | | 640,096 |
(United Kingdom) | 9,000 | | 345,915 |
Babcock International Group PLC | 51,400 | | 693,281 |
BG Group PLC | 149,855 | | 3,528,046 |
BHP Billiton PLC ADR (d) | 59,600 | | 3,835,856 |
GlaxoSmithKline PLC sponsored ADR | 46,200 | | 2,135,826 |
InterContinental Hotel Group PLC ADR | 53,955 | | 1,288,445 |
Johnson Matthey PLC | 28,824 | | 1,082,587 |
Reckitt Benckiser Group PLC | 26,545 | | 1,545,466 |
Rolls-Royce Group PLC | 93,437 | | 1,248,900 |
Rotork PLC | 19,200 | | 687,779 |
SABMiller PLC | 40,866 | | 1,716,942 |
Serco Group PLC | 76,898 | | 677,111 |
Shaftesbury PLC | 37,833 | | 314,095 |
Standard Chartered PLC (United Kingdom) | 93,906 | | 2,295,428 |
Unite Group PLC | 85,300 | | 270,324 |
Victrex PLC | 12,000 | | 282,809 |
TOTAL UNITED KINGDOM | | 22,588,906 |
Common Stocks - continued |
| Shares | | Value |
United States of America - 15.5% |
Allergan, Inc. | 6,200 | | $ 595,200 |
Amazon.com, Inc. (a) | 3,500 | | 811,650 |
Autoliv, Inc. (d) | 20,000 | | 1,254,800 |
Berkshire Hathaway, Inc. Class B (a) | 16,623 | | 1,337,320 |
BorgWarner, Inc. (a) | 8,135 | | 642,990 |
CME Group, Inc. | 1,700 | | 451,894 |
Cymer, Inc. (a) | 9,100 | | 471,744 |
FMC Technologies, Inc. (a) | 10,512 | | 494,064 |
Freeport-McMoRan Copper & Gold, Inc. | 7,300 | | 279,590 |
JPMorgan Chase & Co. | 11,900 | | 511,462 |
Lam Research Corp. (a) | 6,755 | | 281,346 |
Martin Marietta Materials, Inc. (d) | 3,200 | | 265,216 |
MasterCard, Inc. Class A | 5,000 | | 2,261,350 |
Mead Johnson Nutrition Co. Class A | 19,600 | | 1,676,976 |
Mohawk Industries, Inc. (a) | 10,400 | | 697,008 |
National Oilwell Varco, Inc. | 7,234 | | 548,048 |
Philip Morris International, Inc. | 25,608 | | 2,292,172 |
PriceSmart, Inc. | 4,400 | | 363,176 |
ResMed, Inc. (a) | 16,800 | | 571,368 |
Solera Holdings, Inc. | 6,089 | | 273,640 |
Union Pacific Corp. | 12,400 | | 1,394,256 |
Visa, Inc. Class A | 13,900 | | 1,709,422 |
TOTAL UNITED STATES OF AMERICA | | 19,184,692 |
TOTAL COMMON STOCKS (Cost $113,575,745) |
120,112,216
|
Nonconvertible Preferred Stocks - 0.0% |
| | | |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C
(Cost $15,984) | 9,904,322 | |
16,076
|
Money Market Funds - 10.3% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.14% (b) | 2,797,705 | | $ 2,797,705 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 9,904,631 | | 9,904,631 |
TOTAL MONEY MARKET FUNDS (Cost $12,702,336) |
12,702,336
|
TOTAL INVESTMENT PORTFOLIO - 107.7% (Cost $126,294,065) | 132,830,628 |
NET OTHER ASSETS (LIABILITIES) - (7.7)% | (9,446,043) |
NET ASSETS - 100% | $ 123,384,585 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security or a portion of the security purchased on a delayed delivery or when-issued 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 | $ 2,386 |
Fidelity Securities Lending Cash Central Fund | 25,181 |
Total | $ 27,567 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 18,635,481 | $ 14,277,062 | $ 4,358,419 | $ - |
Consumer Staples | 27,817,742 | 25,855,112 | 1,962,630 | - |
Energy | 5,964,275 | 5,964,275 | - | - |
Financials | 13,221,988 | 11,845,738 | 1,376,250 | - |
Health Care | 11,726,183 | 11,726,183 | - | - |
Industrials | 16,599,926 | 13,296,825 | 3,303,101 | - |
Information Technology | 9,338,034 | 7,954,369 | 1,383,665 | - |
Materials | 16,360,260 | 15,685,832 | 674,428 | - |
Telecommunication Services | 464,403 | 464,403 | - | - |
Money Market Funds | 12,702,336 | 12,702,336 | - | - |
Total Investments in Securities: | $ 132,830,628 | $ 119,772,135 | $ 13,058,493 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $9,426,599) - See accompanying schedule: Unaffiliated issuers (cost $113,591,729) | $ 120,128,292 | |
Fidelity Central Funds (cost $12,702,336) | 12,702,336 | |
Total Investments (cost $126,294,065) | | $ 132,830,628 |
Foreign currency held at value (cost $40,219) | | 40,219 |
Receivable for investments sold | | 809,154 |
Receivable for fund shares sold | | 399,799 |
Dividends receivable | | 576,596 |
Distributions receivable from Fidelity Central Funds | | 12,974 |
Prepaid expenses | | 81 |
Receivable from investment adviser for expense reductions | | 10,349 |
Other receivables | | 4,551 |
Total assets | | 134,684,351 |
| | |
Liabilities | | |
Payable for investments purchased
Regular delivery | $ 771,848 | |
Delayed delivery | 51,912 | |
Payable for fund shares redeemed | 407,699 | |
Accrued management fee | 78,149 | |
Distribution and service plan fees payable | 7,157 | |
Other affiliated payables | 30,276 | |
Other payables and accrued expenses | 48,094 | |
Collateral on securities loaned, at value | 9,904,631 | |
Total liabilities | | 11,299,766 |
| | |
Net Assets | | $ 123,384,585 |
Net Assets consist of: | | |
Paid in capital | | $ 121,398,839 |
Undistributed net investment income | | 790,872 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (5,346,728) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 6,541,602 |
Net Assets | | $ 123,384,585 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($9,816,979 ÷ 1,115,784 shares) | | $ 8.80 |
| | |
Maximum offering price per share (100/94.25 of $8.80) | | $ 9.34 |
Class T:
Net Asset Value and redemption price per share ($4,655,852 ÷ 529,520 shares) | | $ 8.79 |
| | |
Maximum offering price per share (100/96.50 of $8.79) | | $ 9.11 |
Class B:
Net Asset Value and offering price per share
($518,764 ÷ 58,910 shares)A | | $ 8.81 |
| | |
Class C:
Net Asset Value and offering price per share ($3,609,983 ÷ 411,885 shares)A | | $ 8.76 |
| | |
International Growth:
Net Asset Value, offering price and redemption price per share ($102,623,708 ÷ 11,627,862 shares) | | $ 8.83 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,159,299 ÷ 244,753 shares) | | $ 8.82 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 1,445,096 |
Interest | | 13 |
Income from Fidelity Central Funds | | 27,567 |
Income before foreign taxes withheld | | 1,472,676 |
Less foreign taxes withheld | | (122,067) |
Total income | | 1,350,609 |
| | |
Expenses | | |
Management fee
Basic fee | $ 312,232 | |
Performance adjustment | 40,241 | |
Transfer agent fees | 124,671 | |
Distribution and service plan fees | 35,458 | |
Accounting and security lending fees | 23,436 | |
Custodian fees and expenses | 29,996 | |
Independent trustees' compensation | 233 | |
Registration fees | 35,897 | |
Audit | 34,412 | |
Legal | 171 | |
Miscellaneous | 377 | |
Total expenses before reductions | 637,124 | |
Expense reductions | (80,665) | 556,459 |
Net investment income (loss) | | 794,150 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (282,378) | |
Foreign currency transactions | 2,842 | |
Total net realized gain (loss) | | (279,536) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 7,772,854 | |
Assets and liabilities in foreign currencies | 4,027 | |
Total change in net unrealized appreciation (depreciation) | | 7,776,881 |
Net gain (loss) | | 7,497,345 |
Net increase (decrease) in net assets resulting from operations | | $ 8,291,495 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 794,150 | $ 628,947 |
Net realized gain (loss) | (279,536) | 1,817,821 |
Change in net unrealized appreciation (depreciation) | 7,776,881 | (6,057,574) |
Net increase (decrease) in net assets resulting
from operations | 8,291,495 | (3,610,806) |
Distributions to shareholders from net investment income | (594,738) | (276,358) |
Distributions to shareholders from net realized gain | (48,645) | (48,341) |
Total distributions | (643,383) | (324,699) |
Share transactions - net increase (decrease) | 49,294,625 | 35,841,228 |
Redemption fees | 1,465 | 7,927 |
Total increase (decrease) in net assets | 56,944,202 | 31,913,650 |
| | |
Net Assets | | |
Beginning of period | 66,440,383 | 34,526,733 |
End of period (including undistributed net investment income of $790,872 and undistributed net investment income of $591,460, respectively) | $ 123,384,585 | $ 66,440,383 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.09 | $ 8.38 | $ 7.01 | $ 5.46 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .07 | .08 | .05 | .05 | .07 |
Net realized and unrealized gain (loss) | .71 | (.31) | 1.39 | 1.55 | (4.61) |
Total from investment operations | .78 | (.23) | 1.44 | 1.60 | (4.54) |
Distributions from net investment income | (.06) | (.05) | (.05) | (.05) | - |
Distributions from net realized gain | (.01) | (.01) | (.03) | - | - |
Total distributions | (.07) | (.06) | (.07) K | (.05) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 8.80 | $ 8.09 | $ 8.38 | $ 7.01 | $ 5.46 |
Total Return B,C,D | 9.73% | (2.76)% | 20.68% | 29.72% | (45.40)% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.64% A | 1.77% | 2.13% | 2.46% | 2.88% |
Expenses net of fee waivers, if any | 1.45% A | 1.45% | 1.50% | 1.50% | 1.50% |
Expenses net of all reductions | 1.43% A | 1.43% | 1.48% | 1.47% | 1.48% |
Net investment income (loss) | 1.63% A | .92% | .74% | .85% | .80% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,817 | $ 6,352 | $ 3,084 | $ 1,452 | $ 820 |
Portfolio turnover rate G | 35% A | 68% | 87% | 116% | 115% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.07 per share is comprised of distributions from net investment income of $.046 and distributions from net realized gain of $.025 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.08 | $ 8.38 | $ 7.00 | $ 5.45 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .06 | .06 | .04 | .03 | .05 |
Net realized and unrealized gain (loss) | .71 | (.31) | 1.39 | 1.55 | (4.60) |
Total from investment operations | .77 | (.25) | 1.43 | 1.58 | (4.55) |
Distributions from net investment income | (.05) | (.04) | (.02) | (.03) | - |
Distributions from net realized gain | (.01) | (.01) | (.03) | - | - |
Total distributions | (.06) | (.05) | (.05) | (.03) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 8.79 | $ 8.08 | $ 8.38 | $ 7.00 | $ 5.45 |
Total Return B,C,D | 9.57% | (3.03)% | 20.47% | 29.22% | (45.50)% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.92% A | 2.03% | 2.41% | 2.67% | 3.07% |
Expenses net of fee waivers, if any | 1.70% A | 1.70% | 1.75% | 1.75% | 1.75% |
Expenses net of all reductions | 1.69% A | 1.68% | 1.73% | 1.73% | 1.73% |
Net investment income (loss) | 1.37% A | .67% | .49% | .59% | .55% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 4,656 | $ 2,917 | $ 1,034 | $ 532 | $ 507 |
Portfolio turnover rate G | 35% A | 68% | 87% | 116% | 115% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.06 | $ 8.36 | $ 6.98 | $ 5.42 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .04 | .01 | - J | .01 | - J |
Net realized and unrealized gain (loss) | .71 | (.30) | 1.38 | 1.55 | (4.58) |
Total from investment operations | .75 | (.29) | 1.38 | 1.56 | (4.58) |
Distributions from net investment income | - | (.01) | - | - | - |
Distributions from net realized gain | - | - J | - | - | - |
Total distributions | - | (.01) | - | - | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 8.81 | $ 8.06 | $ 8.36 | $ 6.98 | $ 5.42 |
Total Return B,C,D | 9.31% | (3.47)% | 19.77% | 28.78% | (45.80)% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.41% A | 2.55% | 2.87% | 3.17% | 3.55% |
Expenses net of fee waivers, if any | 2.20% A | 2.20% | 2.25% | 2.25% | 2.25% |
Expenses net of all reductions | 2.19% A | 2.18% | 2.23% | 2.23% | 2.23% |
Net investment income (loss) | .87% A | .17% | (.01)% | .09% | .05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 519 | $ 473 | $ 581 | $ 328 | $ 642 |
Portfolio turnover rate G | 35% A | 68% | 87% | 116% | 115% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.03 | $ 8.34 | $ 6.98 | $ 5.42 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .04 | .01 | - J | .01 | - J |
Net realized and unrealized gain (loss) | .70 | (.31) | 1.38 | 1.55 | (4.58) |
Total from investment operations | .74 | (.30) | 1.38 | 1.56 | (4.58) |
Distributions from net investment income | (.01) | (.01) | - | - | - |
Distributions from net realized gain | (.01) | (.01) | (.02) | - | - |
Total distributions | (.01) L | (.01) K | (.02) | - | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 8.76 | $ 8.03 | $ 8.34 | $ 6.98 | $ 5.42 |
Total Return B,C,D | 9.27% | (3.57)% | 19.82% | 28.78% | (45.80)% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.41% A | 2.52% | 2.89% | 3.21% | 3.52% |
Expenses net of fee waivers, if any | 2.20% A | 2.20% | 2.25% | 2.25% | 2.25% |
Expenses net of all reductions | 2.18% A | 2.18% | 2.24% | 2.23% | 2.23% |
Net investment income (loss) | .88% A | .17% | (.01)% | .09% | .05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 3,610 | $ 2,767 | $ 1,261 | $ 780 | $ 684 |
Portfolio turnover rate G | 35% A | 68% | 87% | 116% | 115% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.01 per share is comprised of distributions from net investment income of $.008 and distributions from net realized gain of $.005 per share.
L Total distributions of $.01 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.006 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Growth
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .08 | .10 | .07 | .06 | .09 |
Net realized and unrealized gain (loss) | .72 | (.30) | 1.39 | 1.54 | (4.60) |
Total from investment operations | .80 | (.20) | 1.46 | 1.60 | (4.51) |
Distributions from net investment income | (.08) | (.07) | (.06) | (.06) | (.01) |
Distributions from net realized gain | (.01) | (.01) | (.03) | - | - |
Total distributions | (.09) | (.08) | (.08) J | (.06) | (.01) |
Redemption fees added to paid in capital D,I | - | - | - | - | - |
Net asset value, end of period | $ 8.83 | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 |
Total Return B,C | 9.91% | (2.47)% | 20.97% | 29.77% | (45.17)% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.36% A | 1.52% | 1.89% | 2.19% | 2.35% |
Expenses net of fee waivers, if any | 1.20% A | 1.20% | 1.25% | 1.25% | 1.25% |
Expenses net of all reductions | 1.18% A | 1.18% | 1.23% | 1.23% | 1.23% |
Net investment income (loss) | 1.88% A | 1.17% | .99% | 1.09% | 1.05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 102,624 | $ 53,437 | $ 28,454 | $ 18,254 | $ 11,884 |
Portfolio turnover rate F | 35% A | 68% | 87% | 116% | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J Total distributions of $.08 per share is comprised of distributions from net investment income of $.057 and distributions from net realized gain of $.025 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .08 | .10 | .07 | .06 | .09 |
Net realized and unrealized gain (loss) | .71 | (.30) | 1.39 | 1.54 | (4.60) |
Total from investment operations | .79 | (.20) | 1.46 | 1.60 | (4.51) |
Distributions from net investment income | (.08) | (.07) | (.06) | (.06) | (.01) |
Distributions from net realized gain | (.01) | (.01) | (.03) | - | - |
Total distributions | (.09) | (.08) | (.08) J | (.06) | (.01) |
Redemption fees added to paid in capital D,I | - | - | - | - | - |
Net asset value, end of period | $ 8.82 | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 |
Total Return B,C | 9.79% | (2.47)% | 20.97% | 29.77% | (45.17)% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.30% A | 1.50% | 1.92% | 2.01% | 2.56% |
Expenses net of fee waivers, if any | 1.20% A | 1.20% | 1.25% | 1.25% | 1.25% |
Expenses net of all reductions | 1.18% A | 1.18% | 1.23% | 1.23% | 1.23% |
Net investment income (loss) | 1.88% A | 1.17% | .99% | 1.09% | 1.05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,159 | $ 493 | $ 113 | $ 36 | $ 521 |
Portfolio turnover rate F | 35% A | 68% | 87% | 116% | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J Total distributions of $.08 per share is comprised of distributions from net investment income of $.057 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, 2012 (Unaudited)
1. Organization.
Fidelity® International Growth 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, International Growth and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
Semiannual Report
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
Semiannual Report
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 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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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:
Gross unrealized appreciation | $ 11,122,266 |
Gross unrealized depreciation | (4,865,628) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 6,256,638 |
| |
Tax cost | $ 126,573,990 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2016 | $ (1,819,472) |
2017 | (2,797,799) |
Total capital loss carryforward | $ (4,617,271) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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
4. Operating Policies.
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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $64,328,421 and $15,346,428, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Growth as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .80% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
| Distribution
Fee | Service
Fee | Total
Fees | Retained
by FDC |
Class A | -% | .25% | $ 9,277 | $ 386 |
Class T | .25% | .25% | 8,752 | 85 |
Class B | .75% | .25% | 2,464 | 1,870 |
Class C | .75% | .25% | 14,965 | 5,290 |
| | | $ 35,458 | $ 7,631 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 7,581 |
Class T | 2,052 |
Class B* | 171 |
Class C* | 803 |
| $ 10,607 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
| Amount | % of
Average
Net Assets* |
Class A | $ 11,092 | .30 |
Class T | 5,678 | .32 |
Class B | 754 | .31 |
Class C | 4,571 | .31 |
International Growth | 101,715 | .28 |
Institutional Class | 861 | .20 |
| $ 124,671 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $145 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $117 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending - continued
the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $25,181. During the period, there were no securities loaned to FCM.
9. Expense Reductions.
FMR contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2012. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.45% | $ 7,289 |
Class T | 1.70% | 3,844 |
Class B | 2.20% | 516 |
Class C | 2.20% | 3,091 |
International Growth | 1.20% | 58,982 |
Institutional Class | 1.20% | 433 |
| | $ 74,155 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $6,469 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 $41.
Semiannual Report
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2012 | Year ended
October 31, 2011 |
From net investment income | | |
Class A | $ 50,503 | $ 19,878 |
Class T | 18,666 | 5,087 |
Class B | - | 545 |
Class C | 2,205 | 1,547 |
International Growth | 516,958 | 247,117 |
Institutional Class | 6,406 | 2,184 |
Total | $ 594,738 | $ 276,358 |
From net realized gain | | |
Class A | $ 4,810 | $ 4,255 |
Class T | 2,196 | 1,455 |
Class B | - | 211 |
Class C | 1,890 | 826 |
International Growth | 39,262 | 41,245 |
Institutional Class | 487 | 349 |
Total | $ 48,645 | $ 48,341 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 424,696 | 547,911 | $ 3,608,067 | $ 4,762,829 |
Reinvestment of distributions | 5,422 | 2,679 | 42,831 | 22,867 |
Shares redeemed | (99,325) | (133,581) | (824,091) | (1,142,023) |
Net increase (decrease) | 330,793 | 417,009 | $ 2,826,807 | $ 3,643,673 |
Class T | | | | |
Shares sold | 210,648 | 292,221 | $ 1,784,265 | $ 2,542,402 |
Reinvestment of distributions | 2,626 | 762 | 20,742 | 6,516 |
Shares redeemed | (44,628) | (55,432) | (361,618) | (470,382) |
Net increase (decrease) | 168,646 | 237,551 | $ 1,443,389 | $ 2,078,536 |
Class B | | | | |
Shares sold | 14,994 | 22,762 | $ 124,722 | $ 193,446 |
Reinvestment of distributions | - | 78 | - | 670 |
Shares redeemed | (14,812) | (33,639) | (123,228) | (282,311) |
Net increase (decrease) | 182 | (10,799) | $ 1,494 | $ (88,195) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended April 30,
2012 | Year ended
October 31,
2011 |
Class C | | | | |
Shares sold | 131,138 | 258,483 | $ 1,082,983 | $ 2,202,762 |
Reinvestment of distributions | 510 | 274 | 4,026 | 2,357 |
Shares redeemed | (64,222) | (65,559) | (516,047) | (555,739) |
Net increase (decrease) | 67,426 | 193,198 | $ 570,962 | $ 1,649,380 |
International Growth | | | | |
Shares sold | 6,306,076 | 5,799,026 | $ 53,240,364 | $ 50,047,832 |
Reinvestment of distributions | 68,821 | 33,184 | 544,378 | 283,553 |
Shares redeemed | (1,325,567) | (2,639,092) | (10,948,310) | (22,190,157) |
Net increase (decrease) | 5,049,330 | 3,193,118 | $ 42,836,432 | $ 28,141,228 |
Institutional Class | | | | |
Shares sold | 211,428 | 76,126 | $ 1,830,685 | $ 670,433 |
Reinvestment of distributions | 655 | 292 | 5,178 | 2,491 |
Shares redeemed | (28,016) | (29,187) | (220,322) | (256,318) |
Net increase (decrease) | 184,067 | 47,231 | $ 1,615,541 | $ 416,606 |
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.
At the end of the period, Fidelity VIP FundsManger 60% Portfolio was the owner of record of approximately 16% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (UK) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
AIGF-USAN-0612
1.853351.104
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Growth
Fund - Institutional Class
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Institutional Class is
a class of Fidelity®
International Growth Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,097.30 | $ 7.56 |
HypotheticalA | | $ 1,000.00 | $ 1,017.65 | $ 7.27 |
Class T | 1.70% | | | |
Actual | | $ 1,000.00 | $ 1,095.70 | $ 8.86 |
HypotheticalA | | $ 1,000.00 | $ 1,016.41 | $ 8.52 |
Class B | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,093.10 | $ 11.45 |
HypotheticalA | | $ 1,000.00 | $ 1,013.92 | $ 11.02 |
Class C | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,092.70 | $ 11.45 |
HypotheticalA | | $ 1,000.00 | $ 1,013.92 | $ 11.02 |
International Growth | 1.20% | | | |
Actual | | $ 1,000.00 | $ 1,099.10 | $ 6.26 |
HypotheticalA | | $ 1,000.00 | $ 1,018.90 | $ 6.02 |
Institutional Class | 1.20% | | | |
Actual | | $ 1,000.00 | $ 1,097.90 | $ 6.26 |
HypotheticalA | | $ 1,000.00 | $ 1,018.90 | $ 6.02 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United Kingdom 18.3% | |
 | United States of America 18.1% | |
 | Japan 10.6% | |
 | Switzerland 9.5% | |
 | Belgium 4.2% | |
 | Australia 4.0% | |
 | Germany 3.8% | |
 | Denmark 3.3% | |
 | France 3.3% | |
 | Other 24.9% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United Kingdom 18.5% | |
| United States of America 17.5% | |
| Switzerland 9.6% | |
| Japan 7.4% | |
| Australia 5.2% | |
| Germany 4.9% | |
| France 4.1% | |
| Belgium 3.5% | |
| Denmark 2.9% | |
| Other 26.4% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.4 | 95.8 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.6 | 4.2 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Switzerland, Food Products) | 5.0 | 4.9 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 3.3 | 2.9 |
BHP Billiton PLC ADR (United Kingdom, Metals & Mining) | 3.1 | 3.6 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 2.9 | 2.8 |
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) | 2.5 | 2.2 |
Linde AG (Germany, Chemicals) | 2.4 | 2.2 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.0 | 1.8 |
Standard Chartered PLC (United Kingdom) (United Kingdom, Commercial Banks) | 1.9 | 1.5 |
Philip Morris International, Inc. (United States of America, Tobacco) | 1.8 | 1.6 |
MasterCard, Inc. Class A (United States of America, IT Services) | 1.8 | 1.4 |
| 26.7 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Staples | 22.4 | 22.2 |
Consumer Discretionary | 15.2 | 12.1 |
Industrials | 13.4 | 12.7 |
Materials | 13.2 | 15.8 |
Financials | 10.9 | 10.4 |
Health Care | 9.5 | 8.2 |
Information Technology | 7.5 | 8.5 |
Energy | 4.9 | 5.2 |
Telecommunication Services | 0.4 | 0.7 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.4% |
| Shares | | Value |
Australia - 4.0% |
Coca-Cola Amatil Ltd. | 68,245 | | $ 885,208 |
CSL Ltd. | 47,526 | | 1,815,219 |
Newcrest Mining Ltd. | 30,456 | | 834,514 |
Sydney Airport unit | 98,642 | | 299,061 |
WorleyParsons Ltd. | 36,234 | | 1,066,449 |
TOTAL AUSTRALIA | | 4,900,451 |
Austria - 1.1% |
Andritz AG | 19,600 | | 1,025,924 |
Zumtobel AG | 20,266 | | 279,013 |
TOTAL AUSTRIA | | 1,304,937 |
Bailiwick of Guernsey - 0.4% |
Resolution Ltd. | 139,565 | | 506,970 |
Bailiwick of Jersey - 0.9% |
Informa PLC | 46,650 | | 313,925 |
Randgold Resources Ltd. sponsored ADR | 8,435 | | 751,980 |
TOTAL BAILIWICK OF JERSEY | | 1,065,905 |
Belgium - 4.2% |
Anheuser-Busch InBev SA NV (d) | 56,091 | | 4,043,090 |
Umicore SA (d) | 20,951 | | 1,136,994 |
TOTAL BELGIUM | | 5,180,084 |
Bermuda - 1.4% |
Lazard Ltd. Class A | 10,692 | | 294,137 |
Li & Fung Ltd. | 534,000 | | 1,142,518 |
Trinity Ltd. | 328,000 | | 274,367 |
TOTAL BERMUDA | | 1,711,022 |
Brazil - 1.8% |
Arezzo Industria e Comercio SA | 17,200 | | 270,703 |
BM&F Bovespa SA | 80,200 | | 451,037 |
Braskem SA Class A sponsored ADR | 16,800 | | 246,960 |
Cetip SA | 17,600 | | 271,181 |
Iguatemi Empresa de Shopping Centers SA | 12,300 | | 270,243 |
Itau Unibanco Banco Multiplo SA sponsored ADR | 18,748 | | 294,156 |
Multiplan Empreendimentos Imobiliarios SA | 19,600 | | 462,713 |
TOTAL BRAZIL | | 2,266,993 |
Canada - 1.7% |
Agnico-Eagle Mines Ltd. (Canada) | 9,200 | | 367,534 |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 1,400 | | 574,018 |
Common Stocks - continued |
| Shares | | Value |
Canada - continued |
First Quantum Minerals Ltd. | 13,600 | | $ 282,533 |
Goldcorp, Inc. | 16,706 | | 639,826 |
Open Text Corp. (a) | 4,900 | | 274,727 |
TOTAL CANADA | | 2,138,638 |
Cayman Islands - 1.9% |
Baidu.com, Inc. sponsored ADR (a) | 5,380 | | 713,926 |
NVC Lighting Holdings Ltd. | 736,000 | | 267,510 |
Sands China Ltd. | 339,600 | | 1,335,000 |
TOTAL CAYMAN ISLANDS | | 2,316,436 |
Denmark - 3.3% |
Novo Nordisk A/S Series B sponsored ADR | 21,000 | | 3,087,420 |
William Demant Holding A/S (a) | 10,700 | | 1,010,081 |
TOTAL DENMARK | | 4,097,501 |
Finland - 1.7% |
Nokian Tyres PLC | 31,108 | | 1,475,507 |
Outotec Oyj | 12,000 | | 644,955 |
TOTAL FINLAND | | 2,120,462 |
France - 3.3% |
Alstom SA | 26,338 | | 940,691 |
Danone SA | 25,452 | | 1,790,802 |
Remy Cointreau SA | 5,690 | | 634,155 |
Safran SA | 19,500 | | 722,795 |
TOTAL FRANCE | | 4,088,443 |
Germany - 3.8% |
Linde AG | 17,241 | | 2,951,096 |
Siemens AG sponsored ADR | 19,000 | | 1,764,530 |
TOTAL GERMANY | | 4,715,626 |
Hong Kong - 1.1% |
Hong Kong Exchanges and Clearing Ltd. | 83,400 | | 1,333,987 |
India - 0.4% |
Bharti Airtel Ltd. | 78,769 | | 464,403 |
Ireland - 1.2% |
CRH PLC sponsored ADR | 37,600 | | 764,408 |
James Hardie Industries NV sponsored ADR | 18,200 | | 707,070 |
TOTAL IRELAND | | 1,471,478 |
Common Stocks - continued |
| Shares | | Value |
Israel - 0.3% |
Azrieli Group | 12,600 | | $ 309,511 |
Italy - 1.1% |
Fiat Industrial SpA | 85,401 | | 968,871 |
Interpump Group SpA | 37,651 | | 335,938 |
TOTAL ITALY | | 1,304,809 |
Japan - 10.6% |
Autobacs Seven Co. Ltd. | 12,300 | | 590,354 |
Denso Corp. | 51,300 | | 1,658,904 |
Fanuc Corp. (e) | 12,200 | | 2,057,665 |
Fast Retailing Co. Ltd. | 3,800 | | 849,232 |
Japan Tobacco, Inc. | 78 | | 432,123 |
JS Group Corp. | 21,600 | | 424,173 |
Keyence Corp. | 5,862 | | 1,383,665 |
Kobayashi Pharmaceutical Co. Ltd. | 10,200 | | 512,309 |
Mitsui Fudosan Co. Ltd. | 47,000 | | 860,944 |
Osaka Securities Exchange Co. Ltd. | 90 | | 515,306 |
SHO-BOND Holdings Co. Ltd. | 12,000 | | 303,521 |
SMC Corp. | 3,100 | | 517,742 |
Unicharm Corp. | 18,200 | | 1,018,198 |
USS Co. Ltd. | 12,420 | | 1,259,929 |
Yamato Kogyo Co. Ltd. | 23,700 | | 674,428 |
TOTAL JAPAN | | 13,058,493 |
Mexico - 0.8% |
Wal-Mart de Mexico SA de CV Series V | 347,500 | | 993,566 |
Netherlands - 1.6% |
ASML Holding NV | 38,600 | | 1,968,214 |
Portugal - 1.1% |
Jeronimo Martins SGPS SA | 74,652 | | 1,398,364 |
South Africa - 1.2% |
African Rainbow Minerals Ltd. | 11,639 | | 270,848 |
Clicks Group Ltd. | 52,017 | | 312,851 |
JSE Ltd. | 52,400 | | 553,777 |
Mr Price Group Ltd. | 25,000 | | 338,133 |
TOTAL SOUTH AFRICA | | 1,475,609 |
Spain - 1.4% |
Inditex SA (d) | 12,766 | | 1,148,330 |
Prosegur Compania de Seguridad SA (Reg.) | 9,200 | | 525,400 |
TOTAL SPAIN | | 1,673,730 |
Common Stocks - continued |
| Shares | | Value |
Sweden - 2.2% |
Fagerhult AB | 9,800 | | $ 293,821 |
H&M Hennes & Mauritz AB (B Shares) | 44,830 | | 1,540,192 |
Swedish Match Co. AB | 21,200 | | 861,785 |
TOTAL SWEDEN | | 2,695,798 |
Switzerland - 9.5% |
Nestle SA | 100,540 | | 6,159,471 |
Roche Holding AG (participation certificate) | 13,745 | | 2,511,069 |
Schindler Holding AG: | | | |
(participation certificate) | 4,901 | | 633,990 |
(Reg.) | 1,130 | | 144,433 |
Swatch Group AG (Bearer) | 3,780 | | 1,743,494 |
UBS AG (NY Shares) | 47,825 | | 591,595 |
TOTAL SWITZERLAND | | 11,784,052 |
Turkey - 1.6% |
Anadolu Efes Biracilik ve Malt Sanayii A/S | 21,800 | | 307,086 |
Coca-Cola Icecek A/S | 43,142 | | 606,492 |
Tupras-Turkiye Petrol Rafinerileri A/S | 15,687 | | 327,668 |
Turkiye Garanti Bankasi A/S | 204,500 | | 751,890 |
TOTAL TURKEY | | 1,993,136 |
United Kingdom - 18.3% |
Anglo American PLC: | | | |
ADR | 33,200 | | 640,096 |
(United Kingdom) | 9,000 | | 345,915 |
Babcock International Group PLC | 51,400 | | 693,281 |
BG Group PLC | 149,855 | | 3,528,046 |
BHP Billiton PLC ADR (d) | 59,600 | | 3,835,856 |
GlaxoSmithKline PLC sponsored ADR | 46,200 | | 2,135,826 |
InterContinental Hotel Group PLC ADR | 53,955 | | 1,288,445 |
Johnson Matthey PLC | 28,824 | | 1,082,587 |
Reckitt Benckiser Group PLC | 26,545 | | 1,545,466 |
Rolls-Royce Group PLC | 93,437 | | 1,248,900 |
Rotork PLC | 19,200 | | 687,779 |
SABMiller PLC | 40,866 | | 1,716,942 |
Serco Group PLC | 76,898 | | 677,111 |
Shaftesbury PLC | 37,833 | | 314,095 |
Standard Chartered PLC (United Kingdom) | 93,906 | | 2,295,428 |
Unite Group PLC | 85,300 | | 270,324 |
Victrex PLC | 12,000 | | 282,809 |
TOTAL UNITED KINGDOM | | 22,588,906 |
Common Stocks - continued |
| Shares | | Value |
United States of America - 15.5% |
Allergan, Inc. | 6,200 | | $ 595,200 |
Amazon.com, Inc. (a) | 3,500 | | 811,650 |
Autoliv, Inc. (d) | 20,000 | | 1,254,800 |
Berkshire Hathaway, Inc. Class B (a) | 16,623 | | 1,337,320 |
BorgWarner, Inc. (a) | 8,135 | | 642,990 |
CME Group, Inc. | 1,700 | | 451,894 |
Cymer, Inc. (a) | 9,100 | | 471,744 |
FMC Technologies, Inc. (a) | 10,512 | | 494,064 |
Freeport-McMoRan Copper & Gold, Inc. | 7,300 | | 279,590 |
JPMorgan Chase & Co. | 11,900 | | 511,462 |
Lam Research Corp. (a) | 6,755 | | 281,346 |
Martin Marietta Materials, Inc. (d) | 3,200 | | 265,216 |
MasterCard, Inc. Class A | 5,000 | | 2,261,350 |
Mead Johnson Nutrition Co. Class A | 19,600 | | 1,676,976 |
Mohawk Industries, Inc. (a) | 10,400 | | 697,008 |
National Oilwell Varco, Inc. | 7,234 | | 548,048 |
Philip Morris International, Inc. | 25,608 | | 2,292,172 |
PriceSmart, Inc. | 4,400 | | 363,176 |
ResMed, Inc. (a) | 16,800 | | 571,368 |
Solera Holdings, Inc. | 6,089 | | 273,640 |
Union Pacific Corp. | 12,400 | | 1,394,256 |
Visa, Inc. Class A | 13,900 | | 1,709,422 |
TOTAL UNITED STATES OF AMERICA | | 19,184,692 |
TOTAL COMMON STOCKS (Cost $113,575,745) |
120,112,216
|
Nonconvertible Preferred Stocks - 0.0% |
| | | |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C
(Cost $15,984) | 9,904,322 | |
16,076
|
Money Market Funds - 10.3% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.14% (b) | 2,797,705 | | $ 2,797,705 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 9,904,631 | | 9,904,631 |
TOTAL MONEY MARKET FUNDS (Cost $12,702,336) |
12,702,336
|
TOTAL INVESTMENT PORTFOLIO - 107.7% (Cost $126,294,065) | 132,830,628 |
NET OTHER ASSETS (LIABILITIES) - (7.7)% | (9,446,043) |
NET ASSETS - 100% | $ 123,384,585 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security or a portion of the security purchased on a delayed delivery or when-issued 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 | $ 2,386 |
Fidelity Securities Lending Cash Central Fund | 25,181 |
Total | $ 27,567 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 18,635,481 | $ 14,277,062 | $ 4,358,419 | $ - |
Consumer Staples | 27,817,742 | 25,855,112 | 1,962,630 | - |
Energy | 5,964,275 | 5,964,275 | - | - |
Financials | 13,221,988 | 11,845,738 | 1,376,250 | - |
Health Care | 11,726,183 | 11,726,183 | - | - |
Industrials | 16,599,926 | 13,296,825 | 3,303,101 | - |
Information Technology | 9,338,034 | 7,954,369 | 1,383,665 | - |
Materials | 16,360,260 | 15,685,832 | 674,428 | - |
Telecommunication Services | 464,403 | 464,403 | - | - |
Money Market Funds | 12,702,336 | 12,702,336 | - | - |
Total Investments in Securities: | $ 132,830,628 | $ 119,772,135 | $ 13,058,493 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $9,426,599) - See accompanying schedule: Unaffiliated issuers (cost $113,591,729) | $ 120,128,292 | |
Fidelity Central Funds (cost $12,702,336) | 12,702,336 | |
Total Investments (cost $126,294,065) | | $ 132,830,628 |
Foreign currency held at value (cost $40,219) | | 40,219 |
Receivable for investments sold | | 809,154 |
Receivable for fund shares sold | | 399,799 |
Dividends receivable | | 576,596 |
Distributions receivable from Fidelity Central Funds | | 12,974 |
Prepaid expenses | | 81 |
Receivable from investment adviser for expense reductions | | 10,349 |
Other receivables | | 4,551 |
Total assets | | 134,684,351 |
| | |
Liabilities | | |
Payable for investments purchased
Regular delivery | $ 771,848 | |
Delayed delivery | 51,912 | |
Payable for fund shares redeemed | 407,699 | |
Accrued management fee | 78,149 | |
Distribution and service plan fees payable | 7,157 | |
Other affiliated payables | 30,276 | |
Other payables and accrued expenses | 48,094 | |
Collateral on securities loaned, at value | 9,904,631 | |
Total liabilities | | 11,299,766 |
| | |
Net Assets | | $ 123,384,585 |
Net Assets consist of: | | |
Paid in capital | | $ 121,398,839 |
Undistributed net investment income | | 790,872 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (5,346,728) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 6,541,602 |
Net Assets | | $ 123,384,585 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($9,816,979 ÷ 1,115,784 shares) | | $ 8.80 |
| | |
Maximum offering price per share (100/94.25 of $8.80) | | $ 9.34 |
Class T:
Net Asset Value and redemption price per share ($4,655,852 ÷ 529,520 shares) | | $ 8.79 |
| | |
Maximum offering price per share (100/96.50 of $8.79) | | $ 9.11 |
Class B:
Net Asset Value and offering price per share
($518,764 ÷ 58,910 shares)A | | $ 8.81 |
| | |
Class C:
Net Asset Value and offering price per share ($3,609,983 ÷ 411,885 shares)A | | $ 8.76 |
| | |
International Growth:
Net Asset Value, offering price and redemption price per share ($102,623,708 ÷ 11,627,862 shares) | | $ 8.83 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,159,299 ÷ 244,753 shares) | | $ 8.82 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 1,445,096 |
Interest | | 13 |
Income from Fidelity Central Funds | | 27,567 |
Income before foreign taxes withheld | | 1,472,676 |
Less foreign taxes withheld | | (122,067) |
Total income | | 1,350,609 |
| | |
Expenses | | |
Management fee
Basic fee | $ 312,232 | |
Performance adjustment | 40,241 | |
Transfer agent fees | 124,671 | |
Distribution and service plan fees | 35,458 | |
Accounting and security lending fees | 23,436 | |
Custodian fees and expenses | 29,996 | |
Independent trustees' compensation | 233 | |
Registration fees | 35,897 | |
Audit | 34,412 | |
Legal | 171 | |
Miscellaneous | 377 | |
Total expenses before reductions | 637,124 | |
Expense reductions | (80,665) | 556,459 |
Net investment income (loss) | | 794,150 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (282,378) | |
Foreign currency transactions | 2,842 | |
Total net realized gain (loss) | | (279,536) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 7,772,854 | |
Assets and liabilities in foreign currencies | 4,027 | |
Total change in net unrealized appreciation (depreciation) | | 7,776,881 |
Net gain (loss) | | 7,497,345 |
Net increase (decrease) in net assets resulting from operations | | $ 8,291,495 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 794,150 | $ 628,947 |
Net realized gain (loss) | (279,536) | 1,817,821 |
Change in net unrealized appreciation (depreciation) | 7,776,881 | (6,057,574) |
Net increase (decrease) in net assets resulting
from operations | 8,291,495 | (3,610,806) |
Distributions to shareholders from net investment income | (594,738) | (276,358) |
Distributions to shareholders from net realized gain | (48,645) | (48,341) |
Total distributions | (643,383) | (324,699) |
Share transactions - net increase (decrease) | 49,294,625 | 35,841,228 |
Redemption fees | 1,465 | 7,927 |
Total increase (decrease) in net assets | 56,944,202 | 31,913,650 |
| | |
Net Assets | | |
Beginning of period | 66,440,383 | 34,526,733 |
End of period (including undistributed net investment income of $790,872 and undistributed net investment income of $591,460, respectively) | $ 123,384,585 | $ 66,440,383 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.09 | $ 8.38 | $ 7.01 | $ 5.46 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .07 | .08 | .05 | .05 | .07 |
Net realized and unrealized gain (loss) | .71 | (.31) | 1.39 | 1.55 | (4.61) |
Total from investment operations | .78 | (.23) | 1.44 | 1.60 | (4.54) |
Distributions from net investment income | (.06) | (.05) | (.05) | (.05) | - |
Distributions from net realized gain | (.01) | (.01) | (.03) | - | - |
Total distributions | (.07) | (.06) | (.07) K | (.05) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 8.80 | $ 8.09 | $ 8.38 | $ 7.01 | $ 5.46 |
Total Return B,C,D | 9.73% | (2.76)% | 20.68% | 29.72% | (45.40)% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.64% A | 1.77% | 2.13% | 2.46% | 2.88% |
Expenses net of fee waivers, if any | 1.45% A | 1.45% | 1.50% | 1.50% | 1.50% |
Expenses net of all reductions | 1.43% A | 1.43% | 1.48% | 1.47% | 1.48% |
Net investment income (loss) | 1.63% A | .92% | .74% | .85% | .80% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,817 | $ 6,352 | $ 3,084 | $ 1,452 | $ 820 |
Portfolio turnover rate G | 35% A | 68% | 87% | 116% | 115% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.07 per share is comprised of distributions from net investment income of $.046 and distributions from net realized gain of $.025 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.08 | $ 8.38 | $ 7.00 | $ 5.45 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .06 | .06 | .04 | .03 | .05 |
Net realized and unrealized gain (loss) | .71 | (.31) | 1.39 | 1.55 | (4.60) |
Total from investment operations | .77 | (.25) | 1.43 | 1.58 | (4.55) |
Distributions from net investment income | (.05) | (.04) | (.02) | (.03) | - |
Distributions from net realized gain | (.01) | (.01) | (.03) | - | - |
Total distributions | (.06) | (.05) | (.05) | (.03) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 8.79 | $ 8.08 | $ 8.38 | $ 7.00 | $ 5.45 |
Total Return B,C,D | 9.57% | (3.03)% | 20.47% | 29.22% | (45.50)% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.92% A | 2.03% | 2.41% | 2.67% | 3.07% |
Expenses net of fee waivers, if any | 1.70% A | 1.70% | 1.75% | 1.75% | 1.75% |
Expenses net of all reductions | 1.69% A | 1.68% | 1.73% | 1.73% | 1.73% |
Net investment income (loss) | 1.37% A | .67% | .49% | .59% | .55% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 4,656 | $ 2,917 | $ 1,034 | $ 532 | $ 507 |
Portfolio turnover rate G | 35% A | 68% | 87% | 116% | 115% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.06 | $ 8.36 | $ 6.98 | $ 5.42 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .04 | .01 | - J | .01 | - J |
Net realized and unrealized gain (loss) | .71 | (.30) | 1.38 | 1.55 | (4.58) |
Total from investment operations | .75 | (.29) | 1.38 | 1.56 | (4.58) |
Distributions from net investment income | - | (.01) | - | - | - |
Distributions from net realized gain | - | - J | - | - | - |
Total distributions | - | (.01) | - | - | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 8.81 | $ 8.06 | $ 8.36 | $ 6.98 | $ 5.42 |
Total Return B,C,D | 9.31% | (3.47)% | 19.77% | 28.78% | (45.80)% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.41% A | 2.55% | 2.87% | 3.17% | 3.55% |
Expenses net of fee waivers, if any | 2.20% A | 2.20% | 2.25% | 2.25% | 2.25% |
Expenses net of all reductions | 2.19% A | 2.18% | 2.23% | 2.23% | 2.23% |
Net investment income (loss) | .87% A | .17% | (.01)% | .09% | .05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 519 | $ 473 | $ 581 | $ 328 | $ 642 |
Portfolio turnover rate G | 35% A | 68% | 87% | 116% | 115% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.03 | $ 8.34 | $ 6.98 | $ 5.42 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .04 | .01 | - J | .01 | - J |
Net realized and unrealized gain (loss) | .70 | (.31) | 1.38 | 1.55 | (4.58) |
Total from investment operations | .74 | (.30) | 1.38 | 1.56 | (4.58) |
Distributions from net investment income | (.01) | (.01) | - | - | - |
Distributions from net realized gain | (.01) | (.01) | (.02) | - | - |
Total distributions | (.01) L | (.01) K | (.02) | - | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 8.76 | $ 8.03 | $ 8.34 | $ 6.98 | $ 5.42 |
Total Return B,C,D | 9.27% | (3.57)% | 19.82% | 28.78% | (45.80)% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.41% A | 2.52% | 2.89% | 3.21% | 3.52% |
Expenses net of fee waivers, if any | 2.20% A | 2.20% | 2.25% | 2.25% | 2.25% |
Expenses net of all reductions | 2.18% A | 2.18% | 2.24% | 2.23% | 2.23% |
Net investment income (loss) | .88% A | .17% | (.01)% | .09% | .05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 3,610 | $ 2,767 | $ 1,261 | $ 780 | $ 684 |
Portfolio turnover rate G | 35% A | 68% | 87% | 116% | 115% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.01 per share is comprised of distributions from net investment income of $.008 and distributions from net realized gain of $.005 per share.
L Total distributions of $.01 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.006 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Growth
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .08 | .10 | .07 | .06 | .09 |
Net realized and unrealized gain (loss) | .72 | (.30) | 1.39 | 1.54 | (4.60) |
Total from investment operations | .80 | (.20) | 1.46 | 1.60 | (4.51) |
Distributions from net investment income | (.08) | (.07) | (.06) | (.06) | (.01) |
Distributions from net realized gain | (.01) | (.01) | (.03) | - | - |
Total distributions | (.09) | (.08) | (.08) J | (.06) | (.01) |
Redemption fees added to paid in capital D,I | - | - | - | - | - |
Net asset value, end of period | $ 8.83 | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 |
Total Return B,C | 9.91% | (2.47)% | 20.97% | 29.77% | (45.17)% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.36% A | 1.52% | 1.89% | 2.19% | 2.35% |
Expenses net of fee waivers, if any | 1.20% A | 1.20% | 1.25% | 1.25% | 1.25% |
Expenses net of all reductions | 1.18% A | 1.18% | 1.23% | 1.23% | 1.23% |
Net investment income (loss) | 1.88% A | 1.17% | .99% | 1.09% | 1.05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 102,624 | $ 53,437 | $ 28,454 | $ 18,254 | $ 11,884 |
Portfolio turnover rate F | 35% A | 68% | 87% | 116% | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J Total distributions of $.08 per share is comprised of distributions from net investment income of $.057 and distributions from net realized gain of $.025 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .08 | .10 | .07 | .06 | .09 |
Net realized and unrealized gain (loss) | .71 | (.30) | 1.39 | 1.54 | (4.60) |
Total from investment operations | .79 | (.20) | 1.46 | 1.60 | (4.51) |
Distributions from net investment income | (.08) | (.07) | (.06) | (.06) | (.01) |
Distributions from net realized gain | (.01) | (.01) | (.03) | - | - |
Total distributions | (.09) | (.08) | (.08) J | (.06) | (.01) |
Redemption fees added to paid in capital D,I | - | - | - | - | - |
Net asset value, end of period | $ 8.82 | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 |
Total Return B,C | 9.79% | (2.47)% | 20.97% | 29.77% | (45.17)% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.30% A | 1.50% | 1.92% | 2.01% | 2.56% |
Expenses net of fee waivers, if any | 1.20% A | 1.20% | 1.25% | 1.25% | 1.25% |
Expenses net of all reductions | 1.18% A | 1.18% | 1.23% | 1.23% | 1.23% |
Net investment income (loss) | 1.88% A | 1.17% | .99% | 1.09% | 1.05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,159 | $ 493 | $ 113 | $ 36 | $ 521 |
Portfolio turnover rate F | 35% A | 68% | 87% | 116% | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J Total distributions of $.08 per share is comprised of distributions from net investment income of $.057 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, 2012 (Unaudited)
1. Organization.
Fidelity® International Growth 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, International Growth and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
Semiannual Report
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
Semiannual Report
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 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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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:
Gross unrealized appreciation | $ 11,122,266 |
Gross unrealized depreciation | (4,865,628) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 6,256,638 |
| |
Tax cost | $ 126,573,990 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2016 | $ (1,819,472) |
2017 | (2,797,799) |
Total capital loss carryforward | $ (4,617,271) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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
4. Operating Policies.
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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $64,328,421 and $15,346,428, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Growth as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .80% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
| Distribution
Fee | Service
Fee | Total
Fees | Retained
by FDC |
Class A | -% | .25% | $ 9,277 | $ 386 |
Class T | .25% | .25% | 8,752 | 85 |
Class B | .75% | .25% | 2,464 | 1,870 |
Class C | .75% | .25% | 14,965 | 5,290 |
| | | $ 35,458 | $ 7,631 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 7,581 |
Class T | 2,052 |
Class B* | 171 |
Class C* | 803 |
| $ 10,607 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
| Amount | % of
Average
Net Assets* |
Class A | $ 11,092 | .30 |
Class T | 5,678 | .32 |
Class B | 754 | .31 |
Class C | 4,571 | .31 |
International Growth | 101,715 | .28 |
Institutional Class | 861 | .20 |
| $ 124,671 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $145 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $117 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending - continued
the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $25,181. During the period, there were no securities loaned to FCM.
9. Expense Reductions.
FMR contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2012. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.45% | $ 7,289 |
Class T | 1.70% | 3,844 |
Class B | 2.20% | 516 |
Class C | 2.20% | 3,091 |
International Growth | 1.20% | 58,982 |
Institutional Class | 1.20% | 433 |
| | $ 74,155 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $6,469 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 $41.
Semiannual Report
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2012 | Year ended
October 31, 2011 |
From net investment income | | |
Class A | $ 50,503 | $ 19,878 |
Class T | 18,666 | 5,087 |
Class B | - | 545 |
Class C | 2,205 | 1,547 |
International Growth | 516,958 | 247,117 |
Institutional Class | 6,406 | 2,184 |
Total | $ 594,738 | $ 276,358 |
From net realized gain | | |
Class A | $ 4,810 | $ 4,255 |
Class T | 2,196 | 1,455 |
Class B | - | 211 |
Class C | 1,890 | 826 |
International Growth | 39,262 | 41,245 |
Institutional Class | 487 | 349 |
Total | $ 48,645 | $ 48,341 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 424,696 | 547,911 | $ 3,608,067 | $ 4,762,829 |
Reinvestment of distributions | 5,422 | 2,679 | 42,831 | 22,867 |
Shares redeemed | (99,325) | (133,581) | (824,091) | (1,142,023) |
Net increase (decrease) | 330,793 | 417,009 | $ 2,826,807 | $ 3,643,673 |
Class T | | | | |
Shares sold | 210,648 | 292,221 | $ 1,784,265 | $ 2,542,402 |
Reinvestment of distributions | 2,626 | 762 | 20,742 | 6,516 |
Shares redeemed | (44,628) | (55,432) | (361,618) | (470,382) |
Net increase (decrease) | 168,646 | 237,551 | $ 1,443,389 | $ 2,078,536 |
Class B | | | | |
Shares sold | 14,994 | 22,762 | $ 124,722 | $ 193,446 |
Reinvestment of distributions | - | 78 | - | 670 |
Shares redeemed | (14,812) | (33,639) | (123,228) | (282,311) |
Net increase (decrease) | 182 | (10,799) | $ 1,494 | $ (88,195) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended April 30,
2012 | Year ended
October 31,
2011 |
Class C | | | | |
Shares sold | 131,138 | 258,483 | $ 1,082,983 | $ 2,202,762 |
Reinvestment of distributions | 510 | 274 | 4,026 | 2,357 |
Shares redeemed | (64,222) | (65,559) | (516,047) | (555,739) |
Net increase (decrease) | 67,426 | 193,198 | $ 570,962 | $ 1,649,380 |
International Growth | | | | |
Shares sold | 6,306,076 | 5,799,026 | $ 53,240,364 | $ 50,047,832 |
Reinvestment of distributions | 68,821 | 33,184 | 544,378 | 283,553 |
Shares redeemed | (1,325,567) | (2,639,092) | (10,948,310) | (22,190,157) |
Net increase (decrease) | 5,049,330 | 3,193,118 | $ 42,836,432 | $ 28,141,228 |
Institutional Class | | | | |
Shares sold | 211,428 | 76,126 | $ 1,830,685 | $ 670,433 |
Reinvestment of distributions | 655 | 292 | 5,178 | 2,491 |
Shares redeemed | (28,016) | (29,187) | (220,322) | (256,318) |
Net increase (decrease) | 184,067 | 47,231 | $ 1,615,541 | $ 416,606 |
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.
At the end of the period, Fidelity VIP FundsManger 60% Portfolio was the owner of record of approximately 16% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (UK) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
AIGFI-USAN-0612
1.853344.104
Fidelity®
International Growth Fund
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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.
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
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,097.30 | $ 7.56 |
HypotheticalA | | $ 1,000.00 | $ 1,017.65 | $ 7.27 |
Class T | 1.70% | | | |
Actual | | $ 1,000.00 | $ 1,095.70 | $ 8.86 |
HypotheticalA | | $ 1,000.00 | $ 1,016.41 | $ 8.52 |
Class B | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,093.10 | $ 11.45 |
HypotheticalA | | $ 1,000.00 | $ 1,013.92 | $ 11.02 |
Class C | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,092.70 | $ 11.45 |
HypotheticalA | | $ 1,000.00 | $ 1,013.92 | $ 11.02 |
International Growth | 1.20% | | | |
Actual | | $ 1,000.00 | $ 1,099.10 | $ 6.26 |
HypotheticalA | | $ 1,000.00 | $ 1,018.90 | $ 6.02 |
Institutional Class | 1.20% | | | |
Actual | | $ 1,000.00 | $ 1,097.90 | $ 6.26 |
HypotheticalA | | $ 1,000.00 | $ 1,018.90 | $ 6.02 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United Kingdom 18.3% | |
 | United States of America 18.1% | |
 | Japan 10.6% | |
 | Switzerland 9.5% | |
 | Belgium 4.2% | |
 | Australia 4.0% | |
 | Germany 3.8% | |
 | Denmark 3.3% | |
 | France 3.3% | |
 | Other 24.9% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United Kingdom 18.5% | |
| United States of America 17.5% | |
| Switzerland 9.6% | |
| Japan 7.4% | |
| Australia 5.2% | |
| Germany 4.9% | |
| France 4.1% | |
| Belgium 3.5% | |
| Denmark 2.9% | |
| Other 26.4% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.4 | 95.8 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.6 | 4.2 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Switzerland, Food Products) | 5.0 | 4.9 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 3.3 | 2.9 |
BHP Billiton PLC ADR (United Kingdom, Metals & Mining) | 3.1 | 3.6 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 2.9 | 2.8 |
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) | 2.5 | 2.2 |
Linde AG (Germany, Chemicals) | 2.4 | 2.2 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.0 | 1.8 |
Standard Chartered PLC (United Kingdom) (United Kingdom, Commercial Banks) | 1.9 | 1.5 |
Philip Morris International, Inc. (United States of America, Tobacco) | 1.8 | 1.6 |
MasterCard, Inc. Class A (United States of America, IT Services) | 1.8 | 1.4 |
| 26.7 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Staples | 22.4 | 22.2 |
Consumer Discretionary | 15.2 | 12.1 |
Industrials | 13.4 | 12.7 |
Materials | 13.2 | 15.8 |
Financials | 10.9 | 10.4 |
Health Care | 9.5 | 8.2 |
Information Technology | 7.5 | 8.5 |
Energy | 4.9 | 5.2 |
Telecommunication Services | 0.4 | 0.7 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.4% |
| Shares | | Value |
Australia - 4.0% |
Coca-Cola Amatil Ltd. | 68,245 | | $ 885,208 |
CSL Ltd. | 47,526 | | 1,815,219 |
Newcrest Mining Ltd. | 30,456 | | 834,514 |
Sydney Airport unit | 98,642 | | 299,061 |
WorleyParsons Ltd. | 36,234 | | 1,066,449 |
TOTAL AUSTRALIA | | 4,900,451 |
Austria - 1.1% |
Andritz AG | 19,600 | | 1,025,924 |
Zumtobel AG | 20,266 | | 279,013 |
TOTAL AUSTRIA | | 1,304,937 |
Bailiwick of Guernsey - 0.4% |
Resolution Ltd. | 139,565 | | 506,970 |
Bailiwick of Jersey - 0.9% |
Informa PLC | 46,650 | | 313,925 |
Randgold Resources Ltd. sponsored ADR | 8,435 | | 751,980 |
TOTAL BAILIWICK OF JERSEY | | 1,065,905 |
Belgium - 4.2% |
Anheuser-Busch InBev SA NV (d) | 56,091 | | 4,043,090 |
Umicore SA (d) | 20,951 | | 1,136,994 |
TOTAL BELGIUM | | 5,180,084 |
Bermuda - 1.4% |
Lazard Ltd. Class A | 10,692 | | 294,137 |
Li & Fung Ltd. | 534,000 | | 1,142,518 |
Trinity Ltd. | 328,000 | | 274,367 |
TOTAL BERMUDA | | 1,711,022 |
Brazil - 1.8% |
Arezzo Industria e Comercio SA | 17,200 | | 270,703 |
BM&F Bovespa SA | 80,200 | | 451,037 |
Braskem SA Class A sponsored ADR | 16,800 | | 246,960 |
Cetip SA | 17,600 | | 271,181 |
Iguatemi Empresa de Shopping Centers SA | 12,300 | | 270,243 |
Itau Unibanco Banco Multiplo SA sponsored ADR | 18,748 | | 294,156 |
Multiplan Empreendimentos Imobiliarios SA | 19,600 | | 462,713 |
TOTAL BRAZIL | | 2,266,993 |
Canada - 1.7% |
Agnico-Eagle Mines Ltd. (Canada) | 9,200 | | 367,534 |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 1,400 | | 574,018 |
Common Stocks - continued |
| Shares | | Value |
Canada - continued |
First Quantum Minerals Ltd. | 13,600 | | $ 282,533 |
Goldcorp, Inc. | 16,706 | | 639,826 |
Open Text Corp. (a) | 4,900 | | 274,727 |
TOTAL CANADA | | 2,138,638 |
Cayman Islands - 1.9% |
Baidu.com, Inc. sponsored ADR (a) | 5,380 | | 713,926 |
NVC Lighting Holdings Ltd. | 736,000 | | 267,510 |
Sands China Ltd. | 339,600 | | 1,335,000 |
TOTAL CAYMAN ISLANDS | | 2,316,436 |
Denmark - 3.3% |
Novo Nordisk A/S Series B sponsored ADR | 21,000 | | 3,087,420 |
William Demant Holding A/S (a) | 10,700 | | 1,010,081 |
TOTAL DENMARK | | 4,097,501 |
Finland - 1.7% |
Nokian Tyres PLC | 31,108 | | 1,475,507 |
Outotec Oyj | 12,000 | | 644,955 |
TOTAL FINLAND | | 2,120,462 |
France - 3.3% |
Alstom SA | 26,338 | | 940,691 |
Danone SA | 25,452 | | 1,790,802 |
Remy Cointreau SA | 5,690 | | 634,155 |
Safran SA | 19,500 | | 722,795 |
TOTAL FRANCE | | 4,088,443 |
Germany - 3.8% |
Linde AG | 17,241 | | 2,951,096 |
Siemens AG sponsored ADR | 19,000 | | 1,764,530 |
TOTAL GERMANY | | 4,715,626 |
Hong Kong - 1.1% |
Hong Kong Exchanges and Clearing Ltd. | 83,400 | | 1,333,987 |
India - 0.4% |
Bharti Airtel Ltd. | 78,769 | | 464,403 |
Ireland - 1.2% |
CRH PLC sponsored ADR | 37,600 | | 764,408 |
James Hardie Industries NV sponsored ADR | 18,200 | | 707,070 |
TOTAL IRELAND | | 1,471,478 |
Common Stocks - continued |
| Shares | | Value |
Israel - 0.3% |
Azrieli Group | 12,600 | | $ 309,511 |
Italy - 1.1% |
Fiat Industrial SpA | 85,401 | | 968,871 |
Interpump Group SpA | 37,651 | | 335,938 |
TOTAL ITALY | | 1,304,809 |
Japan - 10.6% |
Autobacs Seven Co. Ltd. | 12,300 | | 590,354 |
Denso Corp. | 51,300 | | 1,658,904 |
Fanuc Corp. (e) | 12,200 | | 2,057,665 |
Fast Retailing Co. Ltd. | 3,800 | | 849,232 |
Japan Tobacco, Inc. | 78 | | 432,123 |
JS Group Corp. | 21,600 | | 424,173 |
Keyence Corp. | 5,862 | | 1,383,665 |
Kobayashi Pharmaceutical Co. Ltd. | 10,200 | | 512,309 |
Mitsui Fudosan Co. Ltd. | 47,000 | | 860,944 |
Osaka Securities Exchange Co. Ltd. | 90 | | 515,306 |
SHO-BOND Holdings Co. Ltd. | 12,000 | | 303,521 |
SMC Corp. | 3,100 | | 517,742 |
Unicharm Corp. | 18,200 | | 1,018,198 |
USS Co. Ltd. | 12,420 | | 1,259,929 |
Yamato Kogyo Co. Ltd. | 23,700 | | 674,428 |
TOTAL JAPAN | | 13,058,493 |
Mexico - 0.8% |
Wal-Mart de Mexico SA de CV Series V | 347,500 | | 993,566 |
Netherlands - 1.6% |
ASML Holding NV | 38,600 | | 1,968,214 |
Portugal - 1.1% |
Jeronimo Martins SGPS SA | 74,652 | | 1,398,364 |
South Africa - 1.2% |
African Rainbow Minerals Ltd. | 11,639 | | 270,848 |
Clicks Group Ltd. | 52,017 | | 312,851 |
JSE Ltd. | 52,400 | | 553,777 |
Mr Price Group Ltd. | 25,000 | | 338,133 |
TOTAL SOUTH AFRICA | | 1,475,609 |
Spain - 1.4% |
Inditex SA (d) | 12,766 | | 1,148,330 |
Prosegur Compania de Seguridad SA (Reg.) | 9,200 | | 525,400 |
TOTAL SPAIN | | 1,673,730 |
Common Stocks - continued |
| Shares | | Value |
Sweden - 2.2% |
Fagerhult AB | 9,800 | | $ 293,821 |
H&M Hennes & Mauritz AB (B Shares) | 44,830 | | 1,540,192 |
Swedish Match Co. AB | 21,200 | | 861,785 |
TOTAL SWEDEN | | 2,695,798 |
Switzerland - 9.5% |
Nestle SA | 100,540 | | 6,159,471 |
Roche Holding AG (participation certificate) | 13,745 | | 2,511,069 |
Schindler Holding AG: | | | |
(participation certificate) | 4,901 | | 633,990 |
(Reg.) | 1,130 | | 144,433 |
Swatch Group AG (Bearer) | 3,780 | | 1,743,494 |
UBS AG (NY Shares) | 47,825 | | 591,595 |
TOTAL SWITZERLAND | | 11,784,052 |
Turkey - 1.6% |
Anadolu Efes Biracilik ve Malt Sanayii A/S | 21,800 | | 307,086 |
Coca-Cola Icecek A/S | 43,142 | | 606,492 |
Tupras-Turkiye Petrol Rafinerileri A/S | 15,687 | | 327,668 |
Turkiye Garanti Bankasi A/S | 204,500 | | 751,890 |
TOTAL TURKEY | | 1,993,136 |
United Kingdom - 18.3% |
Anglo American PLC: | | | |
ADR | 33,200 | | 640,096 |
(United Kingdom) | 9,000 | | 345,915 |
Babcock International Group PLC | 51,400 | | 693,281 |
BG Group PLC | 149,855 | | 3,528,046 |
BHP Billiton PLC ADR (d) | 59,600 | | 3,835,856 |
GlaxoSmithKline PLC sponsored ADR | 46,200 | | 2,135,826 |
InterContinental Hotel Group PLC ADR | 53,955 | | 1,288,445 |
Johnson Matthey PLC | 28,824 | | 1,082,587 |
Reckitt Benckiser Group PLC | 26,545 | | 1,545,466 |
Rolls-Royce Group PLC | 93,437 | | 1,248,900 |
Rotork PLC | 19,200 | | 687,779 |
SABMiller PLC | 40,866 | | 1,716,942 |
Serco Group PLC | 76,898 | | 677,111 |
Shaftesbury PLC | 37,833 | | 314,095 |
Standard Chartered PLC (United Kingdom) | 93,906 | | 2,295,428 |
Unite Group PLC | 85,300 | | 270,324 |
Victrex PLC | 12,000 | | 282,809 |
TOTAL UNITED KINGDOM | | 22,588,906 |
Common Stocks - continued |
| Shares | | Value |
United States of America - 15.5% |
Allergan, Inc. | 6,200 | | $ 595,200 |
Amazon.com, Inc. (a) | 3,500 | | 811,650 |
Autoliv, Inc. (d) | 20,000 | | 1,254,800 |
Berkshire Hathaway, Inc. Class B (a) | 16,623 | | 1,337,320 |
BorgWarner, Inc. (a) | 8,135 | | 642,990 |
CME Group, Inc. | 1,700 | | 451,894 |
Cymer, Inc. (a) | 9,100 | | 471,744 |
FMC Technologies, Inc. (a) | 10,512 | | 494,064 |
Freeport-McMoRan Copper & Gold, Inc. | 7,300 | | 279,590 |
JPMorgan Chase & Co. | 11,900 | | 511,462 |
Lam Research Corp. (a) | 6,755 | | 281,346 |
Martin Marietta Materials, Inc. (d) | 3,200 | | 265,216 |
MasterCard, Inc. Class A | 5,000 | | 2,261,350 |
Mead Johnson Nutrition Co. Class A | 19,600 | | 1,676,976 |
Mohawk Industries, Inc. (a) | 10,400 | | 697,008 |
National Oilwell Varco, Inc. | 7,234 | | 548,048 |
Philip Morris International, Inc. | 25,608 | | 2,292,172 |
PriceSmart, Inc. | 4,400 | | 363,176 |
ResMed, Inc. (a) | 16,800 | | 571,368 |
Solera Holdings, Inc. | 6,089 | | 273,640 |
Union Pacific Corp. | 12,400 | | 1,394,256 |
Visa, Inc. Class A | 13,900 | | 1,709,422 |
TOTAL UNITED STATES OF AMERICA | | 19,184,692 |
TOTAL COMMON STOCKS (Cost $113,575,745) |
120,112,216
|
Nonconvertible Preferred Stocks - 0.0% |
| | | |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C
(Cost $15,984) | 9,904,322 | |
16,076
|
Money Market Funds - 10.3% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.14% (b) | 2,797,705 | | $ 2,797,705 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 9,904,631 | | 9,904,631 |
TOTAL MONEY MARKET FUNDS (Cost $12,702,336) |
12,702,336
|
TOTAL INVESTMENT PORTFOLIO - 107.7% (Cost $126,294,065) | 132,830,628 |
NET OTHER ASSETS (LIABILITIES) - (7.7)% | (9,446,043) |
NET ASSETS - 100% | $ 123,384,585 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security or a portion of the security purchased on a delayed delivery or when-issued 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 | $ 2,386 |
Fidelity Securities Lending Cash Central Fund | 25,181 |
Total | $ 27,567 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 18,635,481 | $ 14,277,062 | $ 4,358,419 | $ - |
Consumer Staples | 27,817,742 | 25,855,112 | 1,962,630 | - |
Energy | 5,964,275 | 5,964,275 | - | - |
Financials | 13,221,988 | 11,845,738 | 1,376,250 | - |
Health Care | 11,726,183 | 11,726,183 | - | - |
Industrials | 16,599,926 | 13,296,825 | 3,303,101 | - |
Information Technology | 9,338,034 | 7,954,369 | 1,383,665 | - |
Materials | 16,360,260 | 15,685,832 | 674,428 | - |
Telecommunication Services | 464,403 | 464,403 | - | - |
Money Market Funds | 12,702,336 | 12,702,336 | - | - |
Total Investments in Securities: | $ 132,830,628 | $ 119,772,135 | $ 13,058,493 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $9,426,599) - See accompanying schedule: Unaffiliated issuers (cost $113,591,729) | $ 120,128,292 | |
Fidelity Central Funds (cost $12,702,336) | 12,702,336 | |
Total Investments (cost $126,294,065) | | $ 132,830,628 |
Foreign currency held at value (cost $40,219) | | 40,219 |
Receivable for investments sold | | 809,154 |
Receivable for fund shares sold | | 399,799 |
Dividends receivable | | 576,596 |
Distributions receivable from Fidelity Central Funds | | 12,974 |
Prepaid expenses | | 81 |
Receivable from investment adviser for expense reductions | | 10,349 |
Other receivables | | 4,551 |
Total assets | | 134,684,351 |
| | |
Liabilities | | |
Payable for investments purchased
Regular delivery | $ 771,848 | |
Delayed delivery | 51,912 | |
Payable for fund shares redeemed | 407,699 | |
Accrued management fee | 78,149 | |
Distribution and service plan fees payable | 7,157 | |
Other affiliated payables | 30,276 | |
Other payables and accrued expenses | 48,094 | |
Collateral on securities loaned, at value | 9,904,631 | |
Total liabilities | | 11,299,766 |
| | |
Net Assets | | $ 123,384,585 |
Net Assets consist of: | | |
Paid in capital | | $ 121,398,839 |
Undistributed net investment income | | 790,872 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (5,346,728) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 6,541,602 |
Net Assets | | $ 123,384,585 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($9,816,979 ÷ 1,115,784 shares) | | $ 8.80 |
| | |
Maximum offering price per share (100/94.25 of $8.80) | | $ 9.34 |
Class T:
Net Asset Value and redemption price per share ($4,655,852 ÷ 529,520 shares) | | $ 8.79 |
| | |
Maximum offering price per share (100/96.50 of $8.79) | | $ 9.11 |
Class B:
Net Asset Value and offering price per share
($518,764 ÷ 58,910 shares)A | | $ 8.81 |
| | |
Class C:
Net Asset Value and offering price per share ($3,609,983 ÷ 411,885 shares)A | | $ 8.76 |
| | |
International Growth:
Net Asset Value, offering price and redemption price per share ($102,623,708 ÷ 11,627,862 shares) | | $ 8.83 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,159,299 ÷ 244,753 shares) | | $ 8.82 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 1,445,096 |
Interest | | 13 |
Income from Fidelity Central Funds | | 27,567 |
Income before foreign taxes withheld | | 1,472,676 |
Less foreign taxes withheld | | (122,067) |
Total income | | 1,350,609 |
| | |
Expenses | | |
Management fee
Basic fee | $ 312,232 | |
Performance adjustment | 40,241 | |
Transfer agent fees | 124,671 | |
Distribution and service plan fees | 35,458 | |
Accounting and security lending fees | 23,436 | |
Custodian fees and expenses | 29,996 | |
Independent trustees' compensation | 233 | |
Registration fees | 35,897 | |
Audit | 34,412 | |
Legal | 171 | |
Miscellaneous | 377 | |
Total expenses before reductions | 637,124 | |
Expense reductions | (80,665) | 556,459 |
Net investment income (loss) | | 794,150 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (282,378) | |
Foreign currency transactions | 2,842 | |
Total net realized gain (loss) | | (279,536) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 7,772,854 | |
Assets and liabilities in foreign currencies | 4,027 | |
Total change in net unrealized appreciation (depreciation) | | 7,776,881 |
Net gain (loss) | | 7,497,345 |
Net increase (decrease) in net assets resulting from operations | | $ 8,291,495 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 794,150 | $ 628,947 |
Net realized gain (loss) | (279,536) | 1,817,821 |
Change in net unrealized appreciation (depreciation) | 7,776,881 | (6,057,574) |
Net increase (decrease) in net assets resulting
from operations | 8,291,495 | (3,610,806) |
Distributions to shareholders from net investment income | (594,738) | (276,358) |
Distributions to shareholders from net realized gain | (48,645) | (48,341) |
Total distributions | (643,383) | (324,699) |
Share transactions - net increase (decrease) | 49,294,625 | 35,841,228 |
Redemption fees | 1,465 | 7,927 |
Total increase (decrease) in net assets | 56,944,202 | 31,913,650 |
| | |
Net Assets | | |
Beginning of period | 66,440,383 | 34,526,733 |
End of period (including undistributed net investment income of $790,872 and undistributed net investment income of $591,460, respectively) | $ 123,384,585 | $ 66,440,383 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.09 | $ 8.38 | $ 7.01 | $ 5.46 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .07 | .08 | .05 | .05 | .07 |
Net realized and unrealized gain (loss) | .71 | (.31) | 1.39 | 1.55 | (4.61) |
Total from investment operations | .78 | (.23) | 1.44 | 1.60 | (4.54) |
Distributions from net investment income | (.06) | (.05) | (.05) | (.05) | - |
Distributions from net realized gain | (.01) | (.01) | (.03) | - | - |
Total distributions | (.07) | (.06) | (.07) K | (.05) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 8.80 | $ 8.09 | $ 8.38 | $ 7.01 | $ 5.46 |
Total Return B,C,D | 9.73% | (2.76)% | 20.68% | 29.72% | (45.40)% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.64% A | 1.77% | 2.13% | 2.46% | 2.88% |
Expenses net of fee waivers, if any | 1.45% A | 1.45% | 1.50% | 1.50% | 1.50% |
Expenses net of all reductions | 1.43% A | 1.43% | 1.48% | 1.47% | 1.48% |
Net investment income (loss) | 1.63% A | .92% | .74% | .85% | .80% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 9,817 | $ 6,352 | $ 3,084 | $ 1,452 | $ 820 |
Portfolio turnover rate G | 35% A | 68% | 87% | 116% | 115% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.07 per share is comprised of distributions from net investment income of $.046 and distributions from net realized gain of $.025 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.08 | $ 8.38 | $ 7.00 | $ 5.45 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .06 | .06 | .04 | .03 | .05 |
Net realized and unrealized gain (loss) | .71 | (.31) | 1.39 | 1.55 | (4.60) |
Total from investment operations | .77 | (.25) | 1.43 | 1.58 | (4.55) |
Distributions from net investment income | (.05) | (.04) | (.02) | (.03) | - |
Distributions from net realized gain | (.01) | (.01) | (.03) | - | - |
Total distributions | (.06) | (.05) | (.05) | (.03) | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 8.79 | $ 8.08 | $ 8.38 | $ 7.00 | $ 5.45 |
Total Return B,C,D | 9.57% | (3.03)% | 20.47% | 29.22% | (45.50)% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 1.92% A | 2.03% | 2.41% | 2.67% | 3.07% |
Expenses net of fee waivers, if any | 1.70% A | 1.70% | 1.75% | 1.75% | 1.75% |
Expenses net of all reductions | 1.69% A | 1.68% | 1.73% | 1.73% | 1.73% |
Net investment income (loss) | 1.37% A | .67% | .49% | .59% | .55% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 4,656 | $ 2,917 | $ 1,034 | $ 532 | $ 507 |
Portfolio turnover rate G | 35% A | 68% | 87% | 116% | 115% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.06 | $ 8.36 | $ 6.98 | $ 5.42 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .04 | .01 | - J | .01 | - J |
Net realized and unrealized gain (loss) | .71 | (.30) | 1.38 | 1.55 | (4.58) |
Total from investment operations | .75 | (.29) | 1.38 | 1.56 | (4.58) |
Distributions from net investment income | - | (.01) | - | - | - |
Distributions from net realized gain | - | - J | - | - | - |
Total distributions | - | (.01) | - | - | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 8.81 | $ 8.06 | $ 8.36 | $ 6.98 | $ 5.42 |
Total Return B,C,D | 9.31% | (3.47)% | 19.77% | 28.78% | (45.80)% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.41% A | 2.55% | 2.87% | 3.17% | 3.55% |
Expenses net of fee waivers, if any | 2.20% A | 2.20% | 2.25% | 2.25% | 2.25% |
Expenses net of all reductions | 2.19% A | 2.18% | 2.23% | 2.23% | 2.23% |
Net investment income (loss) | .87% A | .17% | (.01)% | .09% | .05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 519 | $ 473 | $ 581 | $ 328 | $ 642 |
Portfolio turnover rate G | 35% A | 68% | 87% | 116% | 115% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.03 | $ 8.34 | $ 6.98 | $ 5.42 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .04 | .01 | - J | .01 | - J |
Net realized and unrealized gain (loss) | .70 | (.31) | 1.38 | 1.55 | (4.58) |
Total from investment operations | .74 | (.30) | 1.38 | 1.56 | (4.58) |
Distributions from net investment income | (.01) | (.01) | - | - | - |
Distributions from net realized gain | (.01) | (.01) | (.02) | - | - |
Total distributions | (.01) L | (.01) K | (.02) | - | - |
Redemption fees added to paid in capital E,J | - | - | - | - | - |
Net asset value, end of period | $ 8.76 | $ 8.03 | $ 8.34 | $ 6.98 | $ 5.42 |
Total Return B,C,D | 9.27% | (3.57)% | 19.82% | 28.78% | (45.80)% |
Ratios to Average Net Assets F,I | | | | | |
Expenses before reductions | 2.41% A | 2.52% | 2.89% | 3.21% | 3.52% |
Expenses net of fee waivers, if any | 2.20% A | 2.20% | 2.25% | 2.25% | 2.25% |
Expenses net of all reductions | 2.18% A | 2.18% | 2.24% | 2.23% | 2.23% |
Net investment income (loss) | .88% A | .17% | (.01)% | .09% | .05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 3,610 | $ 2,767 | $ 1,261 | $ 780 | $ 684 |
Portfolio turnover rate G | 35% A | 68% | 87% | 116% | 115% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.01 per share is comprised of distributions from net investment income of $.008 and distributions from net realized gain of $.005 per share.
L Total distributions of $.01 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.006 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Growth
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .08 | .10 | .07 | .06 | .09 |
Net realized and unrealized gain (loss) | .72 | (.30) | 1.39 | 1.54 | (4.60) |
Total from investment operations | .80 | (.20) | 1.46 | 1.60 | (4.51) |
Distributions from net investment income | (.08) | (.07) | (.06) | (.06) | (.01) |
Distributions from net realized gain | (.01) | (.01) | (.03) | - | - |
Total distributions | (.09) | (.08) | (.08) J | (.06) | (.01) |
Redemption fees added to paid in capital D,I | - | - | - | - | - |
Net asset value, end of period | $ 8.83 | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 |
Total Return B,C | 9.91% | (2.47)% | 20.97% | 29.77% | (45.17)% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.36% A | 1.52% | 1.89% | 2.19% | 2.35% |
Expenses net of fee waivers, if any | 1.20% A | 1.20% | 1.25% | 1.25% | 1.25% |
Expenses net of all reductions | 1.18% A | 1.18% | 1.23% | 1.23% | 1.23% |
Net investment income (loss) | 1.88% A | 1.17% | .99% | 1.09% | 1.05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 102,624 | $ 53,437 | $ 28,454 | $ 18,254 | $ 11,884 |
Portfolio turnover rate F | 35% A | 68% | 87% | 116% | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J Total distributions of $.08 per share is comprised of distributions from net investment income of $.057 and distributions from net realized gain of $.025 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .08 | .10 | .07 | .06 | .09 |
Net realized and unrealized gain (loss) | .71 | (.30) | 1.39 | 1.54 | (4.60) |
Total from investment operations | .79 | (.20) | 1.46 | 1.60 | (4.51) |
Distributions from net investment income | (.08) | (.07) | (.06) | (.06) | (.01) |
Distributions from net realized gain | (.01) | (.01) | (.03) | - | - |
Total distributions | (.09) | (.08) | (.08) J | (.06) | (.01) |
Redemption fees added to paid in capital D,I | - | - | - | - | - |
Net asset value, end of period | $ 8.82 | $ 8.12 | $ 8.40 | $ 7.02 | $ 5.48 |
Total Return B,C | 9.79% | (2.47)% | 20.97% | 29.77% | (45.17)% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.30% A | 1.50% | 1.92% | 2.01% | 2.56% |
Expenses net of fee waivers, if any | 1.20% A | 1.20% | 1.25% | 1.25% | 1.25% |
Expenses net of all reductions | 1.18% A | 1.18% | 1.23% | 1.23% | 1.23% |
Net investment income (loss) | 1.88% A | 1.17% | .99% | 1.09% | 1.05% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,159 | $ 493 | $ 113 | $ 36 | $ 521 |
Portfolio turnover rate F | 35% A | 68% | 87% | 116% | 115% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
J Total distributions of $.08 per share is comprised of distributions from net investment income of $.057 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, 2012 (Unaudited)
1. Organization.
Fidelity® International Growth 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, International Growth and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
Semiannual Report
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
Semiannual Report
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 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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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:
Gross unrealized appreciation | $ 11,122,266 |
Gross unrealized depreciation | (4,865,628) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 6,256,638 |
| |
Tax cost | $ 126,573,990 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2016 | $ (1,819,472) |
2017 | (2,797,799) |
Total capital loss carryforward | $ (4,617,271) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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
4. Operating Policies.
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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $64,328,421 and $15,346,428, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Growth as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .80% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
| Distribution
Fee | Service
Fee | Total
Fees | Retained
by FDC |
Class A | -% | .25% | $ 9,277 | $ 386 |
Class T | .25% | .25% | 8,752 | 85 |
Class B | .75% | .25% | 2,464 | 1,870 |
Class C | .75% | .25% | 14,965 | 5,290 |
| | | $ 35,458 | $ 7,631 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 7,581 |
Class T | 2,052 |
Class B* | 171 |
Class C* | 803 |
| $ 10,607 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
| Amount | % of
Average
Net Assets* |
Class A | $ 11,092 | .30 |
Class T | 5,678 | .32 |
Class B | 754 | .31 |
Class C | 4,571 | .31 |
International Growth | 101,715 | .28 |
Institutional Class | 861 | .20 |
| $ 124,671 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $145 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $117 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending - continued
the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $25,181. During the period, there were no securities loaned to FCM.
9. Expense Reductions.
FMR contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2012. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.45% | $ 7,289 |
Class T | 1.70% | 3,844 |
Class B | 2.20% | 516 |
Class C | 2.20% | 3,091 |
International Growth | 1.20% | 58,982 |
Institutional Class | 1.20% | 433 |
| | $ 74,155 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $6,469 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 $41.
Semiannual Report
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2012 | Year ended
October 31, 2011 |
From net investment income | | |
Class A | $ 50,503 | $ 19,878 |
Class T | 18,666 | 5,087 |
Class B | - | 545 |
Class C | 2,205 | 1,547 |
International Growth | 516,958 | 247,117 |
Institutional Class | 6,406 | 2,184 |
Total | $ 594,738 | $ 276,358 |
From net realized gain | | |
Class A | $ 4,810 | $ 4,255 |
Class T | 2,196 | 1,455 |
Class B | - | 211 |
Class C | 1,890 | 826 |
International Growth | 39,262 | 41,245 |
Institutional Class | 487 | 349 |
Total | $ 48,645 | $ 48,341 |
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 424,696 | 547,911 | $ 3,608,067 | $ 4,762,829 |
Reinvestment of distributions | 5,422 | 2,679 | 42,831 | 22,867 |
Shares redeemed | (99,325) | (133,581) | (824,091) | (1,142,023) |
Net increase (decrease) | 330,793 | 417,009 | $ 2,826,807 | $ 3,643,673 |
Class T | | | | |
Shares sold | 210,648 | 292,221 | $ 1,784,265 | $ 2,542,402 |
Reinvestment of distributions | 2,626 | 762 | 20,742 | 6,516 |
Shares redeemed | (44,628) | (55,432) | (361,618) | (470,382) |
Net increase (decrease) | 168,646 | 237,551 | $ 1,443,389 | $ 2,078,536 |
Class B | | | | |
Shares sold | 14,994 | 22,762 | $ 124,722 | $ 193,446 |
Reinvestment of distributions | - | 78 | - | 670 |
Shares redeemed | (14,812) | (33,639) | (123,228) | (282,311) |
Net increase (decrease) | 182 | (10,799) | $ 1,494 | $ (88,195) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended April 30,
2012 | Year ended
October 31,
2011 |
Class C | | | | |
Shares sold | 131,138 | 258,483 | $ 1,082,983 | $ 2,202,762 |
Reinvestment of distributions | 510 | 274 | 4,026 | 2,357 |
Shares redeemed | (64,222) | (65,559) | (516,047) | (555,739) |
Net increase (decrease) | 67,426 | 193,198 | $ 570,962 | $ 1,649,380 |
International Growth | | | | |
Shares sold | 6,306,076 | 5,799,026 | $ 53,240,364 | $ 50,047,832 |
Reinvestment of distributions | 68,821 | 33,184 | 544,378 | 283,553 |
Shares redeemed | (1,325,567) | (2,639,092) | (10,948,310) | (22,190,157) |
Net increase (decrease) | 5,049,330 | 3,193,118 | $ 42,836,432 | $ 28,141,228 |
Institutional Class | | | | |
Shares sold | 211,428 | 76,126 | $ 1,830,685 | $ 670,433 |
Reinvestment of distributions | 655 | 292 | 5,178 | 2,491 |
Shares redeemed | (28,016) | (29,187) | (220,322) | (256,318) |
Net increase (decrease) | 184,067 | 47,231 | $ 1,615,541 | $ 416,606 |
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.
At the end of the period, Fidelity VIP FundsManger 60% Portfolio was the owner of record of approximately 16% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agent
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
IGF-USAN-0612
1.912352.102
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Small Cap Opportunities
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Class A, Class T, Class B
and Class C are classes of
Fidelity® International
Small Cap Opportunities Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to
April 30, 2012 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,092.00 | $ 8.58 |
HypotheticalA | | $ 1,000.00 | $ 1,016.66 | $ 8.27 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 1,090.00 | $ 9.87 |
HypotheticalA | | $ 1,000.00 | $ 1,015.42 | $ 9.52 |
Class B | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,087.70 | $ 12.46 |
HypotheticalA | | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,086.90 | $ 12.45 |
HypotheticalA | | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
International Small Cap Opportunities | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,092.10 | $ 7.28 |
HypotheticalA | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
Institutional Class | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,092.30 | $ 7.28 |
HypotheticalA | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | Japan 21.1% | |
 | United States of America 17.8% | |
 | United Kingdom 17.5% | |
 | Germany 4.7% | |
 | France 3.1% | |
 | Canada 2.9% | |
 | Brazil 2.9% | |
 | South Africa 2.6% | |
 | Sweden 2.5% | |
 | Other 24.9% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| Japan 20.9% | |
| United Kingdom 16.7% | |
| United States of America 14.6% | |
| Canada 4.8% | |
| Brazil 4.7% | |
 | Germany 4.3% | |
| France 3.8% | |
| Finland 2.4% | |
| South Africa 2.2% | |
| Other 25.6% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 94.5 | 97.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 5.5 | 2.1 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
PriceSmart, Inc. (United States of America, Food & Staples Retailing) | 2.5 | 2.0 |
USS Co. Ltd. (Japan, Specialty Retail) | 2.0 | 1.8 |
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) | 1.7 | 1.5 |
Osaka Securities Exchange Co. Ltd. (Japan, Diversified Financial Services) | 1.6 | 1.6 |
CTS Eventim AG (Germany, Media) | 1.5 | 1.2 |
Andritz AG (Austria, Machinery) | 1.5 | 1.3 |
Kobayashi Pharmaceutical Co. Ltd. (Japan, Personal Products) | 1.4 | 1.6 |
Cymer, Inc. (United States of America, Semiconductors & Semiconductor Equipment) | 1.4 | 0.9 |
Prosegur Compania de Seguridad SA (Reg.) (Spain, Commercial Services & Supplies) | 1.4 | 1.4 |
Interpump Group SpA (Italy, Machinery) | 1.3 | 0.9 |
| 16.3 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 23.0 | 22.4 |
Consumer Discretionary | 19.1 | 18.6 |
Financials | 14.7 | 16.4 |
Consumer Staples | 12.1 | 9.9 |
Materials | 9.5 | 11.8 |
Information Technology | 7.7 | 8.2 |
Health Care | 4.9 | 5.8 |
Energy | 3.5 | 4.8 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.5% |
| Shares | | Value |
Australia - 1.0% |
Ramsay Health Care Ltd. | 47,346 | | $ 988,028 |
Sydney Airport unit | 859,257 | | 2,605,081 |
TOTAL AUSTRALIA | | 3,593,109 |
Austria - 2.1% |
Andritz AG | 105,600 | | 5,527,426 |
Zumtobel AG | 154,981 | | 2,133,704 |
TOTAL AUSTRIA | | 7,661,130 |
Bailiwick of Guernsey - 0.6% |
Resolution Ltd. | 670,273 | | 2,434,765 |
Bailiwick of Jersey - 1.3% |
Informa PLC | 500,236 | | 3,366,274 |
Randgold Resources Ltd. sponsored ADR | 18,300 | | 1,631,445 |
TOTAL BAILIWICK OF JERSEY | | 4,997,719 |
Belgium - 1.5% |
Gimv NV | 46,075 | | 2,258,001 |
Umicore SA | 63,474 | | 3,444,682 |
TOTAL BELGIUM | | 5,702,683 |
Bermuda - 0.9% |
Lazard Ltd. Class A | 29,899 | | 822,521 |
Trinity Ltd. | 3,154,000 | | 2,638,276 |
TOTAL BERMUDA | | 3,460,797 |
Brazil - 2.9% |
Arezzo Industria e Comercio SA | 109,700 | | 1,726,517 |
Banco ABC Brasil SA | 257,800 | | 1,609,433 |
Banco Pine SA | 217,285 | | 1,487,590 |
Braskem SA Class A sponsored ADR (d) | 117,200 | | 1,722,840 |
Cetip SA | 55,000 | | 847,441 |
Iguatemi Empresa de Shopping Centers SA | 38,700 | | 850,277 |
Multiplan Empreendimentos Imobiliarios SA | 66,600 | | 1,572,279 |
T4F Entretenimento SA | 91,800 | | 838,946 |
TOTAL BRAZIL | | 10,655,323 |
British Virgin Islands - 0.3% |
Gem Diamonds Ltd. (a) | 246,325 | | 1,035,508 |
Canada - 2.9% |
Agnico-Eagle Mines Ltd. (Canada) | 29,960 | | 1,196,883 |
Copper Mountain Mining Corp. (a) | 203,500 | | 883,842 |
Common Stocks - continued |
| Shares | | Value |
Canada - continued |
Eldorado Gold Corp. | 113,100 | | $ 1,603,037 |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 5,790 | | 2,373,973 |
Open Text Corp. (a) | 25,500 | | 1,429,704 |
Painted Pony Petroleum Ltd. Class A (a) | 110,800 | | 894,028 |
Petrominerales Ltd. | 51,579 | | 754,560 |
TAG Oil Ltd. (a) | 96,200 | | 1,022,627 |
Tuscany International Drilling, Inc. (a) | 1,139,200 | | 807,330 |
TOTAL CANADA | | 10,965,984 |
Cayman Islands - 0.8% |
China Lilang Ltd. | 491,000 | | 453,748 |
NVC Lighting Holdings Ltd. | 4,429,000 | | 1,609,788 |
Vantage Drilling Co. (a) | 525,331 | | 830,023 |
TOTAL CAYMAN ISLANDS | | 2,893,559 |
Denmark - 0.8% |
William Demant Holding A/S (a) | 32,533 | | 3,071,117 |
Finland - 2.4% |
Nokian Tyres PLC (d) | 89,200 | | 4,230,912 |
Outotec Oyj | 87,200 | | 4,686,676 |
TOTAL FINLAND | | 8,917,588 |
France - 3.1% |
Laurent-Perrier Group | 25,963 | | 2,620,355 |
Remy Cointreau SA | 35,298 | | 3,933,988 |
Saft Groupe SA | 57,419 | | 1,584,075 |
Vetoquinol SA | 28,895 | | 905,406 |
Virbac SA | 15,100 | | 2,539,651 |
TOTAL FRANCE | | 11,583,475 |
Germany - 4.7% |
alstria office REIT-AG | 167,500 | | 1,784,979 |
Bilfinger Berger AG | 33,159 | | 3,032,767 |
CompuGROUP Holding AG | 92,100 | | 1,417,953 |
CTS Eventim AG | 147,426 | | 5,755,343 |
Fielmann AG | 34,437 | | 3,336,564 |
Software AG (Bearer) (d) | 59,781 | | 2,089,246 |
TOTAL GERMANY | | 17,416,852 |
Common Stocks - continued |
| Shares | | Value |
India - 0.6% |
Apollo Tyres Ltd. | 492,892 | | $ 846,054 |
Jyothy Laboratories Ltd. | 393,677 | | 1,303,660 |
TOTAL INDIA | | 2,149,714 |
Ireland - 1.0% |
James Hardie Industries NV sponsored ADR | 97,775 | | 3,798,559 |
Israel - 1.0% |
Azrieli Group | 72,005 | | 1,768,759 |
Ituran Location & Control Ltd. | 148,286 | | 1,992,964 |
TOTAL ISRAEL | | 3,761,723 |
Italy - 2.0% |
Azimut Holding SpA | 271,773 | | 2,669,516 |
Interpump Group SpA | 550,543 | | 4,912,171 |
TOTAL ITALY | | 7,581,687 |
Japan - 21.1% |
Air Water, Inc. | 68,000 | | 857,211 |
Aozora Bank Ltd. | 570,000 | | 1,462,018 |
Asahi Co. Ltd. | 83,300 | | 1,643,719 |
Autobacs Seven Co. Ltd. | 86,300 | | 4,142,076 |
Azbil Corp. | 56,000 | | 1,199,815 |
Cosmos Pharmaceutical Corp. | 11,000 | | 616,739 |
Daikoku Denki Co. Ltd. | 64,900 | | 928,102 |
Daikokutenbussan Co. Ltd. | 117,200 | | 3,245,825 |
FCC Co. Ltd. | 149,300 | | 3,048,793 |
GCA Savvian Group Corp. | 1,309 | | 1,364,018 |
Glory Ltd. | 80,300 | | 1,727,023 |
Goldcrest Co. Ltd. | 86,000 | | 1,475,371 |
Iwatsuka Confectionary Co. Ltd. | 5,400 | | 219,112 |
Kamigumi Co. Ltd. | 282,000 | | 2,266,573 |
Kobayashi Pharmaceutical Co. Ltd. | 105,700 | | 5,308,926 |
Kyoto Kimono Yuzen Co. Ltd. | 109,900 | | 1,350,997 |
Meiko Network Japan Co. Ltd. | 100,500 | | 991,793 |
Miraial Co. Ltd. | 39,200 | | 704,135 |
Nabtesco Corp. | 138,400 | | 2,954,702 |
Nagaileben Co. Ltd. | 106,900 | | 1,651,493 |
Nihon M&A Center, Inc. | 123,200 | | 3,527,780 |
Nihon Parkerizing Co. Ltd. | 167,000 | | 2,494,198 |
Nikkiso Co. Ltd. | 71,000 | | 745,596 |
Nippon Seiki Co. Ltd. | 186,000 | | 2,346,403 |
Nippon Thompson Co. Ltd. | 361,000 | | 1,996,356 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
NS Tool Co., Ltd. | 100 | | $ 3,586 |
Obic Co. Ltd. | 10,030 | | 2,114,226 |
Osaka Securities Exchange Co. Ltd. | 1,019 | | 5,834,412 |
OSG Corp. | 148,700 | | 2,347,167 |
Seven Bank Ltd. | 937,900 | | 2,317,464 |
SHO-BOND Holdings Co. Ltd. | 98,200 | | 2,483,815 |
Shoei Co. Ltd. | 90,800 | | 651,585 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 323,000 | | 1,910,765 |
Tsutsumi Jewelry Co. Ltd. | 36,900 | | 1,079,455 |
USS Co. Ltd. | 72,540 | | 7,358,715 |
Yamato Kogyo Co. Ltd. | 151,700 | | 4,316,911 |
TOTAL JAPAN | | 78,686,875 |
Korea (South) - 0.2% |
Woongjin Coway Co. Ltd. | 27,480 | | 880,236 |
Netherlands - 1.9% |
Aalberts Industries NV | 167,200 | | 3,210,527 |
ASM International NV unit | 66,400 | | 2,355,208 |
QIAGEN NV (a)(d) | 94,200 | | 1,575,966 |
TOTAL NETHERLANDS | | 7,141,701 |
Papua New Guinea - 0.4% |
Oil Search Ltd. ADR | 178,966 | | 1,370,450 |
Philippines - 0.5% |
Jollibee Food Corp. | 757,160 | | 2,012,988 |
Portugal - 0.8% |
Jeronimo Martins SGPS SA | 151,700 | | 2,841,610 |
South Africa - 2.6% |
African Rainbow Minerals Ltd. | 83,600 | | 1,945,436 |
City Lodge Hotels Ltd. | 106,302 | | 1,161,696 |
Clicks Group Ltd. | 434,802 | | 2,615,073 |
JSE Ltd. | 199,281 | | 2,106,055 |
Mr Price Group Ltd. | 137,500 | | 1,859,733 |
TOTAL SOUTH AFRICA | | 9,687,993 |
Spain - 1.7% |
Grifols SA (a) | 50,832 | | 1,280,219 |
Prosegur Compania de Seguridad SA (Reg.) | 88,209 | | 5,037,504 |
TOTAL SPAIN | | 6,317,723 |
Sweden - 2.5% |
Fagerhult AB | 85,150 | | 2,552,948 |
Common Stocks - continued |
| Shares | | Value |
Sweden - continued |
Intrum Justitia AB | 233,600 | | $ 3,545,319 |
Swedish Match Co. AB | 78,600 | | 3,195,108 |
TOTAL SWEDEN | | 9,293,375 |
Switzerland - 0.7% |
Bank Sarasin & Cie Series B (Reg.) | 51,074 | | 1,575,750 |
Zehnder Group AG | 14,068 | | 1,034,697 |
TOTAL SWITZERLAND | | 2,610,447 |
Thailand - 0.3% |
Thai Re Insurance PCL NVDR | 8,020,333 | | 1,058,773 |
Turkey - 2.1% |
Albaraka Turk Katilim Bankasi A/S | 1,727,492 | | 1,828,762 |
Boyner Buyuk Magazacilik A/S (a) | 1,150,451 | | 2,311,379 |
Coca-Cola Icecek A/S | 260,000 | | 3,655,094 |
TOTAL TURKEY | | 7,795,235 |
United Kingdom - 17.5% |
AMEC PLC | 128,340 | | 2,364,303 |
Babcock International Group PLC | 239,700 | | 3,233,064 |
Bellway PLC | 188,172 | | 2,405,198 |
Britvic PLC | 526,200 | | 3,264,275 |
Dechra Pharmaceuticals PLC | 247,100 | | 1,850,929 |
Dechra Pharmaceuticals PLC rights 5/15/12 (a) | 74,130 | | 188,903 |
Derwent London PLC | 57,900 | | 1,637,088 |
Great Portland Estates PLC | 452,489 | | 2,644,700 |
H&T Group PLC | 186,803 | | 879,280 |
InterContinental Hotel Group PLC ADR | 114,600 | | 2,736,648 |
Johnson Matthey PLC | 100,089 | | 3,759,196 |
Meggitt PLC | 726,669 | | 4,818,080 |
Persimmon PLC | 166,563 | | 1,699,140 |
Rotork PLC | 104,900 | | 3,757,709 |
Serco Group PLC | 428,560 | | 3,773,607 |
Shaftesbury PLC | 375,373 | | 3,116,405 |
Spectris PLC | 98,487 | | 3,014,851 |
Spirax-Sarco Engineering PLC | 169,230 | | 6,334,057 |
Ted Baker PLC | 139,000 | | 2,042,343 |
Ultra Electronics Holdings PLC | 106,869 | | 2,921,051 |
Unite Group PLC | 1,424,170 | | 4,513,341 |
Victrex PLC | 179,582 | | 4,232,283 |
TOTAL UNITED KINGDOM | | 65,186,451 |
Common Stocks - continued |
| Shares | | Value |
United States of America - 12.3% |
ANSYS, Inc. (a) | 13,285 | | $ 891,025 |
Autoliv, Inc. | 57,500 | | 3,607,550 |
Broadridge Financial Solutions, Inc. | 48,705 | | 1,130,443 |
Cymer, Inc. (a) | 98,673 | | 5,115,208 |
Dril-Quip, Inc. (a) | 35,752 | | 2,409,327 |
Evercore Partners, Inc. Class A | 56,200 | | 1,485,366 |
Greenhill & Co., Inc. | 34,395 | | 1,336,246 |
Kansas City Southern | 43,800 | | 3,373,476 |
Lam Research Corp. (a) | 22,003 | | 916,425 |
Martin Marietta Materials, Inc. (d) | 19,900 | | 1,649,312 |
Mohawk Industries, Inc. (a) | 61,000 | | 4,088,220 |
Oceaneering International, Inc. | 51,200 | | 2,643,456 |
PriceSmart, Inc. | 112,496 | | 9,285,414 |
ResMed, Inc. (a) | 106,200 | | 3,611,862 |
Solera Holdings, Inc. | 64,979 | | 2,920,156 |
SS&C Technologies Holdings, Inc. (a) | 57,600 | | 1,369,152 |
TOTAL UNITED STATES OF AMERICA | | 45,832,638 |
TOTAL COMMON STOCKS (Cost $280,129,935) |
352,397,787
|
Money Market Funds - 7.0% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 17,702,650 | | 17,702,650 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 8,511,410 | | 8,511,410 |
TOTAL MONEY MARKET FUNDS (Cost $26,214,060) |
26,214,060
|
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $306,343,995) | | 378,611,847 |
NET OTHER ASSETS (LIABILITIES) - (1.5)% | | (5,727,745) |
NET ASSETS - 100% | $ 372,884,102 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
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 | $ 7,179 |
Fidelity Securities Lending Cash Central Fund | 50,942 |
Total | $ 58,121 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 71,539,403 | $ 47,997,765 | $ 23,541,638 | $ - |
Consumer Staples | 43,714,967 | 34,324,365 | 9,390,602 | - |
Energy | 13,096,104 | 13,096,104 | - | - |
Financials | 55,114,583 | 42,661,300 | 12,453,283 | - |
Health Care | 18,409,170 | 16,012,081 | 2,397,089 | - |
Industrials | 85,380,941 | 68,073,939 | 17,307,002 | - |
Information Technology | 28,660,511 | 24,642,335 | 4,018,176 | - |
Materials | 36,482,108 | 26,903,023 | 9,579,085 | - |
Money Market Funds | 26,214,060 | 26,214,060 | - | - |
Total Investments in Securities: | $ 378,611,847 | $ 299,924,972 | $ 78,686,875 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $7,854,096) - See accompanying schedule: Unaffiliated issuers (cost $280,129,935) | $ 352,397,787 | |
Fidelity Central Funds (cost $26,214,060) | 26,214,060 | |
Total Investments (cost $306,343,995) | | $ 378,611,847 |
Foreign currency held at value (cost $69,807) | | 69,807 |
Receivable for investments sold | | 2,187,631 |
Receivable for fund shares sold | | 677,708 |
Dividends receivable | | 1,959,775 |
Distributions receivable from Fidelity Central Funds | | 22,203 |
Prepaid expenses | | 364 |
Receivable from investment adviser for expense reductions | | 17,308 |
Other receivables | | 10,220 |
Total assets | | 383,556,863 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,079,550 | |
Payable for fund shares redeemed | 581,200 | |
Accrued management fee | 327,236 | |
Distribution and service plan fees payable | 15,170 | |
Other affiliated payables | 98,638 | |
Other payables and accrued expenses | 59,557 | |
Collateral on securities loaned, at value | 8,511,410 | |
Total liabilities | | 10,672,761 |
| | |
Net Assets | | $ 372,884,102 |
Net Assets consist of: | | |
Paid in capital | | $ 658,639,436 |
Undistributed net investment income | | 1,448,739 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (359,514,168) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 72,310,095 |
Net Assets | | $ 372,884,102 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($18,976,514 ÷ 1,806,183 shares) | | $ 10.51 |
| | |
Maximum offering price per share (100/94.25 of $10.51) | | $ 11.15 |
Class T:
Net Asset Value and redemption price per share ($8,660,731 ÷ 830,304 shares) | | $ 10.43 |
| | |
Maximum offering price per share (100/96.50 of $10.43) | | $ 10.81 |
Class B:
Net Asset Value and offering price per share ($2,214,047 ÷ 215,667 shares)A | | $ 10.27 |
| | |
Class C:
Net Asset Value and offering price per share ($7,073,679 ÷ 690,070 shares)A | | $ 10.25 |
| | |
International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($333,878,354 ÷ 31,521,734 shares) | | $ 10.59 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,080,777 ÷ 196,216 shares) | | $ 10.60 |
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, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,750,682 |
Income from Fidelity Central Funds | | 58,121 |
Income before foreign taxes withheld | | 4,808,803 |
Less foreign taxes withheld | | (308,994) |
Total income | | 4,499,809 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,545,163 | |
Performance adjustment | 383,041 | |
Transfer agent fees | 511,282 | |
Distribution and service plan fees | 89,196 | |
Accounting and security lending fees | 94,295 | |
Custodian fees and expenses | 48,995 | |
Independent trustees' compensation | 1,085 | |
Registration fees | 35,081 | |
Audit | 35,804 | |
Legal | 809 | |
Miscellaneous | 1,767 | |
Total expenses before reductions | 2,746,518 | |
Expense reductions | (153,950) | 2,592,568 |
Net investment income (loss) | | 1,907,241 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 11,289,436 | |
Foreign currency transactions | (33,572) | |
Total net realized gain (loss) | | 11,255,864 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 18,988,993 | |
Assets and liabilities in foreign currencies | 51,333 | |
Total change in net unrealized appreciation (depreciation) | | 19,040,326 |
Net gain (loss) | | 30,296,190 |
Net increase (decrease) in net assets resulting from operations | | $ 32,203,431 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,907,241 | $ 7,043,577 |
Net realized gain (loss) | 11,255,864 | 54,021,779 |
Change in net unrealized appreciation (depreciation) | 19,040,326 | (52,262,552) |
Net increase (decrease) in net assets resulting
from operations | 32,203,431 | 8,802,804 |
Distributions to shareholders from net investment income | (4,886,680) | (6,223,295) |
Distributions to shareholders from net realized gain | (369,319) | (1,761,993) |
Total distributions | (5,255,999) | (7,985,288) |
Share transactions - net increase (decrease) | (20,348,302) | (78,669,716) |
Redemption fees | 48,508 | 71,408 |
Total increase (decrease) in net assets | 6,647,638 | (77,780,792) |
| | |
Net Assets | | |
Beginning of period | 366,236,464 | 444,017,256 |
End of period (including undistributed net investment income of $1,448,739 and undistributed net investment income of $4,428,178, respectively) | $ 372,884,102 | $ 366,236,464 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.75 | $ 9.82 | $ 8.07 | $ 6.24 | $ 18.97 | $ 14.18 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .04 | .15 H | .06 | .06 | .02 | .02 |
Net realized and unrealized gain (loss) | .84 | (.07) | 1.85 | 1.77 | (10.85) | 4.76 |
Total from investment operations | .88 | .08 | 1.91 | 1.83 | (10.83) | 4.78 |
Distributions from net investment income | (.11) | (.11) | (.07) | - | (.03) | - |
Distributions from net realized gain | (.01) | (.04) | (.09) | - | (1.88) | - |
Total distributions | (.12) | (.15) | (.16) | - | (1.90) K | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 10.51 | $ 9.75 | $ 9.82 | $ 8.07 | $ 6.24 | $ 18.97 |
Total Return B, C, D | 9.20% | .81% | 24.05% | 29.33% | (62.98)% | 33.78% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.74% A | 1.34% | 1.16% | .94% | 1.75% | 1.63% |
Expenses net of fee waivers, if any | 1.65% A | 1.33% | 1.16% | .94% | 1.66% | 1.63% |
Expenses net of all reductions | 1.64% A | 1.32% | 1.15% | .89% | 1.62% | 1.59% |
Net investment income (loss) | .86% A | 1.44% H | .74% | 1.00% | .13% | .10% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 18,977 | $ 18,686 | $ 20,228 | $ 18,883 | $ 17,905 | $ 70,785 |
Portfolio turnover rate G | 23% A | 24% | 49% | 174% | 61% | 107% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment 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 .80%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $1.90 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $1.878 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.66 | $ 9.72 | $ 8.00 | $ 6.20 | $ 18.85 | $ 14.12 |
Income from
Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .12 H | .04 | .05 | (.02) | (.02) |
Net realized and unrealized gain (loss) | .83 | (.06) | 1.83 | 1.75 | (10.78) | 4.74 |
Total from investment operations | .86 | .06 | 1.87 | 1.80 | (10.80) | 4.72 |
Distributions from net investment income | (.08) | (.08) | (.06) | - | - | - |
Distributions from net realized gain | (.01) | (.04) | (.09) | - | (1.85) | - |
Total distributions | (.09) | (.12) | (.15) | - | (1.85) K | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 10.43 | $ 9.66 | $ 9.72 | $ 8.00 | $ 6.20 | $ 18.85 |
Total Return B, C, D | 9.00% | .60% | 23.65% | 29.03% | (63.08)% | 33.50% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.01% A | 1.60% | 1.43% | 1.20% | 2.00% | 1.85% |
Expenses net of fee waivers, if any | 1.90% A | 1.60% | 1.43% | 1.20% | 1.91% | 1.85% |
Expenses net of all reductions | 1.89% A | 1.59% | 1.41% | 1.15% | 1.87% | 1.81% |
Net investment income (loss) | .61% A | 1.17% H | .48% | .74% | (.12)% | (.13)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 8,661 | $ 8,701 | $ 11,202 | $ 11,915 | $ 11,614 | $ 46,568 |
Portfolio turnover rate G | 23% A | 24% | 49% | 174% | 61% | 107% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment 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 .54%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $1.85 per share is comprised of distributions from net realized gain of $1.852 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, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.48 | $ 9.54 | $ 7.87 | $ 6.12 | $ 18.64 | $ 14.04 |
Income from
Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .07 H | - J | .02 | (.08) | (.11) |
Net realized and unrealized gain (loss) | .82 | (.06) | 1.79 | 1.73 | (10.68) | 4.70 |
Total from investment operations | .83 | .01 | 1.79 | 1.75 | (10.76) | 4.59 |
Distributions from net investment income | (.03) | (.06) | (.03) | - | - | - |
Distributions from net realized gain | (.01) | (.02) | (.09) | - | (1.76) | - |
Total distributions | (.04) | (.07) K | (.12) | - | (1.76) L | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 10.27 | $ 9.48 | $ 9.54 | $ 7.87 | $ 6.12 | $ 18.64 |
Total Return B, C, D | 8.77% | .10% | 23.03% | 28.59% | (63.32)% | 32.76% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.49% A | 2.09% | 1.91% | 1.69% | 2.51% | 2.40% |
Expenses net of fee waivers, if any | 2.40% A | 2.09% | 1.91% | 1.69% | 2.41% | 2.40% |
Expenses net of all reductions | 2.39% A | 2.07% | 1.90% | 1.64% | 2.38% | 2.36% |
Net investment income (loss) | .11% A | .68% H | (.01)% | .25% | (.62)% | (.67)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,214 | $ 2,293 | $ 2,902 | $ 2,799 | $ 2,687 | $ 10,975 |
Portfolio turnover rate G | 23% A | 24% | 49% | 174% | 61% | 107% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment 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 .05%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.07 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.015 per share. L Total distributions of $1.76 per share is comprised of distributions from net realized gain of $1.760 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.47 | $ 9.53 | $ 7.86 | $ 6.11 | $ 18.63 | $ 14.03 |
Income from
Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .07 H | - J | .02 | (.08) | (.11) |
Net realized and unrealized gain (loss) | .81 | (.06) | 1.79 | 1.73 | (10.66) | 4.70 |
Total from investment operations | .82 | .01 | 1.79 | 1.75 | (10.74) | 4.59 |
Distributions from net investment income | (.03) | (.06) | (.03) | - | - | - |
Distributions from net realized gain | (.01) | (.02) | (.09) | - | (1.78) | - |
Total distributions | (.04) | (.07) K | (.12) | - | (1.78) L | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 10.25 | $ 9.47 | $ 9.53 | $ 7.86 | $ 6.11 | $ 18.63 |
Total Return B, C, D | 8.69% | .10% | 23.06% | 28.64% | (63.32)% | 32.79% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.49% A | 2.09% | 1.91% | 1.68% | 2.51% | 2.38% |
Expenses net of fee waivers, if any | 2.40% A | 2.09% | 1.91% | 1.68% | 2.41% | 2.38% |
Expenses net of all reductions | 2.39% A | 2.07% | 1.90% | 1.63% | 2.38% | 2.34% |
Net investment income (loss) | .11% A | .68% H | (.01)% | .26% | (.62)% | (.66)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 7,074 | $ 6,900 | $ 8,936 | $ 8,543 | $ 9,497 | $ 40,894 |
Portfolio turnover rate G | 23% A | 24% | 49% | 174% | 61% | 107% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment 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 .05%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.07 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.015 per share. L Total distributions of $1.78 per share is comprised of distributions from net realized gain of $1.775 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Small Cap Opportunities
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.85 | $ 9.92 | $ 8.14 | $ 6.28 | $ 19.09 | $ 14.23 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .17 G | .09 | .08 | .05 | .07 |
Net realized and unrealized gain (loss) | .84 | (.06) | 1.87 | 1.78 | (10.92) | 4.78 |
Total from investment operations | .89 | .11 | 1.96 | 1.86 | (10.87) | 4.85 |
Distributions from net investment income | (.14) | (.14) | (.09) | - I | (.06) | - |
Distributions from net realized gain | (.01) | (.04) | (.09) | - | (1.88) | - |
Total distributions | (.15) | (.18) | (.18) | - I | (1.94) J | - |
Redemption fees added to paid in capital D | - I | - I | - I | - I | - I | .01 |
Net asset value, end of period | $ 10.59 | $ 9.85 | $ 9.92 | $ 8.14 | $ 6.28 | $ 19.09 |
Total Return B, C | 9.21% | 1.10% | 24.43% | 29.68% | (62.91)% | 34.15% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.47% A | 1.08% | .91% | .68% | 1.44% | 1.30% |
Expenses net of fee waivers, if any | 1.40% A | 1.08% | .91% | .68% | 1.44% | 1.30% |
Expenses net of all reductions | 1.39% A | 1.06% | .89% | .64% | 1.40% | 1.25% |
Net investment income (loss) | 1.11% A | 1.69% G | 1.00% | 1.25% | .36% | .43% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 333,878 | $ 328,262 | $ 398,331 | $ 329,128 | $ 312,376 | $ 1,433,844 |
Portfolio turnover rate F | 23% A | 24% | 49% | 174% | 61% | 107% |
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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $1.94 per share is comprised of distributions from net investment income of $.064 and distributions from net realized gain of $1.878 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.86 | $ 9.93 | $ 8.14 | $ 6.27 | $ 19.09 | $ 14.22 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .06 | .18 G | .09 | .08 | .05 | .08 |
Net realized and unrealized gain (loss) | .83 | (.06) | 1.86 | 1.79 | (10.92) | 4.78 |
Total from investment operations | .89 | .12 | 1.95 | 1.87 | (10.87) | 4.86 |
Distributions from net investment income | (.14) | (.15) | (.07) | - I | (.07) | - |
Distributions from net realized gain | (.01) | (.04) | (.09) | - | (1.88) | - |
Total distributions | (.15) | (.19) | (.16) | - I | (1.95) J | - |
Redemption fees added to paid in capital D | - I | - I | - I | - I | - I | .01 |
Net asset value, end of period | $ 10.60 | $ 9.86 | $ 9.93 | $ 8.14 | $ 6.27 | $ 19.09 |
Total Return B, C | 9.23% | 1.13% | 24.33% | 29.87% | (62.95)% | 34.25% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.48% A | 1.03% | .90% | .68% | 1.40% | 1.29% |
Expenses net of fee waivers, if any | 1.40% A | 1.03% | .90% | .68% | 1.40% | 1.29% |
Expenses net of all reductions | 1.39% A | 1.02% | .88% | .64% | 1.37% | 1.25% |
Net investment income (loss) | 1.11% A | 1.74% G | 1.01% | 1.25% | .39% | .44% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,081 | $ 1,395 | $ 2,418 | $ 2,022 | $ 8,117 | $ 27,609 |
Portfolio turnover rate F | 23% A | 24% | 49% | 174% | 61% | 107% |
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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.11%. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $1.95 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $1.878 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, 2012 (Unaudited)
1. Organization.
Fidelity® International Small Cap Opportunities 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, International Small Cap Opportunities and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management
Semiannual Report
3. Significant Accounting Policies - continued
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Semiannual Report
3. Significant Accounting Policies - continued
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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and capital loss carryforwards 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 | $ 85,388,982 |
Gross unrealized depreciation | (15,325,348) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 70,063,634 |
| |
Tax cost | $ 308,548,213 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
| |
2016 | $ (37,615,219) |
2017 | (330,501,908) |
Total capital loss carryforward | $ (368,117,127) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days are subject to a redemption fee equal to 2.00% of the net asset value 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $40,442,680 and $76,672,044, respectively.
Semiannual Report
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Small Cap Opportunities as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was 1.07% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 22,882 | $ 233 |
Class T | .25% | .25% | 21,416 | 240 |
Class B | .75% | .25% | 10,890 | 8,191 |
Class C | .75% | .25% | 34,008 | 2,289 |
| | | $ 89,196 | $ 10,953 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 3,630 |
Class T | 1,504 |
Class B* | 2,011 |
Class C* | 180 |
| $ 7,325 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 27,637 | .30 |
Class T | 13,571 | .32 |
Class B | 3,276 | .30 |
Class C | 10,267 | .30 |
International Small Cap Opportunities | 454,490 | .28 |
Institutional Class | 2,041 | .28 |
| $ 511,282 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $251 for the period.
Semiannual Report
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $538 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $50,942. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions - continued
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.65% | $ 8,618 |
Class T | 1.90% | 4,669 |
Class B | 2.40% | 1,018 |
Class C | 2.40% | 3,225 |
International Small Cap Opportunities | 1.40% | 119,143 |
Institutional Class | 1.40% | 571 |
| | $ 137,244 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $16,705 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 expenses by $1.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 208,264 | $ 234,699 |
Class T | 69,950 | 95,132 |
Class B | 6,357 | 17,225 |
Class C | 20,258 | 53,555 |
International Small Cap Opportunities | 4,562,121 | 5,789,167 |
Institutional Class | 19,730 | 33,517 |
Total | $ 4,886,680 | $ 6,223,295 |
From net realized gain | | |
Class A | $ 18,763 | $ 81,710 |
Class T | 8,968 | 45,784 |
Class B | 2,355 | 4,543 |
Class C | 7,235 | 13,930 |
International Small Cap Opportunities | 330,589 | 1,606,951 |
Institutional Class | 1,409 | 9,075 |
Total | $ 369,319 | $ 1,761,993 |
Semiannual Report
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 134,912 | 414,528 | $ 1,326,207 | $ 4,258,719 |
Reinvestment of distributions | 21,375 | 27,655 | 198,575 | 279,266 |
Shares redeemed | (266,422) | (586,134) | (2,611,865) | (5,964,528) |
Net increase (decrease) | (110,135) | (143,951) | $ (1,087,083) | $ (1,426,543) |
Class T | | | | |
Shares sold | 66,806 | 106,538 | $ 638,474 | $ 1,079,217 |
Reinvestment of distributions | 8,148 | 13,404 | 75,201 | 134,702 |
Shares redeemed | (145,356) | (371,432) | (1,419,806) | (3,710,229) |
Net increase (decrease) | (70,402) | (251,490) | $ (706,131) | $ (2,496,310) |
Class B | | | | |
Shares sold | 1,918 | 6,900 | $ 19,033 | $ 67,544 |
Reinvestment of distributions | 862 | 1,989 | 7,845 | 19,877 |
Shares redeemed | (28,966) | (71,270) | (276,415) | (711,316) |
Net increase (decrease) | (26,186) | (62,381) | $ (249,537) | $ (623,895) |
Class C | | | | |
Shares sold | 40,582 | 80,402 | $ 388,252 | $ 802,688 |
Reinvestment of distributions | 2,800 | 5,984 | 25,455 | 59,727 |
Shares redeemed | (82,196) | (295,393) | (793,328) | (2,919,335) |
Net increase (decrease) | (38,814) | (209,007) | $ (379,621) | $ (2,056,920) |
International Small Cap Opportunities | | | | |
Shares sold | 2,859,843 | 4,054,816 | $ 28,503,822 | $ 41,630,046 |
Reinvestment of distributions | 495,697 | 693,159 | 4,634,765 | 7,035,420 |
Shares redeemed | (5,175,390) | (11,579,067) | (51,643,724) | (119,651,010) |
Net increase (decrease) | (1,819,850) | (6,831,092) | $ (18,505,137) | $ (70,985,544) |
Institutional Class | | | | |
Shares sold | 86,842 | 36,278 | $ 899,107 | $ 362,488 |
Reinvestment of distributions | 1,709 | 3,294 | 15,997 | 33,471 |
Shares redeemed | (33,881) | (141,623) | (335,897) | (1,476,463) |
Net increase (decrease) | 54,670 | (102,051) | $ 579,207 | $ (1,080,504) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
AILS-USAN-0612
1.815093.106
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Small Cap Opportunities
Fund - Institutional Class
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Institutional Class
is a class of Fidelity®
International Small Cap
Opportunities Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to
April 30, 2012 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,092.00 | $ 8.58 |
HypotheticalA | | $ 1,000.00 | $ 1,016.66 | $ 8.27 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 1,090.00 | $ 9.87 |
HypotheticalA | | $ 1,000.00 | $ 1,015.42 | $ 9.52 |
Class B | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,087.70 | $ 12.46 |
HypotheticalA | | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,086.90 | $ 12.45 |
HypotheticalA | | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
International Small Cap Opportunities | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,092.10 | $ 7.28 |
HypotheticalA | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
Institutional Class | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,092.30 | $ 7.28 |
HypotheticalA | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | Japan 21.1% | |
 | United States of America 17.8% | |
 | United Kingdom 17.5% | |
 | Germany 4.7% | |
 | France 3.1% | |
 | Canada 2.9% | |
 | Brazil 2.9% | |
 | South Africa 2.6% | |
 | Sweden 2.5% | |
 | Other 24.9% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| Japan 20.9% | |
| United Kingdom 16.7% | |
| United States of America 14.6% | |
| Canada 4.8% | |
| Brazil 4.7% | |
| Germany 4.3% | |
| France 3.8% | |
| Finland 2.4% | |
| South Africa 2.2% | |
| Other 25.6% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 94.5 | 97.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 5.5 | 2.1 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
PriceSmart, Inc. (United States of America, Food & Staples Retailing) | 2.5 | 2.0 |
USS Co. Ltd. (Japan, Specialty Retail) | 2.0 | 1.8 |
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) | 1.7 | 1.5 |
Osaka Securities Exchange Co. Ltd. (Japan, Diversified Financial Services) | 1.6 | 1.6 |
CTS Eventim AG (Germany, Media) | 1.5 | 1.2 |
Andritz AG (Austria, Machinery) | 1.5 | 1.3 |
Kobayashi Pharmaceutical Co. Ltd. (Japan, Personal Products) | 1.4 | 1.6 |
Cymer, Inc. (United States of America, Semiconductors & Semiconductor Equipment) | 1.4 | 0.9 |
Prosegur Compania de Seguridad SA (Reg.) (Spain, Commercial Services & Supplies) | 1.4 | 1.4 |
Interpump Group SpA (Italy, Machinery) | 1.3 | 0.9 |
| 16.3 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 23.0 | 22.4 |
Consumer Discretionary | 19.1 | 18.6 |
Financials | 14.7 | 16.4 |
Consumer Staples | 12.1 | 9.9 |
Materials | 9.5 | 11.8 |
Information Technology | 7.7 | 8.2 |
Health Care | 4.9 | 5.8 |
Energy | 3.5 | 4.8 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.5% |
| Shares | | Value |
Australia - 1.0% |
Ramsay Health Care Ltd. | 47,346 | | $ 988,028 |
Sydney Airport unit | 859,257 | | 2,605,081 |
TOTAL AUSTRALIA | | 3,593,109 |
Austria - 2.1% |
Andritz AG | 105,600 | | 5,527,426 |
Zumtobel AG | 154,981 | | 2,133,704 |
TOTAL AUSTRIA | | 7,661,130 |
Bailiwick of Guernsey - 0.6% |
Resolution Ltd. | 670,273 | | 2,434,765 |
Bailiwick of Jersey - 1.3% |
Informa PLC | 500,236 | | 3,366,274 |
Randgold Resources Ltd. sponsored ADR | 18,300 | | 1,631,445 |
TOTAL BAILIWICK OF JERSEY | | 4,997,719 |
Belgium - 1.5% |
Gimv NV | 46,075 | | 2,258,001 |
Umicore SA | 63,474 | | 3,444,682 |
TOTAL BELGIUM | | 5,702,683 |
Bermuda - 0.9% |
Lazard Ltd. Class A | 29,899 | | 822,521 |
Trinity Ltd. | 3,154,000 | | 2,638,276 |
TOTAL BERMUDA | | 3,460,797 |
Brazil - 2.9% |
Arezzo Industria e Comercio SA | 109,700 | | 1,726,517 |
Banco ABC Brasil SA | 257,800 | | 1,609,433 |
Banco Pine SA | 217,285 | | 1,487,590 |
Braskem SA Class A sponsored ADR (d) | 117,200 | | 1,722,840 |
Cetip SA | 55,000 | | 847,441 |
Iguatemi Empresa de Shopping Centers SA | 38,700 | | 850,277 |
Multiplan Empreendimentos Imobiliarios SA | 66,600 | | 1,572,279 |
T4F Entretenimento SA | 91,800 | | 838,946 |
TOTAL BRAZIL | | 10,655,323 |
British Virgin Islands - 0.3% |
Gem Diamonds Ltd. (a) | 246,325 | | 1,035,508 |
Canada - 2.9% |
Agnico-Eagle Mines Ltd. (Canada) | 29,960 | | 1,196,883 |
Copper Mountain Mining Corp. (a) | 203,500 | | 883,842 |
Common Stocks - continued |
| Shares | | Value |
Canada - continued |
Eldorado Gold Corp. | 113,100 | | $ 1,603,037 |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 5,790 | | 2,373,973 |
Open Text Corp. (a) | 25,500 | | 1,429,704 |
Painted Pony Petroleum Ltd. Class A (a) | 110,800 | | 894,028 |
Petrominerales Ltd. | 51,579 | | 754,560 |
TAG Oil Ltd. (a) | 96,200 | | 1,022,627 |
Tuscany International Drilling, Inc. (a) | 1,139,200 | | 807,330 |
TOTAL CANADA | | 10,965,984 |
Cayman Islands - 0.8% |
China Lilang Ltd. | 491,000 | | 453,748 |
NVC Lighting Holdings Ltd. | 4,429,000 | | 1,609,788 |
Vantage Drilling Co. (a) | 525,331 | | 830,023 |
TOTAL CAYMAN ISLANDS | | 2,893,559 |
Denmark - 0.8% |
William Demant Holding A/S (a) | 32,533 | | 3,071,117 |
Finland - 2.4% |
Nokian Tyres PLC (d) | 89,200 | | 4,230,912 |
Outotec Oyj | 87,200 | | 4,686,676 |
TOTAL FINLAND | | 8,917,588 |
France - 3.1% |
Laurent-Perrier Group | 25,963 | | 2,620,355 |
Remy Cointreau SA | 35,298 | | 3,933,988 |
Saft Groupe SA | 57,419 | | 1,584,075 |
Vetoquinol SA | 28,895 | | 905,406 |
Virbac SA | 15,100 | | 2,539,651 |
TOTAL FRANCE | | 11,583,475 |
Germany - 4.7% |
alstria office REIT-AG | 167,500 | | 1,784,979 |
Bilfinger Berger AG | 33,159 | | 3,032,767 |
CompuGROUP Holding AG | 92,100 | | 1,417,953 |
CTS Eventim AG | 147,426 | | 5,755,343 |
Fielmann AG | 34,437 | | 3,336,564 |
Software AG (Bearer) (d) | 59,781 | | 2,089,246 |
TOTAL GERMANY | | 17,416,852 |
Common Stocks - continued |
| Shares | | Value |
India - 0.6% |
Apollo Tyres Ltd. | 492,892 | | $ 846,054 |
Jyothy Laboratories Ltd. | 393,677 | | 1,303,660 |
TOTAL INDIA | | 2,149,714 |
Ireland - 1.0% |
James Hardie Industries NV sponsored ADR | 97,775 | | 3,798,559 |
Israel - 1.0% |
Azrieli Group | 72,005 | | 1,768,759 |
Ituran Location & Control Ltd. | 148,286 | | 1,992,964 |
TOTAL ISRAEL | | 3,761,723 |
Italy - 2.0% |
Azimut Holding SpA | 271,773 | | 2,669,516 |
Interpump Group SpA | 550,543 | | 4,912,171 |
TOTAL ITALY | | 7,581,687 |
Japan - 21.1% |
Air Water, Inc. | 68,000 | | 857,211 |
Aozora Bank Ltd. | 570,000 | | 1,462,018 |
Asahi Co. Ltd. | 83,300 | | 1,643,719 |
Autobacs Seven Co. Ltd. | 86,300 | | 4,142,076 |
Azbil Corp. | 56,000 | | 1,199,815 |
Cosmos Pharmaceutical Corp. | 11,000 | | 616,739 |
Daikoku Denki Co. Ltd. | 64,900 | | 928,102 |
Daikokutenbussan Co. Ltd. | 117,200 | | 3,245,825 |
FCC Co. Ltd. | 149,300 | | 3,048,793 |
GCA Savvian Group Corp. | 1,309 | | 1,364,018 |
Glory Ltd. | 80,300 | | 1,727,023 |
Goldcrest Co. Ltd. | 86,000 | | 1,475,371 |
Iwatsuka Confectionary Co. Ltd. | 5,400 | | 219,112 |
Kamigumi Co. Ltd. | 282,000 | | 2,266,573 |
Kobayashi Pharmaceutical Co. Ltd. | 105,700 | | 5,308,926 |
Kyoto Kimono Yuzen Co. Ltd. | 109,900 | | 1,350,997 |
Meiko Network Japan Co. Ltd. | 100,500 | | 991,793 |
Miraial Co. Ltd. | 39,200 | | 704,135 |
Nabtesco Corp. | 138,400 | | 2,954,702 |
Nagaileben Co. Ltd. | 106,900 | | 1,651,493 |
Nihon M&A Center, Inc. | 123,200 | | 3,527,780 |
Nihon Parkerizing Co. Ltd. | 167,000 | | 2,494,198 |
Nikkiso Co. Ltd. | 71,000 | | 745,596 |
Nippon Seiki Co. Ltd. | 186,000 | | 2,346,403 |
Nippon Thompson Co. Ltd. | 361,000 | | 1,996,356 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
NS Tool Co., Ltd. | 100 | | $ 3,586 |
Obic Co. Ltd. | 10,030 | | 2,114,226 |
Osaka Securities Exchange Co. Ltd. | 1,019 | | 5,834,412 |
OSG Corp. | 148,700 | | 2,347,167 |
Seven Bank Ltd. | 937,900 | | 2,317,464 |
SHO-BOND Holdings Co. Ltd. | 98,200 | | 2,483,815 |
Shoei Co. Ltd. | 90,800 | | 651,585 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 323,000 | | 1,910,765 |
Tsutsumi Jewelry Co. Ltd. | 36,900 | | 1,079,455 |
USS Co. Ltd. | 72,540 | | 7,358,715 |
Yamato Kogyo Co. Ltd. | 151,700 | | 4,316,911 |
TOTAL JAPAN | | 78,686,875 |
Korea (South) - 0.2% |
Woongjin Coway Co. Ltd. | 27,480 | | 880,236 |
Netherlands - 1.9% |
Aalberts Industries NV | 167,200 | | 3,210,527 |
ASM International NV unit | 66,400 | | 2,355,208 |
QIAGEN NV (a)(d) | 94,200 | | 1,575,966 |
TOTAL NETHERLANDS | | 7,141,701 |
Papua New Guinea - 0.4% |
Oil Search Ltd. ADR | 178,966 | | 1,370,450 |
Philippines - 0.5% |
Jollibee Food Corp. | 757,160 | | 2,012,988 |
Portugal - 0.8% |
Jeronimo Martins SGPS SA | 151,700 | | 2,841,610 |
South Africa - 2.6% |
African Rainbow Minerals Ltd. | 83,600 | | 1,945,436 |
City Lodge Hotels Ltd. | 106,302 | | 1,161,696 |
Clicks Group Ltd. | 434,802 | | 2,615,073 |
JSE Ltd. | 199,281 | | 2,106,055 |
Mr Price Group Ltd. | 137,500 | | 1,859,733 |
TOTAL SOUTH AFRICA | | 9,687,993 |
Spain - 1.7% |
Grifols SA (a) | 50,832 | | 1,280,219 |
Prosegur Compania de Seguridad SA (Reg.) | 88,209 | | 5,037,504 |
TOTAL SPAIN | | 6,317,723 |
Sweden - 2.5% |
Fagerhult AB | 85,150 | | 2,552,948 |
Common Stocks - continued |
| Shares | | Value |
Sweden - continued |
Intrum Justitia AB | 233,600 | | $ 3,545,319 |
Swedish Match Co. AB | 78,600 | | 3,195,108 |
TOTAL SWEDEN | | 9,293,375 |
Switzerland - 0.7% |
Bank Sarasin & Cie Series B (Reg.) | 51,074 | | 1,575,750 |
Zehnder Group AG | 14,068 | | 1,034,697 |
TOTAL SWITZERLAND | | 2,610,447 |
Thailand - 0.3% |
Thai Re Insurance PCL NVDR | 8,020,333 | | 1,058,773 |
Turkey - 2.1% |
Albaraka Turk Katilim Bankasi A/S | 1,727,492 | | 1,828,762 |
Boyner Buyuk Magazacilik A/S (a) | 1,150,451 | | 2,311,379 |
Coca-Cola Icecek A/S | 260,000 | | 3,655,094 |
TOTAL TURKEY | | 7,795,235 |
United Kingdom - 17.5% |
AMEC PLC | 128,340 | | 2,364,303 |
Babcock International Group PLC | 239,700 | | 3,233,064 |
Bellway PLC | 188,172 | | 2,405,198 |
Britvic PLC | 526,200 | | 3,264,275 |
Dechra Pharmaceuticals PLC | 247,100 | | 1,850,929 |
Dechra Pharmaceuticals PLC rights 5/15/12 (a) | 74,130 | | 188,903 |
Derwent London PLC | 57,900 | | 1,637,088 |
Great Portland Estates PLC | 452,489 | | 2,644,700 |
H&T Group PLC | 186,803 | | 879,280 |
InterContinental Hotel Group PLC ADR | 114,600 | | 2,736,648 |
Johnson Matthey PLC | 100,089 | | 3,759,196 |
Meggitt PLC | 726,669 | | 4,818,080 |
Persimmon PLC | 166,563 | | 1,699,140 |
Rotork PLC | 104,900 | | 3,757,709 |
Serco Group PLC | 428,560 | | 3,773,607 |
Shaftesbury PLC | 375,373 | | 3,116,405 |
Spectris PLC | 98,487 | | 3,014,851 |
Spirax-Sarco Engineering PLC | 169,230 | | 6,334,057 |
Ted Baker PLC | 139,000 | | 2,042,343 |
Ultra Electronics Holdings PLC | 106,869 | | 2,921,051 |
Unite Group PLC | 1,424,170 | | 4,513,341 |
Victrex PLC | 179,582 | | 4,232,283 |
TOTAL UNITED KINGDOM | | 65,186,451 |
Common Stocks - continued |
| Shares | | Value |
United States of America - 12.3% |
ANSYS, Inc. (a) | 13,285 | | $ 891,025 |
Autoliv, Inc. | 57,500 | | 3,607,550 |
Broadridge Financial Solutions, Inc. | 48,705 | | 1,130,443 |
Cymer, Inc. (a) | 98,673 | | 5,115,208 |
Dril-Quip, Inc. (a) | 35,752 | | 2,409,327 |
Evercore Partners, Inc. Class A | 56,200 | | 1,485,366 |
Greenhill & Co., Inc. | 34,395 | | 1,336,246 |
Kansas City Southern | 43,800 | | 3,373,476 |
Lam Research Corp. (a) | 22,003 | | 916,425 |
Martin Marietta Materials, Inc. (d) | 19,900 | | 1,649,312 |
Mohawk Industries, Inc. (a) | 61,000 | | 4,088,220 |
Oceaneering International, Inc. | 51,200 | | 2,643,456 |
PriceSmart, Inc. | 112,496 | | 9,285,414 |
ResMed, Inc. (a) | 106,200 | | 3,611,862 |
Solera Holdings, Inc. | 64,979 | | 2,920,156 |
SS&C Technologies Holdings, Inc. (a) | 57,600 | | 1,369,152 |
TOTAL UNITED STATES OF AMERICA | | 45,832,638 |
TOTAL COMMON STOCKS (Cost $280,129,935) |
352,397,787
|
Money Market Funds - 7.0% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 17,702,650 | | 17,702,650 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 8,511,410 | | 8,511,410 |
TOTAL MONEY MARKET FUNDS (Cost $26,214,060) |
26,214,060
|
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $306,343,995) | | 378,611,847 |
NET OTHER ASSETS (LIABILITIES) - (1.5)% | | (5,727,745) |
NET ASSETS - 100% | $ 372,884,102 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
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 | $ 7,179 |
Fidelity Securities Lending Cash Central Fund | 50,942 |
Total | $ 58,121 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 71,539,403 | $ 47,997,765 | $ 23,541,638 | $ - |
Consumer Staples | 43,714,967 | 34,324,365 | 9,390,602 | - |
Energy | 13,096,104 | 13,096,104 | - | - |
Financials | 55,114,583 | 42,661,300 | 12,453,283 | - |
Health Care | 18,409,170 | 16,012,081 | 2,397,089 | - |
Industrials | 85,380,941 | 68,073,939 | 17,307,002 | - |
Information Technology | 28,660,511 | 24,642,335 | 4,018,176 | - |
Materials | 36,482,108 | 26,903,023 | 9,579,085 | - |
Money Market Funds | 26,214,060 | 26,214,060 | - | - |
Total Investments in Securities: | $ 378,611,847 | $ 299,924,972 | $ 78,686,875 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $7,854,096) - See accompanying schedule: Unaffiliated issuers (cost $280,129,935) | $ 352,397,787 | |
Fidelity Central Funds (cost $26,214,060) | 26,214,060 | |
Total Investments (cost $306,343,995) | | $ 378,611,847 |
Foreign currency held at value (cost $69,807) | | 69,807 |
Receivable for investments sold | | 2,187,631 |
Receivable for fund shares sold | | 677,708 |
Dividends receivable | | 1,959,775 |
Distributions receivable from Fidelity Central Funds | | 22,203 |
Prepaid expenses | | 364 |
Receivable from investment adviser for expense reductions | | 17,308 |
Other receivables | | 10,220 |
Total assets | | 383,556,863 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,079,550 | |
Payable for fund shares redeemed | 581,200 | |
Accrued management fee | 327,236 | |
Distribution and service plan fees payable | 15,170 | |
Other affiliated payables | 98,638 | |
Other payables and accrued expenses | 59,557 | |
Collateral on securities loaned, at value | 8,511,410 | |
Total liabilities | | 10,672,761 |
| | |
Net Assets | | $ 372,884,102 |
Net Assets consist of: | | |
Paid in capital | | $ 658,639,436 |
Undistributed net investment income | | 1,448,739 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (359,514,168) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 72,310,095 |
Net Assets | | $ 372,884,102 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($18,976,514 ÷ 1,806,183 shares) | | $ 10.51 |
| | |
Maximum offering price per share (100/94.25 of $10.51) | | $ 11.15 |
Class T:
Net Asset Value and redemption price per share ($8,660,731 ÷ 830,304 shares) | | $ 10.43 |
| | |
Maximum offering price per share (100/96.50 of $10.43) | | $ 10.81 |
Class B:
Net Asset Value and offering price per share ($2,214,047 ÷ 215,667 shares)A | | $ 10.27 |
| | |
Class C:
Net Asset Value and offering price per share ($7,073,679 ÷ 690,070 shares)A | | $ 10.25 |
| | |
International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($333,878,354 ÷ 31,521,734 shares) | | $ 10.59 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,080,777 ÷ 196,216 shares) | | $ 10.60 |
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, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,750,682 |
Income from Fidelity Central Funds | | 58,121 |
Income before foreign taxes withheld | | 4,808,803 |
Less foreign taxes withheld | | (308,994) |
Total income | | 4,499,809 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,545,163 | |
Performance adjustment | 383,041 | |
Transfer agent fees | 511,282 | |
Distribution and service plan fees | 89,196 | |
Accounting and security lending fees | 94,295 | |
Custodian fees and expenses | 48,995 | |
Independent trustees' compensation | 1,085 | |
Registration fees | 35,081 | |
Audit | 35,804 | |
Legal | 809 | |
Miscellaneous | 1,767 | |
Total expenses before reductions | 2,746,518 | |
Expense reductions | (153,950) | 2,592,568 |
Net investment income (loss) | | 1,907,241 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 11,289,436 | |
Foreign currency transactions | (33,572) | |
Total net realized gain (loss) | | 11,255,864 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 18,988,993 | |
Assets and liabilities in foreign currencies | 51,333 | |
Total change in net unrealized appreciation (depreciation) | | 19,040,326 |
Net gain (loss) | | 30,296,190 |
Net increase (decrease) in net assets resulting from operations | | $ 32,203,431 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,907,241 | $ 7,043,577 |
Net realized gain (loss) | 11,255,864 | 54,021,779 |
Change in net unrealized appreciation (depreciation) | 19,040,326 | (52,262,552) |
Net increase (decrease) in net assets resulting
from operations | 32,203,431 | 8,802,804 |
Distributions to shareholders from net investment income | (4,886,680) | (6,223,295) |
Distributions to shareholders from net realized gain | (369,319) | (1,761,993) |
Total distributions | (5,255,999) | (7,985,288) |
Share transactions - net increase (decrease) | (20,348,302) | (78,669,716) |
Redemption fees | 48,508 | 71,408 |
Total increase (decrease) in net assets | 6,647,638 | (77,780,792) |
| | |
Net Assets | | |
Beginning of period | 366,236,464 | 444,017,256 |
End of period (including undistributed net investment income of $1,448,739 and undistributed net investment income of $4,428,178, respectively) | $ 372,884,102 | $ 366,236,464 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.75 | $ 9.82 | $ 8.07 | $ 6.24 | $ 18.97 | $ 14.18 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .04 | .15 H | .06 | .06 | .02 | .02 |
Net realized and unrealized gain (loss) | .84 | (.07) | 1.85 | 1.77 | (10.85) | 4.76 |
Total from investment operations | .88 | .08 | 1.91 | 1.83 | (10.83) | 4.78 |
Distributions from net investment income | (.11) | (.11) | (.07) | - | (.03) | - |
Distributions from net realized gain | (.01) | (.04) | (.09) | - | (1.88) | - |
Total distributions | (.12) | (.15) | (.16) | - | (1.90) K | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 10.51 | $ 9.75 | $ 9.82 | $ 8.07 | $ 6.24 | $ 18.97 |
Total Return B, C, D | 9.20% | .81% | 24.05% | 29.33% | (62.98)% | 33.78% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.74% A | 1.34% | 1.16% | .94% | 1.75% | 1.63% |
Expenses net of fee waivers, if any | 1.65% A | 1.33% | 1.16% | .94% | 1.66% | 1.63% |
Expenses net of all reductions | 1.64% A | 1.32% | 1.15% | .89% | 1.62% | 1.59% |
Net investment income (loss) | .86% A | 1.44% H | .74% | 1.00% | .13% | .10% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 18,977 | $ 18,686 | $ 20,228 | $ 18,883 | $ 17,905 | $ 70,785 |
Portfolio turnover rate G | 23% A | 24% | 49% | 174% | 61% | 107% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment 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 .80%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $1.90 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $1.878 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.66 | $ 9.72 | $ 8.00 | $ 6.20 | $ 18.85 | $ 14.12 |
Income from
Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .12 H | .04 | .05 | (.02) | (.02) |
Net realized and unrealized gain (loss) | .83 | (.06) | 1.83 | 1.75 | (10.78) | 4.74 |
Total from investment operations | .86 | .06 | 1.87 | 1.80 | (10.80) | 4.72 |
Distributions from net investment income | (.08) | (.08) | (.06) | - | - | - |
Distributions from net realized gain | (.01) | (.04) | (.09) | - | (1.85) | - |
Total distributions | (.09) | (.12) | (.15) | - | (1.85) K | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 10.43 | $ 9.66 | $ 9.72 | $ 8.00 | $ 6.20 | $ 18.85 |
Total Return B, C, D | 9.00% | .60% | 23.65% | 29.03% | (63.08)% | 33.50% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.01% A | 1.60% | 1.43% | 1.20% | 2.00% | 1.85% |
Expenses net of fee waivers, if any | 1.90% A | 1.60% | 1.43% | 1.20% | 1.91% | 1.85% |
Expenses net of all reductions | 1.89% A | 1.59% | 1.41% | 1.15% | 1.87% | 1.81% |
Net investment income (loss) | .61% A | 1.17% H | .48% | .74% | (.12)% | (.13)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 8,661 | $ 8,701 | $ 11,202 | $ 11,915 | $ 11,614 | $ 46,568 |
Portfolio turnover rate G | 23% A | 24% | 49% | 174% | 61% | 107% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment 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 .54%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $1.85 per share is comprised of distributions from net realized gain of $1.852 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, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.48 | $ 9.54 | $ 7.87 | $ 6.12 | $ 18.64 | $ 14.04 |
Income from
Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .07 H | - J | .02 | (.08) | (.11) |
Net realized and unrealized gain (loss) | .82 | (.06) | 1.79 | 1.73 | (10.68) | 4.70 |
Total from investment operations | .83 | .01 | 1.79 | 1.75 | (10.76) | 4.59 |
Distributions from net investment income | (.03) | (.06) | (.03) | - | - | - |
Distributions from net realized gain | (.01) | (.02) | (.09) | - | (1.76) | - |
Total distributions | (.04) | (.07) K | (.12) | - | (1.76) L | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 10.27 | $ 9.48 | $ 9.54 | $ 7.87 | $ 6.12 | $ 18.64 |
Total Return B, C, D | 8.77% | .10% | 23.03% | 28.59% | (63.32)% | 32.76% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.49% A | 2.09% | 1.91% | 1.69% | 2.51% | 2.40% |
Expenses net of fee waivers, if any | 2.40% A | 2.09% | 1.91% | 1.69% | 2.41% | 2.40% |
Expenses net of all reductions | 2.39% A | 2.07% | 1.90% | 1.64% | 2.38% | 2.36% |
Net investment income (loss) | .11% A | .68% H | (.01)% | .25% | (.62)% | (.67)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,214 | $ 2,293 | $ 2,902 | $ 2,799 | $ 2,687 | $ 10,975 |
Portfolio turnover rate G | 23% A | 24% | 49% | 174% | 61% | 107% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment 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 .05%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.07 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.015 per share. L Total distributions of $1.76 per share is comprised of distributions from net realized gain of $1.760 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.47 | $ 9.53 | $ 7.86 | $ 6.11 | $ 18.63 | $ 14.03 |
Income from
Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .07 H | - J | .02 | (.08) | (.11) |
Net realized and unrealized gain (loss) | .81 | (.06) | 1.79 | 1.73 | (10.66) | 4.70 |
Total from investment operations | .82 | .01 | 1.79 | 1.75 | (10.74) | 4.59 |
Distributions from net investment income | (.03) | (.06) | (.03) | - | - | - |
Distributions from net realized gain | (.01) | (.02) | (.09) | - | (1.78) | - |
Total distributions | (.04) | (.07) K | (.12) | - | (1.78) L | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 10.25 | $ 9.47 | $ 9.53 | $ 7.86 | $ 6.11 | $ 18.63 |
Total Return B, C, D | 8.69% | .10% | 23.06% | 28.64% | (63.32)% | 32.79% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.49% A | 2.09% | 1.91% | 1.68% | 2.51% | 2.38% |
Expenses net of fee waivers, if any | 2.40% A | 2.09% | 1.91% | 1.68% | 2.41% | 2.38% |
Expenses net of all reductions | 2.39% A | 2.07% | 1.90% | 1.63% | 2.38% | 2.34% |
Net investment income (loss) | .11% A | .68% H | (.01)% | .26% | (.62)% | (.66)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 7,074 | $ 6,900 | $ 8,936 | $ 8,543 | $ 9,497 | $ 40,894 |
Portfolio turnover rate G | 23% A | 24% | 49% | 174% | 61% | 107% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment 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 .05%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.07 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.015 per share. L Total distributions of $1.78 per share is comprised of distributions from net realized gain of $1.775 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Small Cap Opportunities
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.85 | $ 9.92 | $ 8.14 | $ 6.28 | $ 19.09 | $ 14.23 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .17 G | .09 | .08 | .05 | .07 |
Net realized and unrealized gain (loss) | .84 | (.06) | 1.87 | 1.78 | (10.92) | 4.78 |
Total from investment operations | .89 | .11 | 1.96 | 1.86 | (10.87) | 4.85 |
Distributions from net investment income | (.14) | (.14) | (.09) | - I | (.06) | - |
Distributions from net realized gain | (.01) | (.04) | (.09) | - | (1.88) | - |
Total distributions | (.15) | (.18) | (.18) | - I | (1.94) J | - |
Redemption fees added to paid in capital D | - I | - I | - I | - I | - I | .01 |
Net asset value, end of period | $ 10.59 | $ 9.85 | $ 9.92 | $ 8.14 | $ 6.28 | $ 19.09 |
Total Return B, C | 9.21% | 1.10% | 24.43% | 29.68% | (62.91)% | 34.15% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.47% A | 1.08% | .91% | .68% | 1.44% | 1.30% |
Expenses net of fee waivers, if any | 1.40% A | 1.08% | .91% | .68% | 1.44% | 1.30% |
Expenses net of all reductions | 1.39% A | 1.06% | .89% | .64% | 1.40% | 1.25% |
Net investment income (loss) | 1.11% A | 1.69% G | 1.00% | 1.25% | .36% | .43% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 333,878 | $ 328,262 | $ 398,331 | $ 329,128 | $ 312,376 | $ 1,433,844 |
Portfolio turnover rate F | 23% A | 24% | 49% | 174% | 61% | 107% |
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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $1.94 per share is comprised of distributions from net investment income of $.064 and distributions from net realized gain of $1.878 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.86 | $ 9.93 | $ 8.14 | $ 6.27 | $ 19.09 | $ 14.22 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .06 | .18 G | .09 | .08 | .05 | .08 |
Net realized and unrealized gain (loss) | .83 | (.06) | 1.86 | 1.79 | (10.92) | 4.78 |
Total from investment operations | .89 | .12 | 1.95 | 1.87 | (10.87) | 4.86 |
Distributions from net investment income | (.14) | (.15) | (.07) | - I | (.07) | - |
Distributions from net realized gain | (.01) | (.04) | (.09) | - | (1.88) | - |
Total distributions | (.15) | (.19) | (.16) | - I | (1.95) J | - |
Redemption fees added to paid in capital D | - I | - I | - I | - I | - I | .01 |
Net asset value, end of period | $ 10.60 | $ 9.86 | $ 9.93 | $ 8.14 | $ 6.27 | $ 19.09 |
Total Return B, C | 9.23% | 1.13% | 24.33% | 29.87% | (62.95)% | 34.25% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.48% A | 1.03% | .90% | .68% | 1.40% | 1.29% |
Expenses net of fee waivers, if any | 1.40% A | 1.03% | .90% | .68% | 1.40% | 1.29% |
Expenses net of all reductions | 1.39% A | 1.02% | .88% | .64% | 1.37% | 1.25% |
Net investment income (loss) | 1.11% A | 1.74% G | 1.01% | 1.25% | .39% | .44% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,081 | $ 1,395 | $ 2,418 | $ 2,022 | $ 8,117 | $ 27,609 |
Portfolio turnover rate F | 23% A | 24% | 49% | 174% | 61% | 107% |
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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.11%. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $1.95 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $1.878 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, 2012 (Unaudited)
1. Organization.
Fidelity® International Small Cap Opportunities 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, International Small Cap Opportunities and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management
Semiannual Report
3. Significant Accounting Policies - continued
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Semiannual Report
3. Significant Accounting Policies - continued
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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and capital loss carryforwards 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 | $ 85,388,982 |
Gross unrealized depreciation | (15,325,348) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 70,063,634 |
| |
Tax cost | $ 308,548,213 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
| |
2016 | $ (37,615,219) |
2017 | (330,501,908) |
Total capital loss carryforward | $ (368,117,127) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days are subject to a redemption fee equal to 2.00% of the net asset value 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $40,442,680 and $76,672,044, respectively.
Semiannual Report
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Small Cap Opportunities as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was 1.07% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 22,882 | $ 233 |
Class T | .25% | .25% | 21,416 | 240 |
Class B | .75% | .25% | 10,890 | 8,191 |
Class C | .75% | .25% | 34,008 | 2,289 |
| | | $ 89,196 | $ 10,953 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 3,630 |
Class T | 1,504 |
Class B* | 2,011 |
Class C* | 180 |
| $ 7,325 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 27,637 | .30 |
Class T | 13,571 | .32 |
Class B | 3,276 | .30 |
Class C | 10,267 | .30 |
International Small Cap Opportunities | 454,490 | .28 |
Institutional Class | 2,041 | .28 |
| $ 511,282 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $251 for the period.
Semiannual Report
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $538 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $50,942. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions - continued
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.65% | $ 8,618 |
Class T | 1.90% | 4,669 |
Class B | 2.40% | 1,018 |
Class C | 2.40% | 3,225 |
International Small Cap Opportunities | 1.40% | 119,143 |
Institutional Class | 1.40% | 571 |
| | $ 137,244 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $16,705 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 expenses by $1.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 208,264 | $ 234,699 |
Class T | 69,950 | 95,132 |
Class B | 6,357 | 17,225 |
Class C | 20,258 | 53,555 |
International Small Cap Opportunities | 4,562,121 | 5,789,167 |
Institutional Class | 19,730 | 33,517 |
Total | $ 4,886,680 | $ 6,223,295 |
From net realized gain | | |
Class A | $ 18,763 | $ 81,710 |
Class T | 8,968 | 45,784 |
Class B | 2,355 | 4,543 |
Class C | 7,235 | 13,930 |
International Small Cap Opportunities | 330,589 | 1,606,951 |
Institutional Class | 1,409 | 9,075 |
Total | $ 369,319 | $ 1,761,993 |
Semiannual Report
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 134,912 | 414,528 | $ 1,326,207 | $ 4,258,719 |
Reinvestment of distributions | 21,375 | 27,655 | 198,575 | 279,266 |
Shares redeemed | (266,422) | (586,134) | (2,611,865) | (5,964,528) |
Net increase (decrease) | (110,135) | (143,951) | $ (1,087,083) | $ (1,426,543) |
Class T | | | | |
Shares sold | 66,806 | 106,538 | $ 638,474 | $ 1,079,217 |
Reinvestment of distributions | 8,148 | 13,404 | 75,201 | 134,702 |
Shares redeemed | (145,356) | (371,432) | (1,419,806) | (3,710,229) |
Net increase (decrease) | (70,402) | (251,490) | $ (706,131) | $ (2,496,310) |
Class B | | | | |
Shares sold | 1,918 | 6,900 | $ 19,033 | $ 67,544 |
Reinvestment of distributions | 862 | 1,989 | 7,845 | 19,877 |
Shares redeemed | (28,966) | (71,270) | (276,415) | (711,316) |
Net increase (decrease) | (26,186) | (62,381) | $ (249,537) | $ (623,895) |
Class C | | | | |
Shares sold | 40,582 | 80,402 | $ 388,252 | $ 802,688 |
Reinvestment of distributions | 2,800 | 5,984 | 25,455 | 59,727 |
Shares redeemed | (82,196) | (295,393) | (793,328) | (2,919,335) |
Net increase (decrease) | (38,814) | (209,007) | $ (379,621) | $ (2,056,920) |
International Small Cap Opportunities | | | | |
Shares sold | 2,859,843 | 4,054,816 | $ 28,503,822 | $ 41,630,046 |
Reinvestment of distributions | 495,697 | 693,159 | 4,634,765 | 7,035,420 |
Shares redeemed | (5,175,390) | (11,579,067) | (51,643,724) | (119,651,010) |
Net increase (decrease) | (1,819,850) | (6,831,092) | $ (18,505,137) | $ (70,985,544) |
Institutional Class | | | | |
Shares sold | 86,842 | 36,278 | $ 899,107 | $ 362,488 |
Reinvestment of distributions | 1,709 | 3,294 | 15,997 | 33,471 |
Shares redeemed | (33,881) | (141,623) | (335,897) | (1,476,463) |
Net increase (decrease) | 54,670 | (102,051) | $ 579,207 | $ (1,080,504) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
AILSI-USAN-0612
1.815084.106
Fidelity®
International Small Cap Opportunities
Fund
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to
April 30, 2012 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,092.00 | $ 8.58 |
HypotheticalA | | $ 1,000.00 | $ 1,016.66 | $ 8.27 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 1,090.00 | $ 9.87 |
HypotheticalA | | $ 1,000.00 | $ 1,015.42 | $ 9.52 |
Class B | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,087.70 | $ 12.46 |
HypotheticalA | | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,086.90 | $ 12.45 |
HypotheticalA | | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
International Small Cap Opportunities | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,092.10 | $ 7.28 |
HypotheticalA | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
Institutional Class | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,092.30 | $ 7.28 |
HypotheticalA | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | Japan 21.1% | |
 | United States of America 17.8% | |
 | United Kingdom 17.5% | |
 | Germany 4.7% | |
 | France 3.1% | |
 | Canada 2.9% | |
 | Brazil 2.9% | |
 | South Africa 2.6% | |
 | Sweden 2.5% | |
 | Other 24.9% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| Japan 20.9% | |
| United Kingdom 16.7% | |
| United States of America 14.6% | |
| Canada 4.8% | |
| Brazil 4.7% | |
| Germany 4.3% | |
| France 3.8% | |
| Finland 2.4% | |
| South Africa 2.2% | |
| Other 25.6% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 94.5 | 97.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 5.5 | 2.1 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
PriceSmart, Inc. (United States of America, Food & Staples Retailing) | 2.5 | 2.0 |
USS Co. Ltd. (Japan, Specialty Retail) | 2.0 | 1.8 |
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) | 1.7 | 1.5 |
Osaka Securities Exchange Co. Ltd. (Japan, Diversified Financial Services) | 1.6 | 1.6 |
CTS Eventim AG (Germany, Media) | 1.5 | 1.2 |
Andritz AG (Austria, Machinery) | 1.5 | 1.3 |
Kobayashi Pharmaceutical Co. Ltd. (Japan, Personal Products) | 1.4 | 1.6 |
Cymer, Inc. (United States of America, Semiconductors & Semiconductor Equipment) | 1.4 | 0.9 |
Prosegur Compania de Seguridad SA (Reg.) (Spain, Commercial Services & Supplies) | 1.4 | 1.4 |
Interpump Group SpA (Italy, Machinery) | 1.3 | 0.9 |
| 16.3 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 23.0 | 22.4 |
Consumer Discretionary | 19.1 | 18.6 |
Financials | 14.7 | 16.4 |
Consumer Staples | 12.1 | 9.9 |
Materials | 9.5 | 11.8 |
Information Technology | 7.7 | 8.2 |
Health Care | 4.9 | 5.8 |
Energy | 3.5 | 4.8 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.5% |
| Shares | | Value |
Australia - 1.0% |
Ramsay Health Care Ltd. | 47,346 | | $ 988,028 |
Sydney Airport unit | 859,257 | | 2,605,081 |
TOTAL AUSTRALIA | | 3,593,109 |
Austria - 2.1% |
Andritz AG | 105,600 | | 5,527,426 |
Zumtobel AG | 154,981 | | 2,133,704 |
TOTAL AUSTRIA | | 7,661,130 |
Bailiwick of Guernsey - 0.6% |
Resolution Ltd. | 670,273 | | 2,434,765 |
Bailiwick of Jersey - 1.3% |
Informa PLC | 500,236 | | 3,366,274 |
Randgold Resources Ltd. sponsored ADR | 18,300 | | 1,631,445 |
TOTAL BAILIWICK OF JERSEY | | 4,997,719 |
Belgium - 1.5% |
Gimv NV | 46,075 | | 2,258,001 |
Umicore SA | 63,474 | | 3,444,682 |
TOTAL BELGIUM | | 5,702,683 |
Bermuda - 0.9% |
Lazard Ltd. Class A | 29,899 | | 822,521 |
Trinity Ltd. | 3,154,000 | | 2,638,276 |
TOTAL BERMUDA | | 3,460,797 |
Brazil - 2.9% |
Arezzo Industria e Comercio SA | 109,700 | | 1,726,517 |
Banco ABC Brasil SA | 257,800 | | 1,609,433 |
Banco Pine SA | 217,285 | | 1,487,590 |
Braskem SA Class A sponsored ADR (d) | 117,200 | | 1,722,840 |
Cetip SA | 55,000 | | 847,441 |
Iguatemi Empresa de Shopping Centers SA | 38,700 | | 850,277 |
Multiplan Empreendimentos Imobiliarios SA | 66,600 | | 1,572,279 |
T4F Entretenimento SA | 91,800 | | 838,946 |
TOTAL BRAZIL | | 10,655,323 |
British Virgin Islands - 0.3% |
Gem Diamonds Ltd. (a) | 246,325 | | 1,035,508 |
Canada - 2.9% |
Agnico-Eagle Mines Ltd. (Canada) | 29,960 | | 1,196,883 |
Copper Mountain Mining Corp. (a) | 203,500 | | 883,842 |
Common Stocks - continued |
| Shares | | Value |
Canada - continued |
Eldorado Gold Corp. | 113,100 | | $ 1,603,037 |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 5,790 | | 2,373,973 |
Open Text Corp. (a) | 25,500 | | 1,429,704 |
Painted Pony Petroleum Ltd. Class A (a) | 110,800 | | 894,028 |
Petrominerales Ltd. | 51,579 | | 754,560 |
TAG Oil Ltd. (a) | 96,200 | | 1,022,627 |
Tuscany International Drilling, Inc. (a) | 1,139,200 | | 807,330 |
TOTAL CANADA | | 10,965,984 |
Cayman Islands - 0.8% |
China Lilang Ltd. | 491,000 | | 453,748 |
NVC Lighting Holdings Ltd. | 4,429,000 | | 1,609,788 |
Vantage Drilling Co. (a) | 525,331 | | 830,023 |
TOTAL CAYMAN ISLANDS | | 2,893,559 |
Denmark - 0.8% |
William Demant Holding A/S (a) | 32,533 | | 3,071,117 |
Finland - 2.4% |
Nokian Tyres PLC (d) | 89,200 | | 4,230,912 |
Outotec Oyj | 87,200 | | 4,686,676 |
TOTAL FINLAND | | 8,917,588 |
France - 3.1% |
Laurent-Perrier Group | 25,963 | | 2,620,355 |
Remy Cointreau SA | 35,298 | | 3,933,988 |
Saft Groupe SA | 57,419 | | 1,584,075 |
Vetoquinol SA | 28,895 | | 905,406 |
Virbac SA | 15,100 | | 2,539,651 |
TOTAL FRANCE | | 11,583,475 |
Germany - 4.7% |
alstria office REIT-AG | 167,500 | | 1,784,979 |
Bilfinger Berger AG | 33,159 | | 3,032,767 |
CompuGROUP Holding AG | 92,100 | | 1,417,953 |
CTS Eventim AG | 147,426 | | 5,755,343 |
Fielmann AG | 34,437 | | 3,336,564 |
Software AG (Bearer) (d) | 59,781 | | 2,089,246 |
TOTAL GERMANY | | 17,416,852 |
Common Stocks - continued |
| Shares | | Value |
India - 0.6% |
Apollo Tyres Ltd. | 492,892 | | $ 846,054 |
Jyothy Laboratories Ltd. | 393,677 | | 1,303,660 |
TOTAL INDIA | | 2,149,714 |
Ireland - 1.0% |
James Hardie Industries NV sponsored ADR | 97,775 | | 3,798,559 |
Israel - 1.0% |
Azrieli Group | 72,005 | | 1,768,759 |
Ituran Location & Control Ltd. | 148,286 | | 1,992,964 |
TOTAL ISRAEL | | 3,761,723 |
Italy - 2.0% |
Azimut Holding SpA | 271,773 | | 2,669,516 |
Interpump Group SpA | 550,543 | | 4,912,171 |
TOTAL ITALY | | 7,581,687 |
Japan - 21.1% |
Air Water, Inc. | 68,000 | | 857,211 |
Aozora Bank Ltd. | 570,000 | | 1,462,018 |
Asahi Co. Ltd. | 83,300 | | 1,643,719 |
Autobacs Seven Co. Ltd. | 86,300 | | 4,142,076 |
Azbil Corp. | 56,000 | | 1,199,815 |
Cosmos Pharmaceutical Corp. | 11,000 | | 616,739 |
Daikoku Denki Co. Ltd. | 64,900 | | 928,102 |
Daikokutenbussan Co. Ltd. | 117,200 | | 3,245,825 |
FCC Co. Ltd. | 149,300 | | 3,048,793 |
GCA Savvian Group Corp. | 1,309 | | 1,364,018 |
Glory Ltd. | 80,300 | | 1,727,023 |
Goldcrest Co. Ltd. | 86,000 | | 1,475,371 |
Iwatsuka Confectionary Co. Ltd. | 5,400 | | 219,112 |
Kamigumi Co. Ltd. | 282,000 | | 2,266,573 |
Kobayashi Pharmaceutical Co. Ltd. | 105,700 | | 5,308,926 |
Kyoto Kimono Yuzen Co. Ltd. | 109,900 | | 1,350,997 |
Meiko Network Japan Co. Ltd. | 100,500 | | 991,793 |
Miraial Co. Ltd. | 39,200 | | 704,135 |
Nabtesco Corp. | 138,400 | | 2,954,702 |
Nagaileben Co. Ltd. | 106,900 | | 1,651,493 |
Nihon M&A Center, Inc. | 123,200 | | 3,527,780 |
Nihon Parkerizing Co. Ltd. | 167,000 | | 2,494,198 |
Nikkiso Co. Ltd. | 71,000 | | 745,596 |
Nippon Seiki Co. Ltd. | 186,000 | | 2,346,403 |
Nippon Thompson Co. Ltd. | 361,000 | | 1,996,356 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
NS Tool Co., Ltd. | 100 | | $ 3,586 |
Obic Co. Ltd. | 10,030 | | 2,114,226 |
Osaka Securities Exchange Co. Ltd. | 1,019 | | 5,834,412 |
OSG Corp. | 148,700 | | 2,347,167 |
Seven Bank Ltd. | 937,900 | | 2,317,464 |
SHO-BOND Holdings Co. Ltd. | 98,200 | | 2,483,815 |
Shoei Co. Ltd. | 90,800 | | 651,585 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 323,000 | | 1,910,765 |
Tsutsumi Jewelry Co. Ltd. | 36,900 | | 1,079,455 |
USS Co. Ltd. | 72,540 | | 7,358,715 |
Yamato Kogyo Co. Ltd. | 151,700 | | 4,316,911 |
TOTAL JAPAN | | 78,686,875 |
Korea (South) - 0.2% |
Woongjin Coway Co. Ltd. | 27,480 | | 880,236 |
Netherlands - 1.9% |
Aalberts Industries NV | 167,200 | | 3,210,527 |
ASM International NV unit | 66,400 | | 2,355,208 |
QIAGEN NV (a)(d) | 94,200 | | 1,575,966 |
TOTAL NETHERLANDS | | 7,141,701 |
Papua New Guinea - 0.4% |
Oil Search Ltd. ADR | 178,966 | | 1,370,450 |
Philippines - 0.5% |
Jollibee Food Corp. | 757,160 | | 2,012,988 |
Portugal - 0.8% |
Jeronimo Martins SGPS SA | 151,700 | | 2,841,610 |
South Africa - 2.6% |
African Rainbow Minerals Ltd. | 83,600 | | 1,945,436 |
City Lodge Hotels Ltd. | 106,302 | | 1,161,696 |
Clicks Group Ltd. | 434,802 | | 2,615,073 |
JSE Ltd. | 199,281 | | 2,106,055 |
Mr Price Group Ltd. | 137,500 | | 1,859,733 |
TOTAL SOUTH AFRICA | | 9,687,993 |
Spain - 1.7% |
Grifols SA (a) | 50,832 | | 1,280,219 |
Prosegur Compania de Seguridad SA (Reg.) | 88,209 | | 5,037,504 |
TOTAL SPAIN | | 6,317,723 |
Sweden - 2.5% |
Fagerhult AB | 85,150 | | 2,552,948 |
Common Stocks - continued |
| Shares | | Value |
Sweden - continued |
Intrum Justitia AB | 233,600 | | $ 3,545,319 |
Swedish Match Co. AB | 78,600 | | 3,195,108 |
TOTAL SWEDEN | | 9,293,375 |
Switzerland - 0.7% |
Bank Sarasin & Cie Series B (Reg.) | 51,074 | | 1,575,750 |
Zehnder Group AG | 14,068 | | 1,034,697 |
TOTAL SWITZERLAND | | 2,610,447 |
Thailand - 0.3% |
Thai Re Insurance PCL NVDR | 8,020,333 | | 1,058,773 |
Turkey - 2.1% |
Albaraka Turk Katilim Bankasi A/S | 1,727,492 | | 1,828,762 |
Boyner Buyuk Magazacilik A/S (a) | 1,150,451 | | 2,311,379 |
Coca-Cola Icecek A/S | 260,000 | | 3,655,094 |
TOTAL TURKEY | | 7,795,235 |
United Kingdom - 17.5% |
AMEC PLC | 128,340 | | 2,364,303 |
Babcock International Group PLC | 239,700 | | 3,233,064 |
Bellway PLC | 188,172 | | 2,405,198 |
Britvic PLC | 526,200 | | 3,264,275 |
Dechra Pharmaceuticals PLC | 247,100 | | 1,850,929 |
Dechra Pharmaceuticals PLC rights 5/15/12 (a) | 74,130 | | 188,903 |
Derwent London PLC | 57,900 | | 1,637,088 |
Great Portland Estates PLC | 452,489 | | 2,644,700 |
H&T Group PLC | 186,803 | | 879,280 |
InterContinental Hotel Group PLC ADR | 114,600 | | 2,736,648 |
Johnson Matthey PLC | 100,089 | | 3,759,196 |
Meggitt PLC | 726,669 | | 4,818,080 |
Persimmon PLC | 166,563 | | 1,699,140 |
Rotork PLC | 104,900 | | 3,757,709 |
Serco Group PLC | 428,560 | | 3,773,607 |
Shaftesbury PLC | 375,373 | | 3,116,405 |
Spectris PLC | 98,487 | | 3,014,851 |
Spirax-Sarco Engineering PLC | 169,230 | | 6,334,057 |
Ted Baker PLC | 139,000 | | 2,042,343 |
Ultra Electronics Holdings PLC | 106,869 | | 2,921,051 |
Unite Group PLC | 1,424,170 | | 4,513,341 |
Victrex PLC | 179,582 | | 4,232,283 |
TOTAL UNITED KINGDOM | | 65,186,451 |
Common Stocks - continued |
| Shares | | Value |
United States of America - 12.3% |
ANSYS, Inc. (a) | 13,285 | | $ 891,025 |
Autoliv, Inc. | 57,500 | | 3,607,550 |
Broadridge Financial Solutions, Inc. | 48,705 | | 1,130,443 |
Cymer, Inc. (a) | 98,673 | | 5,115,208 |
Dril-Quip, Inc. (a) | 35,752 | | 2,409,327 |
Evercore Partners, Inc. Class A | 56,200 | | 1,485,366 |
Greenhill & Co., Inc. | 34,395 | | 1,336,246 |
Kansas City Southern | 43,800 | | 3,373,476 |
Lam Research Corp. (a) | 22,003 | | 916,425 |
Martin Marietta Materials, Inc. (d) | 19,900 | | 1,649,312 |
Mohawk Industries, Inc. (a) | 61,000 | | 4,088,220 |
Oceaneering International, Inc. | 51,200 | | 2,643,456 |
PriceSmart, Inc. | 112,496 | | 9,285,414 |
ResMed, Inc. (a) | 106,200 | | 3,611,862 |
Solera Holdings, Inc. | 64,979 | | 2,920,156 |
SS&C Technologies Holdings, Inc. (a) | 57,600 | | 1,369,152 |
TOTAL UNITED STATES OF AMERICA | | 45,832,638 |
TOTAL COMMON STOCKS (Cost $280,129,935) |
352,397,787
|
Money Market Funds - 7.0% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 17,702,650 | | 17,702,650 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 8,511,410 | | 8,511,410 |
TOTAL MONEY MARKET FUNDS (Cost $26,214,060) |
26,214,060
|
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $306,343,995) | | 378,611,847 |
NET OTHER ASSETS (LIABILITIES) - (1.5)% | | (5,727,745) |
NET ASSETS - 100% | $ 372,884,102 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
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 | $ 7,179 |
Fidelity Securities Lending Cash Central Fund | 50,942 |
Total | $ 58,121 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 71,539,403 | $ 47,997,765 | $ 23,541,638 | $ - |
Consumer Staples | 43,714,967 | 34,324,365 | 9,390,602 | - |
Energy | 13,096,104 | 13,096,104 | - | - |
Financials | 55,114,583 | 42,661,300 | 12,453,283 | - |
Health Care | 18,409,170 | 16,012,081 | 2,397,089 | - |
Industrials | 85,380,941 | 68,073,939 | 17,307,002 | - |
Information Technology | 28,660,511 | 24,642,335 | 4,018,176 | - |
Materials | 36,482,108 | 26,903,023 | 9,579,085 | - |
Money Market Funds | 26,214,060 | 26,214,060 | - | - |
Total Investments in Securities: | $ 378,611,847 | $ 299,924,972 | $ 78,686,875 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $7,854,096) - See accompanying schedule: Unaffiliated issuers (cost $280,129,935) | $ 352,397,787 | |
Fidelity Central Funds (cost $26,214,060) | 26,214,060 | |
Total Investments (cost $306,343,995) | | $ 378,611,847 |
Foreign currency held at value (cost $69,807) | | 69,807 |
Receivable for investments sold | | 2,187,631 |
Receivable for fund shares sold | | 677,708 |
Dividends receivable | | 1,959,775 |
Distributions receivable from Fidelity Central Funds | | 22,203 |
Prepaid expenses | | 364 |
Receivable from investment adviser for expense reductions | | 17,308 |
Other receivables | | 10,220 |
Total assets | | 383,556,863 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,079,550 | |
Payable for fund shares redeemed | 581,200 | |
Accrued management fee | 327,236 | |
Distribution and service plan fees payable | 15,170 | |
Other affiliated payables | 98,638 | |
Other payables and accrued expenses | 59,557 | |
Collateral on securities loaned, at value | 8,511,410 | |
Total liabilities | | 10,672,761 |
| | |
Net Assets | | $ 372,884,102 |
Net Assets consist of: | | |
Paid in capital | | $ 658,639,436 |
Undistributed net investment income | | 1,448,739 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (359,514,168) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 72,310,095 |
Net Assets | | $ 372,884,102 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($18,976,514 ÷ 1,806,183 shares) | | $ 10.51 |
| | |
Maximum offering price per share (100/94.25 of $10.51) | | $ 11.15 |
Class T:
Net Asset Value and redemption price per share ($8,660,731 ÷ 830,304 shares) | | $ 10.43 |
| | |
Maximum offering price per share (100/96.50 of $10.43) | | $ 10.81 |
Class B:
Net Asset Value and offering price per share ($2,214,047 ÷ 215,667 shares)A | | $ 10.27 |
| | |
Class C:
Net Asset Value and offering price per share ($7,073,679 ÷ 690,070 shares)A | | $ 10.25 |
| | |
International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($333,878,354 ÷ 31,521,734 shares) | | $ 10.59 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,080,777 ÷ 196,216 shares) | | $ 10.60 |
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, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,750,682 |
Income from Fidelity Central Funds | | 58,121 |
Income before foreign taxes withheld | | 4,808,803 |
Less foreign taxes withheld | | (308,994) |
Total income | | 4,499,809 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,545,163 | |
Performance adjustment | 383,041 | |
Transfer agent fees | 511,282 | |
Distribution and service plan fees | 89,196 | |
Accounting and security lending fees | 94,295 | |
Custodian fees and expenses | 48,995 | |
Independent trustees' compensation | 1,085 | |
Registration fees | 35,081 | |
Audit | 35,804 | |
Legal | 809 | |
Miscellaneous | 1,767 | |
Total expenses before reductions | 2,746,518 | |
Expense reductions | (153,950) | 2,592,568 |
Net investment income (loss) | | 1,907,241 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 11,289,436 | |
Foreign currency transactions | (33,572) | |
Total net realized gain (loss) | | 11,255,864 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 18,988,993 | |
Assets and liabilities in foreign currencies | 51,333 | |
Total change in net unrealized appreciation (depreciation) | | 19,040,326 |
Net gain (loss) | | 30,296,190 |
Net increase (decrease) in net assets resulting from operations | | $ 32,203,431 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,907,241 | $ 7,043,577 |
Net realized gain (loss) | 11,255,864 | 54,021,779 |
Change in net unrealized appreciation (depreciation) | 19,040,326 | (52,262,552) |
Net increase (decrease) in net assets resulting
from operations | 32,203,431 | 8,802,804 |
Distributions to shareholders from net investment income | (4,886,680) | (6,223,295) |
Distributions to shareholders from net realized gain | (369,319) | (1,761,993) |
Total distributions | (5,255,999) | (7,985,288) |
Share transactions - net increase (decrease) | (20,348,302) | (78,669,716) |
Redemption fees | 48,508 | 71,408 |
Total increase (decrease) in net assets | 6,647,638 | (77,780,792) |
| | |
Net Assets | | |
Beginning of period | 366,236,464 | 444,017,256 |
End of period (including undistributed net investment income of $1,448,739 and undistributed net investment income of $4,428,178, respectively) | $ 372,884,102 | $ 366,236,464 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.75 | $ 9.82 | $ 8.07 | $ 6.24 | $ 18.97 | $ 14.18 |
Income from
Investment Operations | | | | | |
Net investment income (loss) E | .04 | .15 H | .06 | .06 | .02 | .02 |
Net realized and unrealized gain (loss) | .84 | (.07) | 1.85 | 1.77 | (10.85) | 4.76 |
Total from investment operations | .88 | .08 | 1.91 | 1.83 | (10.83) | 4.78 |
Distributions from net investment income | (.11) | (.11) | (.07) | - | (.03) | - |
Distributions from net realized gain | (.01) | (.04) | (.09) | - | (1.88) | - |
Total distributions | (.12) | (.15) | (.16) | - | (1.90) K | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 10.51 | $ 9.75 | $ 9.82 | $ 8.07 | $ 6.24 | $ 18.97 |
Total Return B, C, D | 9.20% | .81% | 24.05% | 29.33% | (62.98)% | 33.78% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.74% A | 1.34% | 1.16% | .94% | 1.75% | 1.63% |
Expenses net of fee waivers, if any | 1.65% A | 1.33% | 1.16% | .94% | 1.66% | 1.63% |
Expenses net of all reductions | 1.64% A | 1.32% | 1.15% | .89% | 1.62% | 1.59% |
Net investment income (loss) | .86% A | 1.44% H | .74% | 1.00% | .13% | .10% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 18,977 | $ 18,686 | $ 20,228 | $ 18,883 | $ 17,905 | $ 70,785 |
Portfolio turnover rate G | 23% A | 24% | 49% | 174% | 61% | 107% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment 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 .80%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $1.90 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $1.878 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.66 | $ 9.72 | $ 8.00 | $ 6.20 | $ 18.85 | $ 14.12 |
Income from
Investment Operations | | | | | | |
Net investment income (loss) E | .03 | .12 H | .04 | .05 | (.02) | (.02) |
Net realized and unrealized gain (loss) | .83 | (.06) | 1.83 | 1.75 | (10.78) | 4.74 |
Total from investment operations | .86 | .06 | 1.87 | 1.80 | (10.80) | 4.72 |
Distributions from net investment income | (.08) | (.08) | (.06) | - | - | - |
Distributions from net realized gain | (.01) | (.04) | (.09) | - | (1.85) | - |
Total distributions | (.09) | (.12) | (.15) | - | (1.85) K | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 10.43 | $ 9.66 | $ 9.72 | $ 8.00 | $ 6.20 | $ 18.85 |
Total Return B, C, D | 9.00% | .60% | 23.65% | 29.03% | (63.08)% | 33.50% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.01% A | 1.60% | 1.43% | 1.20% | 2.00% | 1.85% |
Expenses net of fee waivers, if any | 1.90% A | 1.60% | 1.43% | 1.20% | 1.91% | 1.85% |
Expenses net of all reductions | 1.89% A | 1.59% | 1.41% | 1.15% | 1.87% | 1.81% |
Net investment income (loss) | .61% A | 1.17% H | .48% | .74% | (.12)% | (.13)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 8,661 | $ 8,701 | $ 11,202 | $ 11,915 | $ 11,614 | $ 46,568 |
Portfolio turnover rate G | 23% A | 24% | 49% | 174% | 61% | 107% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment 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 .54%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $1.85 per share is comprised of distributions from net realized gain of $1.852 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, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.48 | $ 9.54 | $ 7.87 | $ 6.12 | $ 18.64 | $ 14.04 |
Income from
Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .07 H | - J | .02 | (.08) | (.11) |
Net realized and unrealized gain (loss) | .82 | (.06) | 1.79 | 1.73 | (10.68) | 4.70 |
Total from investment operations | .83 | .01 | 1.79 | 1.75 | (10.76) | 4.59 |
Distributions from net investment income | (.03) | (.06) | (.03) | - | - | - |
Distributions from net realized gain | (.01) | (.02) | (.09) | - | (1.76) | - |
Total distributions | (.04) | (.07) K | (.12) | - | (1.76) L | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 10.27 | $ 9.48 | $ 9.54 | $ 7.87 | $ 6.12 | $ 18.64 |
Total Return B, C, D | 8.77% | .10% | 23.03% | 28.59% | (63.32)% | 32.76% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.49% A | 2.09% | 1.91% | 1.69% | 2.51% | 2.40% |
Expenses net of fee waivers, if any | 2.40% A | 2.09% | 1.91% | 1.69% | 2.41% | 2.40% |
Expenses net of all reductions | 2.39% A | 2.07% | 1.90% | 1.64% | 2.38% | 2.36% |
Net investment income (loss) | .11% A | .68% H | (.01)% | .25% | (.62)% | (.67)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,214 | $ 2,293 | $ 2,902 | $ 2,799 | $ 2,687 | $ 10,975 |
Portfolio turnover rate G | 23% A | 24% | 49% | 174% | 61% | 107% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment 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 .05%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.07 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.015 per share. L Total distributions of $1.76 per share is comprised of distributions from net realized gain of $1.760 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.47 | $ 9.53 | $ 7.86 | $ 6.11 | $ 18.63 | $ 14.03 |
Income from
Investment Operations | | | | | | |
Net investment income (loss) E | .01 | .07 H | - J | .02 | (.08) | (.11) |
Net realized and unrealized gain (loss) | .81 | (.06) | 1.79 | 1.73 | (10.66) | 4.70 |
Total from investment operations | .82 | .01 | 1.79 | 1.75 | (10.74) | 4.59 |
Distributions from net investment income | (.03) | (.06) | (.03) | - | - | - |
Distributions from net realized gain | (.01) | (.02) | (.09) | - | (1.78) | - |
Total distributions | (.04) | (.07) K | (.12) | - | (1.78) L | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J | - J | .01 |
Net asset value, end of period | $ 10.25 | $ 9.47 | $ 9.53 | $ 7.86 | $ 6.11 | $ 18.63 |
Total Return B, C, D | 8.69% | .10% | 23.06% | 28.64% | (63.32)% | 32.79% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 2.49% A | 2.09% | 1.91% | 1.68% | 2.51% | 2.38% |
Expenses net of fee waivers, if any | 2.40% A | 2.09% | 1.91% | 1.68% | 2.41% | 2.38% |
Expenses net of all reductions | 2.39% A | 2.07% | 1.90% | 1.63% | 2.38% | 2.34% |
Net investment income (loss) | .11% A | .68% H | (.01)% | .26% | (.62)% | (.66)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 7,074 | $ 6,900 | $ 8,936 | $ 8,543 | $ 9,497 | $ 40,894 |
Portfolio turnover rate G | 23% A | 24% | 49% | 174% | 61% | 107% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment 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 .05%. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. K Total distributions of $.07 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.015 per share. L Total distributions of $1.78 per share is comprised of distributions from net realized gain of $1.775 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Small Cap Opportunities
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.85 | $ 9.92 | $ 8.14 | $ 6.28 | $ 19.09 | $ 14.23 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .05 | .17 G | .09 | .08 | .05 | .07 |
Net realized and unrealized gain (loss) | .84 | (.06) | 1.87 | 1.78 | (10.92) | 4.78 |
Total from investment operations | .89 | .11 | 1.96 | 1.86 | (10.87) | 4.85 |
Distributions from net investment income | (.14) | (.14) | (.09) | - I | (.06) | - |
Distributions from net realized gain | (.01) | (.04) | (.09) | - | (1.88) | - |
Total distributions | (.15) | (.18) | (.18) | - I | (1.94) J | - |
Redemption fees added to paid in capital D | - I | - I | - I | - I | - I | .01 |
Net asset value, end of period | $ 10.59 | $ 9.85 | $ 9.92 | $ 8.14 | $ 6.28 | $ 19.09 |
Total Return B, C | 9.21% | 1.10% | 24.43% | 29.68% | (62.91)% | 34.15% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.47% A | 1.08% | .91% | .68% | 1.44% | 1.30% |
Expenses net of fee waivers, if any | 1.40% A | 1.08% | .91% | .68% | 1.44% | 1.30% |
Expenses net of all reductions | 1.39% A | 1.06% | .89% | .64% | 1.40% | 1.25% |
Net investment income (loss) | 1.11% A | 1.69% G | 1.00% | 1.25% | .36% | .43% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 333,878 | $ 328,262 | $ 398,331 | $ 329,128 | $ 312,376 | $ 1,433,844 |
Portfolio turnover rate F | 23% A | 24% | 49% | 174% | 61% | 107% |
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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $1.94 per share is comprised of distributions from net investment income of $.064 and distributions from net realized gain of $1.878 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 9.86 | $ 9.93 | $ 8.14 | $ 6.27 | $ 19.09 | $ 14.22 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .06 | .18 G | .09 | .08 | .05 | .08 |
Net realized and unrealized gain (loss) | .83 | (.06) | 1.86 | 1.79 | (10.92) | 4.78 |
Total from investment operations | .89 | .12 | 1.95 | 1.87 | (10.87) | 4.86 |
Distributions from net investment income | (.14) | (.15) | (.07) | - I | (.07) | - |
Distributions from net realized gain | (.01) | (.04) | (.09) | - | (1.88) | - |
Total distributions | (.15) | (.19) | (.16) | - I | (1.95) J | - |
Redemption fees added to paid in capital D | - I | - I | - I | - I | - I | .01 |
Net asset value, end of period | $ 10.60 | $ 9.86 | $ 9.93 | $ 8.14 | $ 6.27 | $ 19.09 |
Total Return B, C | 9.23% | 1.13% | 24.33% | 29.87% | (62.95)% | 34.25% |
Ratios to Average Net Assets E, H | | | | | |
Expenses before reductions | 1.48% A | 1.03% | .90% | .68% | 1.40% | 1.29% |
Expenses net of fee waivers, if any | 1.40% A | 1.03% | .90% | .68% | 1.40% | 1.29% |
Expenses net of all reductions | 1.39% A | 1.02% | .88% | .64% | 1.37% | 1.25% |
Net investment income (loss) | 1.11% A | 1.74% G | 1.01% | 1.25% | .39% | .44% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,081 | $ 1,395 | $ 2,418 | $ 2,022 | $ 8,117 | $ 27,609 |
Portfolio turnover rate F | 23% A | 24% | 49% | 174% | 61% | 107% |
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 $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.11%. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $1.95 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $1.878 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, 2012 (Unaudited)
1. Organization.
Fidelity® International Small Cap Opportunities 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, International Small Cap Opportunities and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management
Semiannual Report
3. Significant Accounting Policies - continued
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Semiannual Report
3. Significant Accounting Policies - continued
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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and capital loss carryforwards 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 | $ 85,388,982 |
Gross unrealized depreciation | (15,325,348) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 70,063,634 |
| |
Tax cost | $ 308,548,213 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
| |
2016 | $ (37,615,219) |
2017 | (330,501,908) |
Total capital loss carryforward | $ (368,117,127) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days are subject to a redemption fee equal to 2.00% of the net asset value 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $40,442,680 and $76,672,044, respectively.
Semiannual Report
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Small Cap Opportunities as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was 1.07% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 22,882 | $ 233 |
Class T | .25% | .25% | 21,416 | 240 |
Class B | .75% | .25% | 10,890 | 8,191 |
Class C | .75% | .25% | 34,008 | 2,289 |
| | | $ 89,196 | $ 10,953 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 3,630 |
Class T | 1,504 |
Class B* | 2,011 |
Class C* | 180 |
| $ 7,325 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 27,637 | .30 |
Class T | 13,571 | .32 |
Class B | 3,276 | .30 |
Class C | 10,267 | .30 |
International Small Cap Opportunities | 454,490 | .28 |
Institutional Class | 2,041 | .28 |
| $ 511,282 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $251 for the period.
Semiannual Report
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $538 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $50,942. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions - continued
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.65% | $ 8,618 |
Class T | 1.90% | 4,669 |
Class B | 2.40% | 1,018 |
Class C | 2.40% | 3,225 |
International Small Cap Opportunities | 1.40% | 119,143 |
Institutional Class | 1.40% | 571 |
| | $ 137,244 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $16,705 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 expenses by $1.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 208,264 | $ 234,699 |
Class T | 69,950 | 95,132 |
Class B | 6,357 | 17,225 |
Class C | 20,258 | 53,555 |
International Small Cap Opportunities | 4,562,121 | 5,789,167 |
Institutional Class | 19,730 | 33,517 |
Total | $ 4,886,680 | $ 6,223,295 |
From net realized gain | | |
Class A | $ 18,763 | $ 81,710 |
Class T | 8,968 | 45,784 |
Class B | 2,355 | 4,543 |
Class C | 7,235 | 13,930 |
International Small Cap Opportunities | 330,589 | 1,606,951 |
Institutional Class | 1,409 | 9,075 |
Total | $ 369,319 | $ 1,761,993 |
Semiannual Report
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 134,912 | 414,528 | $ 1,326,207 | $ 4,258,719 |
Reinvestment of distributions | 21,375 | 27,655 | 198,575 | 279,266 |
Shares redeemed | (266,422) | (586,134) | (2,611,865) | (5,964,528) |
Net increase (decrease) | (110,135) | (143,951) | $ (1,087,083) | $ (1,426,543) |
Class T | | | | |
Shares sold | 66,806 | 106,538 | $ 638,474 | $ 1,079,217 |
Reinvestment of distributions | 8,148 | 13,404 | 75,201 | 134,702 |
Shares redeemed | (145,356) | (371,432) | (1,419,806) | (3,710,229) |
Net increase (decrease) | (70,402) | (251,490) | $ (706,131) | $ (2,496,310) |
Class B | | | | |
Shares sold | 1,918 | 6,900 | $ 19,033 | $ 67,544 |
Reinvestment of distributions | 862 | 1,989 | 7,845 | 19,877 |
Shares redeemed | (28,966) | (71,270) | (276,415) | (711,316) |
Net increase (decrease) | (26,186) | (62,381) | $ (249,537) | $ (623,895) |
Class C | | | | |
Shares sold | 40,582 | 80,402 | $ 388,252 | $ 802,688 |
Reinvestment of distributions | 2,800 | 5,984 | 25,455 | 59,727 |
Shares redeemed | (82,196) | (295,393) | (793,328) | (2,919,335) |
Net increase (decrease) | (38,814) | (209,007) | $ (379,621) | $ (2,056,920) |
International Small Cap Opportunities | | | | |
Shares sold | 2,859,843 | 4,054,816 | $ 28,503,822 | $ 41,630,046 |
Reinvestment of distributions | 495,697 | 693,159 | 4,634,765 | 7,035,420 |
Shares redeemed | (5,175,390) | (11,579,067) | (51,643,724) | (119,651,010) |
Net increase (decrease) | (1,819,850) | (6,831,092) | $ (18,505,137) | $ (70,985,544) |
Institutional Class | | | | |
Shares sold | 86,842 | 36,278 | $ 899,107 | $ 362,488 |
Reinvestment of distributions | 1,709 | 3,294 | 15,997 | 33,471 |
Shares redeemed | (33,881) | (141,623) | (335,897) | (1,476,463) |
Net increase (decrease) | 54,670 | (102,051) | $ 579,207 | $ (1,080,504) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
ILS-USAN-0612
1.815077.106
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Small Cap
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Class A, Class T, Class B, and Class C are classes of Fidelity®
International Small Cap Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to financial statements. |
Report of Independent Registered Public Accounting Firm | (Click Here) | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to
April 30, 2012 |
Class A | 1.61% | | | |
Actual | | $ 1,000.00 | $ 1,075.10 | $ 8.31 |
HypotheticalA | | $ 1,000.00 | $ 1,016.86 | $ 8.07 |
Class T | 1.86% | | | |
Actual | | $ 1,000.00 | $ 1,073.20 | $ 9.59 |
HypotheticalA | | $ 1,000.00 | $ 1,015.61 | $ 9.32 |
Class B | 2.36% | | | |
Actual | | $ 1,000.00 | $ 1,070.40 | $ 12.15 |
HypotheticalA | | $ 1,000.00 | $ 1,013.13 | $ 11.81 |
Class C | 2.36% | | | |
Actual | | $ 1,000.00 | $ 1,070.60 | $ 12.15 |
HypotheticalA | | $ 1,000.00 | $ 1,013.13 | $ 11.81 |
International Small Cap | 1.33% | | | |
Actual | | $ 1,000.00 | $ 1,076.10 | $ 6.87 |
HypotheticalA | | $ 1,000.00 | $ 1,018.25 | $ 6.67 |
Institutional Class | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,076.60 | $ 6.45 |
HypotheticalA | | $ 1,000.00 | $ 1,018.65 | $ 6.27 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | Japan 27.2% | |
 | United Kingdom 19.8% | |
 | Germany 9.0% | |
 | Australia 6.1% | |
 | France 4.4% | |
 | United States of America 3.2% | |
 | Cayman Islands 3.2% | |
 | Ireland 2.9% | |
 | Bermuda 2.8% | |
 | Other 21.4% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| Japan 27.8% | |
| United Kingdom 18.2% | |
| Germany 8.5% | |
| Australia 7.5% | |
| France 5.1% | |
| Ireland 3.2% | |
| Bermuda 2.9% | |
| Cayman Islands 2.5% | |
| Singapore 2.3% | |
| Other 22.0% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 97.4 | 98.5 |
Bonds | 0.1 | 0.1 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.5 | 1.4 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
ORIX Corp. (Japan, Diversified Financial Services) | 2.0 | 0.0 |
Nintendo Co. Ltd. (Japan, Software) | 1.8 | 0.0 |
Kakaku.com, Inc. (Japan, Internet Software & Services) | 1.4 | 0.0 |
Pigeon Corp. (Japan, Household Products) | 1.3 | 0.3 |
Lanxess AG (Germany, Chemicals) | 1.2 | 0.9 |
Pertama Holdings Ltd. (Singapore, Specialty Retail) | 1.1 | 1.3 |
IBS Group Holding Ltd. GDR (Reg. S) (Isle of Man, IT Services) | 1.0 | 0.8 |
Kubota Corp. (Japan, Machinery) | 1.0 | 0.0 |
Osaka Securities Exchange Co. Ltd. (Japan, Diversified Financial Services) | 1.0 | 0.0 |
Citizen Holdings Co. Ltd. (Japan, Electronic Equipment & Components) | 0.9 | 0.0 |
| 12.7 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 19.0 | 21.0 |
Information Technology | 17.8 | 15.0 |
Industrials | 14.8 | 17.7 |
Materials | 13.2 | 13.6 |
Financials | 11.3 | 11.3 |
Health Care | 9.3 | 9.7 |
Energy | 7.9 | 5.7 |
Consumer Staples | 2.2 | 2.7 |
Telecommunication Services | 1.1 | 1.3 |
Utilities | 0.3 | 0.3 |
Semiannual Report
Investments April 30, 2012
Showing Percentage of Net Assets
Common Stocks - 96.9% |
| Shares | | Value |
Australia - 6.1% |
Acrux Ltd. | 177,499 | | $ 741,559 |
Alkane Resources Ltd. (a) | 823,400 | | 1,158,110 |
Ausgold Ltd. (a) | 1,195,693 | | 1,183,446 |
Austal Ltd. | 508,767 | | 1,044,216 |
Beach Energy Ltd. | 1,346,128 | | 1,963,449 |
Blackgold International Holdings Ltd. (a) | 1,343,759 | | 356,999 |
Campbell Brothers Ltd. | 5,715 | | 408,278 |
carsales.com Ltd. (d) | 420,789 | | 2,520,794 |
Goodman Group unit | 253,653 | | 951,366 |
Horizon Oil Ltd. (a)(d) | 2,028,276 | | 697,343 |
Iluka Resources Ltd. | 75,072 | | 1,329,634 |
Imdex Ltd. | 379,467 | | 996,276 |
Industrea Ltd. | 908,239 | | 927,324 |
Ironbark Zinc Ltd. (a) | 2,305,831 | | 480,466 |
Karoon Gas Australia Ltd. (a) | 379,284 | | 2,548,763 |
Linc Energy Ltd. (a) | 508,182 | | 592,983 |
McMillan Shakespeare Ltd. | 74,357 | | 852,157 |
Medusa Mining Ltd. | 226,578 | | 1,359,707 |
Mesoblast Ltd. (a)(d) | 175,066 | | 1,377,063 |
Mineral Deposits Ltd. (a) | 422,377 | | 2,649,122 |
Mineral Deposits Ltd. (Canada) (a) | 448,000 | | 2,367,563 |
Monto Minerals Ltd. (a) | 273,551 | | 3,990 |
Navitas Ltd. | 286,457 | | 1,178,859 |
NRW Holdings Ltd. | 227,676 | | 970,165 |
Panaust Ltd. (a) | 404,291 | | 1,373,146 |
Ramsay Health Care Ltd. | 69,421 | | 1,448,695 |
realestate.com.au Ltd. | 66,454 | | 966,522 |
SAI Global Ltd. | 628,042 | | 3,422,123 |
SEEK Ltd. (d) | 555,282 | | 4,142,207 |
Silver Lake Resources Ltd. (a) | 211,056 | | 708,042 |
Sino Gas & Energy Ltd. (a) | 8,152,205 | | 645,496 |
SomnoMed Ltd. (a) | 531,849 | | 504,237 |
Spark Infrastructure Group unit | 1,091,535 | | 1,648,963 |
Sydney Airport unit | 156,262 | | 473,753 |
Tiger Resources Ltd. (a) | 12,548,330 | | 4,444,982 |
TPG Telecom Ltd. | 784,834 | | 1,484,088 |
Troy Resources NL | 280,501 | | 1,303,390 |
Western Areas NL (d) | 141,579 | | 743,421 |
TOTAL AUSTRALIA | | 51,968,697 |
Common Stocks - continued |
| Shares | | Value |
Bailiwick of Jersey - 1.2% |
Informa PLC | 880,535 | | $ 5,925,448 |
LXB Retail Properties PLC (a) | 2,358,500 | | 4,545,847 |
TOTAL BAILIWICK OF JERSEY | | 10,471,295 |
Belgium - 0.6% |
EVS Broadcast Equipment SA | 95,700 | | 4,796,395 |
Bermuda - 2.8% |
Aquarius Platinum Ltd. (United Kingdom) | 1,416,700 | | 2,989,280 |
Asia Satellite Telecommunications Holdings Ltd. | 271,000 | | 771,926 |
Biosensors International Group Ltd. (a) | 1,707,000 | | 1,841,268 |
China Animal Healthcare Ltd. | 2,129,000 | | 387,044 |
China Singyes Solar Tech Holdings Ltd. | 818,000 | | 404,854 |
GZI Transport Ltd. | 1,220,000 | | 589,664 |
I.T Ltd. | 1,912,000 | | 1,005,453 |
Imagi International Holdings Ltd. (a) | 17,664,000 | | 284,586 |
Luk Fook Holdings International Ltd. | 650,000 | | 1,855,671 |
Oakley Capital Investments Ltd. (a) | 1,564,700 | | 3,466,642 |
PAX Global Technology Ltd. (a) | 1,769,000 | | 289,565 |
People's Food Holdings Ltd. (a) | 689,000 | | 328,453 |
Petra Diamonds Ltd. (a) | 2,484,700 | | 6,263,119 |
REXLot Holdings Ltd. | 13,675,000 | | 1,233,784 |
Vtech Holdings Ltd. | 210,900 | | 2,364,883 |
TOTAL BERMUDA | | 24,076,192 |
British Virgin Islands - 0.8% |
Kalahari Energy (a)(g) | 1,451,000 | | 15 |
Playtech Ltd. | 1,116,753 | | 6,742,879 |
TOTAL BRITISH VIRGIN ISLANDS | | 6,742,894 |
Canada - 1.5% |
AirSea Lines (a)(g) | 1,893,338 | | 25 |
Banro Corp. (a) | 1,006,500 | | 4,279,727 |
Mood Media Corp. (a) | 175,300 | | 738,292 |
Mood Media Corp. (United Kingdom) (a) | 1,054,422 | | 4,406,938 |
Rock Well Petroleum, Inc. (a)(g) | 770,400 | | 8 |
Starfield Resources, Inc. (a) | 4,328,075 | | 65,726 |
Teranga Gold Corp. (a)(d) | 1,311,399 | | 2,907,582 |
TOTAL CANADA | | 12,398,298 |
Cayman Islands - 3.2% |
3SBio, Inc. sponsored ADR (a) | 39,000 | | 510,120 |
51job, Inc. sponsored ADR (a) | 18,100 | | 1,099,032 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
AirMedia Group, Inc. ADR (a) | 235,300 | | $ 670,605 |
Airtac International Group | 124,000 | | 712,399 |
AMVIG Holdings Ltd. | 764,000 | | 428,348 |
AutoNavi Holdings Ltd. ADR (a) | 11,800 | | 139,240 |
Baidu.com, Inc. sponsored ADR (a) | 8,700 | | 1,154,490 |
Bitauto Holdings Ltd. ADR (a) | 82,500 | | 370,425 |
China Automation Group Ltd. | 1,589,000 | | 438,280 |
China Corn Oil Co. Ltd. | 967,000 | | 453,672 |
China High Precision Automation Group Ltd. | 712,000 | | 123,199 |
China Metal International Holdings, Inc. | 2,522,000 | | 435,576 |
China Metal Recycling (Holdings) Ltd. | 436,800 | | 501,056 |
China Outfitters Holdings Ltd. | 1,636,000 | | 331,052 |
China ZhengTong Auto Services Holdings Ltd. (a) | 472,000 | | 465,999 |
CNinsure, Inc. ADR (a) | 31,900 | | 190,443 |
Concord Medical Services Holdings Ltd. ADR | 84,800 | | 323,936 |
Convenience Retail Asia Ltd. | 700,000 | | 375,323 |
Daphne International Holdings Ltd. | 394,000 | | 562,665 |
EVA Precision Industrial Holdings Ltd. | 10,790,000 | | 1,835,732 |
Fook Woo Group Holdings Ltd. (a) | 2,055,000 | | 290,293 |
Greatview Aseptic Pack Co. Ltd. (a) | 1,196,000 | | 653,598 |
Haitian International Holdings Ltd. | 338,000 | | 389,029 |
Hutchison China Meditech Ltd. (a) | 72,932 | | 529,732 |
Kingdee International Software Group Co. Ltd. | 896,400 | | 199,877 |
KongZhong Corp. sponsored ADR (a) | 46,600 | | 270,746 |
Lee's Pharmaceutical Holdings Ltd. | 1,035,000 | | 441,552 |
Marwyn Value Investors II Ltd. (a) | 1,932,400 | | 3,481,491 |
Ming Fai International Holdings Ltd. | 9,133,000 | | 953,482 |
Minth Group Ltd. | 350,000 | | 443,441 |
MStar Semiconductor, Inc. | 52,000 | | 309,449 |
NVC Lighting Holdings Ltd. | 358,000 | | 130,121 |
Perfect World Co. Ltd. sponsored ADR Class B | 34,900 | | 426,129 |
Royale Furniture Holdings Ltd. | 3,871,074 | | 1,247,341 |
Shenguan Holdings Group Ltd. | 3,154,000 | | 1,707,359 |
Sino Prosper State Gold Resources Holdings, Ltd. (a) | 7,495,000 | | 396,068 |
SouFun Holdings Ltd. ADR | 49,500 | | 893,970 |
Trauson Holdings Co. Ltd. | 1,237,000 | | 475,116 |
VanceInfo Technologies, Inc. ADR (a) | 38,100 | | 493,395 |
VisionChina Media, Inc. ADR (a)(d) | 265,600 | | 353,248 |
VST Holdings Ltd. | 1,858,000 | | 450,212 |
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 42,300 | | 608,274 |
Yip's Chemical Holdings Ltd. | 592,000 | | 465,442 |
TOTAL CAYMAN ISLANDS | | 26,730,957 |
Common Stocks - continued |
| Shares | | Value |
China - 0.2% |
Dalian Port (PDA) Co. Ltd. (H Shares) | 1,786,000 | | $ 407,445 |
Travelsky Technology Ltd. (H Shares) | 877,000 | | 487,181 |
Weiqiao Textile Co. Ltd. (H Shares) | 933,500 | | 462,019 |
Zhaojin Mining Industry Co. Ltd. (H Shares) | 100,000 | | 139,973 |
TOTAL CHINA | | 1,496,618 |
Cyprus - 0.7% |
Buried Hill Energy (Cyprus) PCL (a)(g) | 1,947,000 | | 4,867,500 |
Mirland Development Corp. PLC (a) | 352,300 | | 902,758 |
TOTAL CYPRUS | | 5,770,258 |
Denmark - 0.7% |
William Demant Holding A/S (a) | 63,200 | | 5,966,084 |
France - 4.4% |
Altamir Amboise | 547,200 | | 4,904,075 |
ALTEN | 118,100 | | 3,428,553 |
Audika SA | 113,900 | | 1,666,128 |
Axway Software SA | 65,556 | | 1,649,745 |
Eurofins Scientific SA | 58,599 | | 6,924,198 |
Faiveley Transport | 4,451 | | 246,001 |
Iliad SA | 29,060 | | 3,741,171 |
Ipsos SA | 182,872 | | 5,935,948 |
LeGuide.com SA (a) | 92,500 | | 2,295,966 |
Sartorius Stedim Biotech (d) | 53,200 | | 3,750,193 |
Sopra Group SA | 40,500 | | 2,340,247 |
TOTAL FRANCE | | 36,882,225 |
Germany - 8.4% |
Brenntag AG | 41,800 | | 5,207,008 |
CENTROTEC Sustainable AG | 238,110 | | 3,907,028 |
CTS Eventim AG | 199,743 | | 7,797,739 |
Delticom AG (d) | 37,800 | | 3,671,408 |
GFK AG | 142,601 | | 7,575,549 |
Lanxess AG | 123,685 | | 9,848,612 |
MTU Aero Engines Holdings AG (d) | 69,400 | | 5,844,879 |
Rational AG | 16,020 | | 4,093,004 |
Rheinmetall AG | 56,800 | | 3,190,014 |
RIB Software AG | 391,400 | | 2,753,889 |
Stroer Out-of-Home Media AG (a) | 182,100 | | 3,109,725 |
Tom Tailor Holding AG | 226,000 | | 4,203,462 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
United Internet AG | 206,269 | | $ 4,079,500 |
Wirecard AG | 297,900 | | 5,521,040 |
TOTAL GERMANY | | 70,802,857 |
Hong Kong - 0.6% |
Dah Sing Financial Holdings Ltd. | 172,000 | | 617,401 |
Magnificent Estates Ltd. | 32,558,000 | | 1,342,832 |
Singamas Container Holdings Ltd. | 2,374,000 | | 712,936 |
Techtronic Industries Co. Ltd. | 1,478,000 | | 1,784,957 |
Tian An China Investments Co. Ltd. | 750,000 | | 356,699 |
YGM Trading Ltd. | 152,000 | | 403,575 |
TOTAL HONG KONG | | 5,218,400 |
Iceland - 0.6% |
Ossur hf (a) | 3,482,300 | | 5,422,020 |
India - 1.0% |
Ahluwalia Contracts (India) Ltd. | 230,314 | | 265,671 |
Educomp Solutions Ltd. | 44,518 | | 163,947 |
Financial Technologies India Ltd. | 23,352 | | 302,802 |
Geodesic Ltd. | 256,340 | | 222,195 |
Indian Overseas Bank | 186,286 | | 308,797 |
IndusInd Bank Ltd. | 91,917 | | 581,526 |
Page Industries Ltd. | 90,340 | | 5,366,023 |
PI Industries Ltd. | 51,585 | | 524,029 |
Thangamayil Jewellery Ltd. | 253,192 | | 838,204 |
TOTAL INDIA | | 8,573,194 |
Indonesia - 0.9% |
PT AKR Corporindo Tbk | 887,000 | | 398,115 |
PT Clipan Finance Indonesia Tbk | 8,265,400 | | 436,181 |
PT Clipan Finance Indonesia Tbk warrants 10/7/14 (a) | 2,275,700 | | 23,028 |
PT Jasa Marga Tbk | 1,124,500 | | 654,597 |
PT Mayora Indah Tbk | 372,500 | | 810,620 |
PT Media Nusantara Citra Tbk | 14,019,500 | | 3,432,226 |
PT Mitra Adiperkasa Tbk | 588,000 | | 444,655 |
PT Nippon Indosari Corpindo Tbk | 1,712,000 | | 726,489 |
PT Tower Bersama Infrastructure Tbk | 1,675,500 | | 556,039 |
TOTAL INDONESIA | | 7,481,950 |
Ireland - 2.9% |
Elan Corp. PLC (a) | 189,500 | | 2,612,677 |
James Hardie Industries NV CDI | 79,624 | | 621,342 |
Common Stocks - continued |
| Shares | | Value |
Ireland - continued |
Kenmare Resources PLC (a) | 9,593,800 | | $ 7,863,707 |
Paddy Power PLC (Ireland) | 121,084 | | 7,902,346 |
Petroceltic International PLC (a) | 23,461,800 | | 2,989,347 |
Providence Resources PLC (a) | 323,833 | | 2,927,666 |
TOTAL IRELAND | | 24,917,085 |
Isle of Man - 1.5% |
Bahamas Petroleum Co. PLC (a) | 12,489,510 | | 1,577,140 |
Exillon Energy PLC (a) | 1,100,400 | | 2,477,264 |
IBS Group Holding Ltd. GDR (Reg. S) (a) | 336,400 | | 8,906,526 |
TOTAL ISLE OF MAN | | 12,960,930 |
Israel - 0.1% |
Sarin Technologies Ltd. | 851,000 | | 859,492 |
Italy - 1.0% |
Brunello Cucinelli SpA | 34,100 | | 541,699 |
Salvatore Ferragamo Italia SpA | 306,400 | | 7,491,660 |
TOTAL ITALY | | 8,033,359 |
Japan - 27.2% |
Aeon Credit Service Co. Ltd. (d) | 331,000 | | 5,770,468 |
Asahi Co. Ltd. | 41,100 | | 811,007 |
ASAHI INTECC Co. Ltd. (d) | 237,700 | | 6,414,079 |
Bridgestone Corp. | 51,100 | | 1,209,193 |
CAC Corp. | 44,800 | | 391,702 |
Canon, Inc. | 45,700 | | 2,071,613 |
Chiyoda Co. Ltd. | 37,200 | | 866,984 |
Citizen Holdings Co. Ltd. | 1,261,000 | | 7,919,853 |
CyberAgent, Inc. | 2,502 | | 7,706,093 |
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 7,000 | | 242,141 |
Daikin Industries Ltd. | 17,800 | | 470,319 |
Exedy Corp. | 157,500 | | 4,426,805 |
Fanuc Corp. | 32,700 | | 5,515,218 |
Fuji Corp. (d) | 33,300 | | 483,769 |
Fuji Heavy Industries Ltd. | 255,000 | | 1,923,462 |
Fuji Spinning Co. Ltd. | 758,000 | | 1,678,518 |
GMO Internet, Inc. | 88,500 | | 473,398 |
Hitachi Chemical Co. Ltd. | 356,500 | | 6,609,042 |
Hitachi Metals Ltd. | 504,000 | | 6,277,798 |
Hitachi Transport System Ltd. | 38,300 | | 700,973 |
Honda Motor Co. Ltd. | 123,500 | | 4,444,943 |
Hoshizaki Electric Co. Ltd. | 102,900 | | 2,467,619 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Iwatsuka Confectionary Co. Ltd. | 11,600 | | $ 470,686 |
JSP Corp. | 112,300 | | 1,533,653 |
K'S Denki Corp. | 47,100 | | 1,417,011 |
Kakaku.com, Inc. (d) | 392,900 | | 12,218,564 |
Kamei Corp. | 43,000 | | 608,745 |
Kanto Denka Kogyo Co. Ltd. (d) | 267,000 | | 865,083 |
KAWAI Musical Instruments Manufacturing Co. Ltd. | 405,000 | | 991,520 |
Koshidaka Holdings Co. Ltd. | 51,800 | | 1,608,607 |
Kubota Corp. | 920,000 | | 8,881,435 |
Kurimoto Ltd. | 1,046,000 | | 2,430,315 |
Makita Corp. | 101,400 | | 3,881,700 |
Maruwa Ceramic Co. Ltd. (d) | 125,200 | | 5,061,606 |
Megachips Corp. | 53,300 | | 1,177,860 |
MEGANE TOP CO. LTD. | 161,400 | | 2,072,695 |
Mitsubishi Gas Chemical Co., Inc. | 292,000 | | 1,913,125 |
Nexon Co. Ltd. (d) | 113,800 | | 2,157,164 |
Nichias Corp. | 407,000 | | 2,112,490 |
Nikkiso Co. Ltd. | 570,000 | | 5,985,773 |
Nintendo Co. Ltd. | 112,500 | | 15,186,642 |
Nippon Seiki Co. Ltd. | 33,000 | | 416,297 |
Nitta Corp. | 147,900 | | 2,808,387 |
Nitta Gelatin, Inc. | 15,100 | | 100,106 |
NSD Co. Ltd. | 46,300 | | 382,878 |
Olympus Corp. | 293,400 | | 4,606,901 |
Origin Electric Co. Ltd. | 332,000 | | 1,386,143 |
ORIX Corp. | 173,700 | | 16,608,636 |
Osaka Securities Exchange Co. Ltd. | 1,411 | | 8,078,857 |
Pal Co. Ltd. | 35,250 | | 1,673,298 |
Pigeon Corp. | 273,100 | | 10,896,980 |
Rohto Pharmaceutical Co. Ltd. | 163,000 | | 2,087,967 |
Sawada Holdings Co. Ltd. (a) | 271,700 | | 1,988,700 |
Shimadzu Corp. | 316,000 | | 2,813,518 |
Shinko Electric Industries Co.Ltd. (d) | 508,600 | | 4,754,355 |
Shinko Kogyo Co. Ltd. | 230,800 | | 1,116,203 |
Shinko Shoji Co. Ltd. | 2,800 | | 23,511 |
Shinsei Bank Ltd. | 886,000 | | 1,143,405 |
Skymark Airlines, Inc. | 23,300 | | 181,817 |
SMC Corp. | 700 | | 116,909 |
Sosei Group Corp. (a)(d) | 737 | | 1,166,306 |
Stanley Electric Co. Ltd. | 254,500 | | 3,899,093 |
STELLA CHEMIFA Corp. | 39,400 | | 897,644 |
Sugi Holdings Co. Ltd. | 10,600 | | 343,540 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Sumitomo Rubber Industries Ltd. | 232,100 | | $ 3,194,106 |
Sysmex Corp. | 3,400 | | 136,649 |
Taiheiyo Cement Corp. | 526,000 | | 1,255,417 |
Takara Leben Co. Ltd. | 467,300 | | 4,053,735 |
Takashima & Co. Ltd. | 138,000 | | 460,996 |
Takata Corp. | 60,200 | | 1,476,163 |
Toho Real Estate Co. Ltd. | 3,000 | | 18,123 |
Tokio Marine Holdings, Inc. | 19,700 | | 504,029 |
Tokyu Land Corp. | 378,000 | | 1,821,911 |
Topcon Corp. | 157,900 | | 1,216,427 |
Toyo Engineering Corp. | 691,000 | | 3,129,640 |
Toyo Kanetsu KK | 322,000 | | 727,636 |
Weathernews, Inc. | 6,700 | | 206,866 |
WebCrew, Inc. | 47,900 | | 611,949 |
West Holdings Corp. | 67,400 | | 1,176,145 |
Yahagi Construction Co. Ltd. | 1,800 | | 9,266 |
Yamato Kogyo Co. Ltd. | 95,000 | | 2,703,405 |
Yamaya Corp. | 42,100 | | 898,691 |
TOTAL JAPAN | | 230,542,276 |
Korea (South) - 0.4% |
Daou Technology, Inc. | 107,530 | | 1,075,181 |
Duksan Hi-Metal Co. Ltd. (a) | 36,664 | | 752,664 |
Genic Co. Ltd. | 10,506 | | 373,712 |
Korea Plant Service & Engineering Co. Ltd. | 12,424 | | 457,878 |
Medy-Tox, Inc. | 10,827 | | 416,746 |
TK Corp. (a) | 22,088 | | 599,046 |
TOTAL KOREA (SOUTH) | | 3,675,227 |
Luxembourg - 0.9% |
AZ Electronic Materials SA | 1,512,300 | | 7,813,037 |
Malaysia - 0.2% |
JobStreet Corp. Bhd | 1,223,100 | | 933,849 |
Muhibbah Engineering (M) Bhd | 937,000 | | 380,932 |
WCT Bhd | 480,000 | | 372,831 |
TOTAL MALAYSIA | | 1,687,612 |
Netherlands - 1.5% |
Gemalto NV | 100,108 | | 7,459,718 |
HeidelbergCement Finance AG (d) | 68,166 | | 3,748,042 |
Ichor Coal NV (a) | 355,000 | | 1,409,847 |
TOTAL NETHERLANDS | | 12,617,607 |
Common Stocks - continued |
| Shares | | Value |
Norway - 2.0% |
Aker Solutions ASA | 368,000 | | $ 6,254,129 |
Schibsted ASA (B Shares) | 201,600 | | 7,690,838 |
Sevan Drilling ASA | 2,251,900 | | 2,849,161 |
TOTAL NORWAY | | 16,794,128 |
Philippines - 0.1% |
Alliance Global Group, Inc. | 1,969,100 | | 577,210 |
Belle Corp. (a) | 3,750,000 | | 430,452 |
TOTAL PHILIPPINES | | 1,007,662 |
Singapore - 2.2% |
Amtek Engineering Ltd. | 2,624,000 | | 1,441,700 |
CSE Global Ltd. | 1,069,000 | | 643,482 |
Goodpack Ltd. | 1,220,000 | | 1,591,969 |
Hyflux Ltd. | 529,000 | | 613,352 |
Mapletree Industrial (REIT) | 1,116,000 | | 1,018,931 |
OSIM International Ltd. | 1,036,000 | | 1,012,855 |
Pertama Holdings Ltd. (e) | 23,060,000 | | 9,539,628 |
Petra Foods Ltd. | 370,000 | | 738,416 |
Raffles Medical Group Ltd. | 390,205 | | 728,294 |
Venture Corp. Ltd. | 205,000 | | 1,424,474 |
TOTAL SINGAPORE | | 18,753,101 |
South Africa - 0.3% |
Blue Label Telecoms Ltd. | 3,189,500 | | 2,788,455 |
Sweden - 1.1% |
Avanza Bank Holding AB | 167,600 | | 4,014,969 |
Elekta AB (B Shares) (d) | 112,400 | | 5,702,994 |
TOTAL SWEDEN | | 9,717,963 |
Switzerland - 0.7% |
Leclanche SA (a) | 6,500 | | 85,588 |
VZ Holding AG | 53,520 | | 5,743,869 |
TOTAL SWITZERLAND | | 5,829,457 |
Taiwan - 0.3% |
Lung Yen Life Service Co. Ltd. | 121,000 | | 367,711 |
Pacific Hospital Supply Co. Ltd. | 104,000 | | 315,692 |
Tong Hsing Electronics Industries Ltd. | 216,721 | | 799,091 |
Topoint Technology Co. Ltd. | 557,000 | | 350,573 |
WPG Holding Co. Ltd. | 294,000 | | 402,353 |
TOTAL TAIWAN | | 2,235,420 |
Common Stocks - continued |
| Shares | | Value |
Thailand - 0.3% |
Toyo-Thai Corp. PCL | 5,714,500 | | $ 2,787,108 |
United Kingdom - 19.8% |
Aberdeen Asset Management PLC | 1,220,000 | | 5,613,816 |
Amerisur Resources PLC (a)(d) | 7,990,224 | | 3,242,233 |
Ashmore Group PLC | 924,800 | | 5,742,990 |
ASOS PLC (a)(d) | 302,576 | | 7,258,622 |
Aurelian Oil & Gas PLC (a) | 3,890,100 | | 1,389,085 |
Avanti Communications Group PLC (a)(d) | 680,000 | | 3,013,123 |
Aveva Group PLC | 191,700 | | 5,183,730 |
Bond International Software PLC | 843,266 | | 793,849 |
Bowleven PLC (a) | 433,300 | | 624,169 |
Brammer PLC | 1,306,300 | | 7,802,540 |
Cadogan Petroleum PLC (a) | 1,723,100 | | 887,972 |
Central Asia Metals PLC (a) | 1,377,500 | | 2,001,059 |
China Goldmines PLC (a) | 669,353 | | 234,668 |
Craneware PLC (d) | 815,800 | | 4,886,021 |
Faroe Petroleum PLC (a) | 480,947 | | 1,379,755 |
GoIndustry-DoveBid PLC (a) | 117,989 | | 90,966 |
IG Group Holdings PLC | 741,702 | | 5,573,856 |
International Personal Finance PLC | 1,338,500 | | 5,815,834 |
John Wood Group PLC | 395,600 | | 5,014,788 |
Johnson Matthey PLC | 176,100 | | 6,614,058 |
Keronite PLC (a)(g) | 13,620,267 | | 221 |
London Mining PLC (a)(d) | 1,504,645 | | 7,296,041 |
Michael Page International PLC | 914,900 | | 6,171,553 |
Moneysupermarket.com Group PLC | 2,797,800 | | 6,053,299 |
Monitise PLC (a) | 4,517,900 | | 2,621,549 |
Mothercare PLC (d) | 404,827 | | 1,121,955 |
Nautical Petroleum PLC (a)(d) | 607,766 | | 3,334,252 |
NCC Group Ltd. | 225,015 | | 3,235,866 |
Ocado Group PLC (a)(d) | 1,088,800 | | 2,293,866 |
Ophir Energy PLC | 635,300 | | 5,949,767 |
Optos PLC (a) | 385,400 | | 1,607,645 |
Pureprofile Media PLC (a)(g) | 1,108,572 | | 719,729 |
Regenersis PLC (a) | 1,396,700 | | 2,255,649 |
Robert Walters PLC | 884,400 | | 3,667,625 |
Rockhopper Exploration PLC (a)(d) | 1,087,100 | | 6,003,616 |
SDL PLC | 462,462 | | 5,344,429 |
Serco Group PLC | 350,129 | | 3,082,997 |
Silverdell PLC (a) | 6,644,400 | | 1,105,414 |
Sinclair Pharma PLC (a) | 4,273,015 | | 1,872,593 |
Sphere Medical Holding PLC | 684,254 | | 905,149 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Sthree PLC | 1,063,309 | | $ 5,980,094 |
Synergy Health PLC | 293,653 | | 3,960,780 |
Ted Baker PLC | 476,775 | | 7,005,309 |
TMO Renewables Ltd. (a)(g) | 1,000,000 | | 568,085 |
Travis Perkins PLC | 322,600 | | 5,497,927 |
Valiant Petroleum PLC (a) | 414,400 | | 3,934,784 |
Wolfson Microelectronics PLC (a) | 968,500 | | 2,790,251 |
Zenergy Power PLC (a) | 855,520 | | 64,570 |
TOTAL UNITED KINGDOM | | 167,608,149 |
United States of America - 0.7% |
ChinaCast Education Corp. (a)(d) | 70,100 | | 148,612 |
CTC Media, Inc. | 4,300 | | 46,569 |
GI Dynamics, Inc. CDI | 690,238 | | 726,316 |
KIT Digital, Inc. (a)(d) | 428,400 | | 2,904,552 |
Mudalla Technology, Inc. (a) | 996,527 | | 16 |
Phorm, Inc. (a) | 1,308,800 | | 1,614,478 |
XL TechGroup, Inc. (a) | 1,329,250 | | 22 |
YOU On Demand Holdings, Inc. (a) | 86,974 | | 443,567 |
Zhongpin, Inc. (a) | 40,200 | | 379,488 |
TOTAL UNITED STATES OF AMERICA | | 6,263,620 |
TOTAL COMMON STOCKS (Cost $777,278,437) |
821,690,022
|
Government Obligations - 0.1% |
| Principal Amount (h) | | |
Germany - 0.1% |
German Federal Republic: | | | | |
0.0102% to 0.0102% 6/13/12 (f) | EUR | 275,000 | | 364,005 |
5% 7/4/12 (f) | EUR | 500,000 | | 667,379 |
TOTAL GOVERNMENT OBLIGATIONS (Cost $1,042,793) |
1,031,384
|
Money Market Funds - 9.7% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.14% (b) | 25,383,781 | | $ 25,383,781 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 56,586,607 | | 56,586,607 |
TOTAL MONEY MARKET FUNDS (Cost $81,970,388) |
81,970,388
|
TOTAL INVESTMENT PORTFOLIO - 106.7% (Cost $860,291,618) | | 904,691,794 |
NET OTHER ASSETS (LIABILITIES) - (6.7)% | | (57,088,382) |
NET ASSETS - 100% | $ 847,603,412 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized Appreciation/
(Depreciation) |
Purchased |
Equity Index Contracts |
Eurex EURO STOXX 50 Index Contracts (Germany) | June 2012 | | $ 3,977,317 | | $ 44,813 |
The face value of futures purchased as a percentage of net assets is 0.5% |
Currency Abbreviations |
EUR | - | European Monetary Unit |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $998,293. |
(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 $6,155,583 or 0.7% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
AirSea Lines | 8/4/06 | $ 1,199,182 |
Buried Hill Energy (Cyprus) PCL | 8/18/06 | $ 2,141,700 |
Kalahari Energy | 9/1/06 | $ 1,813,750 |
Keronite PLC | 8/16/06 | $ 1,548,992 |
Pureprofile Media PLC | 5/3/05 - 1/11/06 | $ 1,173,341 |
Rock Well Petroleum, Inc. | 4/13/06 | $ 1,004,171 |
TMO Renewables Ltd. | 10/27/05 | $ 535,065 |
(h) Principle amount is stated in United States dollars unless otherwise noted. |
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 | $ 11,934 |
Fidelity Securities Lending Cash Central Fund | 306,751 |
Total | $ 318,685 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Pertama Holdings Ltd. | $ 11,809,703 | $ - | $ - | $ 146,001 | $ 9,539,628 |
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, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 162,823,380 | $ 111,659,415 | $ 41,475,709 | $ 9,688,256 |
Consumer Staples | 19,587,032 | 6,977,135 | 12,609,897 | - |
Energy | 64,645,167 | 57,640,161 | 727,636 | 6,277,370 |
Financials | 94,708,857 | 54,139,445 | 40,569,390 | 22 |
Health Care | 77,617,886 | 54,039,449 | 23,010,352 | 568,085 |
Industrials | 124,993,713 | 92,034,591 | 32,668,583 | 290,539 |
Information Technology | 154,901,787 | 96,211,676 | 57,847,183 | 842,928 |
Materials | 110,583,538 | 85,517,151 | 24,831,719 | 234,668 |
Telecommunication Services | 9,566,347 | 9,566,347 | - | - |
Utilities | 2,262,315 | 2,262,315 | - | - |
Government Obligations | 1,031,384 | - | 1,031,384 | - |
Money Market Funds | 81,970,388 | 81,970,388 | - | - |
Total Investments in Securities: | $ 904,691,794 | $ 652,018,073 | $ 234,771,853 | $ 17,901,868 |
Derivative Instruments: | | | | |
Assets | | | | |
Futures Contracts | $ 44,813 | $ 44,813 | $ - | $ - |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Equities - Consumer Discretionary | |
Beginning Balance | $ 16 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | (2,403,258) |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | 12,091,498 |
Transfers out of Level 3 | - |
Ending Balance | $ 9,688,256 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ (2,403,258) |
Equities - Energy | |
Beginning Balance | $ 4,867,523 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | (10,490) |
Cost of Purchases | 1,420,337 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 6,277,370 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ (10,490) |
Equities - Financials | |
Beginning Balance | $ 21 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 1 |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 22 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ 1 |
Investments in Securities: | |
Equities - Health Care | |
Beginning Balance | $ 2,116,858 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 5,215 |
Cost of Purchases | - |
Proceeds of Sales | (1,553,988) |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 568,085 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ 5,215 |
Equities - Industrials | |
Beginning Balance | $ 245 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | (98,007) |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | 388,301 |
Transfers out of Level 3 | - |
Ending Balance | $ 290,539 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ (98,007) |
Equities - Information Technology | |
Beginning Balance | $ 964,239 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | (121,311) |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 842,928 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ (121,311) |
Investments in Securities: | |
Equities - Materials | |
Beginning Balance | $ 232,514 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 2,154 |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 234,668 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ 2,154 |
Corporate Bonds | |
Beginning Balance | $ 163,913 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | - |
Cost of Purchases | - |
Proceeds of Sales | (163,913) |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ - |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ - |
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. |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by risk exposure as of April 30, 2012. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Risk Exposure /
Derivative Type | Value |
| Asset | Liability |
Equity Risk | | |
Futures Contracts (a) | $ 44,813 | $ - |
Total Value of Derivatives | $ 44,813 | $ - |
(a) Reflects cumulative appreciation/(depreciation) on futures contracts as disclosed on the Schedule of Investments. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $53,531,742) - See accompanying schedule: Unaffiliated issuers (cost $771,908,944) | $ 813,181,778 | |
Fidelity Central Funds (cost $81,970,388) | 81,970,388 | |
Other affiliated issuers (cost $6,412,286) | 9,539,628 | |
Total Investments (cost $860,291,618) | | $ 904,691,794 |
Foreign currency held at value (cost $956,598) | | 958,827 |
Receivable for investments sold | | 3,339,030 |
Receivable for fund shares sold | | 714,879 |
Dividends receivable | | 2,777,981 |
Interest receivable | | 27,227 |
Distributions receivable from Fidelity Central Funds | | 113,063 |
Prepaid expenses | | 1,182 |
Other receivables | | 63,923 |
Total assets | | 912,687,906 |
| | |
Liabilities | | |
Payable for investments purchased | $ 5,115,697 | |
Payable for fund shares redeemed | 2,104,967 | |
Accrued management fee | 741,837 | |
Distribution and service plan fees payable | 16,572 | |
Payable for daily variation margin on futures contracts | 55,454 | |
Other affiliated payables | 224,018 | |
Other payables and accrued expenses | 239,342 | |
Collateral on securities loaned, at value | 56,586,607 | |
Total liabilities | | 65,084,494 |
| | |
Net Assets | | $ 847,603,412 |
Net Assets consist of: | | |
Paid in capital | | $ 876,001,009 |
Undistributed net investment income | | 924,081 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (73,716,161) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 44,394,483 |
Net Assets | | $ 847,603,412 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2012 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($15,949,481 ÷ 798,859 shares) | | $ 19.97 |
| | |
Maximum offering price per share (100/94.25 of $19.97) | | $ 21.19 |
Class T:
Net Asset Value and redemption price per share ($11,225,743 ÷ 565,832 shares) | | $ 19.84 |
| | |
Maximum offering price per share (100/96.50 of $19.84) | | $ 20.56 |
Class B:
Net Asset Value and offering price per share ($1,145,702 ÷ 58,723 shares)A | | $ 19.51 |
| | |
Class C:
Net Asset Value and offering price per share ($9,150,243 ÷ 469,918 shares)A | | $ 19.47 |
| | |
| | |
International Small Cap:
Net Asset Value, offering price and redemption price per share ($800,949,477 ÷ 39,672,414 shares) | | $ 20.19 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($9,182,766 ÷ 454,901 shares) | | $ 20.19 |
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, 2012 |
| | |
Investment Income | | |
Dividends (including $146,001 earned from other affiliated issuers) | | $ 6,543,425 |
Interest | | 12,077 |
Income from Fidelity Central Funds | | 318,685 |
Income before foreign taxes withheld | | 6,874,187 |
Less foreign taxes withheld | | (384,138) |
Total income | | 6,490,049 |
| | |
Expenses | | |
Management fee
Basic fee | $ 3,612,989 | |
Performance adjustment | 365,964 | |
Transfer agent fees | 1,151,518 | |
Distribution and service plan fees | 100,369 | |
Accounting and security lending fees | 204,663 | |
Custodian fees and expenses | 145,787 | |
Independent trustees' compensation | 2,610 | |
Registration fees | 53,025 | |
Audit | 77,293 | |
Legal | 1,980 | |
Miscellaneous | 5,145 | |
Total expenses before reductions | 5,721,343 | |
Expense reductions | (154,674) | 5,566,669 |
Net investment income (loss) | | 923,380 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 16,890,335 | |
Foreign currency transactions | (120,753) | |
Futures contracts | 721,582 | |
Total net realized gain (loss) | | 17,491,164 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $118,679) | 39,661,574 | |
Assets and liabilities in foreign currencies | 71,609 | |
Futures contracts | 158,093 | |
Total change in net unrealized appreciation (depreciation) | | 39,891,276 |
Net gain (loss) | | 57,382,440 |
Net increase (decrease) in net assets resulting from operations | | $ 58,305,820 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 923,380 | $ 8,017,121 |
Net realized gain (loss) | 17,491,164 | 35,260,441 |
Change in net unrealized appreciation (depreciation) | 39,891,276 | (96,830,627) |
Net increase (decrease) in net assets resulting
from operations | 58,305,820 | (53,553,065) |
Distributions to shareholders from net investment income | (8,016,423) | (2,430,566) |
Distributions to shareholders from net realized gain | (12,577,678) | (28,246,937) |
Total distributions | (20,594,101) | (30,677,503) |
Share transactions - net increase (decrease) | (105,156,857) | 129,451,482 |
Redemption fees | 64,395 | 283,575 |
Total increase (decrease) in net assets | (67,380,743) | 45,504,489 |
| | |
Net Assets | | |
Beginning of period | 914,984,155 | 869,479,666 |
End of period (including undistributed net investment income of $924,081 and undistributed net investment income of $8,017,124, respectively) | $ 847,603,412 | $ 914,984,155 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 18.97 | $ 20.42 | $ 17.28 | $ 11.91 | $ 31.14 | $ 28.79 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | - J | .10 | .03 | .06 | - J | .03 |
Net realized and unrealized gain (loss) | 1.38 | (.88) | 3.51 | 5.31 | (14.03) | 7.97 |
Total from investment operations | 1.38 | (.78) | 3.54 | 5.37 | (14.03) | 8.00 |
Distributions from net investment income | (.11) | (.02) | (.06) | - | (.03) | - |
Distributions from net realized gain | (.27) | (.66) | (.34) | - | (5.18) | (5.65) |
Total distributions | (.38) | (.68) | (.40) | - | (5.20) K | (5.65) |
Redemption fees added to paid in capital E | - J | .01 | - J | - J | - J | - J |
Net asset value, end of period | $ 19.97 | $ 18.97 | $ 20.42 | $ 17.28 | $ 11.91 | $ 31.14 |
Total Return B, C, D | 7.51% | (4.00)% | 20.85% | 45.09% | (53.35)% | 33.43% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.61% A | 1.56% | 1.71% | 1.75% | 1.82% | 1.53% |
Expenses net of fee waivers, if any | 1.61% A | 1.55% | 1.65% | 1.65% | 1.65% | 1.53% |
Expenses net of all reductions | 1.57% A | 1.54% | 1.63% | 1.62% | 1.60% | 1.49% |
Net investment income (loss) | (.03)% A | .49% | .16% | .41% | -% H | .10% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 15,949 | $ 17,185 | $ 19,720 | $ 17,590 | $ 13,561 | $ 38,585 |
Portfolio turnover rate G | 96% A | 47% | 66% | 81% | 113% | 70% |
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. HAmount represents less than .01%. 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. JAmount represents less than $.01 per share. KTotal distributions of $5.20 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $5.176 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 18.80 | $ 20.23 | $ 17.14 | $ 11.84 | $ 30.96 | $ 28.64 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.03) | .05 | (.02) | .02 | (.05) | (.04) |
Net realized and unrealized gain (loss) | 1.37 | (.86) | 3.47 | 5.28 | (13.95) | 7.93 |
Total from investment operations | 1.34 | (.81) | 3.45 | 5.30 | (14.00) | 7.89 |
Distributions from net investment income | (.03) | - | (.02) | - | - | - |
Distributions from net realized gain | (.27) | (.63) | (.34) | - | (5.12) | (5.57) |
Total distributions | (.30) | (.63) | (.36) | - | (5.12) | (5.57) |
Redemption fees added to paid in capital E | - I | .01 | - I | - I | - I | - I |
Net asset value, end of period | $ 19.84 | $ 18.80 | $ 20.23 | $ 17.14 | $ 11.84 | $ 30.96 |
Total Return B, C, D | 7.32% | (4.18)% | 20.46% | 44.76% | (53.46)% | 33.07% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.86% A | 1.82% | 1.97% | 2.00% | 2.07% | 1.77% |
Expenses net of fee waivers, if any | 1.86% A | 1.81% | 1.90% | 1.90% | 1.90% | 1.77% |
Expenses net of all reductions | 1.83% A | 1.79% | 1.88% | 1.86% | 1.86% | 1.73% |
Net investment income (loss) | (.29)% A | .24% | (.09)% | .16% | (.25)% | (.14)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 11,226 | $ 13,744 | $ 16,092 | $ 15,760 | $ 13,493 | $ 40,823 |
Portfolio turnover rate G | 96% A | 47% | 66% | 81% | 113% | 70% |
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
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 18.38 | $ 19.79 | $ 16.78 | $ 11.65 | $ 30.49 | $ 28.26 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.07) | (.05) | (.10) | (.04) | (.16) | (.18) |
Net realized and unrealized gain (loss) | 1.35 | (.85) | 3.39 | 5.17 | (13.73) | 7.82 |
Total from investment operations | 1.28 | (.90) | 3.29 | 5.13 | (13.89) | 7.64 |
Distributions from net realized gain | (.15) | (.52) | (.28) | - | (4.95) | (5.41) |
Redemption fees added to paid in capital E | - I | .01 | - I | - I | - I | - I |
Net asset value, end of period | $ 19.51 | $ 18.38 | $ 19.79 | $ 16.78 | $ 11.65 | $ 30.49 |
Total Return B, C, D | 7.04% | (4.68)% | 19.90% | 44.03% | (53.68)% | 32.38% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.36% A | 2.32% | 2.47% | 2.49% | 2.58% | 2.30% |
Expenses net of fee waivers, if any | 2.36% A | 2.30% | 2.40% | 2.40% | 2.40% | 2.30% |
Expenses net of all reductions | 2.33% A | 2.29% | 2.38% | 2.36% | 2.36% | 2.26% |
Net investment income (loss) | (.79)% A | (.26)% | (.59)% | (.33)% | (.75)% | (.66)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,146 | $ 2,067 | $ 3,457 | $ 3,601 | $ 3,230 | $ 10,704 |
Portfolio turnover rate G | 96% A | 47% | 66% | 81% | 113% | 70% |
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 - Class C
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 18.38 | $ 19.85 | $ 16.85 | $ 11.70 | $ 30.62 | $ 28.33 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.07) | (.04) | (.10) | (.04) | (.16) | (.17) |
Net realized and unrealized gain (loss) | 1.35 | (.85) | 3.40 | 5.19 | (13.78) | 7.85 |
Total from investment operations | 1.28 | (.89) | 3.30 | 5.15 | (13.94) | 7.68 |
Distributions from net realized gain | (.19) | (.59) | (.30) | - | (4.98) | (5.39) |
Redemption fees added to paid in capital E | - I | .01 | - I | - I | - I | - I |
Net asset value, end of period | $ 19.47 | $ 18.38 | $ 19.85 | $ 16.85 | $ 11.70 | $ 30.62 |
Total Return B, C, D | 7.06% | (4.64)% | 19.86% | 44.02% | (53.67)% | 32.39% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.36% A | 2.27% | 2.42% | 2.49% | 2.57% | 2.26% |
Expenses net of fee waivers, if any | 2.36% A | 2.26% | 2.40% | 2.40% | 2.40% | 2.26% |
Expenses net of all reductions | 2.32% A | 2.24% | 2.37% | 2.36% | 2.36% | 2.22% |
Net investment income (loss) | (.78)% A | (.21)% | (.59)% | (.33)% | (.76)% | (.62)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,150 | $ 9,545 | $ 13,501 | $ 5,814 | $ 5,658 | $ 20,094 |
Portfolio turnover rate G | 96% A | 47% | 66% | 81% | 113% | 70% |
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 - International Small Cap
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 19.23 | $ 20.66 | $ 17.48 | $ 12.03 | $ 31.44 | $ 29.03 |
Income from Investment
Operations | | | | | |
Net investment income (loss) D | .02 | .17 | .07 | .08 | .03 | .12 |
Net realized and unrealized gain (loss) | 1.39 | (.89) | 3.53 | 5.37 | (14.14) | 8.03 |
Total from investment operations | 1.41 | (.72) | 3.60 | 5.45 | (14.11) | 8.15 |
Distributions from net investment income | (.18) | (.06) | (.08) | - | (.12) | (.07) |
Distributions from net realized gain | (.27) | (.66) | (.34) | - | (5.18) | (5.67) |
Total distributions | (.45) | (.72) | (.42) | - | (5.30) | (5.74) |
Redemption fees added to paid in capital D | - H | .01 | - H | - H | - H | - H |
Net asset value, end of period | $ 20.19 | $ 19.23 | $ 20.66 | $ 17.48 | $ 12.03 | $ 31.44 |
Total Return B, C | 7.61% | (3.65)% | 21.02% | 45.30% | (53.25)% | 33.82% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.33% A | 1.26% | 1.44% | 1.48% | 1.49% | 1.19% |
Expenses net of fee waivers, if any | 1.33% A | 1.25% | 1.44% | 1.48% | 1.49% | 1.19% |
Expenses net of all reductions | 1.30% A | 1.23% | 1.42% | 1.44% | 1.44% | 1.15% |
Net investment income (loss) | .24% A | .80% | .37% | .58% | .16% | .45% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 800,949 | $ 856,692 | $ 808,478 | $ 669,035 | $ 536,291 | $ 1,663,761 |
Portfolio turnover rate F | 96% A | 47% | 66% | 81% | 113% | 70% |
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
Financial Highlights - Institutional Class
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 19.24 | $ 20.66 | $ 17.47 | $ 12.01 | $ 31.38 | $ 28.99 |
Income from Investment
Operations | | | | | |
Net investment income (loss) D | .03 | .18 | .09 | .09 | .05 | .12 |
Net realized and unrealized gain (loss) | 1.39 | (.89) | 3.53 | 5.37 | (14.12) | 8.02 |
Total from investment operations | 1.42 | (.71) | 3.62 | 5.46 | (14.07) | 8.14 |
Distributions from net investment income | (.20) | (.06) | (.09) | - | (.12) | (.07) |
Distributions from net realized gain | (.27) | (.66) | (.34) | - | (5.18) | (5.68) |
Total distributions | (.47) | (.72) | (.43) | - | (5.30) | (5.75) |
Redemption fees added to paid in capital D | - H | .01 | - H | - H | - H | - H |
Net asset value, end of period | $ 20.19 | $ 19.24 | $ 20.66 | $ 17.47 | $ 12.01 | $ 31.38 |
Total Return B, C | 7.66% | (3.62)% | 21.15% | 45.46% | (53.22)% | 33.84% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.25% A | 1.22% | 1.34% | 1.45% | 1.49% | 1.18% |
Expenses net of fee waivers, if any | 1.25% A | 1.21% | 1.34% | 1.40% | 1.40% | 1.18% |
Expenses net of all reductions | 1.21% A | 1.19% | 1.31% | 1.37% | 1.35% | 1.14% |
Net investment income (loss) | .33% A | .84% | .47% | .66% | .25% | .45% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,183 | $ 15,752 | $ 8,231 | $ 2,696 | $ 2,217 | $ 7,774 |
Portfolio turnover rate F | 96% A | 47% | 66% | 81% | 113% | 70% |
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, 2012
1. Organization.
Fidelity® International Small Cap 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, International Small Cap and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.
Semiannual Report
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For foreign government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is
Semiannual Report
3. Significant Accounting Policies - continued
New Accounting Pronouncements - continued
currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
realized gains. As a result, no provision for income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, 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 | $ 142,322,635 |
Gross unrealized depreciation | (114,870,300) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 27,452,335 |
| |
Tax cost | $ 877,239,459 |
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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
unlimited period and such capital losses are required to be used prior to any losses that expire. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
| |
2017 | $ (65,361,612) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days are subject to a redemption fee equal to 2.00% of the net asset value 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.
4. Operating Policies.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund used derivative instruments (derivatives), including futures contracts, in order to meet its investment objectives. The strategy is to use 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its 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 Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund 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
Semiannual Report
Notes to Financial Statements - continued
5. Derivative Instruments - continued
Risk Exposures and the Use of Derivative Instruments - continued
Fund. Counterparty credit risk related to exchange-traded futures contracts is minimal because of the protection provided by the exchange on which they trade. Derivatives involve, to varying degrees, risk of loss in excess of the amounts recognized in the Statement of Assets and Liabilities.
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 Fund used futures contracts to manage its 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 payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
The underlying face amount at value of open futures contracts at period end, is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end and is representative of activity for the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $721,582 and a change in net unrealized appreciation (depreciation) of $158,093 related to its investment in futures contracts. These amounts are included in the Statement of Operations.
6. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $398,245,900 and $533,404,576, respectively.
7. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the
Semiannual Report
7. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Small Cap as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .94% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 19,999 | $ 216 |
Class T | .25% | .25% | 28,590 | 141 |
Class B | .75% | .25% | 8,164 | 6,131 |
Class C | .75% | .25% | 43,616 | 3,166 |
| | | $ 100,369 | $ 9,654 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements - continued
7. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 4,271 |
Class T | 1,676 |
Class B* | 162 |
Class C* | 947 |
| $ 7,056 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 23,900 | .30 |
Class T | 17,309 | .30 |
Class B | 2,470 | .30 |
Class C | 13,037 | .30 |
International Small Cap | 1,084,142 | .27 |
Institutional Class | 10,660 | .19 |
| $ 1,151,518 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $341 for the period.
Semiannual Report
8. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $1,289 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
9. 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $293,405. 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 $306,751, including $3,294 from securities loaned to FCM.
10. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $154,674 for the period.
Semiannual Report
Notes to Financial Statements - continued
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 98,059 | $ 15,709 |
Class T | 18,440 | - |
International Small Cap | 7,747,339 | 2,403,692 |
Institutional Class | 152,585 | 11,165 |
Total | $ 8,016,423 | $ 2,430,566 |
From net realized gain | | |
Class A | $ 246,963 | $ 648,961 |
Class T | 172,958 | 496,268 |
Class B | 15,448 | 87,007 |
Class C | 91,928 | 402,241 |
International Small Cap | 11,838,630 | 26,480,677 |
Institutional Class | 211,751 | 131,783 |
Total | $ 12,577,678 | $ 28,246,937 |
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 123,052 | 472,219 | $ 2,325,517 | $ 10,051,889 |
Reinvestment of distributions | 18,159 | 30,361 | 323,948 | 616,326 |
Shares redeemed | (248,055) | (562,759) | (4,650,556) | (11,902,630) |
Net increase (decrease) | (106,844) | (60,179) | $ (2,001,091) | $ (1,234,415) |
Class T | | | | |
Shares sold | 36,407 | 237,757 | $ 676,483 | $ 5,055,416 |
Reinvestment of distributions | 10,478 | 24,155 | 185,991 | 486,714 |
Shares redeemed | (212,176) | (326,059) | (3,925,700) | (6,629,520) |
Net increase (decrease) | (165,291) | (64,147) | $ (3,063,226) | $ (1,087,390) |
Class B | | | | |
Shares sold | 1,142 | 21,873 | $ 21,036 | $ 464,854 |
Reinvestment of distributions | 825 | 4,142 | 14,430 | 81,975 |
Shares redeemed | (55,741) | (88,228) | (1,034,631) | (1,778,852) |
Net increase (decrease) | (53,774) | (62,213) | $ (999,165) | $ (1,232,023) |
Semiannual Report
12. Share Transactions - continued
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class C | | | | |
Shares sold | 58,548 | 128,685 | $ 1,104,388 | $ 2,661,361 |
Reinvestment of distributions | 4,830 | 19,105 | 84,289 | 378,079 |
Shares redeemed | (112,709) | (308,659) | (2,017,883) | (6,253,765) |
Net increase (decrease) | (49,331) | (160,869) | $ (829,206) | $ (3,214,325) |
International Small Cap | | | | |
Shares sold | 3,247,219 | 17,502,789 | $ 60,919,959 | $ 375,309,666 |
Reinvestment of distributions | 1,033,821 | 1,321,812 | 18,629,459 | 27,110,370 |
Shares redeemed | (9,159,444) | (13,398,001) | (171,129,205) | (275,580,654) |
Net increase (decrease) | (4,878,404) | 5,426,600 | $ (91,579,787) | $ 126,839,382 |
Institutional Class | | | | |
Shares sold | 95,768 | 798,910 | $ 1,812,597 | $ 17,190,303 |
Reinvestment of distributions | 15,793 | 5,609 | 284,438 | 115,044 |
Shares redeemed | (475,493) | (384,085) | (8,781,417) | (7,925,094) |
Net increase (decrease) | (363,932) | 420,434 | $ (6,684,382) | $ 9,380,253 |
13. 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, FMR or its affiliates were the owners of record of 15% of the total outstanding shares of the Fund.
Semiannual Report
To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Small Cap Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of April 30, 2012, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months ended April 30, 2012 and for the year ended October 31, 2011, and the financial highlights for the six months ended April 30, 2012 and for each of the five years in the period ended October 31, 2011. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2012, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity International Small Cap Fund as of April 30, 2012, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2012 and for the year ended October 31, 2011, and the financial highlights for the six months ended April 30, 2012 and for each of the five years in the period ended October 31, 2011, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 12, 2012
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (UK) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York Mellon
New York, NY
(Fidelity Investment logo)(registered trademark)
AISC-USAN-0612
1.800643.108
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
International Small Cap
Fund - Institutional Class
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Institutional Class is a class of
Fidelity® International Small Cap Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to financial statements. |
Report of Independent Registered Public Accounting Firm | (Click Here) | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to
April 30, 2012 |
Class A | 1.61% | | | |
Actual | | $ 1,000.00 | $ 1,075.10 | $ 8.31 |
HypotheticalA | | $ 1,000.00 | $ 1,016.86 | $ 8.07 |
Class T | 1.86% | | | |
Actual | | $ 1,000.00 | $ 1,073.20 | $ 9.59 |
HypotheticalA | | $ 1,000.00 | $ 1,015.61 | $ 9.32 |
Class B | 2.36% | | | |
Actual | | $ 1,000.00 | $ 1,070.40 | $ 12.15 |
HypotheticalA | | $ 1,000.00 | $ 1,013.13 | $ 11.81 |
Class C | 2.36% | | | |
Actual | | $ 1,000.00 | $ 1,070.60 | $ 12.15 |
HypotheticalA | | $ 1,000.00 | $ 1,013.13 | $ 11.81 |
International Small Cap | 1.33% | | | |
Actual | | $ 1,000.00 | $ 1,076.10 | $ 6.87 |
HypotheticalA | | $ 1,000.00 | $ 1,018.25 | $ 6.67 |
Institutional Class | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,076.60 | $ 6.45 |
HypotheticalA | | $ 1,000.00 | $ 1,018.65 | $ 6.27 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | Japan 27.2% | |
 | United Kingdom 19.8% | |
 | Germany 9.0% | |
 | Australia 6.1% | |
 | France 4.4% | |
 | United States of America 3.2% | |
 | Cayman Islands 3.2% | |
 | Ireland 2.9% | |
 | Bermuda 2.8% | |
 | Other 21.4% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| Japan 27.8% | |
| United Kingdom 18.2% | |
| Germany 8.5% | |
| Australia 7.5% | |
| France 5.1% | |
| Ireland 3.2% | |
| Bermuda 2.9% | |
| Cayman Islands 2.5% | |
| Singapore 2.3% | |
| Other 22.0% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 97.4 | 98.5 |
Bonds | 0.1 | 0.1 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.5 | 1.4 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
ORIX Corp. (Japan, Diversified Financial Services) | 2.0 | 0.0 |
Nintendo Co. Ltd. (Japan, Software) | 1.8 | 0.0 |
Kakaku.com, Inc. (Japan, Internet Software & Services) | 1.4 | 0.0 |
Pigeon Corp. (Japan, Household Products) | 1.3 | 0.3 |
Lanxess AG (Germany, Chemicals) | 1.2 | 0.9 |
Pertama Holdings Ltd. (Singapore, Specialty Retail) | 1.1 | 1.3 |
IBS Group Holding Ltd. GDR (Reg. S) (Isle of Man, IT Services) | 1.0 | 0.8 |
Kubota Corp. (Japan, Machinery) | 1.0 | 0.0 |
Osaka Securities Exchange Co. Ltd. (Japan, Diversified Financial Services) | 1.0 | 0.0 |
Citizen Holdings Co. Ltd. (Japan, Electronic Equipment & Components) | 0.9 | 0.0 |
| 12.7 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 19.0 | 21.0 |
Information Technology | 17.8 | 15.0 |
Industrials | 14.8 | 17.7 |
Materials | 13.2 | 13.6 |
Financials | 11.3 | 11.3 |
Health Care | 9.3 | 9.7 |
Energy | 7.9 | 5.7 |
Consumer Staples | 2.2 | 2.7 |
Telecommunication Services | 1.1 | 1.3 |
Utilities | 0.3 | 0.3 |
Semiannual Report
Investments April 30, 2012
Showing Percentage of Net Assets
Common Stocks - 96.9% |
| Shares | | Value |
Australia - 6.1% |
Acrux Ltd. | 177,499 | | $ 741,559 |
Alkane Resources Ltd. (a) | 823,400 | | 1,158,110 |
Ausgold Ltd. (a) | 1,195,693 | | 1,183,446 |
Austal Ltd. | 508,767 | | 1,044,216 |
Beach Energy Ltd. | 1,346,128 | | 1,963,449 |
Blackgold International Holdings Ltd. (a) | 1,343,759 | | 356,999 |
Campbell Brothers Ltd. | 5,715 | | 408,278 |
carsales.com Ltd. (d) | 420,789 | | 2,520,794 |
Goodman Group unit | 253,653 | | 951,366 |
Horizon Oil Ltd. (a)(d) | 2,028,276 | | 697,343 |
Iluka Resources Ltd. | 75,072 | | 1,329,634 |
Imdex Ltd. | 379,467 | | 996,276 |
Industrea Ltd. | 908,239 | | 927,324 |
Ironbark Zinc Ltd. (a) | 2,305,831 | | 480,466 |
Karoon Gas Australia Ltd. (a) | 379,284 | | 2,548,763 |
Linc Energy Ltd. (a) | 508,182 | | 592,983 |
McMillan Shakespeare Ltd. | 74,357 | | 852,157 |
Medusa Mining Ltd. | 226,578 | | 1,359,707 |
Mesoblast Ltd. (a)(d) | 175,066 | | 1,377,063 |
Mineral Deposits Ltd. (a) | 422,377 | | 2,649,122 |
Mineral Deposits Ltd. (Canada) (a) | 448,000 | | 2,367,563 |
Monto Minerals Ltd. (a) | 273,551 | | 3,990 |
Navitas Ltd. | 286,457 | | 1,178,859 |
NRW Holdings Ltd. | 227,676 | | 970,165 |
Panaust Ltd. (a) | 404,291 | | 1,373,146 |
Ramsay Health Care Ltd. | 69,421 | | 1,448,695 |
realestate.com.au Ltd. | 66,454 | | 966,522 |
SAI Global Ltd. | 628,042 | | 3,422,123 |
SEEK Ltd. (d) | 555,282 | | 4,142,207 |
Silver Lake Resources Ltd. (a) | 211,056 | | 708,042 |
Sino Gas & Energy Ltd. (a) | 8,152,205 | | 645,496 |
SomnoMed Ltd. (a) | 531,849 | | 504,237 |
Spark Infrastructure Group unit | 1,091,535 | | 1,648,963 |
Sydney Airport unit | 156,262 | | 473,753 |
Tiger Resources Ltd. (a) | 12,548,330 | | 4,444,982 |
TPG Telecom Ltd. | 784,834 | | 1,484,088 |
Troy Resources NL | 280,501 | | 1,303,390 |
Western Areas NL (d) | 141,579 | | 743,421 |
TOTAL AUSTRALIA | | 51,968,697 |
Common Stocks - continued |
| Shares | | Value |
Bailiwick of Jersey - 1.2% |
Informa PLC | 880,535 | | $ 5,925,448 |
LXB Retail Properties PLC (a) | 2,358,500 | | 4,545,847 |
TOTAL BAILIWICK OF JERSEY | | 10,471,295 |
Belgium - 0.6% |
EVS Broadcast Equipment SA | 95,700 | | 4,796,395 |
Bermuda - 2.8% |
Aquarius Platinum Ltd. (United Kingdom) | 1,416,700 | | 2,989,280 |
Asia Satellite Telecommunications Holdings Ltd. | 271,000 | | 771,926 |
Biosensors International Group Ltd. (a) | 1,707,000 | | 1,841,268 |
China Animal Healthcare Ltd. | 2,129,000 | | 387,044 |
China Singyes Solar Tech Holdings Ltd. | 818,000 | | 404,854 |
GZI Transport Ltd. | 1,220,000 | | 589,664 |
I.T Ltd. | 1,912,000 | | 1,005,453 |
Imagi International Holdings Ltd. (a) | 17,664,000 | | 284,586 |
Luk Fook Holdings International Ltd. | 650,000 | | 1,855,671 |
Oakley Capital Investments Ltd. (a) | 1,564,700 | | 3,466,642 |
PAX Global Technology Ltd. (a) | 1,769,000 | | 289,565 |
People's Food Holdings Ltd. (a) | 689,000 | | 328,453 |
Petra Diamonds Ltd. (a) | 2,484,700 | | 6,263,119 |
REXLot Holdings Ltd. | 13,675,000 | | 1,233,784 |
Vtech Holdings Ltd. | 210,900 | | 2,364,883 |
TOTAL BERMUDA | | 24,076,192 |
British Virgin Islands - 0.8% |
Kalahari Energy (a)(g) | 1,451,000 | | 15 |
Playtech Ltd. | 1,116,753 | | 6,742,879 |
TOTAL BRITISH VIRGIN ISLANDS | | 6,742,894 |
Canada - 1.5% |
AirSea Lines (a)(g) | 1,893,338 | | 25 |
Banro Corp. (a) | 1,006,500 | | 4,279,727 |
Mood Media Corp. (a) | 175,300 | | 738,292 |
Mood Media Corp. (United Kingdom) (a) | 1,054,422 | | 4,406,938 |
Rock Well Petroleum, Inc. (a)(g) | 770,400 | | 8 |
Starfield Resources, Inc. (a) | 4,328,075 | | 65,726 |
Teranga Gold Corp. (a)(d) | 1,311,399 | | 2,907,582 |
TOTAL CANADA | | 12,398,298 |
Cayman Islands - 3.2% |
3SBio, Inc. sponsored ADR (a) | 39,000 | | 510,120 |
51job, Inc. sponsored ADR (a) | 18,100 | | 1,099,032 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
AirMedia Group, Inc. ADR (a) | 235,300 | | $ 670,605 |
Airtac International Group | 124,000 | | 712,399 |
AMVIG Holdings Ltd. | 764,000 | | 428,348 |
AutoNavi Holdings Ltd. ADR (a) | 11,800 | | 139,240 |
Baidu.com, Inc. sponsored ADR (a) | 8,700 | | 1,154,490 |
Bitauto Holdings Ltd. ADR (a) | 82,500 | | 370,425 |
China Automation Group Ltd. | 1,589,000 | | 438,280 |
China Corn Oil Co. Ltd. | 967,000 | | 453,672 |
China High Precision Automation Group Ltd. | 712,000 | | 123,199 |
China Metal International Holdings, Inc. | 2,522,000 | | 435,576 |
China Metal Recycling (Holdings) Ltd. | 436,800 | | 501,056 |
China Outfitters Holdings Ltd. | 1,636,000 | | 331,052 |
China ZhengTong Auto Services Holdings Ltd. (a) | 472,000 | | 465,999 |
CNinsure, Inc. ADR (a) | 31,900 | | 190,443 |
Concord Medical Services Holdings Ltd. ADR | 84,800 | | 323,936 |
Convenience Retail Asia Ltd. | 700,000 | | 375,323 |
Daphne International Holdings Ltd. | 394,000 | | 562,665 |
EVA Precision Industrial Holdings Ltd. | 10,790,000 | | 1,835,732 |
Fook Woo Group Holdings Ltd. (a) | 2,055,000 | | 290,293 |
Greatview Aseptic Pack Co. Ltd. (a) | 1,196,000 | | 653,598 |
Haitian International Holdings Ltd. | 338,000 | | 389,029 |
Hutchison China Meditech Ltd. (a) | 72,932 | | 529,732 |
Kingdee International Software Group Co. Ltd. | 896,400 | | 199,877 |
KongZhong Corp. sponsored ADR (a) | 46,600 | | 270,746 |
Lee's Pharmaceutical Holdings Ltd. | 1,035,000 | | 441,552 |
Marwyn Value Investors II Ltd. (a) | 1,932,400 | | 3,481,491 |
Ming Fai International Holdings Ltd. | 9,133,000 | | 953,482 |
Minth Group Ltd. | 350,000 | | 443,441 |
MStar Semiconductor, Inc. | 52,000 | | 309,449 |
NVC Lighting Holdings Ltd. | 358,000 | | 130,121 |
Perfect World Co. Ltd. sponsored ADR Class B | 34,900 | | 426,129 |
Royale Furniture Holdings Ltd. | 3,871,074 | | 1,247,341 |
Shenguan Holdings Group Ltd. | 3,154,000 | | 1,707,359 |
Sino Prosper State Gold Resources Holdings, Ltd. (a) | 7,495,000 | | 396,068 |
SouFun Holdings Ltd. ADR | 49,500 | | 893,970 |
Trauson Holdings Co. Ltd. | 1,237,000 | | 475,116 |
VanceInfo Technologies, Inc. ADR (a) | 38,100 | | 493,395 |
VisionChina Media, Inc. ADR (a)(d) | 265,600 | | 353,248 |
VST Holdings Ltd. | 1,858,000 | | 450,212 |
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 42,300 | | 608,274 |
Yip's Chemical Holdings Ltd. | 592,000 | | 465,442 |
TOTAL CAYMAN ISLANDS | | 26,730,957 |
Common Stocks - continued |
| Shares | | Value |
China - 0.2% |
Dalian Port (PDA) Co. Ltd. (H Shares) | 1,786,000 | | $ 407,445 |
Travelsky Technology Ltd. (H Shares) | 877,000 | | 487,181 |
Weiqiao Textile Co. Ltd. (H Shares) | 933,500 | | 462,019 |
Zhaojin Mining Industry Co. Ltd. (H Shares) | 100,000 | | 139,973 |
TOTAL CHINA | | 1,496,618 |
Cyprus - 0.7% |
Buried Hill Energy (Cyprus) PCL (a)(g) | 1,947,000 | | 4,867,500 |
Mirland Development Corp. PLC (a) | 352,300 | | 902,758 |
TOTAL CYPRUS | | 5,770,258 |
Denmark - 0.7% |
William Demant Holding A/S (a) | 63,200 | | 5,966,084 |
France - 4.4% |
Altamir Amboise | 547,200 | | 4,904,075 |
ALTEN | 118,100 | | 3,428,553 |
Audika SA | 113,900 | | 1,666,128 |
Axway Software SA | 65,556 | | 1,649,745 |
Eurofins Scientific SA | 58,599 | | 6,924,198 |
Faiveley Transport | 4,451 | | 246,001 |
Iliad SA | 29,060 | | 3,741,171 |
Ipsos SA | 182,872 | | 5,935,948 |
LeGuide.com SA (a) | 92,500 | | 2,295,966 |
Sartorius Stedim Biotech (d) | 53,200 | | 3,750,193 |
Sopra Group SA | 40,500 | | 2,340,247 |
TOTAL FRANCE | | 36,882,225 |
Germany - 8.4% |
Brenntag AG | 41,800 | | 5,207,008 |
CENTROTEC Sustainable AG | 238,110 | | 3,907,028 |
CTS Eventim AG | 199,743 | | 7,797,739 |
Delticom AG (d) | 37,800 | | 3,671,408 |
GFK AG | 142,601 | | 7,575,549 |
Lanxess AG | 123,685 | | 9,848,612 |
MTU Aero Engines Holdings AG (d) | 69,400 | | 5,844,879 |
Rational AG | 16,020 | | 4,093,004 |
Rheinmetall AG | 56,800 | | 3,190,014 |
RIB Software AG | 391,400 | | 2,753,889 |
Stroer Out-of-Home Media AG (a) | 182,100 | | 3,109,725 |
Tom Tailor Holding AG | 226,000 | | 4,203,462 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
United Internet AG | 206,269 | | $ 4,079,500 |
Wirecard AG | 297,900 | | 5,521,040 |
TOTAL GERMANY | | 70,802,857 |
Hong Kong - 0.6% |
Dah Sing Financial Holdings Ltd. | 172,000 | | 617,401 |
Magnificent Estates Ltd. | 32,558,000 | | 1,342,832 |
Singamas Container Holdings Ltd. | 2,374,000 | | 712,936 |
Techtronic Industries Co. Ltd. | 1,478,000 | | 1,784,957 |
Tian An China Investments Co. Ltd. | 750,000 | | 356,699 |
YGM Trading Ltd. | 152,000 | | 403,575 |
TOTAL HONG KONG | | 5,218,400 |
Iceland - 0.6% |
Ossur hf (a) | 3,482,300 | | 5,422,020 |
India - 1.0% |
Ahluwalia Contracts (India) Ltd. | 230,314 | | 265,671 |
Educomp Solutions Ltd. | 44,518 | | 163,947 |
Financial Technologies India Ltd. | 23,352 | | 302,802 |
Geodesic Ltd. | 256,340 | | 222,195 |
Indian Overseas Bank | 186,286 | | 308,797 |
IndusInd Bank Ltd. | 91,917 | | 581,526 |
Page Industries Ltd. | 90,340 | | 5,366,023 |
PI Industries Ltd. | 51,585 | | 524,029 |
Thangamayil Jewellery Ltd. | 253,192 | | 838,204 |
TOTAL INDIA | | 8,573,194 |
Indonesia - 0.9% |
PT AKR Corporindo Tbk | 887,000 | | 398,115 |
PT Clipan Finance Indonesia Tbk | 8,265,400 | | 436,181 |
PT Clipan Finance Indonesia Tbk warrants 10/7/14 (a) | 2,275,700 | | 23,028 |
PT Jasa Marga Tbk | 1,124,500 | | 654,597 |
PT Mayora Indah Tbk | 372,500 | | 810,620 |
PT Media Nusantara Citra Tbk | 14,019,500 | | 3,432,226 |
PT Mitra Adiperkasa Tbk | 588,000 | | 444,655 |
PT Nippon Indosari Corpindo Tbk | 1,712,000 | | 726,489 |
PT Tower Bersama Infrastructure Tbk | 1,675,500 | | 556,039 |
TOTAL INDONESIA | | 7,481,950 |
Ireland - 2.9% |
Elan Corp. PLC (a) | 189,500 | | 2,612,677 |
James Hardie Industries NV CDI | 79,624 | | 621,342 |
Common Stocks - continued |
| Shares | | Value |
Ireland - continued |
Kenmare Resources PLC (a) | 9,593,800 | | $ 7,863,707 |
Paddy Power PLC (Ireland) | 121,084 | | 7,902,346 |
Petroceltic International PLC (a) | 23,461,800 | | 2,989,347 |
Providence Resources PLC (a) | 323,833 | | 2,927,666 |
TOTAL IRELAND | | 24,917,085 |
Isle of Man - 1.5% |
Bahamas Petroleum Co. PLC (a) | 12,489,510 | | 1,577,140 |
Exillon Energy PLC (a) | 1,100,400 | | 2,477,264 |
IBS Group Holding Ltd. GDR (Reg. S) (a) | 336,400 | | 8,906,526 |
TOTAL ISLE OF MAN | | 12,960,930 |
Israel - 0.1% |
Sarin Technologies Ltd. | 851,000 | | 859,492 |
Italy - 1.0% |
Brunello Cucinelli SpA | 34,100 | | 541,699 |
Salvatore Ferragamo Italia SpA | 306,400 | | 7,491,660 |
TOTAL ITALY | | 8,033,359 |
Japan - 27.2% |
Aeon Credit Service Co. Ltd. (d) | 331,000 | | 5,770,468 |
Asahi Co. Ltd. | 41,100 | | 811,007 |
ASAHI INTECC Co. Ltd. (d) | 237,700 | | 6,414,079 |
Bridgestone Corp. | 51,100 | | 1,209,193 |
CAC Corp. | 44,800 | | 391,702 |
Canon, Inc. | 45,700 | | 2,071,613 |
Chiyoda Co. Ltd. | 37,200 | | 866,984 |
Citizen Holdings Co. Ltd. | 1,261,000 | | 7,919,853 |
CyberAgent, Inc. | 2,502 | | 7,706,093 |
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 7,000 | | 242,141 |
Daikin Industries Ltd. | 17,800 | | 470,319 |
Exedy Corp. | 157,500 | | 4,426,805 |
Fanuc Corp. | 32,700 | | 5,515,218 |
Fuji Corp. (d) | 33,300 | | 483,769 |
Fuji Heavy Industries Ltd. | 255,000 | | 1,923,462 |
Fuji Spinning Co. Ltd. | 758,000 | | 1,678,518 |
GMO Internet, Inc. | 88,500 | | 473,398 |
Hitachi Chemical Co. Ltd. | 356,500 | | 6,609,042 |
Hitachi Metals Ltd. | 504,000 | | 6,277,798 |
Hitachi Transport System Ltd. | 38,300 | | 700,973 |
Honda Motor Co. Ltd. | 123,500 | | 4,444,943 |
Hoshizaki Electric Co. Ltd. | 102,900 | | 2,467,619 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Iwatsuka Confectionary Co. Ltd. | 11,600 | | $ 470,686 |
JSP Corp. | 112,300 | | 1,533,653 |
K'S Denki Corp. | 47,100 | | 1,417,011 |
Kakaku.com, Inc. (d) | 392,900 | | 12,218,564 |
Kamei Corp. | 43,000 | | 608,745 |
Kanto Denka Kogyo Co. Ltd. (d) | 267,000 | | 865,083 |
KAWAI Musical Instruments Manufacturing Co. Ltd. | 405,000 | | 991,520 |
Koshidaka Holdings Co. Ltd. | 51,800 | | 1,608,607 |
Kubota Corp. | 920,000 | | 8,881,435 |
Kurimoto Ltd. | 1,046,000 | | 2,430,315 |
Makita Corp. | 101,400 | | 3,881,700 |
Maruwa Ceramic Co. Ltd. (d) | 125,200 | | 5,061,606 |
Megachips Corp. | 53,300 | | 1,177,860 |
MEGANE TOP CO. LTD. | 161,400 | | 2,072,695 |
Mitsubishi Gas Chemical Co., Inc. | 292,000 | | 1,913,125 |
Nexon Co. Ltd. (d) | 113,800 | | 2,157,164 |
Nichias Corp. | 407,000 | | 2,112,490 |
Nikkiso Co. Ltd. | 570,000 | | 5,985,773 |
Nintendo Co. Ltd. | 112,500 | | 15,186,642 |
Nippon Seiki Co. Ltd. | 33,000 | | 416,297 |
Nitta Corp. | 147,900 | | 2,808,387 |
Nitta Gelatin, Inc. | 15,100 | | 100,106 |
NSD Co. Ltd. | 46,300 | | 382,878 |
Olympus Corp. | 293,400 | | 4,606,901 |
Origin Electric Co. Ltd. | 332,000 | | 1,386,143 |
ORIX Corp. | 173,700 | | 16,608,636 |
Osaka Securities Exchange Co. Ltd. | 1,411 | | 8,078,857 |
Pal Co. Ltd. | 35,250 | | 1,673,298 |
Pigeon Corp. | 273,100 | | 10,896,980 |
Rohto Pharmaceutical Co. Ltd. | 163,000 | | 2,087,967 |
Sawada Holdings Co. Ltd. (a) | 271,700 | | 1,988,700 |
Shimadzu Corp. | 316,000 | | 2,813,518 |
Shinko Electric Industries Co.Ltd. (d) | 508,600 | | 4,754,355 |
Shinko Kogyo Co. Ltd. | 230,800 | | 1,116,203 |
Shinko Shoji Co. Ltd. | 2,800 | | 23,511 |
Shinsei Bank Ltd. | 886,000 | | 1,143,405 |
Skymark Airlines, Inc. | 23,300 | | 181,817 |
SMC Corp. | 700 | | 116,909 |
Sosei Group Corp. (a)(d) | 737 | | 1,166,306 |
Stanley Electric Co. Ltd. | 254,500 | | 3,899,093 |
STELLA CHEMIFA Corp. | 39,400 | | 897,644 |
Sugi Holdings Co. Ltd. | 10,600 | | 343,540 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Sumitomo Rubber Industries Ltd. | 232,100 | | $ 3,194,106 |
Sysmex Corp. | 3,400 | | 136,649 |
Taiheiyo Cement Corp. | 526,000 | | 1,255,417 |
Takara Leben Co. Ltd. | 467,300 | | 4,053,735 |
Takashima & Co. Ltd. | 138,000 | | 460,996 |
Takata Corp. | 60,200 | | 1,476,163 |
Toho Real Estate Co. Ltd. | 3,000 | | 18,123 |
Tokio Marine Holdings, Inc. | 19,700 | | 504,029 |
Tokyu Land Corp. | 378,000 | | 1,821,911 |
Topcon Corp. | 157,900 | | 1,216,427 |
Toyo Engineering Corp. | 691,000 | | 3,129,640 |
Toyo Kanetsu KK | 322,000 | | 727,636 |
Weathernews, Inc. | 6,700 | | 206,866 |
WebCrew, Inc. | 47,900 | | 611,949 |
West Holdings Corp. | 67,400 | | 1,176,145 |
Yahagi Construction Co. Ltd. | 1,800 | | 9,266 |
Yamato Kogyo Co. Ltd. | 95,000 | | 2,703,405 |
Yamaya Corp. | 42,100 | | 898,691 |
TOTAL JAPAN | | 230,542,276 |
Korea (South) - 0.4% |
Daou Technology, Inc. | 107,530 | | 1,075,181 |
Duksan Hi-Metal Co. Ltd. (a) | 36,664 | | 752,664 |
Genic Co. Ltd. | 10,506 | | 373,712 |
Korea Plant Service & Engineering Co. Ltd. | 12,424 | | 457,878 |
Medy-Tox, Inc. | 10,827 | | 416,746 |
TK Corp. (a) | 22,088 | | 599,046 |
TOTAL KOREA (SOUTH) | | 3,675,227 |
Luxembourg - 0.9% |
AZ Electronic Materials SA | 1,512,300 | | 7,813,037 |
Malaysia - 0.2% |
JobStreet Corp. Bhd | 1,223,100 | | 933,849 |
Muhibbah Engineering (M) Bhd | 937,000 | | 380,932 |
WCT Bhd | 480,000 | | 372,831 |
TOTAL MALAYSIA | | 1,687,612 |
Netherlands - 1.5% |
Gemalto NV | 100,108 | | 7,459,718 |
HeidelbergCement Finance AG (d) | 68,166 | | 3,748,042 |
Ichor Coal NV (a) | 355,000 | | 1,409,847 |
TOTAL NETHERLANDS | | 12,617,607 |
Common Stocks - continued |
| Shares | | Value |
Norway - 2.0% |
Aker Solutions ASA | 368,000 | | $ 6,254,129 |
Schibsted ASA (B Shares) | 201,600 | | 7,690,838 |
Sevan Drilling ASA | 2,251,900 | | 2,849,161 |
TOTAL NORWAY | | 16,794,128 |
Philippines - 0.1% |
Alliance Global Group, Inc. | 1,969,100 | | 577,210 |
Belle Corp. (a) | 3,750,000 | | 430,452 |
TOTAL PHILIPPINES | | 1,007,662 |
Singapore - 2.2% |
Amtek Engineering Ltd. | 2,624,000 | | 1,441,700 |
CSE Global Ltd. | 1,069,000 | | 643,482 |
Goodpack Ltd. | 1,220,000 | | 1,591,969 |
Hyflux Ltd. | 529,000 | | 613,352 |
Mapletree Industrial (REIT) | 1,116,000 | | 1,018,931 |
OSIM International Ltd. | 1,036,000 | | 1,012,855 |
Pertama Holdings Ltd. (e) | 23,060,000 | | 9,539,628 |
Petra Foods Ltd. | 370,000 | | 738,416 |
Raffles Medical Group Ltd. | 390,205 | | 728,294 |
Venture Corp. Ltd. | 205,000 | | 1,424,474 |
TOTAL SINGAPORE | | 18,753,101 |
South Africa - 0.3% |
Blue Label Telecoms Ltd. | 3,189,500 | | 2,788,455 |
Sweden - 1.1% |
Avanza Bank Holding AB | 167,600 | | 4,014,969 |
Elekta AB (B Shares) (d) | 112,400 | | 5,702,994 |
TOTAL SWEDEN | | 9,717,963 |
Switzerland - 0.7% |
Leclanche SA (a) | 6,500 | | 85,588 |
VZ Holding AG | 53,520 | | 5,743,869 |
TOTAL SWITZERLAND | | 5,829,457 |
Taiwan - 0.3% |
Lung Yen Life Service Co. Ltd. | 121,000 | | 367,711 |
Pacific Hospital Supply Co. Ltd. | 104,000 | | 315,692 |
Tong Hsing Electronics Industries Ltd. | 216,721 | | 799,091 |
Topoint Technology Co. Ltd. | 557,000 | | 350,573 |
WPG Holding Co. Ltd. | 294,000 | | 402,353 |
TOTAL TAIWAN | | 2,235,420 |
Common Stocks - continued |
| Shares | | Value |
Thailand - 0.3% |
Toyo-Thai Corp. PCL | 5,714,500 | | $ 2,787,108 |
United Kingdom - 19.8% |
Aberdeen Asset Management PLC | 1,220,000 | | 5,613,816 |
Amerisur Resources PLC (a)(d) | 7,990,224 | | 3,242,233 |
Ashmore Group PLC | 924,800 | | 5,742,990 |
ASOS PLC (a)(d) | 302,576 | | 7,258,622 |
Aurelian Oil & Gas PLC (a) | 3,890,100 | | 1,389,085 |
Avanti Communications Group PLC (a)(d) | 680,000 | | 3,013,123 |
Aveva Group PLC | 191,700 | | 5,183,730 |
Bond International Software PLC | 843,266 | | 793,849 |
Bowleven PLC (a) | 433,300 | | 624,169 |
Brammer PLC | 1,306,300 | | 7,802,540 |
Cadogan Petroleum PLC (a) | 1,723,100 | | 887,972 |
Central Asia Metals PLC (a) | 1,377,500 | | 2,001,059 |
China Goldmines PLC (a) | 669,353 | | 234,668 |
Craneware PLC (d) | 815,800 | | 4,886,021 |
Faroe Petroleum PLC (a) | 480,947 | | 1,379,755 |
GoIndustry-DoveBid PLC (a) | 117,989 | | 90,966 |
IG Group Holdings PLC | 741,702 | | 5,573,856 |
International Personal Finance PLC | 1,338,500 | | 5,815,834 |
John Wood Group PLC | 395,600 | | 5,014,788 |
Johnson Matthey PLC | 176,100 | | 6,614,058 |
Keronite PLC (a)(g) | 13,620,267 | | 221 |
London Mining PLC (a)(d) | 1,504,645 | | 7,296,041 |
Michael Page International PLC | 914,900 | | 6,171,553 |
Moneysupermarket.com Group PLC | 2,797,800 | | 6,053,299 |
Monitise PLC (a) | 4,517,900 | | 2,621,549 |
Mothercare PLC (d) | 404,827 | | 1,121,955 |
Nautical Petroleum PLC (a)(d) | 607,766 | | 3,334,252 |
NCC Group Ltd. | 225,015 | | 3,235,866 |
Ocado Group PLC (a)(d) | 1,088,800 | | 2,293,866 |
Ophir Energy PLC | 635,300 | | 5,949,767 |
Optos PLC (a) | 385,400 | | 1,607,645 |
Pureprofile Media PLC (a)(g) | 1,108,572 | | 719,729 |
Regenersis PLC (a) | 1,396,700 | | 2,255,649 |
Robert Walters PLC | 884,400 | | 3,667,625 |
Rockhopper Exploration PLC (a)(d) | 1,087,100 | | 6,003,616 |
SDL PLC | 462,462 | | 5,344,429 |
Serco Group PLC | 350,129 | | 3,082,997 |
Silverdell PLC (a) | 6,644,400 | | 1,105,414 |
Sinclair Pharma PLC (a) | 4,273,015 | | 1,872,593 |
Sphere Medical Holding PLC | 684,254 | | 905,149 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Sthree PLC | 1,063,309 | | $ 5,980,094 |
Synergy Health PLC | 293,653 | | 3,960,780 |
Ted Baker PLC | 476,775 | | 7,005,309 |
TMO Renewables Ltd. (a)(g) | 1,000,000 | | 568,085 |
Travis Perkins PLC | 322,600 | | 5,497,927 |
Valiant Petroleum PLC (a) | 414,400 | | 3,934,784 |
Wolfson Microelectronics PLC (a) | 968,500 | | 2,790,251 |
Zenergy Power PLC (a) | 855,520 | | 64,570 |
TOTAL UNITED KINGDOM | | 167,608,149 |
United States of America - 0.7% |
ChinaCast Education Corp. (a)(d) | 70,100 | | 148,612 |
CTC Media, Inc. | 4,300 | | 46,569 |
GI Dynamics, Inc. CDI | 690,238 | | 726,316 |
KIT Digital, Inc. (a)(d) | 428,400 | | 2,904,552 |
Mudalla Technology, Inc. (a) | 996,527 | | 16 |
Phorm, Inc. (a) | 1,308,800 | | 1,614,478 |
XL TechGroup, Inc. (a) | 1,329,250 | | 22 |
YOU On Demand Holdings, Inc. (a) | 86,974 | | 443,567 |
Zhongpin, Inc. (a) | 40,200 | | 379,488 |
TOTAL UNITED STATES OF AMERICA | | 6,263,620 |
TOTAL COMMON STOCKS (Cost $777,278,437) |
821,690,022
|
Government Obligations - 0.1% |
| Principal Amount (h) | | |
Germany - 0.1% |
German Federal Republic: | | | | |
0.0102% to 0.0102% 6/13/12 (f) | EUR | 275,000 | | 364,005 |
5% 7/4/12 (f) | EUR | 500,000 | | 667,379 |
TOTAL GOVERNMENT OBLIGATIONS (Cost $1,042,793) |
1,031,384
|
Money Market Funds - 9.7% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.14% (b) | 25,383,781 | | $ 25,383,781 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 56,586,607 | | 56,586,607 |
TOTAL MONEY MARKET FUNDS (Cost $81,970,388) |
81,970,388
|
TOTAL INVESTMENT PORTFOLIO - 106.7% (Cost $860,291,618) | | 904,691,794 |
NET OTHER ASSETS (LIABILITIES) - (6.7)% | | (57,088,382) |
NET ASSETS - 100% | $ 847,603,412 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized Appreciation/
(Depreciation) |
Purchased |
Equity Index Contracts |
Eurex EURO STOXX 50 Index Contracts (Germany) | June 2012 | | $ 3,977,317 | | $ 44,813 |
The face value of futures purchased as a percentage of net assets is 0.5% |
Currency Abbreviations |
EUR | - | European Monetary Unit |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $998,293. |
(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 $6,155,583 or 0.7% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
AirSea Lines | 8/4/06 | $ 1,199,182 |
Buried Hill Energy (Cyprus) PCL | 8/18/06 | $ 2,141,700 |
Kalahari Energy | 9/1/06 | $ 1,813,750 |
Keronite PLC | 8/16/06 | $ 1,548,992 |
Pureprofile Media PLC | 5/3/05 - 1/11/06 | $ 1,173,341 |
Rock Well Petroleum, Inc. | 4/13/06 | $ 1,004,171 |
TMO Renewables Ltd. | 10/27/05 | $ 535,065 |
(h) Principle amount is stated in United States dollars unless otherwise noted. |
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 | $ 11,934 |
Fidelity Securities Lending Cash Central Fund | 306,751 |
Total | $ 318,685 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Pertama Holdings Ltd. | $ 11,809,703 | $ - | $ - | $ 146,001 | $ 9,539,628 |
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, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 162,823,380 | $ 111,659,415 | $ 41,475,709 | $ 9,688,256 |
Consumer Staples | 19,587,032 | 6,977,135 | 12,609,897 | - |
Energy | 64,645,167 | 57,640,161 | 727,636 | 6,277,370 |
Financials | 94,708,857 | 54,139,445 | 40,569,390 | 22 |
Health Care | 77,617,886 | 54,039,449 | 23,010,352 | 568,085 |
Industrials | 124,993,713 | 92,034,591 | 32,668,583 | 290,539 |
Information Technology | 154,901,787 | 96,211,676 | 57,847,183 | 842,928 |
Materials | 110,583,538 | 85,517,151 | 24,831,719 | 234,668 |
Telecommunication Services | 9,566,347 | 9,566,347 | - | - |
Utilities | 2,262,315 | 2,262,315 | - | - |
Government Obligations | 1,031,384 | - | 1,031,384 | - |
Money Market Funds | 81,970,388 | 81,970,388 | - | - |
Total Investments in Securities: | $ 904,691,794 | $ 652,018,073 | $ 234,771,853 | $ 17,901,868 |
Derivative Instruments: | | | | |
Assets | | | | |
Futures Contracts | $ 44,813 | $ 44,813 | $ - | $ - |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Equities - Consumer Discretionary | |
Beginning Balance | $ 16 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | (2,403,258) |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | 12,091,498 |
Transfers out of Level 3 | - |
Ending Balance | $ 9,688,256 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ (2,403,258) |
Equities - Energy | |
Beginning Balance | $ 4,867,523 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | (10,490) |
Cost of Purchases | 1,420,337 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 6,277,370 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ (10,490) |
Equities - Financials | |
Beginning Balance | $ 21 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 1 |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 22 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ 1 |
Investments in Securities: | |
Equities - Health Care | |
Beginning Balance | $ 2,116,858 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 5,215 |
Cost of Purchases | - |
Proceeds of Sales | (1,553,988) |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 568,085 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ 5,215 |
Equities - Industrials | |
Beginning Balance | $ 245 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | (98,007) |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | 388,301 |
Transfers out of Level 3 | - |
Ending Balance | $ 290,539 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ (98,007) |
Equities - Information Technology | |
Beginning Balance | $ 964,239 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | (121,311) |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 842,928 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ (121,311) |
Investments in Securities: | |
Equities - Materials | |
Beginning Balance | $ 232,514 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 2,154 |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 234,668 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ 2,154 |
Corporate Bonds | |
Beginning Balance | $ 163,913 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | - |
Cost of Purchases | - |
Proceeds of Sales | (163,913) |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ - |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ - |
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. |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by risk exposure as of April 30, 2012. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Risk Exposure /
Derivative Type | Value |
| Asset | Liability |
Equity Risk | | |
Futures Contracts (a) | $ 44,813 | $ - |
Total Value of Derivatives | $ 44,813 | $ - |
(a) Reflects cumulative appreciation/(depreciation) on futures contracts as disclosed on the Schedule of Investments. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $53,531,742) - See accompanying schedule: Unaffiliated issuers (cost $771,908,944) | $ 813,181,778 | |
Fidelity Central Funds (cost $81,970,388) | 81,970,388 | |
Other affiliated issuers (cost $6,412,286) | 9,539,628 | |
Total Investments (cost $860,291,618) | | $ 904,691,794 |
Foreign currency held at value (cost $956,598) | | 958,827 |
Receivable for investments sold | | 3,339,030 |
Receivable for fund shares sold | | 714,879 |
Dividends receivable | | 2,777,981 |
Interest receivable | | 27,227 |
Distributions receivable from Fidelity Central Funds | | 113,063 |
Prepaid expenses | | 1,182 |
Other receivables | | 63,923 |
Total assets | | 912,687,906 |
| | |
Liabilities | | |
Payable for investments purchased | $ 5,115,697 | |
Payable for fund shares redeemed | 2,104,967 | |
Accrued management fee | 741,837 | |
Distribution and service plan fees payable | 16,572 | |
Payable for daily variation margin on futures contracts | 55,454 | |
Other affiliated payables | 224,018 | |
Other payables and accrued expenses | 239,342 | |
Collateral on securities loaned, at value | 56,586,607 | |
Total liabilities | | 65,084,494 |
| | |
Net Assets | | $ 847,603,412 |
Net Assets consist of: | | |
Paid in capital | | $ 876,001,009 |
Undistributed net investment income | | 924,081 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (73,716,161) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 44,394,483 |
Net Assets | | $ 847,603,412 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2012 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($15,949,481 ÷ 798,859 shares) | | $ 19.97 |
| | |
Maximum offering price per share (100/94.25 of $19.97) | | $ 21.19 |
Class T:
Net Asset Value and redemption price per share ($11,225,743 ÷ 565,832 shares) | | $ 19.84 |
| | |
Maximum offering price per share (100/96.50 of $19.84) | | $ 20.56 |
Class B:
Net Asset Value and offering price per share ($1,145,702 ÷ 58,723 shares)A | | $ 19.51 |
| | |
Class C:
Net Asset Value and offering price per share ($9,150,243 ÷ 469,918 shares)A | | $ 19.47 |
| | |
| | |
International Small Cap:
Net Asset Value, offering price and redemption price per share ($800,949,477 ÷ 39,672,414 shares) | | $ 20.19 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($9,182,766 ÷ 454,901 shares) | | $ 20.19 |
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, 2012 |
| | |
Investment Income | | |
Dividends (including $146,001 earned from other affiliated issuers) | | $ 6,543,425 |
Interest | | 12,077 |
Income from Fidelity Central Funds | | 318,685 |
Income before foreign taxes withheld | | 6,874,187 |
Less foreign taxes withheld | | (384,138) |
Total income | | 6,490,049 |
| | |
Expenses | | |
Management fee
Basic fee | $ 3,612,989 | |
Performance adjustment | 365,964 | |
Transfer agent fees | 1,151,518 | |
Distribution and service plan fees | 100,369 | |
Accounting and security lending fees | 204,663 | |
Custodian fees and expenses | 145,787 | |
Independent trustees' compensation | 2,610 | |
Registration fees | 53,025 | |
Audit | 77,293 | |
Legal | 1,980 | |
Miscellaneous | 5,145 | |
Total expenses before reductions | 5,721,343 | |
Expense reductions | (154,674) | 5,566,669 |
Net investment income (loss) | | 923,380 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 16,890,335 | |
Foreign currency transactions | (120,753) | |
Futures contracts | 721,582 | |
Total net realized gain (loss) | | 17,491,164 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $118,679) | 39,661,574 | |
Assets and liabilities in foreign currencies | 71,609 | |
Futures contracts | 158,093 | |
Total change in net unrealized appreciation (depreciation) | | 39,891,276 |
Net gain (loss) | | 57,382,440 |
Net increase (decrease) in net assets resulting from operations | | $ 58,305,820 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 923,380 | $ 8,017,121 |
Net realized gain (loss) | 17,491,164 | 35,260,441 |
Change in net unrealized appreciation (depreciation) | 39,891,276 | (96,830,627) |
Net increase (decrease) in net assets resulting
from operations | 58,305,820 | (53,553,065) |
Distributions to shareholders from net investment income | (8,016,423) | (2,430,566) |
Distributions to shareholders from net realized gain | (12,577,678) | (28,246,937) |
Total distributions | (20,594,101) | (30,677,503) |
Share transactions - net increase (decrease) | (105,156,857) | 129,451,482 |
Redemption fees | 64,395 | 283,575 |
Total increase (decrease) in net assets | (67,380,743) | 45,504,489 |
| | |
Net Assets | | |
Beginning of period | 914,984,155 | 869,479,666 |
End of period (including undistributed net investment income of $924,081 and undistributed net investment income of $8,017,124, respectively) | $ 847,603,412 | $ 914,984,155 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 18.97 | $ 20.42 | $ 17.28 | $ 11.91 | $ 31.14 | $ 28.79 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | - J | .10 | .03 | .06 | - J | .03 |
Net realized and unrealized gain (loss) | 1.38 | (.88) | 3.51 | 5.31 | (14.03) | 7.97 |
Total from investment operations | 1.38 | (.78) | 3.54 | 5.37 | (14.03) | 8.00 |
Distributions from net investment income | (.11) | (.02) | (.06) | - | (.03) | - |
Distributions from net realized gain | (.27) | (.66) | (.34) | - | (5.18) | (5.65) |
Total distributions | (.38) | (.68) | (.40) | - | (5.20) K | (5.65) |
Redemption fees added to paid in capital E | - J | .01 | - J | - J | - J | - J |
Net asset value, end of period | $ 19.97 | $ 18.97 | $ 20.42 | $ 17.28 | $ 11.91 | $ 31.14 |
Total Return B, C, D | 7.51% | (4.00)% | 20.85% | 45.09% | (53.35)% | 33.43% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.61% A | 1.56% | 1.71% | 1.75% | 1.82% | 1.53% |
Expenses net of fee waivers, if any | 1.61% A | 1.55% | 1.65% | 1.65% | 1.65% | 1.53% |
Expenses net of all reductions | 1.57% A | 1.54% | 1.63% | 1.62% | 1.60% | 1.49% |
Net investment income (loss) | (.03)% A | .49% | .16% | .41% | -% H | .10% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 15,949 | $ 17,185 | $ 19,720 | $ 17,590 | $ 13,561 | $ 38,585 |
Portfolio turnover rate G | 96% A | 47% | 66% | 81% | 113% | 70% |
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. HAmount represents less than .01%. 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. JAmount represents less than $.01 per share. KTotal distributions of $5.20 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $5.176 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 18.80 | $ 20.23 | $ 17.14 | $ 11.84 | $ 30.96 | $ 28.64 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.03) | .05 | (.02) | .02 | (.05) | (.04) |
Net realized and unrealized gain (loss) | 1.37 | (.86) | 3.47 | 5.28 | (13.95) | 7.93 |
Total from investment operations | 1.34 | (.81) | 3.45 | 5.30 | (14.00) | 7.89 |
Distributions from net investment income | (.03) | - | (.02) | - | - | - |
Distributions from net realized gain | (.27) | (.63) | (.34) | - | (5.12) | (5.57) |
Total distributions | (.30) | (.63) | (.36) | - | (5.12) | (5.57) |
Redemption fees added to paid in capital E | - I | .01 | - I | - I | - I | - I |
Net asset value, end of period | $ 19.84 | $ 18.80 | $ 20.23 | $ 17.14 | $ 11.84 | $ 30.96 |
Total Return B, C, D | 7.32% | (4.18)% | 20.46% | 44.76% | (53.46)% | 33.07% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.86% A | 1.82% | 1.97% | 2.00% | 2.07% | 1.77% |
Expenses net of fee waivers, if any | 1.86% A | 1.81% | 1.90% | 1.90% | 1.90% | 1.77% |
Expenses net of all reductions | 1.83% A | 1.79% | 1.88% | 1.86% | 1.86% | 1.73% |
Net investment income (loss) | (.29)% A | .24% | (.09)% | .16% | (.25)% | (.14)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 11,226 | $ 13,744 | $ 16,092 | $ 15,760 | $ 13,493 | $ 40,823 |
Portfolio turnover rate G | 96% A | 47% | 66% | 81% | 113% | 70% |
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
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 18.38 | $ 19.79 | $ 16.78 | $ 11.65 | $ 30.49 | $ 28.26 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.07) | (.05) | (.10) | (.04) | (.16) | (.18) |
Net realized and unrealized gain (loss) | 1.35 | (.85) | 3.39 | 5.17 | (13.73) | 7.82 |
Total from investment operations | 1.28 | (.90) | 3.29 | 5.13 | (13.89) | 7.64 |
Distributions from net realized gain | (.15) | (.52) | (.28) | - | (4.95) | (5.41) |
Redemption fees added to paid in capital E | - I | .01 | - I | - I | - I | - I |
Net asset value, end of period | $ 19.51 | $ 18.38 | $ 19.79 | $ 16.78 | $ 11.65 | $ 30.49 |
Total Return B, C, D | 7.04% | (4.68)% | 19.90% | 44.03% | (53.68)% | 32.38% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.36% A | 2.32% | 2.47% | 2.49% | 2.58% | 2.30% |
Expenses net of fee waivers, if any | 2.36% A | 2.30% | 2.40% | 2.40% | 2.40% | 2.30% |
Expenses net of all reductions | 2.33% A | 2.29% | 2.38% | 2.36% | 2.36% | 2.26% |
Net investment income (loss) | (.79)% A | (.26)% | (.59)% | (.33)% | (.75)% | (.66)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,146 | $ 2,067 | $ 3,457 | $ 3,601 | $ 3,230 | $ 10,704 |
Portfolio turnover rate G | 96% A | 47% | 66% | 81% | 113% | 70% |
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 - Class C
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 18.38 | $ 19.85 | $ 16.85 | $ 11.70 | $ 30.62 | $ 28.33 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.07) | (.04) | (.10) | (.04) | (.16) | (.17) |
Net realized and unrealized gain (loss) | 1.35 | (.85) | 3.40 | 5.19 | (13.78) | 7.85 |
Total from investment operations | 1.28 | (.89) | 3.30 | 5.15 | (13.94) | 7.68 |
Distributions from net realized gain | (.19) | (.59) | (.30) | - | (4.98) | (5.39) |
Redemption fees added to paid in capital E | - I | .01 | - I | - I | - I | - I |
Net asset value, end of period | $ 19.47 | $ 18.38 | $ 19.85 | $ 16.85 | $ 11.70 | $ 30.62 |
Total Return B, C, D | 7.06% | (4.64)% | 19.86% | 44.02% | (53.67)% | 32.39% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.36% A | 2.27% | 2.42% | 2.49% | 2.57% | 2.26% |
Expenses net of fee waivers, if any | 2.36% A | 2.26% | 2.40% | 2.40% | 2.40% | 2.26% |
Expenses net of all reductions | 2.32% A | 2.24% | 2.37% | 2.36% | 2.36% | 2.22% |
Net investment income (loss) | (.78)% A | (.21)% | (.59)% | (.33)% | (.76)% | (.62)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,150 | $ 9,545 | $ 13,501 | $ 5,814 | $ 5,658 | $ 20,094 |
Portfolio turnover rate G | 96% A | 47% | 66% | 81% | 113% | 70% |
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 - International Small Cap
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 19.23 | $ 20.66 | $ 17.48 | $ 12.03 | $ 31.44 | $ 29.03 |
Income from Investment
Operations | | | | | |
Net investment income (loss) D | .02 | .17 | .07 | .08 | .03 | .12 |
Net realized and unrealized gain (loss) | 1.39 | (.89) | 3.53 | 5.37 | (14.14) | 8.03 |
Total from investment operations | 1.41 | (.72) | 3.60 | 5.45 | (14.11) | 8.15 |
Distributions from net investment income | (.18) | (.06) | (.08) | - | (.12) | (.07) |
Distributions from net realized gain | (.27) | (.66) | (.34) | - | (5.18) | (5.67) |
Total distributions | (.45) | (.72) | (.42) | - | (5.30) | (5.74) |
Redemption fees added to paid in capital D | - H | .01 | - H | - H | - H | - H |
Net asset value, end of period | $ 20.19 | $ 19.23 | $ 20.66 | $ 17.48 | $ 12.03 | $ 31.44 |
Total Return B, C | 7.61% | (3.65)% | 21.02% | 45.30% | (53.25)% | 33.82% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.33% A | 1.26% | 1.44% | 1.48% | 1.49% | 1.19% |
Expenses net of fee waivers, if any | 1.33% A | 1.25% | 1.44% | 1.48% | 1.49% | 1.19% |
Expenses net of all reductions | 1.30% A | 1.23% | 1.42% | 1.44% | 1.44% | 1.15% |
Net investment income (loss) | .24% A | .80% | .37% | .58% | .16% | .45% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 800,949 | $ 856,692 | $ 808,478 | $ 669,035 | $ 536,291 | $ 1,663,761 |
Portfolio turnover rate F | 96% A | 47% | 66% | 81% | 113% | 70% |
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
Financial Highlights - Institutional Class
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 19.24 | $ 20.66 | $ 17.47 | $ 12.01 | $ 31.38 | $ 28.99 |
Income from Investment
Operations | | | | | |
Net investment income (loss) D | .03 | .18 | .09 | .09 | .05 | .12 |
Net realized and unrealized gain (loss) | 1.39 | (.89) | 3.53 | 5.37 | (14.12) | 8.02 |
Total from investment operations | 1.42 | (.71) | 3.62 | 5.46 | (14.07) | 8.14 |
Distributions from net investment income | (.20) | (.06) | (.09) | - | (.12) | (.07) |
Distributions from net realized gain | (.27) | (.66) | (.34) | - | (5.18) | (5.68) |
Total distributions | (.47) | (.72) | (.43) | - | (5.30) | (5.75) |
Redemption fees added to paid in capital D | - H | .01 | - H | - H | - H | - H |
Net asset value, end of period | $ 20.19 | $ 19.24 | $ 20.66 | $ 17.47 | $ 12.01 | $ 31.38 |
Total Return B, C | 7.66% | (3.62)% | 21.15% | 45.46% | (53.22)% | 33.84% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.25% A | 1.22% | 1.34% | 1.45% | 1.49% | 1.18% |
Expenses net of fee waivers, if any | 1.25% A | 1.21% | 1.34% | 1.40% | 1.40% | 1.18% |
Expenses net of all reductions | 1.21% A | 1.19% | 1.31% | 1.37% | 1.35% | 1.14% |
Net investment income (loss) | .33% A | .84% | .47% | .66% | .25% | .45% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,183 | $ 15,752 | $ 8,231 | $ 2,696 | $ 2,217 | $ 7,774 |
Portfolio turnover rate F | 96% A | 47% | 66% | 81% | 113% | 70% |
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, 2012
1. Organization.
Fidelity® International Small Cap 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, International Small Cap and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.
Semiannual Report
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For foreign government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is
Semiannual Report
3. Significant Accounting Policies - continued
New Accounting Pronouncements - continued
currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
realized gains. As a result, no provision for income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, 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 | $ 142,322,635 |
Gross unrealized depreciation | (114,870,300) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 27,452,335 |
| |
Tax cost | $ 877,239,459 |
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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
unlimited period and such capital losses are required to be used prior to any losses that expire. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
| |
2017 | $ (65,361,612) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days are subject to a redemption fee equal to 2.00% of the net asset value 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.
4. Operating Policies.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund used derivative instruments (derivatives), including futures contracts, in order to meet its investment objectives. The strategy is to use 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its 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 Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund 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
Semiannual Report
Notes to Financial Statements - continued
5. Derivative Instruments - continued
Risk Exposures and the Use of Derivative Instruments - continued
Fund. Counterparty credit risk related to exchange-traded futures contracts is minimal because of the protection provided by the exchange on which they trade. Derivatives involve, to varying degrees, risk of loss in excess of the amounts recognized in the Statement of Assets and Liabilities.
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 Fund used futures contracts to manage its 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 payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
The underlying face amount at value of open futures contracts at period end, is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end and is representative of activity for the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $721,582 and a change in net unrealized appreciation (depreciation) of $158,093 related to its investment in futures contracts. These amounts are included in the Statement of Operations.
6. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $398,245,900 and $533,404,576, respectively.
7. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the
Semiannual Report
7. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Small Cap as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .94% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 19,999 | $ 216 |
Class T | .25% | .25% | 28,590 | 141 |
Class B | .75% | .25% | 8,164 | 6,131 |
Class C | .75% | .25% | 43,616 | 3,166 |
| | | $ 100,369 | $ 9,654 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements - continued
7. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 4,271 |
Class T | 1,676 |
Class B* | 162 |
Class C* | 947 |
| $ 7,056 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 23,900 | .30 |
Class T | 17,309 | .30 |
Class B | 2,470 | .30 |
Class C | 13,037 | .30 |
International Small Cap | 1,084,142 | .27 |
Institutional Class | 10,660 | .19 |
| $ 1,151,518 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $341 for the period.
Semiannual Report
8. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $1,289 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
9. 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $293,405. 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 $306,751, including $3,294 from securities loaned to FCM.
10. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $154,674 for the period.
Semiannual Report
Notes to Financial Statements - continued
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 98,059 | $ 15,709 |
Class T | 18,440 | - |
International Small Cap | 7,747,339 | 2,403,692 |
Institutional Class | 152,585 | 11,165 |
Total | $ 8,016,423 | $ 2,430,566 |
From net realized gain | | |
Class A | $ 246,963 | $ 648,961 |
Class T | 172,958 | 496,268 |
Class B | 15,448 | 87,007 |
Class C | 91,928 | 402,241 |
International Small Cap | 11,838,630 | 26,480,677 |
Institutional Class | 211,751 | 131,783 |
Total | $ 12,577,678 | $ 28,246,937 |
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 123,052 | 472,219 | $ 2,325,517 | $ 10,051,889 |
Reinvestment of distributions | 18,159 | 30,361 | 323,948 | 616,326 |
Shares redeemed | (248,055) | (562,759) | (4,650,556) | (11,902,630) |
Net increase (decrease) | (106,844) | (60,179) | $ (2,001,091) | $ (1,234,415) |
Class T | | | | |
Shares sold | 36,407 | 237,757 | $ 676,483 | $ 5,055,416 |
Reinvestment of distributions | 10,478 | 24,155 | 185,991 | 486,714 |
Shares redeemed | (212,176) | (326,059) | (3,925,700) | (6,629,520) |
Net increase (decrease) | (165,291) | (64,147) | $ (3,063,226) | $ (1,087,390) |
Class B | | | | |
Shares sold | 1,142 | 21,873 | $ 21,036 | $ 464,854 |
Reinvestment of distributions | 825 | 4,142 | 14,430 | 81,975 |
Shares redeemed | (55,741) | (88,228) | (1,034,631) | (1,778,852) |
Net increase (decrease) | (53,774) | (62,213) | $ (999,165) | $ (1,232,023) |
Semiannual Report
12. Share Transactions - continued
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class C | | | | |
Shares sold | 58,548 | 128,685 | $ 1,104,388 | $ 2,661,361 |
Reinvestment of distributions | 4,830 | 19,105 | 84,289 | 378,079 |
Shares redeemed | (112,709) | (308,659) | (2,017,883) | (6,253,765) |
Net increase (decrease) | (49,331) | (160,869) | $ (829,206) | $ (3,214,325) |
International Small Cap | | | | |
Shares sold | 3,247,219 | 17,502,789 | $ 60,919,959 | $ 375,309,666 |
Reinvestment of distributions | 1,033,821 | 1,321,812 | 18,629,459 | 27,110,370 |
Shares redeemed | (9,159,444) | (13,398,001) | (171,129,205) | (275,580,654) |
Net increase (decrease) | (4,878,404) | 5,426,600 | $ (91,579,787) | $ 126,839,382 |
Institutional Class | | | | |
Shares sold | 95,768 | 798,910 | $ 1,812,597 | $ 17,190,303 |
Reinvestment of distributions | 15,793 | 5,609 | 284,438 | 115,044 |
Shares redeemed | (475,493) | (384,085) | (8,781,417) | (7,925,094) |
Net increase (decrease) | (363,932) | 420,434 | $ (6,684,382) | $ 9,380,253 |
13. 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, FMR or its affiliates were the owners of record of 15% of the total outstanding shares of the Fund.
Semiannual Report
To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Small Cap Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of April 30, 2012, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months ended April 30, 2012 and for the year ended October 31, 2011, and the financial highlights for the six months ended April 30, 2012 and for each of the five years in the period ended October 31, 2011. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2012, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity International Small Cap Fund as of April 30, 2012, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2012 and for the year ended October 31, 2011, and the financial highlights for the six months ended April 30, 2012 and for each of the five years in the period ended October 31, 2011, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 12, 2012
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (UK) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York Mellon
New York, NY
(Fidelity Investment logo)(registered trademark)
AISCI-USAN-0612
1.800646.108
Fidelity®
International Small Cap
Fund
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to financial statements. |
Report of Independent Registered Public Accounting Firm | (Click Here) | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to
April 30, 2012 |
Class A | 1.61% | | | |
Actual | | $ 1,000.00 | $ 1,075.10 | $ 8.31 |
HypotheticalA | | $ 1,000.00 | $ 1,016.86 | $ 8.07 |
Class T | 1.86% | | | |
Actual | | $ 1,000.00 | $ 1,073.20 | $ 9.59 |
HypotheticalA | | $ 1,000.00 | $ 1,015.61 | $ 9.32 |
Class B | 2.36% | | | |
Actual | | $ 1,000.00 | $ 1,070.40 | $ 12.15 |
HypotheticalA | | $ 1,000.00 | $ 1,013.13 | $ 11.81 |
Class C | 2.36% | | | |
Actual | | $ 1,000.00 | $ 1,070.60 | $ 12.15 |
HypotheticalA | | $ 1,000.00 | $ 1,013.13 | $ 11.81 |
International Small Cap | 1.33% | | | |
Actual | | $ 1,000.00 | $ 1,076.10 | $ 6.87 |
HypotheticalA | | $ 1,000.00 | $ 1,018.25 | $ 6.67 |
Institutional Class | 1.25% | | | |
Actual | | $ 1,000.00 | $ 1,076.60 | $ 6.45 |
HypotheticalA | | $ 1,000.00 | $ 1,018.65 | $ 6.27 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | Japan 27.2% | |
 | United Kingdom 19.8% | |
 | Germany 9.0% | |
 | Australia 6.1% | |
 | France 4.4% | |
 | United States of America 3.2% | |
 | Cayman Islands 3.2% | |
 | Ireland 2.9% | |
 | Bermuda 2.8% | |
 | Other 21.4% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| Japan 27.8% | |
| United Kingdom 18.2% | |
| Germany 8.5% | |
| Australia 7.5% | |
| France 5.1% | |
| Ireland 3.2% | |
| Bermuda 2.9% | |
| Cayman Islands 2.5% | |
| Singapore 2.3% | |
| Other 22.0% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 97.4 | 98.5 |
Bonds | 0.1 | 0.1 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.5 | 1.4 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
ORIX Corp. (Japan, Diversified Financial Services) | 2.0 | 0.0 |
Nintendo Co. Ltd. (Japan, Software) | 1.8 | 0.0 |
Kakaku.com, Inc. (Japan, Internet Software & Services) | 1.4 | 0.0 |
Pigeon Corp. (Japan, Household Products) | 1.3 | 0.3 |
Lanxess AG (Germany, Chemicals) | 1.2 | 0.9 |
Pertama Holdings Ltd. (Singapore, Specialty Retail) | 1.1 | 1.3 |
IBS Group Holding Ltd. GDR (Reg. S) (Isle of Man, IT Services) | 1.0 | 0.8 |
Kubota Corp. (Japan, Machinery) | 1.0 | 0.0 |
Osaka Securities Exchange Co. Ltd. (Japan, Diversified Financial Services) | 1.0 | 0.0 |
Citizen Holdings Co. Ltd. (Japan, Electronic Equipment & Components) | 0.9 | 0.0 |
| 12.7 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 19.0 | 21.0 |
Information Technology | 17.8 | 15.0 |
Industrials | 14.8 | 17.7 |
Materials | 13.2 | 13.6 |
Financials | 11.3 | 11.3 |
Health Care | 9.3 | 9.7 |
Energy | 7.9 | 5.7 |
Consumer Staples | 2.2 | 2.7 |
Telecommunication Services | 1.1 | 1.3 |
Utilities | 0.3 | 0.3 |
Semiannual Report
Investments April 30, 2012
Showing Percentage of Net Assets
Common Stocks - 96.9% |
| Shares | | Value |
Australia - 6.1% |
Acrux Ltd. | 177,499 | | $ 741,559 |
Alkane Resources Ltd. (a) | 823,400 | | 1,158,110 |
Ausgold Ltd. (a) | 1,195,693 | | 1,183,446 |
Austal Ltd. | 508,767 | | 1,044,216 |
Beach Energy Ltd. | 1,346,128 | | 1,963,449 |
Blackgold International Holdings Ltd. (a) | 1,343,759 | | 356,999 |
Campbell Brothers Ltd. | 5,715 | | 408,278 |
carsales.com Ltd. (d) | 420,789 | | 2,520,794 |
Goodman Group unit | 253,653 | | 951,366 |
Horizon Oil Ltd. (a)(d) | 2,028,276 | | 697,343 |
Iluka Resources Ltd. | 75,072 | | 1,329,634 |
Imdex Ltd. | 379,467 | | 996,276 |
Industrea Ltd. | 908,239 | | 927,324 |
Ironbark Zinc Ltd. (a) | 2,305,831 | | 480,466 |
Karoon Gas Australia Ltd. (a) | 379,284 | | 2,548,763 |
Linc Energy Ltd. (a) | 508,182 | | 592,983 |
McMillan Shakespeare Ltd. | 74,357 | | 852,157 |
Medusa Mining Ltd. | 226,578 | | 1,359,707 |
Mesoblast Ltd. (a)(d) | 175,066 | | 1,377,063 |
Mineral Deposits Ltd. (a) | 422,377 | | 2,649,122 |
Mineral Deposits Ltd. (Canada) (a) | 448,000 | | 2,367,563 |
Monto Minerals Ltd. (a) | 273,551 | | 3,990 |
Navitas Ltd. | 286,457 | | 1,178,859 |
NRW Holdings Ltd. | 227,676 | | 970,165 |
Panaust Ltd. (a) | 404,291 | | 1,373,146 |
Ramsay Health Care Ltd. | 69,421 | | 1,448,695 |
realestate.com.au Ltd. | 66,454 | | 966,522 |
SAI Global Ltd. | 628,042 | | 3,422,123 |
SEEK Ltd. (d) | 555,282 | | 4,142,207 |
Silver Lake Resources Ltd. (a) | 211,056 | | 708,042 |
Sino Gas & Energy Ltd. (a) | 8,152,205 | | 645,496 |
SomnoMed Ltd. (a) | 531,849 | | 504,237 |
Spark Infrastructure Group unit | 1,091,535 | | 1,648,963 |
Sydney Airport unit | 156,262 | | 473,753 |
Tiger Resources Ltd. (a) | 12,548,330 | | 4,444,982 |
TPG Telecom Ltd. | 784,834 | | 1,484,088 |
Troy Resources NL | 280,501 | | 1,303,390 |
Western Areas NL (d) | 141,579 | | 743,421 |
TOTAL AUSTRALIA | | 51,968,697 |
Common Stocks - continued |
| Shares | | Value |
Bailiwick of Jersey - 1.2% |
Informa PLC | 880,535 | | $ 5,925,448 |
LXB Retail Properties PLC (a) | 2,358,500 | | 4,545,847 |
TOTAL BAILIWICK OF JERSEY | | 10,471,295 |
Belgium - 0.6% |
EVS Broadcast Equipment SA | 95,700 | | 4,796,395 |
Bermuda - 2.8% |
Aquarius Platinum Ltd. (United Kingdom) | 1,416,700 | | 2,989,280 |
Asia Satellite Telecommunications Holdings Ltd. | 271,000 | | 771,926 |
Biosensors International Group Ltd. (a) | 1,707,000 | | 1,841,268 |
China Animal Healthcare Ltd. | 2,129,000 | | 387,044 |
China Singyes Solar Tech Holdings Ltd. | 818,000 | | 404,854 |
GZI Transport Ltd. | 1,220,000 | | 589,664 |
I.T Ltd. | 1,912,000 | | 1,005,453 |
Imagi International Holdings Ltd. (a) | 17,664,000 | | 284,586 |
Luk Fook Holdings International Ltd. | 650,000 | | 1,855,671 |
Oakley Capital Investments Ltd. (a) | 1,564,700 | | 3,466,642 |
PAX Global Technology Ltd. (a) | 1,769,000 | | 289,565 |
People's Food Holdings Ltd. (a) | 689,000 | | 328,453 |
Petra Diamonds Ltd. (a) | 2,484,700 | | 6,263,119 |
REXLot Holdings Ltd. | 13,675,000 | | 1,233,784 |
Vtech Holdings Ltd. | 210,900 | | 2,364,883 |
TOTAL BERMUDA | | 24,076,192 |
British Virgin Islands - 0.8% |
Kalahari Energy (a)(g) | 1,451,000 | | 15 |
Playtech Ltd. | 1,116,753 | | 6,742,879 |
TOTAL BRITISH VIRGIN ISLANDS | | 6,742,894 |
Canada - 1.5% |
AirSea Lines (a)(g) | 1,893,338 | | 25 |
Banro Corp. (a) | 1,006,500 | | 4,279,727 |
Mood Media Corp. (a) | 175,300 | | 738,292 |
Mood Media Corp. (United Kingdom) (a) | 1,054,422 | | 4,406,938 |
Rock Well Petroleum, Inc. (a)(g) | 770,400 | | 8 |
Starfield Resources, Inc. (a) | 4,328,075 | | 65,726 |
Teranga Gold Corp. (a)(d) | 1,311,399 | | 2,907,582 |
TOTAL CANADA | | 12,398,298 |
Cayman Islands - 3.2% |
3SBio, Inc. sponsored ADR (a) | 39,000 | | 510,120 |
51job, Inc. sponsored ADR (a) | 18,100 | | 1,099,032 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
AirMedia Group, Inc. ADR (a) | 235,300 | | $ 670,605 |
Airtac International Group | 124,000 | | 712,399 |
AMVIG Holdings Ltd. | 764,000 | | 428,348 |
AutoNavi Holdings Ltd. ADR (a) | 11,800 | | 139,240 |
Baidu.com, Inc. sponsored ADR (a) | 8,700 | | 1,154,490 |
Bitauto Holdings Ltd. ADR (a) | 82,500 | | 370,425 |
China Automation Group Ltd. | 1,589,000 | | 438,280 |
China Corn Oil Co. Ltd. | 967,000 | | 453,672 |
China High Precision Automation Group Ltd. | 712,000 | | 123,199 |
China Metal International Holdings, Inc. | 2,522,000 | | 435,576 |
China Metal Recycling (Holdings) Ltd. | 436,800 | | 501,056 |
China Outfitters Holdings Ltd. | 1,636,000 | | 331,052 |
China ZhengTong Auto Services Holdings Ltd. (a) | 472,000 | | 465,999 |
CNinsure, Inc. ADR (a) | 31,900 | | 190,443 |
Concord Medical Services Holdings Ltd. ADR | 84,800 | | 323,936 |
Convenience Retail Asia Ltd. | 700,000 | | 375,323 |
Daphne International Holdings Ltd. | 394,000 | | 562,665 |
EVA Precision Industrial Holdings Ltd. | 10,790,000 | | 1,835,732 |
Fook Woo Group Holdings Ltd. (a) | 2,055,000 | | 290,293 |
Greatview Aseptic Pack Co. Ltd. (a) | 1,196,000 | | 653,598 |
Haitian International Holdings Ltd. | 338,000 | | 389,029 |
Hutchison China Meditech Ltd. (a) | 72,932 | | 529,732 |
Kingdee International Software Group Co. Ltd. | 896,400 | | 199,877 |
KongZhong Corp. sponsored ADR (a) | 46,600 | | 270,746 |
Lee's Pharmaceutical Holdings Ltd. | 1,035,000 | | 441,552 |
Marwyn Value Investors II Ltd. (a) | 1,932,400 | | 3,481,491 |
Ming Fai International Holdings Ltd. | 9,133,000 | | 953,482 |
Minth Group Ltd. | 350,000 | | 443,441 |
MStar Semiconductor, Inc. | 52,000 | | 309,449 |
NVC Lighting Holdings Ltd. | 358,000 | | 130,121 |
Perfect World Co. Ltd. sponsored ADR Class B | 34,900 | | 426,129 |
Royale Furniture Holdings Ltd. | 3,871,074 | | 1,247,341 |
Shenguan Holdings Group Ltd. | 3,154,000 | | 1,707,359 |
Sino Prosper State Gold Resources Holdings, Ltd. (a) | 7,495,000 | | 396,068 |
SouFun Holdings Ltd. ADR | 49,500 | | 893,970 |
Trauson Holdings Co. Ltd. | 1,237,000 | | 475,116 |
VanceInfo Technologies, Inc. ADR (a) | 38,100 | | 493,395 |
VisionChina Media, Inc. ADR (a)(d) | 265,600 | | 353,248 |
VST Holdings Ltd. | 1,858,000 | | 450,212 |
WuXi PharmaTech Cayman, Inc. sponsored ADR (a) | 42,300 | | 608,274 |
Yip's Chemical Holdings Ltd. | 592,000 | | 465,442 |
TOTAL CAYMAN ISLANDS | | 26,730,957 |
Common Stocks - continued |
| Shares | | Value |
China - 0.2% |
Dalian Port (PDA) Co. Ltd. (H Shares) | 1,786,000 | | $ 407,445 |
Travelsky Technology Ltd. (H Shares) | 877,000 | | 487,181 |
Weiqiao Textile Co. Ltd. (H Shares) | 933,500 | | 462,019 |
Zhaojin Mining Industry Co. Ltd. (H Shares) | 100,000 | | 139,973 |
TOTAL CHINA | | 1,496,618 |
Cyprus - 0.7% |
Buried Hill Energy (Cyprus) PCL (a)(g) | 1,947,000 | | 4,867,500 |
Mirland Development Corp. PLC (a) | 352,300 | | 902,758 |
TOTAL CYPRUS | | 5,770,258 |
Denmark - 0.7% |
William Demant Holding A/S (a) | 63,200 | | 5,966,084 |
France - 4.4% |
Altamir Amboise | 547,200 | | 4,904,075 |
ALTEN | 118,100 | | 3,428,553 |
Audika SA | 113,900 | | 1,666,128 |
Axway Software SA | 65,556 | | 1,649,745 |
Eurofins Scientific SA | 58,599 | | 6,924,198 |
Faiveley Transport | 4,451 | | 246,001 |
Iliad SA | 29,060 | | 3,741,171 |
Ipsos SA | 182,872 | | 5,935,948 |
LeGuide.com SA (a) | 92,500 | | 2,295,966 |
Sartorius Stedim Biotech (d) | 53,200 | | 3,750,193 |
Sopra Group SA | 40,500 | | 2,340,247 |
TOTAL FRANCE | | 36,882,225 |
Germany - 8.4% |
Brenntag AG | 41,800 | | 5,207,008 |
CENTROTEC Sustainable AG | 238,110 | | 3,907,028 |
CTS Eventim AG | 199,743 | | 7,797,739 |
Delticom AG (d) | 37,800 | | 3,671,408 |
GFK AG | 142,601 | | 7,575,549 |
Lanxess AG | 123,685 | | 9,848,612 |
MTU Aero Engines Holdings AG (d) | 69,400 | | 5,844,879 |
Rational AG | 16,020 | | 4,093,004 |
Rheinmetall AG | 56,800 | | 3,190,014 |
RIB Software AG | 391,400 | | 2,753,889 |
Stroer Out-of-Home Media AG (a) | 182,100 | | 3,109,725 |
Tom Tailor Holding AG | 226,000 | | 4,203,462 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
United Internet AG | 206,269 | | $ 4,079,500 |
Wirecard AG | 297,900 | | 5,521,040 |
TOTAL GERMANY | | 70,802,857 |
Hong Kong - 0.6% |
Dah Sing Financial Holdings Ltd. | 172,000 | | 617,401 |
Magnificent Estates Ltd. | 32,558,000 | | 1,342,832 |
Singamas Container Holdings Ltd. | 2,374,000 | | 712,936 |
Techtronic Industries Co. Ltd. | 1,478,000 | | 1,784,957 |
Tian An China Investments Co. Ltd. | 750,000 | | 356,699 |
YGM Trading Ltd. | 152,000 | | 403,575 |
TOTAL HONG KONG | | 5,218,400 |
Iceland - 0.6% |
Ossur hf (a) | 3,482,300 | | 5,422,020 |
India - 1.0% |
Ahluwalia Contracts (India) Ltd. | 230,314 | | 265,671 |
Educomp Solutions Ltd. | 44,518 | | 163,947 |
Financial Technologies India Ltd. | 23,352 | | 302,802 |
Geodesic Ltd. | 256,340 | | 222,195 |
Indian Overseas Bank | 186,286 | | 308,797 |
IndusInd Bank Ltd. | 91,917 | | 581,526 |
Page Industries Ltd. | 90,340 | | 5,366,023 |
PI Industries Ltd. | 51,585 | | 524,029 |
Thangamayil Jewellery Ltd. | 253,192 | | 838,204 |
TOTAL INDIA | | 8,573,194 |
Indonesia - 0.9% |
PT AKR Corporindo Tbk | 887,000 | | 398,115 |
PT Clipan Finance Indonesia Tbk | 8,265,400 | | 436,181 |
PT Clipan Finance Indonesia Tbk warrants 10/7/14 (a) | 2,275,700 | | 23,028 |
PT Jasa Marga Tbk | 1,124,500 | | 654,597 |
PT Mayora Indah Tbk | 372,500 | | 810,620 |
PT Media Nusantara Citra Tbk | 14,019,500 | | 3,432,226 |
PT Mitra Adiperkasa Tbk | 588,000 | | 444,655 |
PT Nippon Indosari Corpindo Tbk | 1,712,000 | | 726,489 |
PT Tower Bersama Infrastructure Tbk | 1,675,500 | | 556,039 |
TOTAL INDONESIA | | 7,481,950 |
Ireland - 2.9% |
Elan Corp. PLC (a) | 189,500 | | 2,612,677 |
James Hardie Industries NV CDI | 79,624 | | 621,342 |
Common Stocks - continued |
| Shares | | Value |
Ireland - continued |
Kenmare Resources PLC (a) | 9,593,800 | | $ 7,863,707 |
Paddy Power PLC (Ireland) | 121,084 | | 7,902,346 |
Petroceltic International PLC (a) | 23,461,800 | | 2,989,347 |
Providence Resources PLC (a) | 323,833 | | 2,927,666 |
TOTAL IRELAND | | 24,917,085 |
Isle of Man - 1.5% |
Bahamas Petroleum Co. PLC (a) | 12,489,510 | | 1,577,140 |
Exillon Energy PLC (a) | 1,100,400 | | 2,477,264 |
IBS Group Holding Ltd. GDR (Reg. S) (a) | 336,400 | | 8,906,526 |
TOTAL ISLE OF MAN | | 12,960,930 |
Israel - 0.1% |
Sarin Technologies Ltd. | 851,000 | | 859,492 |
Italy - 1.0% |
Brunello Cucinelli SpA | 34,100 | | 541,699 |
Salvatore Ferragamo Italia SpA | 306,400 | | 7,491,660 |
TOTAL ITALY | | 8,033,359 |
Japan - 27.2% |
Aeon Credit Service Co. Ltd. (d) | 331,000 | | 5,770,468 |
Asahi Co. Ltd. | 41,100 | | 811,007 |
ASAHI INTECC Co. Ltd. (d) | 237,700 | | 6,414,079 |
Bridgestone Corp. | 51,100 | | 1,209,193 |
CAC Corp. | 44,800 | | 391,702 |
Canon, Inc. | 45,700 | | 2,071,613 |
Chiyoda Co. Ltd. | 37,200 | | 866,984 |
Citizen Holdings Co. Ltd. | 1,261,000 | | 7,919,853 |
CyberAgent, Inc. | 2,502 | | 7,706,093 |
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 7,000 | | 242,141 |
Daikin Industries Ltd. | 17,800 | | 470,319 |
Exedy Corp. | 157,500 | | 4,426,805 |
Fanuc Corp. | 32,700 | | 5,515,218 |
Fuji Corp. (d) | 33,300 | | 483,769 |
Fuji Heavy Industries Ltd. | 255,000 | | 1,923,462 |
Fuji Spinning Co. Ltd. | 758,000 | | 1,678,518 |
GMO Internet, Inc. | 88,500 | | 473,398 |
Hitachi Chemical Co. Ltd. | 356,500 | | 6,609,042 |
Hitachi Metals Ltd. | 504,000 | | 6,277,798 |
Hitachi Transport System Ltd. | 38,300 | | 700,973 |
Honda Motor Co. Ltd. | 123,500 | | 4,444,943 |
Hoshizaki Electric Co. Ltd. | 102,900 | | 2,467,619 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Iwatsuka Confectionary Co. Ltd. | 11,600 | | $ 470,686 |
JSP Corp. | 112,300 | | 1,533,653 |
K'S Denki Corp. | 47,100 | | 1,417,011 |
Kakaku.com, Inc. (d) | 392,900 | | 12,218,564 |
Kamei Corp. | 43,000 | | 608,745 |
Kanto Denka Kogyo Co. Ltd. (d) | 267,000 | | 865,083 |
KAWAI Musical Instruments Manufacturing Co. Ltd. | 405,000 | | 991,520 |
Koshidaka Holdings Co. Ltd. | 51,800 | | 1,608,607 |
Kubota Corp. | 920,000 | | 8,881,435 |
Kurimoto Ltd. | 1,046,000 | | 2,430,315 |
Makita Corp. | 101,400 | | 3,881,700 |
Maruwa Ceramic Co. Ltd. (d) | 125,200 | | 5,061,606 |
Megachips Corp. | 53,300 | | 1,177,860 |
MEGANE TOP CO. LTD. | 161,400 | | 2,072,695 |
Mitsubishi Gas Chemical Co., Inc. | 292,000 | | 1,913,125 |
Nexon Co. Ltd. (d) | 113,800 | | 2,157,164 |
Nichias Corp. | 407,000 | | 2,112,490 |
Nikkiso Co. Ltd. | 570,000 | | 5,985,773 |
Nintendo Co. Ltd. | 112,500 | | 15,186,642 |
Nippon Seiki Co. Ltd. | 33,000 | | 416,297 |
Nitta Corp. | 147,900 | | 2,808,387 |
Nitta Gelatin, Inc. | 15,100 | | 100,106 |
NSD Co. Ltd. | 46,300 | | 382,878 |
Olympus Corp. | 293,400 | | 4,606,901 |
Origin Electric Co. Ltd. | 332,000 | | 1,386,143 |
ORIX Corp. | 173,700 | | 16,608,636 |
Osaka Securities Exchange Co. Ltd. | 1,411 | | 8,078,857 |
Pal Co. Ltd. | 35,250 | | 1,673,298 |
Pigeon Corp. | 273,100 | | 10,896,980 |
Rohto Pharmaceutical Co. Ltd. | 163,000 | | 2,087,967 |
Sawada Holdings Co. Ltd. (a) | 271,700 | | 1,988,700 |
Shimadzu Corp. | 316,000 | | 2,813,518 |
Shinko Electric Industries Co.Ltd. (d) | 508,600 | | 4,754,355 |
Shinko Kogyo Co. Ltd. | 230,800 | | 1,116,203 |
Shinko Shoji Co. Ltd. | 2,800 | | 23,511 |
Shinsei Bank Ltd. | 886,000 | | 1,143,405 |
Skymark Airlines, Inc. | 23,300 | | 181,817 |
SMC Corp. | 700 | | 116,909 |
Sosei Group Corp. (a)(d) | 737 | | 1,166,306 |
Stanley Electric Co. Ltd. | 254,500 | | 3,899,093 |
STELLA CHEMIFA Corp. | 39,400 | | 897,644 |
Sugi Holdings Co. Ltd. | 10,600 | | 343,540 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Sumitomo Rubber Industries Ltd. | 232,100 | | $ 3,194,106 |
Sysmex Corp. | 3,400 | | 136,649 |
Taiheiyo Cement Corp. | 526,000 | | 1,255,417 |
Takara Leben Co. Ltd. | 467,300 | | 4,053,735 |
Takashima & Co. Ltd. | 138,000 | | 460,996 |
Takata Corp. | 60,200 | | 1,476,163 |
Toho Real Estate Co. Ltd. | 3,000 | | 18,123 |
Tokio Marine Holdings, Inc. | 19,700 | | 504,029 |
Tokyu Land Corp. | 378,000 | | 1,821,911 |
Topcon Corp. | 157,900 | | 1,216,427 |
Toyo Engineering Corp. | 691,000 | | 3,129,640 |
Toyo Kanetsu KK | 322,000 | | 727,636 |
Weathernews, Inc. | 6,700 | | 206,866 |
WebCrew, Inc. | 47,900 | | 611,949 |
West Holdings Corp. | 67,400 | | 1,176,145 |
Yahagi Construction Co. Ltd. | 1,800 | | 9,266 |
Yamato Kogyo Co. Ltd. | 95,000 | | 2,703,405 |
Yamaya Corp. | 42,100 | | 898,691 |
TOTAL JAPAN | | 230,542,276 |
Korea (South) - 0.4% |
Daou Technology, Inc. | 107,530 | | 1,075,181 |
Duksan Hi-Metal Co. Ltd. (a) | 36,664 | | 752,664 |
Genic Co. Ltd. | 10,506 | | 373,712 |
Korea Plant Service & Engineering Co. Ltd. | 12,424 | | 457,878 |
Medy-Tox, Inc. | 10,827 | | 416,746 |
TK Corp. (a) | 22,088 | | 599,046 |
TOTAL KOREA (SOUTH) | | 3,675,227 |
Luxembourg - 0.9% |
AZ Electronic Materials SA | 1,512,300 | | 7,813,037 |
Malaysia - 0.2% |
JobStreet Corp. Bhd | 1,223,100 | | 933,849 |
Muhibbah Engineering (M) Bhd | 937,000 | | 380,932 |
WCT Bhd | 480,000 | | 372,831 |
TOTAL MALAYSIA | | 1,687,612 |
Netherlands - 1.5% |
Gemalto NV | 100,108 | | 7,459,718 |
HeidelbergCement Finance AG (d) | 68,166 | | 3,748,042 |
Ichor Coal NV (a) | 355,000 | | 1,409,847 |
TOTAL NETHERLANDS | | 12,617,607 |
Common Stocks - continued |
| Shares | | Value |
Norway - 2.0% |
Aker Solutions ASA | 368,000 | | $ 6,254,129 |
Schibsted ASA (B Shares) | 201,600 | | 7,690,838 |
Sevan Drilling ASA | 2,251,900 | | 2,849,161 |
TOTAL NORWAY | | 16,794,128 |
Philippines - 0.1% |
Alliance Global Group, Inc. | 1,969,100 | | 577,210 |
Belle Corp. (a) | 3,750,000 | | 430,452 |
TOTAL PHILIPPINES | | 1,007,662 |
Singapore - 2.2% |
Amtek Engineering Ltd. | 2,624,000 | | 1,441,700 |
CSE Global Ltd. | 1,069,000 | | 643,482 |
Goodpack Ltd. | 1,220,000 | | 1,591,969 |
Hyflux Ltd. | 529,000 | | 613,352 |
Mapletree Industrial (REIT) | 1,116,000 | | 1,018,931 |
OSIM International Ltd. | 1,036,000 | | 1,012,855 |
Pertama Holdings Ltd. (e) | 23,060,000 | | 9,539,628 |
Petra Foods Ltd. | 370,000 | | 738,416 |
Raffles Medical Group Ltd. | 390,205 | | 728,294 |
Venture Corp. Ltd. | 205,000 | | 1,424,474 |
TOTAL SINGAPORE | | 18,753,101 |
South Africa - 0.3% |
Blue Label Telecoms Ltd. | 3,189,500 | | 2,788,455 |
Sweden - 1.1% |
Avanza Bank Holding AB | 167,600 | | 4,014,969 |
Elekta AB (B Shares) (d) | 112,400 | | 5,702,994 |
TOTAL SWEDEN | | 9,717,963 |
Switzerland - 0.7% |
Leclanche SA (a) | 6,500 | | 85,588 |
VZ Holding AG | 53,520 | | 5,743,869 |
TOTAL SWITZERLAND | | 5,829,457 |
Taiwan - 0.3% |
Lung Yen Life Service Co. Ltd. | 121,000 | | 367,711 |
Pacific Hospital Supply Co. Ltd. | 104,000 | | 315,692 |
Tong Hsing Electronics Industries Ltd. | 216,721 | | 799,091 |
Topoint Technology Co. Ltd. | 557,000 | | 350,573 |
WPG Holding Co. Ltd. | 294,000 | | 402,353 |
TOTAL TAIWAN | | 2,235,420 |
Common Stocks - continued |
| Shares | | Value |
Thailand - 0.3% |
Toyo-Thai Corp. PCL | 5,714,500 | | $ 2,787,108 |
United Kingdom - 19.8% |
Aberdeen Asset Management PLC | 1,220,000 | | 5,613,816 |
Amerisur Resources PLC (a)(d) | 7,990,224 | | 3,242,233 |
Ashmore Group PLC | 924,800 | | 5,742,990 |
ASOS PLC (a)(d) | 302,576 | | 7,258,622 |
Aurelian Oil & Gas PLC (a) | 3,890,100 | | 1,389,085 |
Avanti Communications Group PLC (a)(d) | 680,000 | | 3,013,123 |
Aveva Group PLC | 191,700 | | 5,183,730 |
Bond International Software PLC | 843,266 | | 793,849 |
Bowleven PLC (a) | 433,300 | | 624,169 |
Brammer PLC | 1,306,300 | | 7,802,540 |
Cadogan Petroleum PLC (a) | 1,723,100 | | 887,972 |
Central Asia Metals PLC (a) | 1,377,500 | | 2,001,059 |
China Goldmines PLC (a) | 669,353 | | 234,668 |
Craneware PLC (d) | 815,800 | | 4,886,021 |
Faroe Petroleum PLC (a) | 480,947 | | 1,379,755 |
GoIndustry-DoveBid PLC (a) | 117,989 | | 90,966 |
IG Group Holdings PLC | 741,702 | | 5,573,856 |
International Personal Finance PLC | 1,338,500 | | 5,815,834 |
John Wood Group PLC | 395,600 | | 5,014,788 |
Johnson Matthey PLC | 176,100 | | 6,614,058 |
Keronite PLC (a)(g) | 13,620,267 | | 221 |
London Mining PLC (a)(d) | 1,504,645 | | 7,296,041 |
Michael Page International PLC | 914,900 | | 6,171,553 |
Moneysupermarket.com Group PLC | 2,797,800 | | 6,053,299 |
Monitise PLC (a) | 4,517,900 | | 2,621,549 |
Mothercare PLC (d) | 404,827 | | 1,121,955 |
Nautical Petroleum PLC (a)(d) | 607,766 | | 3,334,252 |
NCC Group Ltd. | 225,015 | | 3,235,866 |
Ocado Group PLC (a)(d) | 1,088,800 | | 2,293,866 |
Ophir Energy PLC | 635,300 | | 5,949,767 |
Optos PLC (a) | 385,400 | | 1,607,645 |
Pureprofile Media PLC (a)(g) | 1,108,572 | | 719,729 |
Regenersis PLC (a) | 1,396,700 | | 2,255,649 |
Robert Walters PLC | 884,400 | | 3,667,625 |
Rockhopper Exploration PLC (a)(d) | 1,087,100 | | 6,003,616 |
SDL PLC | 462,462 | | 5,344,429 |
Serco Group PLC | 350,129 | | 3,082,997 |
Silverdell PLC (a) | 6,644,400 | | 1,105,414 |
Sinclair Pharma PLC (a) | 4,273,015 | | 1,872,593 |
Sphere Medical Holding PLC | 684,254 | | 905,149 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Sthree PLC | 1,063,309 | | $ 5,980,094 |
Synergy Health PLC | 293,653 | | 3,960,780 |
Ted Baker PLC | 476,775 | | 7,005,309 |
TMO Renewables Ltd. (a)(g) | 1,000,000 | | 568,085 |
Travis Perkins PLC | 322,600 | | 5,497,927 |
Valiant Petroleum PLC (a) | 414,400 | | 3,934,784 |
Wolfson Microelectronics PLC (a) | 968,500 | | 2,790,251 |
Zenergy Power PLC (a) | 855,520 | | 64,570 |
TOTAL UNITED KINGDOM | | 167,608,149 |
United States of America - 0.7% |
ChinaCast Education Corp. (a)(d) | 70,100 | | 148,612 |
CTC Media, Inc. | 4,300 | | 46,569 |
GI Dynamics, Inc. CDI | 690,238 | | 726,316 |
KIT Digital, Inc. (a)(d) | 428,400 | | 2,904,552 |
Mudalla Technology, Inc. (a) | 996,527 | | 16 |
Phorm, Inc. (a) | 1,308,800 | | 1,614,478 |
XL TechGroup, Inc. (a) | 1,329,250 | | 22 |
YOU On Demand Holdings, Inc. (a) | 86,974 | | 443,567 |
Zhongpin, Inc. (a) | 40,200 | | 379,488 |
TOTAL UNITED STATES OF AMERICA | | 6,263,620 |
TOTAL COMMON STOCKS (Cost $777,278,437) |
821,690,022
|
Government Obligations - 0.1% |
| Principal Amount (h) | | |
Germany - 0.1% |
German Federal Republic: | | | | |
0.0102% to 0.0102% 6/13/12 (f) | EUR | 275,000 | | 364,005 |
5% 7/4/12 (f) | EUR | 500,000 | | 667,379 |
TOTAL GOVERNMENT OBLIGATIONS (Cost $1,042,793) |
1,031,384
|
Money Market Funds - 9.7% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.14% (b) | 25,383,781 | | $ 25,383,781 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 56,586,607 | | 56,586,607 |
TOTAL MONEY MARKET FUNDS (Cost $81,970,388) |
81,970,388
|
TOTAL INVESTMENT PORTFOLIO - 106.7% (Cost $860,291,618) | | 904,691,794 |
NET OTHER ASSETS (LIABILITIES) - (6.7)% | | (57,088,382) |
NET ASSETS - 100% | $ 847,603,412 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized Appreciation/
(Depreciation) |
Purchased |
Equity Index Contracts |
Eurex EURO STOXX 50 Index Contracts (Germany) | June 2012 | | $ 3,977,317 | | $ 44,813 |
The face value of futures purchased as a percentage of net assets is 0.5% |
Currency Abbreviations |
EUR | - | European Monetary Unit |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $998,293. |
(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 $6,155,583 or 0.7% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
AirSea Lines | 8/4/06 | $ 1,199,182 |
Buried Hill Energy (Cyprus) PCL | 8/18/06 | $ 2,141,700 |
Kalahari Energy | 9/1/06 | $ 1,813,750 |
Keronite PLC | 8/16/06 | $ 1,548,992 |
Pureprofile Media PLC | 5/3/05 - 1/11/06 | $ 1,173,341 |
Rock Well Petroleum, Inc. | 4/13/06 | $ 1,004,171 |
TMO Renewables Ltd. | 10/27/05 | $ 535,065 |
(h) Principle amount is stated in United States dollars unless otherwise noted. |
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 | $ 11,934 |
Fidelity Securities Lending Cash Central Fund | 306,751 |
Total | $ 318,685 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Pertama Holdings Ltd. | $ 11,809,703 | $ - | $ - | $ 146,001 | $ 9,539,628 |
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, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 162,823,380 | $ 111,659,415 | $ 41,475,709 | $ 9,688,256 |
Consumer Staples | 19,587,032 | 6,977,135 | 12,609,897 | - |
Energy | 64,645,167 | 57,640,161 | 727,636 | 6,277,370 |
Financials | 94,708,857 | 54,139,445 | 40,569,390 | 22 |
Health Care | 77,617,886 | 54,039,449 | 23,010,352 | 568,085 |
Industrials | 124,993,713 | 92,034,591 | 32,668,583 | 290,539 |
Information Technology | 154,901,787 | 96,211,676 | 57,847,183 | 842,928 |
Materials | 110,583,538 | 85,517,151 | 24,831,719 | 234,668 |
Telecommunication Services | 9,566,347 | 9,566,347 | - | - |
Utilities | 2,262,315 | 2,262,315 | - | - |
Government Obligations | 1,031,384 | - | 1,031,384 | - |
Money Market Funds | 81,970,388 | 81,970,388 | - | - |
Total Investments in Securities: | $ 904,691,794 | $ 652,018,073 | $ 234,771,853 | $ 17,901,868 |
Derivative Instruments: | | | | |
Assets | | | | |
Futures Contracts | $ 44,813 | $ 44,813 | $ - | $ - |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Equities - Consumer Discretionary | |
Beginning Balance | $ 16 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | (2,403,258) |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | 12,091,498 |
Transfers out of Level 3 | - |
Ending Balance | $ 9,688,256 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ (2,403,258) |
Equities - Energy | |
Beginning Balance | $ 4,867,523 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | (10,490) |
Cost of Purchases | 1,420,337 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 6,277,370 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ (10,490) |
Equities - Financials | |
Beginning Balance | $ 21 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 1 |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 22 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ 1 |
Investments in Securities: | |
Equities - Health Care | |
Beginning Balance | $ 2,116,858 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 5,215 |
Cost of Purchases | - |
Proceeds of Sales | (1,553,988) |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 568,085 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ 5,215 |
Equities - Industrials | |
Beginning Balance | $ 245 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | (98,007) |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | 388,301 |
Transfers out of Level 3 | - |
Ending Balance | $ 290,539 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ (98,007) |
Equities - Information Technology | |
Beginning Balance | $ 964,239 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | (121,311) |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 842,928 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ (121,311) |
Investments in Securities: | |
Equities - Materials | |
Beginning Balance | $ 232,514 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 2,154 |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 234,668 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ 2,154 |
Corporate Bonds | |
Beginning Balance | $ 163,913 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | - |
Cost of Purchases | - |
Proceeds of Sales | (163,913) |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ - |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ - |
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. |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by risk exposure as of April 30, 2012. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Risk Exposure /
Derivative Type | Value |
| Asset | Liability |
Equity Risk | | |
Futures Contracts (a) | $ 44,813 | $ - |
Total Value of Derivatives | $ 44,813 | $ - |
(a) Reflects cumulative appreciation/(depreciation) on futures contracts as disclosed on the Schedule of Investments. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $53,531,742) - See accompanying schedule: Unaffiliated issuers (cost $771,908,944) | $ 813,181,778 | |
Fidelity Central Funds (cost $81,970,388) | 81,970,388 | |
Other affiliated issuers (cost $6,412,286) | 9,539,628 | |
Total Investments (cost $860,291,618) | | $ 904,691,794 |
Foreign currency held at value (cost $956,598) | | 958,827 |
Receivable for investments sold | | 3,339,030 |
Receivable for fund shares sold | | 714,879 |
Dividends receivable | | 2,777,981 |
Interest receivable | | 27,227 |
Distributions receivable from Fidelity Central Funds | | 113,063 |
Prepaid expenses | | 1,182 |
Other receivables | | 63,923 |
Total assets | | 912,687,906 |
| | |
Liabilities | | |
Payable for investments purchased | $ 5,115,697 | |
Payable for fund shares redeemed | 2,104,967 | |
Accrued management fee | 741,837 | |
Distribution and service plan fees payable | 16,572 | |
Payable for daily variation margin on futures contracts | 55,454 | |
Other affiliated payables | 224,018 | |
Other payables and accrued expenses | 239,342 | |
Collateral on securities loaned, at value | 56,586,607 | |
Total liabilities | | 65,084,494 |
| | |
Net Assets | | $ 847,603,412 |
Net Assets consist of: | | |
Paid in capital | | $ 876,001,009 |
Undistributed net investment income | | 924,081 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (73,716,161) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 44,394,483 |
Net Assets | | $ 847,603,412 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2012 |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($15,949,481 ÷ 798,859 shares) | | $ 19.97 |
| | |
Maximum offering price per share (100/94.25 of $19.97) | | $ 21.19 |
Class T:
Net Asset Value and redemption price per share ($11,225,743 ÷ 565,832 shares) | | $ 19.84 |
| | |
Maximum offering price per share (100/96.50 of $19.84) | | $ 20.56 |
Class B:
Net Asset Value and offering price per share ($1,145,702 ÷ 58,723 shares)A | | $ 19.51 |
| | |
Class C:
Net Asset Value and offering price per share ($9,150,243 ÷ 469,918 shares)A | | $ 19.47 |
| | |
| | |
International Small Cap:
Net Asset Value, offering price and redemption price per share ($800,949,477 ÷ 39,672,414 shares) | | $ 20.19 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($9,182,766 ÷ 454,901 shares) | | $ 20.19 |
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, 2012 |
| | |
Investment Income | | |
Dividends (including $146,001 earned from other affiliated issuers) | | $ 6,543,425 |
Interest | | 12,077 |
Income from Fidelity Central Funds | | 318,685 |
Income before foreign taxes withheld | | 6,874,187 |
Less foreign taxes withheld | | (384,138) |
Total income | | 6,490,049 |
| | |
Expenses | | |
Management fee
Basic fee | $ 3,612,989 | |
Performance adjustment | 365,964 | |
Transfer agent fees | 1,151,518 | |
Distribution and service plan fees | 100,369 | |
Accounting and security lending fees | 204,663 | |
Custodian fees and expenses | 145,787 | |
Independent trustees' compensation | 2,610 | |
Registration fees | 53,025 | |
Audit | 77,293 | |
Legal | 1,980 | |
Miscellaneous | 5,145 | |
Total expenses before reductions | 5,721,343 | |
Expense reductions | (154,674) | 5,566,669 |
Net investment income (loss) | | 923,380 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 16,890,335 | |
Foreign currency transactions | (120,753) | |
Futures contracts | 721,582 | |
Total net realized gain (loss) | | 17,491,164 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $118,679) | 39,661,574 | |
Assets and liabilities in foreign currencies | 71,609 | |
Futures contracts | 158,093 | |
Total change in net unrealized appreciation (depreciation) | | 39,891,276 |
Net gain (loss) | | 57,382,440 |
Net increase (decrease) in net assets resulting from operations | | $ 58,305,820 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 923,380 | $ 8,017,121 |
Net realized gain (loss) | 17,491,164 | 35,260,441 |
Change in net unrealized appreciation (depreciation) | 39,891,276 | (96,830,627) |
Net increase (decrease) in net assets resulting
from operations | 58,305,820 | (53,553,065) |
Distributions to shareholders from net investment income | (8,016,423) | (2,430,566) |
Distributions to shareholders from net realized gain | (12,577,678) | (28,246,937) |
Total distributions | (20,594,101) | (30,677,503) |
Share transactions - net increase (decrease) | (105,156,857) | 129,451,482 |
Redemption fees | 64,395 | 283,575 |
Total increase (decrease) in net assets | (67,380,743) | 45,504,489 |
| | |
Net Assets | | |
Beginning of period | 914,984,155 | 869,479,666 |
End of period (including undistributed net investment income of $924,081 and undistributed net investment income of $8,017,124, respectively) | $ 847,603,412 | $ 914,984,155 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 18.97 | $ 20.42 | $ 17.28 | $ 11.91 | $ 31.14 | $ 28.79 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | - J | .10 | .03 | .06 | - J | .03 |
Net realized and unrealized gain (loss) | 1.38 | (.88) | 3.51 | 5.31 | (14.03) | 7.97 |
Total from investment operations | 1.38 | (.78) | 3.54 | 5.37 | (14.03) | 8.00 |
Distributions from net investment income | (.11) | (.02) | (.06) | - | (.03) | - |
Distributions from net realized gain | (.27) | (.66) | (.34) | - | (5.18) | (5.65) |
Total distributions | (.38) | (.68) | (.40) | - | (5.20) K | (5.65) |
Redemption fees added to paid in capital E | - J | .01 | - J | - J | - J | - J |
Net asset value, end of period | $ 19.97 | $ 18.97 | $ 20.42 | $ 17.28 | $ 11.91 | $ 31.14 |
Total Return B, C, D | 7.51% | (4.00)% | 20.85% | 45.09% | (53.35)% | 33.43% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.61% A | 1.56% | 1.71% | 1.75% | 1.82% | 1.53% |
Expenses net of fee waivers, if any | 1.61% A | 1.55% | 1.65% | 1.65% | 1.65% | 1.53% |
Expenses net of all reductions | 1.57% A | 1.54% | 1.63% | 1.62% | 1.60% | 1.49% |
Net investment income (loss) | (.03)% A | .49% | .16% | .41% | -% H | .10% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 15,949 | $ 17,185 | $ 19,720 | $ 17,590 | $ 13,561 | $ 38,585 |
Portfolio turnover rate G | 96% A | 47% | 66% | 81% | 113% | 70% |
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. HAmount represents less than .01%. 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. JAmount represents less than $.01 per share. KTotal distributions of $5.20 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $5.176 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 18.80 | $ 20.23 | $ 17.14 | $ 11.84 | $ 30.96 | $ 28.64 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.03) | .05 | (.02) | .02 | (.05) | (.04) |
Net realized and unrealized gain (loss) | 1.37 | (.86) | 3.47 | 5.28 | (13.95) | 7.93 |
Total from investment operations | 1.34 | (.81) | 3.45 | 5.30 | (14.00) | 7.89 |
Distributions from net investment income | (.03) | - | (.02) | - | - | - |
Distributions from net realized gain | (.27) | (.63) | (.34) | - | (5.12) | (5.57) |
Total distributions | (.30) | (.63) | (.36) | - | (5.12) | (5.57) |
Redemption fees added to paid in capital E | - I | .01 | - I | - I | - I | - I |
Net asset value, end of period | $ 19.84 | $ 18.80 | $ 20.23 | $ 17.14 | $ 11.84 | $ 30.96 |
Total Return B, C, D | 7.32% | (4.18)% | 20.46% | 44.76% | (53.46)% | 33.07% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 1.86% A | 1.82% | 1.97% | 2.00% | 2.07% | 1.77% |
Expenses net of fee waivers, if any | 1.86% A | 1.81% | 1.90% | 1.90% | 1.90% | 1.77% |
Expenses net of all reductions | 1.83% A | 1.79% | 1.88% | 1.86% | 1.86% | 1.73% |
Net investment income (loss) | (.29)% A | .24% | (.09)% | .16% | (.25)% | (.14)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 11,226 | $ 13,744 | $ 16,092 | $ 15,760 | $ 13,493 | $ 40,823 |
Portfolio turnover rate G | 96% A | 47% | 66% | 81% | 113% | 70% |
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
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 18.38 | $ 19.79 | $ 16.78 | $ 11.65 | $ 30.49 | $ 28.26 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.07) | (.05) | (.10) | (.04) | (.16) | (.18) |
Net realized and unrealized gain (loss) | 1.35 | (.85) | 3.39 | 5.17 | (13.73) | 7.82 |
Total from investment operations | 1.28 | (.90) | 3.29 | 5.13 | (13.89) | 7.64 |
Distributions from net realized gain | (.15) | (.52) | (.28) | - | (4.95) | (5.41) |
Redemption fees added to paid in capital E | - I | .01 | - I | - I | - I | - I |
Net asset value, end of period | $ 19.51 | $ 18.38 | $ 19.79 | $ 16.78 | $ 11.65 | $ 30.49 |
Total Return B, C, D | 7.04% | (4.68)% | 19.90% | 44.03% | (53.68)% | 32.38% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.36% A | 2.32% | 2.47% | 2.49% | 2.58% | 2.30% |
Expenses net of fee waivers, if any | 2.36% A | 2.30% | 2.40% | 2.40% | 2.40% | 2.30% |
Expenses net of all reductions | 2.33% A | 2.29% | 2.38% | 2.36% | 2.36% | 2.26% |
Net investment income (loss) | (.79)% A | (.26)% | (.59)% | (.33)% | (.75)% | (.66)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,146 | $ 2,067 | $ 3,457 | $ 3,601 | $ 3,230 | $ 10,704 |
Portfolio turnover rate G | 96% A | 47% | 66% | 81% | 113% | 70% |
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 - Class C
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 18.38 | $ 19.85 | $ 16.85 | $ 11.70 | $ 30.62 | $ 28.33 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.07) | (.04) | (.10) | (.04) | (.16) | (.17) |
Net realized and unrealized gain (loss) | 1.35 | (.85) | 3.40 | 5.19 | (13.78) | 7.85 |
Total from investment operations | 1.28 | (.89) | 3.30 | 5.15 | (13.94) | 7.68 |
Distributions from net realized gain | (.19) | (.59) | (.30) | - | (4.98) | (5.39) |
Redemption fees added to paid in capital E | - I | .01 | - I | - I | - I | - I |
Net asset value, end of period | $ 19.47 | $ 18.38 | $ 19.85 | $ 16.85 | $ 11.70 | $ 30.62 |
Total Return B, C, D | 7.06% | (4.64)% | 19.86% | 44.02% | (53.67)% | 32.39% |
Ratios to Average Net Assets F, H | | | | | |
Expenses before reductions | 2.36% A | 2.27% | 2.42% | 2.49% | 2.57% | 2.26% |
Expenses net of fee waivers, if any | 2.36% A | 2.26% | 2.40% | 2.40% | 2.40% | 2.26% |
Expenses net of all reductions | 2.32% A | 2.24% | 2.37% | 2.36% | 2.36% | 2.22% |
Net investment income (loss) | (.78)% A | (.21)% | (.59)% | (.33)% | (.76)% | (.62)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,150 | $ 9,545 | $ 13,501 | $ 5,814 | $ 5,658 | $ 20,094 |
Portfolio turnover rate G | 96% A | 47% | 66% | 81% | 113% | 70% |
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 - International Small Cap
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 19.23 | $ 20.66 | $ 17.48 | $ 12.03 | $ 31.44 | $ 29.03 |
Income from Investment
Operations | | | | | |
Net investment income (loss) D | .02 | .17 | .07 | .08 | .03 | .12 |
Net realized and unrealized gain (loss) | 1.39 | (.89) | 3.53 | 5.37 | (14.14) | 8.03 |
Total from investment operations | 1.41 | (.72) | 3.60 | 5.45 | (14.11) | 8.15 |
Distributions from net investment income | (.18) | (.06) | (.08) | - | (.12) | (.07) |
Distributions from net realized gain | (.27) | (.66) | (.34) | - | (5.18) | (5.67) |
Total distributions | (.45) | (.72) | (.42) | - | (5.30) | (5.74) |
Redemption fees added to paid in capital D | - H | .01 | - H | - H | - H | - H |
Net asset value, end of period | $ 20.19 | $ 19.23 | $ 20.66 | $ 17.48 | $ 12.03 | $ 31.44 |
Total Return B, C | 7.61% | (3.65)% | 21.02% | 45.30% | (53.25)% | 33.82% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.33% A | 1.26% | 1.44% | 1.48% | 1.49% | 1.19% |
Expenses net of fee waivers, if any | 1.33% A | 1.25% | 1.44% | 1.48% | 1.49% | 1.19% |
Expenses net of all reductions | 1.30% A | 1.23% | 1.42% | 1.44% | 1.44% | 1.15% |
Net investment income (loss) | .24% A | .80% | .37% | .58% | .16% | .45% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 800,949 | $ 856,692 | $ 808,478 | $ 669,035 | $ 536,291 | $ 1,663,761 |
Portfolio turnover rate F | 96% A | 47% | 66% | 81% | 113% | 70% |
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
Financial Highlights - Institutional Class
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 19.24 | $ 20.66 | $ 17.47 | $ 12.01 | $ 31.38 | $ 28.99 |
Income from Investment
Operations | | | | | |
Net investment income (loss) D | .03 | .18 | .09 | .09 | .05 | .12 |
Net realized and unrealized gain (loss) | 1.39 | (.89) | 3.53 | 5.37 | (14.12) | 8.02 |
Total from investment operations | 1.42 | (.71) | 3.62 | 5.46 | (14.07) | 8.14 |
Distributions from net investment income | (.20) | (.06) | (.09) | - | (.12) | (.07) |
Distributions from net realized gain | (.27) | (.66) | (.34) | - | (5.18) | (5.68) |
Total distributions | (.47) | (.72) | (.43) | - | (5.30) | (5.75) |
Redemption fees added to paid in capital D | - H | .01 | - H | - H | - H | - H |
Net asset value, end of period | $ 20.19 | $ 19.24 | $ 20.66 | $ 17.47 | $ 12.01 | $ 31.38 |
Total Return B, C | 7.66% | (3.62)% | 21.15% | 45.46% | (53.22)% | 33.84% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.25% A | 1.22% | 1.34% | 1.45% | 1.49% | 1.18% |
Expenses net of fee waivers, if any | 1.25% A | 1.21% | 1.34% | 1.40% | 1.40% | 1.18% |
Expenses net of all reductions | 1.21% A | 1.19% | 1.31% | 1.37% | 1.35% | 1.14% |
Net investment income (loss) | .33% A | .84% | .47% | .66% | .25% | .45% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,183 | $ 15,752 | $ 8,231 | $ 2,696 | $ 2,217 | $ 7,774 |
Portfolio turnover rate F | 96% A | 47% | 66% | 81% | 113% | 70% |
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, 2012
1. Organization.
Fidelity® International Small Cap 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, International Small Cap and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.
Semiannual Report
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For foreign government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is
Semiannual Report
3. Significant Accounting Policies - continued
New Accounting Pronouncements - continued
currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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
Semiannual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
realized gains. As a result, no provision for income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, 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 | $ 142,322,635 |
Gross unrealized depreciation | (114,870,300) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 27,452,335 |
| |
Tax cost | $ 877,239,459 |
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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
unlimited period and such capital losses are required to be used prior to any losses that expire. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
| |
2017 | $ (65,361,612) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days are subject to a redemption fee equal to 2.00% of the net asset value 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.
4. Operating Policies.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund used derivative instruments (derivatives), including futures contracts, in order to meet its investment objectives. The strategy is to use 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its 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 Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund 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
Semiannual Report
Notes to Financial Statements - continued
5. Derivative Instruments - continued
Risk Exposures and the Use of Derivative Instruments - continued
Fund. Counterparty credit risk related to exchange-traded futures contracts is minimal because of the protection provided by the exchange on which they trade. Derivatives involve, to varying degrees, risk of loss in excess of the amounts recognized in the Statement of Assets and Liabilities.
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 Fund used futures contracts to manage its 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 payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
The underlying face amount at value of open futures contracts at period end, is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end and is representative of activity for the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $721,582 and a change in net unrealized appreciation (depreciation) of $158,093 related to its investment in futures contracts. These amounts are included in the Statement of Operations.
6. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $398,245,900 and $533,404,576, respectively.
7. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the
Semiannual Report
7. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Small Cap as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .94% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 19,999 | $ 216 |
Class T | .25% | .25% | 28,590 | 141 |
Class B | .75% | .25% | 8,164 | 6,131 |
Class C | .75% | .25% | 43,616 | 3,166 |
| | | $ 100,369 | $ 9,654 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements - continued
7. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 4,271 |
Class T | 1,676 |
Class B* | 162 |
Class C* | 947 |
| $ 7,056 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 23,900 | .30 |
Class T | 17,309 | .30 |
Class B | 2,470 | .30 |
Class C | 13,037 | .30 |
International Small Cap | 1,084,142 | .27 |
Institutional Class | 10,660 | .19 |
| $ 1,151,518 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $341 for the period.
Semiannual Report
8. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $1,289 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
9. 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $293,405. 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 $306,751, including $3,294 from securities loaned to FCM.
10. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $154,674 for the period.
Semiannual Report
Notes to Financial Statements - continued
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 98,059 | $ 15,709 |
Class T | 18,440 | - |
International Small Cap | 7,747,339 | 2,403,692 |
Institutional Class | 152,585 | 11,165 |
Total | $ 8,016,423 | $ 2,430,566 |
From net realized gain | | |
Class A | $ 246,963 | $ 648,961 |
Class T | 172,958 | 496,268 |
Class B | 15,448 | 87,007 |
Class C | 91,928 | 402,241 |
International Small Cap | 11,838,630 | 26,480,677 |
Institutional Class | 211,751 | 131,783 |
Total | $ 12,577,678 | $ 28,246,937 |
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 123,052 | 472,219 | $ 2,325,517 | $ 10,051,889 |
Reinvestment of distributions | 18,159 | 30,361 | 323,948 | 616,326 |
Shares redeemed | (248,055) | (562,759) | (4,650,556) | (11,902,630) |
Net increase (decrease) | (106,844) | (60,179) | $ (2,001,091) | $ (1,234,415) |
Class T | | | | |
Shares sold | 36,407 | 237,757 | $ 676,483 | $ 5,055,416 |
Reinvestment of distributions | 10,478 | 24,155 | 185,991 | 486,714 |
Shares redeemed | (212,176) | (326,059) | (3,925,700) | (6,629,520) |
Net increase (decrease) | (165,291) | (64,147) | $ (3,063,226) | $ (1,087,390) |
Class B | | | | |
Shares sold | 1,142 | 21,873 | $ 21,036 | $ 464,854 |
Reinvestment of distributions | 825 | 4,142 | 14,430 | 81,975 |
Shares redeemed | (55,741) | (88,228) | (1,034,631) | (1,778,852) |
Net increase (decrease) | (53,774) | (62,213) | $ (999,165) | $ (1,232,023) |
Semiannual Report
12. Share Transactions - continued
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 | Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Class C | | | | |
Shares sold | 58,548 | 128,685 | $ 1,104,388 | $ 2,661,361 |
Reinvestment of distributions | 4,830 | 19,105 | 84,289 | 378,079 |
Shares redeemed | (112,709) | (308,659) | (2,017,883) | (6,253,765) |
Net increase (decrease) | (49,331) | (160,869) | $ (829,206) | $ (3,214,325) |
International Small Cap | | | | |
Shares sold | 3,247,219 | 17,502,789 | $ 60,919,959 | $ 375,309,666 |
Reinvestment of distributions | 1,033,821 | 1,321,812 | 18,629,459 | 27,110,370 |
Shares redeemed | (9,159,444) | (13,398,001) | (171,129,205) | (275,580,654) |
Net increase (decrease) | (4,878,404) | 5,426,600 | $ (91,579,787) | $ 126,839,382 |
Institutional Class | | | | |
Shares sold | 95,768 | 798,910 | $ 1,812,597 | $ 17,190,303 |
Reinvestment of distributions | 15,793 | 5,609 | 284,438 | 115,044 |
Shares redeemed | (475,493) | (384,085) | (8,781,417) | (7,925,094) |
Net increase (decrease) | (363,932) | 420,434 | $ (6,684,382) | $ 9,380,253 |
13. 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, FMR or its affiliates were the owners of record of 15% of the total outstanding shares of the Fund.
Semiannual Report
To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Small Cap Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of April 30, 2012, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months ended April 30, 2012 and for the year ended October 31, 2011, and the financial highlights for the six months ended April 30, 2012 and for each of the five years in the period ended October 31, 2011. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2012, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity International Small Cap Fund as of April 30, 2012, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2012 and for the year ended October 31, 2011, and the financial highlights for the six months ended April 30, 2012 and for each of the five years in the period ended October 31, 2011, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 12, 2012
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (UK) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York Mellon
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
ISC-USAN-0612
1.800661.108
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Total International Equity
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Class A, Class T,
Class B, and Class C are
classes of Fidelity® Total
International Equity Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to
April 30, 2012 |
Class A | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,060.30 | $ 7.43 |
HypotheticalA | | $ 1,000.00 | $ 1,017.65 | $ 7.27 |
Class T | 1.70% | | | |
Actual | | $ 1,000.00 | $ 1,058.70 | $ 8.70 |
HypotheticalA | | $ 1,000.00 | $ 1,016.41 | $ 8.52 |
Class B | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,055.50 | $ 11.24 |
HypotheticalA | | $ 1,000.00 | $ 1,013.92 | $ 11.02 |
Class C | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,056.20 | $ 11.25 |
HypotheticalA | | $ 1,000.00 | $ 1,013.92 | $ 11.02 |
Total International Equity | 1.20% | | | |
Actual | | $ 1,000.00 | $ 1,060.20 | $ 6.15 |
HypotheticalA | | $ 1,000.00 | $ 1,018.90 | $ 6.02 |
Institutional Class | 1.20% | | | |
Actual | | $ 1,000.00 | $ 1,060.40 | $ 6.15 |
HypotheticalA | | $ 1,000.00 | $ 1,018.90 | $ 6.02 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United Kingdom 18.1% | |
 | Japan 13.5% | |
 | Switzerland 7.0% | |
 | United States of America 6.4% | |
 | Germany 5.7% | |
 | Australia 4.4% | |
 | France 4.3% | |
 | Taiwan 3.0% | |
 | India 2.6% | |
 | Other 35.0% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United Kingdom 18.1% | |
| Japan 11.7% | |
| United States of America 9.0% | |
| Switzerland 6.6% | |
| Germany 5.9% | |
| France 4.9% | |
| Australia 4.3% | |
| Korea (South) 4.2% | |
| Brazil 4.1% | |
| Other 31.2% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.8 | 96.7 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.2 | 3.3 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Switzerland, Food Products) | 2.4 | 2.7 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.2 | 1.8 |
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.2 | 2.2 |
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals) | 1.6 | 1.6 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 1.4 | 1.3 |
Sanofi SA (France, Pharmaceuticals) | 1.4 | 1.1 |
BP PLC sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 1.3 | 1.1 |
Australia & New Zealand Banking Group Ltd. (Australia, Commercial Banks) | 1.0 | 0.7 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.0 | 1.1 |
Commonwealth Bank of Australia (Australia, Commercial Banks) | 1.0 | 1.1 |
| 15.5 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 19.8 | 18.2 |
Consumer Staples | 14.7 | 12.9 |
Industrials | 11.7 | 9.9 |
Consumer Discretionary | 11.6 | 9.9 |
Health Care | 10.6 | 8.0 |
Energy | 7.6 | 10.0 |
Materials | 7.4 | 10.6 |
Information Technology | 6.0 | 6.8 |
Telecommunication Services | 5.4 | 6.7 |
Utilities | 4.0 | 3.7 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.2% |
| Shares | | Value |
Australia - 4.4% |
Australia & New Zealand Banking Group Ltd. | 117,811 | | $ 2,934,747 |
Coca-Cola Amatil Ltd. | 49,234 | | 638,616 |
Commonwealth Bank of Australia | 53,487 | | 2,896,051 |
CSL Ltd. | 34,287 | | 1,309,565 |
Newcrest Mining Ltd. | 23,905 | | 655,013 |
Origin Energy Ltd. | 35,476 | | 490,098 |
Ramsay Health Care Ltd. | 1,506 | | 31,428 |
Sydney Airport unit | 321,687 | | 975,285 |
Telstra Corp. Ltd. | 236,280 | | 871,436 |
Transurban Group unit | 49,782 | | 304,450 |
Westfield Group unit | 114,582 | | 1,103,046 |
WorleyParsons Ltd. | 26,140 | | 769,359 |
TOTAL AUSTRALIA | | 12,979,094 |
Austria - 0.4% |
Andritz AG | 17,558 | | 919,039 |
Zumtobel AG | 19,837 | | 273,106 |
TOTAL AUSTRIA | | 1,192,145 |
Bailiwick of Guernsey - 0.2% |
Resolution Ltd. | 123,894 | | 450,045 |
Bailiwick of Jersey - 0.8% |
Atrium European Real Estate Ltd. | 106,713 | | 519,861 |
Informa PLC | 51,037 | | 343,447 |
Randgold Resources Ltd. sponsored ADR | 6,660 | | 593,739 |
Wolseley PLC | 23,139 | | 879,958 |
TOTAL BAILIWICK OF JERSEY | | 2,337,005 |
Belgium - 1.3% |
Anheuser-Busch InBev SA NV (d) | 40,471 | | 2,917,187 |
Gimv NV | 1,420 | | 69,590 |
Umicore SA | 17,321 | | 939,996 |
TOTAL BELGIUM | | 3,926,773 |
Bermuda - 2.2% |
ARA Asset Management Ltd. (e) | 451,000 | | 553,888 |
Cafe de Coral Holdings Ltd. | 212,000 | | 582,008 |
Cheung Kong Infrastructure Holdings Ltd. | 124,000 | | 735,979 |
Lazard Ltd. Class A | 8,770 | | 241,263 |
Li & Fung Ltd. | 386,000 | | 825,865 |
Pacific Basin Shipping Ltd. | 1,076,000 | | 565,830 |
Texwinca Holdings Ltd. | 558,000 | | 683,237 |
Common Stocks - continued |
| Shares | | Value |
Bermuda - continued |
Trinity Ltd. | 342,000 | | $ 286,078 |
Vtech Holdings Ltd. | 59,800 | | 670,555 |
Wilson Sons Ltd. unit | 41,700 | | 623,482 |
Yue Yuen Industrial (Holdings) Ltd. | 206,000 | | 690,326 |
TOTAL BERMUDA | | 6,458,511 |
Brazil - 2.0% |
Arezzo Industria e Comercio SA | 16,600 | | 261,260 |
Banco ABC Brasil SA | 7,900 | | 49,319 |
Banco Bradesco SA | 70,400 | | 956,567 |
Banco Pine SA | 7,106 | | 48,650 |
BM&F Bovespa SA | 57,900 | | 325,624 |
Braskem SA Class A sponsored ADR | 15,990 | | 235,053 |
Cetip SA | 15,000 | | 231,120 |
Duratex SA | 100,200 | | 588,747 |
Fleury SA | 42,500 | | 547,596 |
Iguatemi Empresa de Shopping Centers SA | 10,000 | | 219,710 |
Itau Unibanco Banco Multiplo SA sponsored ADR | 15,570 | | 244,293 |
LPS Brasil Consultoria de Imoveis SA | 20,800 | | 359,006 |
Multiplan Empreendimentos Imobiliarios SA | 16,200 | | 382,446 |
Oi SA | 113,616 | | 768,308 |
T4F Entretenimento SA | 3,600 | | 32,900 |
Tractebel Energia SA | 43,800 | | 754,836 |
TOTAL BRAZIL | | 6,005,435 |
British Virgin Islands - 0.0% |
Gem Diamonds Ltd. (a) | 7,800 | | 32,790 |
Canada - 0.7% |
Agnico-Eagle Mines Ltd. (Canada) | 8,740 | | 349,158 |
Copper Mountain Mining Corp. (a) | 6,600 | | 28,665 |
Eldorado Gold Corp. | 3,300 | | 46,773 |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 1,255 | | 514,566 |
First Quantum Minerals Ltd. | 9,785 | | 203,278 |
Goldcorp, Inc. | 11,594 | | 444,041 |
Open Text Corp. (a) | 4,350 | | 243,891 |
Painted Pony Petroleum Ltd. Class A (a) | 3,400 | | 27,434 |
Petrominerales Ltd. | 1,725 | | 25,235 |
TAG Oil Ltd. (a) | 3,200 | | 34,017 |
Tuscany International Drilling, Inc. (a) | 29,600 | | 20,977 |
Tuscany International Drilling, Inc. (a)(e) | 1,900 | | 1,346 |
TOTAL CANADA | | 1,939,381 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - 1.9% |
Baidu.com, Inc. sponsored ADR (a) | 3,900 | | $ 517,530 |
Boer Power Holdings Ltd. | 1,129,000 | | 407,442 |
China Lilang Ltd. | 19,000 | | 17,558 |
Haitian International Holdings Ltd. | 351,000 | | 403,992 |
Mindray Medical International Ltd. sponsored ADR (d) | 22,200 | | 727,272 |
Minth Group Ltd. | 558,000 | | 706,971 |
NVC Lighting Holdings Ltd. | 681,000 | | 247,520 |
Perfect World Co. Ltd. sponsored ADR Class B | 45,600 | | 556,776 |
Samson Holding Ltd. | 3,679,000 | | 488,406 |
Sands China Ltd. | 244,800 | | 962,332 |
SITC International Holdings Co. Ltd. | 1,461,000 | | 442,519 |
Vantage Drilling Co. (a) | 15,200 | | 24,016 |
TOTAL CAYMAN ISLANDS | | 5,502,334 |
Chile - 1.9% |
Compania Cervecerias Unidas SA sponsored ADR | 6,500 | | 465,530 |
Embotelladora Andina SA sponsored ADR | 17,300 | | 562,250 |
Empresa Nacional de Telecomunicaciones SA (ENTEL) | 32,442 | | 642,888 |
Inversiones Aguas Metropolitanas SA | 580,814 | | 1,023,698 |
Isapre CruzBlanca SA | 583,589 | | 638,808 |
Parque Arauco SA | 368,291 | | 715,552 |
Quinenco SA | 341,147 | | 1,054,947 |
Sociedad Matriz SAAM SA (a) | 3,284,500 | | 392,705 |
TOTAL CHILE | | 5,496,378 |
China - 0.6% |
China BlueChemical Ltd. (H Shares) | 592,000 | | 423,476 |
China Communications Services Corp. Ltd. (H Shares) | 1,488,000 | | 765,226 |
China Oilfield Services Ltd. (H Shares) | 310,000 | | 502,639 |
TOTAL CHINA | | 1,691,341 |
Colombia - 0.5% |
BanColombia SA sponsored ADR | 10,300 | | 698,649 |
Bolsa de Valores de Colombia | 32,883,815 | | 636,264 |
TOTAL COLOMBIA | | 1,334,913 |
Curacao - 0.2% |
Schlumberger Ltd. | 6,500 | | 481,910 |
Denmark - 1.0% |
Novo Nordisk A/S Series B sponsored ADR | 15,200 | | 2,234,704 |
William Demant Holding A/S (a) | 8,710 | | 822,225 |
TOTAL DENMARK | | 3,056,929 |
Common Stocks - continued |
| Shares | | Value |
Egypt - 0.3% |
Commercial International Bank Ltd. | 185,900 | | $ 794,002 |
Finland - 0.6% |
Nokian Tyres PLC | 25,202 | | 1,195,375 |
Outotec Oyj | 11,612 | | 624,102 |
TOTAL FINLAND | | 1,819,477 |
France - 4.3% |
Alstom SA | 19,001 | | 678,642 |
Atos Origin SA | 14,776 | | 951,715 |
BNP Paribas SA | 31,751 | | 1,275,670 |
Danone SA | 18,380 | | 1,293,216 |
Euler Hermes SA | 5,132 | | 363,533 |
GDF Suez (d) | 35,600 | | 819,543 |
Laurent-Perrier Group | 859 | | 86,696 |
Pernod Ricard SA | 6,700 | | 695,454 |
PPR SA (d) | 4,800 | | 802,858 |
Remy Cointreau SA | 5,452 | | 607,629 |
Safran SA | 14,114 | | 523,155 |
Saft Groupe SA | 1,929 | | 53,217 |
Sanofi SA | 52,409 | | 4,003,398 |
Societe Generale Series A | 12,600 | | 297,903 |
Vetoquinol SA | 1,000 | | 31,334 |
Virbac SA | 520 | | 87,458 |
TOTAL FRANCE | | 12,571,421 |
Germany - 5.1% |
Aareal Bank AG (a) | 12,799 | | 246,949 |
Allianz AG | 18,549 | | 2,067,054 |
alstria office REIT-AG | 5,100 | | 54,349 |
BASF AG | 10,158 | | 836,279 |
Bayer AG (d) | 34,693 | | 2,443,754 |
Bilfinger Berger AG | 1,067 | | 97,589 |
CompuGROUP Holding AG | 3,246 | | 49,975 |
CTS Eventim AG | 4,949 | | 193,203 |
Daimler AG (Germany) | 27,621 | | 1,527,124 |
Deutsche Boerse AG | 9,500 | | 596,484 |
Deutsche Post AG | 46,364 | | 865,411 |
Fielmann AG | 1,079 | | 104,543 |
Linde AG | 12,449 | | 2,130,862 |
Metro AG | 11,300 | | 364,624 |
RWE AG | 27,500 | | 1,182,236 |
Siemens AG | 9,914 | | 920,291 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
Siemens AG sponsored ADR | 13,669 | | $ 1,269,440 |
Software AG (Bearer) | 2,059 | | 71,959 |
TOTAL GERMANY | | 15,022,126 |
Hong Kong - 1.8% |
Cheung Kong Holdings Ltd. | 44,000 | | 585,256 |
China Insurance International Holdings Co. Ltd. (a) | 220,200 | | 459,208 |
China Merchant Holdings International Co. Ltd. | 156,000 | | 504,675 |
China Resources Enterprise Ltd. | 182,000 | | 661,507 |
Henderson Land Development Co. Ltd. | 36,000 | | 205,087 |
Hong Kong Exchanges and Clearing Ltd. | 60,200 | | 962,902 |
Hopewell Holdings Ltd. | 245,500 | | 659,738 |
Television Broadcasts Ltd. | 118,000 | | 866,903 |
Vitasoy International Holdings Ltd. | 638,000 | | 468,716 |
TOTAL HONG KONG | | 5,373,992 |
India - 2.6% |
Apollo Tyres Ltd. | 15,339 | | 26,330 |
Bharti Airtel Ltd. | 56,826 | | 335,032 |
Cipla Ltd. | 116,885 | | 692,455 |
CMC Ltd. | 33,530 | | 569,816 |
Container Corp. of India Ltd. | 31,326 | | 531,706 |
Housing Development Finance Corp. Ltd. | 64,511 | | 825,114 |
Indraprastha Gas Ltd. | 99,431 | | 412,526 |
Infrastructure Development Finance Co. Ltd. | 158,914 | | 364,961 |
Jyothy Laboratories Ltd. | 12,069 | | 39,966 |
Max India Ltd. (a) | 141,160 | | 531,377 |
Piramal Healthcare Ltd. | 52,718 | | 438,391 |
Punjab National Bank | 31,273 | | 523,170 |
Rallis India Ltd. | 190,395 | | 410,326 |
Satyam Computer Services Ltd. (a) | 388,621 | | 570,405 |
Smithkline Beecham Consumer Healthcare Ltd. | 13,346 | | 711,255 |
Tata Power Co. Ltd. | 320,086 | | 641,813 |
TOTAL INDIA | | 7,624,643 |
Indonesia - 0.5% |
PT Kalbe Farma Tbk | 1,866,000 | | 817,219 |
PT Ramayana Lestari Sentosa Tbk | 6,520,000 | | 610,108 |
TOTAL INDONESIA | | 1,427,327 |
Common Stocks - continued |
| Shares | | Value |
Ireland - 0.4% |
CRH PLC sponsored ADR | 26,700 | | $ 542,811 |
James Hardie Industries NV sponsored ADR | 16,145 | | 627,233 |
TOTAL IRELAND | | 1,170,044 |
Israel - 0.1% |
Azrieli Group | 11,596 | | 284,849 |
Ituran Location & Control Ltd. | 4,861 | | 65,332 |
TOTAL ISRAEL | | 350,181 |
Italy - 1.6% |
Azimut Holding SpA | 9,014 | | 88,541 |
ENI SpA | 108,100 | | 2,402,144 |
Fiat Industrial SpA (d) | 93,328 | | 1,058,803 |
Interpump Group SpA | 45,791 | | 408,566 |
Intesa Sanpaolo SpA | 395,504 | | 598,438 |
TOTAL ITALY | | 4,556,492 |
Japan - 13.5% |
Aeon Credit Service Co. Ltd. | 37,100 | | 646,781 |
Air Water, Inc. | 80,000 | | 1,008,483 |
Aozora Bank Ltd. | 361,000 | | 925,945 |
Asahi Co. Ltd. | 2,700 | | 53,278 |
Astellas Pharma, Inc. | 31,500 | | 1,277,581 |
Autobacs Seven Co. Ltd. | 11,700 | | 561,556 |
Azbil Corp. | 1,900 | | 40,708 |
Canon, Inc. | 18,900 | | 856,750 |
Chubu Electric Power Co., Inc. | 35,000 | | 573,228 |
Cosmos Pharmaceutical Corp. | 600 | | 33,640 |
Credit Saison Co. Ltd. (f) | 33,300 | | 714,697 |
Daikoku Denki Co. Ltd. | 2,100 | | 30,031 |
Daikokutenbussan Co. Ltd. | 3,800 | | 105,240 |
Denso Corp. | 69,400 | | 2,244,210 |
Fanuc Corp. | 12,300 | | 2,074,531 |
Fast Retailing Co. Ltd. | 2,700 | | 603,401 |
FCC Co. Ltd. | 5,200 | | 106,187 |
GCA Savvian Group Corp. | 39 | | 40,639 |
Glory Ltd. | 2,600 | | 55,919 |
Goldcrest Co. Ltd. | 2,900 | | 49,751 |
Hitachi Ltd. | 158,000 | | 1,006,404 |
Honda Motor Co. Ltd. | 64,000 | | 2,303,452 |
INPEX Corp. | 86 | | 567,851 |
Itochu Corp. | 97,500 | | 1,103,205 |
Iwatsuka Confectionary Co. Ltd. | 700 | | 28,403 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Japan Retail Fund Investment Corp. | 494 | | $ 787,698 |
Japan Tobacco, Inc. | 400 | | 2,216,014 |
JS Group Corp. | 15,600 | | 306,347 |
JSR Corp. | 48,100 | | 949,373 |
JX Holdings, Inc. | 200 | | 1,128 |
Kamigumi Co. Ltd. | 9,000 | | 72,337 |
Keyence Corp. | 4,221 | | 996,324 |
Kobayashi Pharmaceutical Co. Ltd. | 10,600 | | 532,399 |
Kyoto Kimono Yuzen Co. Ltd. | 3,800 | | 46,713 |
Meiko Network Japan Co. Ltd. | 3,700 | | 36,514 |
Miraial Co. Ltd. | 300 | | 5,389 |
Mitsubishi Corp. | 61,500 | | 1,332,909 |
Mitsui Fudosan Co. Ltd. | 34,000 | | 622,811 |
Nabtesco Corp. | 4,500 | | 96,071 |
Nagaileben Co. Ltd. | 3,500 | | 54,071 |
Nihon M&A Center, Inc. | 4,000 | | 114,538 |
Nihon Parkerizing Co. Ltd. | 5,000 | | 74,677 |
Nikkiso Co. Ltd. | 3,000 | | 31,504 |
Nippon Seiki Co. Ltd. | 5,000 | | 63,075 |
Nippon Telegraph & Telephone Corp. | 33,100 | | 1,497,725 |
Nippon Thompson Co. Ltd. | 11,000 | | 60,831 |
NS Tool Co., Ltd. | 800 | | 28,688 |
Obic Co. Ltd. | 2,720 | | 573,349 |
ORIX Corp. | 5,300 | | 506,769 |
Osaka Securities Exchange Co. Ltd. | 16 | | 91,610 |
OSG Corp. | 4,600 | | 72,609 |
Santen Pharmaceutical Co. Ltd. | 19,700 | | 824,476 |
Seven & i Holdings Co., Ltd. | 49,000 | | 1,483,332 |
Seven Bank Ltd. | 305,700 | | 755,356 |
SHO-BOND Holdings Co. Ltd. | 13,900 | | 351,579 |
Shoei Co. Ltd. | 2,900 | | 20,810 |
SMC Corp. | 2,200 | | 367,430 |
Sumitomo Mitsui Financial Group, Inc. | 71,600 | | 2,291,256 |
Sumitomo Realty & Development Co. Ltd. | 29,000 | | 691,599 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 11,000 | | 65,072 |
Toray Industries, Inc. | 128,000 | | 984,166 |
Toyo Suisan Kaisha Ltd. | 14,000 | | 359,420 |
Tsutsumi Jewelry Co. Ltd. | 1,000 | | 29,254 |
Unicharm Corp. | 13,100 | | 732,879 |
USS Co. Ltd. | 18,320 | | 1,858,446 |
Yamato Kogyo Co. Ltd. | 23,000 | | 654,509 |
TOTAL JAPAN | | 39,652,928 |
Common Stocks - continued |
| Shares | | Value |
Kenya - 0.2% |
Safaricom Ltd. | 15,771,929 | | $ 625,194 |
Korea (South) - 2.5% |
Amorepacific Corp. | 744 | | 714,293 |
BS Financial Group, Inc. | 57,630 | | 594,084 |
Green Cross Holdings Corp. | 39,050 | | 445,743 |
Korea Plant Service & Engineering Co. Ltd. | 15,670 | | 577,507 |
LG Corp. | 14,886 | | 758,707 |
LG Household & Health Care Ltd. | 1,806 | | 947,646 |
MegaStudy Co. Ltd. | 5,511 | | 513,978 |
NHN Corp. | 3,028 | | 685,914 |
NICE Holdings Co. Ltd. | 600 | | 26,705 |
NICE Information Service Co. Ltd. | 1,300 | | 29,391 |
S1 Corp. | 13,943 | | 697,073 |
Samsung Fire & Marine Insurance Co. Ltd. | 3,758 | | 718,264 |
Shinsegae Co. Ltd. | 2,576 | | 565,290 |
Woongjin Coway Co. Ltd. | 840 | | 26,907 |
TOTAL KOREA (SOUTH) | | 7,301,502 |
Luxembourg - 0.5% |
Brait SA | 213,800 | | 669,328 |
Millicom International Cellular SA (depository receipt) | 6,700 | | 711,796 |
TOTAL LUXEMBOURG | | 1,381,124 |
Malaysia - 0.8% |
Axiata Group Bhd | 626,800 | | 1,100,085 |
Parkson Holdings Bhd | 373,900 | | 643,867 |
Top Glove Corp. Bhd | 359,900 | | 557,902 |
TOTAL MALAYSIA | | 2,301,854 |
Mexico - 1.1% |
Bolsa Mexicana de Valores SA de CV | 371,800 | | 743,132 |
Fomento Economico Mexicano SAB de CV sponsored ADR | 12,000 | | 975,120 |
Grupo Modelo SAB de CV Series C | 110,056 | | 777,088 |
Wal-Mart de Mexico SA de CV Series V | 250,700 | | 716,797 |
TOTAL MEXICO | | 3,212,137 |
Netherlands - 2.0% |
Aalberts Industries NV | 5,700 | | 109,450 |
AEGON NV | 81,900 | | 380,994 |
ASM International NV unit | 2,250 | | 79,808 |
ASML Holding NV | 27,800 | | 1,417,522 |
HeidelbergCement Finance AG (d) | 15,100 | | 830,259 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - continued |
ING Groep NV (Certificaten Van Aandelen) (a) | 125,796 | | $ 887,542 |
Koninklijke KPN NV | 52,607 | | 472,237 |
Koninklijke Philips Electronics NV | 36,300 | | 722,441 |
QIAGEN NV (a) | 3,100 | | 51,863 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 28,600 | | 979,747 |
TOTAL NETHERLANDS | | 5,931,863 |
Norway - 0.5% |
Orkla ASA (A Shares) | 91,900 | | 675,161 |
Telenor ASA | 41,911 | | 770,501 |
TOTAL NORWAY | | 1,445,662 |
Papua New Guinea - 0.3% |
Oil Search Ltd. ADR | 98,935 | | 757,604 |
Philippines - 0.5% |
BDO Unibank, Inc. | 451,500 | | 708,865 |
Jollibee Food Corp. | 25,100 | | 66,731 |
Manila Water Co., Inc. | 1,013,200 | | 593,526 |
TOTAL PHILIPPINES | | 1,369,122 |
Poland - 0.1% |
Kruk SA (a) | 1,521 | | 23,300 |
Warsaw Stock Exchange | 33,538 | | 410,589 |
TOTAL POLAND | | 433,889 |
Portugal - 0.4% |
Jeronimo Martins SGPS SA | 58,975 | | 1,104,706 |
Russia - 0.0% |
Vozrozhdenie Bank | 5,100 | | 96,683 |
Singapore - 1.4% |
Ascendas India Trust | 850,000 | | 559,730 |
Ezra Holdings Ltd. (a) | 624,000 | | 509,223 |
Global Logistic Properties Ltd. (a) | 345,000 | | 574,233 |
Petra Foods Ltd. | 186,000 | | 371,203 |
Singapore Telecommunications Ltd. | 270,000 | | 680,645 |
United Overseas Bank Ltd. | 82,746 | | 1,287,004 |
TOTAL SINGAPORE | | 3,982,038 |
South Africa - 2.0% |
African Rainbow Minerals Ltd. | 11,063 | | 257,444 |
City Lodge Hotels Ltd. | 3,500 | | 38,249 |
Clicks Group Ltd. | 51,285 | | 308,448 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
JSE Ltd. | 93,800 | | $ 991,304 |
Mr Price Group Ltd. | 22,800 | | 308,377 |
MTN Group Ltd. | 71,700 | | 1,252,676 |
Nampak Ltd. | 158,500 | | 457,486 |
Reunert Ltd. | 57,100 | | 528,568 |
Shoprite Holdings Ltd. | 49,100 | | 848,424 |
Tiger Brands Ltd. | 26,600 | | 974,672 |
TOTAL SOUTH AFRICA | | 5,965,648 |
Spain - 1.2% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 169,428 | | 1,143,639 |
Grifols SA (a) | 1,746 | | 43,974 |
Inditex SA | 9,210 | | 828,460 |
Prosegur Compania de Seguridad SA (Reg.) | 9,551 | | 545,445 |
Red Electrica Corporacion SA | 4,043 | | 176,031 |
Repsol YPF SA | 46,058 | | 881,039 |
TOTAL SPAIN | | 3,618,588 |
Sri Lanka - 0.2% |
John Keells Holdings Ltd. | 314,297 | | 492,506 |
Sweden - 1.1% |
Fagerhult AB | 10,100 | | 302,816 |
H&M Hennes & Mauritz AB (B Shares) | 32,386 | | 1,112,663 |
Intrum Justitia AB | 7,600 | | 115,344 |
Svenska Handelsbanken AB (A Shares) | 30,000 | | 972,213 |
Swedish Match Co. AB | 18,950 | | 770,322 |
TOTAL SWEDEN | | 3,273,358 |
Switzerland - 7.0% |
Bank Sarasin & Cie AG Series B (Reg.) | 1,877 | | 57,910 |
Nestle SA | 116,298 | | 7,124,865 |
Roche Holding AG (participation certificate) | 35,489 | | 6,483,473 |
Schindler Holding AG: | | | |
(participation certificate) | 3,536 | | 457,414 |
(Reg.) | 820 | | 104,810 |
Swatch Group AG (Bearer) | 2,730 | | 1,259,190 |
Syngenta AG (Switzerland) | 4,095 | | 1,436,179 |
Transocean Ltd. (Switzerland) | 8,303 | | 414,441 |
UBS AG (NY Shares) | 116,646 | | 1,442,911 |
Zehnder Group AG | 447 | | 32,877 |
Zurich Financial Services AG | 7,550 | | 1,846,840 |
TOTAL SWITZERLAND | | 20,660,910 |
Common Stocks - continued |
| Shares | | Value |
Taiwan - 3.0% |
Chinatrust Financial Holding Co. Ltd. | 24,033 | | $ 15,374 |
Chroma ATE, Inc. | 245,116 | | 559,929 |
CTCI Corp. | 359,000 | | 694,481 |
Delta Electronics, Inc. | 182,000 | | 541,849 |
Giant Manufacturing Co. Ltd. | 93,000 | | 468,908 |
Pacific Hospital Supply Co. Ltd. | 241,000 | | 731,555 |
Powertech Technology, Inc. | 293,000 | | 498,969 |
SIMPLO Technology Co. Ltd. | 60,000 | | 463,042 |
St. Shine Optical Co. Ltd. | 39,000 | | 453,473 |
Ta Chong Bank (a) | 1,427,000 | | 553,082 |
Taiwan Hon Chuan Enterprise Co. Ltd. | 239,000 | | 537,760 |
Taiwan Mobile Co. Ltd. | 266,000 | | 859,448 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 412,035 | | 1,220,060 |
Unified-President Enterprises Corp. | 779,000 | | 1,214,390 |
TOTAL TAIWAN | | 8,812,320 |
Thailand - 0.0% |
Thai Re Insurance PCL NVDR | 410,666 | | 54,212 |
Turkey - 1.0% |
Albaraka Turk Katilim Bankasi A/S | 57,494 | | 60,864 |
Anadolu Efes Biracilik ve Malt Sanayii A/S | 70,000 | | 986,056 |
Boyner Buyuk Magazacilik A/S (a) | 36,049 | | 72,426 |
Coca-Cola Icecek A/S | 39,789 | | 559,356 |
Enka Insaat ve Sanayi A/S | 186,000 | | 582,242 |
Tupras-Turkiye Petrol Rafinerileri A/S | 10,313 | | 215,417 |
Turkiye Garanti Bankasi A/S | 148,500 | | 545,993 |
TOTAL TURKEY | | 3,022,354 |
United Arab Emirates - 0.2% |
First Gulf Bank PJSC | 214,355 | | 525,244 |
United Kingdom - 18.1% |
Aegis Group PLC | 205,949 | | 594,008 |
AMEC PLC | 4,459 | | 82,145 |
Anglo American PLC (United Kingdom) | 18,500 | | 711,048 |
Babcock International Group PLC | 45,000 | | 606,958 |
Barclays PLC | 350,078 | | 1,239,551 |
Bellway PLC | 6,028 | | 77,049 |
BG Group PLC | 108,077 | | 2,544,464 |
BHP Billiton PLC ADR | 43,000 | | 2,767,480 |
BP PLC sponsored ADR | 84,387 | | 3,663,240 |
British American Tobacco PLC (United Kingdom) | 20,853 | | 1,069,673 |
British Land Co. PLC | 55,600 | | 441,656 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Britvic PLC | 17,300 | | $ 107,320 |
Bunzl PLC | 46,958 | | 779,705 |
Centrica PLC | 199,475 | | 993,644 |
Compass Group PLC | 115,900 | | 1,211,475 |
Dechra Pharmaceuticals PLC | 8,600 | | 64,419 |
Dechra Pharmaceuticals PLC rights 5/15/12 (a) | 2,580 | | 6,575 |
Derwent London PLC | 2,000 | | 56,549 |
GlaxoSmithKline PLC sponsored ADR | 100,415 | | 4,642,185 |
Great Portland Estates PLC | 15,772 | | 92,184 |
H&T Group PLC | 5,664 | | 26,660 |
HSBC Holdings PLC sponsored ADR | 59,194 | | 2,673,793 |
Imperial Tobacco Group PLC | 24,691 | | 987,472 |
InterContinental Hotel Group PLC ADR | 42,690 | | 1,019,437 |
International Power PLC | 129,550 | | 876,837 |
Johnson Matthey PLC | 24,292 | | 912,372 |
Meggitt PLC | 25,298 | | 167,735 |
National Grid PLC | 216,797 | | 2,341,378 |
Next PLC | 10,700 | | 508,684 |
Persimmon PLC | 5,337 | | 54,444 |
Prudential PLC | 102,637 | | 1,258,065 |
Pz Cussons PLC Class L | 130,119 | | 701,805 |
Reckitt Benckiser Group PLC | 19,151 | | 1,114,983 |
Reed Elsevier PLC | 89,697 | | 742,339 |
Rolls-Royce Group PLC | 67,452 | | 901,579 |
Rotork PLC | 17,203 | | 616,243 |
Royal Dutch Shell PLC Class A sponsored ADR | 88,549 | | 6,334,795 |
SABMiller PLC | 29,463 | | 1,237,857 |
Scottish & Southern Energy PLC | 43,168 | | 925,572 |
Serco Group PLC | 69,757 | | 614,233 |
Shaftesbury PLC | 40,237 | | 334,054 |
Spectris PLC | 3,270 | | 100,100 |
Spirax-Sarco Engineering PLC | 5,004 | | 187,293 |
Standard Chartered PLC (United Kingdom) | 67,746 | | 1,655,976 |
Ted Baker PLC | 4,875 | | 71,629 |
Ultra Electronics Holdings PLC | 3,500 | | 95,666 |
Unite Group PLC | 104,702 | | 331,811 |
Victrex PLC | 14,418 | | 339,795 |
Vodafone Group PLC | 35,600 | | 98,552 |
Vodafone Group PLC sponsored ADR | 151,147 | | 4,206,421 |
TOTAL UNITED KINGDOM | | 53,188,908 |
Common Stocks - continued |
| Shares | | Value |
United States of America - 5.2% |
Allergan, Inc. | 4,500 | | $ 432,000 |
Amazon.com, Inc. (a) | 2,499 | | 579,518 |
ANSYS, Inc. (a) | 500 | | 33,535 |
Autoliv, Inc. | 16,210 | | 1,017,015 |
Berkshire Hathaway, Inc. Class B (a) | 11,945 | | 960,975 |
BorgWarner, Inc. (a) | 5,847 | | 462,147 |
Broadridge Financial Solutions, Inc. | 1,690 | | 39,225 |
CME Group, Inc. | 1,200 | | 318,984 |
Cymer, Inc. (a) | 9,671 | | 501,345 |
Dril-Quip, Inc. (a) | 1,210 | | 81,542 |
Evercore Partners, Inc. Class A | 1,860 | | 49,160 |
FMC Technologies, Inc. (a) | 7,600 | | 357,200 |
Freeport-McMoRan Copper & Gold, Inc. | 5,300 | | 202,990 |
Greenhill & Co., Inc. | 1,170 | | 45,455 |
JPMorgan Chase & Co. | 8,798 | | 378,138 |
Kansas City Southern | 1,720 | | 132,474 |
Lam Research Corp. (a) | 5,608 | | 233,573 |
Martin Marietta Materials, Inc. | 2,990 | | 247,811 |
MasterCard, Inc. Class A | 3,609 | | 1,632,242 |
Mead Johnson Nutrition Co. Class A | 14,100 | | 1,206,396 |
Mohawk Industries, Inc. (a) | 9,420 | | 631,328 |
National Oilwell Varco, Inc. | 5,400 | | 409,104 |
Oceaneering International, Inc. | 1,680 | | 86,738 |
Philip Morris International, Inc. | 18,500 | | 1,655,935 |
PriceSmart, Inc. | 6,850 | | 565,399 |
ResMed, Inc. (a) | 15,440 | | 525,114 |
Solera Holdings, Inc. | 7,002 | | 314,670 |
SS&C Technologies Holdings, Inc. (a) | 1,954 | | 46,447 |
Union Pacific Corp. | 8,900 | | 1,000,716 |
Visa, Inc. Class A | 10,001 | | 1,229,923 |
TOTAL UNITED STATES OF AMERICA | | 15,377,099 |
TOTAL COMMON STOCKS (Cost $282,668,262) |
288,182,142
|
Nonconvertible Preferred Stocks - 0.6% |
| | | |
Germany - 0.6% |
Hugo Boss AG (non-vtg.) | 5,187 | | 578,919 |
ProSiebenSat.1 Media AG | 23,100 | | 586,520 |
Volkswagen AG | 2,934 | | 555,805 |
TOTAL GERMANY | | 1,721,244 |
Nonconvertible Preferred Stocks - continued |
| Shares | | Value |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C | 7,149,912 | | $ 11,605 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,590,679) |
1,732,849
|
Money Market Funds - 4.7% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 4,858,519 | | 4,858,519 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 8,835,925 | | 8,835,925 |
TOTAL MONEY MARKET FUNDS (Cost $13,694,444) |
13,694,444
|
TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $297,953,385) | | 303,609,435 |
NET OTHER ASSETS (LIABILITIES) - (3.5)% | | (10,176,573) |
NET ASSETS - 100% | $ 293,432,862 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $555,234 or 0.2% of net assets. |
(f) Security or a portion of the security purchased on a delayed delivery or when-issued 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 | $ 3,107 |
Fidelity Securities Lending Cash Central Fund | 69,556 |
Total | $ 72,663 |
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, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 33,759,122 | $ 25,059,856 | $ 8,699,266 | $ - |
Consumer Staples | 43,271,466 | 35,730,719 | 7,540,747 | - |
Energy | 21,685,106 | 18,713,983 | 2,971,123 | - |
Financials | 58,627,780 | 46,184,155 | 12,414,234 | 29,391 |
Health Care | 31,451,515 | 25,260,485 | 6,191,030 | - |
Industrials | 34,540,810 | 26,861,084 | 7,679,726 | - |
Information Technology | 17,345,031 | 12,646,047 | 4,698,984 | - |
Materials | 21,525,144 | 16,352,685 | 5,172,459 | - |
Telecommunication Services | 15,658,170 | 14,061,893 | 1,596,277 | - |
Utilities | 12,050,847 | 9,136,241 | 2,914,606 | - |
Money Market Funds | 13,694,444 | 13,694,444 | - | - |
Total Investments in Securities: | $ 303,609,435 | $ 243,701,592 | $ 59,878,452 | $ 29,391 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Beginning Balance | $ - |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 142 |
Cost of Purchases | 29,249 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 29,391 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ 142 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $8,227,848) - See accompanying schedule: Unaffiliated issuers (cost $284,258,941) | $ 289,914,991 | |
Fidelity Central Funds (cost $13,694,444) | 13,694,444 | |
Total Investments (cost $297,953,385) | | $ 303,609,435 |
Foreign currency held at value (cost $67,294) | | 67,371 |
Receivable for investments sold | | 3,911,257 |
Receivable for fund shares sold | | 120,414 |
Dividends receivable | | 1,426,518 |
Distributions receivable from Fidelity Central Funds | | 40,151 |
Prepaid expenses | | 172 |
Other receivables | | 44,504 |
Total assets | | 309,219,822 |
| | |
Liabilities | | |
Payable to custodian bank | $ 864,326 | |
Payable for investments purchased
Regular delivery | 5,029,099 | |
Delayed delivery | 51,631 | |
Payable for fund shares redeemed | 596,892 | |
Accrued management fee | 210,707 | |
Distribution and service plan fees payable | 3,998 | |
Other affiliated payables | 48,068 | |
Other payables and accrued expenses | 146,314 | |
Collateral on securities loaned, at value | 8,835,925 | |
Total liabilities | | 15,786,960 |
| | |
Net Assets | | $ 293,432,862 |
Net Assets consist of: | | |
Paid in capital | | $ 310,960,255 |
Undistributed net investment income | | 2,135,737 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (25,337,566) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 5,674,436 |
Net Assets | | $ 293,432,862 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($5,426,909 ÷ 776,264 shares) | | $ 6.99 |
| | |
Maximum offering price per share (100/94.25 of $6.99) | | $ 7.42 |
Class T:
Net Asset Value and redemption price per share ($1,242,280 ÷ 176,067 shares) | | $ 7.06 |
| | |
Maximum offering price per share (100/96.50 of $7.06) | | $ 7.32 |
Class B:
Net Asset Value and offering price per share ($261,048 ÷ 37,117 shares)A | | $ 7.03 |
| | |
Class C:
Net Asset Value and offering price per share ($2,647,489 ÷ 377,021 shares)A | | $ 7.02 |
| | |
Total International Equity:
Net Asset Value, offering price and redemption price per share ($283,659,991 ÷ 40,577,948 shares) | | $ 6.99 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($195,145 ÷ 27,984 shares) | | $ 6.97 |
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, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,104,104 |
Interest | | 127 |
Income from Fidelity Central Funds | | 72,663 |
Income before foreign taxes withheld | | 4,176,894 |
Less foreign taxes withheld | | (333,339) |
Total income | | 3,843,555 |
| | |
Expenses | | |
Management fee
Basic fee | $ 848,954 | |
Performance adjustment | 22,514 | |
Transfer agent fees | 194,229 | |
Distribution and service plan fees | 19,711 | |
Accounting and security lending fees | 62,257 | |
Custodian fees and expenses | 243,854 | |
Independent trustees' compensation | 618 | |
Registration fees | 115,226 | |
Audit | 45,205 | |
Legal | 369 | |
Interest | 212 | |
Miscellaneous | 864 | |
Total expenses before reductions | 1,554,013 | |
Expense reductions | (160,537) | 1,393,476 |
Net investment income (loss) | | 2,450,079 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 9,046,867 | |
Foreign currency transactions | (190,067) | |
Total net realized gain (loss) | | 8,856,800 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 10,900,204 | |
Assets and liabilities in foreign currencies | 10,439 | |
Total change in net unrealized appreciation (depreciation) | | 10,910,643 |
Net gain (loss) | | 19,767,443 |
Net increase (decrease) in net assets resulting from operations | | $ 22,217,522 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,450,079 | $ 1,864,848 |
Net realized gain (loss) | 8,856,800 | (8,998,027) |
Change in net unrealized appreciation (depreciation) | 10,910,643 | (8,597,909) |
Net increase (decrease) in net assets resulting
from operations | 22,217,522 | (15,731,088) |
Distributions to shareholders from net investment income | (1,867,191) | (953,041) |
Distributions to shareholders from net realized gain | - | (220,294) |
Total distributions | (1,867,191) | (1,173,335) |
Share transactions - net increase (decrease) | 134,590,782 | 86,742,563 |
Redemption fees | 2,189 | 14,195 |
Total increase (decrease) in net assets | 154,943,302 | 69,852,335 |
| | |
Net Assets | | |
Beginning of period | 138,489,560 | 68,637,225 |
End of period (including undistributed net investment income of $2,135,737 and undistributed net investment income of $1,552,849, respectively) | $ 293,432,862 | $ 138,489,560 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.67 | $ 7.36 | $ 6.40 | $ 4.90 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .06 | .11 | .08 | .06 | .11 |
Net realized and unrealized gain (loss) | .34 | (.69) | .95 | 1.55 | (5.21) |
Total from investment operations | .40 | (.58) | 1.03 | 1.61 | (5.10) |
Distributions from net investment income | (.08) | (.09) | (.04) | (.11) | - |
Distributions from net realized gain | - | (.02) | (.03) | - | - |
Total distributions | (.08) | (.11) | (.07) | (.11) | - |
Redemption fees added to paid in capitalE,J | - | - | - | - | - |
Net asset value, end of period | $ 6.99 | $ 6.67 | $ 7.36 | $ 6.40 | $ 4.90 |
Total ReturnB,C,D | 6.03% | (8.03)% | 16.17% | 33.87% | (51.00)% |
Ratios to Average Net AssetsF,I | | | | |
Expenses before reductions | 1.67%A | 1.73% | 2.02% | 2.09% | 2.00% |
Expenses net of fee waivers, if any | 1.45%A | 1.45% | 1.50% | 1.50% | 1.50% |
Expenses net of all reductions | 1.40%A | 1.42% | 1.47% | 1.47% | 1.48% |
Net investment income (loss) | 1.81%A | 1.44% | 1.15% | 1.13% | 1.35% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 5,427 | $ 4,307 | $ 5,029 | $ 3,727 | $ 5,944 |
Portfolio turnover rateG | 160%A | 75% | 67% | 98% | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.73 | $ 7.41 | $ 6.40 | $ 4.88 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .05 | .09 | .06 | .04 | .09 |
Net realized and unrealized gain (loss) | .34 | (.68) | .95 | 1.57 | (5.21) |
Total from investment operations | .39 | (.59) | 1.01 | 1.61 | (5.12) |
Distributions from net investment income | (.06) | (.07) | - | (.09) | - |
Distributions from net realized gain | - | (.02) | - | - | - |
Total distributions | (.06) | (.09) | - | (.09) | - |
Redemption fees added to paid in capitalE,J | - | - | - | - | - |
Net asset value, end of period | $ 7.06 | $ 6.73 | $ 7.41 | $ 6.40 | $ 4.88 |
Total ReturnB,C,D | 5.87% | (8.08)% | 15.78% | 33.74% | (51.20)% |
Ratios to Average Net AssetsF,I | | | | | |
Expenses before reductions | 1.95%A | 2.02% | 2.31% | 2.34% | 2.42% |
Expenses net of fee waivers, if any | 1.70%A | 1.70% | 1.75% | 1.75% | 1.75% |
Expenses net of all reductions | 1.65%A | 1.67% | 1.72% | 1.72% | 1.73% |
Net investment income (loss) | 1.56%A | 1.19% | .90% | .88% | 1.10% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,242 | $ 997 | $ 1,004 | $ 1,526 | $ 2,567 |
Portfolio turnover rateG | 160%A | 75% | 67% | 98% | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.68 | $ 7.37 | $ 6.39 | $ 4.86 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .04 | .05 | .03 | .02 | .05 |
Net realized and unrealized gain (loss) | .33 | (.68) | .95 | 1.56 | (5.19) |
Total from investment operations | .37 | (.63) | .98 | 1.58 | (5.14) |
Distributions from net investment income | (.02) | (.04) | - | (.05) | - |
Distributions from net realized gain | - | (.02) | - | - | - |
Total distributions | (.02) | (.06) | - | (.05) | - |
Redemption fees added to paid in capitalE,J | - | - | - | - | - |
Net asset value, end of period | $ 7.03 | $ 6.68 | $ 7.37 | $ 6.39 | $ 4.86 |
Total ReturnB,C,D | 5.55% | (8.66)% | 15.34% | 32.95% | (51.40)% |
Ratios to Average Net AssetsF,I | | | | | |
Expenses before reductions | 2.43%A | 2.51% | 2.81% | 2.82% | 2.92% |
Expenses net of fee waivers, if any | 2.20%A | 2.20% | 2.25% | 2.25% | 2.25% |
Expenses net of all reductions | 2.15%A | 2.17% | 2.22% | 2.22% | 2.24% |
Net investment income (loss) | 1.06%A | .69% | .40% | .38% | .60% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 261 | $ 254 | $ 327 | $ 1,337 | $ 2,505 |
Portfolio turnover rateG | 160%A | 75% | 67% | 98% | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.67 | $ 7.36 | $ 6.39 | $ 4.86 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .04 | .05 | .03 | .02 | .05 |
Net realized and unrealized gain (loss) | .33 | (.69) | .94 | 1.56 | (5.19) |
Total from investment operations | .37 | (.64) | .97 | 1.58 | (5.14) |
Distributions from net investment income | (.02) | (.03) | - | (.05) | - |
Distributions from net realized gain | - | (.02) | - | - | - |
Total distributions | (.02) | (.05) | - | (.05) | - |
Redemption fees added to paid in capitalE,J | - | - | - | - | - |
Net asset value, end of period | $ 7.02 | $ 6.67 | $ 7.36 | $ 6.39 | $ 4.86 |
Total ReturnB,C,D | 5.62% | (8.72)% | 15.18% | 33.10% | (51.40)% |
Ratios to Average Net AssetsF,I | | | | | |
Expenses before reductions | 2.42%A | 2.51% | 2.80% | 2.85% | 2.92% |
Expenses net of fee waivers, if any | 2.20%A | 2.20% | 2.25% | 2.25% | 2.25% |
Expenses net of all reductions | 2.15%A | 2.17% | 2.22% | 2.22% | 2.23% |
Net investment income (loss) | 1.07%A | .69% | .40% | .38% | .60% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,647 | $ 1,396 | $ 1,423 | $ 1,714 | $ 2,787 |
Portfolio turnover rateG | 160%A | 75% | 67% | 98% | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Total International Equity
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.69 | $ 7.37 | $ 6.41 | $ 4.91 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .07 | .12 | .09 | .07 | .13 |
Net realized and unrealized gain (loss) | .33 | (.68) | .96 | 1.55 | (5.21) |
Total from investment operations | .40 | (.56) | 1.05 | 1.62 | (5.08) |
Distributions from net investment income | (.10) | (.10) | (.06) | (.12) | (.01) |
Distributions from net realized gain | - | (.02) | (.03) | - | - |
Total distributions | (.10) | (.12) | (.09) | (.12) | (.01) |
Redemption fees added to paid in capitalD,I | - | - | - | - | - |
Net asset value, end of period | $ 6.99 | $ 6.69 | $ 7.37 | $ 6.41 | $ 4.91 |
Total ReturnB,C | 6.02% | (7.70)% | 16.45% | 34.23% | (50.87)% |
Ratios to Average Net AssetsE,H | | | | | |
Expenses before reductions | 1.28%A | 1.42% | 1.79% | 1.87% | 1.89% |
Expenses net of fee waivers, if any | 1.20%A | 1.20% | 1.25% | 1.25% | 1.25% |
Expenses net of all reductions | 1.15%A | 1.17% | 1.22% | 1.22% | 1.23% |
Net investment income (loss) | 2.06%A | 1.69% | 1.40% | 1.38% | 1.60% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 283,660 | $ 131,338 | $ 60,826 | $ 33,061 | $ 23,226 |
Portfolio turnover rateF | 160%A | 75% | 67% | 98% | 91% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term 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 Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.67 | $ 7.35 | $ 6.41 | $ 4.91 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .07 | .12 | .10 | .07 | .13 |
Net realized and unrealized gain (loss) | .33 | (.68) | .95 | 1.55 | (5.21) |
Total from investment operations | .40 | (.56) | 1.05 | 1.62 | (5.08) |
Distributions from net investment income | (.10) | (.10) | (.08) | (.12) | (.01) |
Distributions from net realized gain | - | (.02) | (.03) | - | - |
Total distributions | (.10) | (.12) | (.11) | (.12) | (.01) |
Redemption fees added to paid in capitalD,I | - | - | - | - | - |
Net asset value, end of period | $ 6.97 | $ 6.67 | $ 7.35 | $ 6.41 | $ 4.91 |
Total ReturnB,C | 6.04% | (7.72)% | 16.48% | 34.23% | (50.87)% |
Ratios to Average Net AssetsE,H | | | | | |
Expenses before reductions | 1.45%A | 1.48% | 1.82% | 1.80% | 1.91% |
Expenses net of fee waivers, if any | 1.20%A | 1.20% | 1.25% | 1.25% | 1.25% |
Expenses net of all reductions | 1.15%A | 1.17% | 1.23% | 1.22% | 1.23% |
Net investment income (loss) | 2.06%A | 1.69% | 1.40% | 1.38% | 1.60% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 195 | $ 197 | $ 28 | $ 1,308 | $ 2,733 |
Portfolio turnover rateF | 160%A | 75% | 67% | 98% | 91% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term 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 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, 2012 (Unaudited)
1. Organization.
Fidelity® Total International Equity 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, Total International Equity and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
Semiannual Report
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
(ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
Semiannual Report
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 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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:
Gross unrealized appreciation | $ 18,000,037 |
Gross unrealized depreciation | (13,069,382) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 4,930,655 |
| |
Tax cost | $ 298,678,780 |
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. At October 31, 2011, capital loss carryforwards were as follows:
| |
Fiscal year of expiration | |
2016 | $ (8,618,744) |
2017 | (15,708,944) |
2019 | (8,856,044) |
Total with expiration | $ (33,183,732) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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
4. Operating Policies.
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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $320,934,540 and $184,958,483, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Total International Equity as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .73% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. 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 FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total
Fees | Retained
by FDC |
Class A | -% | .25% | $ 5,660 | $ 494 |
Class T | .25% | .25% | 2,686 | 44 |
Class B | .75% | .25% | 1,267 | 959 |
Class C | .75% | .25% | 10,098 | 1,257 |
| | | $ 19,711 | $ 2,754 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,028 |
Class T | 1,195 |
Class B* | 72 |
Class C* | 89 |
| $ 3,384 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 6,677 | .29 |
Class T | 1,735 | .32 |
Class B | 381 | .30 |
Class C | 3,062 | .30 |
Total International Equity | 182,063 | .16 |
Institutional Class | 311 | .31 |
| $ 194,229 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $1,441 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, 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
Balance | Weighted Average Interest Rate | Interest
Expense |
Borrower | $ 6,692,667 | .38% | $ 212 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $316 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $69,556. During the period, there were no securities loaned to FCM.
9. Expense Reductions.
FMR contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2012. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
Semiannual Report
9. Expense Reductions - continued
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.45% | $ 5,112 |
Class T | 1.70% | 1,360 |
Class B | 2.20% | 299 |
Class C | 2.20% | 2,231 |
Total International Equity | 1.20% | 91,624 |
Institutional Class | 1.20% | 250 |
| | $ 100,876 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $59,661 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2012 | Year ended
October 31, 2011 |
From net investment income | | |
Class A | $ 48,328 | $ 61,018 |
Class T | 9,062 | 9,414 |
Class B | 714 | 1,488 |
Class C | 4,730 | 6,263 |
Total International Equity | 1,801,470 | 873,280 |
Institutional Class | 2,887 | 1,578 |
Total | $ 1,867,191 | $ 953,041 |
From net realized gain | | |
Class A | $ - | $ 16,196 |
Class T | - | 3,213 |
Class B | - | 1,016 |
Class C | - | 4,485 |
Total International Equity | - | 195,026 |
Institutional Class | - | 358 |
Total | $ - | $ 220,294 |
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 April 30, 2012 | Year ended
October 31, 2011 | Six months ended April 30, 2012 | Year ended
October 31, 2011 |
Class A | | | | |
Shares sold | 270,467 | 231,083 | $ 1,856,066 | $ 1,708,687 |
Reinvestment of distributions | 7,157 | 10,039 | 46,236 | 74,076 |
Shares redeemed | (146,636) | (279,366) | (966,836) | (2,035,449) |
Net increase (decrease) | 130,988 | (38,244) | $ 935,466 | $ (252,686) |
Class T | | | | |
Shares sold | 49,215 | 37,121 | $ 332,471 | $ 276,509 |
Reinvestment of distributions | 1,377 | 1,678 | 8,993 | 12,524 |
Shares redeemed | (22,700) | (25,970) | (148,048) | (191,826) |
Net increase (decrease) | 27,892 | 12,829 | $ 193,416 | $ 97,207 |
Class B | | | | |
Shares sold | 4,140 | 3,282 | $ 27,486 | $ 24,631 |
Reinvestment of distributions | 108 | 331 | 705 | 2,469 |
Shares redeemed | (5,188) | (9,973) | (34,061) | (73,676) |
Net increase (decrease) | (940) | (6,360) | $ (5,870) | $ (46,576) |
Class C | | | | |
Shares sold | 212,570 | 66,879 | $ 1,414,506 | $ 498,161 |
Reinvestment of distributions | 710 | 1,425 | 4,622 | 10,610 |
Shares redeemed | (45,353) | (52,554) | (305,759) | (388,669) |
Net increase (decrease) | 167,927 | 15,750 | $ 1,113,369 | $ 120,102 |
Total International Equity | | | | |
Shares sold | 29,693,818 | 16,784,298 | $ 190,598,309 | $ 125,543,898 |
Reinvestment of distributions | 266,160 | 135,624 | 1,719,395 | 1,000,533 |
Shares redeemed | (9,027,432) | (5,532,363) | (59,951,071) | (39,913,646) |
Net increase (decrease) | 20,932,546 | 11,387,559 | $ 132,366,633 | $ 86,630,785 |
Institutional Class | | | | |
Shares sold | 6,631 | 26,909 | $ 43,801 | $ 202,383 |
Reinvestment of distributions | 448 | 263 | 2,887 | 1,936 |
Shares redeemed | (8,672) | (1,422) | (58,920) | (10,588) |
Net increase (decrease) | (1,593) | 25,750 | $ (12,232) | $ 193,731 |
Semiannual Report
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.
At the end of the period, a shareholder of record owned approximately 66% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank & Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
ATIE-USAN-0612
1.853366.104
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Total International Equity
Fund - Institutional Class
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Institutional Class is
a class of Fidelity®
Total International Equity Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to
April 30, 2012 |
Class A | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,060.30 | $ 7.43 |
HypotheticalA | | $ 1,000.00 | $ 1,017.65 | $ 7.27 |
Class T | 1.70% | | | |
Actual | | $ 1,000.00 | $ 1,058.70 | $ 8.70 |
HypotheticalA | | $ 1,000.00 | $ 1,016.41 | $ 8.52 |
Class B | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,055.50 | $ 11.24 |
HypotheticalA | | $ 1,000.00 | $ 1,013.92 | $ 11.02 |
Class C | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,056.20 | $ 11.25 |
HypotheticalA | | $ 1,000.00 | $ 1,013.92 | $ 11.02 |
Total International Equity | 1.20% | | | |
Actual | | $ 1,000.00 | $ 1,060.20 | $ 6.15 |
HypotheticalA | | $ 1,000.00 | $ 1,018.90 | $ 6.02 |
Institutional Class | 1.20% | | | |
Actual | | $ 1,000.00 | $ 1,060.40 | $ 6.15 |
HypotheticalA | | $ 1,000.00 | $ 1,018.90 | $ 6.02 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United Kingdom 18.1% | |
 | Japan 13.5% | |
 | Switzerland 7.0% | |
 | United States of America 6.4% | |
 | Germany 5.7% | |
 | Australia 4.4% | |
 | France 4.3% | |
 | Taiwan 3.0% | |
 | India 2.6% | |
 | Other 35.0% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United Kingdom 18.1% | |
| Japan 11.7% | |
| United States of America 9.0% | |
| Switzerland 6.6% | |
| Germany 5.9% | |
| France 4.9% | |
| Australia 4.3% | |
| Korea (South) 4.2% | |
| Brazil 4.1% | |
| Other 31.2% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.8 | 96.7 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.2 | 3.3 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Switzerland, Food Products) | 2.4 | 2.7 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.2 | 1.8 |
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.2 | 2.2 |
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals) | 1.6 | 1.6 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 1.4 | 1.3 |
Sanofi SA (France, Pharmaceuticals) | 1.4 | 1.1 |
BP PLC sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 1.3 | 1.1 |
Australia & New Zealand Banking Group Ltd. (Australia, Commercial Banks) | 1.0 | 0.7 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.0 | 1.1 |
Commonwealth Bank of Australia (Australia, Commercial Banks) | 1.0 | 1.1 |
| 15.5 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 19.8 | 18.2 |
Consumer Staples | 14.7 | 12.9 |
Industrials | 11.7 | 9.9 |
Consumer Discretionary | 11.6 | 9.9 |
Health Care | 10.6 | 8.0 |
Energy | 7.6 | 10.0 |
Materials | 7.4 | 10.6 |
Information Technology | 6.0 | 6.8 |
Telecommunication Services | 5.4 | 6.7 |
Utilities | 4.0 | 3.7 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.2% |
| Shares | | Value |
Australia - 4.4% |
Australia & New Zealand Banking Group Ltd. | 117,811 | | $ 2,934,747 |
Coca-Cola Amatil Ltd. | 49,234 | | 638,616 |
Commonwealth Bank of Australia | 53,487 | | 2,896,051 |
CSL Ltd. | 34,287 | | 1,309,565 |
Newcrest Mining Ltd. | 23,905 | | 655,013 |
Origin Energy Ltd. | 35,476 | | 490,098 |
Ramsay Health Care Ltd. | 1,506 | | 31,428 |
Sydney Airport unit | 321,687 | | 975,285 |
Telstra Corp. Ltd. | 236,280 | | 871,436 |
Transurban Group unit | 49,782 | | 304,450 |
Westfield Group unit | 114,582 | | 1,103,046 |
WorleyParsons Ltd. | 26,140 | | 769,359 |
TOTAL AUSTRALIA | | 12,979,094 |
Austria - 0.4% |
Andritz AG | 17,558 | | 919,039 |
Zumtobel AG | 19,837 | | 273,106 |
TOTAL AUSTRIA | | 1,192,145 |
Bailiwick of Guernsey - 0.2% |
Resolution Ltd. | 123,894 | | 450,045 |
Bailiwick of Jersey - 0.8% |
Atrium European Real Estate Ltd. | 106,713 | | 519,861 |
Informa PLC | 51,037 | | 343,447 |
Randgold Resources Ltd. sponsored ADR | 6,660 | | 593,739 |
Wolseley PLC | 23,139 | | 879,958 |
TOTAL BAILIWICK OF JERSEY | | 2,337,005 |
Belgium - 1.3% |
Anheuser-Busch InBev SA NV (d) | 40,471 | | 2,917,187 |
Gimv NV | 1,420 | | 69,590 |
Umicore SA | 17,321 | | 939,996 |
TOTAL BELGIUM | | 3,926,773 |
Bermuda - 2.2% |
ARA Asset Management Ltd. (e) | 451,000 | | 553,888 |
Cafe de Coral Holdings Ltd. | 212,000 | | 582,008 |
Cheung Kong Infrastructure Holdings Ltd. | 124,000 | | 735,979 |
Lazard Ltd. Class A | 8,770 | | 241,263 |
Li & Fung Ltd. | 386,000 | | 825,865 |
Pacific Basin Shipping Ltd. | 1,076,000 | | 565,830 |
Texwinca Holdings Ltd. | 558,000 | | 683,237 |
Common Stocks - continued |
| Shares | | Value |
Bermuda - continued |
Trinity Ltd. | 342,000 | | $ 286,078 |
Vtech Holdings Ltd. | 59,800 | | 670,555 |
Wilson Sons Ltd. unit | 41,700 | | 623,482 |
Yue Yuen Industrial (Holdings) Ltd. | 206,000 | | 690,326 |
TOTAL BERMUDA | | 6,458,511 |
Brazil - 2.0% |
Arezzo Industria e Comercio SA | 16,600 | | 261,260 |
Banco ABC Brasil SA | 7,900 | | 49,319 |
Banco Bradesco SA | 70,400 | | 956,567 |
Banco Pine SA | 7,106 | | 48,650 |
BM&F Bovespa SA | 57,900 | | 325,624 |
Braskem SA Class A sponsored ADR | 15,990 | | 235,053 |
Cetip SA | 15,000 | | 231,120 |
Duratex SA | 100,200 | | 588,747 |
Fleury SA | 42,500 | | 547,596 |
Iguatemi Empresa de Shopping Centers SA | 10,000 | | 219,710 |
Itau Unibanco Banco Multiplo SA sponsored ADR | 15,570 | | 244,293 |
LPS Brasil Consultoria de Imoveis SA | 20,800 | | 359,006 |
Multiplan Empreendimentos Imobiliarios SA | 16,200 | | 382,446 |
Oi SA | 113,616 | | 768,308 |
T4F Entretenimento SA | 3,600 | | 32,900 |
Tractebel Energia SA | 43,800 | | 754,836 |
TOTAL BRAZIL | | 6,005,435 |
British Virgin Islands - 0.0% |
Gem Diamonds Ltd. (a) | 7,800 | | 32,790 |
Canada - 0.7% |
Agnico-Eagle Mines Ltd. (Canada) | 8,740 | | 349,158 |
Copper Mountain Mining Corp. (a) | 6,600 | | 28,665 |
Eldorado Gold Corp. | 3,300 | | 46,773 |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 1,255 | | 514,566 |
First Quantum Minerals Ltd. | 9,785 | | 203,278 |
Goldcorp, Inc. | 11,594 | | 444,041 |
Open Text Corp. (a) | 4,350 | | 243,891 |
Painted Pony Petroleum Ltd. Class A (a) | 3,400 | | 27,434 |
Petrominerales Ltd. | 1,725 | | 25,235 |
TAG Oil Ltd. (a) | 3,200 | | 34,017 |
Tuscany International Drilling, Inc. (a) | 29,600 | | 20,977 |
Tuscany International Drilling, Inc. (a)(e) | 1,900 | | 1,346 |
TOTAL CANADA | | 1,939,381 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - 1.9% |
Baidu.com, Inc. sponsored ADR (a) | 3,900 | | $ 517,530 |
Boer Power Holdings Ltd. | 1,129,000 | | 407,442 |
China Lilang Ltd. | 19,000 | | 17,558 |
Haitian International Holdings Ltd. | 351,000 | | 403,992 |
Mindray Medical International Ltd. sponsored ADR (d) | 22,200 | | 727,272 |
Minth Group Ltd. | 558,000 | | 706,971 |
NVC Lighting Holdings Ltd. | 681,000 | | 247,520 |
Perfect World Co. Ltd. sponsored ADR Class B | 45,600 | | 556,776 |
Samson Holding Ltd. | 3,679,000 | | 488,406 |
Sands China Ltd. | 244,800 | | 962,332 |
SITC International Holdings Co. Ltd. | 1,461,000 | | 442,519 |
Vantage Drilling Co. (a) | 15,200 | | 24,016 |
TOTAL CAYMAN ISLANDS | | 5,502,334 |
Chile - 1.9% |
Compania Cervecerias Unidas SA sponsored ADR | 6,500 | | 465,530 |
Embotelladora Andina SA sponsored ADR | 17,300 | | 562,250 |
Empresa Nacional de Telecomunicaciones SA (ENTEL) | 32,442 | | 642,888 |
Inversiones Aguas Metropolitanas SA | 580,814 | | 1,023,698 |
Isapre CruzBlanca SA | 583,589 | | 638,808 |
Parque Arauco SA | 368,291 | | 715,552 |
Quinenco SA | 341,147 | | 1,054,947 |
Sociedad Matriz SAAM SA (a) | 3,284,500 | | 392,705 |
TOTAL CHILE | | 5,496,378 |
China - 0.6% |
China BlueChemical Ltd. (H Shares) | 592,000 | | 423,476 |
China Communications Services Corp. Ltd. (H Shares) | 1,488,000 | | 765,226 |
China Oilfield Services Ltd. (H Shares) | 310,000 | | 502,639 |
TOTAL CHINA | | 1,691,341 |
Colombia - 0.5% |
BanColombia SA sponsored ADR | 10,300 | | 698,649 |
Bolsa de Valores de Colombia | 32,883,815 | | 636,264 |
TOTAL COLOMBIA | | 1,334,913 |
Curacao - 0.2% |
Schlumberger Ltd. | 6,500 | | 481,910 |
Denmark - 1.0% |
Novo Nordisk A/S Series B sponsored ADR | 15,200 | | 2,234,704 |
William Demant Holding A/S (a) | 8,710 | | 822,225 |
TOTAL DENMARK | | 3,056,929 |
Common Stocks - continued |
| Shares | | Value |
Egypt - 0.3% |
Commercial International Bank Ltd. | 185,900 | | $ 794,002 |
Finland - 0.6% |
Nokian Tyres PLC | 25,202 | | 1,195,375 |
Outotec Oyj | 11,612 | | 624,102 |
TOTAL FINLAND | | 1,819,477 |
France - 4.3% |
Alstom SA | 19,001 | | 678,642 |
Atos Origin SA | 14,776 | | 951,715 |
BNP Paribas SA | 31,751 | | 1,275,670 |
Danone SA | 18,380 | | 1,293,216 |
Euler Hermes SA | 5,132 | | 363,533 |
GDF Suez (d) | 35,600 | | 819,543 |
Laurent-Perrier Group | 859 | | 86,696 |
Pernod Ricard SA | 6,700 | | 695,454 |
PPR SA (d) | 4,800 | | 802,858 |
Remy Cointreau SA | 5,452 | | 607,629 |
Safran SA | 14,114 | | 523,155 |
Saft Groupe SA | 1,929 | | 53,217 |
Sanofi SA | 52,409 | | 4,003,398 |
Societe Generale Series A | 12,600 | | 297,903 |
Vetoquinol SA | 1,000 | | 31,334 |
Virbac SA | 520 | | 87,458 |
TOTAL FRANCE | | 12,571,421 |
Germany - 5.1% |
Aareal Bank AG (a) | 12,799 | | 246,949 |
Allianz AG | 18,549 | | 2,067,054 |
alstria office REIT-AG | 5,100 | | 54,349 |
BASF AG | 10,158 | | 836,279 |
Bayer AG (d) | 34,693 | | 2,443,754 |
Bilfinger Berger AG | 1,067 | | 97,589 |
CompuGROUP Holding AG | 3,246 | | 49,975 |
CTS Eventim AG | 4,949 | | 193,203 |
Daimler AG (Germany) | 27,621 | | 1,527,124 |
Deutsche Boerse AG | 9,500 | | 596,484 |
Deutsche Post AG | 46,364 | | 865,411 |
Fielmann AG | 1,079 | | 104,543 |
Linde AG | 12,449 | | 2,130,862 |
Metro AG | 11,300 | | 364,624 |
RWE AG | 27,500 | | 1,182,236 |
Siemens AG | 9,914 | | 920,291 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
Siemens AG sponsored ADR | 13,669 | | $ 1,269,440 |
Software AG (Bearer) | 2,059 | | 71,959 |
TOTAL GERMANY | | 15,022,126 |
Hong Kong - 1.8% |
Cheung Kong Holdings Ltd. | 44,000 | | 585,256 |
China Insurance International Holdings Co. Ltd. (a) | 220,200 | | 459,208 |
China Merchant Holdings International Co. Ltd. | 156,000 | | 504,675 |
China Resources Enterprise Ltd. | 182,000 | | 661,507 |
Henderson Land Development Co. Ltd. | 36,000 | | 205,087 |
Hong Kong Exchanges and Clearing Ltd. | 60,200 | | 962,902 |
Hopewell Holdings Ltd. | 245,500 | | 659,738 |
Television Broadcasts Ltd. | 118,000 | | 866,903 |
Vitasoy International Holdings Ltd. | 638,000 | | 468,716 |
TOTAL HONG KONG | | 5,373,992 |
India - 2.6% |
Apollo Tyres Ltd. | 15,339 | | 26,330 |
Bharti Airtel Ltd. | 56,826 | | 335,032 |
Cipla Ltd. | 116,885 | | 692,455 |
CMC Ltd. | 33,530 | | 569,816 |
Container Corp. of India Ltd. | 31,326 | | 531,706 |
Housing Development Finance Corp. Ltd. | 64,511 | | 825,114 |
Indraprastha Gas Ltd. | 99,431 | | 412,526 |
Infrastructure Development Finance Co. Ltd. | 158,914 | | 364,961 |
Jyothy Laboratories Ltd. | 12,069 | | 39,966 |
Max India Ltd. (a) | 141,160 | | 531,377 |
Piramal Healthcare Ltd. | 52,718 | | 438,391 |
Punjab National Bank | 31,273 | | 523,170 |
Rallis India Ltd. | 190,395 | | 410,326 |
Satyam Computer Services Ltd. (a) | 388,621 | | 570,405 |
Smithkline Beecham Consumer Healthcare Ltd. | 13,346 | | 711,255 |
Tata Power Co. Ltd. | 320,086 | | 641,813 |
TOTAL INDIA | | 7,624,643 |
Indonesia - 0.5% |
PT Kalbe Farma Tbk | 1,866,000 | | 817,219 |
PT Ramayana Lestari Sentosa Tbk | 6,520,000 | | 610,108 |
TOTAL INDONESIA | | 1,427,327 |
Common Stocks - continued |
| Shares | | Value |
Ireland - 0.4% |
CRH PLC sponsored ADR | 26,700 | | $ 542,811 |
James Hardie Industries NV sponsored ADR | 16,145 | | 627,233 |
TOTAL IRELAND | | 1,170,044 |
Israel - 0.1% |
Azrieli Group | 11,596 | | 284,849 |
Ituran Location & Control Ltd. | 4,861 | | 65,332 |
TOTAL ISRAEL | | 350,181 |
Italy - 1.6% |
Azimut Holding SpA | 9,014 | | 88,541 |
ENI SpA | 108,100 | | 2,402,144 |
Fiat Industrial SpA (d) | 93,328 | | 1,058,803 |
Interpump Group SpA | 45,791 | | 408,566 |
Intesa Sanpaolo SpA | 395,504 | | 598,438 |
TOTAL ITALY | | 4,556,492 |
Japan - 13.5% |
Aeon Credit Service Co. Ltd. | 37,100 | | 646,781 |
Air Water, Inc. | 80,000 | | 1,008,483 |
Aozora Bank Ltd. | 361,000 | | 925,945 |
Asahi Co. Ltd. | 2,700 | | 53,278 |
Astellas Pharma, Inc. | 31,500 | | 1,277,581 |
Autobacs Seven Co. Ltd. | 11,700 | | 561,556 |
Azbil Corp. | 1,900 | | 40,708 |
Canon, Inc. | 18,900 | | 856,750 |
Chubu Electric Power Co., Inc. | 35,000 | | 573,228 |
Cosmos Pharmaceutical Corp. | 600 | | 33,640 |
Credit Saison Co. Ltd. (f) | 33,300 | | 714,697 |
Daikoku Denki Co. Ltd. | 2,100 | | 30,031 |
Daikokutenbussan Co. Ltd. | 3,800 | | 105,240 |
Denso Corp. | 69,400 | | 2,244,210 |
Fanuc Corp. | 12,300 | | 2,074,531 |
Fast Retailing Co. Ltd. | 2,700 | | 603,401 |
FCC Co. Ltd. | 5,200 | | 106,187 |
GCA Savvian Group Corp. | 39 | | 40,639 |
Glory Ltd. | 2,600 | | 55,919 |
Goldcrest Co. Ltd. | 2,900 | | 49,751 |
Hitachi Ltd. | 158,000 | | 1,006,404 |
Honda Motor Co. Ltd. | 64,000 | | 2,303,452 |
INPEX Corp. | 86 | | 567,851 |
Itochu Corp. | 97,500 | | 1,103,205 |
Iwatsuka Confectionary Co. Ltd. | 700 | | 28,403 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Japan Retail Fund Investment Corp. | 494 | | $ 787,698 |
Japan Tobacco, Inc. | 400 | | 2,216,014 |
JS Group Corp. | 15,600 | | 306,347 |
JSR Corp. | 48,100 | | 949,373 |
JX Holdings, Inc. | 200 | | 1,128 |
Kamigumi Co. Ltd. | 9,000 | | 72,337 |
Keyence Corp. | 4,221 | | 996,324 |
Kobayashi Pharmaceutical Co. Ltd. | 10,600 | | 532,399 |
Kyoto Kimono Yuzen Co. Ltd. | 3,800 | | 46,713 |
Meiko Network Japan Co. Ltd. | 3,700 | | 36,514 |
Miraial Co. Ltd. | 300 | | 5,389 |
Mitsubishi Corp. | 61,500 | | 1,332,909 |
Mitsui Fudosan Co. Ltd. | 34,000 | | 622,811 |
Nabtesco Corp. | 4,500 | | 96,071 |
Nagaileben Co. Ltd. | 3,500 | | 54,071 |
Nihon M&A Center, Inc. | 4,000 | | 114,538 |
Nihon Parkerizing Co. Ltd. | 5,000 | | 74,677 |
Nikkiso Co. Ltd. | 3,000 | | 31,504 |
Nippon Seiki Co. Ltd. | 5,000 | | 63,075 |
Nippon Telegraph & Telephone Corp. | 33,100 | | 1,497,725 |
Nippon Thompson Co. Ltd. | 11,000 | | 60,831 |
NS Tool Co., Ltd. | 800 | | 28,688 |
Obic Co. Ltd. | 2,720 | | 573,349 |
ORIX Corp. | 5,300 | | 506,769 |
Osaka Securities Exchange Co. Ltd. | 16 | | 91,610 |
OSG Corp. | 4,600 | | 72,609 |
Santen Pharmaceutical Co. Ltd. | 19,700 | | 824,476 |
Seven & i Holdings Co., Ltd. | 49,000 | | 1,483,332 |
Seven Bank Ltd. | 305,700 | | 755,356 |
SHO-BOND Holdings Co. Ltd. | 13,900 | | 351,579 |
Shoei Co. Ltd. | 2,900 | | 20,810 |
SMC Corp. | 2,200 | | 367,430 |
Sumitomo Mitsui Financial Group, Inc. | 71,600 | | 2,291,256 |
Sumitomo Realty & Development Co. Ltd. | 29,000 | | 691,599 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 11,000 | | 65,072 |
Toray Industries, Inc. | 128,000 | | 984,166 |
Toyo Suisan Kaisha Ltd. | 14,000 | | 359,420 |
Tsutsumi Jewelry Co. Ltd. | 1,000 | | 29,254 |
Unicharm Corp. | 13,100 | | 732,879 |
USS Co. Ltd. | 18,320 | | 1,858,446 |
Yamato Kogyo Co. Ltd. | 23,000 | | 654,509 |
TOTAL JAPAN | | 39,652,928 |
Common Stocks - continued |
| Shares | | Value |
Kenya - 0.2% |
Safaricom Ltd. | 15,771,929 | | $ 625,194 |
Korea (South) - 2.5% |
Amorepacific Corp. | 744 | | 714,293 |
BS Financial Group, Inc. | 57,630 | | 594,084 |
Green Cross Holdings Corp. | 39,050 | | 445,743 |
Korea Plant Service & Engineering Co. Ltd. | 15,670 | | 577,507 |
LG Corp. | 14,886 | | 758,707 |
LG Household & Health Care Ltd. | 1,806 | | 947,646 |
MegaStudy Co. Ltd. | 5,511 | | 513,978 |
NHN Corp. | 3,028 | | 685,914 |
NICE Holdings Co. Ltd. | 600 | | 26,705 |
NICE Information Service Co. Ltd. | 1,300 | | 29,391 |
S1 Corp. | 13,943 | | 697,073 |
Samsung Fire & Marine Insurance Co. Ltd. | 3,758 | | 718,264 |
Shinsegae Co. Ltd. | 2,576 | | 565,290 |
Woongjin Coway Co. Ltd. | 840 | | 26,907 |
TOTAL KOREA (SOUTH) | | 7,301,502 |
Luxembourg - 0.5% |
Brait SA | 213,800 | | 669,328 |
Millicom International Cellular SA (depository receipt) | 6,700 | | 711,796 |
TOTAL LUXEMBOURG | | 1,381,124 |
Malaysia - 0.8% |
Axiata Group Bhd | 626,800 | | 1,100,085 |
Parkson Holdings Bhd | 373,900 | | 643,867 |
Top Glove Corp. Bhd | 359,900 | | 557,902 |
TOTAL MALAYSIA | | 2,301,854 |
Mexico - 1.1% |
Bolsa Mexicana de Valores SA de CV | 371,800 | | 743,132 |
Fomento Economico Mexicano SAB de CV sponsored ADR | 12,000 | | 975,120 |
Grupo Modelo SAB de CV Series C | 110,056 | | 777,088 |
Wal-Mart de Mexico SA de CV Series V | 250,700 | | 716,797 |
TOTAL MEXICO | | 3,212,137 |
Netherlands - 2.0% |
Aalberts Industries NV | 5,700 | | 109,450 |
AEGON NV | 81,900 | | 380,994 |
ASM International NV unit | 2,250 | | 79,808 |
ASML Holding NV | 27,800 | | 1,417,522 |
HeidelbergCement Finance AG (d) | 15,100 | | 830,259 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - continued |
ING Groep NV (Certificaten Van Aandelen) (a) | 125,796 | | $ 887,542 |
Koninklijke KPN NV | 52,607 | | 472,237 |
Koninklijke Philips Electronics NV | 36,300 | | 722,441 |
QIAGEN NV (a) | 3,100 | | 51,863 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 28,600 | | 979,747 |
TOTAL NETHERLANDS | | 5,931,863 |
Norway - 0.5% |
Orkla ASA (A Shares) | 91,900 | | 675,161 |
Telenor ASA | 41,911 | | 770,501 |
TOTAL NORWAY | | 1,445,662 |
Papua New Guinea - 0.3% |
Oil Search Ltd. ADR | 98,935 | | 757,604 |
Philippines - 0.5% |
BDO Unibank, Inc. | 451,500 | | 708,865 |
Jollibee Food Corp. | 25,100 | | 66,731 |
Manila Water Co., Inc. | 1,013,200 | | 593,526 |
TOTAL PHILIPPINES | | 1,369,122 |
Poland - 0.1% |
Kruk SA (a) | 1,521 | | 23,300 |
Warsaw Stock Exchange | 33,538 | | 410,589 |
TOTAL POLAND | | 433,889 |
Portugal - 0.4% |
Jeronimo Martins SGPS SA | 58,975 | | 1,104,706 |
Russia - 0.0% |
Vozrozhdenie Bank | 5,100 | | 96,683 |
Singapore - 1.4% |
Ascendas India Trust | 850,000 | | 559,730 |
Ezra Holdings Ltd. (a) | 624,000 | | 509,223 |
Global Logistic Properties Ltd. (a) | 345,000 | | 574,233 |
Petra Foods Ltd. | 186,000 | | 371,203 |
Singapore Telecommunications Ltd. | 270,000 | | 680,645 |
United Overseas Bank Ltd. | 82,746 | | 1,287,004 |
TOTAL SINGAPORE | | 3,982,038 |
South Africa - 2.0% |
African Rainbow Minerals Ltd. | 11,063 | | 257,444 |
City Lodge Hotels Ltd. | 3,500 | | 38,249 |
Clicks Group Ltd. | 51,285 | | 308,448 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
JSE Ltd. | 93,800 | | $ 991,304 |
Mr Price Group Ltd. | 22,800 | | 308,377 |
MTN Group Ltd. | 71,700 | | 1,252,676 |
Nampak Ltd. | 158,500 | | 457,486 |
Reunert Ltd. | 57,100 | | 528,568 |
Shoprite Holdings Ltd. | 49,100 | | 848,424 |
Tiger Brands Ltd. | 26,600 | | 974,672 |
TOTAL SOUTH AFRICA | | 5,965,648 |
Spain - 1.2% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 169,428 | | 1,143,639 |
Grifols SA (a) | 1,746 | | 43,974 |
Inditex SA | 9,210 | | 828,460 |
Prosegur Compania de Seguridad SA (Reg.) | 9,551 | | 545,445 |
Red Electrica Corporacion SA | 4,043 | | 176,031 |
Repsol YPF SA | 46,058 | | 881,039 |
TOTAL SPAIN | | 3,618,588 |
Sri Lanka - 0.2% |
John Keells Holdings Ltd. | 314,297 | | 492,506 |
Sweden - 1.1% |
Fagerhult AB | 10,100 | | 302,816 |
H&M Hennes & Mauritz AB (B Shares) | 32,386 | | 1,112,663 |
Intrum Justitia AB | 7,600 | | 115,344 |
Svenska Handelsbanken AB (A Shares) | 30,000 | | 972,213 |
Swedish Match Co. AB | 18,950 | | 770,322 |
TOTAL SWEDEN | | 3,273,358 |
Switzerland - 7.0% |
Bank Sarasin & Cie AG Series B (Reg.) | 1,877 | | 57,910 |
Nestle SA | 116,298 | | 7,124,865 |
Roche Holding AG (participation certificate) | 35,489 | | 6,483,473 |
Schindler Holding AG: | | | |
(participation certificate) | 3,536 | | 457,414 |
(Reg.) | 820 | | 104,810 |
Swatch Group AG (Bearer) | 2,730 | | 1,259,190 |
Syngenta AG (Switzerland) | 4,095 | | 1,436,179 |
Transocean Ltd. (Switzerland) | 8,303 | | 414,441 |
UBS AG (NY Shares) | 116,646 | | 1,442,911 |
Zehnder Group AG | 447 | | 32,877 |
Zurich Financial Services AG | 7,550 | | 1,846,840 |
TOTAL SWITZERLAND | | 20,660,910 |
Common Stocks - continued |
| Shares | | Value |
Taiwan - 3.0% |
Chinatrust Financial Holding Co. Ltd. | 24,033 | | $ 15,374 |
Chroma ATE, Inc. | 245,116 | | 559,929 |
CTCI Corp. | 359,000 | | 694,481 |
Delta Electronics, Inc. | 182,000 | | 541,849 |
Giant Manufacturing Co. Ltd. | 93,000 | | 468,908 |
Pacific Hospital Supply Co. Ltd. | 241,000 | | 731,555 |
Powertech Technology, Inc. | 293,000 | | 498,969 |
SIMPLO Technology Co. Ltd. | 60,000 | | 463,042 |
St. Shine Optical Co. Ltd. | 39,000 | | 453,473 |
Ta Chong Bank (a) | 1,427,000 | | 553,082 |
Taiwan Hon Chuan Enterprise Co. Ltd. | 239,000 | | 537,760 |
Taiwan Mobile Co. Ltd. | 266,000 | | 859,448 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 412,035 | | 1,220,060 |
Unified-President Enterprises Corp. | 779,000 | | 1,214,390 |
TOTAL TAIWAN | | 8,812,320 |
Thailand - 0.0% |
Thai Re Insurance PCL NVDR | 410,666 | | 54,212 |
Turkey - 1.0% |
Albaraka Turk Katilim Bankasi A/S | 57,494 | | 60,864 |
Anadolu Efes Biracilik ve Malt Sanayii A/S | 70,000 | | 986,056 |
Boyner Buyuk Magazacilik A/S (a) | 36,049 | | 72,426 |
Coca-Cola Icecek A/S | 39,789 | | 559,356 |
Enka Insaat ve Sanayi A/S | 186,000 | | 582,242 |
Tupras-Turkiye Petrol Rafinerileri A/S | 10,313 | | 215,417 |
Turkiye Garanti Bankasi A/S | 148,500 | | 545,993 |
TOTAL TURKEY | | 3,022,354 |
United Arab Emirates - 0.2% |
First Gulf Bank PJSC | 214,355 | | 525,244 |
United Kingdom - 18.1% |
Aegis Group PLC | 205,949 | | 594,008 |
AMEC PLC | 4,459 | | 82,145 |
Anglo American PLC (United Kingdom) | 18,500 | | 711,048 |
Babcock International Group PLC | 45,000 | | 606,958 |
Barclays PLC | 350,078 | | 1,239,551 |
Bellway PLC | 6,028 | | 77,049 |
BG Group PLC | 108,077 | | 2,544,464 |
BHP Billiton PLC ADR | 43,000 | | 2,767,480 |
BP PLC sponsored ADR | 84,387 | | 3,663,240 |
British American Tobacco PLC (United Kingdom) | 20,853 | | 1,069,673 |
British Land Co. PLC | 55,600 | | 441,656 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Britvic PLC | 17,300 | | $ 107,320 |
Bunzl PLC | 46,958 | | 779,705 |
Centrica PLC | 199,475 | | 993,644 |
Compass Group PLC | 115,900 | | 1,211,475 |
Dechra Pharmaceuticals PLC | 8,600 | | 64,419 |
Dechra Pharmaceuticals PLC rights 5/15/12 (a) | 2,580 | | 6,575 |
Derwent London PLC | 2,000 | | 56,549 |
GlaxoSmithKline PLC sponsored ADR | 100,415 | | 4,642,185 |
Great Portland Estates PLC | 15,772 | | 92,184 |
H&T Group PLC | 5,664 | | 26,660 |
HSBC Holdings PLC sponsored ADR | 59,194 | | 2,673,793 |
Imperial Tobacco Group PLC | 24,691 | | 987,472 |
InterContinental Hotel Group PLC ADR | 42,690 | | 1,019,437 |
International Power PLC | 129,550 | | 876,837 |
Johnson Matthey PLC | 24,292 | | 912,372 |
Meggitt PLC | 25,298 | | 167,735 |
National Grid PLC | 216,797 | | 2,341,378 |
Next PLC | 10,700 | | 508,684 |
Persimmon PLC | 5,337 | | 54,444 |
Prudential PLC | 102,637 | | 1,258,065 |
Pz Cussons PLC Class L | 130,119 | | 701,805 |
Reckitt Benckiser Group PLC | 19,151 | | 1,114,983 |
Reed Elsevier PLC | 89,697 | | 742,339 |
Rolls-Royce Group PLC | 67,452 | | 901,579 |
Rotork PLC | 17,203 | | 616,243 |
Royal Dutch Shell PLC Class A sponsored ADR | 88,549 | | 6,334,795 |
SABMiller PLC | 29,463 | | 1,237,857 |
Scottish & Southern Energy PLC | 43,168 | | 925,572 |
Serco Group PLC | 69,757 | | 614,233 |
Shaftesbury PLC | 40,237 | | 334,054 |
Spectris PLC | 3,270 | | 100,100 |
Spirax-Sarco Engineering PLC | 5,004 | | 187,293 |
Standard Chartered PLC (United Kingdom) | 67,746 | | 1,655,976 |
Ted Baker PLC | 4,875 | | 71,629 |
Ultra Electronics Holdings PLC | 3,500 | | 95,666 |
Unite Group PLC | 104,702 | | 331,811 |
Victrex PLC | 14,418 | | 339,795 |
Vodafone Group PLC | 35,600 | | 98,552 |
Vodafone Group PLC sponsored ADR | 151,147 | | 4,206,421 |
TOTAL UNITED KINGDOM | | 53,188,908 |
Common Stocks - continued |
| Shares | | Value |
United States of America - 5.2% |
Allergan, Inc. | 4,500 | | $ 432,000 |
Amazon.com, Inc. (a) | 2,499 | | 579,518 |
ANSYS, Inc. (a) | 500 | | 33,535 |
Autoliv, Inc. | 16,210 | | 1,017,015 |
Berkshire Hathaway, Inc. Class B (a) | 11,945 | | 960,975 |
BorgWarner, Inc. (a) | 5,847 | | 462,147 |
Broadridge Financial Solutions, Inc. | 1,690 | | 39,225 |
CME Group, Inc. | 1,200 | | 318,984 |
Cymer, Inc. (a) | 9,671 | | 501,345 |
Dril-Quip, Inc. (a) | 1,210 | | 81,542 |
Evercore Partners, Inc. Class A | 1,860 | | 49,160 |
FMC Technologies, Inc. (a) | 7,600 | | 357,200 |
Freeport-McMoRan Copper & Gold, Inc. | 5,300 | | 202,990 |
Greenhill & Co., Inc. | 1,170 | | 45,455 |
JPMorgan Chase & Co. | 8,798 | | 378,138 |
Kansas City Southern | 1,720 | | 132,474 |
Lam Research Corp. (a) | 5,608 | | 233,573 |
Martin Marietta Materials, Inc. | 2,990 | | 247,811 |
MasterCard, Inc. Class A | 3,609 | | 1,632,242 |
Mead Johnson Nutrition Co. Class A | 14,100 | | 1,206,396 |
Mohawk Industries, Inc. (a) | 9,420 | | 631,328 |
National Oilwell Varco, Inc. | 5,400 | | 409,104 |
Oceaneering International, Inc. | 1,680 | | 86,738 |
Philip Morris International, Inc. | 18,500 | | 1,655,935 |
PriceSmart, Inc. | 6,850 | | 565,399 |
ResMed, Inc. (a) | 15,440 | | 525,114 |
Solera Holdings, Inc. | 7,002 | | 314,670 |
SS&C Technologies Holdings, Inc. (a) | 1,954 | | 46,447 |
Union Pacific Corp. | 8,900 | | 1,000,716 |
Visa, Inc. Class A | 10,001 | | 1,229,923 |
TOTAL UNITED STATES OF AMERICA | | 15,377,099 |
TOTAL COMMON STOCKS (Cost $282,668,262) |
288,182,142
|
Nonconvertible Preferred Stocks - 0.6% |
| | | |
Germany - 0.6% |
Hugo Boss AG (non-vtg.) | 5,187 | | 578,919 |
ProSiebenSat.1 Media AG | 23,100 | | 586,520 |
Volkswagen AG | 2,934 | | 555,805 |
TOTAL GERMANY | | 1,721,244 |
Nonconvertible Preferred Stocks - continued |
| Shares | | Value |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C | 7,149,912 | | $ 11,605 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,590,679) |
1,732,849
|
Money Market Funds - 4.7% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 4,858,519 | | 4,858,519 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 8,835,925 | | 8,835,925 |
TOTAL MONEY MARKET FUNDS (Cost $13,694,444) |
13,694,444
|
TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $297,953,385) | | 303,609,435 |
NET OTHER ASSETS (LIABILITIES) - (3.5)% | | (10,176,573) |
NET ASSETS - 100% | $ 293,432,862 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $555,234 or 0.2% of net assets. |
(f) Security or a portion of the security purchased on a delayed delivery or when-issued 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 | $ 3,107 |
Fidelity Securities Lending Cash Central Fund | 69,556 |
Total | $ 72,663 |
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, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 33,759,122 | $ 25,059,856 | $ 8,699,266 | $ - |
Consumer Staples | 43,271,466 | 35,730,719 | 7,540,747 | - |
Energy | 21,685,106 | 18,713,983 | 2,971,123 | - |
Financials | 58,627,780 | 46,184,155 | 12,414,234 | 29,391 |
Health Care | 31,451,515 | 25,260,485 | 6,191,030 | - |
Industrials | 34,540,810 | 26,861,084 | 7,679,726 | - |
Information Technology | 17,345,031 | 12,646,047 | 4,698,984 | - |
Materials | 21,525,144 | 16,352,685 | 5,172,459 | - |
Telecommunication Services | 15,658,170 | 14,061,893 | 1,596,277 | - |
Utilities | 12,050,847 | 9,136,241 | 2,914,606 | - |
Money Market Funds | 13,694,444 | 13,694,444 | - | - |
Total Investments in Securities: | $ 303,609,435 | $ 243,701,592 | $ 59,878,452 | $ 29,391 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Beginning Balance | $ - |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 142 |
Cost of Purchases | 29,249 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 29,391 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ 142 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $8,227,848) - See accompanying schedule: Unaffiliated issuers (cost $284,258,941) | $ 289,914,991 | |
Fidelity Central Funds (cost $13,694,444) | 13,694,444 | |
Total Investments (cost $297,953,385) | | $ 303,609,435 |
Foreign currency held at value (cost $67,294) | | 67,371 |
Receivable for investments sold | | 3,911,257 |
Receivable for fund shares sold | | 120,414 |
Dividends receivable | | 1,426,518 |
Distributions receivable from Fidelity Central Funds | | 40,151 |
Prepaid expenses | | 172 |
Other receivables | | 44,504 |
Total assets | | 309,219,822 |
| | |
Liabilities | | |
Payable to custodian bank | $ 864,326 | |
Payable for investments purchased
Regular delivery | 5,029,099 | |
Delayed delivery | 51,631 | |
Payable for fund shares redeemed | 596,892 | |
Accrued management fee | 210,707 | |
Distribution and service plan fees payable | 3,998 | |
Other affiliated payables | 48,068 | |
Other payables and accrued expenses | 146,314 | |
Collateral on securities loaned, at value | 8,835,925 | |
Total liabilities | | 15,786,960 |
| | |
Net Assets | | $ 293,432,862 |
Net Assets consist of: | | |
Paid in capital | | $ 310,960,255 |
Undistributed net investment income | | 2,135,737 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (25,337,566) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 5,674,436 |
Net Assets | | $ 293,432,862 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($5,426,909 ÷ 776,264 shares) | | $ 6.99 |
| | |
Maximum offering price per share (100/94.25 of $6.99) | | $ 7.42 |
Class T:
Net Asset Value and redemption price per share ($1,242,280 ÷ 176,067 shares) | | $ 7.06 |
| | |
Maximum offering price per share (100/96.50 of $7.06) | | $ 7.32 |
Class B:
Net Asset Value and offering price per share ($261,048 ÷ 37,117 shares)A | | $ 7.03 |
| | |
Class C:
Net Asset Value and offering price per share ($2,647,489 ÷ 377,021 shares)A | | $ 7.02 |
| | |
Total International Equity:
Net Asset Value, offering price and redemption price per share ($283,659,991 ÷ 40,577,948 shares) | | $ 6.99 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($195,145 ÷ 27,984 shares) | | $ 6.97 |
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, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,104,104 |
Interest | | 127 |
Income from Fidelity Central Funds | | 72,663 |
Income before foreign taxes withheld | | 4,176,894 |
Less foreign taxes withheld | | (333,339) |
Total income | | 3,843,555 |
| | |
Expenses | | |
Management fee
Basic fee | $ 848,954 | |
Performance adjustment | 22,514 | |
Transfer agent fees | 194,229 | |
Distribution and service plan fees | 19,711 | |
Accounting and security lending fees | 62,257 | |
Custodian fees and expenses | 243,854 | |
Independent trustees' compensation | 618 | |
Registration fees | 115,226 | |
Audit | 45,205 | |
Legal | 369 | |
Interest | 212 | |
Miscellaneous | 864 | |
Total expenses before reductions | 1,554,013 | |
Expense reductions | (160,537) | 1,393,476 |
Net investment income (loss) | | 2,450,079 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 9,046,867 | |
Foreign currency transactions | (190,067) | |
Total net realized gain (loss) | | 8,856,800 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 10,900,204 | |
Assets and liabilities in foreign currencies | 10,439 | |
Total change in net unrealized appreciation (depreciation) | | 10,910,643 |
Net gain (loss) | | 19,767,443 |
Net increase (decrease) in net assets resulting from operations | | $ 22,217,522 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,450,079 | $ 1,864,848 |
Net realized gain (loss) | 8,856,800 | (8,998,027) |
Change in net unrealized appreciation (depreciation) | 10,910,643 | (8,597,909) |
Net increase (decrease) in net assets resulting
from operations | 22,217,522 | (15,731,088) |
Distributions to shareholders from net investment income | (1,867,191) | (953,041) |
Distributions to shareholders from net realized gain | - | (220,294) |
Total distributions | (1,867,191) | (1,173,335) |
Share transactions - net increase (decrease) | 134,590,782 | 86,742,563 |
Redemption fees | 2,189 | 14,195 |
Total increase (decrease) in net assets | 154,943,302 | 69,852,335 |
| | |
Net Assets | | |
Beginning of period | 138,489,560 | 68,637,225 |
End of period (including undistributed net investment income of $2,135,737 and undistributed net investment income of $1,552,849, respectively) | $ 293,432,862 | $ 138,489,560 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.67 | $ 7.36 | $ 6.40 | $ 4.90 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .06 | .11 | .08 | .06 | .11 |
Net realized and unrealized gain (loss) | .34 | (.69) | .95 | 1.55 | (5.21) |
Total from investment operations | .40 | (.58) | 1.03 | 1.61 | (5.10) |
Distributions from net investment income | (.08) | (.09) | (.04) | (.11) | - |
Distributions from net realized gain | - | (.02) | (.03) | - | - |
Total distributions | (.08) | (.11) | (.07) | (.11) | - |
Redemption fees added to paid in capitalE,J | - | - | - | - | - |
Net asset value, end of period | $ 6.99 | $ 6.67 | $ 7.36 | $ 6.40 | $ 4.90 |
Total ReturnB,C,D | 6.03% | (8.03)% | 16.17% | 33.87% | (51.00)% |
Ratios to Average Net AssetsF,I | | | | |
Expenses before reductions | 1.67%A | 1.73% | 2.02% | 2.09% | 2.00% |
Expenses net of fee waivers, if any | 1.45%A | 1.45% | 1.50% | 1.50% | 1.50% |
Expenses net of all reductions | 1.40%A | 1.42% | 1.47% | 1.47% | 1.48% |
Net investment income (loss) | 1.81%A | 1.44% | 1.15% | 1.13% | 1.35% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 5,427 | $ 4,307 | $ 5,029 | $ 3,727 | $ 5,944 |
Portfolio turnover rateG | 160%A | 75% | 67% | 98% | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.73 | $ 7.41 | $ 6.40 | $ 4.88 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .05 | .09 | .06 | .04 | .09 |
Net realized and unrealized gain (loss) | .34 | (.68) | .95 | 1.57 | (5.21) |
Total from investment operations | .39 | (.59) | 1.01 | 1.61 | (5.12) |
Distributions from net investment income | (.06) | (.07) | - | (.09) | - |
Distributions from net realized gain | - | (.02) | - | - | - |
Total distributions | (.06) | (.09) | - | (.09) | - |
Redemption fees added to paid in capitalE,J | - | - | - | - | - |
Net asset value, end of period | $ 7.06 | $ 6.73 | $ 7.41 | $ 6.40 | $ 4.88 |
Total ReturnB,C,D | 5.87% | (8.08)% | 15.78% | 33.74% | (51.20)% |
Ratios to Average Net AssetsF,I | | | | | |
Expenses before reductions | 1.95%A | 2.02% | 2.31% | 2.34% | 2.42% |
Expenses net of fee waivers, if any | 1.70%A | 1.70% | 1.75% | 1.75% | 1.75% |
Expenses net of all reductions | 1.65%A | 1.67% | 1.72% | 1.72% | 1.73% |
Net investment income (loss) | 1.56%A | 1.19% | .90% | .88% | 1.10% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,242 | $ 997 | $ 1,004 | $ 1,526 | $ 2,567 |
Portfolio turnover rateG | 160%A | 75% | 67% | 98% | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.68 | $ 7.37 | $ 6.39 | $ 4.86 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .04 | .05 | .03 | .02 | .05 |
Net realized and unrealized gain (loss) | .33 | (.68) | .95 | 1.56 | (5.19) |
Total from investment operations | .37 | (.63) | .98 | 1.58 | (5.14) |
Distributions from net investment income | (.02) | (.04) | - | (.05) | - |
Distributions from net realized gain | - | (.02) | - | - | - |
Total distributions | (.02) | (.06) | - | (.05) | - |
Redemption fees added to paid in capitalE,J | - | - | - | - | - |
Net asset value, end of period | $ 7.03 | $ 6.68 | $ 7.37 | $ 6.39 | $ 4.86 |
Total ReturnB,C,D | 5.55% | (8.66)% | 15.34% | 32.95% | (51.40)% |
Ratios to Average Net AssetsF,I | | | | | |
Expenses before reductions | 2.43%A | 2.51% | 2.81% | 2.82% | 2.92% |
Expenses net of fee waivers, if any | 2.20%A | 2.20% | 2.25% | 2.25% | 2.25% |
Expenses net of all reductions | 2.15%A | 2.17% | 2.22% | 2.22% | 2.24% |
Net investment income (loss) | 1.06%A | .69% | .40% | .38% | .60% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 261 | $ 254 | $ 327 | $ 1,337 | $ 2,505 |
Portfolio turnover rateG | 160%A | 75% | 67% | 98% | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.67 | $ 7.36 | $ 6.39 | $ 4.86 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .04 | .05 | .03 | .02 | .05 |
Net realized and unrealized gain (loss) | .33 | (.69) | .94 | 1.56 | (5.19) |
Total from investment operations | .37 | (.64) | .97 | 1.58 | (5.14) |
Distributions from net investment income | (.02) | (.03) | - | (.05) | - |
Distributions from net realized gain | - | (.02) | - | - | - |
Total distributions | (.02) | (.05) | - | (.05) | - |
Redemption fees added to paid in capitalE,J | - | - | - | - | - |
Net asset value, end of period | $ 7.02 | $ 6.67 | $ 7.36 | $ 6.39 | $ 4.86 |
Total ReturnB,C,D | 5.62% | (8.72)% | 15.18% | 33.10% | (51.40)% |
Ratios to Average Net AssetsF,I | | | | | |
Expenses before reductions | 2.42%A | 2.51% | 2.80% | 2.85% | 2.92% |
Expenses net of fee waivers, if any | 2.20%A | 2.20% | 2.25% | 2.25% | 2.25% |
Expenses net of all reductions | 2.15%A | 2.17% | 2.22% | 2.22% | 2.23% |
Net investment income (loss) | 1.07%A | .69% | .40% | .38% | .60% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,647 | $ 1,396 | $ 1,423 | $ 1,714 | $ 2,787 |
Portfolio turnover rateG | 160%A | 75% | 67% | 98% | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Total International Equity
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.69 | $ 7.37 | $ 6.41 | $ 4.91 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .07 | .12 | .09 | .07 | .13 |
Net realized and unrealized gain (loss) | .33 | (.68) | .96 | 1.55 | (5.21) |
Total from investment operations | .40 | (.56) | 1.05 | 1.62 | (5.08) |
Distributions from net investment income | (.10) | (.10) | (.06) | (.12) | (.01) |
Distributions from net realized gain | - | (.02) | (.03) | - | - |
Total distributions | (.10) | (.12) | (.09) | (.12) | (.01) |
Redemption fees added to paid in capitalD,I | - | - | - | - | - |
Net asset value, end of period | $ 6.99 | $ 6.69 | $ 7.37 | $ 6.41 | $ 4.91 |
Total ReturnB,C | 6.02% | (7.70)% | 16.45% | 34.23% | (50.87)% |
Ratios to Average Net AssetsE,H | | | | | |
Expenses before reductions | 1.28%A | 1.42% | 1.79% | 1.87% | 1.89% |
Expenses net of fee waivers, if any | 1.20%A | 1.20% | 1.25% | 1.25% | 1.25% |
Expenses net of all reductions | 1.15%A | 1.17% | 1.22% | 1.22% | 1.23% |
Net investment income (loss) | 2.06%A | 1.69% | 1.40% | 1.38% | 1.60% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 283,660 | $ 131,338 | $ 60,826 | $ 33,061 | $ 23,226 |
Portfolio turnover rateF | 160%A | 75% | 67% | 98% | 91% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term 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 Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.67 | $ 7.35 | $ 6.41 | $ 4.91 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .07 | .12 | .10 | .07 | .13 |
Net realized and unrealized gain (loss) | .33 | (.68) | .95 | 1.55 | (5.21) |
Total from investment operations | .40 | (.56) | 1.05 | 1.62 | (5.08) |
Distributions from net investment income | (.10) | (.10) | (.08) | (.12) | (.01) |
Distributions from net realized gain | - | (.02) | (.03) | - | - |
Total distributions | (.10) | (.12) | (.11) | (.12) | (.01) |
Redemption fees added to paid in capitalD,I | - | - | - | - | - |
Net asset value, end of period | $ 6.97 | $ 6.67 | $ 7.35 | $ 6.41 | $ 4.91 |
Total ReturnB,C | 6.04% | (7.72)% | 16.48% | 34.23% | (50.87)% |
Ratios to Average Net AssetsE,H | | | | | |
Expenses before reductions | 1.45%A | 1.48% | 1.82% | 1.80% | 1.91% |
Expenses net of fee waivers, if any | 1.20%A | 1.20% | 1.25% | 1.25% | 1.25% |
Expenses net of all reductions | 1.15%A | 1.17% | 1.23% | 1.22% | 1.23% |
Net investment income (loss) | 2.06%A | 1.69% | 1.40% | 1.38% | 1.60% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 195 | $ 197 | $ 28 | $ 1,308 | $ 2,733 |
Portfolio turnover rateF | 160%A | 75% | 67% | 98% | 91% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term 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 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, 2012 (Unaudited)
1. Organization.
Fidelity® Total International Equity 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, Total International Equity and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
Semiannual Report
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
(ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
Semiannual Report
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 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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:
Gross unrealized appreciation | $ 18,000,037 |
Gross unrealized depreciation | (13,069,382) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 4,930,655 |
| |
Tax cost | $ 298,678,780 |
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. At October 31, 2011, capital loss carryforwards were as follows:
| |
Fiscal year of expiration | |
2016 | $ (8,618,744) |
2017 | (15,708,944) |
2019 | (8,856,044) |
Total with expiration | $ (33,183,732) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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
4. Operating Policies.
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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $320,934,540 and $184,958,483, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Total International Equity as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .73% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. 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 FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total
Fees | Retained
by FDC |
Class A | -% | .25% | $ 5,660 | $ 494 |
Class T | .25% | .25% | 2,686 | 44 |
Class B | .75% | .25% | 1,267 | 959 |
Class C | .75% | .25% | 10,098 | 1,257 |
| | | $ 19,711 | $ 2,754 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,028 |
Class T | 1,195 |
Class B* | 72 |
Class C* | 89 |
| $ 3,384 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 6,677 | .29 |
Class T | 1,735 | .32 |
Class B | 381 | .30 |
Class C | 3,062 | .30 |
Total International Equity | 182,063 | .16 |
Institutional Class | 311 | .31 |
| $ 194,229 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $1,441 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, 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
Balance | Weighted Average Interest Rate | Interest
Expense |
Borrower | $ 6,692,667 | .38% | $ 212 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $316 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $69,556. During the period, there were no securities loaned to FCM.
9. Expense Reductions.
FMR contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2012. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
Semiannual Report
9. Expense Reductions - continued
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.45% | $ 5,112 |
Class T | 1.70% | 1,360 |
Class B | 2.20% | 299 |
Class C | 2.20% | 2,231 |
Total International Equity | 1.20% | 91,624 |
Institutional Class | 1.20% | 250 |
| | $ 100,876 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $59,661 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2012 | Year ended
October 31, 2011 |
From net investment income | | |
Class A | $ 48,328 | $ 61,018 |
Class T | 9,062 | 9,414 |
Class B | 714 | 1,488 |
Class C | 4,730 | 6,263 |
Total International Equity | 1,801,470 | 873,280 |
Institutional Class | 2,887 | 1,578 |
Total | $ 1,867,191 | $ 953,041 |
From net realized gain | | |
Class A | $ - | $ 16,196 |
Class T | - | 3,213 |
Class B | - | 1,016 |
Class C | - | 4,485 |
Total International Equity | - | 195,026 |
Institutional Class | - | 358 |
Total | $ - | $ 220,294 |
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 April 30, 2012 | Year ended
October 31, 2011 | Six months ended April 30, 2012 | Year ended
October 31, 2011 |
Class A | | | | |
Shares sold | 270,467 | 231,083 | $ 1,856,066 | $ 1,708,687 |
Reinvestment of distributions | 7,157 | 10,039 | 46,236 | 74,076 |
Shares redeemed | (146,636) | (279,366) | (966,836) | (2,035,449) |
Net increase (decrease) | 130,988 | (38,244) | $ 935,466 | $ (252,686) |
Class T | | | | |
Shares sold | 49,215 | 37,121 | $ 332,471 | $ 276,509 |
Reinvestment of distributions | 1,377 | 1,678 | 8,993 | 12,524 |
Shares redeemed | (22,700) | (25,970) | (148,048) | (191,826) |
Net increase (decrease) | 27,892 | 12,829 | $ 193,416 | $ 97,207 |
Class B | | | | |
Shares sold | 4,140 | 3,282 | $ 27,486 | $ 24,631 |
Reinvestment of distributions | 108 | 331 | 705 | 2,469 |
Shares redeemed | (5,188) | (9,973) | (34,061) | (73,676) |
Net increase (decrease) | (940) | (6,360) | $ (5,870) | $ (46,576) |
Class C | | | | |
Shares sold | 212,570 | 66,879 | $ 1,414,506 | $ 498,161 |
Reinvestment of distributions | 710 | 1,425 | 4,622 | 10,610 |
Shares redeemed | (45,353) | (52,554) | (305,759) | (388,669) |
Net increase (decrease) | 167,927 | 15,750 | $ 1,113,369 | $ 120,102 |
Total International Equity | | | | |
Shares sold | 29,693,818 | 16,784,298 | $ 190,598,309 | $ 125,543,898 |
Reinvestment of distributions | 266,160 | 135,624 | 1,719,395 | 1,000,533 |
Shares redeemed | (9,027,432) | (5,532,363) | (59,951,071) | (39,913,646) |
Net increase (decrease) | 20,932,546 | 11,387,559 | $ 132,366,633 | $ 86,630,785 |
Institutional Class | | | | |
Shares sold | 6,631 | 26,909 | $ 43,801 | $ 202,383 |
Reinvestment of distributions | 448 | 263 | 2,887 | 1,936 |
Shares redeemed | (8,672) | (1,422) | (58,920) | (10,588) |
Net increase (decrease) | (1,593) | 25,750 | $ (12,232) | $ 193,731 |
Semiannual Report
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.
At the end of the period, a shareholder of record owned approximately 66% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank & Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
ATIEI-USAN-0612
1.853359.104
Fidelity®
Total International Equity Fund
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Contents
Shareholder Expense Example | 3 | An example of shareholder expenses. |
Investment Changes | 5 | A summary of major shifts in the fund's investments over the past six months. |
Investments | 7 | A complete list of the fund's investments with their market values. |
Financial Statements | 23 | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | 33 | 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 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to
April 30, 2012 |
Class A | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,060.30 | $ 7.43 |
HypotheticalA | | $ 1,000.00 | $ 1,017.65 | $ 7.27 |
Class T | 1.70% | | | |
Actual | | $ 1,000.00 | $ 1,058.70 | $ 8.70 |
HypotheticalA | | $ 1,000.00 | $ 1,016.41 | $ 8.52 |
Class B | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,055.50 | $ 11.24 |
HypotheticalA | | $ 1,000.00 | $ 1,013.92 | $ 11.02 |
Class C | 2.20% | | | |
Actual | | $ 1,000.00 | $ 1,056.20 | $ 11.25 |
HypotheticalA | | $ 1,000.00 | $ 1,013.92 | $ 11.02 |
Total International Equity | 1.20% | | | |
Actual | | $ 1,000.00 | $ 1,060.20 | $ 6.15 |
HypotheticalA | | $ 1,000.00 | $ 1,018.90 | $ 6.02 |
Institutional Class | 1.20% | | | |
Actual | | $ 1,000.00 | $ 1,060.40 | $ 6.15 |
HypotheticalA | | $ 1,000.00 | $ 1,018.90 | $ 6.02 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United Kingdom 18.1% | |
 | Japan 13.5% | |
 | Switzerland 7.0% | |
 | United States of America 6.4% | |
 | Germany 5.7% | |
 | Australia 4.4% | |
 | France 4.3% | |
 | Taiwan 3.0% | |
 | India 2.6% | |
 | Other 35.0% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United Kingdom 18.1% | |
| Japan 11.7% | |
| United States of America 9.0% | |
| Switzerland 6.6% | |
| Germany 5.9% | |
| France 4.9% | |
| Australia 4.3% | |
| Korea (South) 4.2% | |
| Brazil 4.1% | |
| Other 31.2% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.8 | 96.7 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.2 | 3.3 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA (Switzerland, Food Products) | 2.4 | 2.7 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.2 | 1.8 |
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.2 | 2.2 |
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals) | 1.6 | 1.6 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 1.4 | 1.3 |
Sanofi SA (France, Pharmaceuticals) | 1.4 | 1.1 |
BP PLC sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 1.3 | 1.1 |
Australia & New Zealand Banking Group Ltd. (Australia, Commercial Banks) | 1.0 | 0.7 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.0 | 1.1 |
Commonwealth Bank of Australia (Australia, Commercial Banks) | 1.0 | 1.1 |
| 15.5 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 19.8 | 18.2 |
Consumer Staples | 14.7 | 12.9 |
Industrials | 11.7 | 9.9 |
Consumer Discretionary | 11.6 | 9.9 |
Health Care | 10.6 | 8.0 |
Energy | 7.6 | 10.0 |
Materials | 7.4 | 10.6 |
Information Technology | 6.0 | 6.8 |
Telecommunication Services | 5.4 | 6.7 |
Utilities | 4.0 | 3.7 |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.2% |
| Shares | | Value |
Australia - 4.4% |
Australia & New Zealand Banking Group Ltd. | 117,811 | | $ 2,934,747 |
Coca-Cola Amatil Ltd. | 49,234 | | 638,616 |
Commonwealth Bank of Australia | 53,487 | | 2,896,051 |
CSL Ltd. | 34,287 | | 1,309,565 |
Newcrest Mining Ltd. | 23,905 | | 655,013 |
Origin Energy Ltd. | 35,476 | | 490,098 |
Ramsay Health Care Ltd. | 1,506 | | 31,428 |
Sydney Airport unit | 321,687 | | 975,285 |
Telstra Corp. Ltd. | 236,280 | | 871,436 |
Transurban Group unit | 49,782 | | 304,450 |
Westfield Group unit | 114,582 | | 1,103,046 |
WorleyParsons Ltd. | 26,140 | | 769,359 |
TOTAL AUSTRALIA | | 12,979,094 |
Austria - 0.4% |
Andritz AG | 17,558 | | 919,039 |
Zumtobel AG | 19,837 | | 273,106 |
TOTAL AUSTRIA | | 1,192,145 |
Bailiwick of Guernsey - 0.2% |
Resolution Ltd. | 123,894 | | 450,045 |
Bailiwick of Jersey - 0.8% |
Atrium European Real Estate Ltd. | 106,713 | | 519,861 |
Informa PLC | 51,037 | | 343,447 |
Randgold Resources Ltd. sponsored ADR | 6,660 | | 593,739 |
Wolseley PLC | 23,139 | | 879,958 |
TOTAL BAILIWICK OF JERSEY | | 2,337,005 |
Belgium - 1.3% |
Anheuser-Busch InBev SA NV (d) | 40,471 | | 2,917,187 |
Gimv NV | 1,420 | | 69,590 |
Umicore SA | 17,321 | | 939,996 |
TOTAL BELGIUM | | 3,926,773 |
Bermuda - 2.2% |
ARA Asset Management Ltd. (e) | 451,000 | | 553,888 |
Cafe de Coral Holdings Ltd. | 212,000 | | 582,008 |
Cheung Kong Infrastructure Holdings Ltd. | 124,000 | | 735,979 |
Lazard Ltd. Class A | 8,770 | | 241,263 |
Li & Fung Ltd. | 386,000 | | 825,865 |
Pacific Basin Shipping Ltd. | 1,076,000 | | 565,830 |
Texwinca Holdings Ltd. | 558,000 | | 683,237 |
Common Stocks - continued |
| Shares | | Value |
Bermuda - continued |
Trinity Ltd. | 342,000 | | $ 286,078 |
Vtech Holdings Ltd. | 59,800 | | 670,555 |
Wilson Sons Ltd. unit | 41,700 | | 623,482 |
Yue Yuen Industrial (Holdings) Ltd. | 206,000 | | 690,326 |
TOTAL BERMUDA | | 6,458,511 |
Brazil - 2.0% |
Arezzo Industria e Comercio SA | 16,600 | | 261,260 |
Banco ABC Brasil SA | 7,900 | | 49,319 |
Banco Bradesco SA | 70,400 | | 956,567 |
Banco Pine SA | 7,106 | | 48,650 |
BM&F Bovespa SA | 57,900 | | 325,624 |
Braskem SA Class A sponsored ADR | 15,990 | | 235,053 |
Cetip SA | 15,000 | | 231,120 |
Duratex SA | 100,200 | | 588,747 |
Fleury SA | 42,500 | | 547,596 |
Iguatemi Empresa de Shopping Centers SA | 10,000 | | 219,710 |
Itau Unibanco Banco Multiplo SA sponsored ADR | 15,570 | | 244,293 |
LPS Brasil Consultoria de Imoveis SA | 20,800 | | 359,006 |
Multiplan Empreendimentos Imobiliarios SA | 16,200 | | 382,446 |
Oi SA | 113,616 | | 768,308 |
T4F Entretenimento SA | 3,600 | | 32,900 |
Tractebel Energia SA | 43,800 | | 754,836 |
TOTAL BRAZIL | | 6,005,435 |
British Virgin Islands - 0.0% |
Gem Diamonds Ltd. (a) | 7,800 | | 32,790 |
Canada - 0.7% |
Agnico-Eagle Mines Ltd. (Canada) | 8,740 | | 349,158 |
Copper Mountain Mining Corp. (a) | 6,600 | | 28,665 |
Eldorado Gold Corp. | 3,300 | | 46,773 |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 1,255 | | 514,566 |
First Quantum Minerals Ltd. | 9,785 | | 203,278 |
Goldcorp, Inc. | 11,594 | | 444,041 |
Open Text Corp. (a) | 4,350 | | 243,891 |
Painted Pony Petroleum Ltd. Class A (a) | 3,400 | | 27,434 |
Petrominerales Ltd. | 1,725 | | 25,235 |
TAG Oil Ltd. (a) | 3,200 | | 34,017 |
Tuscany International Drilling, Inc. (a) | 29,600 | | 20,977 |
Tuscany International Drilling, Inc. (a)(e) | 1,900 | | 1,346 |
TOTAL CANADA | | 1,939,381 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - 1.9% |
Baidu.com, Inc. sponsored ADR (a) | 3,900 | | $ 517,530 |
Boer Power Holdings Ltd. | 1,129,000 | | 407,442 |
China Lilang Ltd. | 19,000 | | 17,558 |
Haitian International Holdings Ltd. | 351,000 | | 403,992 |
Mindray Medical International Ltd. sponsored ADR (d) | 22,200 | | 727,272 |
Minth Group Ltd. | 558,000 | | 706,971 |
NVC Lighting Holdings Ltd. | 681,000 | | 247,520 |
Perfect World Co. Ltd. sponsored ADR Class B | 45,600 | | 556,776 |
Samson Holding Ltd. | 3,679,000 | | 488,406 |
Sands China Ltd. | 244,800 | | 962,332 |
SITC International Holdings Co. Ltd. | 1,461,000 | | 442,519 |
Vantage Drilling Co. (a) | 15,200 | | 24,016 |
TOTAL CAYMAN ISLANDS | | 5,502,334 |
Chile - 1.9% |
Compania Cervecerias Unidas SA sponsored ADR | 6,500 | | 465,530 |
Embotelladora Andina SA sponsored ADR | 17,300 | | 562,250 |
Empresa Nacional de Telecomunicaciones SA (ENTEL) | 32,442 | | 642,888 |
Inversiones Aguas Metropolitanas SA | 580,814 | | 1,023,698 |
Isapre CruzBlanca SA | 583,589 | | 638,808 |
Parque Arauco SA | 368,291 | | 715,552 |
Quinenco SA | 341,147 | | 1,054,947 |
Sociedad Matriz SAAM SA (a) | 3,284,500 | | 392,705 |
TOTAL CHILE | | 5,496,378 |
China - 0.6% |
China BlueChemical Ltd. (H Shares) | 592,000 | | 423,476 |
China Communications Services Corp. Ltd. (H Shares) | 1,488,000 | | 765,226 |
China Oilfield Services Ltd. (H Shares) | 310,000 | | 502,639 |
TOTAL CHINA | | 1,691,341 |
Colombia - 0.5% |
BanColombia SA sponsored ADR | 10,300 | | 698,649 |
Bolsa de Valores de Colombia | 32,883,815 | | 636,264 |
TOTAL COLOMBIA | | 1,334,913 |
Curacao - 0.2% |
Schlumberger Ltd. | 6,500 | | 481,910 |
Denmark - 1.0% |
Novo Nordisk A/S Series B sponsored ADR | 15,200 | | 2,234,704 |
William Demant Holding A/S (a) | 8,710 | | 822,225 |
TOTAL DENMARK | | 3,056,929 |
Common Stocks - continued |
| Shares | | Value |
Egypt - 0.3% |
Commercial International Bank Ltd. | 185,900 | | $ 794,002 |
Finland - 0.6% |
Nokian Tyres PLC | 25,202 | | 1,195,375 |
Outotec Oyj | 11,612 | | 624,102 |
TOTAL FINLAND | | 1,819,477 |
France - 4.3% |
Alstom SA | 19,001 | | 678,642 |
Atos Origin SA | 14,776 | | 951,715 |
BNP Paribas SA | 31,751 | | 1,275,670 |
Danone SA | 18,380 | | 1,293,216 |
Euler Hermes SA | 5,132 | | 363,533 |
GDF Suez (d) | 35,600 | | 819,543 |
Laurent-Perrier Group | 859 | | 86,696 |
Pernod Ricard SA | 6,700 | | 695,454 |
PPR SA (d) | 4,800 | | 802,858 |
Remy Cointreau SA | 5,452 | | 607,629 |
Safran SA | 14,114 | | 523,155 |
Saft Groupe SA | 1,929 | | 53,217 |
Sanofi SA | 52,409 | | 4,003,398 |
Societe Generale Series A | 12,600 | | 297,903 |
Vetoquinol SA | 1,000 | | 31,334 |
Virbac SA | 520 | | 87,458 |
TOTAL FRANCE | | 12,571,421 |
Germany - 5.1% |
Aareal Bank AG (a) | 12,799 | | 246,949 |
Allianz AG | 18,549 | | 2,067,054 |
alstria office REIT-AG | 5,100 | | 54,349 |
BASF AG | 10,158 | | 836,279 |
Bayer AG (d) | 34,693 | | 2,443,754 |
Bilfinger Berger AG | 1,067 | | 97,589 |
CompuGROUP Holding AG | 3,246 | | 49,975 |
CTS Eventim AG | 4,949 | | 193,203 |
Daimler AG (Germany) | 27,621 | | 1,527,124 |
Deutsche Boerse AG | 9,500 | | 596,484 |
Deutsche Post AG | 46,364 | | 865,411 |
Fielmann AG | 1,079 | | 104,543 |
Linde AG | 12,449 | | 2,130,862 |
Metro AG | 11,300 | | 364,624 |
RWE AG | 27,500 | | 1,182,236 |
Siemens AG | 9,914 | | 920,291 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
Siemens AG sponsored ADR | 13,669 | | $ 1,269,440 |
Software AG (Bearer) | 2,059 | | 71,959 |
TOTAL GERMANY | | 15,022,126 |
Hong Kong - 1.8% |
Cheung Kong Holdings Ltd. | 44,000 | | 585,256 |
China Insurance International Holdings Co. Ltd. (a) | 220,200 | | 459,208 |
China Merchant Holdings International Co. Ltd. | 156,000 | | 504,675 |
China Resources Enterprise Ltd. | 182,000 | | 661,507 |
Henderson Land Development Co. Ltd. | 36,000 | | 205,087 |
Hong Kong Exchanges and Clearing Ltd. | 60,200 | | 962,902 |
Hopewell Holdings Ltd. | 245,500 | | 659,738 |
Television Broadcasts Ltd. | 118,000 | | 866,903 |
Vitasoy International Holdings Ltd. | 638,000 | | 468,716 |
TOTAL HONG KONG | | 5,373,992 |
India - 2.6% |
Apollo Tyres Ltd. | 15,339 | | 26,330 |
Bharti Airtel Ltd. | 56,826 | | 335,032 |
Cipla Ltd. | 116,885 | | 692,455 |
CMC Ltd. | 33,530 | | 569,816 |
Container Corp. of India Ltd. | 31,326 | | 531,706 |
Housing Development Finance Corp. Ltd. | 64,511 | | 825,114 |
Indraprastha Gas Ltd. | 99,431 | | 412,526 |
Infrastructure Development Finance Co. Ltd. | 158,914 | | 364,961 |
Jyothy Laboratories Ltd. | 12,069 | | 39,966 |
Max India Ltd. (a) | 141,160 | | 531,377 |
Piramal Healthcare Ltd. | 52,718 | | 438,391 |
Punjab National Bank | 31,273 | | 523,170 |
Rallis India Ltd. | 190,395 | | 410,326 |
Satyam Computer Services Ltd. (a) | 388,621 | | 570,405 |
Smithkline Beecham Consumer Healthcare Ltd. | 13,346 | | 711,255 |
Tata Power Co. Ltd. | 320,086 | | 641,813 |
TOTAL INDIA | | 7,624,643 |
Indonesia - 0.5% |
PT Kalbe Farma Tbk | 1,866,000 | | 817,219 |
PT Ramayana Lestari Sentosa Tbk | 6,520,000 | | 610,108 |
TOTAL INDONESIA | | 1,427,327 |
Common Stocks - continued |
| Shares | | Value |
Ireland - 0.4% |
CRH PLC sponsored ADR | 26,700 | | $ 542,811 |
James Hardie Industries NV sponsored ADR | 16,145 | | 627,233 |
TOTAL IRELAND | | 1,170,044 |
Israel - 0.1% |
Azrieli Group | 11,596 | | 284,849 |
Ituran Location & Control Ltd. | 4,861 | | 65,332 |
TOTAL ISRAEL | | 350,181 |
Italy - 1.6% |
Azimut Holding SpA | 9,014 | | 88,541 |
ENI SpA | 108,100 | | 2,402,144 |
Fiat Industrial SpA (d) | 93,328 | | 1,058,803 |
Interpump Group SpA | 45,791 | | 408,566 |
Intesa Sanpaolo SpA | 395,504 | | 598,438 |
TOTAL ITALY | | 4,556,492 |
Japan - 13.5% |
Aeon Credit Service Co. Ltd. | 37,100 | | 646,781 |
Air Water, Inc. | 80,000 | | 1,008,483 |
Aozora Bank Ltd. | 361,000 | | 925,945 |
Asahi Co. Ltd. | 2,700 | | 53,278 |
Astellas Pharma, Inc. | 31,500 | | 1,277,581 |
Autobacs Seven Co. Ltd. | 11,700 | | 561,556 |
Azbil Corp. | 1,900 | | 40,708 |
Canon, Inc. | 18,900 | | 856,750 |
Chubu Electric Power Co., Inc. | 35,000 | | 573,228 |
Cosmos Pharmaceutical Corp. | 600 | | 33,640 |
Credit Saison Co. Ltd. (f) | 33,300 | | 714,697 |
Daikoku Denki Co. Ltd. | 2,100 | | 30,031 |
Daikokutenbussan Co. Ltd. | 3,800 | | 105,240 |
Denso Corp. | 69,400 | | 2,244,210 |
Fanuc Corp. | 12,300 | | 2,074,531 |
Fast Retailing Co. Ltd. | 2,700 | | 603,401 |
FCC Co. Ltd. | 5,200 | | 106,187 |
GCA Savvian Group Corp. | 39 | | 40,639 |
Glory Ltd. | 2,600 | | 55,919 |
Goldcrest Co. Ltd. | 2,900 | | 49,751 |
Hitachi Ltd. | 158,000 | | 1,006,404 |
Honda Motor Co. Ltd. | 64,000 | | 2,303,452 |
INPEX Corp. | 86 | | 567,851 |
Itochu Corp. | 97,500 | | 1,103,205 |
Iwatsuka Confectionary Co. Ltd. | 700 | | 28,403 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Japan Retail Fund Investment Corp. | 494 | | $ 787,698 |
Japan Tobacco, Inc. | 400 | | 2,216,014 |
JS Group Corp. | 15,600 | | 306,347 |
JSR Corp. | 48,100 | | 949,373 |
JX Holdings, Inc. | 200 | | 1,128 |
Kamigumi Co. Ltd. | 9,000 | | 72,337 |
Keyence Corp. | 4,221 | | 996,324 |
Kobayashi Pharmaceutical Co. Ltd. | 10,600 | | 532,399 |
Kyoto Kimono Yuzen Co. Ltd. | 3,800 | | 46,713 |
Meiko Network Japan Co. Ltd. | 3,700 | | 36,514 |
Miraial Co. Ltd. | 300 | | 5,389 |
Mitsubishi Corp. | 61,500 | | 1,332,909 |
Mitsui Fudosan Co. Ltd. | 34,000 | | 622,811 |
Nabtesco Corp. | 4,500 | | 96,071 |
Nagaileben Co. Ltd. | 3,500 | | 54,071 |
Nihon M&A Center, Inc. | 4,000 | | 114,538 |
Nihon Parkerizing Co. Ltd. | 5,000 | | 74,677 |
Nikkiso Co. Ltd. | 3,000 | | 31,504 |
Nippon Seiki Co. Ltd. | 5,000 | | 63,075 |
Nippon Telegraph & Telephone Corp. | 33,100 | | 1,497,725 |
Nippon Thompson Co. Ltd. | 11,000 | | 60,831 |
NS Tool Co., Ltd. | 800 | | 28,688 |
Obic Co. Ltd. | 2,720 | | 573,349 |
ORIX Corp. | 5,300 | | 506,769 |
Osaka Securities Exchange Co. Ltd. | 16 | | 91,610 |
OSG Corp. | 4,600 | | 72,609 |
Santen Pharmaceutical Co. Ltd. | 19,700 | | 824,476 |
Seven & i Holdings Co., Ltd. | 49,000 | | 1,483,332 |
Seven Bank Ltd. | 305,700 | | 755,356 |
SHO-BOND Holdings Co. Ltd. | 13,900 | | 351,579 |
Shoei Co. Ltd. | 2,900 | | 20,810 |
SMC Corp. | 2,200 | | 367,430 |
Sumitomo Mitsui Financial Group, Inc. | 71,600 | | 2,291,256 |
Sumitomo Realty & Development Co. Ltd. | 29,000 | | 691,599 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 11,000 | | 65,072 |
Toray Industries, Inc. | 128,000 | | 984,166 |
Toyo Suisan Kaisha Ltd. | 14,000 | | 359,420 |
Tsutsumi Jewelry Co. Ltd. | 1,000 | | 29,254 |
Unicharm Corp. | 13,100 | | 732,879 |
USS Co. Ltd. | 18,320 | | 1,858,446 |
Yamato Kogyo Co. Ltd. | 23,000 | | 654,509 |
TOTAL JAPAN | | 39,652,928 |
Common Stocks - continued |
| Shares | | Value |
Kenya - 0.2% |
Safaricom Ltd. | 15,771,929 | | $ 625,194 |
Korea (South) - 2.5% |
Amorepacific Corp. | 744 | | 714,293 |
BS Financial Group, Inc. | 57,630 | | 594,084 |
Green Cross Holdings Corp. | 39,050 | | 445,743 |
Korea Plant Service & Engineering Co. Ltd. | 15,670 | | 577,507 |
LG Corp. | 14,886 | | 758,707 |
LG Household & Health Care Ltd. | 1,806 | | 947,646 |
MegaStudy Co. Ltd. | 5,511 | | 513,978 |
NHN Corp. | 3,028 | | 685,914 |
NICE Holdings Co. Ltd. | 600 | | 26,705 |
NICE Information Service Co. Ltd. | 1,300 | | 29,391 |
S1 Corp. | 13,943 | | 697,073 |
Samsung Fire & Marine Insurance Co. Ltd. | 3,758 | | 718,264 |
Shinsegae Co. Ltd. | 2,576 | | 565,290 |
Woongjin Coway Co. Ltd. | 840 | | 26,907 |
TOTAL KOREA (SOUTH) | | 7,301,502 |
Luxembourg - 0.5% |
Brait SA | 213,800 | | 669,328 |
Millicom International Cellular SA (depository receipt) | 6,700 | | 711,796 |
TOTAL LUXEMBOURG | | 1,381,124 |
Malaysia - 0.8% |
Axiata Group Bhd | 626,800 | | 1,100,085 |
Parkson Holdings Bhd | 373,900 | | 643,867 |
Top Glove Corp. Bhd | 359,900 | | 557,902 |
TOTAL MALAYSIA | | 2,301,854 |
Mexico - 1.1% |
Bolsa Mexicana de Valores SA de CV | 371,800 | | 743,132 |
Fomento Economico Mexicano SAB de CV sponsored ADR | 12,000 | | 975,120 |
Grupo Modelo SAB de CV Series C | 110,056 | | 777,088 |
Wal-Mart de Mexico SA de CV Series V | 250,700 | | 716,797 |
TOTAL MEXICO | | 3,212,137 |
Netherlands - 2.0% |
Aalberts Industries NV | 5,700 | | 109,450 |
AEGON NV | 81,900 | | 380,994 |
ASM International NV unit | 2,250 | | 79,808 |
ASML Holding NV | 27,800 | | 1,417,522 |
HeidelbergCement Finance AG (d) | 15,100 | | 830,259 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - continued |
ING Groep NV (Certificaten Van Aandelen) (a) | 125,796 | | $ 887,542 |
Koninklijke KPN NV | 52,607 | | 472,237 |
Koninklijke Philips Electronics NV | 36,300 | | 722,441 |
QIAGEN NV (a) | 3,100 | | 51,863 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 28,600 | | 979,747 |
TOTAL NETHERLANDS | | 5,931,863 |
Norway - 0.5% |
Orkla ASA (A Shares) | 91,900 | | 675,161 |
Telenor ASA | 41,911 | | 770,501 |
TOTAL NORWAY | | 1,445,662 |
Papua New Guinea - 0.3% |
Oil Search Ltd. ADR | 98,935 | | 757,604 |
Philippines - 0.5% |
BDO Unibank, Inc. | 451,500 | | 708,865 |
Jollibee Food Corp. | 25,100 | | 66,731 |
Manila Water Co., Inc. | 1,013,200 | | 593,526 |
TOTAL PHILIPPINES | | 1,369,122 |
Poland - 0.1% |
Kruk SA (a) | 1,521 | | 23,300 |
Warsaw Stock Exchange | 33,538 | | 410,589 |
TOTAL POLAND | | 433,889 |
Portugal - 0.4% |
Jeronimo Martins SGPS SA | 58,975 | | 1,104,706 |
Russia - 0.0% |
Vozrozhdenie Bank | 5,100 | | 96,683 |
Singapore - 1.4% |
Ascendas India Trust | 850,000 | | 559,730 |
Ezra Holdings Ltd. (a) | 624,000 | | 509,223 |
Global Logistic Properties Ltd. (a) | 345,000 | | 574,233 |
Petra Foods Ltd. | 186,000 | | 371,203 |
Singapore Telecommunications Ltd. | 270,000 | | 680,645 |
United Overseas Bank Ltd. | 82,746 | | 1,287,004 |
TOTAL SINGAPORE | | 3,982,038 |
South Africa - 2.0% |
African Rainbow Minerals Ltd. | 11,063 | | 257,444 |
City Lodge Hotels Ltd. | 3,500 | | 38,249 |
Clicks Group Ltd. | 51,285 | | 308,448 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
JSE Ltd. | 93,800 | | $ 991,304 |
Mr Price Group Ltd. | 22,800 | | 308,377 |
MTN Group Ltd. | 71,700 | | 1,252,676 |
Nampak Ltd. | 158,500 | | 457,486 |
Reunert Ltd. | 57,100 | | 528,568 |
Shoprite Holdings Ltd. | 49,100 | | 848,424 |
Tiger Brands Ltd. | 26,600 | | 974,672 |
TOTAL SOUTH AFRICA | | 5,965,648 |
Spain - 1.2% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 169,428 | | 1,143,639 |
Grifols SA (a) | 1,746 | | 43,974 |
Inditex SA | 9,210 | | 828,460 |
Prosegur Compania de Seguridad SA (Reg.) | 9,551 | | 545,445 |
Red Electrica Corporacion SA | 4,043 | | 176,031 |
Repsol YPF SA | 46,058 | | 881,039 |
TOTAL SPAIN | | 3,618,588 |
Sri Lanka - 0.2% |
John Keells Holdings Ltd. | 314,297 | | 492,506 |
Sweden - 1.1% |
Fagerhult AB | 10,100 | | 302,816 |
H&M Hennes & Mauritz AB (B Shares) | 32,386 | | 1,112,663 |
Intrum Justitia AB | 7,600 | | 115,344 |
Svenska Handelsbanken AB (A Shares) | 30,000 | | 972,213 |
Swedish Match Co. AB | 18,950 | | 770,322 |
TOTAL SWEDEN | | 3,273,358 |
Switzerland - 7.0% |
Bank Sarasin & Cie AG Series B (Reg.) | 1,877 | | 57,910 |
Nestle SA | 116,298 | | 7,124,865 |
Roche Holding AG (participation certificate) | 35,489 | | 6,483,473 |
Schindler Holding AG: | | | |
(participation certificate) | 3,536 | | 457,414 |
(Reg.) | 820 | | 104,810 |
Swatch Group AG (Bearer) | 2,730 | | 1,259,190 |
Syngenta AG (Switzerland) | 4,095 | | 1,436,179 |
Transocean Ltd. (Switzerland) | 8,303 | | 414,441 |
UBS AG (NY Shares) | 116,646 | | 1,442,911 |
Zehnder Group AG | 447 | | 32,877 |
Zurich Financial Services AG | 7,550 | | 1,846,840 |
TOTAL SWITZERLAND | | 20,660,910 |
Common Stocks - continued |
| Shares | | Value |
Taiwan - 3.0% |
Chinatrust Financial Holding Co. Ltd. | 24,033 | | $ 15,374 |
Chroma ATE, Inc. | 245,116 | | 559,929 |
CTCI Corp. | 359,000 | | 694,481 |
Delta Electronics, Inc. | 182,000 | | 541,849 |
Giant Manufacturing Co. Ltd. | 93,000 | | 468,908 |
Pacific Hospital Supply Co. Ltd. | 241,000 | | 731,555 |
Powertech Technology, Inc. | 293,000 | | 498,969 |
SIMPLO Technology Co. Ltd. | 60,000 | | 463,042 |
St. Shine Optical Co. Ltd. | 39,000 | | 453,473 |
Ta Chong Bank (a) | 1,427,000 | | 553,082 |
Taiwan Hon Chuan Enterprise Co. Ltd. | 239,000 | | 537,760 |
Taiwan Mobile Co. Ltd. | 266,000 | | 859,448 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 412,035 | | 1,220,060 |
Unified-President Enterprises Corp. | 779,000 | | 1,214,390 |
TOTAL TAIWAN | | 8,812,320 |
Thailand - 0.0% |
Thai Re Insurance PCL NVDR | 410,666 | | 54,212 |
Turkey - 1.0% |
Albaraka Turk Katilim Bankasi A/S | 57,494 | | 60,864 |
Anadolu Efes Biracilik ve Malt Sanayii A/S | 70,000 | | 986,056 |
Boyner Buyuk Magazacilik A/S (a) | 36,049 | | 72,426 |
Coca-Cola Icecek A/S | 39,789 | | 559,356 |
Enka Insaat ve Sanayi A/S | 186,000 | | 582,242 |
Tupras-Turkiye Petrol Rafinerileri A/S | 10,313 | | 215,417 |
Turkiye Garanti Bankasi A/S | 148,500 | | 545,993 |
TOTAL TURKEY | | 3,022,354 |
United Arab Emirates - 0.2% |
First Gulf Bank PJSC | 214,355 | | 525,244 |
United Kingdom - 18.1% |
Aegis Group PLC | 205,949 | | 594,008 |
AMEC PLC | 4,459 | | 82,145 |
Anglo American PLC (United Kingdom) | 18,500 | | 711,048 |
Babcock International Group PLC | 45,000 | | 606,958 |
Barclays PLC | 350,078 | | 1,239,551 |
Bellway PLC | 6,028 | | 77,049 |
BG Group PLC | 108,077 | | 2,544,464 |
BHP Billiton PLC ADR | 43,000 | | 2,767,480 |
BP PLC sponsored ADR | 84,387 | | 3,663,240 |
British American Tobacco PLC (United Kingdom) | 20,853 | | 1,069,673 |
British Land Co. PLC | 55,600 | | 441,656 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Britvic PLC | 17,300 | | $ 107,320 |
Bunzl PLC | 46,958 | | 779,705 |
Centrica PLC | 199,475 | | 993,644 |
Compass Group PLC | 115,900 | | 1,211,475 |
Dechra Pharmaceuticals PLC | 8,600 | | 64,419 |
Dechra Pharmaceuticals PLC rights 5/15/12 (a) | 2,580 | | 6,575 |
Derwent London PLC | 2,000 | | 56,549 |
GlaxoSmithKline PLC sponsored ADR | 100,415 | | 4,642,185 |
Great Portland Estates PLC | 15,772 | | 92,184 |
H&T Group PLC | 5,664 | | 26,660 |
HSBC Holdings PLC sponsored ADR | 59,194 | | 2,673,793 |
Imperial Tobacco Group PLC | 24,691 | | 987,472 |
InterContinental Hotel Group PLC ADR | 42,690 | | 1,019,437 |
International Power PLC | 129,550 | | 876,837 |
Johnson Matthey PLC | 24,292 | | 912,372 |
Meggitt PLC | 25,298 | | 167,735 |
National Grid PLC | 216,797 | | 2,341,378 |
Next PLC | 10,700 | | 508,684 |
Persimmon PLC | 5,337 | | 54,444 |
Prudential PLC | 102,637 | | 1,258,065 |
Pz Cussons PLC Class L | 130,119 | | 701,805 |
Reckitt Benckiser Group PLC | 19,151 | | 1,114,983 |
Reed Elsevier PLC | 89,697 | | 742,339 |
Rolls-Royce Group PLC | 67,452 | | 901,579 |
Rotork PLC | 17,203 | | 616,243 |
Royal Dutch Shell PLC Class A sponsored ADR | 88,549 | | 6,334,795 |
SABMiller PLC | 29,463 | | 1,237,857 |
Scottish & Southern Energy PLC | 43,168 | | 925,572 |
Serco Group PLC | 69,757 | | 614,233 |
Shaftesbury PLC | 40,237 | | 334,054 |
Spectris PLC | 3,270 | | 100,100 |
Spirax-Sarco Engineering PLC | 5,004 | | 187,293 |
Standard Chartered PLC (United Kingdom) | 67,746 | | 1,655,976 |
Ted Baker PLC | 4,875 | | 71,629 |
Ultra Electronics Holdings PLC | 3,500 | | 95,666 |
Unite Group PLC | 104,702 | | 331,811 |
Victrex PLC | 14,418 | | 339,795 |
Vodafone Group PLC | 35,600 | | 98,552 |
Vodafone Group PLC sponsored ADR | 151,147 | | 4,206,421 |
TOTAL UNITED KINGDOM | | 53,188,908 |
Common Stocks - continued |
| Shares | | Value |
United States of America - 5.2% |
Allergan, Inc. | 4,500 | | $ 432,000 |
Amazon.com, Inc. (a) | 2,499 | | 579,518 |
ANSYS, Inc. (a) | 500 | | 33,535 |
Autoliv, Inc. | 16,210 | | 1,017,015 |
Berkshire Hathaway, Inc. Class B (a) | 11,945 | | 960,975 |
BorgWarner, Inc. (a) | 5,847 | | 462,147 |
Broadridge Financial Solutions, Inc. | 1,690 | | 39,225 |
CME Group, Inc. | 1,200 | | 318,984 |
Cymer, Inc. (a) | 9,671 | | 501,345 |
Dril-Quip, Inc. (a) | 1,210 | | 81,542 |
Evercore Partners, Inc. Class A | 1,860 | | 49,160 |
FMC Technologies, Inc. (a) | 7,600 | | 357,200 |
Freeport-McMoRan Copper & Gold, Inc. | 5,300 | | 202,990 |
Greenhill & Co., Inc. | 1,170 | | 45,455 |
JPMorgan Chase & Co. | 8,798 | | 378,138 |
Kansas City Southern | 1,720 | | 132,474 |
Lam Research Corp. (a) | 5,608 | | 233,573 |
Martin Marietta Materials, Inc. | 2,990 | | 247,811 |
MasterCard, Inc. Class A | 3,609 | | 1,632,242 |
Mead Johnson Nutrition Co. Class A | 14,100 | | 1,206,396 |
Mohawk Industries, Inc. (a) | 9,420 | | 631,328 |
National Oilwell Varco, Inc. | 5,400 | | 409,104 |
Oceaneering International, Inc. | 1,680 | | 86,738 |
Philip Morris International, Inc. | 18,500 | | 1,655,935 |
PriceSmart, Inc. | 6,850 | | 565,399 |
ResMed, Inc. (a) | 15,440 | | 525,114 |
Solera Holdings, Inc. | 7,002 | | 314,670 |
SS&C Technologies Holdings, Inc. (a) | 1,954 | | 46,447 |
Union Pacific Corp. | 8,900 | | 1,000,716 |
Visa, Inc. Class A | 10,001 | | 1,229,923 |
TOTAL UNITED STATES OF AMERICA | | 15,377,099 |
TOTAL COMMON STOCKS (Cost $282,668,262) |
288,182,142
|
Nonconvertible Preferred Stocks - 0.6% |
| | | |
Germany - 0.6% |
Hugo Boss AG (non-vtg.) | 5,187 | | 578,919 |
ProSiebenSat.1 Media AG | 23,100 | | 586,520 |
Volkswagen AG | 2,934 | | 555,805 |
TOTAL GERMANY | | 1,721,244 |
Nonconvertible Preferred Stocks - continued |
| Shares | | Value |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C | 7,149,912 | | $ 11,605 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,590,679) |
1,732,849
|
Money Market Funds - 4.7% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 4,858,519 | | 4,858,519 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 8,835,925 | | 8,835,925 |
TOTAL MONEY MARKET FUNDS (Cost $13,694,444) |
13,694,444
|
TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $297,953,385) | | 303,609,435 |
NET OTHER ASSETS (LIABILITIES) - (3.5)% | | (10,176,573) |
NET ASSETS - 100% | $ 293,432,862 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $555,234 or 0.2% of net assets. |
(f) Security or a portion of the security purchased on a delayed delivery or when-issued 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 | $ 3,107 |
Fidelity Securities Lending Cash Central Fund | 69,556 |
Total | $ 72,663 |
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, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 33,759,122 | $ 25,059,856 | $ 8,699,266 | $ - |
Consumer Staples | 43,271,466 | 35,730,719 | 7,540,747 | - |
Energy | 21,685,106 | 18,713,983 | 2,971,123 | - |
Financials | 58,627,780 | 46,184,155 | 12,414,234 | 29,391 |
Health Care | 31,451,515 | 25,260,485 | 6,191,030 | - |
Industrials | 34,540,810 | 26,861,084 | 7,679,726 | - |
Information Technology | 17,345,031 | 12,646,047 | 4,698,984 | - |
Materials | 21,525,144 | 16,352,685 | 5,172,459 | - |
Telecommunication Services | 15,658,170 | 14,061,893 | 1,596,277 | - |
Utilities | 12,050,847 | 9,136,241 | 2,914,606 | - |
Money Market Funds | 13,694,444 | 13,694,444 | - | - |
Total Investments in Securities: | $ 303,609,435 | $ 243,701,592 | $ 59,878,452 | $ 29,391 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Beginning Balance | $ - |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 142 |
Cost of Purchases | 29,249 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 29,391 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ 142 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $8,227,848) - See accompanying schedule: Unaffiliated issuers (cost $284,258,941) | $ 289,914,991 | |
Fidelity Central Funds (cost $13,694,444) | 13,694,444 | |
Total Investments (cost $297,953,385) | | $ 303,609,435 |
Foreign currency held at value (cost $67,294) | | 67,371 |
Receivable for investments sold | | 3,911,257 |
Receivable for fund shares sold | | 120,414 |
Dividends receivable | | 1,426,518 |
Distributions receivable from Fidelity Central Funds | | 40,151 |
Prepaid expenses | | 172 |
Other receivables | | 44,504 |
Total assets | | 309,219,822 |
| | |
Liabilities | | |
Payable to custodian bank | $ 864,326 | |
Payable for investments purchased
Regular delivery | 5,029,099 | |
Delayed delivery | 51,631 | |
Payable for fund shares redeemed | 596,892 | |
Accrued management fee | 210,707 | |
Distribution and service plan fees payable | 3,998 | |
Other affiliated payables | 48,068 | |
Other payables and accrued expenses | 146,314 | |
Collateral on securities loaned, at value | 8,835,925 | |
Total liabilities | | 15,786,960 |
| | |
Net Assets | | $ 293,432,862 |
Net Assets consist of: | | |
Paid in capital | | $ 310,960,255 |
Undistributed net investment income | | 2,135,737 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (25,337,566) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 5,674,436 |
Net Assets | | $ 293,432,862 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($5,426,909 ÷ 776,264 shares) | | $ 6.99 |
| | |
Maximum offering price per share (100/94.25 of $6.99) | | $ 7.42 |
Class T:
Net Asset Value and redemption price per share ($1,242,280 ÷ 176,067 shares) | | $ 7.06 |
| | |
Maximum offering price per share (100/96.50 of $7.06) | | $ 7.32 |
Class B:
Net Asset Value and offering price per share ($261,048 ÷ 37,117 shares)A | | $ 7.03 |
| | |
Class C:
Net Asset Value and offering price per share ($2,647,489 ÷ 377,021 shares)A | | $ 7.02 |
| | |
Total International Equity:
Net Asset Value, offering price and redemption price per share ($283,659,991 ÷ 40,577,948 shares) | | $ 6.99 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($195,145 ÷ 27,984 shares) | | $ 6.97 |
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, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,104,104 |
Interest | | 127 |
Income from Fidelity Central Funds | | 72,663 |
Income before foreign taxes withheld | | 4,176,894 |
Less foreign taxes withheld | | (333,339) |
Total income | | 3,843,555 |
| | |
Expenses | | |
Management fee
Basic fee | $ 848,954 | |
Performance adjustment | 22,514 | |
Transfer agent fees | 194,229 | |
Distribution and service plan fees | 19,711 | |
Accounting and security lending fees | 62,257 | |
Custodian fees and expenses | 243,854 | |
Independent trustees' compensation | 618 | |
Registration fees | 115,226 | |
Audit | 45,205 | |
Legal | 369 | |
Interest | 212 | |
Miscellaneous | 864 | |
Total expenses before reductions | 1,554,013 | |
Expense reductions | (160,537) | 1,393,476 |
Net investment income (loss) | | 2,450,079 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 9,046,867 | |
Foreign currency transactions | (190,067) | |
Total net realized gain (loss) | | 8,856,800 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 10,900,204 | |
Assets and liabilities in foreign currencies | 10,439 | |
Total change in net unrealized appreciation (depreciation) | | 10,910,643 |
Net gain (loss) | | 19,767,443 |
Net increase (decrease) in net assets resulting from operations | | $ 22,217,522 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,450,079 | $ 1,864,848 |
Net realized gain (loss) | 8,856,800 | (8,998,027) |
Change in net unrealized appreciation (depreciation) | 10,910,643 | (8,597,909) |
Net increase (decrease) in net assets resulting
from operations | 22,217,522 | (15,731,088) |
Distributions to shareholders from net investment income | (1,867,191) | (953,041) |
Distributions to shareholders from net realized gain | - | (220,294) |
Total distributions | (1,867,191) | (1,173,335) |
Share transactions - net increase (decrease) | 134,590,782 | 86,742,563 |
Redemption fees | 2,189 | 14,195 |
Total increase (decrease) in net assets | 154,943,302 | 69,852,335 |
| | |
Net Assets | | |
Beginning of period | 138,489,560 | 68,637,225 |
End of period (including undistributed net investment income of $2,135,737 and undistributed net investment income of $1,552,849, respectively) | $ 293,432,862 | $ 138,489,560 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.67 | $ 7.36 | $ 6.40 | $ 4.90 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .06 | .11 | .08 | .06 | .11 |
Net realized and unrealized gain (loss) | .34 | (.69) | .95 | 1.55 | (5.21) |
Total from investment operations | .40 | (.58) | 1.03 | 1.61 | (5.10) |
Distributions from net investment income | (.08) | (.09) | (.04) | (.11) | - |
Distributions from net realized gain | - | (.02) | (.03) | - | - |
Total distributions | (.08) | (.11) | (.07) | (.11) | - |
Redemption fees added to paid in capitalE,J | - | - | - | - | - |
Net asset value, end of period | $ 6.99 | $ 6.67 | $ 7.36 | $ 6.40 | $ 4.90 |
Total ReturnB,C,D | 6.03% | (8.03)% | 16.17% | 33.87% | (51.00)% |
Ratios to Average Net AssetsF,I | | | | |
Expenses before reductions | 1.67%A | 1.73% | 2.02% | 2.09% | 2.00% |
Expenses net of fee waivers, if any | 1.45%A | 1.45% | 1.50% | 1.50% | 1.50% |
Expenses net of all reductions | 1.40%A | 1.42% | 1.47% | 1.47% | 1.48% |
Net investment income (loss) | 1.81%A | 1.44% | 1.15% | 1.13% | 1.35% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 5,427 | $ 4,307 | $ 5,029 | $ 3,727 | $ 5,944 |
Portfolio turnover rateG | 160%A | 75% | 67% | 98% | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.73 | $ 7.41 | $ 6.40 | $ 4.88 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .05 | .09 | .06 | .04 | .09 |
Net realized and unrealized gain (loss) | .34 | (.68) | .95 | 1.57 | (5.21) |
Total from investment operations | .39 | (.59) | 1.01 | 1.61 | (5.12) |
Distributions from net investment income | (.06) | (.07) | - | (.09) | - |
Distributions from net realized gain | - | (.02) | - | - | - |
Total distributions | (.06) | (.09) | - | (.09) | - |
Redemption fees added to paid in capitalE,J | - | - | - | - | - |
Net asset value, end of period | $ 7.06 | $ 6.73 | $ 7.41 | $ 6.40 | $ 4.88 |
Total ReturnB,C,D | 5.87% | (8.08)% | 15.78% | 33.74% | (51.20)% |
Ratios to Average Net AssetsF,I | | | | | |
Expenses before reductions | 1.95%A | 2.02% | 2.31% | 2.34% | 2.42% |
Expenses net of fee waivers, if any | 1.70%A | 1.70% | 1.75% | 1.75% | 1.75% |
Expenses net of all reductions | 1.65%A | 1.67% | 1.72% | 1.72% | 1.73% |
Net investment income (loss) | 1.56%A | 1.19% | .90% | .88% | 1.10% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,242 | $ 997 | $ 1,004 | $ 1,526 | $ 2,567 |
Portfolio turnover rateG | 160%A | 75% | 67% | 98% | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.68 | $ 7.37 | $ 6.39 | $ 4.86 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .04 | .05 | .03 | .02 | .05 |
Net realized and unrealized gain (loss) | .33 | (.68) | .95 | 1.56 | (5.19) |
Total from investment operations | .37 | (.63) | .98 | 1.58 | (5.14) |
Distributions from net investment income | (.02) | (.04) | - | (.05) | - |
Distributions from net realized gain | - | (.02) | - | - | - |
Total distributions | (.02) | (.06) | - | (.05) | - |
Redemption fees added to paid in capitalE,J | - | - | - | - | - |
Net asset value, end of period | $ 7.03 | $ 6.68 | $ 7.37 | $ 6.39 | $ 4.86 |
Total ReturnB,C,D | 5.55% | (8.66)% | 15.34% | 32.95% | (51.40)% |
Ratios to Average Net AssetsF,I | | | | | |
Expenses before reductions | 2.43%A | 2.51% | 2.81% | 2.82% | 2.92% |
Expenses net of fee waivers, if any | 2.20%A | 2.20% | 2.25% | 2.25% | 2.25% |
Expenses net of all reductions | 2.15%A | 2.17% | 2.22% | 2.22% | 2.24% |
Net investment income (loss) | 1.06%A | .69% | .40% | .38% | .60% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 261 | $ 254 | $ 327 | $ 1,337 | $ 2,505 |
Portfolio turnover rateG | 160%A | 75% | 67% | 98% | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.67 | $ 7.36 | $ 6.39 | $ 4.86 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)E | .04 | .05 | .03 | .02 | .05 |
Net realized and unrealized gain (loss) | .33 | (.69) | .94 | 1.56 | (5.19) |
Total from investment operations | .37 | (.64) | .97 | 1.58 | (5.14) |
Distributions from net investment income | (.02) | (.03) | - | (.05) | - |
Distributions from net realized gain | - | (.02) | - | - | - |
Total distributions | (.02) | (.05) | - | (.05) | - |
Redemption fees added to paid in capitalE,J | - | - | - | - | - |
Net asset value, end of period | $ 7.02 | $ 6.67 | $ 7.36 | $ 6.39 | $ 4.86 |
Total ReturnB,C,D | 5.62% | (8.72)% | 15.18% | 33.10% | (51.40)% |
Ratios to Average Net AssetsF,I | | | | | |
Expenses before reductions | 2.42%A | 2.51% | 2.80% | 2.85% | 2.92% |
Expenses net of fee waivers, if any | 2.20%A | 2.20% | 2.25% | 2.25% | 2.25% |
Expenses net of all reductions | 2.15%A | 2.17% | 2.22% | 2.22% | 2.23% |
Net investment income (loss) | 1.07%A | .69% | .40% | .38% | .60% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 2,647 | $ 1,396 | $ 1,423 | $ 1,714 | $ 2,787 |
Portfolio turnover rateG | 160%A | 75% | 67% | 98% | 91% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period November 1, 2007 (commencement of operations) to October 31, 2008.
I 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 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.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Total International Equity
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.69 | $ 7.37 | $ 6.41 | $ 4.91 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .07 | .12 | .09 | .07 | .13 |
Net realized and unrealized gain (loss) | .33 | (.68) | .96 | 1.55 | (5.21) |
Total from investment operations | .40 | (.56) | 1.05 | 1.62 | (5.08) |
Distributions from net investment income | (.10) | (.10) | (.06) | (.12) | (.01) |
Distributions from net realized gain | - | (.02) | (.03) | - | - |
Total distributions | (.10) | (.12) | (.09) | (.12) | (.01) |
Redemption fees added to paid in capitalD,I | - | - | - | - | - |
Net asset value, end of period | $ 6.99 | $ 6.69 | $ 7.37 | $ 6.41 | $ 4.91 |
Total ReturnB,C | 6.02% | (7.70)% | 16.45% | 34.23% | (50.87)% |
Ratios to Average Net AssetsE,H | | | | | |
Expenses before reductions | 1.28%A | 1.42% | 1.79% | 1.87% | 1.89% |
Expenses net of fee waivers, if any | 1.20%A | 1.20% | 1.25% | 1.25% | 1.25% |
Expenses net of all reductions | 1.15%A | 1.17% | 1.22% | 1.22% | 1.23% |
Net investment income (loss) | 2.06%A | 1.69% | 1.40% | 1.38% | 1.60% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 283,660 | $ 131,338 | $ 60,826 | $ 33,061 | $ 23,226 |
Portfolio turnover rateF | 160%A | 75% | 67% | 98% | 91% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term 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 Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 6.67 | $ 7.35 | $ 6.41 | $ 4.91 | $ 10.00 |
Income from Investment Operations | | | | | |
Net investment income (loss)D | .07 | .12 | .10 | .07 | .13 |
Net realized and unrealized gain (loss) | .33 | (.68) | .95 | 1.55 | (5.21) |
Total from investment operations | .40 | (.56) | 1.05 | 1.62 | (5.08) |
Distributions from net investment income | (.10) | (.10) | (.08) | (.12) | (.01) |
Distributions from net realized gain | - | (.02) | (.03) | - | - |
Total distributions | (.10) | (.12) | (.11) | (.12) | (.01) |
Redemption fees added to paid in capitalD,I | - | - | - | - | - |
Net asset value, end of period | $ 6.97 | $ 6.67 | $ 7.35 | $ 6.41 | $ 4.91 |
Total ReturnB,C | 6.04% | (7.72)% | 16.48% | 34.23% | (50.87)% |
Ratios to Average Net AssetsE,H | | | | | |
Expenses before reductions | 1.45%A | 1.48% | 1.82% | 1.80% | 1.91% |
Expenses net of fee waivers, if any | 1.20%A | 1.20% | 1.25% | 1.25% | 1.25% |
Expenses net of all reductions | 1.15%A | 1.17% | 1.23% | 1.22% | 1.23% |
Net investment income (loss) | 2.06%A | 1.69% | 1.40% | 1.38% | 1.60% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 195 | $ 197 | $ 28 | $ 1,308 | $ 2,733 |
Portfolio turnover rateF | 160%A | 75% | 67% | 98% | 91% |
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 November 1, 2007 (commencement of operations) to October 31, 2008.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term 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 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, 2012 (Unaudited)
1. Organization.
Fidelity® Total International Equity 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, Total International Equity and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
Semiannual Report
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
(ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
Semiannual Report
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 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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:
Gross unrealized appreciation | $ 18,000,037 |
Gross unrealized depreciation | (13,069,382) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 4,930,655 |
| |
Tax cost | $ 298,678,780 |
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. At October 31, 2011, capital loss carryforwards were as follows:
| |
Fiscal year of expiration | |
2016 | $ (8,618,744) |
2017 | (15,708,944) |
2019 | (8,856,044) |
Total with expiration | $ (33,183,732) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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
4. Operating Policies.
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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $320,934,540 and $184,958,483, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Total International Equity as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .73% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. 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 FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total
Fees | Retained
by FDC |
Class A | -% | .25% | $ 5,660 | $ 494 |
Class T | .25% | .25% | 2,686 | 44 |
Class B | .75% | .25% | 1,267 | 959 |
Class C | .75% | .25% | 10,098 | 1,257 |
| | | $ 19,711 | $ 2,754 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,028 |
Class T | 1,195 |
Class B* | 72 |
Class C* | 89 |
| $ 3,384 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 6,677 | .29 |
Class T | 1,735 | .32 |
Class B | 381 | .30 |
Class C | 3,062 | .30 |
Total International Equity | 182,063 | .16 |
Institutional Class | 311 | .31 |
| $ 194,229 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $1,441 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, 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
Balance | Weighted Average Interest Rate | Interest
Expense |
Borrower | $ 6,692,667 | .38% | $ 212 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $316 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $69,556. During the period, there were no securities loaned to FCM.
9. Expense Reductions.
FMR contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2012. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
Semiannual Report
9. Expense Reductions - continued
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.45% | $ 5,112 |
Class T | 1.70% | 1,360 |
Class B | 2.20% | 299 |
Class C | 2.20% | 2,231 |
Total International Equity | 1.20% | 91,624 |
Institutional Class | 1.20% | 250 |
| | $ 100,876 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $59,661 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2012 | Year ended
October 31, 2011 |
From net investment income | | |
Class A | $ 48,328 | $ 61,018 |
Class T | 9,062 | 9,414 |
Class B | 714 | 1,488 |
Class C | 4,730 | 6,263 |
Total International Equity | 1,801,470 | 873,280 |
Institutional Class | 2,887 | 1,578 |
Total | $ 1,867,191 | $ 953,041 |
From net realized gain | | |
Class A | $ - | $ 16,196 |
Class T | - | 3,213 |
Class B | - | 1,016 |
Class C | - | 4,485 |
Total International Equity | - | 195,026 |
Institutional Class | - | 358 |
Total | $ - | $ 220,294 |
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 April 30, 2012 | Year ended
October 31, 2011 | Six months ended April 30, 2012 | Year ended
October 31, 2011 |
Class A | | | | |
Shares sold | 270,467 | 231,083 | $ 1,856,066 | $ 1,708,687 |
Reinvestment of distributions | 7,157 | 10,039 | 46,236 | 74,076 |
Shares redeemed | (146,636) | (279,366) | (966,836) | (2,035,449) |
Net increase (decrease) | 130,988 | (38,244) | $ 935,466 | $ (252,686) |
Class T | | | | |
Shares sold | 49,215 | 37,121 | $ 332,471 | $ 276,509 |
Reinvestment of distributions | 1,377 | 1,678 | 8,993 | 12,524 |
Shares redeemed | (22,700) | (25,970) | (148,048) | (191,826) |
Net increase (decrease) | 27,892 | 12,829 | $ 193,416 | $ 97,207 |
Class B | | | | |
Shares sold | 4,140 | 3,282 | $ 27,486 | $ 24,631 |
Reinvestment of distributions | 108 | 331 | 705 | 2,469 |
Shares redeemed | (5,188) | (9,973) | (34,061) | (73,676) |
Net increase (decrease) | (940) | (6,360) | $ (5,870) | $ (46,576) |
Class C | | | | |
Shares sold | 212,570 | 66,879 | $ 1,414,506 | $ 498,161 |
Reinvestment of distributions | 710 | 1,425 | 4,622 | 10,610 |
Shares redeemed | (45,353) | (52,554) | (305,759) | (388,669) |
Net increase (decrease) | 167,927 | 15,750 | $ 1,113,369 | $ 120,102 |
Total International Equity | | | | |
Shares sold | 29,693,818 | 16,784,298 | $ 190,598,309 | $ 125,543,898 |
Reinvestment of distributions | 266,160 | 135,624 | 1,719,395 | 1,000,533 |
Shares redeemed | (9,027,432) | (5,532,363) | (59,951,071) | (39,913,646) |
Net increase (decrease) | 20,932,546 | 11,387,559 | $ 132,366,633 | $ 86,630,785 |
Institutional Class | | | | |
Shares sold | 6,631 | 26,909 | $ 43,801 | $ 202,383 |
Reinvestment of distributions | 448 | 263 | 2,887 | 1,936 |
Shares redeemed | (8,672) | (1,422) | (58,920) | (10,588) |
Net increase (decrease) | (1,593) | 25,750 | $ (12,232) | $ 193,731 |
Semiannual Report
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.
At the end of the period, a shareholder of record owned approximately 66% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agent
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
TIE-USAN-0612
1.912360.102
Fidelity®
Diversified International
Fund -
Class K
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
Report of Independent Registered Public Accounting Firm | (Click Here) | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Diversified International Fund
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, 2011 to April 30, 2012).
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
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Diversified International | .96% | | | |
Actual | | $ 1,000.00 | $ 1,053.10 | $ 4.90 |
HypotheticalA | | $ 1,000.00 | $ 1,020.09 | $ 4.82 |
Class K | .79% | | | |
Actual | | $ 1,000.00 | $ 1,053.30 | $ 4.03 |
HypotheticalA | | $ 1,000.00 | $ 1,020.93 | $ 3.97 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Fidelity Diversified International Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United Kingdom | 17.7% | |
 | Japan | 15.3% | |
 | United States of America | 8.8% | |
 | Germany | 8.6% | |
 | France | 7.5% | |
 | Switzerland | 4.7% | |
 | Australia | 3.9% | |
 | Canada | 3.6% | |
 | Denmark | 3.2% | |
 | Other | 26.7% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United Kingdom | 18.1% | |
| Japan | 13.4% | |
| Germany | 8.6% | |
| United States of America | 8.4% | |
| France | 7.1% | |
| Canada | 5.6% | |
| Switzerland | 4.4% | |
| Australia | 3.6% | |
| Netherlands | 2.7% | |
| Other | 28.1% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 95.6 | 96.6 |
Short-Term Investments and Net Other Assets (Liabilities) | 4.4 | 3.4 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 2.7 | 1.8 |
Royal Dutch Shell PLC Class B sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.6 | 3.0 |
BHP Billiton Ltd. sponsored ADR (Australia, Metals & Mining) | 2.1 | 2.1 |
Sanofi SA (France, Pharmaceuticals) | 2.0 | 1.0 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 1.8 | 1.6 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 1.7 | 1.0 |
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) | 1.6 | 1.6 |
Nestle SA (Switzerland, Food Products) | 1.6 | 1.4 |
ORIX Corp. (Japan, Diversified Financial Services) | 1.4 | 1.3 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks) | 1.4 | 1.7 |
| 18.9 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 16.0 | 16.0 |
Financials | 15.0 | 15.5 |
Consumer Staples | 12.1 | 10.1 |
Information Technology | 11.0 | 9.8 |
Health Care | 10.8 | 8.2 |
Energy | 9.2 | 11.4 |
Materials | 8.7 | 10.2 |
Industrials | 7.8 | 9.1 |
Telecommunication Services | 4.7 | 6.2 |
Utilities | 0.3 | 0.1 |
Semiannual Report
Fidelity Diversified International Fund
Investments April 30, 2012
Showing Percentage of Net Assets
Common Stocks - 94.3% |
| Shares | | Value |
Australia - 3.9% |
Australia & New Zealand Banking Group Ltd. | 4,291,862 | | $ 106,913,001 |
BHP Billiton Ltd. sponsored ADR (d) | 6,364,864 | | 472,909,395 |
Iluka Resources Ltd. | 2,498,732 | | 44,256,167 |
Newcrest Mining Ltd. | 6,331,049 | | 173,474,889 |
Origin Energy Ltd. | 3,565,907 | | 49,262,759 |
Spark Infrastructure Group unit | 15,030,146 | | 22,705,779 |
WorleyParsons Ltd. | 857,492 | | 25,237,930 |
TOTAL AUSTRALIA | | 894,759,920 |
Bailiwick of Guernsey - 1.0% |
Amdocs Ltd. (a) | 1,393,700 | | 44,598,400 |
Resolution Ltd. | 48,487,000 | | 176,128,922 |
TOTAL BAILIWICK OF GUERNSEY | | 220,727,322 |
Bailiwick of Jersey - 1.5% |
Experian PLC | 9,017,072 | | 142,331,304 |
Randgold Resources Ltd. sponsored ADR | 440,900 | | 39,306,235 |
Shire PLC | 959,200 | | 31,266,717 |
WPP PLC | 8,999,832 | | 121,881,467 |
TOTAL BAILIWICK OF JERSEY | | 334,785,723 |
Belgium - 1.7% |
Anheuser-Busch InBev SA NV (d) | 5,450,530 | | 392,879,161 |
Anheuser-Busch InBev SA NV (strip VVPR) (a) | 5,250,900 | | 6,951 |
TOTAL BELGIUM | | 392,886,112 |
Bermuda - 0.6% |
Assured Guaranty Ltd. | 2,994,300 | | 42,459,174 |
Kosmos Energy Ltd. | 99,100 | | 1,207,038 |
Li & Fung Ltd. | 47,118,000 | | 100,811,198 |
TOTAL BERMUDA | | 144,477,410 |
Brazil - 1.7% |
Anhanguera Educacional Participacoes SA | 2,713,200 | | 36,068,771 |
Banco Bradesco SA (PN) sponsored ADR | 719,400 | | 11,531,982 |
BR Malls Participacoes SA | 2,043,200 | | 25,382,565 |
Drogasil SA | 3,527,063 | | 38,006,387 |
Estacio Participacoes SA | 1,989,165 | | 24,836,517 |
Itau Unibanco Banco Multiplo SA sponsored ADR | 2,795,252 | | 43,857,504 |
Kroton Educacional SA unit (a) | 1,279,200 | | 18,656,328 |
Qualicorp SA | 4,596,000 | | 40,024,972 |
Souza Cruz Industria e Comercio | 3,570,100 | | 55,607,517 |
T4F Entretenimento SA | 2,091,900 | | 19,117,540 |
Telefonica Brasil SA sponsored ADR | 1,614,255 | | 45,957,840 |
Tractebel Energia SA | 1,894,800 | | 32,654,398 |
TOTAL BRAZIL | | 391,702,321 |
British Virgin Islands - 0.3% |
Arcos Dorados Holdings, Inc. | 1,708,400 | | 30,529,108 |
|
| Shares | | Value |
Camelot Information Systems, Inc. ADR (a) | 1,810,103 | | $ 5,321,703 |
Mail.ru Group Ltd. GDR (Reg. S) (a) | 1,047,500 | | 45,304,375 |
TOTAL BRITISH VIRGIN ISLANDS | | 81,155,186 |
Canada - 3.6% |
ARC Resources Ltd. | 477,800 | | 9,838,980 |
Bonavista Energy Corp. (d) | 657,100 | | 11,854,743 |
Canadian Natural Resources Ltd. | 2,817,800 | | 97,906,248 |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 161,600 | | 66,258,045 |
Goldcorp, Inc. | 1,829,000 | | 70,049,172 |
Ivanhoe Mines Ltd. (a) | 3,867,660 | | 45,147,173 |
Niko Resources Ltd. | 1,596,000 | | 67,249,324 |
Open Text Corp. (a) | 1,002,500 | | 56,206,986 |
Painted Pony Petroleum Ltd. (a)(e)(f) | 2,485,600 | | 20,055,917 |
Painted Pony Petroleum Ltd. Class A (a)(e) | 3,583,070 | | 28,911,230 |
Penn West Petroleum Ltd. | 1,069,900 | | 18,338,048 |
Petrobank Energy & Resources Ltd. (a) | 2,895,100 | | 41,503,028 |
Petrominerales Ltd. | 2,688,075 | | 39,324,408 |
Potash Corp. of Saskatchewan, Inc. (d) | 2,546,700 | | 108,287,927 |
Suncor Energy, Inc. | 2,617,700 | | 86,474,868 |
Tourmaline Oil Corp. (a) | 1,416,200 | | 34,137,911 |
Uranium One, Inc. (a)(d) | 10,763,300 | | 31,273,775 |
TOTAL CANADA | | 832,817,783 |
Cayman Islands - 1.4% |
Baidu.com, Inc. sponsored ADR (a) | 966,800 | | 128,294,360 |
Biostime International Holdings Ltd. | 310,500 | | 894,444 |
Golden Eagle Retail Group Ltd. (H Shares) | 5,116,000 | | 13,418,649 |
Haitian International Holdings Ltd. | 4,243,000 | | 4,883,580 |
Hengan International Group Co. Ltd. | 9,258,000 | | 98,025,391 |
HiSoft Technology International Ltd. ADR (a)(d) | 1,697,800 | | 24,142,716 |
NVC Lighting Holdings Ltd. | 40,695,000 | | 14,791,220 |
Sands China Ltd. | 8,022,400 | | 31,536,827 |
TOTAL CAYMAN ISLANDS | | 315,987,187 |
China - 0.1% |
Weichai Power Co. Ltd. (H Shares) | 4,259,000 | | 20,063,600 |
Curacao - 0.6% |
Schlumberger Ltd. | 1,713,700 | | 127,053,718 |
Denmark - 3.2% |
Danske Bank A/S (a) | 1,467,758 | | 23,832,752 |
Novo Nordisk A/S Series B | 4,165,439 | | 614,136,180 |
William Demant Holding A/S (a) | 1,137,298 | | 107,360,996 |
TOTAL DENMARK | | 745,329,928 |
Finland - 0.1% |
Nokian Tyres PLC (d) | 431,953 | | 20,488,288 |
France - 7.5% |
Arkema SA | 558,400 | | 49,460,536 |
Atos Origin SA | 365,000 | | 23,509,463 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
AXA SA (d) | 6,100,800 | | $ 86,415,758 |
BNP Paribas SA | 3,328,936 | | 133,747,760 |
Bureau Veritas SA | 801,600 | | 71,426,550 |
Danone SA | 1,299,650 | | 91,443,335 |
Dassault Aviation SA (d) | 35,665 | | 32,764,632 |
Edenred SA | 1,205,090 | | 38,494,544 |
Essilor International SA | 1,577,994 | | 138,998,630 |
JC Decaux SA | 1,418,600 | | 40,253,701 |
LVMH Moet Hennessy - Louis Vuitton SA (d) | 1,248,491 | | 206,841,960 |
PPR SA (d) | 1,715,600 | | 286,954,909 |
Publicis Groupe SA | 1,326,300 | | 68,404,251 |
Sanofi SA | 5,915,010 | | 451,833,426 |
TOTAL FRANCE | | 1,720,549,455 |
Germany - 7.3% |
adidas AG | 1,561,780 | | 130,251,515 |
Allianz AG | 1,025,209 | | 114,246,711 |
BASF AG (d) | 2,777,429 | | 228,657,735 |
Bayer AG (d) | 3,033,362 | | 213,668,193 |
Deutsche Boerse AG | 872,900 | | 54,807,500 |
Deutsche Post AG | 3,122,882 | | 58,290,404 |
ElringKlinger AG | 777,428 | | 22,512,857 |
Fresenius Medical Care AG & Co. KGaA | 1,501,400 | | 106,625,261 |
Fresenius SE | 1,409,200 | | 140,658,621 |
GFK AG | 1,496,500 | | 79,500,206 |
Kabel Deutschland Holding AG | 362,700 | | 22,854,772 |
Linde AG (d) | 1,208,129 | | 206,792,227 |
SAP AG | 3,434,790 | | 227,790,296 |
Siemens AG sponsored ADR | 616,100 | | 57,217,207 |
TOTAL GERMANY | | 1,663,873,505 |
Hong Kong - 1.2% |
AIA Group Ltd. | 35,967,000 | | 127,946,125 |
China Mobile Ltd. sponsored ADR | 1,254,275 | | 69,411,579 |
Galaxy Entertainment Group Ltd. (a) | 8,834,000 | | 27,611,053 |
Henderson Land Development Co. Ltd. | 9,504,155 | | 54,143,910 |
TOTAL HONG KONG | | 279,112,667 |
India - 1.7% |
Axis Bank Ltd. | 1,472,751 | | 30,955,317 |
Bajaj Auto Ltd. | 793,148 | | 24,464,622 |
Cummins India Ltd. | 598,043 | | 5,478,512 |
Dr. Reddy's Laboratories Ltd. | 164,145 | | 5,498,628 |
HDFC Bank Ltd. | 12,995,695 | | 133,906,087 |
Housing Development Finance Corp. Ltd. | 6,539,994 | | 83,648,344 |
ITC Ltd. | 7,256,399 | | 33,825,994 |
Lupin Ltd. | 1,028,569 | | 10,788,598 |
|
| Shares | | Value |
Mahindra & Mahindra Financial Services Ltd. | 2,226,876 | | $ 29,277,299 |
Shriram Transport Finance Co. Ltd. | 2,342,970 | | 25,478,381 |
TOTAL INDIA | | 383,321,782 |
Ireland - 0.6% |
Accenture PLC Class A | 1,065,300 | | 69,191,235 |
CRH PLC | 2,256,300 | | 45,784,223 |
Elan Corp. PLC sponsored ADR (a) | 1,743,900 | | 24,048,381 |
TOTAL IRELAND | | 139,023,839 |
Isle of Man - 0.0% |
3Legs Resources PLC (e) | 6,268,300 | | 5,799,224 |
Italy - 2.1% |
ENI SpA | 2,986,900 | | 66,373,386 |
Fiat Industrial SpA (d) | 16,907,592 | | 191,816,056 |
Prada SpA | 7,151,000 | | 48,572,587 |
Saipem SpA | 3,497,799 | | 172,806,017 |
TOTAL ITALY | | 479,568,046 |
Japan - 15.3% |
ABC-Mart, Inc. | 1,141,300 | | 41,564,036 |
Aozora Bank Ltd. | 16,312,000 | | 41,839,359 |
Calbee, Inc. (d) | 1,256,700 | | 76,055,182 |
Canon, Inc. | 490,300 | | 22,225,638 |
Credit Saison Co. Ltd. | 3,299,300 | | 70,810,833 |
Denso Corp. | 1,431,700 | | 46,297,332 |
Dentsu, Inc. | 795,700 | | 24,433,504 |
Don Quijote Co. Ltd. | 2,732,200 | | 100,223,355 |
Fanuc Corp. | 835,100 | | 140,848,876 |
Fast Retailing Co. Ltd. | 115,100 | | 25,722,777 |
Hitachi Ltd. | 48,018,000 | | 305,857,528 |
Honda Motor Co. Ltd. | 7,682,100 | | 276,489,864 |
Hoya Corp. | 2,569,800 | | 58,947,490 |
Itochu Corp. | 12,847,500 | | 145,368,459 |
Japan Tobacco, Inc. | 57,006 | | 315,815,229 |
JSR Corp. | 5,086,800 | | 100,400,680 |
KDDI Corp. | 10,725 | | 70,213,392 |
Keyence Corp. | 715,210 | | 168,817,950 |
Mitsubishi UFJ Financial Group, Inc. | 21,124,000 | | 101,433,516 |
Nikon Corp. | 1,185,600 | | 35,141,378 |
Nippon Telegraph & Telephone Corp. | 1,015,000 | | 45,927,220 |
Nitto Denko Corp. | 604,400 | | 24,806,160 |
ORIX Corp. | 3,358,590 | | 321,137,619 |
Rakuten, Inc. | 257,268 | | 286,961,308 |
Seven & i Holdings Co., Ltd. | 4,692,600 | | 142,054,806 |
Seven Bank Ltd. | 12,099,900 | | 29,897,727 |
SHIMANO, Inc. | 1,070,100 | | 70,367,376 |
SMC Corp. | 752,500 | | 125,677,689 |
SOFTBANK CORP. | 3,631,900 | | 108,406,193 |
Sumitomo Mitsui Financial Group, Inc. | 1,421,800 | | 45,498,719 |
Toray Industries, Inc. | 4,555,000 | | 35,022,482 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Unicharm Corp. | 850,800 | | $ 47,597,977 |
Yahoo! Japan Corp. | 163,955 | | 49,206,957 |
TOTAL JAPAN | | 3,501,068,611 |
Korea (South) - 2.5% |
Amorepacific Corp. | 47,406 | | 45,513,123 |
Hyundai Motor Co. | 291,894 | | 69,349,453 |
LG Household & Health Care Ltd. | 59,599 | | 31,272,835 |
NHN Corp. | 472,201 | | 106,964,693 |
Orion Corp. | 136,504 | | 108,466,417 |
Samsung Electronics Co. Ltd. | 179,325 | | 220,561,254 |
TOTAL KOREA (SOUTH) | | 582,127,775 |
Luxembourg - 0.3% |
Samsonite International SA | 36,017,800 | | 69,819,841 |
Mexico - 0.7% |
America Movil SAB de CV Series L sponsored ADR | 2,983,200 | | 79,502,280 |
Wal-Mart de Mexico SA de CV Series V | 31,862,800 | | 91,101,556 |
TOTAL MEXICO | | 170,603,836 |
Netherlands - 1.7% |
AEGON NV | 27,012,000 | | 125,658,179 |
ASML Holding NV (Netherlands) (d) | 1,626,700 | | 82,777,674 |
Gemalto NV | 1,292,017 | | 96,276,846 |
NXP Semiconductors NV (a) | 1,544,000 | | 39,912,400 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 1,449,700 | | 49,662,220 |
TOTAL NETHERLANDS | | 394,287,319 |
Norway - 1.3% |
DnB NOR ASA (d) | 3,663,309 | | 39,499,181 |
Storebrand ASA (A Shares) | 4,897,500 | | 22,012,775 |
Telenor ASA | 13,373,000 | | 245,852,122 |
TOTAL NORWAY | | 307,364,078 |
Qatar - 0.2% |
Commercial Bank of Qatar GDR (Reg. S) | 9,283,990 | | 36,719,298 |
Russia - 0.1% |
Sberbank (Savings Bank of the Russian Federation) | 9,564,100 | | 30,619,057 |
South Africa - 0.8% |
Foschini Ltd. | 1,674,600 | | 27,726,278 |
Life Healthcare Group Holdings Ltd. | 6,906,900 | | 23,869,564 |
Naspers Ltd. Class N | 807,599 | | 48,639,721 |
Shoprite Holdings Ltd. | 2,836,300 | | 49,009,864 |
Tiger Brands Ltd. | 899,000 | | 32,940,987 |
TOTAL SOUTH AFRICA | | 182,186,414 |
Spain - 2.6% |
Banco Bilbao Vizcaya Argentaria SA | 7,508,784 | | 50,816,128 |
Banco Bilbao Vizcaya Argentaria SA rights 4/30/12 (a) | 7,508,767 | | 1,073,531 |
|
| Shares | | Value |
Grifols SA ADR (d) | 10,138,230 | | $ 95,907,656 |
Inditex SA (d) | 3,030,575 | | 272,606,918 |
Prosegur Compania de Seguridad SA (Reg.) | 1,808,997 | | 103,309,525 |
Repsol YPF SA | 3,312,401 | | 63,362,620 |
TOTAL SPAIN | | 587,076,378 |
Sweden - 0.9% |
H&M Hennes & Mauritz AB (B Shares) | 1,270,905 | | 43,663,574 |
Svenska Handelsbanken AB (A Shares) | 1,104,300 | | 35,787,158 |
Swedbank AB (A Shares) | 4,213,700 | | 69,781,618 |
Swedish Match Co. AB | 1,251,400 | | 50,869,691 |
TOTAL SWEDEN | | 200,102,041 |
Switzerland - 4.7% |
Clariant AG (Reg.) | 1,882,987 | | 23,943,221 |
Kuehne & Nagel International AG | 555,960 | | 67,569,157 |
Nestle SA | 5,934,702 | | 363,582,647 |
Roche Holding AG (participation certificate) | 524,205 | | 95,766,833 |
Schindler Holding AG (Reg.) | 766,553 | | 97,978,236 |
SGS SA (Reg.) | 17,770 | | 34,324,070 |
Syngenta AG (Switzerland) | 402,260 | | 141,078,742 |
UBS AG | 12,221,701 | | 152,643,760 |
Zurich Financial Services AG | 403,865 | | 98,791,284 |
TOTAL SWITZERLAND | | 1,075,677,950 |
Taiwan - 1.0% |
HIWIN Technologies Corp. | 2,408,000 | | 22,878,271 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 12,608,100 | | 196,434,198 |
TOTAL TAIWAN | | 219,312,469 |
United Kingdom - 17.7% |
Aegis Group PLC | 17,996,100 | | 51,905,228 |
Aggreko PLC | 450,000 | | 16,441,192 |
Anglo American PLC (United Kingdom) | 2,896,500 | | 111,327,001 |
Barclays PLC | 45,285,101 | | 160,344,786 |
BG Group PLC | 9,322,979 | | 219,491,507 |
British American Tobacco PLC sponsored ADR | 1,768,200 | | 181,983,144 |
Burberry Group PLC | 3,819,500 | | 92,061,543 |
Capita Group PLC | 6,351,700 | | 68,351,616 |
Compass Group PLC | 2,313,400 | | 24,181,424 |
Diageo PLC | 1,817,649 | | 45,852,713 |
Filtrona PLC | 3,401,808 | | 25,641,728 |
GlaxoSmithKline PLC | 16,226,500 | | 374,902,670 |
Hikma Pharmaceuticals PLC | 2,070,284 | | 21,102,546 |
HSBC Holdings PLC sponsored ADR | 7,005,300 | | 316,429,401 |
Imperial Tobacco Group PLC | 3,167,193 | | 126,666,133 |
Inchcape PLC | 13,505,027 | | 80,205,315 |
ITV PLC | 33,671,700 | | 45,744,173 |
Meggitt PLC | 8,046,700 | | 53,352,546 |
National Grid PLC | 2,351,600 | | 25,396,963 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Next PLC | 3,505,700 | | $ 166,663,079 |
Ocado Group PLC (a)(d) | 7,106,518 | | 14,971,897 |
Pearson PLC | 3,179,800 | | 59,901,447 |
Pz Cussons PLC Class L | 2,710,800 | | 14,620,866 |
Reckitt Benckiser Group PLC | 4,176,187 | | 243,140,102 |
Rolls-Royce Group PLC | 15,196,200 | | 203,115,883 |
Royal Dutch Shell PLC: | | | |
Class A sponsored ADR | 2,464,200 | | 176,288,868 |
Class B sponsored ADR | 8,225,637 | | 603,432,730 |
Standard Chartered PLC (United Kingdom) | 2,832,886 | | 69,246,743 |
Taylor Wimpey PLC | 28,979,200 | | 23,635,660 |
Travis Perkins PLC | 1,369,800 | | 23,344,885 |
Vodafone Group PLC sponsored ADR | 14,726,400 | | 409,835,712 |
TOTAL UNITED KINGDOM | | 4,049,579,501 |
United States of America - 4.4% |
Apple, Inc. (a) | 373,700 | | 218,330,488 |
Beam, Inc. | 601,200 | | 34,136,136 |
Citigroup, Inc. | 4,634,950 | | 153,138,748 |
Cobalt International Energy, Inc. (a) | 462,422 | | 12,374,413 |
Cognizant Technology Solutions Corp. Class A (a) | 648,000 | | 47,511,360 |
Dolby Laboratories, Inc. Class A (a) | 566,330 | | 22,217,126 |
Facebook, Inc. Class B (g) | 1,288,142 | | 39,636,838 |
JPMorgan Chase & Co. | 2,122,898 | | 91,242,156 |
MasterCard, Inc. Class A | 107,660 | | 48,691,388 |
Motorola Solutions, Inc. | 491,700 | | 25,091,451 |
Newmont Mining Corp. | 676,600 | | 32,239,990 |
Noble Energy, Inc. | 769,828 | | 76,459,317 |
Polycom, Inc. (a) | 2,852,000 | | 37,846,040 |
PriceSmart, Inc. | 43,700 | | 3,606,998 |
SanDisk Corp. (a) | 1,908,900 | | 70,648,389 |
Schweitzer-Mauduit International, Inc. | 445,742 | | 30,230,222 |
Splunk, Inc. | 502,000 | | 17,042,900 |
ViroPharma, Inc. (a) | 1,170,500 | | 25,458,375 |
Yum! Brands, Inc. | 340,300 | | 24,750,019 |
TOTAL UNITED STATES OF AMERICA | | 1,010,652,354 |
TOTAL COMMON STOCKS (Cost $18,543,354,522) |
21,610,679,938
|
Nonconvertible Preferred Stocks - 1.3% |
| | | |
Germany - 1.3% |
ProSiebenSat.1 Media AG | 2,783,800 | | 70,682,029 |
Volkswagen AG | 1,248,726 | | 236,553,383 |
TOTAL GERMANY | | 307,235,412 |
|
| Shares | | Value |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C | 1,610,797,200 | | $ 2,614,485 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $173,876,288) |
309,849,897
|
Master Notes - 0.0% |
| Principal
Amount | | |
Canada - 0.0% |
OZ Optics Ltd. 5% 11/5/14 (g)
(Cost $275,431) | | $ 270,994 | |
270,994
|
Money Market Funds - 12.1% |
| Shares | | |
Fidelity Cash Central Fund, 0.14% (b) | 771,187,866 | | 771,187,866 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 2,000,395,353 | | 2,000,395,353 |
TOTAL MONEY MARKET FUNDS (Cost $2,771,583,219) |
2,771,583,219
|
TOTAL INVESTMENT PORTFOLIO - 107.7% (Cost $21,489,089,460) | 24,692,384,048 |
NET OTHER ASSETS (LIABILITIES) - (7.7)% | (1,766,165,157) |
NET ASSETS - 100% | $ 22,926,218,891 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $20,055,917 or 0.1% 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 $39,907,832 or 0.2% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
Facebook, Inc. Class B | 3/31/11 | $ 32,203,550 |
OZ Optics Ltd. 5% 11/5/14 | 11/5/10 | $ 277,840 |
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 | $ 430,932 |
Fidelity Securities Lending Cash Central Fund | 5,190,746 |
Total | $ 5,621,678 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value,
beginning of period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
3Legs Resources PLC | $ 13,837,749 | $ - | $ 109,582 | $ - | $ 5,799,224 |
Painted Pony Petroleum Ltd. | 30,395,209 | - | - | - | 20,055,917 |
Painted Pony Petroleum Ltd. Class A | 44,553,022 | - | 498,801 | - | 28,911,230 |
Schweitzer-Mauduit International, Inc. | 113,092,492 | - | 80,646,955 | 414,873 | - |
Total | $ 201,878,472 | $ - | $ 81,255,338 | $ 414,873 | $ 54,766,371 |
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, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 3,705,829,038 | $ 2,616,845,194 | $ 1,088,983,844 | $ - |
Consumer Staples | 2,779,429,026 | 2,102,390,899 | 677,038,127 | - |
Energy | 2,086,018,007 | 2,019,644,621 | 66,373,386 | - |
Financials | 3,435,358,713 | 2,201,372,000 | 1,233,986,713 | - |
Health Care | 2,481,891,275 | 897,628,393 | 1,584,262,882 | - |
Industrials | 1,767,966,251 | 1,356,071,227 | 411,895,024 | - |
Information Technology | 2,499,358,142 | 1,626,875,445 | 832,845,859 | 39,636,838 |
Materials | 2,008,815,905 | 1,661,723,618 | 347,092,287 | - |
Telecommunication Services | 1,075,106,338 | 850,559,533 | 224,546,805 | - |
Utilities | 80,757,140 | 55,360,177 | 25,396,963 | - |
Master Notes | 270,994 | - | - | 270,994 |
Money Market Funds | 2,771,583,219 | 2,771,583,219 | - | - |
Total Investments in Securities: | $ 24,692,384,048 | $ 18,160,054,326 | $ 6,492,421,890 | $ 39,907,832 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Beginning Balance | $ 32,474,544 |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | 7,434,123 |
Cost of Purchases | - |
Proceeds of Sales | - |
Amortization/Accretion | (835) |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 39,907,832 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ 7,434,123 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Diversified International Fund
Statement of Assets and Liabilities
| April 30, 2012 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $1,878,515,506) - See accompanying schedule: Unaffiliated issuers (cost $18,652,855,193) | $ 21,866,034,458 | |
Fidelity Central Funds (cost $2,771,583,219) | 2,771,583,219 | |
Other affiliated issuers (cost $64,651,048) | 54,766,371 | |
Total Investments (cost $21,489,089,460) | | $ 24,692,384,048 |
Receivable for investments sold
Regular delivery | | 235,116,484 |
Delayed delivery | | 20,760,974 |
Receivable for fund shares sold | | 17,619,307 |
Dividends receivable | | 133,875,044 |
Interest receivable | | 20,120 |
Distributions receivable from Fidelity Central Funds | | 3,659,868 |
Prepaid expenses | | 24,569 |
Other receivables | | 2,556,170 |
Total assets | | 25,106,016,584 |
| | |
Liabilities | | |
Payable to custodian bank | $ 1,838,980 | |
Payable for investments purchased | 68,785,388 | |
Payable for fund shares redeemed | 89,360,924 | |
Accrued management fee | 14,570,832 | |
Other affiliated payables | 3,279,448 | |
Other payables and accrued expenses | 1,566,768 | |
Collateral on securities loaned, at value | 2,000,395,353 | |
Total liabilities | | 2,179,797,693 |
| | |
Net Assets | | $ 22,926,218,891 |
Net Assets consist of: | | |
Paid in capital | | $ 22,616,673,727 |
Undistributed net investment income | | 140,277,663 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (3,038,031,800) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 3,207,299,301 |
Net Assets | | $ 22,926,218,891 |
| | |
Diversified International: Net Asset Value, offering price
and redemption price per share ($14,379,374,775 ÷ 506,047,124 shares) | | $ 28.42 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($8,546,844,116 ÷ 301,104,431 shares) | | $ 28.38 |
Statement of Operations
| Six months ended April 30, 2012 |
| | |
Investment Income | | |
Dividends (including $414,873 earned from other affiliated issuers) | | $ 302,142,354 |
Interest | | 2,160 |
Income from Fidelity Central Funds | | 5,621,678 |
Income before foreign taxes withheld | | 307,766,192 |
Less foreign taxes withheld | | (20,135,709) |
Total income | | 287,630,483 |
| | |
Expenses | | |
Management fee
Basic fee | $ 84,060,317 | |
Performance adjustment | 926,010 | |
Transfer agent fees | 19,409,203 | |
Accounting and security lending fees | 1,223,581 | |
Custodian fees and expenses | 1,288,723 | |
Independent trustees' compensation | 73,662 | |
Appreciation in deferred trustee compensation account | 36 | |
Registration fees | 170,347 | |
Audit | 89,236 | |
Legal | 71,983 | |
Miscellaneous | 120,337 | |
Total expenses before reductions | 107,433,435 | |
Expense reductions | (1,603,364) | 105,830,071 |
Net investment income (loss) | | 181,800,412 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 372,465,473 | |
Other affiliated issuers | 21,401,557 | |
Foreign currency transactions | (1,645,422) | |
Total net realized gain (loss) | | 392,221,608 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $8,309) | 592,686,828 | |
Assets and liabilities in foreign currencies | 1,258,856 | |
Total change in net unrealized appreciation (depreciation) | | 593,945,684 |
Net gain (loss) | | 986,167,292 |
Net increase (decrease) in net assets resulting from operations | | $ 1,167,967,704 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30,
2012 | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 181,800,412 | $ 581,959,099 |
Net realized gain (loss) | 392,221,608 | 1,881,502,446 |
Change in net unrealized appreciation (depreciation) | 593,945,684 | (3,646,283,921) |
Net increase (decrease) in net assets resulting from operations | 1,167,967,704 | (1,182,822,376) |
Distributions to shareholders from net investment income | (460,432,726) | (554,171,382) |
Distributions to shareholders from net realized gain | - | (93,780,346) |
Total distributions | (460,432,726) | (647,951,728) |
Share transactions - net increase (decrease) | (3,353,508,366) | (7,417,526,738) |
Redemption fees | 293,290 | 964,713 |
Total increase (decrease) in net assets | (2,645,680,098) | (9,247,336,129) |
| | |
Net Assets | | |
Beginning of period | 25,571,898,989 | 34,819,235,118 |
End of period (including undistributed net investment income of $140,277,663 and undistributed net investment income of $418,909,977, respectively) | $ 22,926,218,891 | $ 25,571,898,989 |
Financial Highlights - Diversified International
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 27.49 | $ 29.49 | $ 26.86 | $ 21.96 | $ 45.41 | $ 37.58 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .20 | .53 G | .37 | .35 | .55 | .47 |
Net realized and unrealized gain (loss) | 1.22 | (1.99) | 2.61 | 4.86 | (20.96) | 10.23 |
Total from investment operations | 1.42 | (1.46) | 2.98 | 5.21 | (20.41) | 10.70 |
Distributions from net investment income | (.49) | (.46) | (.35) | (.31) | (.47) | (.36) |
Distributions from net realized gain | - | (.08) | - | - | (2.57) | (2.51) |
Total distributions | (.49) | (.54) | (.35) | (.31) | (3.04) | (2.87) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 28.42 | $ 27.49 | $ 29.49 | $ 26.86 | $ 21.96 | $ 45.41 |
Total Return B,C | 5.31% | (5.07)% | 11.15% | 24.32% | (48.04)% | 30.37% |
Ratios to Average Net Assets E,H | | | | | | |
Expenses before reductions | .96% A | .90% | .98% | 1.01% | 1.04% | .93% |
Expenses net of fee waivers, if any | .96% A | .89% | .98% | 1.01% | 1.04% | .93% |
Expenses net of all reductions | .95% A | .87% | .96% | .99% | 1.02% | .91% |
Net investment income (loss) | 1.47% A | 1.78% G | 1.34% | 1.58% | 1.53% | 1.20% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 14,379,375 | $ 17,285,369 | $ 26,527,229 | $ 30,998,270 | $ 28,274,961 | $ 59,929,942 |
Portfolio turnover rate F | 35% A | 45% | 57% | 54% | 49% | 51% |
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 $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.44%. 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 K
| Six months ended
April 30, | Years ended October 31, |
| 2012 | 2011 | 2010 | 2009 | 2008 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 27.51 | $ 29.51 | $ 26.89 | $ 21.98 | $ 38.39 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .22 | .58 G | .42 | .42 | .16 |
Net realized and unrealized gain (loss) | 1.20 | (1.97) | 2.61 | 4.85 | (16.57) |
Total from investment operations | 1.42 | (1.39) | 3.03 | 5.27 | (16.41) |
Distributions from net investment income | (.55) | (.53) | (.41) | (.36) | - |
Distributions from net realized gain | - | (.08) | - | - | - |
Total distributions | (.55) | (.61) | (.41) | (.36) | - |
Redemption fees added to paid in capital D, J | - | - | - | - | - |
Net asset value, end of period | $ 28.38 | $ 27.51 | $ 29.51 | $ 26.89 | $ 21.98 |
Total Return B,C | 5.33% | (4.87)% | 11.33% | 24.64% | (42.75)% |
Ratios to Average Net Assets E,I | | | | | |
Expenses before reductions | .79% A | .73% | .79% | .77% | .88% A |
Expenses net of fee waivers, if any | .79% A | .72% | .79% | .77% | .88% A |
Expenses net of all reductions | .78% A | .70% | .77% | .76% | .87% A |
Net investment income (loss) | 1.64% A | 1.95% G | 1.54% | 1.81% | 1.45% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 8,546,844 | $ 8,115,192 | $ 7,697,405 | $ 4,713,909 | $ 932,275 |
Portfolio turnover rate F | 35% A | 45% | 57% | 54% | 49% |
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 $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.61%. HFor the period May 9, 2008 (commencement of sale of shares) to October 31, 2008. 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. 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, 2012
1. Organization.
Fidelity® Diversified International 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 Diversified International and Class K shares, each of which has equal rights as to assets and voting privileges. The Fund offered Class F shares during the period June 26, 2009 through December 16, 2011 and all outstanding shares were redeemed by December 16, 2011. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For master notes, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
Semiannual Report
Notes to Financial Statements - continued
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. Temporary book-tax differences 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 | $ 4,379,584,626 |
Gross unrealized depreciation | (1,279,966,877) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 3,099,617,749 |
| |
Tax cost | $ 21,592,766,299 |
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. At October 31, 2011, capital loss carryforwards were as follows:
Fiscal year of expiration | |
2017 | $ (2,666,600,138) |
2018 | (619,571,852) |
Total capital loss carryforward | $ (3,286,171,990) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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.
4. Operating Policies.
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. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $3,998,488,258 and $7,758,711,597, respectively.
Securities delivered through in-kind redemptions totaled $323,156,811. Realized gain of $94,833,623 on securities delivered through in-kind redemptions is included in the accompanying Statement of Operations as realized gain or loss on investment securities and is not taxable to the fund.
Semiannual Report
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Diversified International as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .72% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Diversified International. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Diversified International | $ 17,290,691 | .22 |
Class K | 2,118,512 | .05 |
| $ 19,409,203 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $20,229 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $36,160 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. 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 $5,190,746, including $12,266 from securities loaned to FCM.
Semiannual Report
Notes to Financial Statements - continued
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,603,318 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 $46.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012A | Year ended
October 31,
2011 |
From net investment income | | |
Diversified International | $ 294,774,343 | $ 404,459,076 |
Class K | 163,061,175 | 139,574,930 |
Class F | 2,597,208 | 10,137,376 |
Total | $ 460,432,726 | $ 554,171,382 |
From net realized gain | | |
Diversified International | $ - | $ 71,011,904 |
Class K | - | 21,272,351 |
Class F | - | 1,496,091 |
Total | $ - | $ 93,780,346 |
A All Class F shares were redeemed on December 16, 2011.
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012A | Year ended
October 31,
2011 | Six months ended April 30,
2012A | Year ended
October 31,
2011 |
Diversified International | | | | |
Shares sold | 35,961,980 | 95,789,996 | $ 977,718,484 | $ 2,861,192,033 |
Reinvestment of distributions | 10,773,357 | 15,446,133 | 281,938,754 | 459,413,511 |
Shares redeemed | (169,394,871) | (382,099,741) | (4,604,535,706) | (11,334,070,882) |
Net increase (decrease) | (122,659,534) | (270,863,612) | $ (3,344,878,468) | $ (8,013,465,338) |
Class K | | | | |
Shares sold | 61,281,264 | 125,231,374 | $ 1,656,141,587 | $ 3,707,928,503 |
Reinvestment of distributions | 6,242,771 | 5,413,899 | 163,061,175 | 160,847,281 |
Shares redeemed | (61,458,659) | (96,416,162) | (1,666,128,547) | (2,871,502,023) |
Net increase (decrease) | 6,065,376 | 34,229,111 | $ 153,074,215 | $ 997,273,761 |
Class F | | | | |
Shares sold | 439,287 | 13,012,404 | $ 11,548,416 | $ 389,423,461 |
Reinvestment of distributions | 99,472 | 391,673 | 2,597,208 | 11,633,466 |
Shares redeemed | (6,767,017) | (27,320,491) | (175,849,737) | (802,392,088) |
Net increase (decrease) | (6,228,258) | (13,916,414) | $ (161,704,113) | $ (401,335,161) |
A All Class F shares were redeemed on December 16, 2011.
12. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Diversified International Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity Diversified International Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of April 30, 2012, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months ended April 30, 2012 and for the year ended October 31, 2011, and the financial highlights for the six months ended April 30, 2012 and for each of the five years in the period ended October 31, 2011. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2012, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Diversified International Fund as of April 30, 2012, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2012 and for the year ended October 31, 2011, and the financial highlights for the six months ended April 30, 2012 and for each of the five years in the period ended October 31, 2011, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 13, 2012
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investment Advisors (UK) Limited
FIL Investments (Japan) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
DIF-K-USAN-0612
1.863007.103
Fidelity®
Overseas
Fund -
Class K
Annual Report
April 30, 2012
(Fidelity Cover Art)
Contents
Shareholder Expense Example | 3 | An example of shareholder expenses. |
Investment Changes | 4 | A summary of major shifts in the fund's investments over the past six months. |
Investments | 5 | A complete list of the fund's investments with their market values. |
Financial Statements | 8 | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | 11 | 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 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Overseas 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, 2011 to April 30, 2012).
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
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Overseas | .53% | | | |
Actual | | $ 1,000.00 | $ 1,067.00 | $ 2.72 |
HypotheticalA | | $ 1,000.00 | $ 1,022.23 | $ 2.66 |
Class K | .35% | | | |
Actual | | $ 1,000.00 | $ 1,068.10 | $ 1.80 |
HypotheticalA | | $ 1,000.00 | $ 1,023.12 | $ 1.76 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Fidelity Overseas Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United Kingdom | 28.6% | |
 | Japan | 14.6% | |
 | Germany | 13.3% | |
 | France | 11.1% | |
 | Switzerland | 8.6% | |
 | Italy | 3.5% | |
 | Australia | 3.0% | |
 | United States of America | 2.5% | |
 | Sweden | 2.3% | |
 | Other | 12.5% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| France | 21.4% | |
| Germany | 16.3% | |
| Japan | 11.7% | |
| United Kingdom | 11.6% | |
| United States of America | 8.6% | |
| Australia | 4.4% | |
| Switzerland | 4.1% | |
| Italy | 3.8% | |
| Spain | 2.6% | |
| Other | 15.5% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.5 | 91.8 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.5 | 8.2 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Dutch Shell PLC Class A (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels) | 2.8 | 0.0 |
Nestle SA (Switzerland, Food Products) | 2.6 | 0.0 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 2.1 | 0.0 |
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) | 1.9 | 0.0 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.8 | 0.0 |
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) | 1.7 | 0.0 |
Sanofi SA (France, Pharmaceuticals) | 1.6 | 1.4 |
Diageo PLC (United Kingdom, Beverages) | 1.3 | 0.0 |
Australia & New Zealand Banking Group Ltd. (Australia, Commercial Banks) | 1.3 | 1.0 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.3 | 1.2 |
| 18.4 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Staples | 16.7 | 11.4 |
Industrials | 16.3 | 7.5 |
Consumer Discretionary | 14.3 | 23.3 |
Financials | 14.2 | 15.4 |
Materials | 10.5 | 10.1 |
Health Care | 9.7 | 3.1 |
Information Technology | 7.4 | 6.6 |
Energy | 6.5 | 6.6 |
Telecommunication Services | 2.9 | 5.9 |
Utilities | 0.0 | 1.9 |
Semiannual Report
Fidelity Overseas Fund
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.3% |
| Shares | | Value |
Australia - 3.0% |
Australia & New Zealand Banking Group Ltd. | 1,021,805 | | $ 25,453,810 |
BHP Billiton Ltd. | 616,284 | | 22,866,411 |
Fortescue Metals Group Ltd. | 1,557,818 | | 9,153,792 |
Newcrest Mining Ltd. | 1,180 | | 32,333 |
TOTAL AUSTRALIA | | 57,506,346 |
Bailiwick of Jersey - 1.6% |
Experian PLC | 944,500 | | 14,908,600 |
WPP PLC | 1,199,231 | | 16,240,751 |
TOTAL BAILIWICK OF JERSEY | | 31,149,351 |
Belgium - 1.2% |
Anheuser-Busch InBev SA NV | 330,612 | | 23,830,814 |
Bermuda - 0.4% |
Li & Fung Ltd. | 3,676,000 | | 7,864,977 |
Brazil - 0.2% |
Qualicorp SA | 367,000 | | 3,196,076 |
Cayman Islands - 0.2% |
China Medical System Holding Ltd. | 6,358,875 | | 2,934,115 |
Denmark - 2.0% |
Danske Bank A/S (a) | 977,708 | | 15,875,555 |
Novo Nordisk A/S Series B | 155,800 | | 22,970,548 |
TOTAL DENMARK | | 38,846,103 |
Finland - 0.6% |
Nokian Tyres PLC (d) | 245,400 | | 11,639,752 |
France - 11.1% |
Alstom SA | 244,250 | | 8,723,663 |
Arkema SA | 113,400 | | 10,044,457 |
Atos Origin SA | 227,725 | | 14,667,651 |
BNP Paribas SA | 365,026 | | 14,665,770 |
Bureau Veritas SA | 141,100 | | 12,572,712 |
Cap Gemini SA | 343,800 | | 13,421,561 |
Christian Dior SA (d) | 104,697 | | 15,779,370 |
Danone SA | 198,400 | | 13,959,418 |
Eurofins Scientific SA | 73,500 | | 8,684,935 |
Ipsos SA | 290,200 | | 9,419,769 |
JC Decaux SA | 281,700 | | 7,993,421 |
Laurent-Perrier Group | 98,019 | | 9,892,716 |
Pernod Ricard SA | 147,424 | | 15,302,487 |
PPR SA | 94,100 | | 15,739,366 |
Sanofi SA | 396,442 | | 30,283,253 |
VINCI SA | 286,800 | | 13,288,304 |
TOTAL FRANCE | | 214,438,853 |
Germany - 11.1% |
adidas AG | 184,600 | | 15,395,529 |
Allianz AG | 173,705 | | 19,357,248 |
BASF AG (d) | 301,569 | | 24,827,308 |
Bayer AG | 324,797 | | 22,878,505 |
|
| Shares | | Value |
Bayerische Motoren Werke AG (BMW) | 178,035 | | $ 16,924,377 |
Brenntag AG | 121,000 | | 15,072,919 |
Deutsche Boerse AG | 187,492 | | 11,772,217 |
Deutsche Post AG | 747,186 | | 13,946,660 |
Fresenius SE | 148,100 | | 14,782,530 |
Linde AG | 70,107 | | 12,000,029 |
SAP AG | 367,008 | | 24,339,439 |
Siemens AG | 242,074 | | 22,471,101 |
TOTAL GERMANY | | 213,767,862 |
Hong Kong - 0.2% |
City Telecom (HK) Ltd. (CTI) | 7,267,000 | | 4,289,775 |
Ireland - 0.6% |
Kerry Group PLC Class A | 260,664 | | 11,916,889 |
Israel - 0.5% |
Israel Chemicals Ltd. | 835,300 | | 9,582,609 |
Italy - 3.5% |
Ansaldo STS SpA | 52,081 | | 459,862 |
ENI SpA | 988,400 | | 21,963,726 |
Fiat Industrial SpA | 1,219,700 | | 13,837,455 |
Pirelli & C SpA | 660,200 | | 8,040,549 |
Prysmian SpA (d) | 654,900 | | 10,663,566 |
Saipem SpA | 266,573 | | 13,169,830 |
TOTAL ITALY | | 68,134,988 |
Japan - 14.6% |
ABC-Mart, Inc. | 253,600 | | 9,235,643 |
Air Water, Inc. | 714,000 | | 9,000,711 |
Aozora Bank Ltd. | 3,533,000 | | 9,061,946 |
Asahi Group Holdings | 311,200 | | 7,007,803 |
Asics Corp. | 700,800 | | 7,545,304 |
Calbee, Inc. (d) | 178,000 | | 10,772,517 |
Canon, Inc. | 428,400 | | 19,419,668 |
DeNA Co. Ltd. | 249,300 | | 7,823,242 |
Fanuc Corp. | 105,500 | | 17,793,745 |
Fast Retailing Co. Ltd. | 30,800 | | 6,883,245 |
Hitachi Ltd. | 2,711,000 | | 17,268,103 |
Honda Motor Co. Ltd. sponsored ADR | 653,100 | | 23,537,724 |
Hoya Corp. | 487,700 | | 11,187,132 |
Japan Tobacco, Inc. | 2,718 | | 15,057,815 |
Keyence Corp. | 51,090 | | 12,059,268 |
Komatsu Ltd. | 401,700 | | 11,561,648 |
Mitsubishi Corp. | 567,300 | | 12,295,274 |
Nakanishi, Inc. | 17,700 | | 1,944,020 |
Nitto Denko Corp. | 184,900 | | 7,588,781 |
ORIX Corp. | 122,490 | | 11,712,101 |
Rakuten, Inc. | 10,190 | | 11,366,107 |
Seven Bank Ltd. | 5,577,300 | | 13,780,989 |
Shinsei Bank Ltd. | 5,408,000 | | 6,979,155 |
SMC Corp. | 57,600 | | 9,619,980 |
USS Co. Ltd. | 111,230 | | 11,283,565 |
TOTAL JAPAN | | 281,785,486 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - 2.2% |
AEGON NV | 1,085,500 | | $ 5,049,680 |
Akzo Nobel NV | 213,602 | | 11,447,795 |
ASML Holding NV (Netherlands) | 89,100 | | 4,534,020 |
Koninklijke Ahold NV | 793,147 | | 10,060,793 |
Koninklijke KPN NV | 1,171,689 | | 10,517,886 |
TOTAL NETHERLANDS | | 41,610,174 |
Norway - 0.7% |
DnB NOR ASA | 1,208,000 | | 13,025,112 |
South Africa - 0.3% |
Coronation Fund Managers Ltd. | 1,665,500 | | 6,252,584 |
Spain - 1.8% |
Amadeus IT Holding SA Class A | 589,800 | | 12,055,201 |
Banco Bilbao Vizcaya Argentaria SA | 1,538,836 | | 10,414,161 |
Banco Bilbao Vizcaya Argentaria SA rights 4/30/12 (a) | 1,583,336 | | 226,370 |
Inditex SA | 132,532 | | 11,921,546 |
TOTAL SPAIN | | 34,617,278 |
Sweden - 2.3% |
ASSA ABLOY AB (B Shares) | 327,400 | | 9,543,230 |
Atlas Copco AB (A Shares) | 596,700 | | 14,205,557 |
Svenska Handelsbanken AB (A Shares) | 412,600 | | 13,371,168 |
Swedbank AB (A Shares) | 431,200 | | 7,140,953 |
TOTAL SWEDEN | | 44,260,908 |
Switzerland - 8.6% |
Aryzta AG | 295,590 | | 14,884,539 |
Nestle SA | 805,815 | | 49,367,323 |
Panalpina Welttransport Holding AG | 69,290 | | 6,756,834 |
Roche Holding AG (participation certificate) | 193,224 | | 35,300,027 |
Schindler Holding AG (participation certificate) | 81,984 | | 10,605,390 |
Syngenta AG (Switzerland) | 56,540 | | 19,829,444 |
UBS AG | 1,173,013 | | 14,650,425 |
Zurich Financial Services AG | 59,195 | | 14,479,963 |
TOTAL SWITZERLAND | | 165,873,945 |
United Kingdom - 28.6% |
AMEC PLC | 524,493 | | 9,662,307 |
Anglo American PLC (United Kingdom) | 408,900 | | 15,716,075 |
Ashmore Group PLC | 1,609,200 | | 9,993,101 |
Babcock International Group PLC | 842,400 | | 11,362,258 |
Barclays PLC | 3,825,429 | | 13,545,020 |
BHP Billiton PLC | 789,596 | | 25,421,706 |
BP PLC | 2,384,900 | | 17,230,884 |
|
| Shares | | Value |
British American Tobacco PLC (United Kingdom) | 635,000 | | $ 32,572,870 |
Bunzl PLC | 623,400 | | 10,351,129 |
Diageo PLC | 1,023,077 | | 25,808,534 |
Domino Printing Sciences PLC | 878,514 | | 8,541,237 |
G4S PLC (United Kingdom) | 2,526,400 | | 11,465,277 |
GlaxoSmithKline PLC | 1,587,700 | | 36,682,770 |
ICAP PLC | 1,832,400 | | 11,292,918 |
Imperial Tobacco Group PLC | 353,877 | | 14,152,668 |
Johnson Matthey PLC | 263,300 | | 9,889,162 |
Kingfisher PLC | 2,808,100 | | 13,240,488 |
Meggitt PLC | 2,166,500 | | 14,364,683 |
Next PLC | 333,900 | | 15,873,806 |
Reckitt Benckiser Group PLC | 345,700 | | 20,126,861 |
Reed Elsevier PLC | 1,605,300 | | 13,285,589 |
Rolls-Royce Group PLC | 1,012,900 | | 13,538,653 |
Rotork PLC | 261,700 | | 9,374,570 |
Royal Dutch Shell PLC: | | | |
Class A (United Kingdom) | 1,521,003 | | 54,254,705 |
Class B | 235,419 | | 8,616,114 |
SABMiller PLC | 309,900 | | 13,020,121 |
Serco Group PLC | 1,541,405 | | 13,572,561 |
Smith & Nephew PLC | 975,100 | | 9,599,266 |
Standard Chartered PLC (United Kingdom) | 935,457 | | 22,866,204 |
SuperGroup PLC (a)(d) | 257,000 | | 1,450,801 |
Tate & Lyle PLC | 918,395 | | 10,292,917 |
Vodafone Group PLC | 14,291,600 | | 39,563,473 |
Xstrata PLC | 780,700 | | 14,920,740 |
TOTAL UNITED KINGDOM | | 551,649,468 |
United States of America - 1.0% |
Corrections Corp. of America (a) | 297,200 | | 8,586,108 |
Lorillard, Inc. | 70,000 | | 9,470,300 |
TOTAL UNITED STATES OF AMERICA | | 18,056,408 |
TOTAL COMMON STOCKS (Cost $1,831,911,704) |
1,856,229,873
|
Nonconvertible Preferred Stocks - 2.2% |
| | | |
Germany - 2.2% |
Henkel AG & Co. KGaA | 231,200 | | 17,200,716 |
ProSiebenSat.1 Media AG | 341,400 | | 8,668,311 |
Volkswagen AG (d) | 90,868 | | 17,213,650 |
TOTAL GERMANY | | 43,082,677 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C | 107,367,400 | | 174,268 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $36,935,729) |
43,256,945
|
Money Market Funds - 4.4% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.14% (b) | 19,608,732 | | $ 19,608,732 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 64,285,742 | | 64,285,742 |
TOTAL MONEY MARKET FUNDS (Cost $83,894,474) |
83,894,474
|
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $1,952,741,907) | 1,983,381,292 |
NET OTHER ASSETS (LIABILITIES) - (2.9)% | (55,757,482) |
NET ASSETS - 100% | $ 1,927,623,810 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
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 | $ 41,933 |
Fidelity Securities Lending Cash Central Fund | 854,338 |
Total | $ 896,271 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 276,543,640 | $ 200,703,436 | $ 75,840,204 | $ - |
Consumer Staples | 324,698,101 | 233,478,562 | 91,219,539 | - |
Energy | 124,897,566 | 22,832,137 | 102,065,429 | - |
Financials | 270,966,450 | 185,772,973 | 85,193,477 | - |
Health Care | 186,059,969 | 84,580,112 | 101,479,857 | - |
Industrials | 314,312,083 | 240,570,335 | 73,741,748 | - |
Information Technology | 145,316,522 | 53,219,670 | 92,096,852 | - |
Materials | 202,321,353 | 117,614,300 | 84,707,053 | - |
Telecommunication Services | 54,371,134 | 14,807,661 | 39,563,473 | - |
Money Market Funds | 83,894,474 | 83,894,474 | - | - |
Total Investments in Securities: | $ 1,983,381,292 | $ 1,237,473,660 | $ 745,907,632 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Overseas Fund
Financial Statements
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $59,853,343) - See accompanying schedule: Unaffiliated issuers (cost $1,868,847,433) | $ 1,899,486,818 | |
Fidelity Central Funds (cost $83,894,474) | 83,894,474 | |
Total Investments (cost $1,952,741,907) | | $ 1,983,381,292 |
Receivable for investments sold | | 1,991,721 |
Receivable for fund shares sold | | 1,080,506 |
Dividends receivable | | 11,572,394 |
Distributions receivable from Fidelity Central Funds | | 215,099 |
Prepaid expenses | | 2,268 |
Other receivables | | 387,107 |
Total assets | | 1,998,630,387 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,586,203 | |
Payable for fund shares redeemed | 1,771,771 | |
Accrued management fee | 663,447 | |
Other affiliated payables | 420,667 | |
Other payables and accrued expenses | 278,747 | |
Collateral on securities loaned, at value | 64,285,742 | |
Total liabilities | | 71,006,577 |
| | |
Net Assets | | $ 1,927,623,810 |
Net Assets consist of: | | |
Paid in capital | | $ 3,419,289,384 |
Undistributed net investment income | | 24,665,870 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (1,547,127,567) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 30,796,123 |
Net Assets | | $ 1,927,623,810 |
| | |
Overseas: Net Asset Value, offering price and
redemption price per share ($1,659,809,191 ÷ 54,763,523 shares) | | $ 30.31 |
| | |
Class K:
Net Asset Value, offering price and redemption price per share ($267,814,619 ÷ 8,853,911 shares) | | $ 30.25 |
Statement of Operations
Six months ended April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 37,337,563 |
Interest | | 33 |
Income from Fidelity Central Funds | | 896,271 |
Income before foreign taxes withheld | | 38,233,867 |
Less foreign taxes withheld | | (3,170,802) |
Total income | | 35,063,065 |
| | |
Expenses | | |
Management fee
Basic fee | $ 7,438,927 | |
Performance adjustment | (5,023,994) | |
Transfer agent fees | 2,144,267 | |
Accounting and security lending fees | 469,442 | |
Custodian fees and expenses | 104,583 | |
Independent trustees' compensation | 6,979 | |
Appreciation in deferred trustee compensation account | 297 | |
Registration fees | 48,521 | |
Audit | 45,343 | |
Legal | 45,261 | |
Interest | 559 | |
Miscellaneous | 11,859 | |
Total expenses before reductions | 5,292,044 | |
Expense reductions | (456,374) | 4,835,670 |
Net investment income (loss) | | 30,227,395 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (103,251,043) | |
Foreign currency transactions | (621,614) | |
Futures contracts | 4,377,933 | |
Total net realized gain (loss) | | (99,494,724) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 176,229,900 | |
Assets and liabilities in foreign currencies | 133,869 | |
Total change in net unrealized appreciation (depreciation) | | 176,363,769 |
Net gain (loss) | | 76,869,045 |
Net increase (decrease) in net assets resulting from operations | | $ 107,096,440 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 30,227,395 | $ 70,820,055 |
Net realized gain (loss) | (99,494,724) | 282,595,294 |
Change in net unrealized appreciation (depreciation) | 176,363,769 | (436,401,912) |
Net increase (decrease) in net assets resulting from operations | 107,096,440 | (82,986,563) |
Distributions to shareholders from net investment income | (70,077,891) | (92,196,839) |
Distributions to shareholders from net realized gain | (1,661,965) | - |
Total distributions | (71,739,856) | (92,196,839) |
Share transactions - net increase (decrease) | (773,445,677) | (3,671,962,139) |
Redemption fees | 57,576 | 112,180 |
Total increase (decrease) in net assets | (738,031,517) | (3,847,033,361) |
| | |
Net Assets | | |
Beginning of period | 2,665,655,327 | 6,512,688,688 |
End of period (including undistributed net investment income of $24,665,870 and undistributed net investment income of $64,516,366, respectively) | $ 1,927,623,810 | $ 2,665,655,327 |
Financial Highlights - Overseas
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 29.28 | $ 31.56 | $ 30.13 | $ 25.43 | $ 58.39 | $ 47.08 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .41 | .47 | .42 | .52 | .55 | .70 |
Net realized and unrealized gain (loss) | 1.47 | (2.27) | 1.49 | 4.55 | (27.19) | 15.80 |
Total from investment operations | 1.88 | (1.80) | 1.91 | 5.07 | (26.64) | 16.50 |
Distributions from net investment income | (.83) | (.48) | (.47) | (.37) | (.57) | (.55) |
Distributions from net realized gain | (.02) | - | (.01) | - | (5.75) | (4.64) |
Total distributions | (.85) | (.48) | (.48) | (.37) | (6.32) | (5.19) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 30.31 | $ 29.28 | $ 31.56 | $ 30.13 | $ 25.43 | $ 58.39 |
Total Return B,C | 6.70% | (5.83)% | 6.33% | 20.44% | (50.88)% | 38.79% |
Ratios to Average Net Assets E,G | | | | | | |
Expenses before reductions | .53% A | .73% | .89% | 1.02% | 1.13% | .95% |
Expenses net of fee waivers, if any | .53% A | .73% | .89% | 1.02% | 1.13% | .95% |
Expenses net of all reductions | .49% A | .67% | .85% | .98% | 1.10% | .91% |
Net investment income (loss) | 2.84% A | 1.44% | 1.41% | 2.01% | 1.33% | 1.43% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,659,809 | $ 2,215,717 | $ 5,548,689 | $ 6,602,017 | $ 5,464,901 | $ 9,543,353 |
Portfolio turnover rate F | 133% A | 77% | 111% | 115% | 113% | 87% |
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
Financial Highlights - Class K
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 G |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.29 | $ 31.59 | $ 30.16 | $ 25.45 | $ 45.00 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .44 | .52 | .47 | .59 | .13 |
Net realized and unrealized gain (loss) | 1.46 | (2.27) | 1.50 | 4.54 | (19.68) |
Total from investment operations | 1.90 | (1.75) | 1.97 | 5.13 | (19.55) |
Distributions from net investment income | (.92) | (.55) | (.53) | (.42) | - |
Distributions from net realized gain | (.02) | - | (.01) | - | - |
Total distributions | (.94) | (.55) | (.54) | (.42) | - |
Redemption fees added to paid in capital D,I | - | - | - | - | - |
Net asset value, end of period | $ 30.25 | $ 29.29 | $ 31.59 | $ 30.16 | $ 25.45 |
Total Return B,C | 6.81% | (5.67)% | 6.55% | 20.73% | (43.44)% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | .35% A | .56% | .69% | .78% | .96% A |
Expenses net of fee waivers, if any | .35% A | .55% | .69% | .78% | .96% A |
Expenses net of all reductions | .31% A | .50% | .66% | .74% | .93% A |
Net investment income (loss) | 3.03% A | 1.61% | 1.60% | 2.25% | 1.08% A |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 267,815 | $ 291,323 | $ 368,004 | $ 383,048 | $ 44,277 |
Portfolio turnover rate F | 133% A | 77% | 111% | 115% | 113% |
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 May 9, 2008 (commencement of sale of shares) to October 31, 2008. 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 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. IAmount 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, 2012 (Unaudited)
1. Organization.
Fidelity® Overseas 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 Overseas and Class K shares, each of which has equal rights as to assets and voting privileges. The Fund offered Class F shares during the period June 26, 2009 through December 16, 2011, and all outstanding shares were redeemed by December 16, 2011. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 each business day and are categorized as Level 1 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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. Temporary book-tax differences 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.
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 | $ 129,126,685 |
Gross unrealized depreciation | (106,206,344) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 22,920,341 |
| |
Tax cost | $ 1,960,460,951 |
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. At October 31, 2011 capital loss carryforwards were as follows:
Fiscal year of expiration | |
2016 | $ (464,379,963) |
2017 | (939,719,765) |
Total capital loss carryforward | $ (1,404,099,728) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund used derivative instruments (derivatives), including futures contracts, in order to meet its investment objectives. The strategy is to use 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its 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 Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund 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 Fund. Counterparty credit risk related to exchange-traded futures contracts is minimal because of the protection provided by the exchange on which they trade. Derivatives involve, to varying degrees, risk of loss in excess of the amounts recognized in the Statement of Assets and Liabilities.
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 Fund used futures contracts to manage its 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 payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
The underlying face amount at value of open futures contracts at period end, if any, is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end.
During the period the Fund recognized net realized gain (loss) of $4,377,933 related to its investment in futures contracts. This amount is included in the Statement of Operations.
Semiannual Report
5. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $1,377,536,387 and $1,998,608,999, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Overseas as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .23% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Overseas. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Overseas | $ 2,060,755 | .24 |
Class K | 83,512 | .05 |
| $ 2,144,267 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $365 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, 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 Balance | Weighted Average Interest Rate | Interest
Expense |
Borrower | $ 29,057,000 | .35% | $ 559 |
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $3,331 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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, a fund could
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending - continued
experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $854,338.During the period, there were no securities loaned to FCM.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $456,374 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 A | Year ended
October 31,
2011 |
From net investment income | | |
Overseas | $ 56,962,859 | $ 75,897,727 |
Class K | 9,516,308 | 6,408,873 |
Class F | 3,598,724 | 9,890,239 |
Total | $ 70,077,891 | $ 92,196,839 |
From net realized gain | | |
Overseas | $ 1,377,579 | $ - |
Class K | 207,326 | - |
Class F | 77,060 | - |
Total | $ 1,661,965 | $ - |
A All Class F shares were redeemed on December 16, 2011.
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012A | Year ended
October 31,
2011 | Six months ended April 30,
2012A | Year ended
October 31,
2011 |
Overseas | | | | |
Shares sold | 2,912,487 | 10,588,919 | $ 83,171,556 | $ 338,680,110 |
Reinvestment of distributions | 2,082,243 | 2,356,512 | 57,282,489 | 75,196,294 |
Shares redeemed | (25,906,055) | (113,084,725) | (726,937,577) | (3,611,089,764) |
Net increase (decrease) | (20,911,325) | (100,139,294) | $ (586,483,532) | $ (3,197,213,360) |
Class K | | | | |
Shares sold | 3,997,574 | 4,129,689 | $ 112,890,455 | $ 128,992,232 |
Reinvestment of distributions | 354,489 | 201,094 | 9,723,634 | 6,408,873 |
Shares redeemed | (5,444,099) | (6,034,878) | (162,301,936) | (198,074,826) |
Net increase (decrease) | (1,092,036) | (1,704,095) | $ (39,687,847) | $ (62,673,721) |
Class F | | | | |
Shares sold | 373,582 | 12,066,248 | $ 10,277,470 | $ 388,123,231 |
Reinvestment of distributions | 134,104 | 310,526 | 3,675,784 | 9,890,239 |
Shares redeemed | (5,923,991) | (25,830,866) | (161,227,552) | (810,088,528) |
Net increase (decrease) | (5,416,305) | (13,454,092) | $ (147,274,298) | $ (412,075,058) |
A All Class F shares were redeemed on December 16, 2011.
Semiannual Report
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
Investments
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors
FIL Investment Advisors (UK) Limited
FIL Investments (Japan) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
OVE-K-USAN-0612
1.863321.103
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Global Commodity Stock
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Class A, Class T, Class B,
and Class C are classes
of Fidelity® Global Commodity
Stock Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.34% | | | |
Actual | | $ 1,000.00 | $ 977.40 | $ 6.59 |
HypotheticalA | | $ 1,000.00 | $ 1,018.20 | $ 6.72 |
Class T | 1.61% | | | |
Actual | | $ 1,000.00 | $ 976.40 | $ 7.91 |
HypotheticalA | | $ 1,000.00 | $ 1,016.86 | $ 8.07 |
Class B | 2.11% | | | |
Actual | | $ 1,000.00 | $ 973.30 | $ 10.35 |
HypotheticalA | | $ 1,000.00 | $ 1,014.37 | $ 10.57 |
Class C | 2.11% | | | |
Actual | | $ 1,000.00 | $ 973.90 | $ 10.36 |
HypotheticalA | | $ 1,000.00 | $ 1,014.37 | $ 10.57 |
Global Commodity Stock | 1.10% | | | |
Actual | | $ 1,000.00 | $ 978.30 | $ 5.41 |
HypotheticalA | | $ 1,000.00 | $ 1,019.39 | $ 5.52 |
Institutional Class | 1.05% | | | |
Actual | | $ 1,000.00 | $ 978.30 | $ 5.16 |
HypotheticalA | | $ 1,000.00 | $ 1,019.64 | $ 5.27 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
BHP Billiton PLC | 5.6 | 5.0 |
Monsanto Co. | 4.6 | 2.6 |
Potash Corp. of Saskatchewan, Inc. | 4.1 | 4.1 |
Exxon Mobil Corp. | 3.4 | 5.3 |
Chevron Corp. | 3.1 | 2.9 |
Royal Dutch Shell PLC Class A (United Kingdom) | 3.0 | 3.1 |
Rio Tinto PLC | 2.7 | 2.7 |
Barrick Gold Corp. | 2.5 | 2.0 |
Goldcorp, Inc. | 2.5 | 2.0 |
The Mosaic Co. | 1.9 | 1.8 |
| 33.4 | |
Top Sectors (% of fund's net assets) |
As of April 30, 2012 |
 | Energy 37.0% | |
 | Metals 36.8% | |
 | Agriculture 23.5% | |
 | Other 2.5% | |
 | Short-Term
Investments and
Net Other Assets 0.2% | |
As of October 31, 2011 |
| Energy 37.9% | |
| Metals 31.8% | |
| Agriculture 22.8% | |
| Other 6.2% | |
| Short-Term
Investments and
Net Other Assets 1.3% | |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8% |
| Shares | | Value |
CHEMICALS - 18.9% |
Commodity Chemicals - 0.0% |
Braskem SA (PN-A) | 13,250 | | $ 93,146 |
Fertilizers & Agricultural Chemicals - 18.9% |
Agrium, Inc. | 112,400 | | 9,902,352 |
CF Industries Holdings, Inc. | 54,372 | | 10,497,058 |
China BlueChemical Ltd. (H Shares) | 572,000 | | 409,169 |
Incitec Pivot Ltd. | 405,699 | | 1,382,155 |
Israel Chemicals Ltd. | 380,600 | | 4,366,265 |
Israel Corp. Ltd. (Class A) | 1,000 | | 653,421 |
K&S AG | 74,207 | | 3,708,871 |
Monsanto Co. | 415,100 | | 31,622,318 |
Potash Corp. of Saskatchewan, Inc. | 671,500 | | 28,552,771 |
Rentech Nitrogen Partners LP | 36,300 | | 1,069,761 |
Sinofert Holdings Ltd. | 1,780,000 | | 387,722 |
Syngenta AG (Switzerland) | 35,862 | | 12,577,352 |
Taiwan Fertilizer Co. Ltd. | 93,000 | | 223,289 |
The Mosaic Co. | 247,500 | | 13,072,950 |
United Phosphorous Ltd. | 252,256 | | 557,056 |
Uralkali JSC GDR (Reg. S) | 137,900 | | 5,219,515 |
Yara International ASA | 137,800 | | 6,759,600 |
| | 130,961,625 |
TOTAL CHEMICALS | | 131,054,771 |
CONSTRUCTION & ENGINEERING - 0.2% |
Construction & Engineering - 0.2% |
Fluor Corp. | 12,200 | | 704,550 |
Foster Wheeler AG (a) | 15,500 | | 356,500 |
| | 1,061,050 |
CONTAINERS & PACKAGING - 0.2% |
Paper Packaging - 0.2% |
Rock-Tenn Co. Class A | 27,400 | | 1,707,842 |
ELECTRICAL EQUIPMENT - 0.2% |
Electrical Components & Equipment - 0.2% |
Regal-Beloit Corp. | 16,802 | | 1,136,487 |
ENERGY EQUIPMENT & SERVICES - 3.1% |
Oil & Gas Drilling - 2.3% |
Cathedral Energy Services Ltd. | 96,370 | | 555,146 |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 16,800 | | 478,800 |
Common Stocks - continued |
| Shares | | Value |
ENERGY EQUIPMENT & SERVICES - CONTINUED |
Oil & Gas Drilling - continued |
Noble Corp. | 85,500 | | $ 3,254,130 |
Ocean Rig UDW, Inc. (United States) | 83,400 | | 1,453,662 |
PHX Energy Services Corp. | 3,600 | | 34,879 |
Precision Drilling Corp. (a) | 94,200 | | 867,851 |
Rowan Companies, Inc. (a) | 32,900 | | 1,136,037 |
Transocean Ltd. (United States) | 29,800 | | 1,501,622 |
Trinidad Drilling Ltd. | 337,171 | | 2,184,656 |
Tuscany International Drilling, Inc. (a) | 1,035,700 | | 733,981 |
Unit Corp. (a) | 9,700 | | 409,825 |
Vantage Drilling Co. (a) | 2,135,982 | | 3,374,852 |
| | 15,985,441 |
Oil & Gas Equipment & Services - 0.8% |
BW Offshore Ltd. | 75,900 | | 105,448 |
Cal Dive International, Inc. (a) | 87,700 | | 339,399 |
Cameron International Corp. (a) | 9,200 | | 471,500 |
Compagnie Generale de Geophysique SA (a) | 39,700 | | 1,138,595 |
Fugro NV (Certificaten Van Aandelen) unit | 3,300 | | 240,532 |
Halliburton Co. | 76,000 | | 2,600,720 |
McDermott International, Inc. (a) | 51,000 | | 576,300 |
National Oilwell Varco, Inc. | 4,200 | | 318,192 |
Saipem SpA | 659 | | 32,557 |
| | 5,823,243 |
TOTAL ENERGY EQUIPMENT & SERVICES | | 21,808,684 |
FOOD PRODUCTS - 2.0% |
Agricultural Products - 2.0% |
Archer Daniels Midland Co. | 152,700 | | 4,707,741 |
Bunge Ltd. | 93,300 | | 6,017,850 |
China Agri-Industries Holding Ltd. | 1,571,000 | | 1,158,207 |
Cosan Ltd. Class A | 85,100 | | 1,177,784 |
Golden Agri-Resources Ltd. | 716,000 | | 425,209 |
Wilmar International Ltd. | 45,000 | | 177,069 |
| | 13,663,860 |
MACHINERY - 1.5% |
Construction & Farm Machinery & Heavy Trucks - 1.5% |
Cummins, Inc. | 900 | | 104,247 |
Deere & Co. | 450 | | 37,062 |
Fiat Industrial SpA | 186,900 | | 2,120,374 |
Common Stocks - continued |
| Shares | | Value |
MACHINERY - CONTINUED |
Construction & Farm Machinery & Heavy Trucks - continued |
Jain Irrigation Systems Ltd. | 954,016 | | $ 1,597,725 |
Joy Global, Inc. | 95,750 | | 6,776,228 |
| | 10,635,636 |
METALS & MINING - 36.8% |
Aluminum - 0.3% |
Alcoa, Inc. | 182,300 | | 1,773,779 |
Diversified Metals & Mining - 15.8% |
Anglo American PLC (United Kingdom) | 308,651 | | 11,863,004 |
BHP Billiton PLC | 1,211,714 | | 39,012,145 |
Copper Mountain Mining Corp. (a) | 1,376,156 | | 5,976,927 |
Eurasian Natural Resources Corp. PLC | 54,400 | | 494,020 |
First Quantum Minerals Ltd. | 152,900 | | 3,176,419 |
Freeport-McMoRan Copper & Gold, Inc. | 210,100 | | 8,046,830 |
Glencore International PLC (d) | 7,100 | | 49,046 |
Grupo Mexico SA de CV Series B | 89,411 | | 275,819 |
Horsehead Holding Corp. (a) | 221,000 | | 2,481,830 |
Iluka Resources Ltd. | 37,348 | | 661,487 |
Ivanhoe Australia Ltd. (a) | 60,448 | | 78,722 |
Ivanhoe Mines Ltd. (a) | 285,340 | | 3,330,772 |
Kazakhmys PLC | 33,100 | | 462,569 |
Lynas Corp. Ltd. (a)(d) | 385,000 | | 451,251 |
Mongolian Mining Corp. (a) | 1,120,000 | | 902,219 |
Norilsk Nickel OJSC sponsored ADR | 1,700 | | 30,107 |
Rio Tinto PLC | 331,087 | | 18,561,300 |
Sterlite Industries (India) Ltd. | 148,488 | | 299,458 |
Teck Resources Ltd. Class B (sub. vtg.) | 114,800 | | 4,284,007 |
Walter Energy, Inc. | 21,600 | | 1,432,296 |
Xstrata PLC | 424,291 | | 8,109,051 |
| | 109,979,279 |
Gold - 13.3% |
Agnico-Eagle Mines Ltd. (Canada) | 93,900 | | 3,751,247 |
AngloGold Ashanti Ltd. sponsored ADR | 113,800 | | 3,912,444 |
Barrick Gold Corp. | 435,800 | | 17,630,542 |
Centerra Gold, Inc. | 104,400 | | 1,351,836 |
Compania de Minas Buenaventura SA sponsored ADR | 7,700 | | 317,779 |
Eldorado Gold Corp. | 225,550 | | 3,196,862 |
Franco-Nevada Corp. | 12,700 | | 569,716 |
Gold Fields Ltd. sponsored ADR | 167,100 | | 2,150,577 |
Goldcorp, Inc. | 443,900 | | 17,000,999 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Gold - continued |
Harmony Gold Mining Co. Ltd. sponsored ADR | 158,500 | | $ 1,537,450 |
IAMGOLD Corp. | 97,900 | | 1,214,148 |
Kingsgate Consolidated NL | 184,515 | | 1,191,869 |
Kinross Gold Corp. | 694,705 | | 6,224,388 |
New Gold, Inc. (a) | 255,100 | | 2,324,374 |
Newcrest Mining Ltd. | 412,343 | | 11,298,468 |
Newmont Mining Corp. | 116,900 | | 5,570,285 |
Osisko Mining Corp. (a) | 127,000 | | 1,307,608 |
Premier Gold Mines Ltd. (a) | 266,500 | | 1,289,668 |
Randgold Resources Ltd. sponsored ADR | 88,100 | | 7,854,115 |
Royal Gold, Inc. | 6,900 | | 427,524 |
Yamana Gold, Inc. | 152,200 | | 2,232,729 |
Zijin Mining Group Co. Ltd. (H Shares) | 658,000 | | 214,566 |
| | 92,569,194 |
Precious Metals & Minerals - 1.9% |
African Minerals Ltd. (a) | 627,400 | | 5,295,331 |
Anglo Platinum Ltd. | 1,400 | | 90,717 |
Aquarius Platinum Ltd. (United Kingdom) | 492,800 | | 1,039,823 |
Gem Diamonds Ltd. (a) | 20,000 | | 84,077 |
Impala Platinum Holdings Ltd. | 3,650 | | 71,001 |
Lonmin PLC | 5,922 | | 100,157 |
Northam Platinum Ltd. | 30,500 | | 130,815 |
Pan American Silver Corp. (d) | 198,300 | | 3,856,586 |
Silver Wheaton Corp. | 80,600 | | 2,461,044 |
| | 13,129,551 |
Steel - 5.5% |
Allegheny Technologies, Inc. | 22,400 | | 961,856 |
ArcelorMittal SA Class A unit (d) | 209,200 | | 3,625,436 |
Cliffs Natural Resources, Inc. | 19,600 | | 1,220,296 |
Commercial Metals Co. | 19,550 | | 288,949 |
Fortescue Metals Group Ltd. | 747,486 | | 4,392,253 |
Gerdau SA sponsored ADR | 179,500 | | 1,685,505 |
Hyundai Steel Co. | 8,903 | | 776,760 |
JFE Holdings, Inc. | 62,500 | | 1,168,917 |
Jindal Steel & Power Ltd. | 61,255 | | 586,206 |
JSW Steel Ltd. | 9,216 | | 121,323 |
London Mining PLC (a) | 722,600 | | 3,503,896 |
Maanshan Iron & Steel Ltd. (H Shares) | 3,179,000 | | 897,322 |
Magnitogorsk Iron & Steel Works OJSC unit | 47,700 | | 251,856 |
Nippon Steel Corp. | 236,000 | | 588,122 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Steel - continued |
Nucor Corp. | 50,100 | | $ 1,964,421 |
POSCO | 16,744 | | 5,546,928 |
Sumitomo Metal Industries Ltd. | 111,000 | | 199,410 |
Tata Steel Ltd. | 38,117 | | 335,573 |
Thyssenkrupp AG | 59,500 | | 1,409,913 |
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) | 6,900 | | 39,529 |
Vale SA (PN-A) sponsored ADR | 354,600 | | 7,669,998 |
Voestalpine AG | 23,100 | | 747,829 |
Yamato Kogyo Co. Ltd. | 9,100 | | 258,958 |
| | 38,241,256 |
TOTAL METALS & MINING | | 255,693,059 |
OIL, GAS & CONSUMABLE FUELS - 33.9% |
Coal & Consumable Fuels - 2.8% |
Alpha Natural Resources, Inc. (a) | 484,337 | | 7,812,356 |
Banpu PCL (For. Reg.) | 8,950 | | 161,801 |
Cameco Corp. | 19,600 | | 433,770 |
China Coal Energy Co. Ltd. (H Shares) | 61,000 | | 70,052 |
CONSOL Energy, Inc. | 2,100 | | 69,804 |
Paladin Energy Ltd.: | | | |
(Australia) (a) | 93,842 | | 155,942 |
(Canada) (a) | 271,500 | | 448,033 |
Peabody Energy Corp. | 332,300 | | 10,337,853 |
Yanzhou Coal Mining Co. Ltd. (H Shares) | 100,000 | | 209,445 |
| | 19,699,056 |
Integrated Oil & Gas - 19.9% |
BG Group PLC | 305,950 | | 7,203,001 |
BP PLC | 1,753,200 | | 12,666,856 |
Cenovus Energy, Inc. | 32,600 | | 1,183,204 |
Chevron Corp. | 199,900 | | 21,301,344 |
China Petroleum & Chemical Corp. (H Shares) | 116,000 | | 123,205 |
ConocoPhillips | 2,900 | | 207,727 |
ENI SpA | 240,627 | | 5,347,092 |
Exxon Mobil Corp. | 275,361 | | 23,774,669 |
Gazprom OAO sponsored ADR | 494,800 | | 5,675,356 |
Hess Corp. | 39,100 | | 2,038,674 |
InterOil Corp. (a)(d) | 81,700 | | 4,937,948 |
Lukoil Oil Co. sponsored ADR | 39,900 | | 2,447,865 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Integrated Oil & Gas - continued |
Murphy Oil Corp. | 81,700 | | $ 4,491,049 |
Occidental Petroleum Corp. | 76,900 | | 7,014,818 |
OMV AG | 13,300 | | 450,287 |
Origin Energy Ltd. | 136,059 | | 1,879,646 |
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR | 348,200 | | 7,716,112 |
Repsol YPF SA | 81,071 | | 1,550,800 |
Royal Dutch Shell PLC Class A (United Kingdom) | 586,750 | | 20,929,576 |
StatoilHydro ASA | 8,300 | | 222,734 |
Suncor Energy, Inc. | 192,532 | | 6,360,232 |
Total SA | 7,200 | | 345,652 |
| | 137,867,847 |
Oil & Gas Exploration & Production - 9.8% |
Anadarko Petroleum Corp. | 70,000 | | 5,124,700 |
Apache Corp. | 71,600 | | 6,869,304 |
ARC Resources Ltd. | 10,700 | | 220,337 |
Bonavista Energy Corp. (d) | 132,400 | | 2,388,629 |
C&C Energia Ltd. (a) | 116,300 | | 866,584 |
Cabot Oil & Gas Corp. | 113,300 | | 3,981,362 |
Canadian Natural Resources Ltd. | 104,200 | | 3,620,495 |
Celtic Exploration Ltd. (a) | 15,900 | | 233,087 |
Chesapeake Energy Corp. | 65,700 | | 1,211,508 |
Cimarex Energy Co. | 7,400 | | 511,414 |
CNOOC Ltd. | 120,000 | | 253,578 |
CNOOC Ltd. sponsored ADR | 14,800 | | 3,132,420 |
Cobalt International Energy, Inc. (a) | 10,100 | | 270,276 |
Concho Resources, Inc. (a) | 2,800 | | 300,104 |
Crew Energy, Inc. (a) | 378,000 | | 2,678,816 |
Denbury Resources, Inc. (a) | 39,000 | | 742,560 |
Devon Energy Corp. | 25,600 | | 1,788,160 |
Double Eagle Petroleum Co. (a) | 148,685 | | 816,281 |
Encana Corp. | 8,600 | | 180,141 |
EOG Resources, Inc. | 1,400 | | 153,734 |
EQT Corp. | 4,600 | | 229,172 |
Gran Tierra Energy, Inc. (Canada) (a) | 52,500 | | 338,573 |
INPEX Corp. | 125 | | 825,365 |
Marathon Oil Corp. | 67,800 | | 1,989,252 |
Newfield Exploration Co. (a) | 13,700 | | 491,830 |
Nexen, Inc. | 272,200 | | 5,260,742 |
Niko Resources Ltd. (d) | 30,600 | | 1,289,367 |
Noble Energy, Inc. | 15,800 | | 1,569,256 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Oil & Gas Exploration & Production - continued |
NOVATEK OAO GDR (Reg. S) | 8,700 | | $ 1,105,770 |
Oasis Petroleum, Inc. (a) | 7,050 | | 233,144 |
OGX Petroleo e Gas Participacoes SA (a) | 134,300 | | 932,135 |
Pacific Rubiales Energy Corp. | 1,700 | | 48,776 |
Painted Pony Petroleum Ltd. (a)(e) | 15,000 | | 121,033 |
Painted Pony Petroleum Ltd. Class A (a) | 264,000 | | 2,130,175 |
Penn West Petroleum Ltd. | 166,100 | | 2,846,948 |
Petrominerales Ltd. | 146,026 | | 2,136,245 |
Pioneer Natural Resources Co. | 11,700 | | 1,355,094 |
Progress Energy Resources Corp. | 21,800 | | 239,905 |
QEP Resources, Inc. | 23,700 | | 730,197 |
Rosetta Resources, Inc. (a) | 13,200 | | 663,564 |
SM Energy Co. | 22,400 | | 1,480,864 |
Southwestern Energy Co. (a) | 35,700 | | 1,127,406 |
Stone Energy Corp. (a) | 1,350 | | 37,868 |
Talisman Energy, Inc. | 254,400 | | 3,327,611 |
Tullow Oil PLC | 51,100 | | 1,272,306 |
Ultra Petroleum Corp. (a) | 13,500 | | 266,760 |
Whiting Petroleum Corp. (a) | 9,400 | | 537,680 |
| | 67,930,528 |
Oil & Gas Refining & Marketing - 1.2% |
Marathon Petroleum Corp. | 74,850 | | 3,114,509 |
Tesoro Corp. (a) | 42,900 | | 997,425 |
Valero Energy Corp. | 171,400 | | 4,233,580 |
| | 8,345,514 |
Oil & Gas Storage & Transport - 0.2% |
Cheniere Energy, Inc. (a) | 47,700 | | 873,387 |
Williams Companies, Inc. | 12,000 | | 408,360 |
| | 1,281,747 |
TOTAL OIL, GAS & CONSUMABLE FUELS | | 235,124,692 |
PAPER & FOREST PRODUCTS - 2.6% |
Paper Products - 2.6% |
Empresas CMPC SA | 333,075 | | 1,369,103 |
Fibria Celulose SA sponsored ADR | 11,789 | | 93,605 |
International Paper Co. | 259,000 | | 8,627,290 |
MeadWestvaco Corp. | 4,800 | | 152,736 |
Nine Dragons Paper (Holdings) Ltd. | 1,102,000 | | 909,024 |
Nippon Paper Group, Inc. (d) | 86,800 | | 1,737,840 |
Common Stocks - continued |
| Shares | | Value |
PAPER & FOREST PRODUCTS - CONTINUED |
Paper Products - continued |
Oji Paper Co. Ltd. | 156,000 | | $ 716,336 |
Stora Enso Oyj (R Shares) | 286,400 | | 1,952,552 |
Suzano Papel e Celulose SA | 19,725 | | 74,506 |
Svenska Cellulosa AB (SCA) (B Shares) | 12,400 | | 196,496 |
UPM-Kymmene Corp. | 195,300 | | 2,500,064 |
| | 18,329,552 |
SPECIALTY RETAIL - 0.4% |
Specialty Stores - 0.4% |
Tsutsumi Jewelry Co. Ltd. | 95,500 | | 2,793,711 |
TRADING COMPANIES & DISTRIBUTORS - 0.0% |
Trading Companies & Distributors - 0.0% |
Mitsubishi Corp. | 13,200 | | 286,088 |
TOTAL COMMON STOCKS (Cost $697,228,059) |
693,295,432
|
Convertible Bonds - 0.0% |
| Principal Amount | | |
PAPER & FOREST PRODUCTS - 0.0% |
Paper Products - 0.0% |
Suzano Papel e Celulose SA 4.5% 12/16/13
(Cost $377,129) | BRL | 572,000 | |
111,819
|
Money Market Funds - 2.0% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.14% (b) | 661,357 | | $ 661,357 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 13,111,077 | | 13,111,077 |
TOTAL MONEY MARKET FUNDS (Cost $13,772,434) |
13,772,434
|
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $711,377,622) | | 707,179,685 |
NET OTHER ASSETS (LIABILITIES) - (1.8)% | | (12,590,361) |
NET ASSETS - 100% | $ 694,589,324 |
Currency Abbreviations |
BRL | - | Brazilian real |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $121,033 or 0.0% 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 | $ 2,405 |
Fidelity Securities Lending Cash Central Fund | 131,599 |
Total | $ 134,004 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Common Stocks | $ 693,295,432 | $ 567,486,769 | $ 125,808,663 | $ - |
Convertible Bonds | 111,819 | - | 111,819 | - |
Money Market Funds | 13,772,434 | 13,772,434 | - | - |
Total Investments in Securities: | $ 707,179,685 | $ 581,259,203 | $ 125,920,482 | $ - |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Beginning Balance | $ 1,272,029 |
Total Realized Gain (Loss) | (2,861,089) |
Total Unrealized Gain (Loss) | 2,144,784 |
Cost of Purchases | - |
Proceeds of Sales | (239,112) |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | (316,612) |
Ending Balance | $ - |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows. (Unaudited) |
United States of America | 33.4% |
Canada | 23.7% |
United Kingdom | 17.9% |
Australia | 3.2% |
Brazil | 2.6% |
Switzerland | 2.6% |
Bermuda | 2.2% |
Russia | 2.1% |
Japan | 1.2% |
Bailiwick of Jersey | 1.1% |
South Africa | 1.1% |
Italy | 1.1% |
Norway | 1.0% |
Others (Individually Less Than 1%) | 6.8% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $12,812,660) - See accompanying schedule: Unaffiliated issuers (cost $697,605,188) | $ 693,407,251 | |
Fidelity Central Funds (cost $13,772,434) | 13,772,434 | |
Total Investments (cost $711,377,622) | | $ 707,179,685 |
Cash | | 12,126 |
Foreign currency held at value (cost $110,498) | | 110,253 |
Receivable for investments sold | | 10,544,598 |
Receivable for fund shares sold | | 930,605 |
Dividends receivable | | 970,982 |
Interest receivable | | 3,911 |
Distributions receivable from Fidelity Central Funds | | 27,697 |
Prepaid expenses | | 1,099 |
Other receivables | | 20,002 |
Total assets | | 719,800,958 |
| | |
Liabilities | | |
Payable for investments purchased | $ 8,960,791 | |
Payable for fund shares redeemed | 2,414,237 | |
Accrued management fee | 410,291 | |
Distribution and service plan fees payable | 65,325 | |
Other affiliated payables | 205,373 | |
Other payables and accrued expenses | 44,540 | |
Collateral on securities loaned, at value | 13,111,077 | |
Total liabilities | | 25,211,634 |
| | |
Net Assets | | $ 694,589,324 |
Net Assets consist of: | | |
Paid in capital | | $ 746,257,380 |
Undistributed net investment income | | 1,663,525 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (49,136,302) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (4,195,279) |
Net Assets | | $ 694,589,324 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($115,282,419 ÷ 7,827,862 shares) | | $ 14.73 |
| | |
Maximum offering price per share (100/94.25 of $14.73) | | $ 15.63 |
Class T:
Net Asset Value and redemption price per share ($19,746,730 ÷ 1,343,650 shares) | | $ 14.70 |
| | |
Maximum offering price per share (100/96.50 of $14.70) | | $ 15.23 |
Class B:
Net Asset Value and offering price per share ($3,736,431 ÷ 255,868 shares)A | | $ 14.60 |
| | |
Class C:
Net Asset Value and offering price per share ($35,567,611 ÷ 2,443,252 shares)A | | $ 14.56 |
| | |
Global Commodity Stock:
Net Asset Value, offering price and redemption price per share ($462,478,956 ÷ 31,286,637 shares) | | $ 14.78 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($57,777,177 ÷ 3,908,876 shares) | | $ 14.78 |
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, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 7,259,766 |
Interest | | 5,858 |
Income from Fidelity Central Funds | | 134,004 |
Income before foreign taxes withheld | | 7,399,628 |
Less foreign taxes withheld | | (466,003) |
Total income | | 6,933,625 |
| | |
Expenses | | |
Management fee | $ 2,614,626 | |
Transfer agent fees | 1,065,622 | |
Distribution and service plan fees | 405,093 | |
Accounting and security lending fees | 181,767 | |
Custodian fees and expenses | 47,661 | |
Independent trustees' compensation | 2,260 | |
Registration fees | 106,677 | |
Audit | 26,541 | |
Legal | 1,523 | |
Interest | 448 | |
Miscellaneous | 4,646 | |
Total expenses before reductions | 4,456,864 | |
Expense reductions | (26,795) | 4,430,069 |
Net investment income (loss) | | 2,503,556 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (34,977,072) | |
Foreign currency transactions | (533,595) | |
Total net realized gain (loss) | | (35,510,667) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 14,485,704 | |
Assets and liabilities in foreign currencies | 250,789 | |
Total change in net unrealized appreciation (depreciation) | | 14,736,493 |
Net gain (loss) | | (20,774,174) |
Net increase (decrease) in net assets resulting from operations | | $ (18,270,618) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,503,556 | $ 6,869,450 |
Net realized gain (loss) | (35,510,667) | (6,898,032) |
Change in net unrealized appreciation (depreciation) | 14,736,493 | (67,719,909) |
Net increase (decrease) in net assets resulting
from operations | (18,270,618) | (67,748,491) |
Distributions to shareholders from net investment income | (3,692,921) | (5,045,313) |
Distributions to shareholders from net realized gain | (671,463) | (2,104,800) |
Total distributions | (4,364,384) | (7,150,113) |
Share transactions - net increase (decrease) | (63,255,282) | 418,528,912 |
Redemption fees | 11,709 | 94,436 |
Total increase (decrease) in net assets | (85,878,575) | 343,724,744 |
| | |
Net Assets | | |
Beginning of period | 780,467,899 | 436,743,155 |
End of period (including undistributed net investment income of $1,663,525 and undistributed net investment income of $2,852,890, respectively) | $ 694,589,324 | $ 780,467,899 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 15.14 | $ 15.60 | $ 13.29 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .04 | .12 | .19 H | (.01) |
Net realized and unrealized gain (loss) | (.38) | (.38) | 2.20 | 3.29 |
Total from investment operations | (.34) | (.26) | 2.39 | 3.28 |
Distributions from net investment income | (.05) | (.13) | - K | - |
Distributions from net realized gain | (.01) | (.06) | (.08) | - |
Total distributions | (.07) M | (.20) L | (.08) | - |
Redemption fees added to paid in capital E | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.73 | $ 15.14 | $ 15.60 | $ 13.29 |
Total Return B,C,D | (2.26)% | (1.80)% | 18.04% | 32.90% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.34% A | 1.32% | 1.37% | 1.65% A |
Expenses net of fee waivers, if any | 1.34% A | 1.32% | 1.37% | 1.50% A |
Expenses net of all reductions | 1.33% A | 1.31% | 1.36% | 1.48% A |
Net investment income (loss) | .55% A | .71% | 1.35% H | (.15)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 115,282 | $ 127,979 | $ 60,370 | $ 15,705 |
Portfolio turnover rate G | 83% A | 71% | 54% | 25% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .42%.
I For the period March 25, 2009 (commencement of operations) to October 31, 2009.
J 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.
K Amount represents less than $.01 per share.
L Total distributions of $.20 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.062 per share.
M Total distributions of $.07 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.014 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 15.08 | $ 15.55 | $ 13.27 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .02 | .07 | .16 H | (.03) |
Net realized and unrealized gain (loss) | (.38) | (.38) | 2.19 | 3.29 |
Total from investment operations | (.36) | (.31) | 2.35 | 3.26 |
Distributions from net investment income | (.01) | (.10) | - | - |
Distributions from net realized gain | (.01) | (.06) | (.07) | - |
Total distributions | (.02) | (.16) | (.07) | - |
Redemption fees added to paid in capital E | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.70 | $ 15.08 | $ 15.55 | $ 13.27 |
Total Return B,C,D | (2.36)% | (2.09)% | 17.73% | 32.70% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.61% A | 1.60% | 1.63% | 2.04% A |
Expenses net of fee waivers, if any | 1.61% A | 1.60% | 1.63% | 1.75% A |
Expenses net of all reductions | 1.61% A | 1.59% | 1.61% | 1.73% A |
Net investment income (loss) | .27% A | .43% | 1.10% H | (.40)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 19,747 | $ 20,831 | $ 11,762 | $ 4,665 |
Portfolio turnover rate G | 83% A | 71% | 54% | 25% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .17%.
I For the period March 25, 2009 (commencement of operations) to October 31, 2009.
J 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.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 15.00 | $ 15.46 | $ 13.22 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.02) | (.01) | .08 H | (.07) |
Net realized and unrealized gain (loss) | (.38) | (.39) | 2.20 | 3.28 |
Total from investment operations | (.40) | (.40) | 2.28 | 3.21 |
Distributions from net realized gain | - | (.06) | (.04) | - |
Redemption fees added to paid in capital E | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.60 | $ 15.00 | $ 15.46 | $ 13.22 |
Total Return B,C,D | (2.67)% | (2.62)% | 17.23% | 32.20% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 2.11% A | 2.11% | 2.16% | 2.66% A |
Expenses net of fee waivers, if any | 2.11% A | 2.11% | 2.16% | 2.25% A |
Expenses net of all reductions | 2.10% A | 2.10% | 2.15% | 2.23% A |
Net investment income (loss) | (.22)% A | (.09)% | .56% H | (.90)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 3,736 | $ 4,324 | $ 4,348 | $ 2,726 |
Portfolio turnover rate G | 83% A | 71% | 54% | 25% 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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.37) %.
I For the period March 25, 2009 (commencement of operations) to October 31, 2009.
J 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.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 14.95 | $ 15.45 | $ 13.22 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.02) | (.01) | .08 H | (.07) |
Net realized and unrealized gain (loss) | (.37) | (.38) | 2.19 | 3.28 |
Total from investment operations | (.39) | (.39) | 2.27 | 3.21 |
Distributions from net investment income | - | (.05) | - | - |
Distributions from net realized gain | - | (.06) | (.04) | - |
Total distributions | - | (.11) | (.04) | - |
Redemption fees added to paid in capital E | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.56 | $ 14.95 | $ 15.45 | $ 13.22 |
Total Return B,C,D | (2.61)% | (2.58)% | 17.21% | 32.20% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 2.11% A | 2.09% | 2.14% | 2.53% A |
Expenses net of fee waivers, if any | 2.11% A | 2.09% | 2.14% | 2.25% A |
Expenses net of all reductions | 2.10% A | 2.08% | 2.13% | 2.23% A |
Net investment income (loss) | (.22)% A | (.07)% | .58% H | (.90)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 35,568 | $ 37,185 | $ 14,338 | $ 4,798 |
Portfolio turnover rate G | 83% A | 71% | 54% | 25% 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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.34) %.
I For the period March 25, 2009 (commencement of operations) to October 31, 2009.
J 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.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Global Commodity Stock
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 15.21 | $ 15.66 | $ 13.31 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .06 | .16 | .23 G | .01 |
Net realized and unrealized gain (loss) | (.39) | (.39) | 2.21 | 3.29 |
Total from investment operations | (.33) | (.23) | 2.44 | 3.30 |
Distributions from net investment income | (.08) | (.16) | (.01) | - |
Distributions from net realized gain | (.01) | (.06) | (.08) | - |
Total distributions | (.10) K | (.22) | (.09) | - |
Redemption fees added to paid in capital D | - J | - J | - J | .01 |
Net asset value, end of period | $ 14.78 | $ 15.21 | $ 15.66 | $ 13.31 |
Total Return B,C | (2.17)% | (1.59)% | 18.38% | 33.10% |
Ratios to Average Net Assets E,I | | | | |
Expenses before reductions | 1.10% A | 1.08% | 1.10% | 1.42% A |
Expenses net of fee waivers, if any | 1.10% A | 1.08% | 1.10% | 1.25% A |
Expenses net of all reductions | 1.10% A | 1.07% | 1.09% | 1.23% A |
Net investment income (loss) | .78% A | .95% | 1.62% G | .10% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 462,479 | $ 531,224 | $ 310,186 | $ 159,439 |
Portfolio turnover rate F | 83% A | 71% | 54% | 25% 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 Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .69%.
H For the period March 25, 2009 (commencement of operations) to October 31, 2009.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.10 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.014 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 15.22 | $ 15.66 | $ 13.31 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .06 | .16 | .23 G | .01 |
Net realized and unrealized gain (loss) | (.39) | (.38) | 2.21 | 3.29 |
Total from investment operations | (.33) | (.22) | 2.44 | 3.30 |
Distributions from net investment income | (.09) | (.16) | (.01) | - |
Distributions from net realized gain | (.01) | (.06) | (.08) | - |
Total distributions | (.11) K | (.22) | (.09) | - |
Redemption fees added to paid in capital D | - J | - J | - J | .01 |
Net asset value, end of period | $ 14.78 | $ 15.22 | $ 15.66 | $ 13.31 |
Total Return B,C | (2.17)% | (1.50)% | 18.39% | 33.10% |
Ratios to Average Net Assets E,I | | | | |
Expenses before reductions | 1.05% A | 1.03% | 1.09% | 1.36% A |
Expenses net of fee waivers, if any | 1.05% A | 1.03% | 1.09% | 1.25% A |
Expenses net of all reductions | 1.04% A | 1.03% | 1.07% | 1.23% A |
Net investment income (loss) | .84% A | .99% | 1.64% G | .10% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 57,777 | $ 58,925 | $ 35,739 | $ 9,811 |
Portfolio turnover rate F | 83% A | 71% | 54% | 25% 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 Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .71%.
H For the period March 25, 2009 (commencement of operations) to October 31, 2009.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.11 per share is comprised of distributions from net investment income of $.093 and distributions from net realized gain of $.014 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, 2012 (Unaudited)
1. Organization.
Fidelity® Global Commodity Stock 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, Global Commodity Stock and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements.
Semiannual Report
3. Significant Accounting Policies - continued
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
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.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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:
Gross unrealized appreciation | $ 62,178,331 |
Gross unrealized depreciation | (71,558,432) |
Net unrealized appreciation (depreciation) on securities and other investments | $ (9,380,101) |
| |
Tax cost | $ 716,559,786 |
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. At October 31, 2011 capital loss carryforwards were as follows:
Fiscal year of expiration | |
2019 | $ (6,966,394) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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
4. Operating Policies.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $305,334,474 and $361,830,057, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .71% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 152,972 | $ 4,097 |
Class T | .25% | .25% | 50,416 | 204 |
Class B | .75% | .25% | 20,085 | 15,081 |
Class C | .75% | .25% | 181,620 | 83,745 |
| | | $ 405,093 | $ 103,127 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 25,322 |
Class T | 4,594 |
Class B* | 12,641 |
Class C* | 8,888 |
| $ 51,445 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 171,919 | .28 |
Class T | 30,688 | .30 |
Class B | 6,036 | .30 |
Class C | 53,714 | .30 |
Global Commodity Stock | 736,590 | .30 |
Institutional Class | 66,675 | .24 |
| $ 1,065,622 | |
* Annualized
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $3,853 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, 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 Balance | Weighted Average Interest Rate | Interest
Expense |
Borrower | $ 3,051,308 | .41% | $ 448 |
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $1,123 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending - continued
borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $131,599. During the period, there were no securities loaned to FCM.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $26,795 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 437,422 | $ 597,144 |
Class T | 12,232 | 82,038 |
Class C | - | 56,214 |
Global Commodity Stock | 2,878,965 | 3,895,270 |
Institutional Class | 364,302 | 414,647 |
Total | $ 3,692,921 | $ 5,045,313 |
From net realized gain | | |
Class A | $ 117,768 | $ 275,211 |
Class T | 19,027 | 52,381 |
Class B | - | 16,866 |
Class C | - | 68,717 |
Global Commodity Stock | 479,827 | 1,532,256 |
Institutional Class | 54,841 | 159,369 |
Total | $ 671,463 | $ 2,104,800 |
Semiannual Report
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 959,585 | 7,297,574 | $ 14,277,437 | $ 124,882,197 |
Reinvestment of distributions | 32,805 | 39,060 | 472,060 | 643,900 |
Shares redeemed | (1,617,333) | (2,752,883) | (23,682,631) | (44,565,640) |
Net increase (decrease) | (624,943) | 4,583,751 | $ (8,933,134) | $ 80,960,457 |
Class T | | | | |
Shares sold | 127,646 | 866,549 | $ 1,904,855 | $ 14,740,169 |
Reinvestment of distributions | 1,948 | 7,294 | 28,015 | 120,226 |
Shares redeemed | (166,928) | (249,100) | (2,463,872) | (4,030,489) |
Net increase (decrease) | (37,334) | 624,743 | $ (531,002) | $ 10,829,906 |
Class B | | | | |
Shares sold | 5,739 | 82,231 | $ 84,275 | $ 1,397,980 |
Reinvestment of distributions | - | 917 | - | 14,988 |
Shares redeemed | (38,073) | (76,244) | (564,284) | (1,237,701) |
Net increase (decrease) | (32,334) | 6,904 | $ (480,009) | $ 175,267 |
Class C | | | | |
Shares sold | 326,143 | 2,215,036 | $ 4,833,650 | $ 37,885,797 |
Reinvestment of distributions | - | 6,435 | - | 105,874 |
Shares redeemed | (369,384) | (662,765) | (5,336,150) | (10,246,197) |
Net increase (decrease) | (43,241) | 1,558,706 | $ (502,500) | $ 27,745,474 |
Global Commodity Stock | | | | |
Shares sold | 4,370,273 | 32,339,719 | $ 65,577,393 | $ 553,926,075 |
Reinvestment of distributions | 210,059 | 293,921 | 3,031,159 | 4,855,462 |
Shares redeemed | (8,214,828) | (17,519,084) | (122,035,655) | (288,860,403) |
Net increase (decrease) | (3,634,496) | 15,114,556 | $ (53,427,103) | $ 269,921,134 |
Institutional Class | | | | |
Shares sold | 900,317 | 4,225,113 | $ 13,304,390 | $ 72,109,877 |
Reinvestment of distributions | 18,526 | 16,850 | 267,335 | 278,352 |
Shares redeemed | (882,531) | (2,651,317) | (12,953,259) | (43,491,555) |
Net increase (decrease) | 36,312 | 1,590,646 | $ 618,466 | $ 28,896,674 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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.
At the end of the period, FMR or its affiliates were the owners of record of 12% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
AGCS-USAN-0612
1.879398.103
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Global Commodity Stock
Fund - Institutional Class
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Institutional Class is a
class of Fidelity® Global
Commodity Stock Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.34% | | | |
Actual | | $ 1,000.00 | $ 977.40 | $ 6.59 |
HypotheticalA | | $ 1,000.00 | $ 1,018.20 | $ 6.72 |
Class T | 1.61% | | | |
Actual | | $ 1,000.00 | $ 976.40 | $ 7.91 |
HypotheticalA | | $ 1,000.00 | $ 1,016.86 | $ 8.07 |
Class B | 2.11% | | | |
Actual | | $ 1,000.00 | $ 973.30 | $ 10.35 |
HypotheticalA | | $ 1,000.00 | $ 1,014.37 | $ 10.57 |
Class C | 2.11% | | | |
Actual | | $ 1,000.00 | $ 973.90 | $ 10.36 |
HypotheticalA | | $ 1,000.00 | $ 1,014.37 | $ 10.57 |
Global Commodity Stock | 1.10% | | | |
Actual | | $ 1,000.00 | $ 978.30 | $ 5.41 |
HypotheticalA | | $ 1,000.00 | $ 1,019.39 | $ 5.52 |
Institutional Class | 1.05% | | | |
Actual | | $ 1,000.00 | $ 978.30 | $ 5.16 |
HypotheticalA | | $ 1,000.00 | $ 1,019.64 | $ 5.27 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
BHP Billiton PLC | 5.6 | 5.0 |
Monsanto Co. | 4.6 | 2.6 |
Potash Corp. of Saskatchewan, Inc. | 4.1 | 4.1 |
Exxon Mobil Corp. | 3.4 | 5.3 |
Chevron Corp. | 3.1 | 2.9 |
Royal Dutch Shell PLC Class A (United Kingdom) | 3.0 | 3.1 |
Rio Tinto PLC | 2.7 | 2.7 |
Barrick Gold Corp. | 2.5 | 2.0 |
Goldcorp, Inc. | 2.5 | 2.0 |
The Mosaic Co. | 1.9 | 1.8 |
| 33.4 | |
Top Sectors (% of fund's net assets) |
As of April 30, 2012 |
 | Energy 37.0% | |
 | Metals 36.8% | |
 | Agriculture 23.5% | |
 | Other 2.5% | |
 | Short-Term
Investments and
Net Other Assets 0.2% | |
As of October 31, 2011 |
| Energy 37.9% | |
| Metals 31.8% | |
| Agriculture 22.8% | |
| Other 6.2% | |
| Short-Term
Investments and
Net Other Assets 1.3% | |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8% |
| Shares | | Value |
CHEMICALS - 18.9% |
Commodity Chemicals - 0.0% |
Braskem SA (PN-A) | 13,250 | | $ 93,146 |
Fertilizers & Agricultural Chemicals - 18.9% |
Agrium, Inc. | 112,400 | | 9,902,352 |
CF Industries Holdings, Inc. | 54,372 | | 10,497,058 |
China BlueChemical Ltd. (H Shares) | 572,000 | | 409,169 |
Incitec Pivot Ltd. | 405,699 | | 1,382,155 |
Israel Chemicals Ltd. | 380,600 | | 4,366,265 |
Israel Corp. Ltd. (Class A) | 1,000 | | 653,421 |
K&S AG | 74,207 | | 3,708,871 |
Monsanto Co. | 415,100 | | 31,622,318 |
Potash Corp. of Saskatchewan, Inc. | 671,500 | | 28,552,771 |
Rentech Nitrogen Partners LP | 36,300 | | 1,069,761 |
Sinofert Holdings Ltd. | 1,780,000 | | 387,722 |
Syngenta AG (Switzerland) | 35,862 | | 12,577,352 |
Taiwan Fertilizer Co. Ltd. | 93,000 | | 223,289 |
The Mosaic Co. | 247,500 | | 13,072,950 |
United Phosphorous Ltd. | 252,256 | | 557,056 |
Uralkali JSC GDR (Reg. S) | 137,900 | | 5,219,515 |
Yara International ASA | 137,800 | | 6,759,600 |
| | 130,961,625 |
TOTAL CHEMICALS | | 131,054,771 |
CONSTRUCTION & ENGINEERING - 0.2% |
Construction & Engineering - 0.2% |
Fluor Corp. | 12,200 | | 704,550 |
Foster Wheeler AG (a) | 15,500 | | 356,500 |
| | 1,061,050 |
CONTAINERS & PACKAGING - 0.2% |
Paper Packaging - 0.2% |
Rock-Tenn Co. Class A | 27,400 | | 1,707,842 |
ELECTRICAL EQUIPMENT - 0.2% |
Electrical Components & Equipment - 0.2% |
Regal-Beloit Corp. | 16,802 | | 1,136,487 |
ENERGY EQUIPMENT & SERVICES - 3.1% |
Oil & Gas Drilling - 2.3% |
Cathedral Energy Services Ltd. | 96,370 | | 555,146 |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 16,800 | | 478,800 |
Common Stocks - continued |
| Shares | | Value |
ENERGY EQUIPMENT & SERVICES - CONTINUED |
Oil & Gas Drilling - continued |
Noble Corp. | 85,500 | | $ 3,254,130 |
Ocean Rig UDW, Inc. (United States) | 83,400 | | 1,453,662 |
PHX Energy Services Corp. | 3,600 | | 34,879 |
Precision Drilling Corp. (a) | 94,200 | | 867,851 |
Rowan Companies, Inc. (a) | 32,900 | | 1,136,037 |
Transocean Ltd. (United States) | 29,800 | | 1,501,622 |
Trinidad Drilling Ltd. | 337,171 | | 2,184,656 |
Tuscany International Drilling, Inc. (a) | 1,035,700 | | 733,981 |
Unit Corp. (a) | 9,700 | | 409,825 |
Vantage Drilling Co. (a) | 2,135,982 | | 3,374,852 |
| | 15,985,441 |
Oil & Gas Equipment & Services - 0.8% |
BW Offshore Ltd. | 75,900 | | 105,448 |
Cal Dive International, Inc. (a) | 87,700 | | 339,399 |
Cameron International Corp. (a) | 9,200 | | 471,500 |
Compagnie Generale de Geophysique SA (a) | 39,700 | | 1,138,595 |
Fugro NV (Certificaten Van Aandelen) unit | 3,300 | | 240,532 |
Halliburton Co. | 76,000 | | 2,600,720 |
McDermott International, Inc. (a) | 51,000 | | 576,300 |
National Oilwell Varco, Inc. | 4,200 | | 318,192 |
Saipem SpA | 659 | | 32,557 |
| | 5,823,243 |
TOTAL ENERGY EQUIPMENT & SERVICES | | 21,808,684 |
FOOD PRODUCTS - 2.0% |
Agricultural Products - 2.0% |
Archer Daniels Midland Co. | 152,700 | | 4,707,741 |
Bunge Ltd. | 93,300 | | 6,017,850 |
China Agri-Industries Holding Ltd. | 1,571,000 | | 1,158,207 |
Cosan Ltd. Class A | 85,100 | | 1,177,784 |
Golden Agri-Resources Ltd. | 716,000 | | 425,209 |
Wilmar International Ltd. | 45,000 | | 177,069 |
| | 13,663,860 |
MACHINERY - 1.5% |
Construction & Farm Machinery & Heavy Trucks - 1.5% |
Cummins, Inc. | 900 | | 104,247 |
Deere & Co. | 450 | | 37,062 |
Fiat Industrial SpA | 186,900 | | 2,120,374 |
Common Stocks - continued |
| Shares | | Value |
MACHINERY - CONTINUED |
Construction & Farm Machinery & Heavy Trucks - continued |
Jain Irrigation Systems Ltd. | 954,016 | | $ 1,597,725 |
Joy Global, Inc. | 95,750 | | 6,776,228 |
| | 10,635,636 |
METALS & MINING - 36.8% |
Aluminum - 0.3% |
Alcoa, Inc. | 182,300 | | 1,773,779 |
Diversified Metals & Mining - 15.8% |
Anglo American PLC (United Kingdom) | 308,651 | | 11,863,004 |
BHP Billiton PLC | 1,211,714 | | 39,012,145 |
Copper Mountain Mining Corp. (a) | 1,376,156 | | 5,976,927 |
Eurasian Natural Resources Corp. PLC | 54,400 | | 494,020 |
First Quantum Minerals Ltd. | 152,900 | | 3,176,419 |
Freeport-McMoRan Copper & Gold, Inc. | 210,100 | | 8,046,830 |
Glencore International PLC (d) | 7,100 | | 49,046 |
Grupo Mexico SA de CV Series B | 89,411 | | 275,819 |
Horsehead Holding Corp. (a) | 221,000 | | 2,481,830 |
Iluka Resources Ltd. | 37,348 | | 661,487 |
Ivanhoe Australia Ltd. (a) | 60,448 | | 78,722 |
Ivanhoe Mines Ltd. (a) | 285,340 | | 3,330,772 |
Kazakhmys PLC | 33,100 | | 462,569 |
Lynas Corp. Ltd. (a)(d) | 385,000 | | 451,251 |
Mongolian Mining Corp. (a) | 1,120,000 | | 902,219 |
Norilsk Nickel OJSC sponsored ADR | 1,700 | | 30,107 |
Rio Tinto PLC | 331,087 | | 18,561,300 |
Sterlite Industries (India) Ltd. | 148,488 | | 299,458 |
Teck Resources Ltd. Class B (sub. vtg.) | 114,800 | | 4,284,007 |
Walter Energy, Inc. | 21,600 | | 1,432,296 |
Xstrata PLC | 424,291 | | 8,109,051 |
| | 109,979,279 |
Gold - 13.3% |
Agnico-Eagle Mines Ltd. (Canada) | 93,900 | | 3,751,247 |
AngloGold Ashanti Ltd. sponsored ADR | 113,800 | | 3,912,444 |
Barrick Gold Corp. | 435,800 | | 17,630,542 |
Centerra Gold, Inc. | 104,400 | | 1,351,836 |
Compania de Minas Buenaventura SA sponsored ADR | 7,700 | | 317,779 |
Eldorado Gold Corp. | 225,550 | | 3,196,862 |
Franco-Nevada Corp. | 12,700 | | 569,716 |
Gold Fields Ltd. sponsored ADR | 167,100 | | 2,150,577 |
Goldcorp, Inc. | 443,900 | | 17,000,999 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Gold - continued |
Harmony Gold Mining Co. Ltd. sponsored ADR | 158,500 | | $ 1,537,450 |
IAMGOLD Corp. | 97,900 | | 1,214,148 |
Kingsgate Consolidated NL | 184,515 | | 1,191,869 |
Kinross Gold Corp. | 694,705 | | 6,224,388 |
New Gold, Inc. (a) | 255,100 | | 2,324,374 |
Newcrest Mining Ltd. | 412,343 | | 11,298,468 |
Newmont Mining Corp. | 116,900 | | 5,570,285 |
Osisko Mining Corp. (a) | 127,000 | | 1,307,608 |
Premier Gold Mines Ltd. (a) | 266,500 | | 1,289,668 |
Randgold Resources Ltd. sponsored ADR | 88,100 | | 7,854,115 |
Royal Gold, Inc. | 6,900 | | 427,524 |
Yamana Gold, Inc. | 152,200 | | 2,232,729 |
Zijin Mining Group Co. Ltd. (H Shares) | 658,000 | | 214,566 |
| | 92,569,194 |
Precious Metals & Minerals - 1.9% |
African Minerals Ltd. (a) | 627,400 | | 5,295,331 |
Anglo Platinum Ltd. | 1,400 | | 90,717 |
Aquarius Platinum Ltd. (United Kingdom) | 492,800 | | 1,039,823 |
Gem Diamonds Ltd. (a) | 20,000 | | 84,077 |
Impala Platinum Holdings Ltd. | 3,650 | | 71,001 |
Lonmin PLC | 5,922 | | 100,157 |
Northam Platinum Ltd. | 30,500 | | 130,815 |
Pan American Silver Corp. (d) | 198,300 | | 3,856,586 |
Silver Wheaton Corp. | 80,600 | | 2,461,044 |
| | 13,129,551 |
Steel - 5.5% |
Allegheny Technologies, Inc. | 22,400 | | 961,856 |
ArcelorMittal SA Class A unit (d) | 209,200 | | 3,625,436 |
Cliffs Natural Resources, Inc. | 19,600 | | 1,220,296 |
Commercial Metals Co. | 19,550 | | 288,949 |
Fortescue Metals Group Ltd. | 747,486 | | 4,392,253 |
Gerdau SA sponsored ADR | 179,500 | | 1,685,505 |
Hyundai Steel Co. | 8,903 | | 776,760 |
JFE Holdings, Inc. | 62,500 | | 1,168,917 |
Jindal Steel & Power Ltd. | 61,255 | | 586,206 |
JSW Steel Ltd. | 9,216 | | 121,323 |
London Mining PLC (a) | 722,600 | | 3,503,896 |
Maanshan Iron & Steel Ltd. (H Shares) | 3,179,000 | | 897,322 |
Magnitogorsk Iron & Steel Works OJSC unit | 47,700 | | 251,856 |
Nippon Steel Corp. | 236,000 | | 588,122 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Steel - continued |
Nucor Corp. | 50,100 | | $ 1,964,421 |
POSCO | 16,744 | | 5,546,928 |
Sumitomo Metal Industries Ltd. | 111,000 | | 199,410 |
Tata Steel Ltd. | 38,117 | | 335,573 |
Thyssenkrupp AG | 59,500 | | 1,409,913 |
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) | 6,900 | | 39,529 |
Vale SA (PN-A) sponsored ADR | 354,600 | | 7,669,998 |
Voestalpine AG | 23,100 | | 747,829 |
Yamato Kogyo Co. Ltd. | 9,100 | | 258,958 |
| | 38,241,256 |
TOTAL METALS & MINING | | 255,693,059 |
OIL, GAS & CONSUMABLE FUELS - 33.9% |
Coal & Consumable Fuels - 2.8% |
Alpha Natural Resources, Inc. (a) | 484,337 | | 7,812,356 |
Banpu PCL (For. Reg.) | 8,950 | | 161,801 |
Cameco Corp. | 19,600 | | 433,770 |
China Coal Energy Co. Ltd. (H Shares) | 61,000 | | 70,052 |
CONSOL Energy, Inc. | 2,100 | | 69,804 |
Paladin Energy Ltd.: | | | |
(Australia) (a) | 93,842 | | 155,942 |
(Canada) (a) | 271,500 | | 448,033 |
Peabody Energy Corp. | 332,300 | | 10,337,853 |
Yanzhou Coal Mining Co. Ltd. (H Shares) | 100,000 | | 209,445 |
| | 19,699,056 |
Integrated Oil & Gas - 19.9% |
BG Group PLC | 305,950 | | 7,203,001 |
BP PLC | 1,753,200 | | 12,666,856 |
Cenovus Energy, Inc. | 32,600 | | 1,183,204 |
Chevron Corp. | 199,900 | | 21,301,344 |
China Petroleum & Chemical Corp. (H Shares) | 116,000 | | 123,205 |
ConocoPhillips | 2,900 | | 207,727 |
ENI SpA | 240,627 | | 5,347,092 |
Exxon Mobil Corp. | 275,361 | | 23,774,669 |
Gazprom OAO sponsored ADR | 494,800 | | 5,675,356 |
Hess Corp. | 39,100 | | 2,038,674 |
InterOil Corp. (a)(d) | 81,700 | | 4,937,948 |
Lukoil Oil Co. sponsored ADR | 39,900 | | 2,447,865 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Integrated Oil & Gas - continued |
Murphy Oil Corp. | 81,700 | | $ 4,491,049 |
Occidental Petroleum Corp. | 76,900 | | 7,014,818 |
OMV AG | 13,300 | | 450,287 |
Origin Energy Ltd. | 136,059 | | 1,879,646 |
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR | 348,200 | | 7,716,112 |
Repsol YPF SA | 81,071 | | 1,550,800 |
Royal Dutch Shell PLC Class A (United Kingdom) | 586,750 | | 20,929,576 |
StatoilHydro ASA | 8,300 | | 222,734 |
Suncor Energy, Inc. | 192,532 | | 6,360,232 |
Total SA | 7,200 | | 345,652 |
| | 137,867,847 |
Oil & Gas Exploration & Production - 9.8% |
Anadarko Petroleum Corp. | 70,000 | | 5,124,700 |
Apache Corp. | 71,600 | | 6,869,304 |
ARC Resources Ltd. | 10,700 | | 220,337 |
Bonavista Energy Corp. (d) | 132,400 | | 2,388,629 |
C&C Energia Ltd. (a) | 116,300 | | 866,584 |
Cabot Oil & Gas Corp. | 113,300 | | 3,981,362 |
Canadian Natural Resources Ltd. | 104,200 | | 3,620,495 |
Celtic Exploration Ltd. (a) | 15,900 | | 233,087 |
Chesapeake Energy Corp. | 65,700 | | 1,211,508 |
Cimarex Energy Co. | 7,400 | | 511,414 |
CNOOC Ltd. | 120,000 | | 253,578 |
CNOOC Ltd. sponsored ADR | 14,800 | | 3,132,420 |
Cobalt International Energy, Inc. (a) | 10,100 | | 270,276 |
Concho Resources, Inc. (a) | 2,800 | | 300,104 |
Crew Energy, Inc. (a) | 378,000 | | 2,678,816 |
Denbury Resources, Inc. (a) | 39,000 | | 742,560 |
Devon Energy Corp. | 25,600 | | 1,788,160 |
Double Eagle Petroleum Co. (a) | 148,685 | | 816,281 |
Encana Corp. | 8,600 | | 180,141 |
EOG Resources, Inc. | 1,400 | | 153,734 |
EQT Corp. | 4,600 | | 229,172 |
Gran Tierra Energy, Inc. (Canada) (a) | 52,500 | | 338,573 |
INPEX Corp. | 125 | | 825,365 |
Marathon Oil Corp. | 67,800 | | 1,989,252 |
Newfield Exploration Co. (a) | 13,700 | | 491,830 |
Nexen, Inc. | 272,200 | | 5,260,742 |
Niko Resources Ltd. (d) | 30,600 | | 1,289,367 |
Noble Energy, Inc. | 15,800 | | 1,569,256 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Oil & Gas Exploration & Production - continued |
NOVATEK OAO GDR (Reg. S) | 8,700 | | $ 1,105,770 |
Oasis Petroleum, Inc. (a) | 7,050 | | 233,144 |
OGX Petroleo e Gas Participacoes SA (a) | 134,300 | | 932,135 |
Pacific Rubiales Energy Corp. | 1,700 | | 48,776 |
Painted Pony Petroleum Ltd. (a)(e) | 15,000 | | 121,033 |
Painted Pony Petroleum Ltd. Class A (a) | 264,000 | | 2,130,175 |
Penn West Petroleum Ltd. | 166,100 | | 2,846,948 |
Petrominerales Ltd. | 146,026 | | 2,136,245 |
Pioneer Natural Resources Co. | 11,700 | | 1,355,094 |
Progress Energy Resources Corp. | 21,800 | | 239,905 |
QEP Resources, Inc. | 23,700 | | 730,197 |
Rosetta Resources, Inc. (a) | 13,200 | | 663,564 |
SM Energy Co. | 22,400 | | 1,480,864 |
Southwestern Energy Co. (a) | 35,700 | | 1,127,406 |
Stone Energy Corp. (a) | 1,350 | | 37,868 |
Talisman Energy, Inc. | 254,400 | | 3,327,611 |
Tullow Oil PLC | 51,100 | | 1,272,306 |
Ultra Petroleum Corp. (a) | 13,500 | | 266,760 |
Whiting Petroleum Corp. (a) | 9,400 | | 537,680 |
| | 67,930,528 |
Oil & Gas Refining & Marketing - 1.2% |
Marathon Petroleum Corp. | 74,850 | | 3,114,509 |
Tesoro Corp. (a) | 42,900 | | 997,425 |
Valero Energy Corp. | 171,400 | | 4,233,580 |
| | 8,345,514 |
Oil & Gas Storage & Transport - 0.2% |
Cheniere Energy, Inc. (a) | 47,700 | | 873,387 |
Williams Companies, Inc. | 12,000 | | 408,360 |
| | 1,281,747 |
TOTAL OIL, GAS & CONSUMABLE FUELS | | 235,124,692 |
PAPER & FOREST PRODUCTS - 2.6% |
Paper Products - 2.6% |
Empresas CMPC SA | 333,075 | | 1,369,103 |
Fibria Celulose SA sponsored ADR | 11,789 | | 93,605 |
International Paper Co. | 259,000 | | 8,627,290 |
MeadWestvaco Corp. | 4,800 | | 152,736 |
Nine Dragons Paper (Holdings) Ltd. | 1,102,000 | | 909,024 |
Nippon Paper Group, Inc. (d) | 86,800 | | 1,737,840 |
Common Stocks - continued |
| Shares | | Value |
PAPER & FOREST PRODUCTS - CONTINUED |
Paper Products - continued |
Oji Paper Co. Ltd. | 156,000 | | $ 716,336 |
Stora Enso Oyj (R Shares) | 286,400 | | 1,952,552 |
Suzano Papel e Celulose SA | 19,725 | | 74,506 |
Svenska Cellulosa AB (SCA) (B Shares) | 12,400 | | 196,496 |
UPM-Kymmene Corp. | 195,300 | | 2,500,064 |
| | 18,329,552 |
SPECIALTY RETAIL - 0.4% |
Specialty Stores - 0.4% |
Tsutsumi Jewelry Co. Ltd. | 95,500 | | 2,793,711 |
TRADING COMPANIES & DISTRIBUTORS - 0.0% |
Trading Companies & Distributors - 0.0% |
Mitsubishi Corp. | 13,200 | | 286,088 |
TOTAL COMMON STOCKS (Cost $697,228,059) |
693,295,432
|
Convertible Bonds - 0.0% |
| Principal Amount | | |
PAPER & FOREST PRODUCTS - 0.0% |
Paper Products - 0.0% |
Suzano Papel e Celulose SA 4.5% 12/16/13
(Cost $377,129) | BRL | 572,000 | |
111,819
|
Money Market Funds - 2.0% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.14% (b) | 661,357 | | $ 661,357 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 13,111,077 | | 13,111,077 |
TOTAL MONEY MARKET FUNDS (Cost $13,772,434) |
13,772,434
|
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $711,377,622) | | 707,179,685 |
NET OTHER ASSETS (LIABILITIES) - (1.8)% | | (12,590,361) |
NET ASSETS - 100% | $ 694,589,324 |
Currency Abbreviations |
BRL | - | Brazilian real |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $121,033 or 0.0% 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 | $ 2,405 |
Fidelity Securities Lending Cash Central Fund | 131,599 |
Total | $ 134,004 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Common Stocks | $ 693,295,432 | $ 567,486,769 | $ 125,808,663 | $ - |
Convertible Bonds | 111,819 | - | 111,819 | - |
Money Market Funds | 13,772,434 | 13,772,434 | - | - |
Total Investments in Securities: | $ 707,179,685 | $ 581,259,203 | $ 125,920,482 | $ - |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Beginning Balance | $ 1,272,029 |
Total Realized Gain (Loss) | (2,861,089) |
Total Unrealized Gain (Loss) | 2,144,784 |
Cost of Purchases | - |
Proceeds of Sales | (239,112) |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | (316,612) |
Ending Balance | $ - |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows. (Unaudited) |
United States of America | 33.4% |
Canada | 23.7% |
United Kingdom | 17.9% |
Australia | 3.2% |
Brazil | 2.6% |
Switzerland | 2.6% |
Bermuda | 2.2% |
Russia | 2.1% |
Japan | 1.2% |
Bailiwick of Jersey | 1.1% |
South Africa | 1.1% |
Italy | 1.1% |
Norway | 1.0% |
Others (Individually Less Than 1%) | 6.8% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $12,812,660) - See accompanying schedule: Unaffiliated issuers (cost $697,605,188) | $ 693,407,251 | |
Fidelity Central Funds (cost $13,772,434) | 13,772,434 | |
Total Investments (cost $711,377,622) | | $ 707,179,685 |
Cash | | 12,126 |
Foreign currency held at value (cost $110,498) | | 110,253 |
Receivable for investments sold | | 10,544,598 |
Receivable for fund shares sold | | 930,605 |
Dividends receivable | | 970,982 |
Interest receivable | | 3,911 |
Distributions receivable from Fidelity Central Funds | | 27,697 |
Prepaid expenses | | 1,099 |
Other receivables | | 20,002 |
Total assets | | 719,800,958 |
| | |
Liabilities | | |
Payable for investments purchased | $ 8,960,791 | |
Payable for fund shares redeemed | 2,414,237 | |
Accrued management fee | 410,291 | |
Distribution and service plan fees payable | 65,325 | |
Other affiliated payables | 205,373 | |
Other payables and accrued expenses | 44,540 | |
Collateral on securities loaned, at value | 13,111,077 | |
Total liabilities | | 25,211,634 |
| | |
Net Assets | | $ 694,589,324 |
Net Assets consist of: | | |
Paid in capital | | $ 746,257,380 |
Undistributed net investment income | | 1,663,525 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (49,136,302) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (4,195,279) |
Net Assets | | $ 694,589,324 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($115,282,419 ÷ 7,827,862 shares) | | $ 14.73 |
| | |
Maximum offering price per share (100/94.25 of $14.73) | | $ 15.63 |
Class T:
Net Asset Value and redemption price per share ($19,746,730 ÷ 1,343,650 shares) | | $ 14.70 |
| | |
Maximum offering price per share (100/96.50 of $14.70) | | $ 15.23 |
Class B:
Net Asset Value and offering price per share ($3,736,431 ÷ 255,868 shares)A | | $ 14.60 |
| | |
Class C:
Net Asset Value and offering price per share ($35,567,611 ÷ 2,443,252 shares)A | | $ 14.56 |
| | |
Global Commodity Stock:
Net Asset Value, offering price and redemption price per share ($462,478,956 ÷ 31,286,637 shares) | | $ 14.78 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($57,777,177 ÷ 3,908,876 shares) | | $ 14.78 |
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, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 7,259,766 |
Interest | | 5,858 |
Income from Fidelity Central Funds | | 134,004 |
Income before foreign taxes withheld | | 7,399,628 |
Less foreign taxes withheld | | (466,003) |
Total income | | 6,933,625 |
| | |
Expenses | | |
Management fee | $ 2,614,626 | |
Transfer agent fees | 1,065,622 | |
Distribution and service plan fees | 405,093 | |
Accounting and security lending fees | 181,767 | |
Custodian fees and expenses | 47,661 | |
Independent trustees' compensation | 2,260 | |
Registration fees | 106,677 | |
Audit | 26,541 | |
Legal | 1,523 | |
Interest | 448 | |
Miscellaneous | 4,646 | |
Total expenses before reductions | 4,456,864 | |
Expense reductions | (26,795) | 4,430,069 |
Net investment income (loss) | | 2,503,556 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (34,977,072) | |
Foreign currency transactions | (533,595) | |
Total net realized gain (loss) | | (35,510,667) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 14,485,704 | |
Assets and liabilities in foreign currencies | 250,789 | |
Total change in net unrealized appreciation (depreciation) | | 14,736,493 |
Net gain (loss) | | (20,774,174) |
Net increase (decrease) in net assets resulting from operations | | $ (18,270,618) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,503,556 | $ 6,869,450 |
Net realized gain (loss) | (35,510,667) | (6,898,032) |
Change in net unrealized appreciation (depreciation) | 14,736,493 | (67,719,909) |
Net increase (decrease) in net assets resulting
from operations | (18,270,618) | (67,748,491) |
Distributions to shareholders from net investment income | (3,692,921) | (5,045,313) |
Distributions to shareholders from net realized gain | (671,463) | (2,104,800) |
Total distributions | (4,364,384) | (7,150,113) |
Share transactions - net increase (decrease) | (63,255,282) | 418,528,912 |
Redemption fees | 11,709 | 94,436 |
Total increase (decrease) in net assets | (85,878,575) | 343,724,744 |
| | |
Net Assets | | |
Beginning of period | 780,467,899 | 436,743,155 |
End of period (including undistributed net investment income of $1,663,525 and undistributed net investment income of $2,852,890, respectively) | $ 694,589,324 | $ 780,467,899 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 15.14 | $ 15.60 | $ 13.29 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .04 | .12 | .19 H | (.01) |
Net realized and unrealized gain (loss) | (.38) | (.38) | 2.20 | 3.29 |
Total from investment operations | (.34) | (.26) | 2.39 | 3.28 |
Distributions from net investment income | (.05) | (.13) | - K | - |
Distributions from net realized gain | (.01) | (.06) | (.08) | - |
Total distributions | (.07) M | (.20) L | (.08) | - |
Redemption fees added to paid in capital E | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.73 | $ 15.14 | $ 15.60 | $ 13.29 |
Total Return B,C,D | (2.26)% | (1.80)% | 18.04% | 32.90% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.34% A | 1.32% | 1.37% | 1.65% A |
Expenses net of fee waivers, if any | 1.34% A | 1.32% | 1.37% | 1.50% A |
Expenses net of all reductions | 1.33% A | 1.31% | 1.36% | 1.48% A |
Net investment income (loss) | .55% A | .71% | 1.35% H | (.15)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 115,282 | $ 127,979 | $ 60,370 | $ 15,705 |
Portfolio turnover rate G | 83% A | 71% | 54% | 25% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .42%.
I For the period March 25, 2009 (commencement of operations) to October 31, 2009.
J 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.
K Amount represents less than $.01 per share.
L Total distributions of $.20 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.062 per share.
M Total distributions of $.07 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.014 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 15.08 | $ 15.55 | $ 13.27 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .02 | .07 | .16 H | (.03) |
Net realized and unrealized gain (loss) | (.38) | (.38) | 2.19 | 3.29 |
Total from investment operations | (.36) | (.31) | 2.35 | 3.26 |
Distributions from net investment income | (.01) | (.10) | - | - |
Distributions from net realized gain | (.01) | (.06) | (.07) | - |
Total distributions | (.02) | (.16) | (.07) | - |
Redemption fees added to paid in capital E | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.70 | $ 15.08 | $ 15.55 | $ 13.27 |
Total Return B,C,D | (2.36)% | (2.09)% | 17.73% | 32.70% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.61% A | 1.60% | 1.63% | 2.04% A |
Expenses net of fee waivers, if any | 1.61% A | 1.60% | 1.63% | 1.75% A |
Expenses net of all reductions | 1.61% A | 1.59% | 1.61% | 1.73% A |
Net investment income (loss) | .27% A | .43% | 1.10% H | (.40)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 19,747 | $ 20,831 | $ 11,762 | $ 4,665 |
Portfolio turnover rate G | 83% A | 71% | 54% | 25% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .17%.
I For the period March 25, 2009 (commencement of operations) to October 31, 2009.
J 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.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 15.00 | $ 15.46 | $ 13.22 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.02) | (.01) | .08 H | (.07) |
Net realized and unrealized gain (loss) | (.38) | (.39) | 2.20 | 3.28 |
Total from investment operations | (.40) | (.40) | 2.28 | 3.21 |
Distributions from net realized gain | - | (.06) | (.04) | - |
Redemption fees added to paid in capital E | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.60 | $ 15.00 | $ 15.46 | $ 13.22 |
Total Return B,C,D | (2.67)% | (2.62)% | 17.23% | 32.20% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 2.11% A | 2.11% | 2.16% | 2.66% A |
Expenses net of fee waivers, if any | 2.11% A | 2.11% | 2.16% | 2.25% A |
Expenses net of all reductions | 2.10% A | 2.10% | 2.15% | 2.23% A |
Net investment income (loss) | (.22)% A | (.09)% | .56% H | (.90)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 3,736 | $ 4,324 | $ 4,348 | $ 2,726 |
Portfolio turnover rate G | 83% A | 71% | 54% | 25% 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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.37) %.
I For the period March 25, 2009 (commencement of operations) to October 31, 2009.
J 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.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 14.95 | $ 15.45 | $ 13.22 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.02) | (.01) | .08 H | (.07) |
Net realized and unrealized gain (loss) | (.37) | (.38) | 2.19 | 3.28 |
Total from investment operations | (.39) | (.39) | 2.27 | 3.21 |
Distributions from net investment income | - | (.05) | - | - |
Distributions from net realized gain | - | (.06) | (.04) | - |
Total distributions | - | (.11) | (.04) | - |
Redemption fees added to paid in capital E | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.56 | $ 14.95 | $ 15.45 | $ 13.22 |
Total Return B,C,D | (2.61)% | (2.58)% | 17.21% | 32.20% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 2.11% A | 2.09% | 2.14% | 2.53% A |
Expenses net of fee waivers, if any | 2.11% A | 2.09% | 2.14% | 2.25% A |
Expenses net of all reductions | 2.10% A | 2.08% | 2.13% | 2.23% A |
Net investment income (loss) | (.22)% A | (.07)% | .58% H | (.90)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 35,568 | $ 37,185 | $ 14,338 | $ 4,798 |
Portfolio turnover rate G | 83% A | 71% | 54% | 25% 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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.34) %.
I For the period March 25, 2009 (commencement of operations) to October 31, 2009.
J 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.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Global Commodity Stock
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 15.21 | $ 15.66 | $ 13.31 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .06 | .16 | .23 G | .01 |
Net realized and unrealized gain (loss) | (.39) | (.39) | 2.21 | 3.29 |
Total from investment operations | (.33) | (.23) | 2.44 | 3.30 |
Distributions from net investment income | (.08) | (.16) | (.01) | - |
Distributions from net realized gain | (.01) | (.06) | (.08) | - |
Total distributions | (.10) K | (.22) | (.09) | - |
Redemption fees added to paid in capital D | - J | - J | - J | .01 |
Net asset value, end of period | $ 14.78 | $ 15.21 | $ 15.66 | $ 13.31 |
Total Return B,C | (2.17)% | (1.59)% | 18.38% | 33.10% |
Ratios to Average Net Assets E,I | | | | |
Expenses before reductions | 1.10% A | 1.08% | 1.10% | 1.42% A |
Expenses net of fee waivers, if any | 1.10% A | 1.08% | 1.10% | 1.25% A |
Expenses net of all reductions | 1.10% A | 1.07% | 1.09% | 1.23% A |
Net investment income (loss) | .78% A | .95% | 1.62% G | .10% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 462,479 | $ 531,224 | $ 310,186 | $ 159,439 |
Portfolio turnover rate F | 83% A | 71% | 54% | 25% 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 Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .69%.
H For the period March 25, 2009 (commencement of operations) to October 31, 2009.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.10 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.014 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 15.22 | $ 15.66 | $ 13.31 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .06 | .16 | .23 G | .01 |
Net realized and unrealized gain (loss) | (.39) | (.38) | 2.21 | 3.29 |
Total from investment operations | (.33) | (.22) | 2.44 | 3.30 |
Distributions from net investment income | (.09) | (.16) | (.01) | - |
Distributions from net realized gain | (.01) | (.06) | (.08) | - |
Total distributions | (.11) K | (.22) | (.09) | - |
Redemption fees added to paid in capital D | - J | - J | - J | .01 |
Net asset value, end of period | $ 14.78 | $ 15.22 | $ 15.66 | $ 13.31 |
Total Return B,C | (2.17)% | (1.50)% | 18.39% | 33.10% |
Ratios to Average Net Assets E,I | | | | |
Expenses before reductions | 1.05% A | 1.03% | 1.09% | 1.36% A |
Expenses net of fee waivers, if any | 1.05% A | 1.03% | 1.09% | 1.25% A |
Expenses net of all reductions | 1.04% A | 1.03% | 1.07% | 1.23% A |
Net investment income (loss) | .84% A | .99% | 1.64% G | .10% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 57,777 | $ 58,925 | $ 35,739 | $ 9,811 |
Portfolio turnover rate F | 83% A | 71% | 54% | 25% 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 Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .71%.
H For the period March 25, 2009 (commencement of operations) to October 31, 2009.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.11 per share is comprised of distributions from net investment income of $.093 and distributions from net realized gain of $.014 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, 2012 (Unaudited)
1. Organization.
Fidelity® Global Commodity Stock 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, Global Commodity Stock and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements.
Semiannual Report
3. Significant Accounting Policies - continued
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
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.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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:
Gross unrealized appreciation | $ 62,178,331 |
Gross unrealized depreciation | (71,558,432) |
Net unrealized appreciation (depreciation) on securities and other investments | $ (9,380,101) |
| |
Tax cost | $ 716,559,786 |
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. At October 31, 2011 capital loss carryforwards were as follows:
Fiscal year of expiration | |
2019 | $ (6,966,394) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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
4. Operating Policies.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $305,334,474 and $361,830,057, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .71% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 152,972 | $ 4,097 |
Class T | .25% | .25% | 50,416 | 204 |
Class B | .75% | .25% | 20,085 | 15,081 |
Class C | .75% | .25% | 181,620 | 83,745 |
| | | $ 405,093 | $ 103,127 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 25,322 |
Class T | 4,594 |
Class B* | 12,641 |
Class C* | 8,888 |
| $ 51,445 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 171,919 | .28 |
Class T | 30,688 | .30 |
Class B | 6,036 | .30 |
Class C | 53,714 | .30 |
Global Commodity Stock | 736,590 | .30 |
Institutional Class | 66,675 | .24 |
| $ 1,065,622 | |
* Annualized
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $3,853 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, 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 Balance | Weighted Average Interest Rate | Interest
Expense |
Borrower | $ 3,051,308 | .41% | $ 448 |
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $1,123 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending - continued
borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $131,599. During the period, there were no securities loaned to FCM.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $26,795 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 437,422 | $ 597,144 |
Class T | 12,232 | 82,038 |
Class C | - | 56,214 |
Global Commodity Stock | 2,878,965 | 3,895,270 |
Institutional Class | 364,302 | 414,647 |
Total | $ 3,692,921 | $ 5,045,313 |
From net realized gain | | |
Class A | $ 117,768 | $ 275,211 |
Class T | 19,027 | 52,381 |
Class B | - | 16,866 |
Class C | - | 68,717 |
Global Commodity Stock | 479,827 | 1,532,256 |
Institutional Class | 54,841 | 159,369 |
Total | $ 671,463 | $ 2,104,800 |
Semiannual Report
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 959,585 | 7,297,574 | $ 14,277,437 | $ 124,882,197 |
Reinvestment of distributions | 32,805 | 39,060 | 472,060 | 643,900 |
Shares redeemed | (1,617,333) | (2,752,883) | (23,682,631) | (44,565,640) |
Net increase (decrease) | (624,943) | 4,583,751 | $ (8,933,134) | $ 80,960,457 |
Class T | | | | |
Shares sold | 127,646 | 866,549 | $ 1,904,855 | $ 14,740,169 |
Reinvestment of distributions | 1,948 | 7,294 | 28,015 | 120,226 |
Shares redeemed | (166,928) | (249,100) | (2,463,872) | (4,030,489) |
Net increase (decrease) | (37,334) | 624,743 | $ (531,002) | $ 10,829,906 |
Class B | | | | |
Shares sold | 5,739 | 82,231 | $ 84,275 | $ 1,397,980 |
Reinvestment of distributions | - | 917 | - | 14,988 |
Shares redeemed | (38,073) | (76,244) | (564,284) | (1,237,701) |
Net increase (decrease) | (32,334) | 6,904 | $ (480,009) | $ 175,267 |
Class C | | | | |
Shares sold | 326,143 | 2,215,036 | $ 4,833,650 | $ 37,885,797 |
Reinvestment of distributions | - | 6,435 | - | 105,874 |
Shares redeemed | (369,384) | (662,765) | (5,336,150) | (10,246,197) |
Net increase (decrease) | (43,241) | 1,558,706 | $ (502,500) | $ 27,745,474 |
Global Commodity Stock | | | | |
Shares sold | 4,370,273 | 32,339,719 | $ 65,577,393 | $ 553,926,075 |
Reinvestment of distributions | 210,059 | 293,921 | 3,031,159 | 4,855,462 |
Shares redeemed | (8,214,828) | (17,519,084) | (122,035,655) | (288,860,403) |
Net increase (decrease) | (3,634,496) | 15,114,556 | $ (53,427,103) | $ 269,921,134 |
Institutional Class | | | | |
Shares sold | 900,317 | 4,225,113 | $ 13,304,390 | $ 72,109,877 |
Reinvestment of distributions | 18,526 | 16,850 | 267,335 | 278,352 |
Shares redeemed | (882,531) | (2,651,317) | (12,953,259) | (43,491,555) |
Net increase (decrease) | 36,312 | 1,590,646 | $ 618,466 | $ 28,896,674 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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.
At the end of the period, FMR or its affiliates were the owners of record of 12% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
(Fidelity Investment logo)(registered trademark)
AGCSI-USAN-0612
1.879391.103
Fidelity®
Global Commodity Stock
Fund
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
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, 2011 to April 30, 2012).
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.34% | | | |
Actual | | $ 1,000.00 | $ 977.40 | $ 6.59 |
HypotheticalA | | $ 1,000.00 | $ 1,018.20 | $ 6.72 |
Class T | 1.61% | | | |
Actual | | $ 1,000.00 | $ 976.40 | $ 7.91 |
HypotheticalA | | $ 1,000.00 | $ 1,016.86 | $ 8.07 |
Class B | 2.11% | | | |
Actual | | $ 1,000.00 | $ 973.30 | $ 10.35 |
HypotheticalA | | $ 1,000.00 | $ 1,014.37 | $ 10.57 |
Class C | 2.11% | | | |
Actual | | $ 1,000.00 | $ 973.90 | $ 10.36 |
HypotheticalA | | $ 1,000.00 | $ 1,014.37 | $ 10.57 |
Global Commodity Stock | 1.10% | | | |
Actual | | $ 1,000.00 | $ 978.30 | $ 5.41 |
HypotheticalA | | $ 1,000.00 | $ 1,019.39 | $ 5.52 |
Institutional Class | 1.05% | | | |
Actual | | $ 1,000.00 | $ 978.30 | $ 5.16 |
HypotheticalA | | $ 1,000.00 | $ 1,019.64 | $ 5.27 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
BHP Billiton PLC | 5.6 | 5.0 |
Monsanto Co. | 4.6 | 2.6 |
Potash Corp. of Saskatchewan, Inc. | 4.1 | 4.1 |
Exxon Mobil Corp. | 3.4 | 5.3 |
Chevron Corp. | 3.1 | 2.9 |
Royal Dutch Shell PLC Class A (United Kingdom) | 3.0 | 3.1 |
Rio Tinto PLC | 2.7 | 2.7 |
Barrick Gold Corp. | 2.5 | 2.0 |
Goldcorp, Inc. | 2.5 | 2.0 |
The Mosaic Co. | 1.9 | 1.8 |
| 33.4 | |
Top Sectors (% of fund's net assets) |
As of April 30, 2012 |
 | Energy 37.0% | |
 | Metals 36.8% | |
 | Agriculture 23.5% | |
 | Other 2.5% | |
 | Short-Term
Investments and
Net Other Assets 0.2% | |
As of October 31, 2011 |
| Energy 37.9% | |
| Metals 31.8% | |
| Agriculture 22.8% | |
| Other 6.2% | |
| Short-Term
Investments and
Net Other Assets 1.3% | |
Semiannual Report
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8% |
| Shares | | Value |
CHEMICALS - 18.9% |
Commodity Chemicals - 0.0% |
Braskem SA (PN-A) | 13,250 | | $ 93,146 |
Fertilizers & Agricultural Chemicals - 18.9% |
Agrium, Inc. | 112,400 | | 9,902,352 |
CF Industries Holdings, Inc. | 54,372 | | 10,497,058 |
China BlueChemical Ltd. (H Shares) | 572,000 | | 409,169 |
Incitec Pivot Ltd. | 405,699 | | 1,382,155 |
Israel Chemicals Ltd. | 380,600 | | 4,366,265 |
Israel Corp. Ltd. (Class A) | 1,000 | | 653,421 |
K&S AG | 74,207 | | 3,708,871 |
Monsanto Co. | 415,100 | | 31,622,318 |
Potash Corp. of Saskatchewan, Inc. | 671,500 | | 28,552,771 |
Rentech Nitrogen Partners LP | 36,300 | | 1,069,761 |
Sinofert Holdings Ltd. | 1,780,000 | | 387,722 |
Syngenta AG (Switzerland) | 35,862 | | 12,577,352 |
Taiwan Fertilizer Co. Ltd. | 93,000 | | 223,289 |
The Mosaic Co. | 247,500 | | 13,072,950 |
United Phosphorous Ltd. | 252,256 | | 557,056 |
Uralkali JSC GDR (Reg. S) | 137,900 | | 5,219,515 |
Yara International ASA | 137,800 | | 6,759,600 |
| | 130,961,625 |
TOTAL CHEMICALS | | 131,054,771 |
CONSTRUCTION & ENGINEERING - 0.2% |
Construction & Engineering - 0.2% |
Fluor Corp. | 12,200 | | 704,550 |
Foster Wheeler AG (a) | 15,500 | | 356,500 |
| | 1,061,050 |
CONTAINERS & PACKAGING - 0.2% |
Paper Packaging - 0.2% |
Rock-Tenn Co. Class A | 27,400 | | 1,707,842 |
ELECTRICAL EQUIPMENT - 0.2% |
Electrical Components & Equipment - 0.2% |
Regal-Beloit Corp. | 16,802 | | 1,136,487 |
ENERGY EQUIPMENT & SERVICES - 3.1% |
Oil & Gas Drilling - 2.3% |
Cathedral Energy Services Ltd. | 96,370 | | 555,146 |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 16,800 | | 478,800 |
Common Stocks - continued |
| Shares | | Value |
ENERGY EQUIPMENT & SERVICES - CONTINUED |
Oil & Gas Drilling - continued |
Noble Corp. | 85,500 | | $ 3,254,130 |
Ocean Rig UDW, Inc. (United States) | 83,400 | | 1,453,662 |
PHX Energy Services Corp. | 3,600 | | 34,879 |
Precision Drilling Corp. (a) | 94,200 | | 867,851 |
Rowan Companies, Inc. (a) | 32,900 | | 1,136,037 |
Transocean Ltd. (United States) | 29,800 | | 1,501,622 |
Trinidad Drilling Ltd. | 337,171 | | 2,184,656 |
Tuscany International Drilling, Inc. (a) | 1,035,700 | | 733,981 |
Unit Corp. (a) | 9,700 | | 409,825 |
Vantage Drilling Co. (a) | 2,135,982 | | 3,374,852 |
| | 15,985,441 |
Oil & Gas Equipment & Services - 0.8% |
BW Offshore Ltd. | 75,900 | | 105,448 |
Cal Dive International, Inc. (a) | 87,700 | | 339,399 |
Cameron International Corp. (a) | 9,200 | | 471,500 |
Compagnie Generale de Geophysique SA (a) | 39,700 | | 1,138,595 |
Fugro NV (Certificaten Van Aandelen) unit | 3,300 | | 240,532 |
Halliburton Co. | 76,000 | | 2,600,720 |
McDermott International, Inc. (a) | 51,000 | | 576,300 |
National Oilwell Varco, Inc. | 4,200 | | 318,192 |
Saipem SpA | 659 | | 32,557 |
| | 5,823,243 |
TOTAL ENERGY EQUIPMENT & SERVICES | | 21,808,684 |
FOOD PRODUCTS - 2.0% |
Agricultural Products - 2.0% |
Archer Daniels Midland Co. | 152,700 | | 4,707,741 |
Bunge Ltd. | 93,300 | | 6,017,850 |
China Agri-Industries Holding Ltd. | 1,571,000 | | 1,158,207 |
Cosan Ltd. Class A | 85,100 | | 1,177,784 |
Golden Agri-Resources Ltd. | 716,000 | | 425,209 |
Wilmar International Ltd. | 45,000 | | 177,069 |
| | 13,663,860 |
MACHINERY - 1.5% |
Construction & Farm Machinery & Heavy Trucks - 1.5% |
Cummins, Inc. | 900 | | 104,247 |
Deere & Co. | 450 | | 37,062 |
Fiat Industrial SpA | 186,900 | | 2,120,374 |
Common Stocks - continued |
| Shares | | Value |
MACHINERY - CONTINUED |
Construction & Farm Machinery & Heavy Trucks - continued |
Jain Irrigation Systems Ltd. | 954,016 | | $ 1,597,725 |
Joy Global, Inc. | 95,750 | | 6,776,228 |
| | 10,635,636 |
METALS & MINING - 36.8% |
Aluminum - 0.3% |
Alcoa, Inc. | 182,300 | | 1,773,779 |
Diversified Metals & Mining - 15.8% |
Anglo American PLC (United Kingdom) | 308,651 | | 11,863,004 |
BHP Billiton PLC | 1,211,714 | | 39,012,145 |
Copper Mountain Mining Corp. (a) | 1,376,156 | | 5,976,927 |
Eurasian Natural Resources Corp. PLC | 54,400 | | 494,020 |
First Quantum Minerals Ltd. | 152,900 | | 3,176,419 |
Freeport-McMoRan Copper & Gold, Inc. | 210,100 | | 8,046,830 |
Glencore International PLC (d) | 7,100 | | 49,046 |
Grupo Mexico SA de CV Series B | 89,411 | | 275,819 |
Horsehead Holding Corp. (a) | 221,000 | | 2,481,830 |
Iluka Resources Ltd. | 37,348 | | 661,487 |
Ivanhoe Australia Ltd. (a) | 60,448 | | 78,722 |
Ivanhoe Mines Ltd. (a) | 285,340 | | 3,330,772 |
Kazakhmys PLC | 33,100 | | 462,569 |
Lynas Corp. Ltd. (a)(d) | 385,000 | | 451,251 |
Mongolian Mining Corp. (a) | 1,120,000 | | 902,219 |
Norilsk Nickel OJSC sponsored ADR | 1,700 | | 30,107 |
Rio Tinto PLC | 331,087 | | 18,561,300 |
Sterlite Industries (India) Ltd. | 148,488 | | 299,458 |
Teck Resources Ltd. Class B (sub. vtg.) | 114,800 | | 4,284,007 |
Walter Energy, Inc. | 21,600 | | 1,432,296 |
Xstrata PLC | 424,291 | | 8,109,051 |
| | 109,979,279 |
Gold - 13.3% |
Agnico-Eagle Mines Ltd. (Canada) | 93,900 | | 3,751,247 |
AngloGold Ashanti Ltd. sponsored ADR | 113,800 | | 3,912,444 |
Barrick Gold Corp. | 435,800 | | 17,630,542 |
Centerra Gold, Inc. | 104,400 | | 1,351,836 |
Compania de Minas Buenaventura SA sponsored ADR | 7,700 | | 317,779 |
Eldorado Gold Corp. | 225,550 | | 3,196,862 |
Franco-Nevada Corp. | 12,700 | | 569,716 |
Gold Fields Ltd. sponsored ADR | 167,100 | | 2,150,577 |
Goldcorp, Inc. | 443,900 | | 17,000,999 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Gold - continued |
Harmony Gold Mining Co. Ltd. sponsored ADR | 158,500 | | $ 1,537,450 |
IAMGOLD Corp. | 97,900 | | 1,214,148 |
Kingsgate Consolidated NL | 184,515 | | 1,191,869 |
Kinross Gold Corp. | 694,705 | | 6,224,388 |
New Gold, Inc. (a) | 255,100 | | 2,324,374 |
Newcrest Mining Ltd. | 412,343 | | 11,298,468 |
Newmont Mining Corp. | 116,900 | | 5,570,285 |
Osisko Mining Corp. (a) | 127,000 | | 1,307,608 |
Premier Gold Mines Ltd. (a) | 266,500 | | 1,289,668 |
Randgold Resources Ltd. sponsored ADR | 88,100 | | 7,854,115 |
Royal Gold, Inc. | 6,900 | | 427,524 |
Yamana Gold, Inc. | 152,200 | | 2,232,729 |
Zijin Mining Group Co. Ltd. (H Shares) | 658,000 | | 214,566 |
| | 92,569,194 |
Precious Metals & Minerals - 1.9% |
African Minerals Ltd. (a) | 627,400 | | 5,295,331 |
Anglo Platinum Ltd. | 1,400 | | 90,717 |
Aquarius Platinum Ltd. (United Kingdom) | 492,800 | | 1,039,823 |
Gem Diamonds Ltd. (a) | 20,000 | | 84,077 |
Impala Platinum Holdings Ltd. | 3,650 | | 71,001 |
Lonmin PLC | 5,922 | | 100,157 |
Northam Platinum Ltd. | 30,500 | | 130,815 |
Pan American Silver Corp. (d) | 198,300 | | 3,856,586 |
Silver Wheaton Corp. | 80,600 | | 2,461,044 |
| | 13,129,551 |
Steel - 5.5% |
Allegheny Technologies, Inc. | 22,400 | | 961,856 |
ArcelorMittal SA Class A unit (d) | 209,200 | | 3,625,436 |
Cliffs Natural Resources, Inc. | 19,600 | | 1,220,296 |
Commercial Metals Co. | 19,550 | | 288,949 |
Fortescue Metals Group Ltd. | 747,486 | | 4,392,253 |
Gerdau SA sponsored ADR | 179,500 | | 1,685,505 |
Hyundai Steel Co. | 8,903 | | 776,760 |
JFE Holdings, Inc. | 62,500 | | 1,168,917 |
Jindal Steel & Power Ltd. | 61,255 | | 586,206 |
JSW Steel Ltd. | 9,216 | | 121,323 |
London Mining PLC (a) | 722,600 | | 3,503,896 |
Maanshan Iron & Steel Ltd. (H Shares) | 3,179,000 | | 897,322 |
Magnitogorsk Iron & Steel Works OJSC unit | 47,700 | | 251,856 |
Nippon Steel Corp. | 236,000 | | 588,122 |
Common Stocks - continued |
| Shares | | Value |
METALS & MINING - CONTINUED |
Steel - continued |
Nucor Corp. | 50,100 | | $ 1,964,421 |
POSCO | 16,744 | | 5,546,928 |
Sumitomo Metal Industries Ltd. | 111,000 | | 199,410 |
Tata Steel Ltd. | 38,117 | | 335,573 |
Thyssenkrupp AG | 59,500 | | 1,409,913 |
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) | 6,900 | | 39,529 |
Vale SA (PN-A) sponsored ADR | 354,600 | | 7,669,998 |
Voestalpine AG | 23,100 | | 747,829 |
Yamato Kogyo Co. Ltd. | 9,100 | | 258,958 |
| | 38,241,256 |
TOTAL METALS & MINING | | 255,693,059 |
OIL, GAS & CONSUMABLE FUELS - 33.9% |
Coal & Consumable Fuels - 2.8% |
Alpha Natural Resources, Inc. (a) | 484,337 | | 7,812,356 |
Banpu PCL (For. Reg.) | 8,950 | | 161,801 |
Cameco Corp. | 19,600 | | 433,770 |
China Coal Energy Co. Ltd. (H Shares) | 61,000 | | 70,052 |
CONSOL Energy, Inc. | 2,100 | | 69,804 |
Paladin Energy Ltd.: | | | |
(Australia) (a) | 93,842 | | 155,942 |
(Canada) (a) | 271,500 | | 448,033 |
Peabody Energy Corp. | 332,300 | | 10,337,853 |
Yanzhou Coal Mining Co. Ltd. (H Shares) | 100,000 | | 209,445 |
| | 19,699,056 |
Integrated Oil & Gas - 19.9% |
BG Group PLC | 305,950 | | 7,203,001 |
BP PLC | 1,753,200 | | 12,666,856 |
Cenovus Energy, Inc. | 32,600 | | 1,183,204 |
Chevron Corp. | 199,900 | | 21,301,344 |
China Petroleum & Chemical Corp. (H Shares) | 116,000 | | 123,205 |
ConocoPhillips | 2,900 | | 207,727 |
ENI SpA | 240,627 | | 5,347,092 |
Exxon Mobil Corp. | 275,361 | | 23,774,669 |
Gazprom OAO sponsored ADR | 494,800 | | 5,675,356 |
Hess Corp. | 39,100 | | 2,038,674 |
InterOil Corp. (a)(d) | 81,700 | | 4,937,948 |
Lukoil Oil Co. sponsored ADR | 39,900 | | 2,447,865 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Integrated Oil & Gas - continued |
Murphy Oil Corp. | 81,700 | | $ 4,491,049 |
Occidental Petroleum Corp. | 76,900 | | 7,014,818 |
OMV AG | 13,300 | | 450,287 |
Origin Energy Ltd. | 136,059 | | 1,879,646 |
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR | 348,200 | | 7,716,112 |
Repsol YPF SA | 81,071 | | 1,550,800 |
Royal Dutch Shell PLC Class A (United Kingdom) | 586,750 | | 20,929,576 |
StatoilHydro ASA | 8,300 | | 222,734 |
Suncor Energy, Inc. | 192,532 | | 6,360,232 |
Total SA | 7,200 | | 345,652 |
| | 137,867,847 |
Oil & Gas Exploration & Production - 9.8% |
Anadarko Petroleum Corp. | 70,000 | | 5,124,700 |
Apache Corp. | 71,600 | | 6,869,304 |
ARC Resources Ltd. | 10,700 | | 220,337 |
Bonavista Energy Corp. (d) | 132,400 | | 2,388,629 |
C&C Energia Ltd. (a) | 116,300 | | 866,584 |
Cabot Oil & Gas Corp. | 113,300 | | 3,981,362 |
Canadian Natural Resources Ltd. | 104,200 | | 3,620,495 |
Celtic Exploration Ltd. (a) | 15,900 | | 233,087 |
Chesapeake Energy Corp. | 65,700 | | 1,211,508 |
Cimarex Energy Co. | 7,400 | | 511,414 |
CNOOC Ltd. | 120,000 | | 253,578 |
CNOOC Ltd. sponsored ADR | 14,800 | | 3,132,420 |
Cobalt International Energy, Inc. (a) | 10,100 | | 270,276 |
Concho Resources, Inc. (a) | 2,800 | | 300,104 |
Crew Energy, Inc. (a) | 378,000 | | 2,678,816 |
Denbury Resources, Inc. (a) | 39,000 | | 742,560 |
Devon Energy Corp. | 25,600 | | 1,788,160 |
Double Eagle Petroleum Co. (a) | 148,685 | | 816,281 |
Encana Corp. | 8,600 | | 180,141 |
EOG Resources, Inc. | 1,400 | | 153,734 |
EQT Corp. | 4,600 | | 229,172 |
Gran Tierra Energy, Inc. (Canada) (a) | 52,500 | | 338,573 |
INPEX Corp. | 125 | | 825,365 |
Marathon Oil Corp. | 67,800 | | 1,989,252 |
Newfield Exploration Co. (a) | 13,700 | | 491,830 |
Nexen, Inc. | 272,200 | | 5,260,742 |
Niko Resources Ltd. (d) | 30,600 | | 1,289,367 |
Noble Energy, Inc. | 15,800 | | 1,569,256 |
Common Stocks - continued |
| Shares | | Value |
OIL, GAS & CONSUMABLE FUELS - CONTINUED |
Oil & Gas Exploration & Production - continued |
NOVATEK OAO GDR (Reg. S) | 8,700 | | $ 1,105,770 |
Oasis Petroleum, Inc. (a) | 7,050 | | 233,144 |
OGX Petroleo e Gas Participacoes SA (a) | 134,300 | | 932,135 |
Pacific Rubiales Energy Corp. | 1,700 | | 48,776 |
Painted Pony Petroleum Ltd. (a)(e) | 15,000 | | 121,033 |
Painted Pony Petroleum Ltd. Class A (a) | 264,000 | | 2,130,175 |
Penn West Petroleum Ltd. | 166,100 | | 2,846,948 |
Petrominerales Ltd. | 146,026 | | 2,136,245 |
Pioneer Natural Resources Co. | 11,700 | | 1,355,094 |
Progress Energy Resources Corp. | 21,800 | | 239,905 |
QEP Resources, Inc. | 23,700 | | 730,197 |
Rosetta Resources, Inc. (a) | 13,200 | | 663,564 |
SM Energy Co. | 22,400 | | 1,480,864 |
Southwestern Energy Co. (a) | 35,700 | | 1,127,406 |
Stone Energy Corp. (a) | 1,350 | | 37,868 |
Talisman Energy, Inc. | 254,400 | | 3,327,611 |
Tullow Oil PLC | 51,100 | | 1,272,306 |
Ultra Petroleum Corp. (a) | 13,500 | | 266,760 |
Whiting Petroleum Corp. (a) | 9,400 | | 537,680 |
| | 67,930,528 |
Oil & Gas Refining & Marketing - 1.2% |
Marathon Petroleum Corp. | 74,850 | | 3,114,509 |
Tesoro Corp. (a) | 42,900 | | 997,425 |
Valero Energy Corp. | 171,400 | | 4,233,580 |
| | 8,345,514 |
Oil & Gas Storage & Transport - 0.2% |
Cheniere Energy, Inc. (a) | 47,700 | | 873,387 |
Williams Companies, Inc. | 12,000 | | 408,360 |
| | 1,281,747 |
TOTAL OIL, GAS & CONSUMABLE FUELS | | 235,124,692 |
PAPER & FOREST PRODUCTS - 2.6% |
Paper Products - 2.6% |
Empresas CMPC SA | 333,075 | | 1,369,103 |
Fibria Celulose SA sponsored ADR | 11,789 | | 93,605 |
International Paper Co. | 259,000 | | 8,627,290 |
MeadWestvaco Corp. | 4,800 | | 152,736 |
Nine Dragons Paper (Holdings) Ltd. | 1,102,000 | | 909,024 |
Nippon Paper Group, Inc. (d) | 86,800 | | 1,737,840 |
Common Stocks - continued |
| Shares | | Value |
PAPER & FOREST PRODUCTS - CONTINUED |
Paper Products - continued |
Oji Paper Co. Ltd. | 156,000 | | $ 716,336 |
Stora Enso Oyj (R Shares) | 286,400 | | 1,952,552 |
Suzano Papel e Celulose SA | 19,725 | | 74,506 |
Svenska Cellulosa AB (SCA) (B Shares) | 12,400 | | 196,496 |
UPM-Kymmene Corp. | 195,300 | | 2,500,064 |
| | 18,329,552 |
SPECIALTY RETAIL - 0.4% |
Specialty Stores - 0.4% |
Tsutsumi Jewelry Co. Ltd. | 95,500 | | 2,793,711 |
TRADING COMPANIES & DISTRIBUTORS - 0.0% |
Trading Companies & Distributors - 0.0% |
Mitsubishi Corp. | 13,200 | | 286,088 |
TOTAL COMMON STOCKS (Cost $697,228,059) |
693,295,432
|
Convertible Bonds - 0.0% |
| Principal Amount | | |
PAPER & FOREST PRODUCTS - 0.0% |
Paper Products - 0.0% |
Suzano Papel e Celulose SA 4.5% 12/16/13
(Cost $377,129) | BRL | 572,000 | |
111,819
|
Money Market Funds - 2.0% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.14% (b) | 661,357 | | $ 661,357 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 13,111,077 | | 13,111,077 |
TOTAL MONEY MARKET FUNDS (Cost $13,772,434) |
13,772,434
|
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $711,377,622) | | 707,179,685 |
NET OTHER ASSETS (LIABILITIES) - (1.8)% | | (12,590,361) |
NET ASSETS - 100% | $ 694,589,324 |
Currency Abbreviations |
BRL | - | Brazilian real |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $121,033 or 0.0% 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 | $ 2,405 |
Fidelity Securities Lending Cash Central Fund | 131,599 |
Total | $ 134,004 |
Other Information |
The following is a summary of the inputs used, as of April 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Common Stocks | $ 693,295,432 | $ 567,486,769 | $ 125,808,663 | $ - |
Convertible Bonds | 111,819 | - | 111,819 | - |
Money Market Funds | 13,772,434 | 13,772,434 | - | - |
Total Investments in Securities: | $ 707,179,685 | $ 581,259,203 | $ 125,920,482 | $ - |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Beginning Balance | $ 1,272,029 |
Total Realized Gain (Loss) | (2,861,089) |
Total Unrealized Gain (Loss) | 2,144,784 |
Cost of Purchases | - |
Proceeds of Sales | (239,112) |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | (316,612) |
Ending Balance | $ - |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows. (Unaudited) |
United States of America | 33.4% |
Canada | 23.7% |
United Kingdom | 17.9% |
Australia | 3.2% |
Brazil | 2.6% |
Switzerland | 2.6% |
Bermuda | 2.2% |
Russia | 2.1% |
Japan | 1.2% |
Bailiwick of Jersey | 1.1% |
South Africa | 1.1% |
Italy | 1.1% |
Norway | 1.0% |
Others (Individually Less Than 1%) | 6.8% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $12,812,660) - See accompanying schedule: Unaffiliated issuers (cost $697,605,188) | $ 693,407,251 | |
Fidelity Central Funds (cost $13,772,434) | 13,772,434 | |
Total Investments (cost $711,377,622) | | $ 707,179,685 |
Cash | | 12,126 |
Foreign currency held at value (cost $110,498) | | 110,253 |
Receivable for investments sold | | 10,544,598 |
Receivable for fund shares sold | | 930,605 |
Dividends receivable | | 970,982 |
Interest receivable | | 3,911 |
Distributions receivable from Fidelity Central Funds | | 27,697 |
Prepaid expenses | | 1,099 |
Other receivables | | 20,002 |
Total assets | | 719,800,958 |
| | |
Liabilities | | |
Payable for investments purchased | $ 8,960,791 | |
Payable for fund shares redeemed | 2,414,237 | |
Accrued management fee | 410,291 | |
Distribution and service plan fees payable | 65,325 | |
Other affiliated payables | 205,373 | |
Other payables and accrued expenses | 44,540 | |
Collateral on securities loaned, at value | 13,111,077 | |
Total liabilities | | 25,211,634 |
| | |
Net Assets | | $ 694,589,324 |
Net Assets consist of: | | |
Paid in capital | | $ 746,257,380 |
Undistributed net investment income | | 1,663,525 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (49,136,302) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (4,195,279) |
Net Assets | | $ 694,589,324 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($115,282,419 ÷ 7,827,862 shares) | | $ 14.73 |
| | |
Maximum offering price per share (100/94.25 of $14.73) | | $ 15.63 |
Class T:
Net Asset Value and redemption price per share ($19,746,730 ÷ 1,343,650 shares) | | $ 14.70 |
| | |
Maximum offering price per share (100/96.50 of $14.70) | | $ 15.23 |
Class B:
Net Asset Value and offering price per share ($3,736,431 ÷ 255,868 shares)A | | $ 14.60 |
| | |
Class C:
Net Asset Value and offering price per share ($35,567,611 ÷ 2,443,252 shares)A | | $ 14.56 |
| | |
Global Commodity Stock:
Net Asset Value, offering price and redemption price per share ($462,478,956 ÷ 31,286,637 shares) | | $ 14.78 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($57,777,177 ÷ 3,908,876 shares) | | $ 14.78 |
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, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 7,259,766 |
Interest | | 5,858 |
Income from Fidelity Central Funds | | 134,004 |
Income before foreign taxes withheld | | 7,399,628 |
Less foreign taxes withheld | | (466,003) |
Total income | | 6,933,625 |
| | |
Expenses | | |
Management fee | $ 2,614,626 | |
Transfer agent fees | 1,065,622 | |
Distribution and service plan fees | 405,093 | |
Accounting and security lending fees | 181,767 | |
Custodian fees and expenses | 47,661 | |
Independent trustees' compensation | 2,260 | |
Registration fees | 106,677 | |
Audit | 26,541 | |
Legal | 1,523 | |
Interest | 448 | |
Miscellaneous | 4,646 | |
Total expenses before reductions | 4,456,864 | |
Expense reductions | (26,795) | 4,430,069 |
Net investment income (loss) | | 2,503,556 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (34,977,072) | |
Foreign currency transactions | (533,595) | |
Total net realized gain (loss) | | (35,510,667) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 14,485,704 | |
Assets and liabilities in foreign currencies | 250,789 | |
Total change in net unrealized appreciation (depreciation) | | 14,736,493 |
Net gain (loss) | | (20,774,174) |
Net increase (decrease) in net assets resulting from operations | | $ (18,270,618) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,503,556 | $ 6,869,450 |
Net realized gain (loss) | (35,510,667) | (6,898,032) |
Change in net unrealized appreciation (depreciation) | 14,736,493 | (67,719,909) |
Net increase (decrease) in net assets resulting
from operations | (18,270,618) | (67,748,491) |
Distributions to shareholders from net investment income | (3,692,921) | (5,045,313) |
Distributions to shareholders from net realized gain | (671,463) | (2,104,800) |
Total distributions | (4,364,384) | (7,150,113) |
Share transactions - net increase (decrease) | (63,255,282) | 418,528,912 |
Redemption fees | 11,709 | 94,436 |
Total increase (decrease) in net assets | (85,878,575) | 343,724,744 |
| | |
Net Assets | | |
Beginning of period | 780,467,899 | 436,743,155 |
End of period (including undistributed net investment income of $1,663,525 and undistributed net investment income of $2,852,890, respectively) | $ 694,589,324 | $ 780,467,899 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 15.14 | $ 15.60 | $ 13.29 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .04 | .12 | .19 H | (.01) |
Net realized and unrealized gain (loss) | (.38) | (.38) | 2.20 | 3.29 |
Total from investment operations | (.34) | (.26) | 2.39 | 3.28 |
Distributions from net investment income | (.05) | (.13) | - K | - |
Distributions from net realized gain | (.01) | (.06) | (.08) | - |
Total distributions | (.07) M | (.20) L | (.08) | - |
Redemption fees added to paid in capital E | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.73 | $ 15.14 | $ 15.60 | $ 13.29 |
Total Return B,C,D | (2.26)% | (1.80)% | 18.04% | 32.90% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.34% A | 1.32% | 1.37% | 1.65% A |
Expenses net of fee waivers, if any | 1.34% A | 1.32% | 1.37% | 1.50% A |
Expenses net of all reductions | 1.33% A | 1.31% | 1.36% | 1.48% A |
Net investment income (loss) | .55% A | .71% | 1.35% H | (.15)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 115,282 | $ 127,979 | $ 60,370 | $ 15,705 |
Portfolio turnover rate G | 83% A | 71% | 54% | 25% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .42%.
I For the period March 25, 2009 (commencement of operations) to October 31, 2009.
J 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.
K Amount represents less than $.01 per share.
L Total distributions of $.20 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.062 per share.
M Total distributions of $.07 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.014 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 15.08 | $ 15.55 | $ 13.27 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .02 | .07 | .16 H | (.03) |
Net realized and unrealized gain (loss) | (.38) | (.38) | 2.19 | 3.29 |
Total from investment operations | (.36) | (.31) | 2.35 | 3.26 |
Distributions from net investment income | (.01) | (.10) | - | - |
Distributions from net realized gain | (.01) | (.06) | (.07) | - |
Total distributions | (.02) | (.16) | (.07) | - |
Redemption fees added to paid in capital E | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.70 | $ 15.08 | $ 15.55 | $ 13.27 |
Total Return B,C,D | (2.36)% | (2.09)% | 17.73% | 32.70% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 1.61% A | 1.60% | 1.63% | 2.04% A |
Expenses net of fee waivers, if any | 1.61% A | 1.60% | 1.63% | 1.75% A |
Expenses net of all reductions | 1.61% A | 1.59% | 1.61% | 1.73% A |
Net investment income (loss) | .27% A | .43% | 1.10% H | (.40)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 19,747 | $ 20,831 | $ 11,762 | $ 4,665 |
Portfolio turnover rate G | 83% A | 71% | 54% | 25% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .17%.
I For the period March 25, 2009 (commencement of operations) to October 31, 2009.
J 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.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 15.00 | $ 15.46 | $ 13.22 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.02) | (.01) | .08 H | (.07) |
Net realized and unrealized gain (loss) | (.38) | (.39) | 2.20 | 3.28 |
Total from investment operations | (.40) | (.40) | 2.28 | 3.21 |
Distributions from net realized gain | - | (.06) | (.04) | - |
Redemption fees added to paid in capital E | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.60 | $ 15.00 | $ 15.46 | $ 13.22 |
Total Return B,C,D | (2.67)% | (2.62)% | 17.23% | 32.20% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 2.11% A | 2.11% | 2.16% | 2.66% A |
Expenses net of fee waivers, if any | 2.11% A | 2.11% | 2.16% | 2.25% A |
Expenses net of all reductions | 2.10% A | 2.10% | 2.15% | 2.23% A |
Net investment income (loss) | (.22)% A | (.09)% | .56% H | (.90)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 3,736 | $ 4,324 | $ 4,348 | $ 2,726 |
Portfolio turnover rate G | 83% A | 71% | 54% | 25% 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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.37) %.
I For the period March 25, 2009 (commencement of operations) to October 31, 2009.
J 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.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 I |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 14.95 | $ 15.45 | $ 13.22 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.02) | (.01) | .08 H | (.07) |
Net realized and unrealized gain (loss) | (.37) | (.38) | 2.19 | 3.28 |
Total from investment operations | (.39) | (.39) | 2.27 | 3.21 |
Distributions from net investment income | - | (.05) | - | - |
Distributions from net realized gain | - | (.06) | (.04) | - |
Total distributions | - | (.11) | (.04) | - |
Redemption fees added to paid in capital E | - K | - K | - K | .01 |
Net asset value, end of period | $ 14.56 | $ 14.95 | $ 15.45 | $ 13.22 |
Total Return B,C,D | (2.61)% | (2.58)% | 17.21% | 32.20% |
Ratios to Average Net Assets F,J | | | | |
Expenses before reductions | 2.11% A | 2.09% | 2.14% | 2.53% A |
Expenses net of fee waivers, if any | 2.11% A | 2.09% | 2.14% | 2.25% A |
Expenses net of all reductions | 2.10% A | 2.08% | 2.13% | 2.23% A |
Net investment income (loss) | (.22)% A | (.07)% | .58% H | (.90)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 35,568 | $ 37,185 | $ 14,338 | $ 4,798 |
Portfolio turnover rate G | 83% A | 71% | 54% | 25% 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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.34) %.
I For the period March 25, 2009 (commencement of operations) to October 31, 2009.
J 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.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Global Commodity Stock
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 15.21 | $ 15.66 | $ 13.31 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .06 | .16 | .23 G | .01 |
Net realized and unrealized gain (loss) | (.39) | (.39) | 2.21 | 3.29 |
Total from investment operations | (.33) | (.23) | 2.44 | 3.30 |
Distributions from net investment income | (.08) | (.16) | (.01) | - |
Distributions from net realized gain | (.01) | (.06) | (.08) | - |
Total distributions | (.10) K | (.22) | (.09) | - |
Redemption fees added to paid in capital D | - J | - J | - J | .01 |
Net asset value, end of period | $ 14.78 | $ 15.21 | $ 15.66 | $ 13.31 |
Total Return B,C | (2.17)% | (1.59)% | 18.38% | 33.10% |
Ratios to Average Net Assets E,I | | | | |
Expenses before reductions | 1.10% A | 1.08% | 1.10% | 1.42% A |
Expenses net of fee waivers, if any | 1.10% A | 1.08% | 1.10% | 1.25% A |
Expenses net of all reductions | 1.10% A | 1.07% | 1.09% | 1.23% A |
Net investment income (loss) | .78% A | .95% | 1.62% G | .10% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 462,479 | $ 531,224 | $ 310,186 | $ 159,439 |
Portfolio turnover rate F | 83% A | 71% | 54% | 25% 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 Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .69%.
H For the period March 25, 2009 (commencement of operations) to October 31, 2009.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.10 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.014 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 15.22 | $ 15.66 | $ 13.31 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .06 | .16 | .23 G | .01 |
Net realized and unrealized gain (loss) | (.39) | (.38) | 2.21 | 3.29 |
Total from investment operations | (.33) | (.22) | 2.44 | 3.30 |
Distributions from net investment income | (.09) | (.16) | (.01) | - |
Distributions from net realized gain | (.01) | (.06) | (.08) | - |
Total distributions | (.11) K | (.22) | (.09) | - |
Redemption fees added to paid in capital D | - J | - J | - J | .01 |
Net asset value, end of period | $ 14.78 | $ 15.22 | $ 15.66 | $ 13.31 |
Total Return B,C | (2.17)% | (1.50)% | 18.39% | 33.10% |
Ratios to Average Net Assets E,I | | | | |
Expenses before reductions | 1.05% A | 1.03% | 1.09% | 1.36% A |
Expenses net of fee waivers, if any | 1.05% A | 1.03% | 1.09% | 1.25% A |
Expenses net of all reductions | 1.04% A | 1.03% | 1.07% | 1.23% A |
Net investment income (loss) | .84% A | .99% | 1.64% G | .10% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 57,777 | $ 58,925 | $ 35,739 | $ 9,811 |
Portfolio turnover rate F | 83% A | 71% | 54% | 25% 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 Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .71%.
H For the period March 25, 2009 (commencement of operations) to October 31, 2009.
I 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.
J Amount represents less than $.01 per share.
K Total distributions of $.11 per share is comprised of distributions from net investment income of $.093 and distributions from net realized gain of $.014 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, 2012 (Unaudited)
1. Organization.
Fidelity® Global Commodity Stock 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, Global Commodity Stock and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements.
Semiannual Report
3. Significant Accounting Policies - continued
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:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
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.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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:
Gross unrealized appreciation | $ 62,178,331 |
Gross unrealized depreciation | (71,558,432) |
Net unrealized appreciation (depreciation) on securities and other investments | $ (9,380,101) |
| |
Tax cost | $ 716,559,786 |
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. At October 31, 2011 capital loss carryforwards were as follows:
Fiscal year of expiration | |
2019 | $ (6,966,394) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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
4. Operating Policies.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $305,334,474 and $361,830,057, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .71% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 152,972 | $ 4,097 |
Class T | .25% | .25% | 50,416 | 204 |
Class B | .75% | .25% | 20,085 | 15,081 |
Class C | .75% | .25% | 181,620 | 83,745 |
| | | $ 405,093 | $ 103,127 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 25,322 |
Class T | 4,594 |
Class B* | 12,641 |
Class C* | 8,888 |
| $ 51,445 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 171,919 | .28 |
Class T | 30,688 | .30 |
Class B | 6,036 | .30 |
Class C | 53,714 | .30 |
Global Commodity Stock | 736,590 | .30 |
Institutional Class | 66,675 | .24 |
| $ 1,065,622 | |
* Annualized
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $3,853 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, 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 Balance | Weighted Average Interest Rate | Interest
Expense |
Borrower | $ 3,051,308 | .41% | $ 448 |
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $1,123 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Security Lending - continued
borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $131,599. During the period, there were no securities loaned to FCM.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $26,795 for the period.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 437,422 | $ 597,144 |
Class T | 12,232 | 82,038 |
Class C | - | 56,214 |
Global Commodity Stock | 2,878,965 | 3,895,270 |
Institutional Class | 364,302 | 414,647 |
Total | $ 3,692,921 | $ 5,045,313 |
From net realized gain | | |
Class A | $ 117,768 | $ 275,211 |
Class T | 19,027 | 52,381 |
Class B | - | 16,866 |
Class C | - | 68,717 |
Global Commodity Stock | 479,827 | 1,532,256 |
Institutional Class | 54,841 | 159,369 |
Total | $ 671,463 | $ 2,104,800 |
Semiannual Report
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 959,585 | 7,297,574 | $ 14,277,437 | $ 124,882,197 |
Reinvestment of distributions | 32,805 | 39,060 | 472,060 | 643,900 |
Shares redeemed | (1,617,333) | (2,752,883) | (23,682,631) | (44,565,640) |
Net increase (decrease) | (624,943) | 4,583,751 | $ (8,933,134) | $ 80,960,457 |
Class T | | | | |
Shares sold | 127,646 | 866,549 | $ 1,904,855 | $ 14,740,169 |
Reinvestment of distributions | 1,948 | 7,294 | 28,015 | 120,226 |
Shares redeemed | (166,928) | (249,100) | (2,463,872) | (4,030,489) |
Net increase (decrease) | (37,334) | 624,743 | $ (531,002) | $ 10,829,906 |
Class B | | | | |
Shares sold | 5,739 | 82,231 | $ 84,275 | $ 1,397,980 |
Reinvestment of distributions | - | 917 | - | 14,988 |
Shares redeemed | (38,073) | (76,244) | (564,284) | (1,237,701) |
Net increase (decrease) | (32,334) | 6,904 | $ (480,009) | $ 175,267 |
Class C | | | | |
Shares sold | 326,143 | 2,215,036 | $ 4,833,650 | $ 37,885,797 |
Reinvestment of distributions | - | 6,435 | - | 105,874 |
Shares redeemed | (369,384) | (662,765) | (5,336,150) | (10,246,197) |
Net increase (decrease) | (43,241) | 1,558,706 | $ (502,500) | $ 27,745,474 |
Global Commodity Stock | | | | |
Shares sold | 4,370,273 | 32,339,719 | $ 65,577,393 | $ 553,926,075 |
Reinvestment of distributions | 210,059 | 293,921 | 3,031,159 | 4,855,462 |
Shares redeemed | (8,214,828) | (17,519,084) | (122,035,655) | (288,860,403) |
Net increase (decrease) | (3,634,496) | 15,114,556 | $ (53,427,103) | $ 269,921,134 |
Institutional Class | | | | |
Shares sold | 900,317 | 4,225,113 | $ 13,304,390 | $ 72,109,877 |
Reinvestment of distributions | 18,526 | 16,850 | 267,335 | 278,352 |
Shares redeemed | (882,531) | (2,651,317) | (12,953,259) | (43,491,555) |
Net increase (decrease) | 36,312 | 1,590,646 | $ 618,466 | $ 28,896,674 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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.
At the end of the period, FMR or its affiliates were the owners of record of 12% of the total outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management &
Research (U.K.) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
State Street Bank and Trust Company
Quincy, MA
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
GCS-USAN-0612
1.879382.103
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Worldwide Fund
Class A, Class T, Class B, and Class C
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Class A, Class T, Class B, and Class C are
classes of Fidelity® Worldwide Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Worldwide Fund
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, 2011 to April 30, 2012).
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
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,089.10 | $ 7.27 |
HypotheticalA | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
Class T | 1.66% | | | |
Actual | | $ 1,000.00 | $ 1,088.10 | $ 8.62 |
HypotheticalA | | $ 1,000.00 | $ 1,016.61 | $ 8.32 |
Class B | 2.15% | | | |
Actual | | $ 1,000.00 | $ 1,085.00 | $ 11.15 |
HypotheticalA | | $ 1,000.00 | $ 1,014.17 | $ 10.77 |
Class C | 2.16% | | | |
Actual | | $ 1,000.00 | $ 1,085.10 | $ 11.20 |
HypotheticalA | | $ 1,000.00 | $ 1,014.12 | $ 10.82 |
Worldwide | 1.09% | | | |
Actual | | $ 1,000.00 | $ 1,091.20 | $ 5.67 |
HypotheticalA | | $ 1,000.00 | $ 1,019.44 | $ 5.47 |
Institutional Class | 1.16% | | | |
Actual | | $ 1,000.00 | $ 1,090.40 | $ 6.03 |
HypotheticalA | | $ 1,000.00 | $ 1,019.10 | $ 5.82 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Fidelity Worldwide Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United States of America | 53.8% | |
 | United Kingdom | 10.4% | |
 | Japan | 7.7% | |
 | France | 2.9% | |
 | Netherlands | 2.5% | |
 | Germany | 2.5% | |
 | Switzerland | 2.0% | |
 | Korea (South) | 1.8% | |
 | Ireland | 1.7% | |
 | Other | 14.7% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United States of America | 52.8% | |
| United Kingdom | 9.8% | |
| Japan | 7.0% | |
| France | 4.3% | |
| Switzerland | 3.2% | |
| Germany | 2.7% | |
| Canada | 2.1% | |
| Netherlands | 1.6% | |
| Australia | 1.5% | |
| Other | 15.0% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Investment Companies | 98.0 | 96.6 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.0 | 3.4 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Citrix Systems, Inc. (United States of America, Software) | 3.0 | 1.1 |
MasterCard, Inc. Class A (United States of America, IT Services) | 3.0 | 2.1 |
Wells Fargo & Co. (United States of America, Commercial Banks) | 2.4 | 0.6 |
Intuit, Inc. (United States of America, Software) | 2.3 | 2.7 |
Estee Lauder Companies, Inc. Class A (United States of America, Personal Products) | 1.7 | 1.0 |
TJX Companies, Inc. (United States of America, Specialty Retail) | 1.7 | 0.9 |
Fifth Third Bancorp (United States of America, Commercial Banks) | 1.7 | 0.4 |
Apple, Inc. (United States of America, Computers & Peripherals) | 1.7 | 1.8 |
UnitedHealth Group, Inc. (United States of America, Health Care Providers & Services) | 1.6 | 1.2 |
Pioneer Natural Resources Co. (United States of America, Oil, Gas & Consumable Fuels) | 1.5 | 0.0 |
| 20.6 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Information Technology | 19.9 | 14.3 |
Consumer Discretionary | 17.8 | 14.7 |
Financials | 15.9 | 18.2 |
Industrials | 10.8 | 9.2 |
Consumer Staples | 10.3 | 9.4 |
Health Care | 7.8 | 10.7 |
Energy | 7.3 | 11.4 |
Materials | 4.8 | 4.3 |
Telecommunication Services | 2.1 | 3.0 |
Utilities | 1.3 | 1.4 |
Semiannual Report
Fidelity Worldwide Fund
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.6% |
| Shares | | Value |
Australia - 1.7% |
Australia & New Zealand Banking Group Ltd. | 267,724 | | $ 6,669,174 |
Commonwealth Bank of Australia | 78,325 | | 4,240,903 |
Fortescue Metals Group Ltd. | 218,016 | | 1,281,069 |
Imdex Ltd. | 398,114 | | 1,045,233 |
NRW Holdings Ltd. | 135,597 | | 577,801 |
Ramsay Health Care Ltd. | 86,433 | | 1,803,706 |
Spark Infrastructure Group unit | 959,218 | | 1,449,074 |
WorleyParsons Ltd. | 54,064 | | 1,591,226 |
TOTAL AUSTRALIA | | 18,658,186 |
Bailiwick of Jersey - 1.0% |
Experian PLC | 249,900 | | 3,944,583 |
Shire PLC | 61,500 | | 2,004,695 |
Wolseley PLC | 135,960 | | 5,170,455 |
TOTAL BAILIWICK OF JERSEY | | 11,119,733 |
Belgium - 1.5% |
Anheuser-Busch InBev SA NV (d) | 227,711 | | 16,413,616 |
Bermuda - 0.6% |
African Minerals Ltd. (a) | 185,600 | | 1,566,486 |
Cheung Kong Infrastructure Holdings Ltd. | 398,000 | | 2,362,254 |
Li & Fung Ltd. | 928,000 | | 1,985,500 |
Petra Diamonds Ltd. (a) | 386,300 | | 973,736 |
TOTAL BERMUDA | | 6,887,976 |
Brazil - 0.9% |
Arezzo Industria e Comercio SA | 51,200 | | 805,813 |
Qualicorp SA | 329,000 | | 2,865,147 |
Redecard SA | 63,500 | | 1,069,354 |
Souza Cruz Industria e Comercio | 112,500 | | 1,752,289 |
TIM Participacoes SA sponsored ADR | 122,878 | | 3,677,739 |
TOTAL BRAZIL | | 10,170,342 |
British Virgin Islands - 0.3% |
Gem Diamonds Ltd. (a) | 118,800 | | 499,415 |
Mail.ru Group Ltd. GDR (Reg. S) (a) | 68,600 | | 2,966,950 |
TOTAL BRITISH VIRGIN ISLANDS | | 3,466,365 |
Canada - 0.4% |
Goldcorp, Inc. | 35,100 | | 1,344,301 |
InterOil Corp. (a) | 10,500 | | 634,620 |
Open Text Corp. (a) | 36,300 | | 2,035,226 |
TOTAL CANADA | | 4,014,147 |
Cayman Islands - 0.8% |
Baidu.com, Inc. sponsored ADR (a) | 17,600 | | 2,335,520 |
Biostime International Holdings Ltd. | 496,500 | | 1,430,246 |
China Kanghui Holdings sponsored ADR (a) | 105,800 | | 2,112,826 |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 19,400 | | 552,900 |
|
| Shares | | Value |
Sands China Ltd. | 554,400 | | $ 2,179,400 |
Shenguan Holdings Group Ltd. | 558,000 | | 302,063 |
TOTAL CAYMAN ISLANDS | | 8,912,955 |
Denmark - 1.2% |
Danske Bank A/S (a) | 93,416 | | 1,516,844 |
Novo Nordisk A/S Series B | 48,916 | | 7,211,985 |
William Demant Holding A/S (a) | 47,100 | | 4,446,243 |
TOTAL DENMARK | | 13,175,072 |
France - 2.9% |
Arkema SA | 20,430 | | 1,809,597 |
AXA SA | 237,737 | | 3,367,464 |
BNP Paribas SA | 87,788 | | 3,527,087 |
Bureau Veritas SA | 29,600 | | 2,637,507 |
Iliad SA | 22,513 | | 2,898,313 |
JC Decaux SA | 31,800 | | 902,346 |
L'Oreal SA | 9,000 | | 1,082,882 |
LVMH Moet Hennessy - Louis Vuitton SA (d) | 21,299 | | 3,528,681 |
PPR SA (d) | 23,950 | | 4,005,928 |
Sanofi SA | 57,258 | | 4,373,801 |
Schneider Electric SA | 43,500 | | 2,672,534 |
Technip SA | 11,800 | | 1,334,488 |
TOTAL FRANCE | | 32,140,628 |
Germany - 2.2% |
Aareal Bank AG (a) | 63,891 | | 1,232,738 |
Allianz AG | 15,766 | | 1,756,923 |
BASF AG (d) | 39,164 | | 3,224,259 |
Bayerische Motoren Werke AG (BMW) | 44,338 | | 4,214,862 |
Fresenius Medical Care AG & Co. KGaA | 22,400 | | 1,590,786 |
GEA Group AG | 59,653 | | 1,968,688 |
Gerry Weber International AG (Bearer) | 19,400 | | 823,870 |
GSW Immobilien AG | 26,800 | | 892,090 |
GSW Immobilien AG rights 5/3/12 (a) | 26,800 | | 31,480 |
Lanxess AG | 20,100 | | 1,600,494 |
MTU Aero Engines Holdings AG | 17,300 | | 1,457,009 |
SAP AG | 56,734 | | 3,762,517 |
Wirecard AG | 97,400 | | 1,805,134 |
TOTAL GERMANY | | 24,360,850 |
Hong Kong - 0.7% |
AIA Group Ltd. | 1,071,600 | | 3,812,024 |
HKT Trust / HKT Ltd. unit | 1,451,000 | | 1,127,713 |
Techtronic Industries Co. Ltd. | 2,728,500 | | 3,295,167 |
TOTAL HONG KONG | | 8,234,904 |
India - 0.6% |
Apollo Hospitals Enterprise Ltd. | 25,151 | | 301,034 |
Housing Development Finance Corp. Ltd. | 205,593 | | 2,629,592 |
IndusInd Bank Ltd. | 191,444 | | 1,211,198 |
Common Stocks - continued |
| Shares | | Value |
India - continued |
The Jammu & Kashmir Bank Ltd. | 30,114 | | $ 538,124 |
Titan Industries Ltd. | 374,259 | | 1,655,793 |
TOTAL INDIA | | 6,335,741 |
Indonesia - 0.2% |
PT Media Nusantara Citra Tbk | 4,495,500 | | 1,100,579 |
PT Sarana Menara Nusantara Tbk (a) | 371,000 | | 557,075 |
PT Tower Bersama Infrastructure Tbk | 3,318,000 | | 1,101,126 |
TOTAL INDONESIA | | 2,758,780 |
Ireland - 1.7% |
Accenture PLC Class A | 121,800 | | 7,910,910 |
Alkermes PLC (a) | 84,000 | | 1,453,200 |
Elan Corp. PLC sponsored ADR (a) | 169,000 | | 2,330,510 |
Ingersoll-Rand PLC | 40,000 | | 1,700,800 |
James Hardie Industries NV CDI | 365,087 | | 2,848,941 |
Paddy Power PLC (Ireland) | 43,800 | | 2,858,534 |
TOTAL IRELAND | | 19,102,895 |
Israel - 0.2% |
Check Point Software Technologies Ltd. (a) | 44,700 | | 2,598,411 |
Italy - 0.8% |
Brunello Cucinelli SpA | 8,500 | | 135,028 |
Fiat Industrial SpA (d) | 113,100 | | 1,283,116 |
Prada SpA | 253,200 | | 1,719,840 |
Saipem SpA | 109,488 | | 5,409,169 |
TOTAL ITALY | | 8,547,153 |
Japan - 7.7% |
ABC-Mart, Inc. | 70,200 | | 2,556,554 |
Aozora Bank Ltd. | 810,000 | | 2,077,604 |
Calbee, Inc. | 37,400 | | 2,263,439 |
Canon, Inc. | 57,400 | | 2,601,982 |
Chiyoda Corp. | 171,000 | | 2,059,291 |
Cosmos Pharmaceutical Corp. | 44,900 | | 2,517,415 |
Credit Saison Co. Ltd. | 158,600 | | 3,403,934 |
CyberAgent, Inc. | 462 | | 1,422,948 |
Don Quijote Co. Ltd. | 103,100 | | 3,781,944 |
Fanuc Corp. | 35,200 | | 5,936,870 |
Fast Retailing Co. Ltd. | 9,500 | | 2,123,079 |
Hitachi Ltd. | 521,000 | | 3,318,584 |
Honda Motor Co. Ltd. | 161,800 | | 5,823,415 |
Japan Tobacco, Inc. | 1,175 | | 6,509,541 |
JS Group Corp. | 116,000 | | 2,277,968 |
JSR Corp. | 137,200 | | 2,707,984 |
Kakaku.com, Inc. | 54,300 | | 1,688,643 |
KDDI Corp. | 413 | | 2,703,788 |
Keyence Corp. | 18,460 | | 4,357,293 |
Mitsubishi Corp. | 109,200 | | 2,366,726 |
Mitsubishi Estate Co. Ltd. | 94,000 | | 1,661,868 |
Mitsubishi UFJ Financial Group, Inc. | 910,900 | | 4,373,972 |
|
| Shares | | Value |
Nexon Co. Ltd. (d) | 23,200 | | $ 439,773 |
ORIX Corp. | 79,370 | | 7,589,105 |
Rakuten, Inc. | 4,586 | | 5,115,306 |
Seven Bank Ltd. | 795,700 | | 1,966,101 |
So-net M3, Inc. | 320 | | 1,487,647 |
Unicharm Corp. | 13,200 | | 738,474 |
TOTAL JAPAN | | 85,871,248 |
Korea (South) - 1.8% |
Hyundai Motor Co. | 16,534 | | 3,928,220 |
Kia Motors Corp. | 34,480 | | 2,544,526 |
LG Household & Health Care Ltd. | 5,774 | | 3,029,738 |
NCsoft Corp. | 4,691 | | 1,216,205 |
NHN Corp. | 3,893 | | 881,857 |
Orion Corp. | 4,433 | | 3,522,473 |
Samsung Electronics Co. Ltd. | 3,934 | | 4,838,634 |
TOTAL KOREA (SOUTH) | | 19,961,653 |
Luxembourg - 0.6% |
Brait SA | 357,400 | | 1,118,885 |
Millicom International Cellular SA | 11,500 | | 1,230,385 |
Millicom International Cellular SA (depository receipt) | 8,600 | | 913,648 |
Samsonite International SA | 1,596,000 | | 3,093,817 |
TOTAL LUXEMBOURG | | 6,356,735 |
Mexico - 0.1% |
Wal-Mart de Mexico SA de CV Series V | 472,400 | | 1,350,678 |
Netherlands - 2.5% |
AEGON NV | 292,700 | | 1,361,623 |
ASML Holding NV | 69,100 | | 3,523,409 |
Gemalto NV | 121,249 | | 9,035,076 |
HeidelbergCement Finance AG (d) | 51,700 | | 2,842,675 |
ING Groep NV (Certificaten Van Aandelen) (a) | 309,500 | | 2,183,649 |
LyondellBasell Industries NV Class A | 64,000 | | 2,673,920 |
NXP Semiconductors NV (a) | 55,800 | | 1,442,430 |
Randstad Holding NV | 46,058 | | 1,595,017 |
Yandex NV | 138,000 | | 3,273,360 |
TOTAL NETHERLANDS | | 27,931,159 |
Norway - 0.3% |
DnB NOR ASA (d) | 274,800 | | 2,962,997 |
Philippines - 0.0% |
Alliance Global Group, Inc. | 596,900 | | 174,972 |
Poland - 0.2% |
Eurocash SA | 215,900 | | 2,636,309 |
Puerto Rico - 0.1% |
Popular, Inc. (a) | 850,000 | | 1,513,000 |
Qatar - 0.1% |
Commercial Bank of Qatar GDR (Reg. S) | 306,102 | | 1,210,670 |
Common Stocks - continued |
| Shares | | Value |
Russia - 0.2% |
Mobile TeleSystems OJSC sponsored ADR | 135,800 | | $ 2,656,248 |
South Africa - 0.4% |
Distell Group Ltd. | 126,410 | | 1,381,441 |
Shoprite Holdings Ltd. | 95,600 | | 1,651,921 |
Tiger Brands Ltd. | 33,200 | | 1,216,508 |
TOTAL SOUTH AFRICA | | 4,249,870 |
Spain - 0.5% |
Banco Bilbao Vizcaya Argentaria SA | 344,675 | | 2,332,608 |
Banco Bilbao Vizcaya Argentaria SA rights 4/30/12 (a) | 344,651 | | 49,275 |
Inditex SA | 33,906 | | 3,049,920 |
TOTAL SPAIN | | 5,431,803 |
Sweden - 1.2% |
Atlas Copco AB (A Shares) | 131,200 | | 3,123,461 |
Elekta AB: | | | |
unit (a) | 30,000 | | 97,757 |
(B Shares) | 30,000 | | 1,522,152 |
Intrum Justitia AB | 115,000 | | 1,745,341 |
Svenska Handelsbanken AB (A Shares) | 100,200 | | 3,247,191 |
Swedish Match Co. AB | 78,000 | | 3,170,718 |
TOTAL SWEDEN | | 12,906,620 |
Switzerland - 2.0% |
Adecco SA (Reg.) | 32,451 | | 1,580,446 |
Partners Group Holding AG | 13,818 | | 2,629,462 |
Roche Holding AG (participation certificate) | 14,101 | | 2,576,107 |
Schindler Holding AG (participation certificate) | 33,294 | | 4,306,887 |
Swatch Group AG (Bearer) | 3,280 | | 1,512,873 |
Syngenta AG (Switzerland) | 5,030 | | 1,764,098 |
UBS AG | 248,020 | | 3,097,663 |
Zurich Financial Services AG | 20,820 | | 5,092,876 |
TOTAL SWITZERLAND | | 22,560,412 |
Turkey - 0.0% |
Boyner Buyuk Magazacilik A/S (a) | 280,000 | | 562,550 |
United Kingdom - 10.4% |
Aberdeen Asset Management PLC | 355,842 | | 1,637,403 |
Aggreko PLC | 79,600 | | 2,908,264 |
Anglo American PLC (United Kingdom) | 89,418 | | 3,436,782 |
Ashmore Group PLC | 187,900 | | 1,166,855 |
Barclays PLC | 1,259,033 | | 4,457,965 |
BG Group PLC | 274,063 | | 6,452,283 |
BHP Billiton PLC | 230,347 | | 7,416,215 |
BP PLC | 679,369 | | 4,908,436 |
British American Tobacco PLC: | | | |
(United Kingdom) | 174,800 | | 8,966,516 |
sponsored ADR | 67,500 | | 6,947,100 |
British Land Co. PLC | 332,855 | | 2,644,018 |
|
| Shares | | Value |
Burberry Group PLC | 94,800 | | $ 2,284,968 |
Carphone Warehouse Group PLC | 868,479 | | 1,846,613 |
Diageo PLC | 235,504 | | 5,940,914 |
GlaxoSmithKline PLC | 169,900 | | 3,925,428 |
HSBC Holdings PLC (United Kingdom) | 715,328 | | 6,458,188 |
Jazztel PLC (a) | 353,900 | | 2,371,042 |
Legal & General Group PLC | 1,970,424 | | 3,761,078 |
London Stock Exchange Group PLC | 33,500 | | 591,587 |
Meggitt PLC | 416,600 | | 2,762,209 |
Michael Page International PLC | 230,900 | | 1,557,560 |
Next PLC | 43,800 | | 2,082,278 |
Ocado Group PLC (a)(d) | 898,900 | | 1,893,788 |
Reckitt Benckiser Group PLC | 36,900 | | 2,148,340 |
Rolls-Royce Group PLC | 271,600 | | 3,630,268 |
Rotork PLC | 37,010 | | 1,325,765 |
Royal Dutch Shell PLC Class B | 371,647 | | 13,601,931 |
Royalblue Group PLC | 39,800 | | 1,001,290 |
Ultra Electronics Holdings PLC | 36,900 | | 1,008,588 |
Vodafone Group PLC | 1,452,800 | | 4,021,790 |
Vodafone Group PLC sponsored ADR | 47,212 | | 1,313,910 |
Xstrata PLC | 112,700 | | 2,153,923 |
TOTAL UNITED KINGDOM | | 116,623,295 |
United States of America - 51.8% |
3D Systems Corp. (a) | 18,000 | | 530,820 |
Active Network, Inc. | 123,000 | | 2,066,400 |
Advance Auto Parts, Inc. | 5,000 | | 459,000 |
Airgas, Inc. | 15,000 | | 1,374,600 |
Alexion Pharmaceuticals, Inc. (a) | 29,000 | | 2,619,280 |
Allergan, Inc. | 13,000 | | 1,248,000 |
Altria Group, Inc. | 78,000 | | 2,512,380 |
Amazon.com, Inc. (a) | 14,000 | | 3,246,600 |
American International Group, Inc. (a) | 141,000 | | 4,798,230 |
American Tower Corp. | 143,000 | | 9,377,940 |
Amgen, Inc. | 86,000 | | 6,115,460 |
Apple, Inc. (a) | 32,600 | | 19,046,224 |
AutoZone, Inc. (a) | 14,000 | | 5,546,240 |
BB&T Corp. | 204,000 | | 6,536,160 |
Beam, Inc. | 68,200 | | 3,872,396 |
Bed Bath & Beyond, Inc. (a) | 12,000 | | 844,680 |
Biogen Idec, Inc. (a) | 94,500 | | 12,663,945 |
Cabela's, Inc. Class A (a) | 171,000 | | 6,465,510 |
Cirrus Logic, Inc. (a) | 55,500 | | 1,519,590 |
Citrix Systems, Inc. (a) | 396,109 | | 33,910,888 |
Cognizant Technology Solutions Corp. Class A (a) | 47,200 | | 3,460,704 |
Comcast Corp. Class A | 122,000 | | 3,700,260 |
Concur Technologies, Inc. (a) | 3,000 | | 169,680 |
Continental Resources, Inc. (a) | 23,000 | | 2,052,750 |
Cray, Inc. (a) | 17,000 | | 189,550 |
Cummins, Inc. | 23,300 | | 2,698,839 |
Dick's Sporting Goods, Inc. | 7,000 | | 354,200 |
Discover Financial Services | 25,000 | | 847,500 |
Discovery Communications, Inc. (a) | 69,000 | | 3,754,980 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Dollar General Corp. (a) | 145,400 | | $ 6,900,684 |
Drew Industries, Inc. (a) | 8,000 | | 238,240 |
Elizabeth Arden, Inc. (a) | 56,534 | | 2,203,695 |
EOG Resources, Inc. | 12,000 | | 1,317,720 |
Equifax, Inc. | 54,000 | | 2,474,280 |
Estee Lauder Companies, Inc. Class A | 297,000 | | 19,408,950 |
Expedia, Inc. | 27,000 | | 1,151,010 |
Fair Isaac Corp. | 90,000 | | 3,861,000 |
Fifth Third Bancorp | 1,340,000 | | 19,068,200 |
FMC Corp. | 18,000 | | 1,988,100 |
Foot Locker, Inc. | 41,000 | | 1,254,190 |
Fusion-io, Inc. | 17,000 | | 436,050 |
G-III Apparel Group Ltd. (a) | 246,200 | | 6,610,470 |
Gilead Sciences, Inc. (a) | 68,000 | | 3,536,680 |
H.B. Fuller Co. | 60,000 | | 1,974,000 |
HollyFrontier Corp. | 74,000 | | 2,280,680 |
Home Depot, Inc. | 38,000 | | 1,968,020 |
Hubbell, Inc. Class B | 15,000 | | 1,203,600 |
IBM Corp. | 55,000 | | 11,389,400 |
Intuit, Inc. | 446,000 | | 25,854,620 |
J.B. Hunt Transport Services, Inc. | 104,000 | | 5,754,320 |
JCPenney Co., Inc. | 62,000 | | 2,235,720 |
Kansas City Southern | 178,000 | | 13,709,560 |
Las Vegas Sands Corp. | 94,000 | | 5,216,060 |
Limited Brands, Inc. | 28,000 | | 1,391,600 |
Lincoln National Corp. | 45,000 | | 1,114,650 |
Lithia Motors, Inc. Class A (sub. vtg.) | 53,000 | | 1,421,990 |
Lorillard, Inc. | 36,000 | | 4,870,440 |
Mako Surgical Corp. (a) | 24,000 | | 991,440 |
Manitowoc Co., Inc. | 118,000 | | 1,634,300 |
Marathon Petroleum Corp. | 149,000 | | 6,199,890 |
Marten Transport Ltd. | 39,600 | | 834,372 |
MasterCard, Inc. Class A | 74,400 | | 33,648,888 |
McDonald's Corp. | 29,500 | | 2,874,775 |
Medivation, Inc. (a) | 32,000 | | 2,588,160 |
Merrimack Pharmaceuticals, Inc. | 19,000 | | 150,100 |
Michael Kors Holdings Ltd. | 154,500 | | 7,056,015 |
MICROS Systems, Inc. (a) | 7,000 | | 397,810 |
Microsoft Corp. | 349,000 | | 11,174,980 |
Monster Beverage Corp. (a) | 19,000 | | 1,234,240 |
National Oilwell Varco, Inc. | 16,000 | | 1,212,160 |
NIKE, Inc. Class B | 75,000 | | 8,390,250 |
Noble Energy, Inc. | 78,000 | | 7,746,960 |
O'Reilly Automotive, Inc. (a) | 27,000 | | 2,847,420 |
Perrigo Co. | 24,000 | | 2,517,600 |
PetSmart, Inc. | 18,000 | | 1,048,680 |
Pioneer Natural Resources Co. | 143,000 | | 16,562,260 |
Prestige Brands Holdings, Inc. (a) | 304,000 | | 5,164,960 |
Priceline.com, Inc. (a) | 5,000 | | 3,804,100 |
|
| Shares | | Value |
PulteGroup, Inc. (a) | 43,300 | | $ 426,072 |
Ralph Lauren Corp. | 10,000 | | 1,722,700 |
Raymond James Financial, Inc. | 65,000 | | 2,380,300 |
Responsys, Inc. | 13,000 | | 166,140 |
Robert Half International, Inc. | 18,000 | | 536,400 |
Royal Gold, Inc. | 24,200 | | 1,499,432 |
salesforce.com, Inc. (a) | 69,000 | | 10,745,370 |
Sempra Energy | 174,000 | | 11,264,760 |
Starbucks Corp. | 17,000 | | 975,460 |
Stratasys, Inc. (a) | 3,000 | | 153,630 |
SVB Financial Group (a) | 62,000 | | 3,973,580 |
The Coca-Cola Co. | 7,000 | | 534,240 |
TIBCO Software, Inc. (a) | 75,000 | | 2,467,500 |
Timken Co. | 39,000 | | 2,203,890 |
TJX Companies, Inc. | 462,000 | | 19,270,020 |
Total System Services, Inc. | 67,900 | | 1,597,008 |
Tractor Supply Co. | 5,000 | | 492,050 |
U.S. Bancorp | 75,000 | | 2,412,750 |
Under Armour, Inc. Class A (sub. vtg.) (a) | 16,000 | | 1,566,880 |
Union Pacific Corp. | 56,400 | | 6,341,616 |
United Rentals, Inc. (a)(d) | 128,000 | | 5,975,040 |
United Technologies Corp. | 19,000 | | 1,551,160 |
UnitedHealth Group, Inc. | 317,800 | | 17,844,470 |
Valmont Industries, Inc. | 31,000 | | 3,841,830 |
Vertex Pharmaceuticals, Inc. (a) | 36,000 | | 1,385,280 |
W.R. Grace & Co. (a) | 104,200 | | 6,211,362 |
Weight Watchers International, Inc. | 8,000 | | 607,680 |
Wells Fargo & Co. | 797,000 | | 26,643,710 |
WESCO International, Inc. (a) | 152,000 | | 10,091,280 |
Williams Companies, Inc. | 267,000 | | 9,086,010 |
Wyndham Worldwide Corp. | 122,000 | | 6,141,480 |
Yum! Brands, Inc. | 115,000 | | 8,363,950 |
TOTAL UNITED STATES OF AMERICA | | 579,369,145 |
TOTAL COMMON STOCKS (Cost $957,152,210) |
1,091,227,118
|
Nonconvertible Preferred Stocks - 0.4% |
| | | |
Germany - 0.3% |
Volkswagen AG | 17,500 | | 3,315,126 |
Italy - 0.1% |
Fiat Industrial SpA | 111,500 | | 915,143 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C | 28,789,600 | | 46,728 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,270,670) |
4,276,997
|
Investment Companies - 0.0% |
| Shares | | Value |
Cyprus - 0.0% |
Aisi Realty Public Ltd. (a)
(Cost $400,856) | 12,322 | | $ 16,700 |
Money Market Funds - 5.0% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 17,091,275 | | 17,091,275 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 38,391,837 | | 38,391,837 |
TOTAL MONEY MARKET FUNDS (Cost $55,483,112) |
55,483,112
|
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $1,016,306,848) | 1,151,003,927 |
NET OTHER ASSETS (LIABILITIES) - (3.0)% | (33,633,321) |
NET ASSETS - 100% | $ 1,117,370,606 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
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 | $ 16,421 |
Fidelity Securities Lending Cash Central Fund | 94,686 |
Total | $ 111,107 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 194,496,252 | $ 173,673,006 | $ 20,823,246 | $ - |
Consumer Staples | 114,773,922 | 87,837,623 | 26,936,299 | - |
Energy | 80,943,483 | 62,433,116 | 18,510,367 | - |
Financials | 177,168,238 | 134,992,760 | 42,175,478 | - |
Health Care | 88,898,292 | 68,303,950 | 20,594,342 | - |
Industrials | 123,006,706 | 110,365,851 | 12,640,855 | - |
Information Technology | 224,888,810 | 208,720,018 | 16,168,792 | - |
Materials | 52,236,622 | 40,348,325 | 11,888,297 | - |
Telecommunication Services | 24,015,702 | 17,290,124 | 6,725,578 | - |
Utilities | 15,076,088 | 15,076,088 | - | - |
Investment Companies | 16,700 | 16,700 | - | - |
Money Market Funds | 55,483,112 | 55,483,112 | - | - |
Total Investments in Securities: | $ 1,151,003,927 | $ 974,540,673 | $ 176,463,254 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Worldwide Fund
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $36,129,814) - See accompanying schedule: Unaffiliated issuers (cost $960,823,736) | $ 1,095,520,815 | |
Fidelity Central Funds (cost $55,483,112) | 55,483,112 | |
Total Investments (cost $1,016,306,848) | | $ 1,151,003,927 |
Foreign currency held at value (cost $49,813) | | 49,785 |
Receivable for investments sold | | 26,995,321 |
Receivable for fund shares sold | | 1,033,941 |
Dividends receivable | | 2,769,472 |
Distributions receivable from Fidelity Central Funds | | 49,346 |
Prepaid expenses | | 1,182 |
Other receivables | | 360,808 |
Total assets | | 1,182,263,782 |
| | |
Liabilities | | |
Payable for investments purchased | $ 24,303,114 | |
Payable for fund shares redeemed | 1,087,221 | |
Accrued management fee | 776,264 | |
Distribution and service plan fees payable | 6,594 | |
Other affiliated payables | 254,471 | |
Other payables and accrued expenses | 73,675 | |
Collateral on securities loaned, at value | 38,391,837 | |
Total liabilities | | 64,893,176 |
| | |
Net Assets | | $ 1,117,370,606 |
Net Assets consist of: | | |
Paid in capital | | $ 1,026,239,913 |
Undistributed net investment income | | 3,791,146 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (47,353,775) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 134,693,322 |
Net Assets | | $ 1,117,370,606 |
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($15,452,662 ÷ 794,000 shares) | | $ 19.46 |
| | |
Maximum offering price per share (100/94.25 of $19.46) | | $ 20.65 |
Class T:
Net Asset Value and redemption price per share ($4,677,810 ÷ 241,096 shares) | | $ 19.40 |
| | |
Maximum offering price per share (100/96.50 of $19.40) | | $ 20.10 |
Class B:
Net Asset Value and offering price per share ($301,541 ÷ 15,637 shares)A | | $ 19.28 |
| | |
Class C:
Net Asset Value and offering price per share ($1,591,335 ÷ 82,668 shares)A | | $ 19.25 |
| | |
Worldwide:
Net Asset Value, offering price and redemption price per share ($1,091,428,457 ÷ 55,726,819 shares) | | $ 19.59 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($3,918,801 ÷ 200,715 shares) | | $ 19.52 |
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 Worldwide Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2012 (Unaudited) |
Investment Income | | |
Dividends | | $ 11,328,444 |
Interest | | 10 |
Income from Fidelity Central Funds | | 111,107 |
Income before foreign taxes withheld | | 11,439,561 |
Less foreign taxes withheld | | (447,100) |
Total income | | 10,992,461 |
Expenses | | |
Management fee
Basic fee | $ 3,869,316 | |
Performance adjustment | 317,081 | |
Transfer agent fees | 1,288,963 | |
Distribution and service plan fees | 33,944 | |
Accounting and security lending fees | 253,528 | |
Custodian fees and expenses | 98,662 | |
Independent trustees' compensation | 3,420 | |
Registration fees | 76,647 | |
Audit | 34,852 | |
Legal | 2,803 | |
Interest | 56 | |
Miscellaneous | 5,555 | |
Total expenses before reductions | 5,984,827 | |
Expense reductions | (172,044) | 5,812,783 |
Net investment income (loss) | | 5,179,678 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 10,519,556 | |
Foreign currency transactions | (110,900) | |
Total net realized gain (loss) | | 10,408,656 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 77,507,072 | |
Assets and liabilities in foreign currencies | (19,107) | |
Total change in net unrealized appreciation (depreciation) | | 77,487,965 |
Net gain (loss) | | 87,896,621 |
Net increase (decrease) in net assets resulting from operations | | $ 93,076,299 |
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,179,678 | $ 7,182,199 |
Net realized gain (loss) | 10,408,656 | 120,543,178 |
Change in net unrealized appreciation (depreciation) | 77,487,965 | (94,457,618) |
Net increase (decrease) in net assets resulting from operations | 93,076,299 | 33,267,759 |
Distributions to shareholders from net investment income | (4,089,511) | (6,244,141) |
Distributions to shareholders from net realized gain | - | (2,870,519) |
Total distributions | (4,089,511) | (9,114,660) |
Share transactions - net increase (decrease) | (106,307,332) | 12,558,124 |
Redemption fees | 18,358 | 33,448 |
Total increase (decrease) in net assets | (17,302,186) | 36,744,671 |
| | |
Net Assets | | |
Beginning of period | 1,134,672,792 | 1,097,928,121 |
End of period (including undistributed net investment income of $3,791,146 and undistributed net investment income of $2,700,979, respectively) | $ 1,117,370,606 | $ 1,134,672,792 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 17.89 | $ 17.50 | $ 14.96 | $ 10.88 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .06 | .05 | .03 | (.01) |
Net realized and unrealized gain (loss) | 1.53 | .47 | 2.63 | 4.09 |
Total from investment operations | 1.59 | .52 | 2.66 | 4.08 |
Distributions from net investment income | (.02) | (.08) | (.10) | - |
Distributions from net realized gain | - | (.05) | (.02) | - |
Total distributions | (.02) | (.13) | (.12) | - |
Redemption fees added to paid in capital E,J | - | - | - | - |
Net asset value, end of period | $ 19.46 | $ 17.89 | $ 17.50 | $ 14.96 |
Total Return B,C,D | 8.91% | 2.94% | 17.85% | 37.50% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 1.40% A | 1.41% | 1.43% | 1.52% A |
Expenses net of fee waivers, if any | 1.40% A | 1.40% | 1.43% | 1.52% A |
Expenses net of all reductions | 1.37% A | 1.38% | 1.41% | 1.49% A |
Net investment income (loss) | .64% A | .28% | .21% | (.06)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 15,453 | $ 13,153 | $ 7,530 | $ 993 |
Portfolio turnover rate G | 192% A | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. 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. JAmount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 17.83 | $ 17.46 | $ 14.94 | $ 10.88 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .03 | .01 | (.01) | (.01) |
Net realized and unrealized gain (loss) | 1.54 | .45 | 2.62 | 4.07 |
Total from investment operations | 1.57 | .46 | 2.61 | 4.06 |
Distributions from net investment income | - | (.04) | (.08) | - |
Distributions from net realized gain | - | (.05) | (.02) | - |
Total distributions | - | (.09) | (.09) K | - |
Redemption fees added to paid in capital E,J | - | - | - | - |
Net asset value, end of period | $ 19.40 | $ 17.83 | $ 17.46 | $ 14.94 |
Total Return B,C,D | 8.81% | 2.61% | 17.53% | 37.32% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 1.66% A | 1.66% | 1.70% | 1.73% A |
Expenses net of fee waivers, if any | 1.66% A | 1.65% | 1.70% | 1.73% A |
Expenses net of all reductions | 1.63% A | 1.63% | 1.68% | 1.70% A |
Net investment income (loss) | .38% A | .03% | (.05)% | (.08)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 4,678 | $ 2,187 | $ 1,120 | $ 458 |
Portfolio turnover rate G | 192% A | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. 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. JAmount represents less than $.01 per share. KTotal distributions of $.09 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.015 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, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 17.77 | $ 17.39 | $ 14.89 | $ 10.88 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.01) | (.09) | (.09) | (.03) |
Net realized and unrealized gain (loss) | 1.52 | .47 | 2.61 | 4.04 |
Total from investment operations | 1.51 | .38 | 2.52 | 4.01 |
Distributions from net investment income | - | - | (.01) | - |
Distributions from net realized gain | - | - | (.01) | - |
Total distributions | - | - | (.02) | - |
Redemption fees added to paid in capital E,J | - | - | - | - |
Net asset value, end of period | $ 19.28 | $ 17.77 | $ 17.39 | $ 14.89 |
Total Return B,C,D | 8.50% | 2.19% | 16.92% | 36.86% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 2.15% A | 2.16% | 2.19% | 2.20% A |
Expenses net of fee waivers, if any | 2.15% A | 2.16% | 2.19% | 2.20% A |
Expenses net of all reductions | 2.12% A | 2.13% | 2.17% | 2.17% A |
Net investment income (loss) | (.11)% A | (.47)% | (.55)% | (.30)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 302 | $ 256 | $ 305 | $ 224 |
Portfolio turnover rate G | 192% A | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. 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. JAmount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 17.74 | $ 17.36 | $ 14.89 | $ 10.88 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.01) | (.09) | (.09) | (.04) |
Net realized and unrealized gain (loss) | 1.52 | .47 | 2.61 | 4.05 |
Total from investment operations | 1.51 | .38 | 2.52 | 4.01 |
Distributions from net investment income | - | - | (.03) | - |
Distributions from net realized gain | - | - | (.02) | - |
Total distributions | - | - | (.05) | - |
Redemption fees added to paid in capital E,J | - | - | - | - |
Net asset value, end of period | $ 19.25 | $ 17.74 | $ 17.36 | $ 14.89 |
Total Return B,C,D | 8.51% | 2.19% | 16.94% | 36.86% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 2.16% A | 2.16% | 2.19% | 2.18% A |
Expenses net of fee waivers, if any | 2.16% A | 2.15% | 2.19% | 2.18% A |
Expenses net of all reductions | 2.13% A | 2.13% | 2.16% | 2.15% A |
Net investment income (loss) | (.12)% A | (.47)% | (.54)% | (.39)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 1,591 | $ 1,297 | $ 710 | $ 335 |
Portfolio turnover rate G | 192% A | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. 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. JAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Worldwide
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 18.02 | $ 17.58 | $ 14.98 | $ 13.40 | $ 25.18 | $ 21.82 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .09 | .11 | .08 | .12 | .16 | .14 |
Net realized and unrealized gain (loss) | 1.55 | .48 | 2.63 | 1.63 | (9.44) | 6.05 |
Total from investment operations | 1.64 | .59 | 2.71 | 1.75 | (9.28) | 6.19 |
Distributions from net investment income | (.07) | (.10) | (.10) | (.17) | (.12) | (.17) |
Distributions from net realized gain | - | (.05) | (.02) | - | (2.38) | (2.66) |
Total distributions | (.07) | (.15) | (.11) I | (.17) | (2.50) | (2.83) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 19.59 | $ 18.02 | $ 17.58 | $ 14.98 | $ 13.40 | $ 25.18 |
Total Return B,C | 9.12% | 3.32% | 18.18% | 13.39% | (40.66)% | 31.87% |
Ratios to Average Net Assets E,G | | | | | | |
Expenses before reductions | 1.09% A | 1.08% | 1.15% | 1.27% | 1.21% | 1.04% |
Expenses net of fee waivers, if any | 1.09% A | 1.08% | 1.15% | 1.27% | 1.21% | 1.04% |
Expenses net of all reductions | 1.06% A | 1.05% | 1.12% | 1.24% | 1.19% | 1.02% |
Net investment income (loss) | .96% A | .60% | .50% | .92% | .84% | .66% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,091,428 | $ 1,114,694 | $ 1,087,928 | $ 991,996 | $ 934,885 | $ 1,773,603 |
Portfolio turnover rate F | 192% A | 203% | 166% | 224% | 264% | 128% |
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 $.11 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.015 per share. |
Financial Highlights - Institutional Class
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 17.98 | $ 17.57 | $ 15.00 | $ 10.88 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .08 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | 1.54 | .47 | 2.63 | 4.06 |
Total from investment operations | 1.62 | .57 | 2.70 | 4.12 |
Distributions from net investment income | (.08) | (.11) | (.11) | - |
Distributions from net realized gain | - | (.05) | (.02) | - |
Total distributions | (.08) | (.16) | (.13) | - |
Redemption fees added to paid in capital D, I | - | - | - | - |
Net asset value, end of period | $ 19.52 | $ 17.98 | $ 17.57 | $ 15.00 |
Total Return B,C | 9.04% | 3.23% | 18.08% | 37.87% |
Ratios to Average Net Assets E,H | | | | |
Expenses before reductions | 1.16% A | 1.13% | 1.21% | 1.17% A |
Expenses net of fee waivers, if any | 1.16% A | 1.13% | 1.21% | 1.17% A |
Expenses net of all reductions | 1.13% A | 1.10% | 1.19% | 1.15% A |
Net investment income (loss) | .88% A | .56% | .44% | .62% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 3,919 | $ 3,086 | $ 335 | $ 290 |
Portfolio turnover rate F | 192% A | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. 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 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. IAmount 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, 2012 (Unaudited)
1. Organization.
Fidelity® Worldwide 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, Worldwide and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 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
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, equity-debt classifications, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
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 | $ 157,577,746 |
Gross unrealized depreciation | (28,021,841) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 129,555,905 |
| |
Tax cost | $ 1,021,448,022 |
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. At October 31, 2011 capital loss carryforwards were as follows:
Fiscal year of expiration | |
2017 | $ (43,909,944) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $1,033,250,196 and $1,119,584,452, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Worldwide as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .77% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total
Fees | Retained
by FDC |
Class A | -% | .25% | $ 17,376 | $ 1,400 |
Class T | .25% | .25% | 8,102 | 84 |
Class B | .75% | .25% | 1,357 | 1,019 |
Class C | .75% | .25% | 7,109 | 2,763 |
| | | $ 33,944 | $ 5,266 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 4,384 |
Class T | 972 |
Class B* | 481 |
Class C* | 1,262 |
| $ 7,099 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 20,918 | .30 |
Class T | 5,033 | .31 |
Class B | 409 | .30 |
Class C | 2,170 | .31 |
Worldwide | 1,255,256 | .23 |
Institutional Class | 5,177 | .31 |
| $ 1,288,963 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $24,998 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, 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
Balance | Weighted Average Interest Rate | Interest
Expense |
Borrower | $ 6,075,000 | .33% | $ 56 |
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $1,642 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $94,686. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $172,044 for the period.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 16,597 | $ 36,687 |
Class T | - | 3,024 |
Class B | - | - |
Class C | - | - |
Worldwide | 4,059,520 | 6,199,611 |
Institutional Class | 13,394 | 4,819 |
Total | $ 4,089,511 | $ 6,244,141 |
From net realized gain | | |
Class A | $ - | $ 20,664 |
Class T | - | 3,280 |
Class B | - | - |
Class C | - | - |
Worldwide | - | 2,844,643 |
Institutional Class | - | 1,932 |
Total | $ - | $ 2,870,519 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 188,055 | 446,295 | $ 3,446,072 | $ 8,440,354 |
Reinvestment of distributions | 720 | 2,409 | 12,524 | 44,007 |
Shares redeemed | (130,134) | (143,732) | (2,373,904) | (2,654,718) |
Net increase (decrease) | 58,641 | 304,972 | $ 1,084,692 | $ 5,829,643 |
Class T | | | | |
Shares sold | 131,790 | 307,740 | $ 2,443,223 | $ 5,853,479 |
Reinvestment of distributions | - | 344 | - | 6,293 |
Shares redeemed | (13,325) | (249,620) | (241,694) | (4,835,753) |
Net increase (decrease) | 118,465 | 58,464 | $ 2,201,529 | $ 1,024,019 |
Class B | | | | |
Shares sold | 2,613 | 3,768 | $ 46,396 | $ 71,519 |
Shares redeemed | (1,359) | (6,939) | (23,981) | (128,598) |
Net increase (decrease) | 1,254 | (3,171) | $ 22,415 | $ (57,079) |
Class C | | | | |
Shares sold | 25,761 | 41,472 | $ 466,522 | $ 784,669 |
Shares redeemed | (16,217) | (9,227) | (292,789) | (167,760) |
Net increase (decrease) | 9,544 | 32,245 | $ 173,733 | $ 616,909 |
Worldwide | | | | |
Shares sold | 4,617,352 | 12,255,493 | $ 82,942,652 | $ 231,984,939 |
Reinvestment of distributions | 226,349 | 480,262 | 3,956,581 | 8,805,760 |
Shares redeemed | (10,988,502) | (12,736,797) | (197,231,169) | (238,335,100) |
Net increase (decrease) | (6,144,801) | (1,042) | $ (110,331,936) | $ 2,455,599 |
Institutional Class | | | | |
Shares sold | 60,053 | 162,911 | $ 1,113,224 | $ 2,875,496 |
Reinvestment of distributions | 745 | 360 | 12,982 | 6,581 |
Shares redeemed | (31,757) | (10,647) | (583,971) | (193,044) |
Net increase (decrease) | 29,041 | 152,624 | $ 542,235 | $ 2,689,033 |
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
Investments
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(UK) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
AWLD-USAN-0612
1.883449.103
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Worldwide Fund
Institutional Class
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Institutional Class is a class of
Fidelity® Worldwide Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Changes | (Click Here) | A summary of major shifts in the fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Worldwide Fund
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, 2011 to April 30, 2012).
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
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,089.10 | $ 7.27 |
HypotheticalA | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
Class T | 1.66% | | | |
Actual | | $ 1,000.00 | $ 1,088.10 | $ 8.62 |
HypotheticalA | | $ 1,000.00 | $ 1,016.61 | $ 8.32 |
Class B | 2.15% | | | |
Actual | | $ 1,000.00 | $ 1,085.00 | $ 11.15 |
HypotheticalA | | $ 1,000.00 | $ 1,014.17 | $ 10.77 |
Class C | 2.16% | | | |
Actual | | $ 1,000.00 | $ 1,085.10 | $ 11.20 |
HypotheticalA | | $ 1,000.00 | $ 1,014.12 | $ 10.82 |
Worldwide | 1.09% | | | |
Actual | | $ 1,000.00 | $ 1,091.20 | $ 5.67 |
HypotheticalA | | $ 1,000.00 | $ 1,019.44 | $ 5.47 |
Institutional Class | 1.16% | | | |
Actual | | $ 1,000.00 | $ 1,090.40 | $ 6.03 |
HypotheticalA | | $ 1,000.00 | $ 1,019.10 | $ 5.82 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Fidelity Worldwide Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
 | United States of America | 53.8% | |
 | United Kingdom | 10.4% | |
 | Japan | 7.7% | |
 | France | 2.9% | |
 | Netherlands | 2.5% | |
 | Germany | 2.5% | |
 | Switzerland | 2.0% | |
 | Korea (South) | 1.8% | |
 | Ireland | 1.7% | |
 | Other | 14.7% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United States of America | 52.8% | |
| United Kingdom | 9.8% | |
| Japan | 7.0% | |
| France | 4.3% | |
| Switzerland | 3.2% | |
| Germany | 2.7% | |
| Canada | 2.1% | |
| Netherlands | 1.6% | |
| Australia | 1.5% | |
| Other | 15.0% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Investment Companies | 98.0 | 96.6 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.0 | 3.4 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Citrix Systems, Inc. (United States of America, Software) | 3.0 | 1.1 |
MasterCard, Inc. Class A (United States of America, IT Services) | 3.0 | 2.1 |
Wells Fargo & Co. (United States of America, Commercial Banks) | 2.4 | 0.6 |
Intuit, Inc. (United States of America, Software) | 2.3 | 2.7 |
Estee Lauder Companies, Inc. Class A (United States of America, Personal Products) | 1.7 | 1.0 |
TJX Companies, Inc. (United States of America, Specialty Retail) | 1.7 | 0.9 |
Fifth Third Bancorp (United States of America, Commercial Banks) | 1.7 | 0.4 |
Apple, Inc. (United States of America, Computers & Peripherals) | 1.7 | 1.8 |
UnitedHealth Group, Inc. (United States of America, Health Care Providers & Services) | 1.6 | 1.2 |
Pioneer Natural Resources Co. (United States of America, Oil, Gas & Consumable Fuels) | 1.5 | 0.0 |
| 20.6 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Information Technology | 19.9 | 14.3 |
Consumer Discretionary | 17.8 | 14.7 |
Financials | 15.9 | 18.2 |
Industrials | 10.8 | 9.2 |
Consumer Staples | 10.3 | 9.4 |
Health Care | 7.8 | 10.7 |
Energy | 7.3 | 11.4 |
Materials | 4.8 | 4.3 |
Telecommunication Services | 2.1 | 3.0 |
Utilities | 1.3 | 1.4 |
Semiannual Report
Fidelity Worldwide Fund
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.6% |
| Shares | | Value |
Australia - 1.7% |
Australia & New Zealand Banking Group Ltd. | 267,724 | | $ 6,669,174 |
Commonwealth Bank of Australia | 78,325 | | 4,240,903 |
Fortescue Metals Group Ltd. | 218,016 | | 1,281,069 |
Imdex Ltd. | 398,114 | | 1,045,233 |
NRW Holdings Ltd. | 135,597 | | 577,801 |
Ramsay Health Care Ltd. | 86,433 | | 1,803,706 |
Spark Infrastructure Group unit | 959,218 | | 1,449,074 |
WorleyParsons Ltd. | 54,064 | | 1,591,226 |
TOTAL AUSTRALIA | | 18,658,186 |
Bailiwick of Jersey - 1.0% |
Experian PLC | 249,900 | | 3,944,583 |
Shire PLC | 61,500 | | 2,004,695 |
Wolseley PLC | 135,960 | | 5,170,455 |
TOTAL BAILIWICK OF JERSEY | | 11,119,733 |
Belgium - 1.5% |
Anheuser-Busch InBev SA NV (d) | 227,711 | | 16,413,616 |
Bermuda - 0.6% |
African Minerals Ltd. (a) | 185,600 | | 1,566,486 |
Cheung Kong Infrastructure Holdings Ltd. | 398,000 | | 2,362,254 |
Li & Fung Ltd. | 928,000 | | 1,985,500 |
Petra Diamonds Ltd. (a) | 386,300 | | 973,736 |
TOTAL BERMUDA | | 6,887,976 |
Brazil - 0.9% |
Arezzo Industria e Comercio SA | 51,200 | | 805,813 |
Qualicorp SA | 329,000 | | 2,865,147 |
Redecard SA | 63,500 | | 1,069,354 |
Souza Cruz Industria e Comercio | 112,500 | | 1,752,289 |
TIM Participacoes SA sponsored ADR | 122,878 | | 3,677,739 |
TOTAL BRAZIL | | 10,170,342 |
British Virgin Islands - 0.3% |
Gem Diamonds Ltd. (a) | 118,800 | | 499,415 |
Mail.ru Group Ltd. GDR (Reg. S) (a) | 68,600 | | 2,966,950 |
TOTAL BRITISH VIRGIN ISLANDS | | 3,466,365 |
Canada - 0.4% |
Goldcorp, Inc. | 35,100 | | 1,344,301 |
InterOil Corp. (a) | 10,500 | | 634,620 |
Open Text Corp. (a) | 36,300 | | 2,035,226 |
TOTAL CANADA | | 4,014,147 |
Cayman Islands - 0.8% |
Baidu.com, Inc. sponsored ADR (a) | 17,600 | | 2,335,520 |
Biostime International Holdings Ltd. | 496,500 | | 1,430,246 |
China Kanghui Holdings sponsored ADR (a) | 105,800 | | 2,112,826 |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 19,400 | | 552,900 |
|
| Shares | | Value |
Sands China Ltd. | 554,400 | | $ 2,179,400 |
Shenguan Holdings Group Ltd. | 558,000 | | 302,063 |
TOTAL CAYMAN ISLANDS | | 8,912,955 |
Denmark - 1.2% |
Danske Bank A/S (a) | 93,416 | | 1,516,844 |
Novo Nordisk A/S Series B | 48,916 | | 7,211,985 |
William Demant Holding A/S (a) | 47,100 | | 4,446,243 |
TOTAL DENMARK | | 13,175,072 |
France - 2.9% |
Arkema SA | 20,430 | | 1,809,597 |
AXA SA | 237,737 | | 3,367,464 |
BNP Paribas SA | 87,788 | | 3,527,087 |
Bureau Veritas SA | 29,600 | | 2,637,507 |
Iliad SA | 22,513 | | 2,898,313 |
JC Decaux SA | 31,800 | | 902,346 |
L'Oreal SA | 9,000 | | 1,082,882 |
LVMH Moet Hennessy - Louis Vuitton SA (d) | 21,299 | | 3,528,681 |
PPR SA (d) | 23,950 | | 4,005,928 |
Sanofi SA | 57,258 | | 4,373,801 |
Schneider Electric SA | 43,500 | | 2,672,534 |
Technip SA | 11,800 | | 1,334,488 |
TOTAL FRANCE | | 32,140,628 |
Germany - 2.2% |
Aareal Bank AG (a) | 63,891 | | 1,232,738 |
Allianz AG | 15,766 | | 1,756,923 |
BASF AG (d) | 39,164 | | 3,224,259 |
Bayerische Motoren Werke AG (BMW) | 44,338 | | 4,214,862 |
Fresenius Medical Care AG & Co. KGaA | 22,400 | | 1,590,786 |
GEA Group AG | 59,653 | | 1,968,688 |
Gerry Weber International AG (Bearer) | 19,400 | | 823,870 |
GSW Immobilien AG | 26,800 | | 892,090 |
GSW Immobilien AG rights 5/3/12 (a) | 26,800 | | 31,480 |
Lanxess AG | 20,100 | | 1,600,494 |
MTU Aero Engines Holdings AG | 17,300 | | 1,457,009 |
SAP AG | 56,734 | | 3,762,517 |
Wirecard AG | 97,400 | | 1,805,134 |
TOTAL GERMANY | | 24,360,850 |
Hong Kong - 0.7% |
AIA Group Ltd. | 1,071,600 | | 3,812,024 |
HKT Trust / HKT Ltd. unit | 1,451,000 | | 1,127,713 |
Techtronic Industries Co. Ltd. | 2,728,500 | | 3,295,167 |
TOTAL HONG KONG | | 8,234,904 |
India - 0.6% |
Apollo Hospitals Enterprise Ltd. | 25,151 | | 301,034 |
Housing Development Finance Corp. Ltd. | 205,593 | | 2,629,592 |
IndusInd Bank Ltd. | 191,444 | | 1,211,198 |
Common Stocks - continued |
| Shares | | Value |
India - continued |
The Jammu & Kashmir Bank Ltd. | 30,114 | | $ 538,124 |
Titan Industries Ltd. | 374,259 | | 1,655,793 |
TOTAL INDIA | | 6,335,741 |
Indonesia - 0.2% |
PT Media Nusantara Citra Tbk | 4,495,500 | | 1,100,579 |
PT Sarana Menara Nusantara Tbk (a) | 371,000 | | 557,075 |
PT Tower Bersama Infrastructure Tbk | 3,318,000 | | 1,101,126 |
TOTAL INDONESIA | | 2,758,780 |
Ireland - 1.7% |
Accenture PLC Class A | 121,800 | | 7,910,910 |
Alkermes PLC (a) | 84,000 | | 1,453,200 |
Elan Corp. PLC sponsored ADR (a) | 169,000 | | 2,330,510 |
Ingersoll-Rand PLC | 40,000 | | 1,700,800 |
James Hardie Industries NV CDI | 365,087 | | 2,848,941 |
Paddy Power PLC (Ireland) | 43,800 | | 2,858,534 |
TOTAL IRELAND | | 19,102,895 |
Israel - 0.2% |
Check Point Software Technologies Ltd. (a) | 44,700 | | 2,598,411 |
Italy - 0.8% |
Brunello Cucinelli SpA | 8,500 | | 135,028 |
Fiat Industrial SpA (d) | 113,100 | | 1,283,116 |
Prada SpA | 253,200 | | 1,719,840 |
Saipem SpA | 109,488 | | 5,409,169 |
TOTAL ITALY | | 8,547,153 |
Japan - 7.7% |
ABC-Mart, Inc. | 70,200 | | 2,556,554 |
Aozora Bank Ltd. | 810,000 | | 2,077,604 |
Calbee, Inc. | 37,400 | | 2,263,439 |
Canon, Inc. | 57,400 | | 2,601,982 |
Chiyoda Corp. | 171,000 | | 2,059,291 |
Cosmos Pharmaceutical Corp. | 44,900 | | 2,517,415 |
Credit Saison Co. Ltd. | 158,600 | | 3,403,934 |
CyberAgent, Inc. | 462 | | 1,422,948 |
Don Quijote Co. Ltd. | 103,100 | | 3,781,944 |
Fanuc Corp. | 35,200 | | 5,936,870 |
Fast Retailing Co. Ltd. | 9,500 | | 2,123,079 |
Hitachi Ltd. | 521,000 | | 3,318,584 |
Honda Motor Co. Ltd. | 161,800 | | 5,823,415 |
Japan Tobacco, Inc. | 1,175 | | 6,509,541 |
JS Group Corp. | 116,000 | | 2,277,968 |
JSR Corp. | 137,200 | | 2,707,984 |
Kakaku.com, Inc. | 54,300 | | 1,688,643 |
KDDI Corp. | 413 | | 2,703,788 |
Keyence Corp. | 18,460 | | 4,357,293 |
Mitsubishi Corp. | 109,200 | | 2,366,726 |
Mitsubishi Estate Co. Ltd. | 94,000 | | 1,661,868 |
Mitsubishi UFJ Financial Group, Inc. | 910,900 | | 4,373,972 |
|
| Shares | | Value |
Nexon Co. Ltd. (d) | 23,200 | | $ 439,773 |
ORIX Corp. | 79,370 | | 7,589,105 |
Rakuten, Inc. | 4,586 | | 5,115,306 |
Seven Bank Ltd. | 795,700 | | 1,966,101 |
So-net M3, Inc. | 320 | | 1,487,647 |
Unicharm Corp. | 13,200 | | 738,474 |
TOTAL JAPAN | | 85,871,248 |
Korea (South) - 1.8% |
Hyundai Motor Co. | 16,534 | | 3,928,220 |
Kia Motors Corp. | 34,480 | | 2,544,526 |
LG Household & Health Care Ltd. | 5,774 | | 3,029,738 |
NCsoft Corp. | 4,691 | | 1,216,205 |
NHN Corp. | 3,893 | | 881,857 |
Orion Corp. | 4,433 | | 3,522,473 |
Samsung Electronics Co. Ltd. | 3,934 | | 4,838,634 |
TOTAL KOREA (SOUTH) | | 19,961,653 |
Luxembourg - 0.6% |
Brait SA | 357,400 | | 1,118,885 |
Millicom International Cellular SA | 11,500 | | 1,230,385 |
Millicom International Cellular SA (depository receipt) | 8,600 | | 913,648 |
Samsonite International SA | 1,596,000 | | 3,093,817 |
TOTAL LUXEMBOURG | | 6,356,735 |
Mexico - 0.1% |
Wal-Mart de Mexico SA de CV Series V | 472,400 | | 1,350,678 |
Netherlands - 2.5% |
AEGON NV | 292,700 | | 1,361,623 |
ASML Holding NV | 69,100 | | 3,523,409 |
Gemalto NV | 121,249 | | 9,035,076 |
HeidelbergCement Finance AG (d) | 51,700 | | 2,842,675 |
ING Groep NV (Certificaten Van Aandelen) (a) | 309,500 | | 2,183,649 |
LyondellBasell Industries NV Class A | 64,000 | | 2,673,920 |
NXP Semiconductors NV (a) | 55,800 | | 1,442,430 |
Randstad Holding NV | 46,058 | | 1,595,017 |
Yandex NV | 138,000 | | 3,273,360 |
TOTAL NETHERLANDS | | 27,931,159 |
Norway - 0.3% |
DnB NOR ASA (d) | 274,800 | | 2,962,997 |
Philippines - 0.0% |
Alliance Global Group, Inc. | 596,900 | | 174,972 |
Poland - 0.2% |
Eurocash SA | 215,900 | | 2,636,309 |
Puerto Rico - 0.1% |
Popular, Inc. (a) | 850,000 | | 1,513,000 |
Qatar - 0.1% |
Commercial Bank of Qatar GDR (Reg. S) | 306,102 | | 1,210,670 |
Common Stocks - continued |
| Shares | | Value |
Russia - 0.2% |
Mobile TeleSystems OJSC sponsored ADR | 135,800 | | $ 2,656,248 |
South Africa - 0.4% |
Distell Group Ltd. | 126,410 | | 1,381,441 |
Shoprite Holdings Ltd. | 95,600 | | 1,651,921 |
Tiger Brands Ltd. | 33,200 | | 1,216,508 |
TOTAL SOUTH AFRICA | | 4,249,870 |
Spain - 0.5% |
Banco Bilbao Vizcaya Argentaria SA | 344,675 | | 2,332,608 |
Banco Bilbao Vizcaya Argentaria SA rights 4/30/12 (a) | 344,651 | | 49,275 |
Inditex SA | 33,906 | | 3,049,920 |
TOTAL SPAIN | | 5,431,803 |
Sweden - 1.2% |
Atlas Copco AB (A Shares) | 131,200 | | 3,123,461 |
Elekta AB: | | | |
unit (a) | 30,000 | | 97,757 |
(B Shares) | 30,000 | | 1,522,152 |
Intrum Justitia AB | 115,000 | | 1,745,341 |
Svenska Handelsbanken AB (A Shares) | 100,200 | | 3,247,191 |
Swedish Match Co. AB | 78,000 | | 3,170,718 |
TOTAL SWEDEN | | 12,906,620 |
Switzerland - 2.0% |
Adecco SA (Reg.) | 32,451 | | 1,580,446 |
Partners Group Holding AG | 13,818 | | 2,629,462 |
Roche Holding AG (participation certificate) | 14,101 | | 2,576,107 |
Schindler Holding AG (participation certificate) | 33,294 | | 4,306,887 |
Swatch Group AG (Bearer) | 3,280 | | 1,512,873 |
Syngenta AG (Switzerland) | 5,030 | | 1,764,098 |
UBS AG | 248,020 | | 3,097,663 |
Zurich Financial Services AG | 20,820 | | 5,092,876 |
TOTAL SWITZERLAND | | 22,560,412 |
Turkey - 0.0% |
Boyner Buyuk Magazacilik A/S (a) | 280,000 | | 562,550 |
United Kingdom - 10.4% |
Aberdeen Asset Management PLC | 355,842 | | 1,637,403 |
Aggreko PLC | 79,600 | | 2,908,264 |
Anglo American PLC (United Kingdom) | 89,418 | | 3,436,782 |
Ashmore Group PLC | 187,900 | | 1,166,855 |
Barclays PLC | 1,259,033 | | 4,457,965 |
BG Group PLC | 274,063 | | 6,452,283 |
BHP Billiton PLC | 230,347 | | 7,416,215 |
BP PLC | 679,369 | | 4,908,436 |
British American Tobacco PLC: | | | |
(United Kingdom) | 174,800 | | 8,966,516 |
sponsored ADR | 67,500 | | 6,947,100 |
British Land Co. PLC | 332,855 | | 2,644,018 |
|
| Shares | | Value |
Burberry Group PLC | 94,800 | | $ 2,284,968 |
Carphone Warehouse Group PLC | 868,479 | | 1,846,613 |
Diageo PLC | 235,504 | | 5,940,914 |
GlaxoSmithKline PLC | 169,900 | | 3,925,428 |
HSBC Holdings PLC (United Kingdom) | 715,328 | | 6,458,188 |
Jazztel PLC (a) | 353,900 | | 2,371,042 |
Legal & General Group PLC | 1,970,424 | | 3,761,078 |
London Stock Exchange Group PLC | 33,500 | | 591,587 |
Meggitt PLC | 416,600 | | 2,762,209 |
Michael Page International PLC | 230,900 | | 1,557,560 |
Next PLC | 43,800 | | 2,082,278 |
Ocado Group PLC (a)(d) | 898,900 | | 1,893,788 |
Reckitt Benckiser Group PLC | 36,900 | | 2,148,340 |
Rolls-Royce Group PLC | 271,600 | | 3,630,268 |
Rotork PLC | 37,010 | | 1,325,765 |
Royal Dutch Shell PLC Class B | 371,647 | | 13,601,931 |
Royalblue Group PLC | 39,800 | | 1,001,290 |
Ultra Electronics Holdings PLC | 36,900 | | 1,008,588 |
Vodafone Group PLC | 1,452,800 | | 4,021,790 |
Vodafone Group PLC sponsored ADR | 47,212 | | 1,313,910 |
Xstrata PLC | 112,700 | | 2,153,923 |
TOTAL UNITED KINGDOM | | 116,623,295 |
United States of America - 51.8% |
3D Systems Corp. (a) | 18,000 | | 530,820 |
Active Network, Inc. | 123,000 | | 2,066,400 |
Advance Auto Parts, Inc. | 5,000 | | 459,000 |
Airgas, Inc. | 15,000 | | 1,374,600 |
Alexion Pharmaceuticals, Inc. (a) | 29,000 | | 2,619,280 |
Allergan, Inc. | 13,000 | | 1,248,000 |
Altria Group, Inc. | 78,000 | | 2,512,380 |
Amazon.com, Inc. (a) | 14,000 | | 3,246,600 |
American International Group, Inc. (a) | 141,000 | | 4,798,230 |
American Tower Corp. | 143,000 | | 9,377,940 |
Amgen, Inc. | 86,000 | | 6,115,460 |
Apple, Inc. (a) | 32,600 | | 19,046,224 |
AutoZone, Inc. (a) | 14,000 | | 5,546,240 |
BB&T Corp. | 204,000 | | 6,536,160 |
Beam, Inc. | 68,200 | | 3,872,396 |
Bed Bath & Beyond, Inc. (a) | 12,000 | | 844,680 |
Biogen Idec, Inc. (a) | 94,500 | | 12,663,945 |
Cabela's, Inc. Class A (a) | 171,000 | | 6,465,510 |
Cirrus Logic, Inc. (a) | 55,500 | | 1,519,590 |
Citrix Systems, Inc. (a) | 396,109 | | 33,910,888 |
Cognizant Technology Solutions Corp. Class A (a) | 47,200 | | 3,460,704 |
Comcast Corp. Class A | 122,000 | | 3,700,260 |
Concur Technologies, Inc. (a) | 3,000 | | 169,680 |
Continental Resources, Inc. (a) | 23,000 | | 2,052,750 |
Cray, Inc. (a) | 17,000 | | 189,550 |
Cummins, Inc. | 23,300 | | 2,698,839 |
Dick's Sporting Goods, Inc. | 7,000 | | 354,200 |
Discover Financial Services | 25,000 | | 847,500 |
Discovery Communications, Inc. (a) | 69,000 | | 3,754,980 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Dollar General Corp. (a) | 145,400 | | $ 6,900,684 |
Drew Industries, Inc. (a) | 8,000 | | 238,240 |
Elizabeth Arden, Inc. (a) | 56,534 | | 2,203,695 |
EOG Resources, Inc. | 12,000 | | 1,317,720 |
Equifax, Inc. | 54,000 | | 2,474,280 |
Estee Lauder Companies, Inc. Class A | 297,000 | | 19,408,950 |
Expedia, Inc. | 27,000 | | 1,151,010 |
Fair Isaac Corp. | 90,000 | | 3,861,000 |
Fifth Third Bancorp | 1,340,000 | | 19,068,200 |
FMC Corp. | 18,000 | | 1,988,100 |
Foot Locker, Inc. | 41,000 | | 1,254,190 |
Fusion-io, Inc. | 17,000 | | 436,050 |
G-III Apparel Group Ltd. (a) | 246,200 | | 6,610,470 |
Gilead Sciences, Inc. (a) | 68,000 | | 3,536,680 |
H.B. Fuller Co. | 60,000 | | 1,974,000 |
HollyFrontier Corp. | 74,000 | | 2,280,680 |
Home Depot, Inc. | 38,000 | | 1,968,020 |
Hubbell, Inc. Class B | 15,000 | | 1,203,600 |
IBM Corp. | 55,000 | | 11,389,400 |
Intuit, Inc. | 446,000 | | 25,854,620 |
J.B. Hunt Transport Services, Inc. | 104,000 | | 5,754,320 |
JCPenney Co., Inc. | 62,000 | | 2,235,720 |
Kansas City Southern | 178,000 | | 13,709,560 |
Las Vegas Sands Corp. | 94,000 | | 5,216,060 |
Limited Brands, Inc. | 28,000 | | 1,391,600 |
Lincoln National Corp. | 45,000 | | 1,114,650 |
Lithia Motors, Inc. Class A (sub. vtg.) | 53,000 | | 1,421,990 |
Lorillard, Inc. | 36,000 | | 4,870,440 |
Mako Surgical Corp. (a) | 24,000 | | 991,440 |
Manitowoc Co., Inc. | 118,000 | | 1,634,300 |
Marathon Petroleum Corp. | 149,000 | | 6,199,890 |
Marten Transport Ltd. | 39,600 | | 834,372 |
MasterCard, Inc. Class A | 74,400 | | 33,648,888 |
McDonald's Corp. | 29,500 | | 2,874,775 |
Medivation, Inc. (a) | 32,000 | | 2,588,160 |
Merrimack Pharmaceuticals, Inc. | 19,000 | | 150,100 |
Michael Kors Holdings Ltd. | 154,500 | | 7,056,015 |
MICROS Systems, Inc. (a) | 7,000 | | 397,810 |
Microsoft Corp. | 349,000 | | 11,174,980 |
Monster Beverage Corp. (a) | 19,000 | | 1,234,240 |
National Oilwell Varco, Inc. | 16,000 | | 1,212,160 |
NIKE, Inc. Class B | 75,000 | | 8,390,250 |
Noble Energy, Inc. | 78,000 | | 7,746,960 |
O'Reilly Automotive, Inc. (a) | 27,000 | | 2,847,420 |
Perrigo Co. | 24,000 | | 2,517,600 |
PetSmart, Inc. | 18,000 | | 1,048,680 |
Pioneer Natural Resources Co. | 143,000 | | 16,562,260 |
Prestige Brands Holdings, Inc. (a) | 304,000 | | 5,164,960 |
Priceline.com, Inc. (a) | 5,000 | | 3,804,100 |
|
| Shares | | Value |
PulteGroup, Inc. (a) | 43,300 | | $ 426,072 |
Ralph Lauren Corp. | 10,000 | | 1,722,700 |
Raymond James Financial, Inc. | 65,000 | | 2,380,300 |
Responsys, Inc. | 13,000 | | 166,140 |
Robert Half International, Inc. | 18,000 | | 536,400 |
Royal Gold, Inc. | 24,200 | | 1,499,432 |
salesforce.com, Inc. (a) | 69,000 | | 10,745,370 |
Sempra Energy | 174,000 | | 11,264,760 |
Starbucks Corp. | 17,000 | | 975,460 |
Stratasys, Inc. (a) | 3,000 | | 153,630 |
SVB Financial Group (a) | 62,000 | | 3,973,580 |
The Coca-Cola Co. | 7,000 | | 534,240 |
TIBCO Software, Inc. (a) | 75,000 | | 2,467,500 |
Timken Co. | 39,000 | | 2,203,890 |
TJX Companies, Inc. | 462,000 | | 19,270,020 |
Total System Services, Inc. | 67,900 | | 1,597,008 |
Tractor Supply Co. | 5,000 | | 492,050 |
U.S. Bancorp | 75,000 | | 2,412,750 |
Under Armour, Inc. Class A (sub. vtg.) (a) | 16,000 | | 1,566,880 |
Union Pacific Corp. | 56,400 | | 6,341,616 |
United Rentals, Inc. (a)(d) | 128,000 | | 5,975,040 |
United Technologies Corp. | 19,000 | | 1,551,160 |
UnitedHealth Group, Inc. | 317,800 | | 17,844,470 |
Valmont Industries, Inc. | 31,000 | | 3,841,830 |
Vertex Pharmaceuticals, Inc. (a) | 36,000 | | 1,385,280 |
W.R. Grace & Co. (a) | 104,200 | | 6,211,362 |
Weight Watchers International, Inc. | 8,000 | | 607,680 |
Wells Fargo & Co. | 797,000 | | 26,643,710 |
WESCO International, Inc. (a) | 152,000 | | 10,091,280 |
Williams Companies, Inc. | 267,000 | | 9,086,010 |
Wyndham Worldwide Corp. | 122,000 | | 6,141,480 |
Yum! Brands, Inc. | 115,000 | | 8,363,950 |
TOTAL UNITED STATES OF AMERICA | | 579,369,145 |
TOTAL COMMON STOCKS (Cost $957,152,210) |
1,091,227,118
|
Nonconvertible Preferred Stocks - 0.4% |
| | | |
Germany - 0.3% |
Volkswagen AG | 17,500 | | 3,315,126 |
Italy - 0.1% |
Fiat Industrial SpA | 111,500 | | 915,143 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C | 28,789,600 | | 46,728 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,270,670) |
4,276,997
|
Investment Companies - 0.0% |
| Shares | | Value |
Cyprus - 0.0% |
Aisi Realty Public Ltd. (a)
(Cost $400,856) | 12,322 | | $ 16,700 |
Money Market Funds - 5.0% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 17,091,275 | | 17,091,275 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 38,391,837 | | 38,391,837 |
TOTAL MONEY MARKET FUNDS (Cost $55,483,112) |
55,483,112
|
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $1,016,306,848) | 1,151,003,927 |
NET OTHER ASSETS (LIABILITIES) - (3.0)% | (33,633,321) |
NET ASSETS - 100% | $ 1,117,370,606 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
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 | $ 16,421 |
Fidelity Securities Lending Cash Central Fund | 94,686 |
Total | $ 111,107 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 194,496,252 | $ 173,673,006 | $ 20,823,246 | $ - |
Consumer Staples | 114,773,922 | 87,837,623 | 26,936,299 | - |
Energy | 80,943,483 | 62,433,116 | 18,510,367 | - |
Financials | 177,168,238 | 134,992,760 | 42,175,478 | - |
Health Care | 88,898,292 | 68,303,950 | 20,594,342 | - |
Industrials | 123,006,706 | 110,365,851 | 12,640,855 | - |
Information Technology | 224,888,810 | 208,720,018 | 16,168,792 | - |
Materials | 52,236,622 | 40,348,325 | 11,888,297 | - |
Telecommunication Services | 24,015,702 | 17,290,124 | 6,725,578 | - |
Utilities | 15,076,088 | 15,076,088 | - | - |
Investment Companies | 16,700 | 16,700 | - | - |
Money Market Funds | 55,483,112 | 55,483,112 | - | - |
Total Investments in Securities: | $ 1,151,003,927 | $ 974,540,673 | $ 176,463,254 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Worldwide Fund
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $36,129,814) - See accompanying schedule: Unaffiliated issuers (cost $960,823,736) | $ 1,095,520,815 | |
Fidelity Central Funds (cost $55,483,112) | 55,483,112 | |
Total Investments (cost $1,016,306,848) | | $ 1,151,003,927 |
Foreign currency held at value (cost $49,813) | | 49,785 |
Receivable for investments sold | | 26,995,321 |
Receivable for fund shares sold | | 1,033,941 |
Dividends receivable | | 2,769,472 |
Distributions receivable from Fidelity Central Funds | | 49,346 |
Prepaid expenses | | 1,182 |
Other receivables | | 360,808 |
Total assets | | 1,182,263,782 |
| | |
Liabilities | | |
Payable for investments purchased | $ 24,303,114 | |
Payable for fund shares redeemed | 1,087,221 | |
Accrued management fee | 776,264 | |
Distribution and service plan fees payable | 6,594 | |
Other affiliated payables | 254,471 | |
Other payables and accrued expenses | 73,675 | |
Collateral on securities loaned, at value | 38,391,837 | |
Total liabilities | | 64,893,176 |
| | |
Net Assets | | $ 1,117,370,606 |
Net Assets consist of: | | |
Paid in capital | | $ 1,026,239,913 |
Undistributed net investment income | | 3,791,146 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (47,353,775) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 134,693,322 |
Net Assets | | $ 1,117,370,606 |
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($15,452,662 ÷ 794,000 shares) | | $ 19.46 |
| | |
Maximum offering price per share (100/94.25 of $19.46) | | $ 20.65 |
Class T:
Net Asset Value and redemption price per share ($4,677,810 ÷ 241,096 shares) | | $ 19.40 |
| | |
Maximum offering price per share (100/96.50 of $19.40) | | $ 20.10 |
Class B:
Net Asset Value and offering price per share ($301,541 ÷ 15,637 shares)A | | $ 19.28 |
| | |
Class C:
Net Asset Value and offering price per share ($1,591,335 ÷ 82,668 shares)A | | $ 19.25 |
| | |
Worldwide:
Net Asset Value, offering price and redemption price per share ($1,091,428,457 ÷ 55,726,819 shares) | | $ 19.59 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($3,918,801 ÷ 200,715 shares) | | $ 19.52 |
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 Worldwide Fund
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2012 (Unaudited) |
Investment Income | | |
Dividends | | $ 11,328,444 |
Interest | | 10 |
Income from Fidelity Central Funds | | 111,107 |
Income before foreign taxes withheld | | 11,439,561 |
Less foreign taxes withheld | | (447,100) |
Total income | | 10,992,461 |
Expenses | | |
Management fee
Basic fee | $ 3,869,316 | |
Performance adjustment | 317,081 | |
Transfer agent fees | 1,288,963 | |
Distribution and service plan fees | 33,944 | |
Accounting and security lending fees | 253,528 | |
Custodian fees and expenses | 98,662 | |
Independent trustees' compensation | 3,420 | |
Registration fees | 76,647 | |
Audit | 34,852 | |
Legal | 2,803 | |
Interest | 56 | |
Miscellaneous | 5,555 | |
Total expenses before reductions | 5,984,827 | |
Expense reductions | (172,044) | 5,812,783 |
Net investment income (loss) | | 5,179,678 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 10,519,556 | |
Foreign currency transactions | (110,900) | |
Total net realized gain (loss) | | 10,408,656 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 77,507,072 | |
Assets and liabilities in foreign currencies | (19,107) | |
Total change in net unrealized appreciation (depreciation) | | 77,487,965 |
Net gain (loss) | | 87,896,621 |
Net increase (decrease) in net assets resulting from operations | | $ 93,076,299 |
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,179,678 | $ 7,182,199 |
Net realized gain (loss) | 10,408,656 | 120,543,178 |
Change in net unrealized appreciation (depreciation) | 77,487,965 | (94,457,618) |
Net increase (decrease) in net assets resulting from operations | 93,076,299 | 33,267,759 |
Distributions to shareholders from net investment income | (4,089,511) | (6,244,141) |
Distributions to shareholders from net realized gain | - | (2,870,519) |
Total distributions | (4,089,511) | (9,114,660) |
Share transactions - net increase (decrease) | (106,307,332) | 12,558,124 |
Redemption fees | 18,358 | 33,448 |
Total increase (decrease) in net assets | (17,302,186) | 36,744,671 |
| | |
Net Assets | | |
Beginning of period | 1,134,672,792 | 1,097,928,121 |
End of period (including undistributed net investment income of $3,791,146 and undistributed net investment income of $2,700,979, respectively) | $ 1,117,370,606 | $ 1,134,672,792 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 17.89 | $ 17.50 | $ 14.96 | $ 10.88 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .06 | .05 | .03 | (.01) |
Net realized and unrealized gain (loss) | 1.53 | .47 | 2.63 | 4.09 |
Total from investment operations | 1.59 | .52 | 2.66 | 4.08 |
Distributions from net investment income | (.02) | (.08) | (.10) | - |
Distributions from net realized gain | - | (.05) | (.02) | - |
Total distributions | (.02) | (.13) | (.12) | - |
Redemption fees added to paid in capital E,J | - | - | - | - |
Net asset value, end of period | $ 19.46 | $ 17.89 | $ 17.50 | $ 14.96 |
Total Return B,C,D | 8.91% | 2.94% | 17.85% | 37.50% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 1.40% A | 1.41% | 1.43% | 1.52% A |
Expenses net of fee waivers, if any | 1.40% A | 1.40% | 1.43% | 1.52% A |
Expenses net of all reductions | 1.37% A | 1.38% | 1.41% | 1.49% A |
Net investment income (loss) | .64% A | .28% | .21% | (.06)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 15,453 | $ 13,153 | $ 7,530 | $ 993 |
Portfolio turnover rate G | 192% A | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. 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. JAmount represents less than $.01 per share. |
Financial Highlights - Class T
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 17.83 | $ 17.46 | $ 14.94 | $ 10.88 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .03 | .01 | (.01) | (.01) |
Net realized and unrealized gain (loss) | 1.54 | .45 | 2.62 | 4.07 |
Total from investment operations | 1.57 | .46 | 2.61 | 4.06 |
Distributions from net investment income | - | (.04) | (.08) | - |
Distributions from net realized gain | - | (.05) | (.02) | - |
Total distributions | - | (.09) | (.09) K | - |
Redemption fees added to paid in capital E,J | - | - | - | - |
Net asset value, end of period | $ 19.40 | $ 17.83 | $ 17.46 | $ 14.94 |
Total Return B,C,D | 8.81% | 2.61% | 17.53% | 37.32% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 1.66% A | 1.66% | 1.70% | 1.73% A |
Expenses net of fee waivers, if any | 1.66% A | 1.65% | 1.70% | 1.73% A |
Expenses net of all reductions | 1.63% A | 1.63% | 1.68% | 1.70% A |
Net investment income (loss) | .38% A | .03% | (.05)% | (.08)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 4,678 | $ 2,187 | $ 1,120 | $ 458 |
Portfolio turnover rate G | 192% A | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. 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. JAmount represents less than $.01 per share. KTotal distributions of $.09 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.015 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, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 17.77 | $ 17.39 | $ 14.89 | $ 10.88 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.01) | (.09) | (.09) | (.03) |
Net realized and unrealized gain (loss) | 1.52 | .47 | 2.61 | 4.04 |
Total from investment operations | 1.51 | .38 | 2.52 | 4.01 |
Distributions from net investment income | - | - | (.01) | - |
Distributions from net realized gain | - | - | (.01) | - |
Total distributions | - | - | (.02) | - |
Redemption fees added to paid in capital E,J | - | - | - | - |
Net asset value, end of period | $ 19.28 | $ 17.77 | $ 17.39 | $ 14.89 |
Total Return B,C,D | 8.50% | 2.19% | 16.92% | 36.86% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 2.15% A | 2.16% | 2.19% | 2.20% A |
Expenses net of fee waivers, if any | 2.15% A | 2.16% | 2.19% | 2.20% A |
Expenses net of all reductions | 2.12% A | 2.13% | 2.17% | 2.17% A |
Net investment income (loss) | (.11)% A | (.47)% | (.55)% | (.30)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 302 | $ 256 | $ 305 | $ 224 |
Portfolio turnover rate G | 192% A | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. 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. JAmount represents less than $.01 per share. |
Financial Highlights - Class C
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 17.74 | $ 17.36 | $ 14.89 | $ 10.88 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.01) | (.09) | (.09) | (.04) |
Net realized and unrealized gain (loss) | 1.52 | .47 | 2.61 | 4.05 |
Total from investment operations | 1.51 | .38 | 2.52 | 4.01 |
Distributions from net investment income | - | - | (.03) | - |
Distributions from net realized gain | - | - | (.02) | - |
Total distributions | - | - | (.05) | - |
Redemption fees added to paid in capital E,J | - | - | - | - |
Net asset value, end of period | $ 19.25 | $ 17.74 | $ 17.36 | $ 14.89 |
Total Return B,C,D | 8.51% | 2.19% | 16.94% | 36.86% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 2.16% A | 2.16% | 2.19% | 2.18% A |
Expenses net of fee waivers, if any | 2.16% A | 2.15% | 2.19% | 2.18% A |
Expenses net of all reductions | 2.13% A | 2.13% | 2.16% | 2.15% A |
Net investment income (loss) | (.12)% A | (.47)% | (.54)% | (.39)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 1,591 | $ 1,297 | $ 710 | $ 335 |
Portfolio turnover rate G | 192% A | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. 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. JAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Worldwide
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 18.02 | $ 17.58 | $ 14.98 | $ 13.40 | $ 25.18 | $ 21.82 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .09 | .11 | .08 | .12 | .16 | .14 |
Net realized and unrealized gain (loss) | 1.55 | .48 | 2.63 | 1.63 | (9.44) | 6.05 |
Total from investment operations | 1.64 | .59 | 2.71 | 1.75 | (9.28) | 6.19 |
Distributions from net investment income | (.07) | (.10) | (.10) | (.17) | (.12) | (.17) |
Distributions from net realized gain | - | (.05) | (.02) | - | (2.38) | (2.66) |
Total distributions | (.07) | (.15) | (.11) I | (.17) | (2.50) | (2.83) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 19.59 | $ 18.02 | $ 17.58 | $ 14.98 | $ 13.40 | $ 25.18 |
Total Return B,C | 9.12% | 3.32% | 18.18% | 13.39% | (40.66)% | 31.87% |
Ratios to Average Net Assets E,G | | | | | | |
Expenses before reductions | 1.09% A | 1.08% | 1.15% | 1.27% | 1.21% | 1.04% |
Expenses net of fee waivers, if any | 1.09% A | 1.08% | 1.15% | 1.27% | 1.21% | 1.04% |
Expenses net of all reductions | 1.06% A | 1.05% | 1.12% | 1.24% | 1.19% | 1.02% |
Net investment income (loss) | .96% A | .60% | .50% | .92% | .84% | .66% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,091,428 | $ 1,114,694 | $ 1,087,928 | $ 991,996 | $ 934,885 | $ 1,773,603 |
Portfolio turnover rate F | 192% A | 203% | 166% | 224% | 264% | 128% |
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 $.11 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.015 per share. |
Financial Highlights - Institutional Class
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 17.98 | $ 17.57 | $ 15.00 | $ 10.88 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .08 | .10 | .07 | .06 |
Net realized and unrealized gain (loss) | 1.54 | .47 | 2.63 | 4.06 |
Total from investment operations | 1.62 | .57 | 2.70 | 4.12 |
Distributions from net investment income | (.08) | (.11) | (.11) | - |
Distributions from net realized gain | - | (.05) | (.02) | - |
Total distributions | (.08) | (.16) | (.13) | - |
Redemption fees added to paid in capital D, I | - | - | - | - |
Net asset value, end of period | $ 19.52 | $ 17.98 | $ 17.57 | $ 15.00 |
Total Return B,C | 9.04% | 3.23% | 18.08% | 37.87% |
Ratios to Average Net Assets E,H | | | | |
Expenses before reductions | 1.16% A | 1.13% | 1.21% | 1.17% A |
Expenses net of fee waivers, if any | 1.16% A | 1.13% | 1.21% | 1.17% A |
Expenses net of all reductions | 1.13% A | 1.10% | 1.19% | 1.15% A |
Net investment income (loss) | .88% A | .56% | .44% | .62% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 3,919 | $ 3,086 | $ 335 | $ 290 |
Portfolio turnover rate F | 192% A | 203% | 166% | 224% |
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 February 19, 2009 (commencement of sale of shares) to October 31, 2009. 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 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. IAmount 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, 2012 (Unaudited)
1. Organization.
Fidelity® Worldwide 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, Worldwide and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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 available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 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
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, equity-debt classifications, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
Semiannual Report
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 | $ 157,577,746 |
Gross unrealized depreciation | (28,021,841) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 129,555,905 |
| |
Tax cost | $ 1,021,448,022 |
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. At October 31, 2011 capital loss carryforwards were as follows:
Fiscal year of expiration | |
2017 | $ (43,909,944) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $1,033,250,196 and $1,119,584,452, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Worldwide as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .77% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total
Fees | Retained
by FDC |
Class A | -% | .25% | $ 17,376 | $ 1,400 |
Class T | .25% | .25% | 8,102 | 84 |
Class B | .75% | .25% | 1,357 | 1,019 |
Class C | .75% | .25% | 7,109 | 2,763 |
| | | $ 33,944 | $ 5,266 |
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, 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 4,384 |
Class T | 972 |
Class B* | 481 |
Class C* | 1,262 |
| $ 7,099 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 20,918 | .30 |
Class T | 5,033 | .31 |
Class B | 409 | .30 |
Class C | 2,170 | .31 |
Worldwide | 1,255,256 | .23 |
Institutional Class | 5,177 | .31 |
| $ 1,288,963 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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. The commissions paid to these affiliated firms were $24,998 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, 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
Balance | Weighted Average Interest Rate | Interest
Expense |
Borrower | $ 6,075,000 | .33% | $ 56 |
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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 $1,642 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and 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 $94,686. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $172,044 for the period.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
From net investment income | | |
Class A | $ 16,597 | $ 36,687 |
Class T | - | 3,024 |
Class B | - | - |
Class C | - | - |
Worldwide | 4,059,520 | 6,199,611 |
Institutional Class | 13,394 | 4,819 |
Total | $ 4,089,511 | $ 6,244,141 |
From net realized gain | | |
Class A | $ - | $ 20,664 |
Class T | - | 3,280 |
Class B | - | - |
Class C | - | - |
Worldwide | - | 2,844,643 |
Institutional Class | - | 1,932 |
Total | $ - | $ 2,870,519 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2012 | Year ended
October 31,
2011 | Six months ended April 30,
2012 | Year ended
October 31,
2011 |
Class A | | | | |
Shares sold | 188,055 | 446,295 | $ 3,446,072 | $ 8,440,354 |
Reinvestment of distributions | 720 | 2,409 | 12,524 | 44,007 |
Shares redeemed | (130,134) | (143,732) | (2,373,904) | (2,654,718) |
Net increase (decrease) | 58,641 | 304,972 | $ 1,084,692 | $ 5,829,643 |
Class T | | | | |
Shares sold | 131,790 | 307,740 | $ 2,443,223 | $ 5,853,479 |
Reinvestment of distributions | - | 344 | - | 6,293 |
Shares redeemed | (13,325) | (249,620) | (241,694) | (4,835,753) |
Net increase (decrease) | 118,465 | 58,464 | $ 2,201,529 | $ 1,024,019 |
Class B | | | | |
Shares sold | 2,613 | 3,768 | $ 46,396 | $ 71,519 |
Shares redeemed | (1,359) | (6,939) | (23,981) | (128,598) |
Net increase (decrease) | 1,254 | (3,171) | $ 22,415 | $ (57,079) |
Class C | | | | |
Shares sold | 25,761 | 41,472 | $ 466,522 | $ 784,669 |
Shares redeemed | (16,217) | (9,227) | (292,789) | (167,760) |
Net increase (decrease) | 9,544 | 32,245 | $ 173,733 | $ 616,909 |
Worldwide | | | | |
Shares sold | 4,617,352 | 12,255,493 | $ 82,942,652 | $ 231,984,939 |
Reinvestment of distributions | 226,349 | 480,262 | 3,956,581 | 8,805,760 |
Shares redeemed | (10,988,502) | (12,736,797) | (197,231,169) | (238,335,100) |
Net increase (decrease) | (6,144,801) | (1,042) | $ (110,331,936) | $ 2,455,599 |
Institutional Class | | | | |
Shares sold | 60,053 | 162,911 | $ 1,113,224 | $ 2,875,496 |
Reinvestment of distributions | 745 | 360 | 12,982 | 6,581 |
Shares redeemed | (31,757) | (10,647) | (583,971) | (193,044) |
Net increase (decrease) | 29,041 | 152,624 | $ 542,235 | $ 2,689,033 |
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
Investments
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(UK) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
AWLDI-USAN-0612
1.883439.103
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, 2012
(Fidelity Cover Art)
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Fidelity® Series Emerging Markets Fund |
Investment Changes | (Click Here) | A summary of major shifts in the Fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Fidelity Series International Growth Fund |
Investment Changes | (Click Here) | A summary of major shifts in the Fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Fidelity Series International Small Cap Fund |
Investment Changes | (Click Here) | A summary of major shifts in the Fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Fidelity Series International Value Fund |
Investment Changes | (Click Here) | A summary of major shifts in the Fund's investments over the past six months. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | 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.
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.
Semiannual Report
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, 2011 to April 30, 2012).
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
Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011 to April 30, 2012 |
Fidelity Series Emerging Markets Fund | | |
Series Emerging Markets | 1.10% | | | |
Actual | | $ 1,000.00 | $ 1,068.90 | $ 5.66 |
Hypothetical A | | $ 1,000.00 | $ 1,019.39 | $ 5.52 |
Class F | .90% | | | |
Actual | | $ 1,000.00 | $ 1,069.60 | $ 4.63 |
Hypothetical A | | $ 1,000.00 | $ 1,020.39 | $ 4.52 |
Fidelity Series International Growth Fund | | |
Series International Growth | 1.04% | | | |
Actual | | $ 1,000.00 | $ 1,096.50 | $ 5.42 |
Hypothetical A | | $ 1,000.00 | $ 1,019.69 | $ 5.22 |
Class F | .84% | | | |
Actual | | $ 1,000.00 | $ 1,097.90 | $ 4.38 |
HypotheticalA | | $ 1,000.00 | $ 1,020.69 | $ 4.22 |
Fidelity Series International Small Cap Fund | | |
Series International Small Cap | 1.20% | | | |
Actual | | $ 1,000.00 | $ 1,092.70 | $ 6.24 |
Hypothetical A | | $ 1,000.00 | $ 1,018.90 | $ 6.02 |
Class F | .99% | | | |
Actual | | $ 1,000.00 | $ 1,092.80 | $ 5.15 |
Hypothetical A | | $ 1,000.00 | $ 1,019.94 | $ 4.97 |
Fidelity Series International Value Fund | | |
Series International Value | .89% | | | |
Actual | | $ 1,000.00 | $ 1,032.20 | $ 4.50 |
Hypothetical A | | $ 1,000.00 | $ 1,020.44 | $ 4.47 |
Class F | .68% | | | |
Actual | | $ 1,000.00 | $ 1,033.20 | $ 3.44 |
Hypothetical A | | $ 1,000.00 | $ 1,021.48 | $ 3.42 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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, 2012 |
 | Korea (South) 13.5% | |
 | Brazil 12.6% | |
 | China 8.5% | |
 | Taiwan 8.4% | |
 | Russia 7.0% | |
 | Cayman Islands 5.1% | |
 | South Africa 4.9% | |
 | Hong Kong 4.1% | |
 | United States of America 4.1% | |
 | Other 31.8% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| Brazil 15.7% | |
| Korea (South) 12.1% | |
| China 8.8% | |
| Russia 7.6% | |
| Taiwan 6.7% | |
| India 4.8% | |
| United States of America 4.5% | |
| Hong Kong 4.5% | |
| South Africa 4.1% | |
| Other 31.2% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.0 | 97.1 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.0 | 2.9 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment) | 4.4 | 3.2 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.6 | 2.0 |
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Commercial Banks) | 2.1 | 2.2 |
Vale SA (PN-A) sponsored ADR (Brazil, Metals & Mining) | 2.0 | 1.3 |
CNOOC Ltd. sponsored ADR (Hong Kong, Oil, Gas & Consumable Fuels) | 1.7 | 1.8 |
China Construction Bank Corp. (H Shares) (China, Commercial Banks) | 1.7 | 2.1 |
Ecopetrol SA ADR (Colombia, Oil, Gas & Consumable Fuels) | 1.4 | 1.1 |
KB Financial Group, Inc. (Korea (South), Commercial Banks) | 1.3 | 0.9 |
America Movil SAB de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services) | 1.3 | 1.2 |
PT Telkomunikasi Indonesia Tbk sponsored ADR (Indonesia, Diversified Telecommunication Services) | 1.2 | 1.0 |
| 19.7 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 21.7 | 22.5 |
Information Technology | 14.2 | 11.9 |
Energy | 14.0 | 14.6 |
Materials | 12.2 | 12.8 |
Consumer Discretionary | 8.3 | 8.4 |
Consumer Staples | 8.2 | 7.4 |
Telecommunication Services | 7.9 | 7.2 |
Industrials | 6.2 | 7.7 |
Utilities | 3.2 | 3.6 |
Health Care | 1.1 | 1.0 |
Semiannual Report
Fidelity Series Emerging Markets Fund
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.3% |
| Shares | | Value |
Australia - 0.3% |
Paladin Energy Ltd. (Australia) (a)(d) | 10,970,443 | | $ 18,230,142 |
Austria - 0.1% |
Erste Bank AG | 230,926 | | 5,317,649 |
Bailiwick of Guernsey - 0.2% |
Chariot Oil & Gas Ltd. (a) | 2,813,935 | | 8,084,117 |
Bermuda - 2.2% |
Aquarius Platinum Ltd. (Australia) | 6,883,386 | | 15,633,773 |
BW Offshore Ltd. | 15,775,690 | | 21,917,190 |
Cosco International Holdings Ltd. | 8,722,000 | | 3,799,677 |
GP Investments Ltd. (depositary receipt) (a) | 6,502,800 | | 15,488,137 |
Kunlun Energy Co. Ltd. | 34,232,000 | | 60,357,634 |
Nine Dragons Paper (Holdings) Ltd. | 7,541,000 | | 6,220,464 |
TOTAL BERMUDA | | 123,416,875 |
Brazil - 12.6% |
Anhanguera Educacional Participacoes SA | 2,963,116 | | 39,391,107 |
Arezzo Industria e Comercio SA | 1,128,100 | | 17,754,636 |
B2W Companhia Global do Varejo | 849,775 | | 3,624,411 |
Banco do Brasil SA | 3,109,757 | | 38,469,202 |
Banco Do Est Rio Grande Sul SA | 1,678,800 | | 14,549,629 |
BR Properties SA | 2,289,900 | | 28,411,266 |
Braskem SA (PN-A) | 2,586,300 | | 18,181,371 |
Centrais Eletricas Brasileiras SA (Electrobras) | 692,800 | | 5,924,319 |
Cia.Hering SA | 880,300 | | 21,844,131 |
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR | 429,400 | | 18,026,212 |
Companhia de Saneamento de Minas Gerais | 578,000 | | 13,484,595 |
Companhia Paranaense de Energia-Copel: | | | |
(PN-B) | 173,400 | | 4,392,879 |
(PN-B) sponsored ADR (d) | 534,000 | | 13,376,700 |
Ecorodovias Infraestrutura e Logistica SA | 2,578,100 | | 21,505,018 |
Energias do Brasil SA | 1,831,000 | | 12,804,464 |
Fibria Celulose SA | 2,723,900 | | 21,920,954 |
Gerdau SA sponsored ADR | 3,818,400 | | 35,854,776 |
Itau Unibanco Banco Multiplo SA sponsored ADR | 2,380,760 | | 37,354,124 |
Localiza Rent A Car SA | 1,238,400 | | 21,147,297 |
Lojas Americanas SA (PN) | 4,160,841 | | 39,116,686 |
Mills Estruturas e Servicos de Engenharia SA | 1,186,800 | | 15,434,657 |
Multiplus SA | 982,500 | | 21,287,543 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) sponsored ADR | 560,000 | | 12,409,600 |
sponsored ADR | 878,100 | | 20,670,474 |
Common Stocks - continued |
| Shares | | Value |
Brazil - continued |
Redecard SA | 693,900 | | $ 11,685,434 |
Santos Brasil Participacoes SA unit | 468,300 | | 8,156,525 |
Telefonica Brasil SA sponsored ADR | 404,900 | | 11,527,503 |
Ultrapar Participacoes SA | 2,847,500 | | 64,683,656 |
Vale SA (PN-A) sponsored ADR (d) | 5,205,000 | | 112,584,150 |
TOTAL BRAZIL | | 705,573,319 |
British Virgin Islands - 0.3% |
HLS Systems International Ltd. (a) | 1,048,800 | | 10,414,584 |
Sable Mining Africa Ltd. (a) | 26,132,440 | | 4,824,770 |
TOTAL BRITISH VIRGIN ISLANDS | | 15,239,354 |
Canada - 2.1% |
Banro Corp. (a) | 712,600 | | 3,030,038 |
Barrick Gold Corp. | 247,700 | | 10,020,847 |
Extorre Gold Mines Ltd. (a) | 1,740,989 | | 7,402,839 |
Extorre Gold Mines Ltd. (f) | 61,000 | | 259,377 |
First Quantum Minerals Ltd. | 741,800 | | 15,410,515 |
Goldcorp, Inc. | 429,900 | | 16,464,811 |
Tahoe Resources, Inc. (a) | 175,000 | | 3,293,597 |
Uranium One, Inc. (a)(d) | 12,895,800 | | 37,469,953 |
Yamana Gold, Inc. | 1,440,800 | | 21,136,109 |
TOTAL CANADA | | 114,488,086 |
Cayman Islands - 5.1% |
Ajisen (China) Holdings Ltd. | 12,381,000 | | 13,883,176 |
Baidu.com, Inc. sponsored ADR (a) | 248,426 | | 32,966,130 |
Belle International Holdings Ltd. | 7,369,000 | | 14,455,631 |
Biostime International Holdings Ltd. | 9,236,000 | | 26,605,737 |
Changyou.com Ltd. (A Shares) ADR (a) | 148,600 | | 3,599,092 |
Ctrip.com International Ltd. sponsored ADR (a)(d) | 442,700 | | 9,593,309 |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 1,149,400 | | 32,757,900 |
Geely Automobile Holdings Ltd. | 31,605,000 | | 11,772,467 |
Greatview Aseptic Pack Co. Ltd. (a) | 45,196,000 | | 24,699,019 |
Hengan International Group Co. Ltd. | 4,091,000 | | 43,316,253 |
Qihoo 360 Technology Co. Ltd. ADR (a)(d) | 129,389 | | 3,179,088 |
Shenzhou International Group Holdings Ltd. | 3,680,000 | | 6,924,916 |
SINA Corp. (a) | 132,125 | | 7,730,634 |
Stella International Holdings Ltd. | 4,153,500 | | 11,027,962 |
Tencent Holdings Ltd. | 257,100 | | 8,078,851 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Uni-President China Holdings Ltd. | 32,138,000 | | $ 29,202,619 |
Xueda Education Group sponsored ADR (a)(d) | 2,270,100 | | 7,877,247 |
TOTAL CAYMAN ISLANDS | | 287,670,031 |
Chile - 1.1% |
Aguas Andinas SA | 18,896,180 | | 12,500,073 |
Embotelladora Andina SA Class A | 2,811,317 | | 12,749,739 |
Empresa Nacional de Telecomunicaciones SA (ENTEL) | 816,382 | | 16,177,863 |
Enersis SA | 52,081,942 | | 21,247,203 |
TOTAL CHILE | | 62,674,878 |
China - 8.5% |
BYD Co. Ltd. (H Shares) (a) | 5,224,000 | | 13,769,251 |
China Communications Construction Co. Ltd. (H Shares) | 7,186,000 | | 7,224,298 |
China Communications Services Corp. Ltd. (H Shares) | 22,070,000 | | 11,349,822 |
China Construction Bank Corp. (H Shares) | 122,568,000 | | 95,417,466 |
China Merchants Bank Co. Ltd. (H Shares) | 3,080,000 | | 6,685,081 |
China Pacific Insurance Group Co. Ltd. (H Shares) | 15,231,600 | | 49,766,526 |
China Petroleum & Chemical Corp. (H Shares) | 57,962,000 | | 61,562,070 |
China Suntien Green Energy Corp. Ltd. (H Shares) (e) | 80,139,000 | | 15,596,771 |
China Telecom Corp. Ltd. (H Shares) | 35,276,000 | | 18,906,207 |
Dongfeng Motor Group Co. Ltd. (H Shares) | 12,794,000 | | 25,229,673 |
Harbin Power Equipment Co. Ltd. (H Shares) | 19,434,000 | | 20,263,971 |
Industrial & Commercial Bank of China Ltd. (H Shares) | 174,411,000 | | 116,444,095 |
Maanshan Iron & Steel Ltd. (H Shares) | 57,616,000 | | 16,263,015 |
PetroChina Co. Ltd. (H Shares) | 13,170,000 | | 19,645,651 |
PICC Property & Casualty Co. Ltd. (H Shares) | 558,000 | | 699,779 |
TOTAL CHINA | | 478,823,676 |
Colombia - 1.4% |
Ecopetrol SA ADR (d) | 1,233,000 | | 79,775,100 |
Czech Republic - 0.1% |
Ceske Energeticke Zavody A/S | 136,103 | | 5,488,473 |
Egypt - 0.4% |
Citadel Capital Corp. (a) | 7,209,700 | | 3,756,760 |
Orascom Telecom Holding SAE unit (a) | 4,343,700 | | 12,162,360 |
Orascom Telecom Media & Technology Holding sponsored GDR (f) | 967,700 | | 1,093,501 |
Orascom Telecom Media & Technology Holding SAE (a) | 22,409,500 | | 5,226,814 |
TOTAL EGYPT | | 22,239,435 |
Hong Kong - 4.1% |
China Mobile Ltd. | 49,500 | | 547,644 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - continued |
China Mobile Ltd. sponsored ADR | 1,237,700 | | $ 68,494,318 |
CNOOC Ltd. sponsored ADR (d) | 461,000 | | 97,570,650 |
Lenovo Group Ltd. | 44,270,000 | | 42,565,936 |
Singamas Container Holdings Ltd. | 13,228,000 | | 3,972,500 |
Sinotruk Hong Kong Ltd. | 27,743,500 | | 16,913,607 |
TOTAL HONG KONG | | 230,064,655 |
India - 3.4% |
Cummins India Ltd. | 998,552 | | 9,147,468 |
Grasim Industries Ltd. | 374,127 | | 19,532,306 |
Housing Development and Infrastructure Ltd. (a) | 4,349,123 | | 6,651,891 |
Indiabulls Infrastructure and Power Ltd. | 16,414,242 | | 834,650 |
Indiabulls Real Estate Ltd. | 14,417,058 | | 17,314,705 |
ITC Ltd. | 7,391,534 | | 34,455,931 |
JK Cement Ltd. | 1,063,196 | | 2,772,809 |
Larsen & Toubro Ltd. | 961,024 | | 22,387,398 |
Lupin Ltd. | 1,142,662 | | 11,985,313 |
SREI Infrastructure Finance Ltd. (e) | 31,414,121 | | 15,359,606 |
State Bank of India | 526,779 | | 21,386,238 |
Tata Motors Ltd. | 1,163,623 | | 6,959,727 |
Tata Motors Ltd. Class A | 1,837,270 | | 6,310,873 |
Tulip Telecom Ltd. | 3,449,966 | | 6,108,598 |
Ultratech Cemco Ltd. | 370,024 | | 10,011,340 |
TOTAL INDIA | | 191,218,853 |
Indonesia - 2.6% |
PT Bakrieland Development Tbk (a) | 1,082,672,000 | | 13,782,995 |
PT Bank Tabungan Negara Tbk | 160,035,500 | | 24,030,137 |
PT Indo Tambangraya Megah Tbk | 5,227,000 | | 22,607,392 |
PT Indosat Tbk | 19,147,000 | | 10,104,232 |
PT Telkomunikasi Indonesia Tbk sponsored ADR | 1,922,579 | | 69,616,586 |
PT Tower Bersama Infrastructure Tbk | 22,278,000 | | 7,393,275 |
TOTAL INDONESIA | | 147,534,617 |
Israel - 0.7% |
Bezeq Israeli Telecommunication Corp. Ltd. | 8,450,700 | | 14,141,365 |
Check Point Software Technologies Ltd. (a) | 110,400 | | 6,417,552 |
NICE Systems Ltd. sponsored ADR (a) | 403,200 | | 15,490,944 |
TOTAL ISRAEL | | 36,049,861 |
Kazakhstan - 0.3% |
JSC Halyk Bank of Kazakhstan GDR unit (a) | 2,014,689 | | 13,599,151 |
Common Stocks - continued |
| Shares | | Value |
Kenya - 0.5% |
Equity Bank Ltd. | 74,389,800 | | $ 18,541,602 |
Safaricom Ltd. | 210,535,304 | | 8,345,544 |
TOTAL KENYA | | 26,887,146 |
Korea (South) - 12.1% |
Amoreg | 109,227 | | 27,497,034 |
Asia Pacific Systems, Inc. (a) | 944,671 | | 9,403,872 |
E-Mart Co. Ltd. | 127,598 | | 30,315,291 |
Hana Financial Group, Inc. | 1,490,560 | | 51,240,584 |
ICD Co. Ltd. | 466,733 | | 9,478,176 |
KB Financial Group, Inc. | 2,223,782 | | 75,237,389 |
Korea Electric Power Corp. (a) | 717,020 | | 13,755,289 |
KT&G Corp. | 445,802 | | 30,610,986 |
LG Corp. | 349,625 | | 17,819,624 |
Orion Corp. | 49,777 | | 39,552,928 |
POSCO sponsored ADR | 165,000 | | 13,736,250 |
S-Oil Corp. | 118 | | 10,222 |
Samsung Electronics Co. Ltd. | 201,246 | | 247,523,041 |
Samsung Engineering Co. Ltd. | 103,487 | | 19,687,829 |
Samsung Fire & Marine Insurance Co. Ltd. | 202,236 | | 38,653,231 |
Samsung Heavy Industries Ltd. | 701,520 | | 25,885,091 |
Shinhan Financial Group Co. Ltd. | 268,960 | | 9,400,661 |
Shinhan Financial Group Co. Ltd. sponsored ADR (d) | 114,531 | | 7,964,486 |
Tong Yang Life Insurance Co. Ltd. | 1,410,950 | | 12,472,419 |
TOTAL KOREA (SOUTH) | | 680,244,403 |
Luxembourg - 1.3% |
Samsonite International SA | 13,828,800 | | 26,806,874 |
Subsea 7 SA (a) | 1,690,900 | | 43,821,622 |
TOTAL LUXEMBOURG | | 70,628,496 |
Malaysia - 1.1% |
AirAsia Bhd | 20,042,700 | | 22,059,888 |
Axiata Group Bhd | 8,967,600 | | 15,738,872 |
Genting Bhd | 6,972,900 | | 23,830,701 |
TOTAL MALAYSIA | | 61,629,461 |
Mexico - 3.6% |
America Movil SAB de CV Series L sponsored ADR | 2,639,300 | | 70,337,345 |
CEMEX SA de CV sponsored ADR (d) | 3,689,513 | | 26,675,179 |
Desarrolladora Homex SAB de CV sponsored ADR (a)(d) | 357,200 | | 6,004,532 |
Grupo Modelo SAB de CV Series C | 4,181,900 | | 29,527,715 |
Common Stocks - continued |
| Shares | | Value |
Mexico - continued |
Grupo Televisa SA de CV (CPO) sponsored ADR | 2,634,700 | | $ 57,884,359 |
Wal-Mart de Mexico SA de CV Series V | 4,395,300 | | 12,566,964 |
TOTAL MEXICO | | 202,996,094 |
Netherlands - 0.3% |
ASML Holding NV (Netherlands) (d) | 307,500 | | 15,647,713 |
Nigeria - 1.1% |
Guaranty Trust Bank PLC | 20,391,300 | | 2,075,404 |
Guaranty Trust Bank PLC GDR (Reg. S) | 4,759,677 | | 27,368,143 |
Zenith Bank PLC | 341,023,289 | | 30,679,096 |
TOTAL NIGERIA | | 60,122,643 |
Panama - 0.2% |
Copa Holdings SA Class A | 135,000 | | 10,976,850 |
Peru - 0.4% |
Compania de Minas Buenaventura SA sponsored ADR | 598,200 | | 24,687,714 |
Philippines - 1.3% |
Metro Pacific Investments Corp. | 206,533,000 | | 21,992,960 |
Metropolitan Bank & Trust Co. | 7,636,988 | | 16,554,505 |
Robinsons Land Corp. | 89,107,950 | | 36,602,625 |
TOTAL PHILIPPINES | | 75,150,090 |
Poland - 0.7% |
Eurocash SA | 1,075,709 | | 13,135,253 |
Powszechny Zaklad Ubezpieczen SA | 270,600 | | 27,360,815 |
TOTAL POLAND | | 40,496,068 |
Russia - 6.7% |
Bank St. Petersburg OJSC | 2,821,494 | | 6,724,476 |
DIXY Group OJSC (a) | 1,019,080 | | 12,956,483 |
Gazprom OAO sponsored ADR | 684,600 | | 7,852,362 |
M Video OJSC (a) | 462,700 | | 4,163,528 |
Magnit OJSC | 315,882 | | 39,789,882 |
Magnitogorsk Iron & Steel Works OJSC unit | 1,884,500 | | 9,950,160 |
Mobile TeleSystems OJSC sponsored ADR | 2,591,000 | | 50,679,960 |
NOVATEK OAO GDR (Reg. S) | 438,900 | | 55,784,190 |
OGK-4 OJSC (a) | 409,652,800 | | 37,030,688 |
RusHydro JSC sponsored ADR | 2,152,400 | | 7,490,352 |
Sberbank (Savings Bank of the Russian Federation) | 20,464,300 | | 65,515,581 |
Sistema JSFC (a) | 3,565,700 | | 2,950,192 |
Sistema JSFC sponsored GDR | 557,100 | | 10,584,900 |
Common Stocks - continued |
| Shares | | Value |
Russia - continued |
TNK-BP Holding (a) | 13,304,100 | | $ 40,712,693 |
Uralkali JSC GDR (Reg. S) | 644,987 | | 24,412,758 |
TOTAL RUSSIA | | 376,598,205 |
Singapore - 0.9% |
First Resources Ltd. | 17,835,000 | | 27,091,504 |
Global Logistic Properties Ltd. (a) | 15,145,000 | | 25,208,015 |
TOTAL SINGAPORE | | 52,299,519 |
South Africa - 4.9% |
Absa Group Ltd. | 2,573,970 | | 52,948,727 |
AngloGold Ashanti Ltd. | 704,100 | | 24,128,347 |
Aspen Pharmacare Holdings Ltd. | 1,199,700 | | 19,388,312 |
Aveng Ltd. | 2,095,300 | | 10,710,868 |
Blue Label Telecoms Ltd. | 14,377,607 | | 12,569,777 |
Impala Platinum Holdings Ltd. | 2,334,400 | | 45,409,452 |
JSE Ltd. | 3,841,636 | | 40,599,444 |
Life Healthcare Group Holdings Ltd. | 4,951,600 | | 17,112,241 |
Naspers Ltd. Class N | 859,400 | | 51,759,569 |
TOTAL SOUTH AFRICA | | 274,626,737 |
Taiwan - 8.4% |
Advanced Semiconductor Engineering, Inc. | 29,261,801 | | 29,479,507 |
Asia Cement Corp. | 22,664,080 | | 27,324,384 |
Catcher Technology Co. Ltd. | 1,592,000 | | 10,211,079 |
Cheng Uei Precision Industries Co. Ltd. | 9,528,553 | | 19,609,438 |
Chinatrust Financial Holding Co. Ltd. | 63,842,546 | | 40,839,084 |
Chroma ATE, Inc. | 5,138,612 | | 11,738,349 |
HIWIN Technologies Corp. | 2,004,830 | | 19,047,776 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 13,401,000 | | 42,471,356 |
HTC Corp. | 109,200 | | 1,659,256 |
Inotera Memories, Inc. (a) | 18,270,000 | | 4,812,677 |
Lung Yen Life Service Co. Ltd. | 3,392,000 | | 10,308,050 |
Synnex Technology International Corp. | 11,283,739 | | 26,511,271 |
Taiwan Fertilizer Co. Ltd. | 11,175,000 | | 26,830,732 |
Taiwan Mobile Co. Ltd. | 6,305,000 | | 20,371,497 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 30,777,284 | | 91,133,389 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 3,333,451 | | 51,935,167 |
Unified-President Enterprises Corp. | 24,006,000 | | 37,423,176 |
TOTAL TAIWAN | | 471,706,188 |
Thailand - 2.5% |
Bangkok Bank Public Co. Ltd. (For. Reg.) | 6,021,500 | | 37,983,124 |
Common Stocks - continued |
| Shares | | Value |
Thailand - continued |
Electricity Generating PCL (For. Reg.) | 3,633,400 | | $ 11,695,874 |
PTT Global Chemical PCL (For. Reg.) | 8,841,786 | | 19,765,007 |
PTT PCL (For. Reg.) | 4,192,200 | | 47,844,649 |
Siam Cement PCL (For. Reg.) | 1,607,000 | | 21,841,196 |
TOTAL THAILAND | | 139,129,850 |
Turkey - 1.4% |
Aygaz A/S | 5,672,143 | | 26,213,888 |
TAV Havalimanlari Holding A/S (a) | 4,596,000 | | 24,170,199 |
Turkiye Is Bankasi A/S Series C | 7,405,000 | | 16,942,573 |
Turkiye Vakiflar Bankasi TAO | 7,048,000 | | 12,635,857 |
TOTAL TURKEY | | 79,962,517 |
United Kingdom - 1.3% |
Antofagasta PLC | 673,300 | | 12,906,361 |
Evraz PLC | 3,217,500 | | 19,291,266 |
Hikma Pharmaceuticals PLC | 1,027,353 | | 10,471,879 |
International Personal Finance PLC | 537,720 | | 2,336,414 |
Kazakhmys PLC | 1,951,500 | | 27,272,000 |
TOTAL UNITED KINGDOM | | 72,277,920 |
United States of America - 1.1% |
Cognizant Technology Solutions Corp. Class A (a) | 455,365 | | 33,387,362 |
Helix Energy Solutions Group, Inc. (a) | 379,800 | | 7,751,718 |
Universal Display Corp. (a)(d) | 483,783 | | 21,755,722 |
TOTAL UNITED STATES OF AMERICA | | 62,894,802 |
TOTAL COMMON STOCKS (Cost $4,952,794,963) |
5,344,450,688
|
Nonconvertible Preferred Stocks - 1.7% |
| | | |
Korea (South) - 1.4% |
Hyundai Motor Co. Series 2 | 813,920 | | 57,472,249 |
Samsung Electronics Co. Ltd. | 32,200 | | 23,050,374 |
TOTAL KOREA (SOUTH) | | 80,522,623 |
Nonconvertible Preferred Stocks - continued |
| Shares | | Value |
Russia - 0.3% |
Rostelecom (a)(g) | 1,253,700 | | $ 4,031,595 |
Sberbank (Savings Bank of the Russian Federation) (a) | 5,403,700 | | 12,637,641 |
TOTAL RUSSIA | | 16,669,236 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $82,181,129) |
97,191,859
|
Money Market Funds - 4.6% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 163,159,684 | | 163,159,684 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 93,117,435 | | 93,117,435 |
TOTAL MONEY MARKET FUNDS (Cost $256,277,119) |
256,277,119
|
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $5,291,253,211) | | 5,697,919,666 |
NET OTHER ASSETS (LIABILITIES) - (1.6)% | | (91,668,115) |
NET ASSETS - 100% | $ 5,606,251,551 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) 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 $1,352,878 or 0.0% of net assets. |
(g) Security or a portion of the security purchased on a delayed delivery or when-issued 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 | $ 98,478 |
Fidelity Securities Lending Cash Central Fund | 225,848 |
Total | $ 324,326 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
China Suntien Green Energy Corp. Ltd. (H Shares) | $ 5,673,154 | $ 11,456,654 | $ 328,200 | $ - | $ 15,596,771 |
SREI Infrastructure Finance Ltd. | 22,963,624 | 3,301,596 | 4,160,863 | - | 15,359,606 |
Total | $ 28,636,778 | $ 14,758,250 | $ 4,489,063 | $ - | $ 30,956,377 |
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, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 477,457,015 | $ 470,497,288 | $ 6,959,727 | $ - |
Consumer Staples | 464,823,707 | 464,823,707 | - | - |
Energy | 777,115,756 | 695,908,035 | 81,207,721 | - |
Financials | 1,215,833,943 | 1,139,761,904 | 75,237,389 | 834,650 |
Health Care | 58,957,745 | 58,957,745 | - | - |
Industrials | 344,475,911 | 344,475,911 | - | - |
Information Technology | 791,935,994 | 671,323,098 | 120,612,896 | - |
Materials | 689,747,686 | 646,087,033 | 43,660,653 | - |
Telecommunication Services | 435,889,993 | 416,436,142 | 19,453,851 | - |
Utilities | 185,404,797 | 171,649,508 | 13,755,289 | - |
Money Market Funds | 256,277,119 | 256,277,119 | - | - |
Total Investments in Securities: | $ 5,697,919,666 | $ 5,336,197,490 | $ 360,887,526 | $ 834,650 |
Transfers from Level 2 to Level 1 during the period were $1,554,575,746. |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value: |
Investments in Securities: | |
Beginning Balance | $ - |
Total Realized Gain (Loss) | - |
Total Unrealized Gain (Loss) | (16,732) |
Cost of Purchases | 851,382 |
Proceeds of Sales | - |
Amortization/Accretion | - |
Transfers in to Level 3 | - |
Transfers out of Level 3 | - |
Ending Balance | $ 834,650 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2012 | $ (16,732) |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series Emerging Markets Fund
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $90,177,868) - See accompanying schedule: Unaffiliated issuers (cost $4,989,322,968) | $ 5,410,686,170 | |
Fidelity Central Funds (cost $256,277,119) | 256,277,119 | |
Other affiliated issuers (cost $45,653,124) | 30,956,377 | |
Total Investments (cost $5,291,253,211) | | $ 5,697,919,666 |
Foreign currency held at value (cost $7,667,302) | | 7,661,409 |
Receivable for investments sold | | 39,741,430 |
Receivable for fund shares sold | | 3,500,015 |
Dividends receivable | | 17,105,536 |
Distributions receivable from Fidelity Central Funds | | 73,403 |
Prepaid expenses | | 4,562 |
Other receivables | | 2,354,073 |
Total assets | | 5,768,360,094 |
| | |
Liabilities | | |
Payable to custodian bank | $ 363,535 | |
Payable for investments purchased
Regular delivery | 60,644,650 | |
Delayed delivery | 1,535,825 | |
Payable for fund shares redeemed | 984,866 | |
Accrued management fee | 3,721,821 | |
Other affiliated payables | 701,821 | |
Other payables and accrued expenses | 1,038,590 | |
Collateral on securities loaned, at value | 93,117,435 | |
Total liabilities | | 162,108,543 |
| | |
Net Assets | | $ 5,606,251,551 |
Net Assets consist of: | | |
Paid in capital | | $ 5,358,513,115 |
Undistributed net investment income | | 19,296,511 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (177,895,798) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 406,337,723 |
Net Assets | | $ 5,606,251,551 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Series Emerging Markets:
Net Asset Value, offering price and redemption price per share ($3,394,379,272 ÷ 206,026,258 shares) | | $ 16.48 |
| | |
Class F:
Net Asset Value, offering price and redemption price per share ($2,211,872,279 ÷ 133,940,476 shares) | | $ 16.51 |
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, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 51,941,394 |
Interest | | 1,725 |
Income from Fidelity Central Funds | | 324,326 |
Income before foreign taxes withheld | | 52,267,445 |
Less foreign taxes withheld | | (4,028,703) |
Total income | | 48,238,742 |
| | |
Expenses | | |
Management fee | $ 20,900,833 | |
Transfer agent fees | 3,427,219 | |
Accounting and security lending fees | 769,918 | |
Custodian fees and expenses | 1,444,291 | |
Independent trustees' compensation | 14,931 | |
Audit | 40,137 | |
Legal | 10,348 | |
Miscellaneous | 22,215 | |
Total expenses before reductions | 26,629,892 | |
Expense reductions | (1,037,549) | 25,592,343 |
Net investment income (loss) | | 22,646,399 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (128,723,796) | |
Other affiliated issuers | (2,758,601) | |
Foreign currency transactions | (2,386,188) | |
Total net realized gain (loss) | | (133,868,585) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $6,783) | 478,666,218 | |
Assets and liabilities in foreign currencies | (250,387) | |
Total change in net unrealized appreciation (depreciation) | | 478,415,831 |
Net gain (loss) | | 344,547,246 |
Net increase (decrease) in net assets resulting from operations | | $ 367,193,645 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 22,646,399 | $ 38,993,493 |
Net realized gain (loss) | (133,868,585) | 128,215,965 |
Change in net unrealized appreciation (depreciation) | 478,415,831 | (660,224,875) |
Net increase (decrease) in net assets resulting
from operations | 367,193,645 | (493,015,417) |
Distributions to shareholders from net investment income | (31,500,009) | (16,826,992) |
Distributions to shareholders from net realized gain | (158,430,172) | (109,835,879) |
Total distributions | (189,930,181) | (126,662,871) |
Share transactions - net increase (decrease) | 572,944,742 | 2,596,312,470 |
Total increase (decrease) in net assets | 750,208,206 | 1,976,634,182 |
| | |
Net Assets | | |
Beginning of period | 4,856,043,345 | 2,879,409,163 |
End of period (including undistributed net investment income of $19,296,511 and undistributed net investment income of $28,150,121, respectively) | $ 5,606,251,551 | $ 4,856,043,345 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Series Emerging Markets
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 16.06 | $ 18.85 | $ 16.38 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .06 | .18 | .15 | .15 |
Net realized and unrealized gain (loss) | .97 | (2.19) | 4.03 | 6.27 |
Total from investment operations | 1.03 | (2.01) | 4.18 | 6.42 |
Distributions from net investment income | (.09) | (.10) | (.09) | (.04) |
Distributions from net realized gain | (.52) | (.68) | (1.62) | - |
Total distributions | (.61) | (.78) | (1.71) | (.04) |
Net asset value, end of period | $ 16.48 | $ 16.06 | $ 18.85 | $ 16.38 |
Total Return B,C | 6.89% | (11.26)% | 27.32% | 64.35% |
Ratios to Average Net Assets E,H | | | | |
Expenses before reductions | 1.10% A | 1.12% | 1.15% | 1.21% A |
Expenses net of fee waivers, if any | 1.10% A | 1.12% | 1.15% | 1.21% A |
Expenses net of all reductions | 1.06% A | 1.07% | 1.08% | 1.09% A |
Net investment income (loss) | .80% A | 1.00% | .89% | 1.15% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 3,394,379 | $ 3,384,616 | $ 2,425,249 | $ 910,106 |
Portfolio turnover rate F | 70% A | 104% | 92% | 109% 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 9, 2008 (commencement of operations) to October 31, 2009.
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class F
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 | 2009 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 16.11 | $ 18.90 | $ 16.40 | $ 13.91 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .08 | .21 | .19 | .02 |
Net realized and unrealized gain (loss) | .96 | (2.19) | 4.03 | 2.47 |
Total from investment operations | 1.04 | (1.98) | 4.22 | 2.49 |
Distributions from net investment income | (.12) | (.13) | (.10) | - |
Distributions from net realized gain | (.52) | (.68) | (1.62) | - |
Total distributions | (.64) | (.81) | (1.72) | - |
Net asset value, end of period | $ 16.51 | $ 16.11 | $ 18.90 | $ 16.40 |
Total Return B,C | 6.96% | (11.07)% | 27.59% | 17.90% |
Ratios to Average Net Assets E,H | | | | |
Expenses before reductions | .90% A | .91% | .92% | .93% A |
Expenses net of fee waivers, if any | .90% A | .91% | .92% | .93% A |
Expenses net of all reductions | .86% A | .86% | .85% | .82% A |
Net investment income (loss) | 1.01% A | 1.21% | 1.13% | .28% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 2,211,872 | $ 1,471,427 | $ 454,160 | $ 8,025 |
Portfolio turnover rate F | 70% A | 104% | 92% | 109% 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 June 26, 2009 (commencement of operations) to October 31, 2009.
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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Growth Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
| United Kingdom 18.3% | |
| United States of America 17.6% | |
| Japan 10.4% | |
| Switzerland 9.3% | |
| Belgium 4.2% | |
| Australia 4.0% | |
| Germany 3.8% | |
| France 3.5% | |
| Denmark 3.3% | |
| Other 25.6% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United Kingdom 18.6% | |
| United States of America 17.3% | |
| Switzerland 9.5% | |
| Japan 7.3% | |
| Australia 5.2% | |
| Germany 4.7% | |
| France 4.1% | |
| Belgium 3.5% | |
| Denmark 2.9% | |
| Other 26.9% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.9 | 96.0 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.1 | 4.0 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nestle SA(Switzerland, Food Products) | 4.8 | 4.8 |
BHP Billiton PLC ADR (United Kingdom, Metals & Mining) | 3.3 | 3.6 |
Anheuser-Busch InBev SA NV (Belgium, Beverages) | 3.3 | 2.9 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 2.8 | 2.7 |
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) | 2.5 | 2.2 |
Linde AG (Germany, Chemicals) | 2.3 | 2.1 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.0 | 1.8 |
Standard Chartered PLC (United Kingdom) (United Kingdom, Commercial Banks) | 1.9 | 1.5 |
Philip Morris International, Inc. (United States of America, Tobacco) | 1.8 | 1.5 |
MasterCard, Inc. Class A (United States of America, IT Services) | 1.8 | 1.3 |
| 26.5 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Staples | 22.2 | 21.5 |
Consumer Discretionary | 15.1 | 12.1 |
Materials | 13.7 | 15.8 |
Industrials | 13.4 | 13.1 |
Financials | 11.2 | 10.3 |
Health Care | 9.5 | 8.4 |
Information Technology | 7.6 | 8.8 |
Energy | 4.7 | 5.3 |
Telecommunication Services | 0.5 | 0.7 |
Semiannual Report
Fidelity Series International Growth Fund
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% |
| Shares | | Value |
Australia - 4.0% |
Coca-Cola Amatil Ltd. | 4,629,199 | | $ 60,045,491 |
CSL Ltd. | 3,325,080 | | 126,998,840 |
Newcrest Mining Ltd. | 1,582,820 | | 43,370,305 |
Newcrest Mining Ltd. sponsored ADR | 925,486 | | 25,099,180 |
Sydney Airport unit | 7,043,521 | | 21,354,431 |
WorleyParsons Ltd. | 2,462,480 | | 72,476,358 |
TOTAL AUSTRALIA | | 349,344,605 |
Austria - 1.0% |
Andritz AG | 1,307,298 | | 68,427,967 |
Zumtobel AG | 1,325,497 | | 18,248,806 |
TOTAL AUSTRIA | | 86,676,773 |
Bailiwick of Guernsey - 0.4% |
Resolution Ltd. | 9,727,873 | | 35,336,478 |
Bailiwick of Jersey - 0.9% |
Informa PLC | 3,198,713 | | 21,525,332 |
Randgold Resources Ltd. sponsored ADR | 597,665 | | 53,281,835 |
TOTAL BAILIWICK OF JERSEY | | 74,807,167 |
Belgium - 4.2% |
Anheuser-Busch InBev SA NV (d) | 3,942,181 | | 284,155,993 |
Umicore SA (d) | 1,488,792 | | 80,795,522 |
TOTAL BELGIUM | | 364,951,515 |
Bermuda - 1.5% |
Lazard Ltd. Class A | 867,948 | | 23,877,249 |
Li & Fung Ltd. | 36,646,000 | | 78,405,857 |
Trinity Ltd. | 27,320,000 | | 22,852,790 |
TOTAL BERMUDA | | 125,135,896 |
Brazil - 2.2% |
Arezzo Industria e Comercio SA | 1,456,200 | | 22,918,448 |
BM&F Bovespa SA | 6,103,900 | | 34,327,733 |
Braskem SA Class A sponsored ADR (d) | 2,365,277 | | 34,769,572 |
Cetip SA | 1,243,700 | | 19,162,956 |
Iguatemi Empresa de Shopping Centers SA | 997,200 | | 21,909,470 |
Itau Unibanco Banco Multiplo SA sponsored ADR | 1,347,882 | | 21,148,269 |
Multiplan Empreendimentos Imobiliarios SA | 1,534,800 | | 36,233,245 |
TOTAL BRAZIL | | 190,469,693 |
Canada - 1.9% |
Agnico-Eagle Mines Ltd. (Canada) | 950,500 | | 37,971,886 |
Common Stocks - continued |
| Shares | | Value |
Canada - continued |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 100,200 | | $ 41,083,268 |
First Quantum Minerals Ltd. | 954,015 | | 19,819,173 |
Goldcorp, Inc. | 1,181,900 | | 45,265,783 |
Open Text Corp. (a) | 369,000 | | 20,688,656 |
TOTAL CANADA | | 164,828,766 |
Cayman Islands - 1.9% |
Baidu.com, Inc. sponsored ADR (a) | 364,520 | | 48,371,804 |
NVC Lighting Holdings Ltd. | 51,854,000 | | 18,847,129 |
Sands China Ltd. | 23,996,000 | | 94,330,586 |
TOTAL CAYMAN ISLANDS | | 161,549,519 |
Denmark - 3.3% |
Novo Nordisk A/S Series B sponsored ADR | 1,485,166 | | 218,349,105 |
William Demant Holding A/S (a) | 751,200 | | 70,913,323 |
TOTAL DENMARK | | 289,262,428 |
Finland - 1.8% |
Nokian Tyres PLC | 2,108,492 | | 100,009,474 |
Outotec Oyj | 955,218 | | 51,339,414 |
TOTAL FINLAND | | 151,348,888 |
France - 3.5% |
Alstom SA | 1,985,353 | | 70,909,114 |
Danone SA | 1,837,705 | | 129,300,868 |
Remy Cointreau SA | 439,803 | | 49,016,362 |
Safran SA | 1,469,786 | | 54,479,676 |
TOTAL FRANCE | | 303,706,020 |
Germany - 3.8% |
alstria office REIT-AG | 785,999 | | 8,376,069 |
Linde AG (d) | 1,165,419 | | 199,481,670 |
Siemens AG sponsored ADR | 1,302,255 | | 120,940,422 |
TOTAL GERMANY | | 328,798,161 |
Hong Kong - 1.1% |
Hong Kong Exchanges and Clearing Ltd. | 5,798,800 | | 92,752,100 |
India - 0.5% |
Bharti Airtel Ltd. | 7,572,962 | | 44,648,338 |
Common Stocks - continued |
| Shares | | Value |
Ireland - 1.2% |
CRH PLC sponsored ADR | 2,662,500 | | $ 54,128,625 |
James Hardie Industries NV CDI | 6,113,193 | | 47,704,036 |
TOTAL IRELAND | | 101,832,661 |
Israel - 0.3% |
Azrieli Group | 899,186 | | 22,087,952 |
Italy - 1.0% |
Fiat Industrial SpA (d) | 5,753,700 | | 65,275,531 |
Interpump Group SpA | 2,790,349 | | 24,896,643 |
TOTAL ITALY | | 90,172,174 |
Japan - 10.4% |
Autobacs Seven Co. Ltd. | 798,600 | | 38,329,806 |
Denso Corp. | 3,538,400 | | 114,422,350 |
Fanuc Corp. | 841,200 | | 141,877,709 |
Fast Retailing Co. Ltd. | 255,900 | | 57,189,041 |
Japan Tobacco, Inc. | 5,226 | | 28,952,222 |
JS Group Corp. | 1,513,800 | | 29,727,479 |
Keyence Corp. | 408,300 | | 96,375,007 |
Kobayashi Pharmaceutical Co. Ltd. | 665,500 | | 33,425,640 |
Mitsui Fudosan Co. Ltd. | 3,273,000 | | 59,954,679 |
Osaka Securities Exchange Co. Ltd. | 6,306 | | 36,105,791 |
SHO-BOND Holdings Co. Ltd. | 849,400 | | 21,484,237 |
SMC Corp. | 253,000 | | 42,254,426 |
Unicharm Corp. | 1,225,500 | | 68,560,556 |
USS Co. Ltd. | 825,780 | | 83,770,050 |
Yamato Kogyo Co. Ltd. | 1,574,000 | | 44,791,150 |
TOTAL JAPAN | | 897,220,143 |
Mexico - 0.9% |
Wal-Mart de Mexico SA de CV Series V | 26,783,700 | | 76,579,483 |
Netherlands - 1.5% |
ASML Holding NV | 2,623,400 | | 133,767,166 |
Portugal - 1.1% |
Jeronimo Martins SGPS SA | 5,257,273 | | 98,478,028 |
South Africa - 1.3% |
African Rainbow Minerals Ltd. | 1,354,100 | | 31,510,941 |
Clicks Group Ltd. | 4,020,927 | | 24,183,462 |
JSE Ltd. | 3,038,635 | | 32,113,113 |
Mr Price Group Ltd. | 1,945,500 | | 26,313,525 |
TOTAL SOUTH AFRICA | | 114,121,041 |
Common Stocks - continued |
| Shares | | Value |
Spain - 1.4% |
Inditex SA (d) | 857,703 | | $ 77,152,280 |
Prosegur Compania de Seguridad SA (Reg.) | 709,700 | | 40,530,067 |
TOTAL SPAIN | | 117,682,347 |
Sweden - 2.0% |
Fagerhult AB | 320,870 | | 9,620,251 |
H&M Hennes & Mauritz AB (B Shares) (d) | 3,051,525 | | 104,839,061 |
Swedish Match Co. AB | 1,478,800 | | 60,113,553 |
TOTAL SWEDEN | | 174,572,865 |
Switzerland - 9.3% |
Nestle SA | 6,810,365 | | 417,229,126 |
Roche Holding AG (participation certificate) | 939,429 | | 171,623,964 |
Schindler Holding AG: | | | |
(participation certificate) | 328,924 | | 42,549,367 |
(Reg.) | 79,700 | | 10,186,987 |
Swatch Group AG (Bearer) | 259,120 | | 119,516,976 |
UBS AG (NY Shares) | 3,412,113 | | 42,207,838 |
TOTAL SWITZERLAND | | 803,314,258 |
Turkey - 1.7% |
Anadolu Efes Biracilik ve Malt Sanayii A/S | 1,490,623 | | 20,997,677 |
Coca-Cola Icecek A/S | 3,117,007 | | 43,819,051 |
Tupras-Turkiye Petrol Rafinerileri A/S | 1,006,000 | | 21,013,204 |
Turkiye Garanti Bankasi A/S | 17,048,000 | | 62,680,751 |
TOTAL TURKEY | | 148,510,683 |
United Kingdom - 18.3% |
Anglo American PLC (United Kingdom) | 1,829,500 | | 70,316,848 |
Babcock International Group PLC | 4,001,500 | | 53,972,076 |
BG Group PLC | 10,448,272 | | 245,984,354 |
BHP Billiton PLC ADR (d) | 4,453,990 | | 286,658,796 |
GlaxoSmithKline PLC sponsored ADR | 3,236,350 | | 149,616,461 |
InterContinental Hotel Group PLC ADR | 3,653,415 | | 87,243,550 |
Johnson Matthey PLC | 1,918,600 | | 72,059,804 |
Reckitt Benckiser Group PLC | 1,818,987 | | 105,902,510 |
Rolls-Royce Group PLC | 6,666,111 | | 89,100,763 |
Rotork PLC | 1,313,797 | | 47,062,596 |
SABMiller PLC | 2,682,783 | | 112,714,294 |
Serco Group PLC | 5,313,002 | | 46,782,670 |
Shaftesbury PLC | 2,730,400 | | 22,668,208 |
Standard Chartered PLC (United Kingdom) | 6,541,041 | | 159,888,462 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Unite Group PLC | 4,500,300 | | $ 14,261,913 |
Victrex PLC | 1,034,707 | | 24,385,366 |
TOTAL UNITED KINGDOM | | 1,588,618,671 |
United States of America - 15.5% |
Allergan, Inc. | 417,800 | | 40,108,800 |
Amazon.com, Inc. (a) | 245,701 | | 56,978,062 |
Autoliv, Inc. (d) | 1,347,400 | | 84,535,876 |
Berkshire Hathaway, Inc. Class B (a) | 1,125,682 | | 90,561,117 |
BorgWarner, Inc. (a) | 591,218 | | 46,729,871 |
CME Group, Inc. | 124,200 | | 33,014,844 |
Cymer, Inc. (a) | 643,079 | | 33,337,215 |
FMC Technologies, Inc. (a) | 747,388 | | 35,127,236 |
Freeport-McMoRan Copper & Gold, Inc. | 517,500 | | 19,820,250 |
JPMorgan Chase & Co. | 917,802 | | 39,447,130 |
Lam Research Corp. (a)(d) | 516,334 | | 21,505,311 |
Martin Marietta Materials, Inc. (d) | 243,600 | | 20,189,568 |
MasterCard, Inc. Class A | 344,091 | | 155,622,037 |
Mead Johnson Nutrition Co. Class A | 1,350,300 | | 115,531,668 |
Mohawk Industries, Inc. (a) | 827,900 | | 55,485,858 |
National Oilwell Varco, Inc. | 499,466 | | 37,839,544 |
Philip Morris International, Inc. | 1,758,992 | | 157,447,374 |
PriceSmart, Inc. | 309,900 | | 25,579,146 |
ResMed, Inc. (a) | 1,333,300 | | 45,345,533 |
Solera Holdings, Inc. | 444,441 | | 19,973,179 |
Union Pacific Corp. | 833,300 | | 93,696,252 |
Visa, Inc. Class A | 953,299 | | 117,236,711 |
TOTAL UNITED STATES OF AMERICA | | 1,345,112,582 |
TOTAL COMMON STOCKS (Cost $7,384,795,212) |
8,475,686,401
|
Nonconvertible Preferred Stocks - 0.0% |
| | | |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Class C
(Cost $1,140,359) | 706,607,766 | |
1,146,895
|
Money Market Funds - 9.0% |
| Shares | | Value |
Fidelity Cash Central Fund, 0.14% (b) | 131,488,115 | | $ 131,488,115 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 650,033,745 | | 650,033,745 |
TOTAL MONEY MARKET FUNDS (Cost $781,521,860) |
781,521,860
|
TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $8,167,457,431) | | 9,258,355,156 |
NET OTHER ASSETS (LIABILITIES) - (6.9)% | | (596,410,196) |
NET ASSETS - 100% | $ 8,661,944,960 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
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 | $ 172,408 |
Fidelity Securities Lending Cash Central Fund | 1,800,295 |
Total | $ 1,972,703 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 1,292,548,793 | $ 998,837,546 | $ 293,711,247 | $ - |
Consumer Staples | 1,930,879,633 | 1,799,941,215 | 130,938,418 | - |
Energy | 412,440,696 | 412,440,696 | - | - |
Financials | 949,198,635 | 853,138,165 | 96,060,470 | - |
Health Care | 822,956,026 | 822,956,026 | - | - |
Industrials | 1,165,863,779 | 930,519,928 | 235,343,851 | - |
Information Technology | 646,877,086 | 550,502,079 | 96,375,007 | - |
Materials | 1,211,420,310 | 1,166,629,160 | 44,791,150 | - |
Telecommunication Services | 44,648,338 | 44,648,338 | - | - |
Money Market Funds | 781,521,860 | 781,521,860 | - | - |
Total Investments in Securities: | $ 9,258,355,156 | $ 8,361,135,013 | $ 897,220,143 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Growth Fund
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $613,711,983) - See accompanying schedule: Unaffiliated issuers (cost $7,385,935,571) | $ 8,476,833,296 | |
Fidelity Central Funds (cost $781,521,860) | 781,521,860 | |
Total Investments (cost $8,167,457,431) | | $ 9,258,355,156 |
Cash | | 1 |
Foreign currency held at value (cost $12,293,404) | | 12,294,627 |
Receivable for investments sold | | 27,913,863 |
Receivable for fund shares sold | | 5,325,526 |
Dividends receivable | | 43,000,570 |
Distributions receivable from Fidelity Central Funds | | 986,145 |
Prepaid expenses | | 7,833 |
Other receivables | | 307,886 |
Total assets | | 9,348,191,607 |
| | |
Liabilities | | |
Payable for investments purchased | $ 27,624,912 | |
Payable for fund shares redeemed | 1,498,446 | |
Accrued management fee | 5,814,122 | |
Other affiliated payables | 1,014,988 | |
Other payables and accrued expenses | 260,434 | |
Collateral on securities loaned, at value | 650,033,745 | |
Total liabilities | | 686,246,647 |
| | |
Net Assets | | $ 8,661,944,960 |
Net Assets consist of: | | |
Paid in capital | | $ 7,731,543,428 |
Undistributed net investment income | | 67,472,679 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (228,332,896) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,091,261,749 |
Net Assets | | $ 8,661,944,960 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Series International Growth:
Net Asset Value, offering price and redemption price per share ($5,244,135,174 ÷ 459,534,315 shares) | | $ 11.41 |
| | |
Class F:
Net Asset Value, offering price and redemption price per share ($3,417,809,786 ÷ 298,865,512 shares) | | $ 11.44 |
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, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 117,188,578 |
Interest | | 2,052 |
Income from Fidelity Central Funds | | 1,972,703 |
Income before foreign taxes withheld | | 119,163,333 |
Less foreign taxes withheld | | (9,417,790) |
Total income | | 109,745,543 |
| | |
Expenses | | |
Management fee
Basic fee | $ 27,865,327 | |
Performance adjustment | 3,652,952 | |
Transfer agent fees | 5,172,348 | |
Accounting and security lending fees | 859,517 | |
Custodian fees and expenses | 444,405 | |
Independent trustees' compensation | 22,739 | |
Audit | 35,428 | |
Legal | 8,931 | |
Miscellaneous | 36,557 | |
Total expenses before reductions | 38,098,204 | |
Expense reductions | (524,854) | 37,573,350 |
Net investment income (loss) | | 72,172,193 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (55,367,983) | |
Foreign currency transactions | (845,622) | |
Total net realized gain (loss) | | (56,213,605) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $37,564) | 735,781,887 | |
Assets and liabilities in foreign currencies | 338,384 | |
Total change in net unrealized appreciation (depreciation) | | 736,120,271 |
Net gain (loss) | | 679,906,666 |
Net increase (decrease) in net assets resulting from operations | | $ 752,078,859 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 72,172,193 | $ 88,532,076 |
Net realized gain (loss) | (56,213,605) | (130,475,418) |
Change in net unrealized appreciation (depreciation) | 736,120,271 | (207,710,996) |
Net increase (decrease) in net assets resulting
from operations | 752,078,859 | (249,654,338) |
Distributions to shareholders from net investment income | (86,292,993) | (25,269,633) |
Distributions to shareholders from net realized gain | (4,902,084) | (4,689,987) |
Total distributions | (91,195,077) | (29,959,620) |
Share transactions - net increase (decrease) | 838,192,320 | 2,754,034,772 |
Total increase (decrease) in net assets | 1,499,076,102 | 2,474,420,814 |
| | |
Net Assets | | |
Beginning of period | 7,162,868,858 | 4,688,448,044 |
End of period (including undistributed net investment income of $67,472,679 and undistributed net investment income of $81,593,479, respectively) | $ 8,661,944,960 | $ 7,162,868,858 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Series International Growth
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.53 | $ 10.89 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .09 | .16 | .09 |
Net realized and unrealized gain (loss) | .91 | (.46) | .80 |
Total from investment operations | 1.00 | (.30) | .89 |
Distributions from net investment income | (.12) | (.05) | - |
Distributions from net realized gain | (.01) | (.01) | - |
Total distributions | (.12) I | (.06) | - |
Net asset value, end of period | $ 11.41 | $ 10.53 | $ 10.89 |
Total Return B,C | 9.65% | (2.77)% | 8.90% |
Ratios to Average Net Assets E,H | | | |
Expenses before reductions | 1.04% A | 1.00% | 1.01% A |
Expenses net of fee waivers, if any | 1.04% A | 1.00% | 1.01% A |
Expenses net of all reductions | 1.03% A | .98% | .99% A |
Net investment income (loss) | 1.76% A | 1.40% | 1.06% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 5,244,135 | $ 4,996,927 | $ 3,944,123 |
Portfolio turnover rate F | 29% A | 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class F
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 10.57 | $ 10.91 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .11 | .18 | .11 |
Net realized and unrealized gain (loss) | .91 | (.45) | .80 |
Total from investment operations | 1.02 | (.27) | .91 |
Distributions from net investment income | (.14) | (.06) | - |
Distributions from net realized gain | (.01) | (.01) | - |
Total distributions | (.15) | (.07) | - |
Net asset value, end of period | $ 11.44 | $ 10.57 | $ 10.91 |
Total Return B,C | 9.79% | (2.50)% | 9.10% |
Ratios to Average Net Assets E,H | | | |
Expenses before reductions | .84% A | .79% | .78% A |
Expenses net of fee waivers, if any | .84% A | .79% | .78% A |
Expenses net of all reductions | .82% A | .77% | .75% A |
Net investment income (loss) | 1.97% A | 1.62% | 1.29% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 3,417,810 | $ 2,165,942 | $ 744,325 |
Portfolio turnover rate F | 29% A | 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Small Cap Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
| Japan 20.8% | |
| United States of America 17.9% | |
| United Kingdom 17.3% | |
| Germany 4.6% | |
| Brazil 3.3% | |
| Canada 3.1% | |
| France 3.0% | |
| South Africa 2.6% | |
| Finland 2.4% | |
| Other 25.0% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United States of America 19.4% | |
| Japan 19.3% | |
| United Kingdom 15.7% | |
| Brazil 4.6% | |
| Canada 4.6% | |
| Germany 4.2% | |
| France 3.0% | |
| Finland 2.3% | |
| South Africa 2.2% | |
| Other 24.7% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 94.6 | 93.1 |
Short-Term Investments and Net Other Assets (Liabilities) | 5.4 | 6.9 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
PriceSmart, Inc. (United States of America, Food & Staples Retailing) | 2.6 | 2.3 |
USS Co. Ltd. (Japan, Specialty Retail) | 2.0 | 1.8 |
Osaka Securities Exchange Co. Ltd. (Japan, Diversified Financial Services) | 1.6 | 1.6 |
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) | 1.6 | 1.4 |
CTS Eventim AG (Germany, Media) | 1.5 | 1.2 |
Prosegur Compania de Seguridad SA (Reg.) (Spain, Commercial Services & Supplies) | 1.5 | 1.3 |
Andritz AG (Austria, Machinery) | 1.4 | 1.3 |
Kobayashi Pharmaceutical Co. Ltd. (Japan, Personal Products) | 1.4 | 1.6 |
Cymer, Inc. (United States of America, Semiconductors & Semiconductor Equipment) | 1.4 | 0.9 |
Interpump Group SpA (Italy, Machinery) | 1.3 | 0.9 |
| 16.3 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 23.3 | 21.4 |
Consumer Discretionary | 19.0 | 17.2 |
Financials | 15.1 | 15.3 |
Consumer Staples | 11.4 | 9.6 |
Materials | 9.6 | 11.1 |
Information Technology | 7.8 | 8.4 |
Health Care | 4.9 | 5.6 |
Energy | 3.5 | 4.5 |
Semiannual Report
Fidelity Series International Small Cap Fund
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.6% |
| Shares | | Value |
Australia - 0.9% |
Ramsay Health Care Ltd. | 221,035 | | $ 4,612,615 |
Sydney Airport unit | 3,890,823 | | 11,796,133 |
TOTAL AUSTRALIA | | 16,408,748 |
Austria - 2.0% |
Andritz AG | 487,524 | | 25,518,494 |
Zumtobel AG (d) | 730,019 | | 10,050,551 |
TOTAL AUSTRIA | | 35,569,045 |
Bailiwick of Guernsey - 0.7% |
Resolution Ltd. | 3,181,121 | | 11,555,415 |
Bailiwick of Jersey - 1.3% |
Informa PLC | 2,248,442 | | 15,130,604 |
Randgold Resources Ltd. sponsored ADR | 88,600 | | 7,898,690 |
TOTAL BAILIWICK OF JERSEY | | 23,029,294 |
Belgium - 1.5% |
Gimv NV | 212,429 | | 10,410,524 |
Umicore SA (d) | 301,281 | | 16,350,273 |
TOTAL BELGIUM | | 26,760,797 |
Bermuda - 1.0% |
Lazard Ltd. Class A | 157,001 | | 4,319,098 |
Trinity Ltd. | 16,792,000 | | 14,046,268 |
TOTAL BERMUDA | | 18,365,366 |
Brazil - 3.3% |
Arezzo Industria e Comercio SA | 597,000 | | 9,395,903 |
Banco ABC Brasil SA | 1,435,500 | | 8,961,755 |
Banco Pine SA | 1,140,064 | | 7,805,175 |
Braskem SA Class A sponsored ADR (d) | 653,700 | | 9,609,390 |
Cetip SA | 265,500 | | 4,090,830 |
Iguatemi Empresa de Shopping Centers SA | 197,900 | | 4,348,059 |
Multiplan Empreendimentos Imobiliarios SA | 357,700 | | 8,444,509 |
T4F Entretenimento SA | 624,500 | | 5,707,206 |
TOTAL BRAZIL | | 58,362,827 |
British Virgin Islands - 0.3% |
Gem Diamonds Ltd. (a) | 1,145,875 | | 4,817,063 |
Canada - 3.1% |
Agnico-Eagle Mines Ltd. (Canada) | 140,040 | | 5,594,511 |
Copper Mountain Mining Corp. (a) | 913,100 | | 3,965,780 |
Common Stocks - continued |
| Shares | | Value |
Canada - continued |
Eldorado Gold Corp. | 528,500 | | $ 7,490,762 |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 30,868 | | 12,656,271 |
Open Text Corp. (a) | 128,800 | | 7,221,406 |
Painted Pony Petroleum Ltd. Class A (a) | 515,800 | | 4,161,909 |
Petrominerales Ltd. | 259,350 | | 3,794,085 |
TAG Oil Ltd. (a) | 603,500 | | 6,415,338 |
Tuscany International Drilling, Inc. (a) | 3,425,400 | | 2,427,517 |
Tuscany International Drilling, Inc. (a)(f) | 538,700 | | 381,767 |
TOTAL CANADA | | 54,109,346 |
Cayman Islands - 0.7% |
China Lilang Ltd. | 2,678,000 | | 2,474,820 |
NVC Lighting Holdings Ltd. | 21,488,000 | | 7,810,142 |
Vantage Drilling Co. (a) | 1,748,469 | | 2,762,581 |
TOTAL CAYMAN ISLANDS | | 13,047,543 |
Denmark - 0.9% |
William Demant Holding A/S (a) | 174,164 | | 16,441,092 |
Finland - 2.4% |
Nokian Tyres PLC | 410,800 | | 19,484,964 |
Outotec Oyj | 411,500 | | 22,116,594 |
TOTAL FINLAND | | 41,601,558 |
France - 3.0% |
Laurent-Perrier Group | 93,724 | | 9,459,236 |
Remy Cointreau SA | 155,773 | | 17,361,013 |
Saft Groupe SA | 377,949 | | 10,426,854 |
Vetoquinol SA | 145,029 | | 4,544,389 |
Virbac SA | 70,200 | | 11,806,853 |
TOTAL FRANCE | | 53,598,345 |
Germany - 4.6% |
alstria office REIT-AG | 785,979 | | 8,375,856 |
Bilfinger Berger AG | 155,898 | | 14,258,640 |
CompuGROUP Holding AG | 414,454 | | 6,380,848 |
CTS Eventim AG | 671,354 | | 26,208,896 |
Fielmann AG | 162,795 | | 15,773,032 |
Software AG (Bearer) (d) | 285,200 | | 9,967,261 |
TOTAL GERMANY | | 80,964,533 |
Common Stocks - continued |
| Shares | | Value |
India - 0.6% |
Apollo Tyres Ltd. | 2,330,567 | | $ 4,000,442 |
Jyothy Laboratories Ltd. | 1,869,343 | | 6,190,324 |
TOTAL INDIA | | 10,190,766 |
Ireland - 1.1% |
James Hardie Industries NV CDI | 2,426,724 | | 18,936,835 |
Israel - 0.9% |
Azrieli Group | 345,813 | | 8,494,684 |
Ituran Location & Control Ltd. | 587,995 | | 7,902,653 |
TOTAL ISRAEL | | 16,397,337 |
Italy - 2.1% |
Azimut Holding SpA | 1,463,464 | | 14,375,016 |
Interpump Group SpA (d) | 2,639,666 | | 23,552,188 |
TOTAL ITALY | | 37,927,204 |
Japan - 20.8% |
Air Water, Inc. | 342,000 | | 4,311,265 |
Aozora Bank Ltd. | 3,506,000 | | 8,992,692 |
Asahi Co. Ltd. | 393,400 | | 7,762,773 |
Autobacs Seven Co. Ltd. | 398,700 | | 19,136,105 |
Azbil Corp. | 294,900 | | 6,318,311 |
Cosmos Pharmaceutical Corp. | 48,900 | | 2,741,683 |
Daikoku Denki Co. Ltd. | 412,900 | | 5,904,673 |
Daikokutenbussan Co. Ltd. | 484,900 | | 13,429,185 |
FCC Co. Ltd. | 685,700 | | 14,002,395 |
GCA Savvian Group Corp. (d) | 5,863 | | 6,109,423 |
Glory Ltd. | 392,500 | | 8,441,553 |
Goldcrest Co. Ltd. | 411,900 | | 7,066,338 |
Iwatsuka Confectionary Co. Ltd. | 5,700 | | 231,285 |
Kamigumi Co. Ltd. | 1,317,000 | | 10,585,377 |
Kobayashi Pharmaceutical Co. Ltd. | 498,800 | | 25,052,907 |
Kyoto Kimono Yuzen Co. Ltd. | 353,500 | | 4,345,564 |
Meiko Network Japan Co. Ltd. | 439,400 | | 4,336,256 |
Miraial Co. Ltd. | 102,000 | | 1,832,187 |
Nabtesco Corp. | 704,400 | | 15,038,239 |
Nagaileben Co. Ltd. | 479,900 | | 7,413,952 |
Nihon M&A Center, Inc. | 569,400 | | 16,304,530 |
Nihon Parkerizing Co. Ltd. | 756,000 | | 11,291,100 |
Nikkiso Co. Ltd. | 342,000 | | 3,591,464 |
Nippon Seiki Co. Ltd. | 664,000 | | 8,376,409 |
Nippon Thompson Co. Ltd. | 2,178,000 | | 12,044,499 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
NS Tool Co., Ltd. | 500 | | $ 17,930 |
Obic Co. Ltd. | 55,250 | | 11,646,160 |
Osaka Securities Exchange Co. Ltd. | 5,064 | | 28,994,564 |
OSG Corp. | 690,700 | | 10,902,410 |
Seven Bank Ltd. | 4,507,500 | | 11,137,613 |
SHO-BOND Holdings Co. Ltd. | 408,900 | | 10,342,482 |
Shoei Co. Ltd. | 326,600 | | 2,343,695 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 1,545,000 | | 9,139,726 |
Tsutsumi Jewelry Co. Ltd. | 182,500 | | 5,338,767 |
USS Co. Ltd. | 341,890 | | 34,682,533 |
Yamato Kogyo Co. Ltd. | 639,100 | | 18,186,800 |
TOTAL JAPAN | | 367,392,845 |
Korea (South) - 0.2% |
Woongjin Coway Co. Ltd. | 132,680 | | 4,249,987 |
Netherlands - 2.0% |
Aalberts Industries NV | 836,500 | | 16,062,238 |
ASM International NV unit (d) | 315,400 | | 11,187,238 |
QIAGEN NV (a)(d) | 470,300 | | 7,868,119 |
TOTAL NETHERLANDS | | 35,117,595 |
Papua New Guinea - 0.3% |
Oil Search Ltd. ADR | 624,724 | | 4,783,885 |
Philippines - 0.5% |
Jollibee Food Corp. | 3,421,000 | | 9,095,081 |
Portugal - 0.7% |
Jeronimo Martins SGPS SA | 689,100 | | 12,908,063 |
South Africa - 2.6% |
African Rainbow Minerals Ltd. | 445,527 | | 10,367,754 |
City Lodge Hotels Ltd. | 467,298 | | 5,106,754 |
Clicks Group Ltd. | 2,025,133 | | 12,179,959 |
JSE Ltd. | 799,995 | | 8,454,563 |
Mr Price Group Ltd. | 740,600 | | 10,016,858 |
TOTAL SOUTH AFRICA | | 46,125,888 |
Spain - 1.8% |
Grifols SA (a)(d) | 249,700 | | 6,288,768 |
Prosegur Compania de Seguridad SA (Reg.) | 457,000 | | 26,098,690 |
TOTAL SPAIN | | 32,387,458 |
Sweden - 2.3% |
Fagerhult AB | 291,395 | | 8,736,539 |
Common Stocks - continued |
| Shares | | Value |
Sweden - continued |
Intrum Justitia AB | 1,102,096 | | $ 16,726,376 |
Swedish Match Co. AB | 363,400 | | 14,772,292 |
TOTAL SWEDEN | | 40,235,207 |
Switzerland - 0.8% |
Bank Sarasin & Cie AG Series B (Reg.) | 276,208 | | 8,521,651 |
Zehnder Group AG | 65,485 | | 4,816,400 |
TOTAL SWITZERLAND | | 13,338,051 |
Thailand - 0.3% |
Thai Re Insurance PCL | 36,758,599 | | 4,852,541 |
Turkey - 2.1% |
Albaraka Turk Katilim Bankasi A/S | 9,400,014 | | 9,951,068 |
Boyner Buyuk Magazacilik A/S (a)(e) | 5,323,500 | | 10,695,478 |
Coca-Cola Icecek A/S | 1,226,220 | | 17,238,266 |
TOTAL TURKEY | | 37,884,812 |
United Kingdom - 17.3% |
AMEC PLC | 585,359 | | 10,783,592 |
Babcock International Group PLC | 1,183,800 | | 15,967,048 |
Bellway PLC | 910,600 | | 11,639,210 |
Britvic PLC | 2,433,200 | | 15,094,328 |
Dechra Pharmaceuticals PLC | 1,141,734 | | 8,552,280 |
Dechra Pharmaceuticals PLC rights 5/15/12 (a) | 342,520 | | 872,832 |
Derwent London PLC | 275,500 | | 7,789,598 |
Great Portland Estates PLC | 2,102,500 | | 12,288,657 |
H&T Group PLC | 786,592 | | 3,702,481 |
InterContinental Hotel Group PLC ADR | 576,100 | | 13,757,268 |
Johnson Matthey PLC | 442,400 | | 16,615,896 |
Meggitt PLC | 3,435,482 | | 22,778,495 |
Persimmon PLC | 813,700 | | 8,300,703 |
Rotork PLC | 506,500 | | 18,143,750 |
Serco Group PLC | 2,191,716 | | 19,298,755 |
Shaftesbury PLC | 1,791,755 | | 14,875,431 |
Spectris PLC | 506,707 | | 15,511,146 |
Spirax-Sarco Engineering PLC | 764,900 | | 28,629,202 |
Ted Baker PLC | 565,849 | | 8,314,083 |
Ultra Electronics Holdings PLC | 491,400 | | 13,431,438 |
Unite Group PLC | 5,439,825 | | 17,239,364 |
Victrex PLC | 920,300 | | 21,689,089 |
TOTAL UNITED KINGDOM | | 305,274,646 |
Common Stocks - continued |
| Shares | | Value |
United States of America - 12.5% |
ANSYS, Inc. (a) | 74,815 | | $ 5,017,842 |
Autoliv, Inc. (d) | 264,200 | | 16,575,908 |
Broadridge Financial Solutions, Inc. | 188,395 | | 4,372,648 |
Cymer, Inc. (a) | 468,927 | | 24,309,176 |
Dril-Quip, Inc. (a) | 169,948 | | 11,452,796 |
Evercore Partners, Inc. Class A | 262,900 | | 6,948,447 |
Greenhill & Co., Inc. (d) | 162,105 | | 6,297,779 |
Kansas City Southern | 205,400 | | 15,819,908 |
Lam Research Corp. (a)(d) | 115,900 | | 4,827,235 |
Martin Marietta Materials, Inc. (d) | 94,700 | | 7,848,736 |
Mohawk Industries, Inc. (a) | 313,962 | | 21,041,733 |
Oceaneering International, Inc. | 237,569 | | 12,265,687 |
PriceSmart, Inc. (d) | 565,999 | | 46,717,557 |
ResMed, Inc. (a) | 517,200 | | 17,589,972 |
Solera Holdings, Inc. | 302,649 | | 13,601,046 |
SS&C Technologies Holdings, Inc. (a) | 278,646 | | 6,623,415 |
TOTAL UNITED STATES OF AMERICA | | 221,309,885 |
TOTAL COMMON STOCKS (Cost $1,450,105,025) |
1,673,039,058
|
Money Market Funds - 8.9% |
| | | |
Fidelity Cash Central Fund, 0.14% (b) | 81,709,349 | | 81,709,349 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 75,139,279 | | 75,139,279 |
TOTAL MONEY MARKET FUNDS (Cost $156,848,628) |
156,848,628
|
TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $1,606,953,653) | | 1,829,887,686 |
NET OTHER ASSETS (LIABILITIES) - (3.5)% | | (62,540,142) |
NET ASSETS - 100% | $ 1,767,347,544 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) 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 $381,767 or 0.0% 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 | $ 54,078 |
Fidelity Securities Lending Cash Central Fund | 300,683 |
Total | $ 354,761 |
Other Affiliated Issuers |
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
Boyner Buyuk Magazacilik A/S | $ 3,751,446 | $ 4,523,906 | $ - | $ - | $ 10,695,478 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | |
Equities: | | | | |
Consumer Discretionary | $ 337,244,368 | $ 231,015,198 | $ 106,229,170 | $ - |
Consumer Staples | 201,186,240 | 159,731,180 | 41,455,060 | - |
Energy | 59,229,157 | 59,229,157 | - | - |
Financials | 267,059,402 | 204,758,772 | 62,300,630 | - |
Health Care | 89,582,336 | 78,576,920 | 11,005,416 | - |
Industrials | 407,905,313 | 324,228,293 | 83,677,020 | - |
Information Technology | 136,718,572 | 116,921,914 | 19,796,658 | - |
Materials | 174,113,670 | 131,184,779 | 42,928,891 | - |
Money Market Funds | 156,848,628 | 156,848,628 | - | - |
Total Investments in Securities: | $ 1,829,887,686 | $ 1,462,494,841 | $ 367,392,845 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Small Cap Fund
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $71,568,324) - See accompanying schedule: Unaffiliated issuers (cost $1,440,770,721) | $ 1,662,343,580 | |
Fidelity Central Funds (cost $156,848,628) | 156,848,628 | |
Other affiliated issuers (cost $9,334,304) | 10,695,478 | |
Total Investments (cost $1,606,953,653) | | $ 1,829,887,686 |
Foreign currency held at value (cost $276,473) | | 275,519 |
Receivable for investments sold | | 7,812,446 |
Receivable for fund shares sold | | 1,065,856 |
Dividends receivable | | 9,323,934 |
Distributions receivable from Fidelity Central Funds | | 110,115 |
Prepaid expenses | | 1,703 |
Other receivables | | 34,004 |
Total assets | | 1,848,511,263 |
| | |
Liabilities | | |
Payable for investments purchased | $ 4,018,592 | |
Payable for fund shares redeemed | 299,511 | |
Accrued management fee | 1,363,886 | |
Other affiliated payables | 241,502 | |
Other payables and accrued expenses | 100,949 | |
Collateral on securities loaned, at value | 75,139,279 | |
Total liabilities | | 81,163,719 |
| | |
Net Assets | | $ 1,767,347,544 |
Net Assets consist of: | | |
Paid in capital | | $ 1,575,583,098 |
Undistributed net investment income | | 8,688,013 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (40,054,815) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 223,131,248 |
Net Assets | | $ 1,767,347,544 |
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, 2012 (Unaudited) |
| | |
Series International Small Cap:
Net Asset Value, offering price and redemption price per share ($1,070,895,769 ÷ 88,293,918 shares) | | $ 12.13 |
| | |
Class F:
Net Asset Value, offering price and redemption price per share ($696,451,775 ÷ 57,299,978 shares) | | $ 12.15 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 21,855,570 |
Interest | | 918 |
Income from Fidelity Central Funds | | 354,761 |
Income before foreign taxes withheld | | 22,211,249 |
Less foreign taxes withheld | | (1,396,939) |
Total income | | 20,814,310 |
| | |
Expenses | | |
Management fee
Basic fee | $ 7,066,759 | |
Performance adjustment | 565,590 | |
Transfer agent fees | 1,085,601 | |
Accounting and security lending fees | 374,053 | |
Custodian fees and expenses | 136,682 | |
Independent trustees' compensation | 4,841 | |
Audit | 31,299 | |
Legal | 1,918 | |
Miscellaneous | 7,869 | |
Total expenses before reductions | 9,274,612 | |
Expense reductions | (80,013) | 9,194,599 |
Net investment income (loss) | | 11,619,711 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (22,823,394) | |
Foreign currency transactions | (304,321) | |
Total net realized gain (loss) | | (23,127,715) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $7,663) | 164,271,292 | |
Assets and liabilities in foreign currencies | 232,335 | |
Total change in net unrealized appreciation (depreciation) | | 164,503,627 |
Net gain (loss) | | 141,375,912 |
Net increase (decrease) in net assets resulting from operations | | $ 152,995,623 |
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 April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 11,619,711 | $ 19,114,079 |
Net realized gain (loss) | (23,127,715) | (12,977,539) |
Change in net unrealized appreciation (depreciation) | 164,503,627 | (37,975,541) |
Net increase (decrease) in net assets resulting
from operations | 152,995,623 | (31,839,001) |
Distributions to shareholders from net investment income | (16,161,385) | (8,192,680) |
Distributions to shareholders from net realized gain | (1,284,494) | (6,124,182) |
Total distributions | (17,445,879) | (14,316,862) |
Share transactions - net increase (decrease) | 44,057,451 | 801,569,467 |
Total increase (decrease) in net assets | 179,607,195 | 755,413,604 |
| | |
Net Assets | | |
Beginning of period | 1,587,740,349 | 832,326,745 |
End of period (including undistributed net investment income of $8,688,013 and undistributed net investment income of $13,229,687, respectively) | $ 1,767,347,544 | $ 1,587,740,349 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Series International Small Cap
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 11.22 | $ 11.40 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .08 | .17 G | .06 |
Net realized and unrealized gain (loss) | .95 | (.19) | 1.34 |
Total from investment operations | 1.03 | (.02) | 1.40 |
Distributions from net investment income | (.11) | (.09) | - |
Distributions from net realized gain | (.01) | (.07) | - |
Total distributions | (.12) | (.16) | - |
Net asset value, end of period | $ 12.13 | $ 11.22 | $ 11.40 |
Total Return B,C | 9.27% | (.23)% | 14.00% |
Ratios to Average Net Assets E,I | | | |
Expenses before reductions | 1.20% A | 1.14% | 1.21% A |
Expenses net of fee waivers, if any | 1.20% A | 1.14% | 1.21% A |
Expenses net of all reductions | 1.19% A | 1.13% | 1.18% A |
Net investment income (loss) | 1.34% A | 1.47% G | .68% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 1,070,896 | $ 1,107,242 | $ 701,814 |
Portfolio turnover rate F | 27% A | 22% | 21% 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 Investment 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%.
H For the period December 3, 2009 (commencement of operations) to October 31, 2010.
I 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class F
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 11.26 | $ 11.43 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .09 | .20 G | .09 |
Net realized and unrealized gain (loss) | .94 | (.20) | 1.34 |
Total from investment operations | 1.03 | - | 1.43 |
Distributions from net investment income | (.13) | (.10) | - |
Distributions from net realized gain | (.01) | (.07) | - |
Total distributions | (.14) | (.17) | - |
Net asset value, end of period | $ 12.15 | $ 11.26 | $ 11.43 |
Total Return B,C | 9.28% | (.03)% | 14.30% |
Ratios to Average Net Assets E,I | | | |
Expenses before reductions | .99% A | .93% | .98% A |
Expenses net of fee waivers, if any | .99% A | .93% | .98% A |
Expenses net of all reductions | .98% A | .92% | .94% A |
Net investment income (loss) | 1.54% A | 1.68% G | .92% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 696,452 | $ 480,498 | $ 130,513 |
Portfolio turnover rate F | 27% A | 22% | 21% 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 Investment 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%.
H For the period December 3, 2009 (commencement of operations) to October 31, 2010.
I 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Value Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2012 |
| United Kingdom 27.4% | |
| Japan 22.4% | |
| Germany 10.6% | |
| Switzerland 9.6% | |
| Australia 7.4% | |
| France 7.4% | |
| Netherlands 3.4% | |
| Italy 2.6% | |
| Spain 1.9% | |
| Other 7.3% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2011 |
| United Kingdom 27.2% | |
| Japan 21.4% | |
| Germany 10.5% | |
| France 8.4% | |
| Switzerland 7.5% | |
| Australia 6.2% | |
| Italy 3.0% | |
| Norway 2.9% | |
| Netherlands 2.8% | |
| Other 10.1% | |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.7 | 98.6 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.3 | 1.4 |
Top Ten Stocks as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 5.1 | 5.8 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 3.8 | 2.8 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 3.4 | 3.4 |
Sanofi SA (France, Pharmaceuticals) | 3.2 | 2.9 |
BP PLC sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.9 | 3.0 |
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals) | 2.5 | 3.5 |
Australia & New Zealand Banking Group Ltd. (Australia, Commercial Banks) | 2.4 | 1.9 |
Commonwealth Bank of Australia (Australia, Commercial Banks) | 2.3 | 2.9 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks) | 2.3 | 0.8 |
Nestle SA (Switzerland, Food Products) | 2.1 | 2.2 |
| 30.0 | |
Market Sectors as of April 30, 2012 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 27.0 | 23.7 |
Health Care | 13.2 | 11.6 |
Energy | 11.8 | 13.4 |
Consumer Discretionary | 9.1 | 7.5 |
Consumer Staples | 9.0 | 9.0 |
Industrials | 7.3 | 6.4 |
Utilities | 6.9 | 7.8 |
Telecommunication Services | 7.0 | 11.6 |
Materials | 4.7 | 5.1 |
Information Technology | 2.7 | 2.5 |
Semiannual Report
Fidelity Series International Value Fund
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.2% |
| Shares | | Value |
Australia - 7.4% |
Australia & New Zealand Banking Group Ltd. | 7,887,805 | | $ 196,490,219 |
Commonwealth Bank of Australia | 3,588,869 | | 194,319,113 |
Origin Energy Ltd. | 2,380,295 | | 32,883,611 |
Sydney Airport unit | 14,321,954 | | 43,421,064 |
Telstra Corp. Ltd. | 15,853,726 | | 58,470,904 |
Transurban Group unit | 3,320,410 | | 20,306,497 |
Westfield Group unit | 7,565,980 | | 72,835,374 |
TOTAL AUSTRALIA | | 618,726,782 |
Bailiwick of Jersey - 0.7% |
Wolseley PLC | 1,527,251 | | 58,080,185 |
Bermuda - 0.6% |
Cheung Kong Infrastructure Holdings Ltd. | 8,341,000 | | 49,506,428 |
France - 7.4% |
Atos Origin SA | 972,370 | | 62,629,855 |
BNP Paribas SA | 2,133,775 | | 85,729,382 |
Euler Hermes SA | 341,785 | | 24,210,866 |
GDF Suez (d) | 2,352,000 | | 54,145,114 |
Pernod Ricard SA | 443,200 | | 46,003,787 |
PPR SA (d) | 341,675 | | 57,149,288 |
Sanofi SA | 3,515,299 | | 268,525,259 |
Societe Generale Series A | 796,700 | | 18,836,432 |
TOTAL FRANCE | | 617,229,983 |
Germany - 9.1% |
Aareal Bank AG (a) | 915,820 | | 17,670,184 |
Allianz AG | 1,326,647 | | 147,838,203 |
BASF AG (d) | 726,454 | | 59,806,867 |
Bayer AG (d) | 2,322,846 | | 163,619,873 |
Daimler AG (Germany) | 1,975,474 | | 109,221,008 |
Deutsche Boerse AG | 613,300 | | 38,507,778 |
Deutsche Post AG | 3,136,160 | | 58,538,245 |
Metro AG | 756,600 | | 24,413,685 |
RWE AG | 1,841,200 | | 79,153,933 |
Siemens AG | 654,686 | | 60,772,803 |
TOTAL GERMANY | | 759,542,579 |
Hong Kong - 0.6% |
Cheung Kong Holdings Ltd. | 2,975,000 | | 39,571,317 |
Henderson Land Development Co. Ltd. | 2,384,000 | | 13,581,332 |
TOTAL HONG KONG | | 53,152,649 |
Common Stocks - continued |
| Shares | | Value |
Italy - 2.6% |
ENI SpA | 7,170,500 | | $ 159,339,235 |
Fiat Industrial SpA (d) | 2,058,571 | | 23,354,418 |
Intesa Sanpaolo SpA | 26,480,198 | | 40,067,277 |
TOTAL ITALY | | 222,760,930 |
Japan - 22.4% |
Aeon Credit Service Co. Ltd. (d) | 2,490,300 | | 43,414,488 |
Air Water, Inc. | 5,091,000 | | 64,177,338 |
Aozora Bank Ltd. | 22,647,000 | | 58,088,277 |
Astellas Pharma, Inc. | 2,109,000 | | 85,537,100 |
Canon, Inc. | 1,260,700 | | 57,148,403 |
Chubu Electric Power Co., Inc. | 2,346,600 | | 38,432,489 |
Credit Saison Co. Ltd. | 2,232,200 | | 47,908,327 |
Denso Corp. | 2,169,300 | | 70,149,334 |
Fanuc Corp. | 249,600 | | 42,097,808 |
Hitachi Ltd. | 10,578,000 | | 67,378,086 |
Honda Motor Co. Ltd. | 4,295,700 | | 154,608,441 |
INPEX Corp. | 6,466 | | 42,694,506 |
Itochu Corp. | 6,527,900 | | 73,862,679 |
Japan Retail Fund Investment Corp. | 32,801 | | 52,302,175 |
Japan Tobacco, Inc. | 22,851 | | 126,595,337 |
JSR Corp. | 3,135,900 | | 61,894,805 |
JX Holdings, Inc. | 12,300 | | 69,387 |
Mitsubishi Corp. | 4,085,900 | | 88,555,014 |
Nippon Telegraph & Telephone Corp. | 2,199,000 | | 99,501,435 |
Obic Co. Ltd. | 159,350 | | 33,589,422 |
ORIX Corp. | 346,920 | | 33,171,379 |
Santen Pharmaceutical Co. Ltd. | 1,319,000 | | 55,202,229 |
Seven & i Holdings Co., Ltd. | 3,255,500 | | 98,550,787 |
Seven Bank Ltd. | 17,911,500 | | 44,257,649 |
Sumitomo Mitsui Financial Group, Inc. | 4,804,100 | | 153,734,979 |
Sumitomo Realty & Development Co. Ltd. | 1,931,000 | | 46,050,948 |
Toray Industries, Inc. | 8,392,000 | | 64,524,405 |
Toyo Suisan Kaisha Ltd. | 917,000 | | 23,541,996 |
USS Co. Ltd. | 449,610 | | 45,610,032 |
TOTAL JAPAN | | 1,872,649,255 |
Mexico - 0.6% |
Grupo Modelo SAB de CV Series C | 7,368,591 | | 52,028,422 |
Netherlands - 3.4% |
AEGON NV | 5,492,600 | | 25,551,241 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - continued |
HeidelbergCement Finance AG (d) | 998,800 | | $ 54,918,052 |
ING Groep NV (Certificaten Van Aandelen) (a) | 8,316,852 | | 58,678,788 |
Koninklijke KPN NV | 3,428,909 | | 30,780,246 |
Koninklijke Philips Electronics NV | 2,430,400 | | 48,369,729 |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 1,866,569 | | 63,942,857 |
TOTAL NETHERLANDS | | 282,240,913 |
Norway - 1.1% |
Orkla ASA (A Shares) (d) | 5,935,800 | | 43,608,520 |
Telenor ASA | 2,813,289 | | 51,720,113 |
TOTAL NORWAY | | 95,328,633 |
Singapore - 1.6% |
Singapore Telecommunications Ltd. | 17,899,000 | | 45,121,706 |
United Overseas Bank Ltd. | 5,571,491 | | 86,657,134 |
TOTAL SINGAPORE | | 131,778,840 |
Spain - 1.9% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d) | 12,103,896 | | 81,701,298 |
Red Electrica Corporacion SA | 290,757 | | 12,659,496 |
Repsol YPF SA | 3,258,814 | | 62,337,560 |
TOTAL SPAIN | | 156,698,354 |
Sweden - 0.8% |
Svenska Handelsbanken AB (A Shares) | 1,981,400 | | 64,211,423 |
Switzerland - 9.6% |
Nestle SA | 2,930,336 | | 179,523,642 |
Roche Holding AG (participation certificate) | 1,715,812 | | 313,461,109 |
Syngenta AG (Switzerland) | 272,210 | | 95,468,215 |
Transocean Ltd. (Switzerland) | 523,225 | | 26,116,569 |
UBS AG (NY Shares) | 5,514,443 | | 68,213,660 |
Zurich Financial Services AG | 505,495 | | 123,651,468 |
TOTAL SWITZERLAND | | 806,434,663 |
United Kingdom - 27.4% |
Aegis Group PLC | 13,981,272 | | 40,325,466 |
Barclays PLC | 23,438,789 | | 82,991,702 |
BP PLC sponsored ADR | 5,649,970 | | 245,265,198 |
British American Tobacco PLC (United Kingdom) | 1,370,300 | | 70,290,716 |
British Land Co. PLC | 3,722,600 | | 29,570,292 |
Bunzl PLC | 3,077,856 | | 51,105,685 |
Centrica PLC | 13,355,441 | | 66,527,377 |
Compass Group PLC | 7,759,900 | | 81,112,404 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
GlaxoSmithKline PLC sponsored ADR | 4,493,600 | | $ 207,739,128 |
HSBC Holdings PLC sponsored ADR (d) | 4,234,245 | | 191,260,847 |
Imperial Tobacco Group PLC | 1,632,087 | | 65,272,356 |
International Power PLC | 8,554,405 | | 57,899,011 |
National Grid PLC | 14,365,803 | | 155,148,735 |
Next PLC | 716,600 | | 34,067,593 |
Prudential PLC | 6,871,860 | | 84,231,267 |
Reed Elsevier PLC | 6,417,406 | | 53,110,955 |
Royal Dutch Shell PLC Class A sponsored ADR | 5,928,622 | | 424,133,620 |
Scottish & Southern Energy PLC | 2,865,605 | | 61,441,870 |
Vodafone Group PLC | 2,388,700 | | 6,612,644 |
Vodafone Group PLC sponsored ADR | 10,119,799 | | 281,634,006 |
TOTAL UNITED KINGDOM | | 2,289,740,872 |
TOTAL COMMON STOCKS (Cost $7,861,810,486) |
8,130,110,911
|
Nonconvertible Preferred Stocks - 1.5% |
| | | |
Germany - 1.5% |
Hugo Boss AG (non-vtg.) | 367,696 | | 41,038,395 |
ProSiebenSat.1 Media AG | 1,655,920 | | 42,044,610 |
Volkswagen AG (d) | 210,250 | | 39,828,873 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $114,591,083) |
122,911,878
|
Money Market Funds - 6.7% |
| | | Value |
Fidelity Cash Central Fund, 0.14% (b) | 100,335,675 | | $ 100,335,675 |
Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c) | 461,631,347 | | 461,631,347 |
TOTAL MONEY MARKET FUNDS (Cost $561,967,022) |
561,967,022
|
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $8,538,368,591) | | 8,814,989,811 |
NET OTHER ASSETS (LIABILITIES) - (5.4)% | | (453,906,769) |
NET ASSETS - 100% | $ 8,361,083,042 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
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 | $ 54,901 |
Fidelity Securities Lending Cash Central Fund | 4,898,549 |
Total | $ 4,953,450 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | |
Equities: | | | | |
Consumer Discretionary | $ 768,266,399 | $ 444,787,637 | $ 323,478,762 | $ - |
Consumer Staples | 750,163,585 | 367,241,892 | 382,921,693 | - |
Energy | 992,839,686 | 790,736,558 | 202,103,128 | - |
Financials | 2,265,304,819 | 1,534,923,599 | 730,381,220 | - |
Health Care | 1,094,084,698 | 684,820,110 | 409,264,588 | - |
Industrials | 612,072,647 | 298,414,614 | 313,658,033 | - |
Information Technology | 220,745,766 | 62,629,855 | 158,115,911 | - |
Materials | 400,789,682 | 114,724,919 | 286,064,763 | - |
Telecommunication Services | 573,841,054 | 467,726,975 | 106,114,079 | - |
Utilities | 574,914,453 | 381,333,229 | 193,581,224 | - |
Money Market Funds | 561,967,022 | 561,967,022 | - | - |
Total Investments in Securities: | $ 8,814,989,811 | $ 5,709,306,410 | $ 3,105,683,401 | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Series International Value Fund
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $425,963,705) - See accompanying schedule: Unaffiliated issuers (cost $7,976,401,569) | $ 8,253,022,789 | |
Fidelity Central Funds (cost $561,967,022) | 561,967,022 | |
Total Investments (cost $8,538,368,591) | | $ 8,814,989,811 |
Foreign currency held at value (cost $4,982,962) | | 4,989,698 |
Receivable for investments sold | | 113,495,786 |
Receivable for fund shares sold | | 5,325,526 |
Dividends receivable | | 57,666,147 |
Distributions receivable from Fidelity Central Funds | | 2,320,630 |
Prepaid expenses | | 7,698 |
Other receivables | | 996,344 |
Total assets | | 8,999,791,640 |
| | |
Liabilities | | |
Payable to custodian bank | $ 2 | |
Payable for investments purchased | 169,864,093 | |
Payable for fund shares redeemed | 1,498,446 | |
Accrued management fee | 4,523,183 | |
Other affiliated payables | 983,039 | |
Other payables and accrued expenses | 208,488 | |
Collateral on securities loaned, at value | 461,631,347 | |
Total liabilities | | 638,708,598 |
| | |
Net Assets | | $ 8,361,083,042 |
Net Assets consist of: | | |
Paid in capital | | $ 8,910,541,840 |
Undistributed net investment income | | 101,759,832 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (928,828,531) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 277,609,901 |
Net Assets | | $ 8,361,083,042 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Series International Value:
Net Asset Value, offering price and redemption price per share ($5,060,430,130 ÷ 586,172,097 shares) | | $ 8.63 |
| | |
Class F:
Net Asset Value, offering price and redemption price per share ($3,300,652,912 ÷ 381,513,494 shares) | | $ 8.65 |
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, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 170,577,949 |
Interest | | 8,662 |
Income from Fidelity Central Funds | | 4,953,450 |
Income before foreign taxes withheld | | 175,540,061 |
Less foreign taxes withheld | | (14,270,871) |
Total income | | 161,269,190 |
| | |
Expenses | | |
Management fee
Basic fee | $ 26,146,023 | |
Performance adjustment | (2,256,477) | |
Transfer agent fees | 4,844,522 | |
Accounting and security lending fees | 847,873 | |
Custodian fees and expenses | 344,528 | |
Independent trustees' compensation | 21,119 | |
Audit | 35,109 | |
Legal | 8,200 | |
Interest | 628 | |
Miscellaneous | 35,302 | |
Total expenses before reductions | 30,026,827 | |
Expense reductions | (1,764,675) | 28,262,152 |
Net investment income (loss) | | 133,007,038 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 47,017,605 | |
Foreign currency transactions | (1,395,021) | |
Total net realized gain (loss) | | 45,622,584 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 81,507,721 | |
Assets and liabilities in foreign currencies | 1,130,469 | |
Total change in net unrealized appreciation (depreciation) | | 82,638,190 |
Net gain (loss) | | 128,260,774 |
Net increase (decrease) in net assets resulting from operations | | $ 261,267,812 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2012
(Unaudited) | Year ended
October 31,
2011 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 133,007,038 | $ 184,261,271 |
Net realized gain (loss) | 45,622,584 | (943,882,298) |
Change in net unrealized appreciation (depreciation) | 82,638,190 | (137,967,980) |
Net increase (decrease) in net assets resulting
from operations | 261,267,812 | (897,589,007) |
Distributions to shareholders from net investment income | (180,442,293) | (69,464,545) |
Distributions to shareholders from net realized gain | - | (19,166,449) |
Total distributions | (180,442,293) | (88,630,994) |
Share transactions - net increase (decrease) | 1,820,803,801 | 2,850,091,917 |
Total increase (decrease) in net assets | 1,901,629,320 | 1,863,871,916 |
| | |
Net Assets | | |
Beginning of period | 6,459,453,722 | 4,595,581,806 |
End of period (including undistributed net investment income of $101,759,832 and undistributed net investment income of $149,195,087, respectively) | $ 8,361,083,042 | $ 6,459,453,722 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Series International Value
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 8.59 | $ 9.91 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss)D | .15 | .30 | .18 |
Net realized and unrealized gain (loss) | .11 | (1.45) | (.27) G |
Total from investment operations | .26 | (1.15) | (.09) |
Distributions from net investment income | (.22) | (.13) | - |
Distributions from net realized gain | - | (.04) | - |
Total distributions | (.22) | (.17) | - |
Net asset value, end of period | $ 8.63 | $ 8.59 | $ 9.91 |
Total Return B,C | 3.22% | (11.84)% | (.90)% |
Ratios to Average Net Assets E,I | | | |
Expenses before reductions | .89% A | .95% | 1.01% A |
Expenses net of fee waivers, if any | .89% A | .95% | 1.01% A |
Expenses net of all reductions | .84% A | .93% | .99% A |
Net investment income (loss) | 3.53% A | 3.05% | 2.24% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 5,060,430 | $ 4,503,487 | $ 3,865,058 |
Portfolio turnover rate F | 77% A | 78% | 72% 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 The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
H For the period December 3, 2009 (commencement of operations) to October 31, 2010.
I 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class F
| Six months ended April 30, 2012 | Years ended October 31, |
| (Unaudited) | 2011 | 2010 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 8.62 | $ 9.93 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .16 | .31 | .20 |
Net realized and unrealized gain (loss) | .11 | (1.44) | (.27) G |
Total from investment operations | .27 | (1.13) | (.07) |
Distributions from net investment income | (.24) | (.14) | - |
Distributions from net realized gain | - | (.04) | - |
Total distributions | (.24) | (.18) | - |
Net asset value, end of period | $ 8.65 | $ 8.62 | $ 9.93 |
Total Return B,C | 3.32% | (11.61)% | (.70)% |
Ratios to Average Net Assets E,I | | | |
Expenses before reductions | .68% A | .74% | .78% A |
Expenses net of fee waivers, if any | .68% A | .74% | .78% A |
Expenses net of all reductions | .63% A | .72% | .75% A |
Net investment income (loss) | 3.73% A | 3.26% | 2.47% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 3,300,653 | $ 1,955,967 | $ 730,524 |
Portfolio turnover rate F | 77% A | 78% | 72% 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 The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
H For the period December 3, 2009 (commencement of operations) to October 31, 2010.
I 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2012 (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. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to transfer agent fees incurred and certain class-level expense reductions. Certain Funds' 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 invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The 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 does 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 FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
Semiannual Report
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 Funds:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund uses independent pricing services approved by the Board of Trustees to value their investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, as well as a roll forward of Level 3 securities, is included at the end of each Fund's Schedule of Investments. 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 an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
(ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
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 rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
Semiannual Report
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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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 appreciation | Gross unrealized depreciation | Net unrealized appreciation
(depreciation) on securities and other investments |
Fidelity Series Emerging Markets Fund | $ 5,326,043,927 | $ 756,616,426 | $ (384,740,687) | $ 371,875,739 |
Fidelity Series International Growth Fund | 8,174,235,718 | 1,338,738,322 | (254,618,884) | 1,084,119,438 |
Fidelity Series International Small Cap Fund | 1,609,027,519 | 289,950,096 | (69,089,929) | 220,860,167 |
Fidelity Series International Value Fund | 8,593,531,411 | 603,648,170 | (382,189,770) | 221,458,400 |
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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. At October 31, 2011, capital loss carryforwards were as follows:
| Fiscal year of expiration | Total with expiration |
| 2018 | 2019 | |
Fidelity Series International Growth Fund | $ (27,059,158) | $ (128,918,870) | $ (155,978,028) |
Fidelity Series International Small Cap Fund | - | (9,938,109) | (9,938,109) |
Fidelity Series International Value Fund | (6,804,041) | (896,156,580) | (896,156,580) |
4. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Funds 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. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund's Schedule of Investments. The Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 | 2,142,506,641 | 1,764,005,818 |
Fidelity Series International Growth Fund | 2,021,576,633 | 1,099,833,030 |
Fidelity Series International Small Cap Fund | 265,962,595 | 212,959,594 |
Fidelity Series International Value Fund | 4,590,134,936 | 2,833,451,334 |
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and 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 FMR. The group fee rate 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 ± .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 applicable Fund's relative investment performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. Each applicable Fund's performance adjustment took effect in December 2010. Subsequent months will be added until the performance period includes 36 months.
For the period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets, including the performance adjustment, if applicable was as follows:
| Individual Rate | Group Rate | Total |
Fidelity Series Emerging Markets Fund | .55% | .26% | .81% |
Fidelity Series International Growth Fund | .45% | .26% | .80% |
Fidelity Series International Small Cap Fund | .60% | .26% | .93% |
Fidelity Series International Value Fund | .45% | .26% | .65% |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the 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
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
respective classes of each Fund except for Class F. FIIOC receives no fees for providing transfer agency services to Class F. 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
Average
Net Assets* |
Fidelity Series Emerging Markets Fund | | |
Series Emerging Markets | $ 3,427,219 | .21 |
Fidelity Series International Growth Fund | | |
Series International Growth | $ 5,172,348 | .21 |
Fidelity Series International Small Cap Fund | | |
Series International Small Cap | $ 1,085,601 | .21 |
Fidelity Series International Value Fund | | |
Series International Value | $ 4,844,522 | .21 |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, 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. The commissions paid to these affiliated firms were as follows:
| Amount |
Fidelity Series Emerging Markets Fund | $ 6,315 |
Fidelity Series International Growth Fund | 7,458 |
Fidelity Series International Small Cap Fund | 529 |
Fidelity Series International Value Fund | 663 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Funds, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end there were no interfund loans outstanding.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Interfund Lending Program - continued
Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:
| Borrower or
Lender | Average Loan
Balance | Weighted Average
Interest Rate | Interest
Expense |
Fidelity Series International Value Fund | Borrower | $ 10,741,833 | .35% | $ 628 |
7. Committed Line of Credit.
The Funds participate with other funds managed by FMR 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 | $ 7,472 |
Fidelity Series International Growth Fund | 11,353 |
Fidelity Series International Small Cap Fund | 2,419 |
Fidelity Series International Value Fund | 10,533 |
During the period, there were no borrowings 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, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable
Semiannual Report
8. Security Lending - continued
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 on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. Security lending activity as of and during the period was as follows:
| Total Security
Lending Income | Security Lending Income From Securities Loaned to FCM |
Fidelity Series Emerging Markets Fund | $ 225,848 | $ - |
Fidelity Series International Growth Fund | 1,800,295 | 580 |
Fidelity Series International Small Cap Fund | 300,683 | - |
Fidelity Series International Value Fund | 4,898,549 | 160 |
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of certain Funds provided services to these Funds in addition to trade execution. These services included payments of expenses on behalf of each applicable Fund. In addition, through arrangements with each applicable Fund's custodian, 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
reduction | Custody
expense
reduction |
| | |
Fidelity Series Emerging Markets Fund | $ 1,037,518 | $ 31 |
Fidelity Series International Growth Fund | 524,820 | 34 |
Fidelity Series International Small Cap Fund | 80,013 | - |
Fidelity Series International Value Fund | 1,764,643 | 32 |
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Fidelity Series Emerging Markets Fund | | |
From net investment income | | |
Series Emerging Markets | $ 19,056,860 | $ 12,963,515 |
Class F | 12,443,149 | 3,863,477 |
Total | $ 31,500,009 | $ 16,826,992 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Distributions to Shareholders - continued
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 |
Fidelity Series Emerging Markets Fund | | |
From net realized gain | | |
Series Emerging Markets | $ 106,349,572 | $ 89,686,359 |
Class F | 52,080,600 | 20,149,520 |
Total | $ 158,430,172 | $ 109,835,879 |
Fidelity Series International Growth Fund | | |
From net investment income | | |
Series International Growth | $ 54,043,921 | $ 20,001,889 |
Class F | 32,249,072 | 5,267,744 |
Total | $ 86,292,993 | $ 25,269,633 |
From net realized gain | | |
Series International Growth | $ 3,289,630 | $ 3,829,643 |
Class F | 1,612,454 | 860,344 |
Total | $ 4,902,084 | $ 4,689,987 |
Fidelity Series International Small Cap Fund | | |
From net investment income | | |
Series International Small Cap | $ 10,151,789 | $ 6,519,818 |
Class F | 6,009,596 | 1,672,862 |
Total | $ 16,161,385 | $ 8,192,680 |
From net realized gain | | |
Series International Small Cap | $ 861,944 | $ 5,000,638 |
Class F | 422,550 | 1,123,544 |
Total | $ 1,284,494 | $ 6,124,182 |
Fidelity Series International Value Fund | | |
From net investment income | | |
Series International Value | $ 118,015,488 | $ 55,879,024 |
Class F | 62,426,805 | 13,585,521 |
Total | $ 180,442,293 | $ 69,464,545 |
From net realized gain | | |
Series International Value | $ - | $ 15,652,284 |
Class F | - | 3,514,165 |
Total | $ - | $ 19,166,449 |
Semiannual Report
11. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 | Six months ended April 30,
2012 | Year ended
October 31,
2011 |
Fidelity Series Emerging Markets Fund | | | | |
Series Emerging Markets | | | | |
Shares sold | 21,319,442 | 110,983,487 | $ 329,307,468 | $ 1,927,221,177 |
Reinvestment of distributions | 8,531,050 | 5,501,065 | 125,406,432 | 102,649,874 |
Shares redeemed | (34,563,907) | (34,406,501) | (539,373,455) | (605,551,460) |
Net increase (decrease) | (4,713,415) | 82,078,051 | $ (84,659,555) | $ 1,424,319,591 |
Class F | | | | |
Shares sold | 41,439,817 | 70,265,019 | $ 645,181,899 | $ 1,219,851,930 |
Reinvestment of distributions | 4,383,407 | 1,285,492 | 64,523,749 | 24,012,997 |
Shares redeemed | (3,201,997) | (4,258,591) | (52,101,351) | (71,872,048) |
Net increase (decrease) | 42,621,227 | 67,291,920 | $ 657,604,297 | $ 1,171,992,879 |
Fidelity Series International Growth Fund | | | | |
Series International Growth | | | | |
Shares sold | 53,083,602 | 199,240,913 | $ 564,441,345 | $ 2,197,620,267 |
Reinvestment of distributions | 5,615,431 | 2,139,059 | 57,333,551 | 23,831,532 |
Shares redeemed | (73,746,589) | (89,024,200) | (778,992,521) | (974,623,034) |
Net increase (decrease) | (15,047,556) | 112,355,772 | $ (157,217,625) | $ 1,246,828,765 |
Class F | | | | |
Shares sold | 95,888,776 | 146,529,108 | $ 1,019,541,797 | $ 1,611,081,104 |
Reinvestment of distributions | 3,310,022 | 549,703 | 33,861,526 | 6,128,088 |
Shares redeemed | (5,328,634) | (10,293,869) | (57,993,378) | (110,003,185) |
Net increase (decrease) | 93,870,164 | 136,784,942 | $ 995,409,945 | $ 1,507,206,007 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars |
| Six months ended
April 30,
2012 | Year ended
October 31,
2011 | Six months ended April 30,
2012 | Year ended
October 31,
2011 |
Fidelity Series International Small Cap Fund | | | | |
Series International Small Cap | | | | |
Shares sold | 7,037,933 | 53,908,450 | $ 79,682,555 | $ 631,399,700 |
Reinvestment of distributions | 1,029,321 | 981,018 | 11,013,733 | 11,520,456 |
Shares redeemed | (18,454,825) | (17,761,732) | (208,100,130) | (206,339,970) |
Net increase (decrease) | (10,387,571) | 37,127,736 | $ (117,403,842) | $ 436,580,186 |
Class F | | | | |
Shares sold | 17,438,509 | 33,128,289 | $ 195,464,473 | $ 386,033,238 |
Reinvestment of distributions | 600,014 | 238,000 | 6,432,146 | 2,796,406 |
Shares redeemed | (3,429,696) | (2,098,084) | (40,435,326) | (23,840,363) |
Net increase (decrease) | 14,608,827 | 31,268,205 | $ 161,461,293 | $ 364,989,281 |
Fidelity Series International Value Fund | | | | |
Series International Value | | | | |
Shares sold | 132,373,389 | 234,577,356 | $ 1,111,229,201 | $ 2,316,609,509 |
Reinvestment of distributions | 14,462,682 | 7,268,202 | 118,015,488 | 71,531,308 |
Shares redeemed | (84,673,104) | (107,758,811) | (704,286,381) | (1,035,580,685) |
Net increase (decrease) | 62,162,967 | 134,086,747 | $ 524,958,308 | $ 1,352,560,132 |
Class F | | | | |
Shares sold | 151,908,061 | 165,152,487 | $ 1,274,279,873 | $ 1,606,189,266 |
Reinvestment of distributions | 7,640,980 | 1,734,189 | 62,426,805 | 17,099,686 |
Shares redeemed | (4,894,562) | (13,565,563) | (40,861,185) | (125,757,167) |
Net increase (decrease) | 154,654,479 | 153,321,113 | $ 1,295,845,493 | $ 1,497,531,785 |
Semiannual Report
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 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 FMR or an FMR affiliate 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.
Fidelity Management & Research (U.K.) Inc.
Fidelity Management & Research (Hong Kong) Limited
Fidelity Management & Research (Japan) Inc.
FIL Investment Advisors
FIL Investments (Japan) Limited
FIL Investment Advisors (UK) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
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
82 Devonshire St., Boston, MA 02109
www.fidelity.com
GSV-S-SANN-0612
1.907946.102
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Emerging Markets Discovery
Fund - Class A, Class T,
and Class C
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Class A, Class T, and
Class C are classes of
Fidelity® Emerging
Markets Discovery Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Summary | (Click Here) | A summary of the fund's holdings. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
Board Approval of Investment Advisory Contracts and Management Fees | (Click Here) | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
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, 2011 to April 30, 2012).
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.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.70% | | | |
Actual | | $ 1,000.00 | $ 1,109.90 | $ 8.92 |
Hypothetical A | | $ 1,000.00 | $ 1,016.41 | $ 8.52 |
Class T | 1.95% | | | |
Actual | | $ 1,000.00 | $ 1,108.50 | $ 10.22 |
Hypothetical A | | $ 1,000.00 | $ 1,015.17 | $ 9.77 |
Class C | 2.45% | | | |
Actual | | $ 1,000.00 | $ 1,106.00 | $ 12.83 |
Hypothetical A | | $ 1,000.00 | $ 1,012.68 | $ 12.26 |
Emerging Markets Discovery | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,111.40 | $ 7.61 |
Hypothetical A | | $ 1,000.00 | $ 1,017.65 | $ 7.27 |
Institutional Class | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,111.40 | $ 7.61 |
Hypothetical A | | $ 1,000.00 | $ 1,017.65 | $ 7.27 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Investment Summary (Unaudited)
Top Five Stocks as of April 30, 2012 |
| % of fund's
net assets |
Unified-President Enterprises Corp. (Taiwan, Food Products) | 2.1 |
WisdomTree India Earnings ETF (United States of America, Investment Companies) | 1.9 |
Grupo Herdez SAB de CV (Mexico, Food Products) | 1.4 |
Quinenco SA (Chile, Industrial Conglomerates) | 1.4 |
Tiger Brands Ltd. (South Africa, Food Products) | 1.4 |
| 8.2 |
Top Five Market Sectors as of April 30, 2012 |
| % of fund's
net assets |
Financials | 18.1 |
Consumer Staples | 16.5 |
Industrials | 14.0 |
Consumer Discretionary | 11.1 |
Information Technology | 10.2 |
Top Five Countries as of April 30, 2012 |
(excluding cash equivalents) | % of fund's
net assets |
Taiwan | 13.5 |
Korea (South) | 13.1 |
South Africa | 8.5 |
Cayman Islands | 7.6 |
Bermuda | 5.9 |
Percentages are adjusted for the effect of open futures contracts, if applicable. |
Asset Allocation (% of fund's net assets) |
As of April 30, 2012 |
 | Stocks and Investment Companies 96.0% | |
 | Short-Term Investments and Net Other Assets (Liabilities) 4.0% | |
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.5% |
| Shares | | Value |
Bailiwick of Jersey - 0.7% |
Atrium European Real Estate Ltd. | 33,553 | | $ 163,457 |
Bermuda - 5.9% |
ARA Asset Management Ltd. (c) | 114,000 | | 140,007 |
Cafe de Coral Holdings Ltd. | 60,000 | | 164,719 |
Pacific Basin Shipping Ltd. | 313,000 | | 164,596 |
Texwinca Holdings Ltd. | 176,000 | | 215,501 |
Vtech Holdings Ltd. | 19,800 | | 222,023 |
Wilson Sons Ltd. unit | 14,200 | | 212,313 |
Yue Yuen Industrial (Holdings) Ltd. | 62,500 | | 209,444 |
TOTAL BERMUDA | | 1,328,603 |
Brazil - 3.6% |
Duratex SA | 32,000 | | 188,023 |
Fleury SA | 20,700 | | 266,711 |
LPS Brasil Consultoria de Imoveis SA | 7,000 | | 120,819 |
Oi SA | 35,340 | | 238,978 |
TOTAL BRAZIL | | 814,531 |
Cayman Islands - 7.6% |
Boer Power Holdings Ltd. | 368,000 | | 132,807 |
Haitian International Holdings Ltd. | 129,000 | | 148,476 |
Hutchison China Meditech Ltd. (a) | 25,100 | | 182,311 |
Mindray Medical International Ltd. sponsored ADR | 5,900 | | 193,284 |
Minth Group Ltd. | 194,000 | | 245,793 |
O-Net Communications Group Ltd. | 506,000 | | 128,479 |
Perfect World Co. Ltd. sponsored ADR Class B | 14,600 | | 178,266 |
Samson Holding Ltd. | 1,610,000 | | 213,736 |
SITC International Holdings Co. Ltd. | 399,000 | | 120,852 |
Yip's Chemical Holdings Ltd. | 192,000 | | 150,954 |
TOTAL CAYMAN ISLANDS | | 1,694,958 |
Chile - 5.7% |
Compania Cervecerias Unidas SA sponsored ADR | 2,300 | | 164,726 |
Embotelladora Andina SA sponsored ADR | 4,700 | | 152,750 |
Isapre CruzBlanca SA | 258,472 | | 282,929 |
Parque Arauco SA | 122,668 | | 238,331 |
Quinenco SA | 99,891 | | 308,898 |
Sociedad Matriz SAAM SA (a) | 999,080 | | 119,453 |
TOTAL CHILE | | 1,267,087 |
China - 3.9% |
China BlueChemical Ltd. (H Shares) | 330,000 | | 236,059 |
Common Stocks - continued |
| Shares | | Value |
China - continued |
China Communications Services Corp. Ltd. (H Shares) | 434,000 | | $ 223,191 |
China Oilfield Services Ltd. (H Shares) | 122,000 | | 197,813 |
Lianhua Supermarket Holdings Ltd. (H Shares) | 204,000 | | 213,238 |
TOTAL CHINA | | 870,301 |
Colombia - 0.9% |
Bolsa de Valores de Colombia | 10,150,479 | | 196,400 |
Egypt - 1.8% |
Commercial International Bank Ltd. | 65,900 | | 281,467 |
Lecico Egypt S.A.E. | 152,400 | | 127,814 |
TOTAL EGYPT | | 409,281 |
Hong Kong - 3.3% |
China Insurance International Holdings Co. Ltd. (a) | 64,200 | | 133,884 |
Hopewell Holdings Ltd. | 99,500 | | 267,389 |
Television Broadcasts Ltd. | 23,000 | | 168,973 |
Vitasoy International Holdings Ltd. | 228,000 | | 167,503 |
TOTAL HONG KONG | | 737,749 |
India - 0.9% |
Dr. Reddy's Laboratories Ltd. sponsored ADR | 5,700 | | 192,831 |
Indonesia - 3.2% |
PT Astra Graphia Tbk | 1,251,500 | | 204,260 |
PT Kalbe Farma Tbk | 616,000 | | 269,779 |
PT Ramayana Lestari Sentosa Tbk | 2,531,500 | | 236,885 |
TOTAL INDONESIA | | 710,924 |
Kenya - 0.8% |
Safaricom Ltd. | 4,442,577 | | 176,102 |
Korea (South) - 13.1% |
Amorepacific Corp. | 249 | | 239,058 |
BS Financial Group, Inc. | 19,300 | | 198,956 |
DuzonBizon Co. Ltd. (a) | 21,260 | | 129,991 |
Green Cross Holdings Corp. | 13,720 | | 156,609 |
kiwoom.com Securities Co. Ltd. | 3,650 | | 217,361 |
Korea Plant Service & Engineering Co. Ltd. | 5,910 | | 217,809 |
LG Corp. | 3,714 | | 189,295 |
LG Household & Health Care Ltd. | 546 | | 286,498 |
MegaStudy Co. Ltd. | 1,545 | | 144,093 |
NHN Corp. | 1,049 | | 237,623 |
Nong Shim Co. Ltd. | 1,047 | | 209,840 |
S1 Corp. | 4,958 | | 247,873 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
Samsung Fire & Marine Insurance Co. Ltd. | 1,171 | | $ 223,812 |
Shinsegae Co. Ltd. | 1,115 | | 244,681 |
TOTAL KOREA (SOUTH) | | 2,943,499 |
Luxembourg - 2.2% |
Brait SA | 76,000 | | 237,927 |
Millicom International Cellular SA (depository receipt) | 2,343 | | 248,916 |
TOTAL LUXEMBOURG | | 486,843 |
Malaysia - 2.4% |
AEON Co. (M) Bhd | 56,600 | | 177,910 |
KPJ Healthcare Bhd | 99,100 | | 182,117 |
Top Glove Corp. Bhd | 111,400 | | 172,688 |
TOTAL MALAYSIA | | 532,715 |
Mexico - 2.5% |
Bolsa Mexicana de Valores SA de CV | 119,600 | | 239,049 |
Grupo Herdez SAB de CV | 143,300 | | 317,217 |
TOTAL MEXICO | | 556,266 |
Nigeria - 0.6% |
Nestle Foods Nigeria PLC | 48,378 | | 128,783 |
Philippines - 2.0% |
BDO Unibank, Inc. | 140,640 | | 220,808 |
Manila Water Co., Inc. | 386,600 | | 226,468 |
TOTAL PHILIPPINES | | 447,276 |
Poland - 1.1% |
Kruk SA (a) | 600 | | 9,191 |
Warsaw Stock Exchange | 19,300 | | 236,280 |
TOTAL POLAND | | 245,471 |
Russia - 0.0% |
Vozrozhdenie Bank | 400 | | 7,583 |
Singapore - 3.7% |
Ascendas India Trust | 330,000 | | 217,307 |
Breadtalk Group Ltd. | 291,000 | | 130,493 |
Ezra Holdings Ltd. (a) | 154,000 | | 125,674 |
Global Logistic Properties Ltd. (a) | 131,000 | | 218,042 |
Petra Foods Ltd. | 67,000 | | 133,713 |
TOTAL SINGAPORE | | 825,229 |
Common Stocks - continued |
| Shares | | Value |
South Africa - 8.5% |
Advtech Ltd. | 154,000 | | $ 124,736 |
African Oxygen Ltd. | 74,400 | | 182,700 |
Coronation Fund Managers Ltd. | 49,000 | | 183,955 |
JSE Ltd. | 20,800 | | 219,820 |
Nampak Ltd. | 80,400 | | 232,062 |
Reunert Ltd. | 31,800 | | 294,369 |
Shoprite Holdings Ltd. | 13,200 | | 228,089 |
Tiger Brands Ltd. | 8,300 | | 304,127 |
Zeder Investments Ltd. | 381,333 | | 136,786 |
TOTAL SOUTH AFRICA | | 1,906,644 |
Sri Lanka - 0.6% |
John Keells Holdings Ltd. | 88,145 | | 138,124 |
Taiwan - 13.5% |
Chroma ATE, Inc. | 94,000 | | 214,728 |
CTCI Corp. | 128,000 | | 247,615 |
Delta Electronics, Inc. | 66,000 | | 196,495 |
Formosa Optical Technology Co. Ltd. | 74,000 | | 203,560 |
Giant Manufacturing Co. Ltd. | 25,000 | | 126,050 |
Insyde Software Corp. | 29,000 | | 134,282 |
MJC Probe, Inc. | 57,000 | | 125,711 |
Pacific Hospital Supply Co. Ltd. | 79,000 | | 239,805 |
Powertech Technology, Inc. | 113,000 | | 192,435 |
SIMPLO Technology Co. Ltd. | 17,000 | | 131,195 |
St. Shine Optical Co. Ltd. | 13,000 | | 151,158 |
Ta Chong Bank (a) | 451,000 | | 174,800 |
Taiwan Hon Chuan Enterprise Co. Ltd. | 95,000 | | 213,754 |
Unified-President Enterprises Corp. | 299,000 | | 466,111 |
Wah Lee Industrial Corp. | 151,000 | | 207,169 |
TOTAL TAIWAN | | 3,024,868 |
Turkey - 1.8% |
Anadolu Efes Biracilik ve Malt Sanayii A/S | 15,000 | | 211,298 |
Enka Insaat ve Sanayi A/S | 61,000 | | 190,951 |
TOTAL TURKEY | | 402,249 |
United Arab Emirates - 0.7% |
First Gulf Bank PJSC | 68,981 | | 169,027 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - 1.5% |
Archipelago Resources PLC (a) | 122,300 | | $ 119,599 |
Pz Cussons PLC Class L | 40,000 | | 215,743 |
TOTAL UNITED KINGDOM | | 335,342 |
TOTAL COMMON STOCKS (Cost $19,656,971) |
20,712,143
|
Investment Companies - 3.5% |
| | | |
Thailand - 0.6% |
CPN Retail Growth Leasehold Property Fund | 303,200 | | 139,006 |
India - 2.9% |
Market Vectors India Small-Cap Index ETF | 18,500 | | 211,270 |
WisdomTree India Earnings ETF | 23,500 | | 430,755 |
TOTAL UNITED STATES OF AMERICA | | 642,025 |
TOTAL INVESTMENT COMPANIES (Cost $794,426) |
781,031
|
Money Market Funds - 5.2% |
| | | |
Fidelity Cash Central Fund, 0.14% (b)
(Cost $1,167,930) | 1,167,930 | |
1,167,930
|
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $21,619,327) | | 22,661,104 |
NET OTHER ASSETS (LIABILITIES) - (1.2)% | | (271,310) |
NET ASSETS - 100% | $ 22,389,794 |
Security Type Abbreviations |
ETF - Exchange-Traded Fund |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) 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 $140,007 or 0.6% 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 | $ 341 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
All investments are categorized as Level 1 under the Fair Value Hierarchy. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $20,451,397) | $ 21,493,174 | |
Fidelity Central Funds (cost $1,167,930) | 1,167,930 | |
Total Investments (cost $21,619,327) | | $ 22,661,104 |
Foreign currency held at value (cost $98,303) | | 98,389 |
Receivable for investments sold | | 100,891 |
Receivable for fund shares sold | | 543,167 |
Dividends receivable | | 13,343 |
Distributions receivable from Fidelity Central Funds | | 113 |
Prepaid expenses | | 41,371 |
Receivable from investment adviser for expense reductions | | 58,462 |
Other receivables | | 78,081 |
Total assets | | 23,594,921 |
| | |
Liabilities | | |
Payable to custodian bank | $ 46 | |
Payable for investments purchased | 730,372 | |
Payable for fund shares redeemed | 314,135 | |
Accrued management fee | 14,609 | |
Distribution and service plan fees payable | 1,150 | |
Other affiliated payables | 4,148 | |
Other payables and accrued expenses | 140,667 | |
Total liabilities | | 1,205,127 |
| | |
Net Assets | | $ 22,389,794 |
Net Assets consist of: | | |
Paid in capital | | $ 21,300,686 |
Undistributed net investment income | | 19,148 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 28,245 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,041,715 |
Net Assets | | $ 22,389,794 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,071,561 ÷ 96,614 shares) | | $ 11.09 |
| | |
Maximum offering price per share (100/94.25 of $11.09) | | $ 11.77 |
Class T:
Net Asset Value and redemption price per share ($859,545 ÷ 77,548 shares) | | $ 11.08 |
| | |
Maximum offering price per share (100/96.50 of $11.08) | | $ 11.48 |
Class C:
Net Asset Value and offering price per share ($795,966 ÷ 71,975 shares)A | | $ 11.06 |
| | |
Emerging Markets Discovery:
Net Asset Value, offering price and redemption price per share ($18,937,594 ÷ 1,705,972 shares) | | $ 11.10 |
| | |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($725,128 ÷ 65,327 shares) | | $ 11.10 |
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 Emerging Markets Discovery Fund
Financial Statements - continued
Statement of Operations
For the period November 1, 2011
(commencement of operations) to
April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 91,323 |
Special dividends | | 26,200 |
Interest | | 20 |
Income from Fidelity Central Funds | | 341 |
Income before foreign taxes withheld | | 117,884 |
Less foreign taxes withheld | | (5,867) |
Total income | | 112,017 |
| | |
Expenses | | |
Management fee | $ 50,625 | |
Transfer agent fees | 11,922 | |
Distribution and service plan fees | 5,274 | |
Accounting fees and expenses | 3,058 | |
Custodian fees and expenses | 166,236 | |
Independent trustees' compensation | 23 | |
Registration fees | 45,309 | |
Audit | 28,001 | |
Legal | 9 | |
Miscellaneous | 356 | |
Total expenses before reductions | 310,813 | |
Expense reductions | (225,704) | 85,109 |
Net investment income (loss) | | 26,908 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 38,325 | |
Foreign currency transactions | (10,080) | |
Total net realized gain (loss) | | 28,245 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,041,777 | |
Assets and liabilities in foreign currencies | (62) | |
Total change in net unrealized appreciation (depreciation) | | 1,041,715 |
Net gain (loss) | | 1,069,960 |
Net increase (decrease) in net assets resulting from operations | | $ 1,096,868 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| For the period
November 1, 2011
(commencement of operations) to
April 30, 2012
(Unaudited) |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 26,908 |
Net realized gain (loss) | 28,245 |
Change in net unrealized appreciation (depreciation) | 1,041,715 |
Net increase (decrease) in net assets resulting
from operations | 1,096,868 |
Distributions to shareholders from net investment income | (7,760) |
Share transactions - net increase (decrease) | 21,289,285 |
Redemption fees | 11,401 |
Total increase (decrease) in net assets | 22,389,794 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $19,148) | $ 22,389,794 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended
April 30, 2012 J |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .02 I |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.09 |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 11.09 |
Total Return B, C, D | 10.99% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 5.66% A |
Expenses net of fee waivers, if any | 1.70% A |
Expenses net of all reductions | 1.61% A |
Net investment income (loss) | .29% A,I |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,072 |
Portfolio turnover rate G | 130% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.15)%.
J For the period November 1, 2011 (commencement of operations) to April 30, 2012.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Period ended
April 30, 2012 K |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | - I,J |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.07 |
Distributions from net investment income | - I |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 11.08 |
Total Return B, C, D | 10.85% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 5.93% A |
Expenses net of fee waivers, if any | 1.95% A |
Expenses net of all reductions | 1.86% A |
Net investment income (loss) | .04% A,J |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 860 |
Portfolio turnover rate G | 130% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 Amount represents less than $.01 per share.
J Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.40)%.
K For the period November 1, 2011 (commencement of operations) to April 30, 2012.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Period ended
April 30, 2012 J |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | (.02) I |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.05 |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 11.06 |
Total Return B, C, D | 10.60% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 6.55% A |
Expenses net of fee waivers, if any | 2.45% A |
Expenses net of all reductions | 2.36% A |
Net investment income (loss) | (.46)% A,I |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 796 |
Portfolio turnover rate G | 130% 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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.90)%.
J For the period November 1, 2011 (commencement of operations) to April 30, 2012.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Emerging Markets Discovery
| Period ended
April 30, 2012 I |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .03 H |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.10 |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | .01 |
Net asset value, end of period | $ 11.10 |
Total Return B, C | 11.14% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | 5.14% A |
Expenses net of fee waivers, if any | 1.45% A |
Expenses net of all reductions | 1.36% A |
Net investment income (loss) | .55% A,H |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 18,938 |
Portfolio turnover rate F | 130% 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 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.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .10%.
I For the period November 1, 2011 (commencement of operations) to April 30, 2012.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Period ended
April 30, 2012 I |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .03 H |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.10 |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | .01 |
Net asset value, end of period | $ 11.10 |
Total Return B, C | 11.14% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | 5.40% A |
Expenses net of fee waivers, if any | 1.45% A |
Expenses net of all reductions | 1.36% A |
Net investment income (loss) | .54% A,H |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 725 |
Portfolio turnover rate F | 130% 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 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.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .09%.
I For the period November 1, 2011 (commencement of operations) to April 30, 2012.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Notes to Financial Statements
For the period ended April 30, 2012 (Unaudited)
1. Organization.
Fidelity® Emerging Markets Discovery 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, Emerging Markets Discovery and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by 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 Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
ETFs are valued at their last sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day 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 by another method that the Board of Trustees 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
Semiannual Report
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 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Notes to Financial Statements (Unaudited) - continued
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. Temporary book-tax differences will reverse in a subsequent period.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 1,566,857 |
Gross unrealized depreciation | (577,696) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 989,161 |
| |
Tax cost | $ 21,671,943 |
Short-Term Trading (Redemption) Fees. Shares purchased by investors and held in the Fund less than 90 days are subject to a redemption fee equal to 2.00% of the net asset value 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.
4. Operating Policies.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $27,580,927 and $7,168,110, respectively.
Semiannual Report
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .86% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 864 | $ 653 |
Class T | .25% | .25% | 1,530 | 1,292 |
Class C | .75% | .25% | 2,880 | 2,703 |
| | | $ 5,274 | $ 4,648 |
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, and Class C redemptions. The deferred sales charges range from 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,043 |
Class T | 227 |
| $ 2,270 |
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of 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
Average
Net Assets* |
Class A | $ 595 | .17 |
Class T | 515 | .17 |
Class C | 388 | .13 |
Emerging Markets Discovery | 10,077 | .22 |
Institutional Class | 347 | .12 |
| $ 11,922 | |
* Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $37 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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. There were no commitment fees paid during the period by the fund. During the period, there were no borrowings on this line of credit.
Semiannual Report
8. Expense Reductions.
Effective November 1, 2011, FMR contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2012. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.70% | $ 13,609 |
Class T | 1.95% | 12,159 |
Class C | 2.45% | 11,801 |
Emerging Markets Discovery | 1.45% | 171,353 |
Institutional Class | 1.45% | 11,527 |
| | $ 220,449 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $5,253 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 $2.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Period ended
April 30,
2012 A |
From net investment income | |
Class A | $ 435 |
Class T | 203 |
Emerging Markets Discovery | 6,522 |
Institutional Class | 600 |
Total | $ 7,760 |
A For the period November 1, 2011 (commencement of operations) to April 30, 2012.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Period ended April 30,
2012 A | Period ended
April 30,
2012 A |
Class A | | |
Shares sold | 97,111 | $ 1,009,323 |
Reinvestment of distributions | 46 | 435 |
Shares redeemed | (543) | (6,005) |
Net increase (decrease) | 96,614 | $ 1,003,753 |
Class T | | |
Shares sold | 77,526 | $ 807,426 |
Reinvestment of distributions | 22 | 203 |
Net increase (decrease) | 77,548 | $ 807,629 |
Class C | | |
Shares sold | 71,975 | $ 741,547 |
Emerging Markets Discovery | | |
Shares sold | 1,809,663 | $ 19,206,850 |
Reinvestment of distributions | 681 | 6,419 |
Shares redeemed | (104,372) | (1,146,707) |
Net increase (decrease) | 1,705,972 | $ 18,066,562 |
Institutional Class | | |
Shares sold | 67,477 | $ 694,150 |
Reinvestment of distributions | 64 | 600 |
Shares redeemed | (2,214) | (24,956) |
Net increase (decrease) | 65,327 | $ 669,794 |
A For the period November 1, 2011 (commencement of operations) to April 30, 2012.
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, FMR or its affiliates were the owners of record of 27% of the total outstanding shares of the Fund.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Emerging Markets Discovery Fund
On July 13, 2011, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Research Committee reviewed the general qualifications and capabilities of the Investment Advisers' investment staff, including its size, education, experience and resources (including increased resources in non-United States offices), as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities which allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and enhancers. The Board also believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools which permit them to assess portfolio risk, performance and attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in their deliberations, the Board considered the Investment Advisers' trading capabilities and resources which are an integral part of the investment management process.
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, and investor education materials and asset allocation tools.
Semiannual Report
Investment Performance. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board considered the Investment Advisers' strength in fundamental, research-driven emerging markets equity selection, which the Board is familiar with through its supervision of other Fidelity funds that invest in such securities.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided by Fidelity to the funds will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's proposed management fee and the projected total operating expenses of each class of the fund in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also considered that the projected total operating expenses are comparable to those of similar classes and funds that Fidelity offers to shareholders.
Based on its review, the Board concluded that the fund's management fee and the projected total expenses of each class of the fund were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders.
Economies of Scale. The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be approved.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
FIL Investments (Japan) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors (UK) Limited
FIL Investment Advisors
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
AEMD-USAN-0612
1.931252.100
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Emerging Markets Discovery
Fund - Institutional Class
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Institutional Class is
a class of Fidelity®
Emerging Markets
Discovery Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Summary | (Click Here) | A summary of the fund's holdings. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
Board Approval of Investment Advisory Contracts and Management Fees | (Click Here) | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
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, 2011 to April 30, 2012).
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.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.70% | | | |
Actual | | $ 1,000.00 | $ 1,109.90 | $ 8.92 |
Hypothetical A | | $ 1,000.00 | $ 1,016.41 | $ 8.52 |
Class T | 1.95% | | | |
Actual | | $ 1,000.00 | $ 1,108.50 | $ 10.22 |
Hypothetical A | | $ 1,000.00 | $ 1,015.17 | $ 9.77 |
Class C | 2.45% | | | |
Actual | | $ 1,000.00 | $ 1,106.00 | $ 12.83 |
Hypothetical A | | $ 1,000.00 | $ 1,012.68 | $ 12.26 |
Emerging Markets Discovery | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,111.40 | $ 7.61 |
Hypothetical A | | $ 1,000.00 | $ 1,017.65 | $ 7.27 |
Institutional Class | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,111.40 | $ 7.61 |
Hypothetical A | | $ 1,000.00 | $ 1,017.65 | $ 7.27 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Investment Summary (Unaudited)
Top Five Stocks as of April 30, 2012 |
| % of fund's
net assets |
Unified-President Enterprises Corp. (Taiwan, Food Products) | 2.1 |
WisdomTree India Earnings ETF (United States of America, Investment Companies) | 1.9 |
Grupo Herdez SAB de CV (Mexico, Food Products) | 1.4 |
Quinenco SA (Chile, Industrial Conglomerates) | 1.4 |
Tiger Brands Ltd. (South Africa, Food Products) | 1.4 |
| 8.2 |
Top Five Market Sectors as of April 30, 2012 |
| % of fund's
net assets |
Financials | 18.1 |
Consumer Staples | 16.5 |
Industrials | 14.0 |
Consumer Discretionary | 11.1 |
Information Technology | 10.2 |
Top Five Countries as of April 30, 2012 |
(excluding cash equivalents) | % of fund's
net assets |
Taiwan | 13.5 |
Korea (South) | 13.1 |
South Africa | 8.5 |
Cayman Islands | 7.6 |
Bermuda | 5.9 |
Percentages are adjusted for the effect of open futures contracts, if applicable. |
Asset Allocation (% of fund's net assets) |
As of April 30, 2012 |
 | Stocks and Investment Companies 96.0% | |
 | Short-Term Investments and Net Other Assets (Liabilities) 4.0% | |
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.5% |
| Shares | | Value |
Bailiwick of Jersey - 0.7% |
Atrium European Real Estate Ltd. | 33,553 | | $ 163,457 |
Bermuda - 5.9% |
ARA Asset Management Ltd. (c) | 114,000 | | 140,007 |
Cafe de Coral Holdings Ltd. | 60,000 | | 164,719 |
Pacific Basin Shipping Ltd. | 313,000 | | 164,596 |
Texwinca Holdings Ltd. | 176,000 | | 215,501 |
Vtech Holdings Ltd. | 19,800 | | 222,023 |
Wilson Sons Ltd. unit | 14,200 | | 212,313 |
Yue Yuen Industrial (Holdings) Ltd. | 62,500 | | 209,444 |
TOTAL BERMUDA | | 1,328,603 |
Brazil - 3.6% |
Duratex SA | 32,000 | | 188,023 |
Fleury SA | 20,700 | | 266,711 |
LPS Brasil Consultoria de Imoveis SA | 7,000 | | 120,819 |
Oi SA | 35,340 | | 238,978 |
TOTAL BRAZIL | | 814,531 |
Cayman Islands - 7.6% |
Boer Power Holdings Ltd. | 368,000 | | 132,807 |
Haitian International Holdings Ltd. | 129,000 | | 148,476 |
Hutchison China Meditech Ltd. (a) | 25,100 | | 182,311 |
Mindray Medical International Ltd. sponsored ADR | 5,900 | | 193,284 |
Minth Group Ltd. | 194,000 | | 245,793 |
O-Net Communications Group Ltd. | 506,000 | | 128,479 |
Perfect World Co. Ltd. sponsored ADR Class B | 14,600 | | 178,266 |
Samson Holding Ltd. | 1,610,000 | | 213,736 |
SITC International Holdings Co. Ltd. | 399,000 | | 120,852 |
Yip's Chemical Holdings Ltd. | 192,000 | | 150,954 |
TOTAL CAYMAN ISLANDS | | 1,694,958 |
Chile - 5.7% |
Compania Cervecerias Unidas SA sponsored ADR | 2,300 | | 164,726 |
Embotelladora Andina SA sponsored ADR | 4,700 | | 152,750 |
Isapre CruzBlanca SA | 258,472 | | 282,929 |
Parque Arauco SA | 122,668 | | 238,331 |
Quinenco SA | 99,891 | | 308,898 |
Sociedad Matriz SAAM SA (a) | 999,080 | | 119,453 |
TOTAL CHILE | | 1,267,087 |
China - 3.9% |
China BlueChemical Ltd. (H Shares) | 330,000 | | 236,059 |
Common Stocks - continued |
| Shares | | Value |
China - continued |
China Communications Services Corp. Ltd. (H Shares) | 434,000 | | $ 223,191 |
China Oilfield Services Ltd. (H Shares) | 122,000 | | 197,813 |
Lianhua Supermarket Holdings Ltd. (H Shares) | 204,000 | | 213,238 |
TOTAL CHINA | | 870,301 |
Colombia - 0.9% |
Bolsa de Valores de Colombia | 10,150,479 | | 196,400 |
Egypt - 1.8% |
Commercial International Bank Ltd. | 65,900 | | 281,467 |
Lecico Egypt S.A.E. | 152,400 | | 127,814 |
TOTAL EGYPT | | 409,281 |
Hong Kong - 3.3% |
China Insurance International Holdings Co. Ltd. (a) | 64,200 | | 133,884 |
Hopewell Holdings Ltd. | 99,500 | | 267,389 |
Television Broadcasts Ltd. | 23,000 | | 168,973 |
Vitasoy International Holdings Ltd. | 228,000 | | 167,503 |
TOTAL HONG KONG | | 737,749 |
India - 0.9% |
Dr. Reddy's Laboratories Ltd. sponsored ADR | 5,700 | | 192,831 |
Indonesia - 3.2% |
PT Astra Graphia Tbk | 1,251,500 | | 204,260 |
PT Kalbe Farma Tbk | 616,000 | | 269,779 |
PT Ramayana Lestari Sentosa Tbk | 2,531,500 | | 236,885 |
TOTAL INDONESIA | | 710,924 |
Kenya - 0.8% |
Safaricom Ltd. | 4,442,577 | | 176,102 |
Korea (South) - 13.1% |
Amorepacific Corp. | 249 | | 239,058 |
BS Financial Group, Inc. | 19,300 | | 198,956 |
DuzonBizon Co. Ltd. (a) | 21,260 | | 129,991 |
Green Cross Holdings Corp. | 13,720 | | 156,609 |
kiwoom.com Securities Co. Ltd. | 3,650 | | 217,361 |
Korea Plant Service & Engineering Co. Ltd. | 5,910 | | 217,809 |
LG Corp. | 3,714 | | 189,295 |
LG Household & Health Care Ltd. | 546 | | 286,498 |
MegaStudy Co. Ltd. | 1,545 | | 144,093 |
NHN Corp. | 1,049 | | 237,623 |
Nong Shim Co. Ltd. | 1,047 | | 209,840 |
S1 Corp. | 4,958 | | 247,873 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
Samsung Fire & Marine Insurance Co. Ltd. | 1,171 | | $ 223,812 |
Shinsegae Co. Ltd. | 1,115 | | 244,681 |
TOTAL KOREA (SOUTH) | | 2,943,499 |
Luxembourg - 2.2% |
Brait SA | 76,000 | | 237,927 |
Millicom International Cellular SA (depository receipt) | 2,343 | | 248,916 |
TOTAL LUXEMBOURG | | 486,843 |
Malaysia - 2.4% |
AEON Co. (M) Bhd | 56,600 | | 177,910 |
KPJ Healthcare Bhd | 99,100 | | 182,117 |
Top Glove Corp. Bhd | 111,400 | | 172,688 |
TOTAL MALAYSIA | | 532,715 |
Mexico - 2.5% |
Bolsa Mexicana de Valores SA de CV | 119,600 | | 239,049 |
Grupo Herdez SAB de CV | 143,300 | | 317,217 |
TOTAL MEXICO | | 556,266 |
Nigeria - 0.6% |
Nestle Foods Nigeria PLC | 48,378 | | 128,783 |
Philippines - 2.0% |
BDO Unibank, Inc. | 140,640 | | 220,808 |
Manila Water Co., Inc. | 386,600 | | 226,468 |
TOTAL PHILIPPINES | | 447,276 |
Poland - 1.1% |
Kruk SA (a) | 600 | | 9,191 |
Warsaw Stock Exchange | 19,300 | | 236,280 |
TOTAL POLAND | | 245,471 |
Russia - 0.0% |
Vozrozhdenie Bank | 400 | | 7,583 |
Singapore - 3.7% |
Ascendas India Trust | 330,000 | | 217,307 |
Breadtalk Group Ltd. | 291,000 | | 130,493 |
Ezra Holdings Ltd. (a) | 154,000 | | 125,674 |
Global Logistic Properties Ltd. (a) | 131,000 | | 218,042 |
Petra Foods Ltd. | 67,000 | | 133,713 |
TOTAL SINGAPORE | | 825,229 |
Common Stocks - continued |
| Shares | | Value |
South Africa - 8.5% |
Advtech Ltd. | 154,000 | | $ 124,736 |
African Oxygen Ltd. | 74,400 | | 182,700 |
Coronation Fund Managers Ltd. | 49,000 | | 183,955 |
JSE Ltd. | 20,800 | | 219,820 |
Nampak Ltd. | 80,400 | | 232,062 |
Reunert Ltd. | 31,800 | | 294,369 |
Shoprite Holdings Ltd. | 13,200 | | 228,089 |
Tiger Brands Ltd. | 8,300 | | 304,127 |
Zeder Investments Ltd. | 381,333 | | 136,786 |
TOTAL SOUTH AFRICA | | 1,906,644 |
Sri Lanka - 0.6% |
John Keells Holdings Ltd. | 88,145 | | 138,124 |
Taiwan - 13.5% |
Chroma ATE, Inc. | 94,000 | | 214,728 |
CTCI Corp. | 128,000 | | 247,615 |
Delta Electronics, Inc. | 66,000 | | 196,495 |
Formosa Optical Technology Co. Ltd. | 74,000 | | 203,560 |
Giant Manufacturing Co. Ltd. | 25,000 | | 126,050 |
Insyde Software Corp. | 29,000 | | 134,282 |
MJC Probe, Inc. | 57,000 | | 125,711 |
Pacific Hospital Supply Co. Ltd. | 79,000 | | 239,805 |
Powertech Technology, Inc. | 113,000 | | 192,435 |
SIMPLO Technology Co. Ltd. | 17,000 | | 131,195 |
St. Shine Optical Co. Ltd. | 13,000 | | 151,158 |
Ta Chong Bank (a) | 451,000 | | 174,800 |
Taiwan Hon Chuan Enterprise Co. Ltd. | 95,000 | | 213,754 |
Unified-President Enterprises Corp. | 299,000 | | 466,111 |
Wah Lee Industrial Corp. | 151,000 | | 207,169 |
TOTAL TAIWAN | | 3,024,868 |
Turkey - 1.8% |
Anadolu Efes Biracilik ve Malt Sanayii A/S | 15,000 | | 211,298 |
Enka Insaat ve Sanayi A/S | 61,000 | | 190,951 |
TOTAL TURKEY | | 402,249 |
United Arab Emirates - 0.7% |
First Gulf Bank PJSC | 68,981 | | 169,027 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - 1.5% |
Archipelago Resources PLC (a) | 122,300 | | $ 119,599 |
Pz Cussons PLC Class L | 40,000 | | 215,743 |
TOTAL UNITED KINGDOM | | 335,342 |
TOTAL COMMON STOCKS (Cost $19,656,971) |
20,712,143
|
Investment Companies - 3.5% |
| | | |
Thailand - 0.6% |
CPN Retail Growth Leasehold Property Fund | 303,200 | | 139,006 |
India - 2.9% |
Market Vectors India Small-Cap Index ETF | 18,500 | | 211,270 |
WisdomTree India Earnings ETF | 23,500 | | 430,755 |
TOTAL UNITED STATES OF AMERICA | | 642,025 |
TOTAL INVESTMENT COMPANIES (Cost $794,426) |
781,031
|
Money Market Funds - 5.2% |
| | | |
Fidelity Cash Central Fund, 0.14% (b)
(Cost $1,167,930) | 1,167,930 | |
1,167,930
|
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $21,619,327) | | 22,661,104 |
NET OTHER ASSETS (LIABILITIES) - (1.2)% | | (271,310) |
NET ASSETS - 100% | $ 22,389,794 |
Security Type Abbreviations |
ETF - Exchange-Traded Fund |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) 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 $140,007 or 0.6% 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 | $ 341 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
All investments are categorized as Level 1 under the Fair Value Hierarchy. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $20,451,397) | $ 21,493,174 | |
Fidelity Central Funds (cost $1,167,930) | 1,167,930 | |
Total Investments (cost $21,619,327) | | $ 22,661,104 |
Foreign currency held at value (cost $98,303) | | 98,389 |
Receivable for investments sold | | 100,891 |
Receivable for fund shares sold | | 543,167 |
Dividends receivable | | 13,343 |
Distributions receivable from Fidelity Central Funds | | 113 |
Prepaid expenses | | 41,371 |
Receivable from investment adviser for expense reductions | | 58,462 |
Other receivables | | 78,081 |
Total assets | | 23,594,921 |
| | |
Liabilities | | |
Payable to custodian bank | $ 46 | |
Payable for investments purchased | 730,372 | |
Payable for fund shares redeemed | 314,135 | |
Accrued management fee | 14,609 | |
Distribution and service plan fees payable | 1,150 | |
Other affiliated payables | 4,148 | |
Other payables and accrued expenses | 140,667 | |
Total liabilities | | 1,205,127 |
| | |
Net Assets | | $ 22,389,794 |
Net Assets consist of: | | |
Paid in capital | | $ 21,300,686 |
Undistributed net investment income | | 19,148 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 28,245 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,041,715 |
Net Assets | | $ 22,389,794 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,071,561 ÷ 96,614 shares) | | $ 11.09 |
| | |
Maximum offering price per share (100/94.25 of $11.09) | | $ 11.77 |
Class T:
Net Asset Value and redemption price per share ($859,545 ÷ 77,548 shares) | | $ 11.08 |
| | |
Maximum offering price per share (100/96.50 of $11.08) | | $ 11.48 |
Class C:
Net Asset Value and offering price per share ($795,966 ÷ 71,975 shares)A | | $ 11.06 |
| | |
Emerging Markets Discovery:
Net Asset Value, offering price and redemption price per share ($18,937,594 ÷ 1,705,972 shares) | | $ 11.10 |
| | |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($725,128 ÷ 65,327 shares) | | $ 11.10 |
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 Emerging Markets Discovery Fund
Financial Statements - continued
Statement of Operations
For the period November 1, 2011
(commencement of operations) to
April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 91,323 |
Special dividends | | 26,200 |
Interest | | 20 |
Income from Fidelity Central Funds | | 341 |
Income before foreign taxes withheld | | 117,884 |
Less foreign taxes withheld | | (5,867) |
Total income | | 112,017 |
| | |
Expenses | | |
Management fee | $ 50,625 | |
Transfer agent fees | 11,922 | |
Distribution and service plan fees | 5,274 | |
Accounting fees and expenses | 3,058 | |
Custodian fees and expenses | 166,236 | |
Independent trustees' compensation | 23 | |
Registration fees | 45,309 | |
Audit | 28,001 | |
Legal | 9 | |
Miscellaneous | 356 | |
Total expenses before reductions | 310,813 | |
Expense reductions | (225,704) | 85,109 |
Net investment income (loss) | | 26,908 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 38,325 | |
Foreign currency transactions | (10,080) | |
Total net realized gain (loss) | | 28,245 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,041,777 | |
Assets and liabilities in foreign currencies | (62) | |
Total change in net unrealized appreciation (depreciation) | | 1,041,715 |
Net gain (loss) | | 1,069,960 |
Net increase (decrease) in net assets resulting from operations | | $ 1,096,868 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| For the period
November 1, 2011
(commencement of operations) to
April 30, 2012
(Unaudited) |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 26,908 |
Net realized gain (loss) | 28,245 |
Change in net unrealized appreciation (depreciation) | 1,041,715 |
Net increase (decrease) in net assets resulting
from operations | 1,096,868 |
Distributions to shareholders from net investment income | (7,760) |
Share transactions - net increase (decrease) | 21,289,285 |
Redemption fees | 11,401 |
Total increase (decrease) in net assets | 22,389,794 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $19,148) | $ 22,389,794 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended
April 30, 2012 J |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .02 I |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.09 |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 11.09 |
Total Return B, C, D | 10.99% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 5.66% A |
Expenses net of fee waivers, if any | 1.70% A |
Expenses net of all reductions | 1.61% A |
Net investment income (loss) | .29% A,I |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,072 |
Portfolio turnover rate G | 130% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.15)%.
J For the period November 1, 2011 (commencement of operations) to April 30, 2012.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Period ended
April 30, 2012 K |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | - I,J |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.07 |
Distributions from net investment income | - I |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 11.08 |
Total Return B, C, D | 10.85% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 5.93% A |
Expenses net of fee waivers, if any | 1.95% A |
Expenses net of all reductions | 1.86% A |
Net investment income (loss) | .04% A,J |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 860 |
Portfolio turnover rate G | 130% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 Amount represents less than $.01 per share.
J Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.40)%.
K For the period November 1, 2011 (commencement of operations) to April 30, 2012.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Period ended
April 30, 2012 J |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | (.02) I |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.05 |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 11.06 |
Total Return B, C, D | 10.60% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 6.55% A |
Expenses net of fee waivers, if any | 2.45% A |
Expenses net of all reductions | 2.36% A |
Net investment income (loss) | (.46)% A,I |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 796 |
Portfolio turnover rate G | 130% 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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.90)%.
J For the period November 1, 2011 (commencement of operations) to April 30, 2012.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Emerging Markets Discovery
| Period ended
April 30, 2012 I |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .03 H |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.10 |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | .01 |
Net asset value, end of period | $ 11.10 |
Total Return B, C | 11.14% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | 5.14% A |
Expenses net of fee waivers, if any | 1.45% A |
Expenses net of all reductions | 1.36% A |
Net investment income (loss) | .55% A,H |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 18,938 |
Portfolio turnover rate F | 130% 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 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.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .10%.
I For the period November 1, 2011 (commencement of operations) to April 30, 2012.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Period ended
April 30, 2012 I |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .03 H |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.10 |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | .01 |
Net asset value, end of period | $ 11.10 |
Total Return B, C | 11.14% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | 5.40% A |
Expenses net of fee waivers, if any | 1.45% A |
Expenses net of all reductions | 1.36% A |
Net investment income (loss) | .54% A,H |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 725 |
Portfolio turnover rate F | 130% 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 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.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .09%.
I For the period November 1, 2011 (commencement of operations) to April 30, 2012.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Notes to Financial Statements
For the period ended April 30, 2012 (Unaudited)
1. Organization.
Fidelity® Emerging Markets Discovery 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, Emerging Markets Discovery and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by 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 Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
ETFs are valued at their last sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day 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 by another method that the Board of Trustees 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
Semiannual Report
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 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Notes to Financial Statements (Unaudited) - continued
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. Temporary book-tax differences will reverse in a subsequent period.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 1,566,857 |
Gross unrealized depreciation | (577,696) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 989,161 |
| |
Tax cost | $ 21,671,943 |
Short-Term Trading (Redemption) Fees. Shares purchased by investors and held in the Fund less than 90 days are subject to a redemption fee equal to 2.00% of the net asset value 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.
4. Operating Policies.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $27,580,927 and $7,168,110, respectively.
Semiannual Report
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .86% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 864 | $ 653 |
Class T | .25% | .25% | 1,530 | 1,292 |
Class C | .75% | .25% | 2,880 | 2,703 |
| | | $ 5,274 | $ 4,648 |
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, and Class C redemptions. The deferred sales charges range from 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,043 |
Class T | 227 |
| $ 2,270 |
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of 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
Average
Net Assets* |
Class A | $ 595 | .17 |
Class T | 515 | .17 |
Class C | 388 | .13 |
Emerging Markets Discovery | 10,077 | .22 |
Institutional Class | 347 | .12 |
| $ 11,922 | |
* Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $37 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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. There were no commitment fees paid during the period by the fund. During the period, there were no borrowings on this line of credit.
Semiannual Report
8. Expense Reductions.
Effective November 1, 2011, FMR contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2012. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.70% | $ 13,609 |
Class T | 1.95% | 12,159 |
Class C | 2.45% | 11,801 |
Emerging Markets Discovery | 1.45% | 171,353 |
Institutional Class | 1.45% | 11,527 |
| | $ 220,449 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $5,253 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 $2.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Period ended
April 30,
2012 A |
From net investment income | |
Class A | $ 435 |
Class T | 203 |
Emerging Markets Discovery | 6,522 |
Institutional Class | 600 |
Total | $ 7,760 |
A For the period November 1, 2011 (commencement of operations) to April 30, 2012.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Period ended April 30,
2012 A | Period ended
April 30,
2012 A |
Class A | | |
Shares sold | 97,111 | $ 1,009,323 |
Reinvestment of distributions | 46 | 435 |
Shares redeemed | (543) | (6,005) |
Net increase (decrease) | 96,614 | $ 1,003,753 |
Class T | | |
Shares sold | 77,526 | $ 807,426 |
Reinvestment of distributions | 22 | 203 |
Net increase (decrease) | 77,548 | $ 807,629 |
Class C | | |
Shares sold | 71,975 | $ 741,547 |
Emerging Markets Discovery | | |
Shares sold | 1,809,663 | $ 19,206,850 |
Reinvestment of distributions | 681 | 6,419 |
Shares redeemed | (104,372) | (1,146,707) |
Net increase (decrease) | 1,705,972 | $ 18,066,562 |
Institutional Class | | |
Shares sold | 67,477 | $ 694,150 |
Reinvestment of distributions | 64 | 600 |
Shares redeemed | (2,214) | (24,956) |
Net increase (decrease) | 65,327 | $ 669,794 |
A For the period November 1, 2011 (commencement of operations) to April 30, 2012.
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, FMR or its affiliates were the owners of record of 27% of the total outstanding shares of the Fund.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Emerging Markets Discovery Fund
On July 13, 2011, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Research Committee reviewed the general qualifications and capabilities of the Investment Advisers' investment staff, including its size, education, experience and resources (including increased resources in non-United States offices), as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities which allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and enhancers. The Board also believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools which permit them to assess portfolio risk, performance and attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in their deliberations, the Board considered the Investment Advisers' trading capabilities and resources which are an integral part of the investment management process.
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, and investor education materials and asset allocation tools.
Semiannual Report
Investment Performance. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board considered the Investment Advisers' strength in fundamental, research-driven emerging markets equity selection, which the Board is familiar with through its supervision of other Fidelity funds that invest in such securities.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided by Fidelity to the funds will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's proposed management fee and the projected total operating expenses of each class of the fund in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also considered that the projected total operating expenses are comparable to those of similar classes and funds that Fidelity offers to shareholders.
Based on its review, the Board concluded that the fund's management fee and the projected total expenses of each class of the fund were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders.
Economies of Scale. The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be approved.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
FIL Investments (Japan) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investment Advisors (UK) Limited
FIL Investment Advisors
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
AEMDI-USAN-0612
1.931245.100
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Total Emerging Markets
Fund - Class A, Class T,
and Class C
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Class A, Class T, and
Class C are classes of
Fidelity® Total Emerging
Markets Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Summary | (Click Here) | A summary of the fund's holdings. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
Board Approval of Investment Advisory Contracts and Management Fees | (Click Here) | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://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 Total Emerging Markets 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, 2011 to April 30, 2012).
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.
Semiannual Report
Fidelity Total Emerging Markets Fund
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,075.00 | $ 8.51 |
Hypothetical A | | $ 1,000.00 | $ 1,016.66 | $ 8.27 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 1,073.60 | $ 9.80 |
Hypothetical A | | $ 1,000.00 | $ 1,015.42 | $ 9.52 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,071.70 | $ 12.36 |
Hypothetical A | | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Total Emerging Markets | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,076.50 | $ 7.23 |
Hypothetical A | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
Institutional Class | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,076.50 | $ 7.23 |
Hypothetical A | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Fidelity Total Emerging Markets Fund
Investment Summary (Unaudited)
Top Five Stocks as of April 30, 2012 |
| % of fund's
net assets |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment) | 3.2 |
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Commercial Banks) | 1.5 |
iPath MSCI India Index ETN (United Kingdom, Investment Companies) | 1.5 |
Vale SA (PN-A) sponsored ADR (Brazil, Metals & Mining) | 1.4 |
China Construction Bank Corp. (H Shares) (China, Commercial Banks) | 1.3 |
| 8.9 |
Top Five Market Sectors as of April 30, 2012 |
| % of fund's
net assets |
Energy | 15.8 |
Financials | 15.8 |
Information Technology | 10.0 |
Materials | 8.4 |
Consumer Discretionary | 6.3 |
Top Five Countries as of April 30, 2012 |
(excluding cash equivalents) | % of fund's
net assets |
Brazil | 11.0 |
Korea (South) | 9.9 |
Russia | 6.8 |
Taiwan | 6.0 |
China | 5.9 |
Percentages are adjusted for the effect of open futures contracts, if applicable. |
Asset Allocation (% of fund's net assets) |
As of April 30, 2012 |
 | Stocks and
Investment Companies 70.3% | |
 | Bonds 26.5% | |
 | Short-Term Investments
and Net Other Assets (Liabilities) 3.2% | |
Semiannual Report
Fidelity Total Emerging Markets Fund
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 67.0% |
| Shares | | Value |
Australia - 0.2% |
Paladin Energy Ltd.: | | | |
(Australia) (a) | 85,984 | | $ 142,884 |
(Canada) (a) | 37,100 | | 61,223 |
TOTAL AUSTRALIA | | 204,107 |
Austria - 0.1% |
Erste Bank AG | 3,100 | | 71,385 |
Bailiwick of Guernsey - 0.1% |
Chariot Oil & Gas Ltd. (a) | 31,155 | | 89,505 |
Bermuda - 1.8% |
Aquarius Platinum Ltd. (Australia) | 77,172 | | 175,276 |
BW Offshore Ltd. | 236,100 | | 328,014 |
Cosco International Holdings Ltd. | 96,000 | | 41,822 |
GP Investments Ltd. (depositary receipt) (a) | 94,322 | | 224,653 |
Kunlun Energy Co. Ltd. | 399,200 | | 703,867 |
Nine Dragons Paper (Holdings) Ltd. | 87,000 | | 71,765 |
TOTAL BERMUDA | | 1,545,397 |
Brazil - 9.3% |
Anhanguera Educacional Participacoes SA | 32,800 | | 436,037 |
Arezzo Industria e Comercio SA | 12,500 | | 196,732 |
B2W Companhia Global do Varejo | 7,800 | | 33,268 |
Banco do Brasil SA | 35,000 | | 432,967 |
Banco Do Est Rio Grande Sul SA | 18,600 | | 161,200 |
BR Properties SA | 25,800 | | 320,106 |
Braskem SA (PN-A) | 28,900 | | 203,163 |
Centrais Eletricas Brasileiras SA (Electrobras) | 7,750 | | 66,272 |
Cia.Hering SA | 9,800 | | 243,181 |
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR | 4,800 | | 201,504 |
Companhia de Saneamento de Minas Gerais | 6,380 | | 148,844 |
Companhia Paranaense de Energia-Copel: | | | |
(PN-B) | 1,905 | | 48,261 |
(PN-B) sponsored ADR | 5,930 | | 148,547 |
Ecorodovias Infraestrutura e Logistica SA | 28,500 | | 237,731 |
Energias do Brasil SA | 20,350 | | 142,311 |
Fibria Celulose SA | 30,800 | | 247,867 |
Gerdau SA sponsored ADR | 42,700 | | 400,953 |
Itau Unibanco Banco Multiplo SA sponsored ADR | 26,290 | | 412,490 |
Localiza Rent A Car SA | 13,700 | | 233,945 |
Lojas Americanas SA (PN) | 46,100 | | 433,393 |
Mills Estruturas e Servicos de Engenharia SA | 13,100 | | 170,369 |
Common Stocks - continued |
| Shares | | Value |
Brazil - continued |
Multiplus SA | 10,800 | | $ 234,000 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) sponsored ADR (non-vtg.) | 2,300 | | 50,968 |
sponsored ADR | 24,300 | | 572,022 |
Redecard SA | 7,700 | | 129,670 |
Santos Brasil Participacoes SA unit | 5,200 | | 90,570 |
Telefonica Brasil SA sponsored ADR | 4,380 | | 124,699 |
Ultrapar Participacoes SA | 31,700 | | 720,096 |
Vale SA (PN-A) sponsored ADR | 58,200 | | 1,258,866 |
TOTAL BRAZIL | | 8,100,032 |
British Virgin Islands - 0.2% |
HLS Systems International Ltd. (a) | 13,400 | | 133,062 |
Sable Mining Africa Ltd. (a) | 246,300 | | 45,474 |
TOTAL BRITISH VIRGIN ISLANDS | | 178,536 |
Canada - 1.5% |
Banro Corp. (a) | 8,800 | | 37,418 |
Barrick Gold Corp. | 2,800 | | 113,276 |
Extorre Gold Mines Ltd. (a) | 20,400 | | 86,743 |
First Quantum Minerals Ltd. | 8,300 | | 172,428 |
Goldcorp, Inc. | 4,900 | | 187,666 |
Tahoe Resources, Inc. (a) | 2,100 | | 39,523 |
Uranium One, Inc. (a) | 144,400 | | 419,568 |
Yamana Gold, Inc. | 16,100 | | 236,182 |
TOTAL CANADA | | 1,292,804 |
Cayman Islands - 3.7% |
Ajisen (China) Holdings Ltd. | 137,000 | | 153,622 |
Baidu.com, Inc. sponsored ADR (a) | 2,834 | | 376,072 |
Belle International Holdings Ltd. | 83,000 | | 162,820 |
Biostime International Holdings Ltd. | 103,500 | | 298,148 |
Changyou.com Ltd. (A Shares) ADR (a) | 1,700 | | 41,174 |
Ctrip.com International Ltd. sponsored ADR (a) | 5,000 | | 108,350 |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 12,800 | | 364,800 |
Geely Automobile Holdings Ltd. | 350,000 | | 130,371 |
Greatview Aseptic Pack Co. Ltd. (a) | 505,000 | | 275,976 |
Hengan International Group Co. Ltd. | 45,500 | | 481,762 |
Qihoo 360 Technology Co. Ltd. ADR (a) | 1,511 | | 37,125 |
Shenzhou International Group Holdings Ltd. | 41,000 | | 77,153 |
SINA Corp. (a) | 1,500 | | 87,765 |
Stella International Holdings Ltd. | 52,500 | | 139,393 |
Tencent Holdings Ltd. | 2,900 | | 91,127 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Uni-President China Holdings Ltd. | 359,000 | | $ 326,210 |
Xueda Education Group sponsored ADR (a) | 21,100 | | 73,217 |
TOTAL CAYMAN ISLANDS | | 3,225,085 |
Chile - 0.8% |
Aguas Andinas SA | 210,492 | | 139,243 |
Embotelladora Andina SA Class A | 31,315 | | 142,018 |
Empresa Nacional de Telecomunicaciones SA (ENTEL) | 9,096 | | 180,251 |
Enersis SA | 571,015 | | 232,950 |
TOTAL CHILE | | 694,462 |
China - 5.9% |
BYD Co. Ltd. (H Shares) (a) | 58,500 | | 154,192 |
China Communications Construction Co. Ltd. (H Shares) | 79,000 | | 79,421 |
China Communications Services Corp. Ltd. (H Shares) | 240,000 | | 123,424 |
China Construction Bank Corp. (H Shares) | 1,397,000 | | 1,087,545 |
China Merchants Bank Co. Ltd. (H Shares) | 35,000 | | 75,967 |
China Pacific Insurance Group Co. Ltd. (H Shares) | 171,300 | | 559,692 |
China Petroleum & Chemical Corp. (H Shares) | 524,000 | | 556,546 |
China Suntien Green Energy Corp. Ltd. (H Shares) | 886,500 | | 172,532 |
China Telecom Corp. Ltd. (H Shares) | 395,000 | | 211,701 |
Dongfeng Motor Group Co. Ltd. (H Shares) | 142,000 | | 280,023 |
Harbin Power Equipment Co. Ltd. (H Shares) | 214,000 | | 223,139 |
Industrial & Commercial Bank of China Ltd. (H Shares) | 1,950,000 | | 1,301,902 |
Maanshan Iron & Steel Ltd. (H Shares) | 646,000 | | 182,344 |
PetroChina Co. Ltd. (H Shares) | 58,000 | | 86,518 |
PICC Property & Casualty Co. Ltd. (H Shares) | 4,000 | | 5,016 |
TOTAL CHINA | | 5,099,962 |
Colombia - 1.0% |
Ecopetrol SA ADR | 13,700 | | 886,390 |
Czech Republic - 0.1% |
Ceske Energeticke Zavody A/S | 1,510 | | 60,892 |
Egypt - 0.3% |
Citadel Capital Corp. (a) | 75,900 | | 39,549 |
Orascom Telecom Holding SAE unit (a) | 48,200 | | 134,960 |
Orascom Telecom Media & Technology Holding sponsored GDR (e) | 7,900 | | 8,927 |
Orascom Telecom Media & Technology Holding SAE (a) | 192,000 | | 44,782 |
TOTAL EGYPT | | 228,218 |
Hong Kong - 3.0% |
China Mobile Ltd. | 1,500 | | 16,595 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - continued |
China Mobile Ltd. sponsored ADR | 13,730 | | $ 759,818 |
CNOOC Ltd. sponsored ADR | 5,100 | | 1,079,415 |
Lenovo Group Ltd. | 496,000 | | 476,908 |
Singamas Container Holdings Ltd. | 244,000 | | 73,276 |
Sinotruk Hong Kong Ltd. | 307,500 | | 187,465 |
TOTAL HONG KONG | | 2,593,477 |
India - 0.5% |
Dr. Reddy's Laboratories Ltd. sponsored ADR | 4,100 | | 138,703 |
Larsen & Toubro Ltd. unit | 10,700 | | 250,166 |
Tata Motors Ltd. sponsored ADR | 3,200 | | 95,200 |
TOTAL INDIA | | 484,069 |
Indonesia - 1.9% |
PT Bakrieland Development Tbk (a) | 12,094,500 | | 153,969 |
PT Bank Tabungan Negara Tbk | 1,788,500 | | 268,552 |
PT Indo Tambangraya Megah Tbk | 68,000 | | 294,108 |
PT Indosat Tbk | 214,000 | | 112,932 |
PT Telkomunikasi Indonesia Tbk sponsored ADR | 21,570 | | 781,050 |
PT Tower Bersama Infrastructure Tbk | 256,500 | | 85,123 |
TOTAL INDONESIA | | 1,695,734 |
Israel - 0.5% |
Bezeq Israeli Telecommunication Corp. Ltd. | 95,300 | | 159,475 |
Check Point Software Technologies Ltd. (a) | 1,300 | | 75,569 |
NICE Systems Ltd. sponsored ADR (a) | 4,500 | | 172,890 |
TOTAL ISRAEL | | 407,934 |
Kazakhstan - 0.2% |
JSC Halyk Bank of Kazakhstan GDR unit (a) | 25,300 | | 170,775 |
Kenya - 0.4% |
Equity Bank Ltd. | 843,000 | | 210,117 |
Safaricom Ltd. | 2,534,687 | | 100,474 |
TOTAL KENYA | | 310,591 |
Korea (South) - 8.8% |
Amoreg | 1,219 | | 306,874 |
Asia Pacific Systems, Inc. (a) | 10,620 | | 105,718 |
E-Mart Co. Ltd. | 1,436 | | 341,171 |
Hana Financial Group, Inc. | 16,950 | | 582,686 |
ICD Co. Ltd. | 5,248 | | 106,574 |
KB Financial Group, Inc. | 24,850 | | 840,752 |
Korea Electric Power Corp. (a) | 7,960 | | 152,704 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
KT&G Corp. | 5,019 | | $ 344,630 |
LG Corp. | 3,861 | | 196,787 |
Orion Corp. | 544 | | 432,264 |
POSCO sponsored ADR | 1,900 | | 158,175 |
Samsung Electronics Co. Ltd. | 2,257 | | 2,775,999 |
Samsung Engineering Co. Ltd. | 1,143 | | 217,449 |
Samsung Fire & Marine Insurance Co. Ltd. | 2,354 | | 449,918 |
Samsung Heavy Industries Ltd. | 7,750 | | 285,964 |
Shinhan Financial Group Co. Ltd. | 2,980 | | 104,157 |
Shinhan Financial Group Co. Ltd. sponsored ADR | 1,250 | | 86,925 |
Tong Yang Life Insurance Co. Ltd. | 15,160 | | 134,010 |
TOTAL KOREA (SOUTH) | | 7,622,757 |
Luxembourg - 0.7% |
Samsonite International SA | 153,300 | | 297,169 |
Subsea 7 SA (a) | 10,600 | | 274,711 |
TOTAL LUXEMBOURG | | 571,880 |
Malaysia - 0.8% |
AirAsia Bhd | 221,300 | | 243,573 |
Axiata Group Bhd | 100,100 | | 175,684 |
Genting Bhd | 77,300 | | 264,182 |
TOTAL MALAYSIA | | 683,439 |
Mexico - 2.6% |
America Movil SAB de CV Series L sponsored ADR | 29,500 | | 786,175 |
CEMEX SA de CV sponsored ADR | 41,188 | | 297,789 |
Desarrolladora Homex SAB de CV sponsored ADR (a) | 4,000 | | 67,240 |
Grupo Modelo SAB de CV Series C | 46,700 | | 329,741 |
Grupo Televisa SA de CV (CPO) sponsored ADR | 29,200 | | 641,524 |
Wal-Mart de Mexico SA de CV Series V | 48,500 | | 138,670 |
TOTAL MEXICO | | 2,261,139 |
Netherlands - 0.2% |
ASML Holding NV (Netherlands) | 3,500 | | 178,104 |
Nigeria - 0.8% |
Guaranty Trust Bank PLC | 230,411 | | 23,451 |
Guaranty Trust Bank PLC GDR (Reg. S) | 52,700 | | 303,025 |
Zenith Bank PLC | 3,816,390 | | 343,330 |
TOTAL NIGERIA | | 669,806 |
Panama - 0.1% |
Copa Holdings SA Class A | 1,500 | | 121,965 |
Common Stocks - continued |
| Shares | | Value |
Peru - 0.3% |
Compania de Minas Buenaventura SA sponsored ADR | 6,700 | | $ 276,509 |
Philippines - 1.0% |
Metro Pacific Investments Corp. | 2,325,000 | | 247,581 |
Metropolitan Bank & Trust Co. | 84,500 | | 183,169 |
Robinsons Land Corp. | 986,500 | | 405,222 |
TOTAL PHILIPPINES | | 835,972 |
Poland - 0.5% |
Eurocash SA | 11,900 | | 145,308 |
Powszechny Zaklad Ubezpieczen SA | 3,050 | | 308,391 |
TOTAL POLAND | | 453,699 |
Russia - 4.9% |
Bank St. Petersburg OJSC | 52,800 | | 125,838 |
DIXY Group OJSC (a) | 11,305 | | 143,731 |
Gazprom OAO sponsored ADR | 15,000 | | 172,050 |
M Video OJSC (a) | 5,000 | | 44,992 |
Magnit OJSC | 1,322 | | 166,525 |
Magnit OJSC GDR (Reg. S) | 9,500 | | 278,160 |
Magnitogorsk Iron & Steel Works OJSC unit | 21,700 | | 114,576 |
Mobile TeleSystems OJSC sponsored ADR | 28,550 | | 558,438 |
NOVATEK OAO GDR (Reg. S) | 4,400 | | 559,240 |
OGK-4 OJSC (a) | 4,558,700 | | 412,085 |
RusHydro JSC sponsored ADR | 23,940 | | 83,311 |
Sberbank (Savings Bank of the Russian Federation) | 226,700 | | 725,770 |
Sistema JSFC (a) | 39,100 | | 32,351 |
Sistema JSFC sponsored GDR | 6,130 | | 116,470 |
TNK-BP Holding (a) | 147,400 | | 451,068 |
Uralkali JSC GDR (Reg. S) | 7,100 | | 268,735 |
TOTAL RUSSIA | | 4,253,340 |
Singapore - 0.7% |
First Resources Ltd. | 199,000 | | 302,283 |
Global Logistic Properties Ltd. (a) | 169,000 | | 281,291 |
TOTAL SINGAPORE | | 583,574 |
South Africa - 3.7% |
Absa Group Ltd. | 30,970 | | 637,079 |
AngloGold Ashanti Ltd. | 7,300 | | 250,159 |
Aspen Pharmacare Holdings Ltd. | 13,200 | | 213,325 |
Aveng Ltd. | 23,900 | | 122,173 |
Blue Label Telecoms Ltd. | 160,400 | | 140,231 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
Impala Platinum Holdings Ltd. | 28,000 | | $ 544,664 |
JSE Ltd. | 48,000 | | 507,277 |
Life Healthcare Group Holdings Ltd. | 54,400 | | 188,001 |
Naspers Ltd. Class N | 10,600 | | 638,412 |
TOTAL SOUTH AFRICA | | 3,241,321 |
Sweden - 0.0% |
Lundin Petroleum AB (a) | 1,700 | | 33,819 |
Taiwan - 6.0% |
Advanced Semiconductor Engineering, Inc. | 328,000 | | 330,440 |
Asia Cement Corp. | 253,000 | | 305,023 |
Catcher Technology Co. Ltd. | 18,000 | | 115,452 |
Cheng Uei Precision Industries Co. Ltd. | 107,000 | | 220,202 |
Chinatrust Financial Holding Co. Ltd. | 726,885 | | 464,977 |
Chroma ATE, Inc. | 56,000 | | 127,923 |
HIWIN Technologies Corp. | 23,000 | | 218,522 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 149,000 | | 472,221 |
HTC Corp. | 1,000 | | 15,195 |
Inotera Memories, Inc. (a) | 198,000 | | 52,157 |
Lung Yen Life Service Co. Ltd. | 37,000 | | 112,440 |
Synnex Technology International Corp. | 126,000 | | 296,038 |
Taiwan Fertilizer Co. Ltd. | 98,000 | | 235,294 |
Taiwan Mobile Co. Ltd. | 70,000 | | 226,170 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 344,000 | | 1,018,605 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 37,300 | | 581,134 |
Unified-President Enterprises Corp. | 270,000 | | 420,906 |
TOTAL TAIWAN | | 5,212,699 |
Thailand - 1.7% |
Bangkok Bank Public Co. Ltd. (For. Reg.) | 67,500 | | 425,784 |
Electricity Generating PCL (For. Reg.) | 40,400 | | 130,047 |
PTT Global Chemical PCL (For. Reg.) | 97,200 | | 217,282 |
PTT PCL (For. Reg.) | 39,400 | | 449,663 |
Siam Cement PCL (For. Reg.) | 17,900 | | 243,284 |
TOTAL THAILAND | | 1,466,060 |
Turkey - 1.0% |
Aygaz A/S | 63,000 | | 291,155 |
TAV Havalimanlari Holding A/S (a) | 52,000 | | 273,466 |
Turkiye Is Bankasi A/S Series C | 80,400 | | 183,954 |
Turkiye Vakiflar Bankasi TAO | 79,000 | | 141,633 |
TOTAL TURKEY | | 890,208 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - 0.9% |
Antofagasta PLC | 7,700 | | $ 147,600 |
Evraz PLC | 35,400 | | 212,249 |
Hikma Pharmaceuticals PLC | 11,289 | | 115,070 |
International Personal Finance PLC | 10,200 | | 44,319 |
Kazakhmys PLC | 21,800 | | 304,653 |
TOTAL UNITED KINGDOM | | 823,891 |
United States of America - 0.8% |
Cognizant Technology Solutions Corp. Class A (a) | 5,100 | | 373,932 |
Helix Energy Solutions Group, Inc. (a) | 4,200 | | 85,722 |
ION Geophysical Corp. (a) | 5,600 | | 34,888 |
Universal Display Corp. (a) | 4,127 | | 185,591 |
TOTAL UNITED STATES OF AMERICA | | 680,133 |
TOTAL COMMON STOCKS (Cost $54,172,672) |
58,199,670
|
Nonconvertible Preferred Stocks - 1.3% |
| | | |
Korea (South) - 1.1% |
Hyundai Motor Co. Series 2 | 9,020 | | 636,917 |
Samsung Electronics Co. Ltd. | 360 | | 257,706 |
TOTAL KOREA (SOUTH) | | 894,623 |
Russia - 0.2% |
Rostelecom (a)(g) | 16,800 | | 54,025 |
Sberbank (Savings Bank of the Russian Federation) (a) | 59,900 | | 140,088 |
TOTAL RUSSIA | | 194,113 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $951,686) |
1,088,736
|
Investment Companies - 2.0% |
| | | |
India - 2.0% |
iPath MSCI India Index ETN (issued by Barclays Capital, Inc., maturity date 9/21/36) (a) | 23,710 | | 1,266,351 |
WisdomTree India Earnings ETF | 26,070 | | 477,863 |
TOTAL INVESTMENT COMPANIES (Cost $1,775,755) |
1,744,214
|
Nonconvertible Bonds - 7.4% |
| Principal Amount | | Value |
Bermuda - 0.2% |
Qtel International Finance Ltd. 5% 10/19/25 (e) | | $ 200,000 | | $ 204,002 |
Canada - 0.1% |
Pacific Rubiales Energy Corp. 7.25% 12/12/21 (e) | | 100,000 | | 109,550 |
Cayman Islands - 0.1% |
Odebrecht Finance Ltd. 7.5% (e)(f) | | 100,000 | | 103,250 |
Chile - 0.2% |
Corporacion Nacional del Cobre de Chile (Codelco) 6.15% 10/24/36 (e) | | 100,000 | | 122,979 |
Georgia - 0.1% |
Georgian Railway Ltd. 9.875% 7/22/15 | | 100,000 | | 108,500 |
Indonesia - 0.9% |
PT Pertamina Persero: | | | | |
5.25% 5/23/21 (e) | | 550,000 | | 566,500 |
6.5% 5/27/41 (e) | | 200,000 | | 213,000 |
TOTAL INDONESIA | | 779,500 |
Ireland - 0.2% |
Vnesheconombank Via VEB Finance PLC 5.375% 2/13/17 (e) | | 200,000 | | 208,500 |
Luxembourg - 0.1% |
RSHB Capital SA 9% 6/11/14 (e) | | 100,000 | | 111,380 |
Malaysia - 0.2% |
Petroliam Nasional Bhd (Petronas) 7.625% 10/15/26 (Reg. S) | | 100,000 | | 141,990 |
Mexico - 0.7% |
Petroleos Mexicanos: | | | | |
5.5% 1/21/21 | | 250,000 | | 277,500 |
6.625% (e)(f) | | 100,000 | | 104,250 |
8% 5/3/19 | | 150,000 | | 190,500 |
TOTAL MEXICO | | 572,250 |
Netherlands - 0.6% |
KazMunaiGaz Finance Sub BV: | | | | |
6.375% 4/9/21 (e) | | 100,000 | | 110,880 |
9.125% 7/2/18 (e) | | 150,000 | | 186,570 |
11.75% 1/23/15 (e) | | 100,000 | | 121,130 |
Majapahit Holding BV 8% 8/7/19 (e) | | 100,000 | | 119,500 |
TOTAL NETHERLANDS | | 538,080 |
Nonconvertible Bonds - continued |
| Principal Amount | | Value |
Philippines - 0.4% |
Power Sector Assets and Liabilities Management Corp.: | | | | |
7.25% 5/27/19 (e) | | $ 150,000 | | $ 184,500 |
7.39% 12/2/24 (e) | | 125,000 | | 158,125 |
TOTAL PHILIPPINES | | 342,625 |
Trinidad & Tobago - 0.2% |
Petroleum Co. of Trinidad & Tobago Ltd. 9.75% 8/14/19 (e) | | 100,000 | | 123,650 |
United States of America - 0.5% |
Pemex Project Funding Master Trust: | | | | |
6.625% 6/15/35 | | 200,000 | | 235,500 |
8.625% 2/1/22 | | 175,000 | | 225,750 |
TOTAL UNITED STATES OF AMERICA | | 461,250 |
Venezuela - 2.9% |
Petroleos de Venezuela SA: | | | | |
4.9% 10/28/14 | | 1,300,000 | | 1,192,750 |
5.375% 4/12/27 | | 400,000 | | 248,000 |
5.5% 4/12/37 | | 600,000 | | 364,500 |
8.5% 11/2/17 (e) | | 450,000 | | 406,125 |
12.75% 2/17/22 (e) | | 300,000 | | 307,500 |
TOTAL VENEZUELA | | 2,518,875 |
TOTAL NONCONVERTIBLE BONDS (Cost $5,970,230) |
6,446,381
|
Government Obligations - 19.1% |
|
Argentina - 0.1% |
Argentine Republic discount (with partial capitalization through 12/31/13) 8.28% 12/31/33 | | 73,360 | | 52,452 |
Belarus - 0.4% |
Belarus Republic: | | | | |
8.75% 8/3/15 (Reg. S) | | 225,000 | | 210,938 |
8.95% 1/26/18 | | 100,000 | | 92,750 |
TOTAL BELARUS | | 303,688 |
Belize - 0.1% |
Belize Government 8.5% 2/20/29 (e) | | 150,000 | | 75,000 |
Bermuda - 0.1% |
Bermuda Government 5.603% 7/20/20 (e) | | 100,000 | | 113,500 |
Government Obligations - continued |
| Principal Amount | | Value |
Brazil - 1.7% |
Brazilian Federative Republic: | | | | |
5.625% 1/7/41 | | $ 100,000 | | $ 118,750 |
7.125% 1/20/37 | | 200,000 | | 282,000 |
10.125% 5/15/27 | | 150,000 | | 252,750 |
12.25% 3/6/30 | | 350,000 | | 682,500 |
12.75% 1/15/20 | | 100,000 | | 168,500 |
TOTAL BRAZIL | | 1,504,500 |
Cayman Islands - 0.1% |
Cayman Island Government 5.95% 11/24/19 (e) | | 100,000 | | 108,750 |
Colombia - 1.0% |
Colombian Republic: | | | | |
10.375% 1/28/33 | | 250,000 | | 437,500 |
11.75% 2/25/20 | | 280,000 | | 446,600 |
TOTAL COLOMBIA | | 884,100 |
Congo - 0.1% |
Congo Republic 3% 6/30/29 (d) | | 95,000 | | 71,725 |
Croatia - 0.6% |
Croatia Republic: | | | | |
6.25% 4/27/17 (e) | | 200,000 | | 202,500 |
6.375% 3/24/21 (e) | | 200,000 | | 196,500 |
6.625% 7/14/20 (e) | | 100,000 | | 100,000 |
TOTAL CROATIA | | 499,000 |
Ecuador - 0.3% |
Ecuador Republic 9.375% 12/15/15 (e) | | 236,000 | | 239,540 |
El Salvador - 0.2% |
El Salvador Republic 7.375% 12/1/19 (e) | | 175,000 | | 190,750 |
Ghana - 0.1% |
Ghana Republic 8.5% 10/4/17 (e) | | 100,000 | | 113,500 |
Hungary - 0.5% |
Hungarian Republic: | | | | |
4.75% 2/3/15 | | 365,000 | | 350,495 |
7.625% 3/29/41 | | 100,000 | | 94,250 |
TOTAL HUNGARY | | 444,745 |
Iceland - 0.1% |
Republic of Iceland 4.875% 6/16/16 (e) | | 100,000 | | 100,375 |
Government Obligations - continued |
| Principal Amount | | Value |
Indonesia - 0.7% |
Indonesian Republic: | | | | |
7.75% 1/17/38 (e) | | $ 175,000 | | $ 236,688 |
8.5% 10/12/35 (e) | | 100,000 | | 145,250 |
11.625% 3/4/19 (e) | | 175,000 | | 257,688 |
TOTAL INDONESIA | | 639,626 |
Iraq - 0.5% |
Republic of Iraq 5.8% 1/15/28 (Reg. S) | | 550,000 | | 457,875 |
Ivory Coast - 0.7% |
Ivory Coast 3.75% 12/31/32 (c)(d) | | 900,000 | | 625,500 |
Latvia - 0.2% |
Latvian Republic 5.25% 2/22/17 (e) | | 200,000 | | 205,500 |
Lebanon - 0.4% |
Lebanese Republic 11.625% 5/11/16 (Reg. S) | | 250,000 | | 315,000 |
Lithuania - 0.5% |
Lithuanian Republic: | | | | |
6.125% 3/9/21 (e) | | 100,000 | | 108,000 |
6.625% 2/1/22 (e) | | 200,000 | | 225,500 |
7.375% 2/11/20 (e) | | 100,000 | | 117,375 |
TOTAL LITHUANIA | | 450,875 |
Mexico - 1.1% |
United Mexican States: | | | | |
5.75% 10/12/2110 | | 224,000 | | 244,160 |
6.05% 1/11/40 | | 200,000 | | 249,000 |
6.75% 9/27/34 | | 200,000 | | 267,000 |
7.5% 4/8/33 | | 100,000 | | 143,000 |
TOTAL MEXICO | | 903,160 |
Namibia - 0.3% |
Republic of Namibia 5.5% 11/3/21 (e) | | 200,000 | | 208,660 |
Nigeria - 0.7% |
Republic of Nigeria 6.75% 1/28/21 (e) | | 550,000 | | 598,125 |
Panama - 0.4% |
Panamanian Republic: | | | | |
8.875% 9/30/27 | | 55,000 | | 86,213 |
9.375% 4/1/29 | | 150,000 | | 245,250 |
TOTAL PANAMA | | 331,463 |
Peru - 0.6% |
Peruvian Republic 8.75% 11/21/33 | | 345,000 | | 549,413 |
Government Obligations - continued |
| Principal Amount | | Value |
Philippines - 1.4% |
Philippine Republic: | | | | |
6.375% 10/23/34 | | $ 150,000 | | $ 186,000 |
6.5% 1/20/20 | | 135,000 | | 164,700 |
7.75% 1/14/31 | | 125,000 | | 174,063 |
10.625% 3/16/25 | | 425,000 | | 690,625 |
TOTAL PHILIPPINES | | 1,215,388 |
Poland - 0.2% |
Polish Government: | | | | |
5% 3/23/22 | | 35,000 | | 37,406 |
6.375% 7/15/19 | | 135,000 | | 158,963 |
TOTAL POLAND | | 196,369 |
Qatar - 0.3% |
State of Qatar 5.75% 1/20/42 (e) | | 200,000 | | 223,000 |
Romania - 0.2% |
Romanian Republic 6.75% 2/7/22 (e) | | 190,000 | | 199,738 |
Russia - 1.7% |
Russian Federation: | | | | |
7.5% 3/31/30 (Reg. S) | | 724,500 | | 869,400 |
11% 7/24/18 (Reg. S) | | 200,000 | | 282,760 |
12.75% 6/24/28 (Reg. S) | | 175,000 | | 316,978 |
TOTAL RUSSIA | | 1,469,138 |
Serbia - 0.3% |
Republic of Serbia: | | | | |
6.75% 11/1/24 (e) | | 43,333 | | 42,683 |
7.25% 9/28/21 (e) | | 200,000 | | 209,500 |
TOTAL SERBIA | | 252,183 |
South Africa - 0.1% |
South African Republic 4.665% 1/17/24 | | 100,000 | | 104,750 |
Sri Lanka - 0.1% |
Democratic Socialist Republic of Sri Lanka 6.25% 10/4/20 (e) | | 100,000 | | 101,750 |
Turkey - 1.6% |
Turkish Republic: | | | | |
7% 6/5/20 | | 300,000 | | 353,250 |
Government Obligations - continued |
| Principal Amount | | Value |
Turkey - continued |
Turkish Republic: - continued | | | | |
7.5% 7/14/17 | | $ 200,000 | | $ 234,000 |
11.875% 1/15/30 | | 450,000 | | 775,710 |
TOTAL TURKEY | | 1,362,960 |
Ukraine - 0.3% |
Ukraine Government: | | | | |
6.25% 6/17/16 (e) | | 200,000 | | 183,500 |
7.75% 9/23/20 (e) | | 100,000 | | 90,250 |
TOTAL UKRAINE | | 273,750 |
Uruguay - 0.1% |
Uruguay Republic 7.625% 3/21/36 | | 75,000 | | 105,375 |
Venezuela - 1.3% |
Venezuelan Republic: | | | | |
7.75% 10/13/19 (Reg. S) | | 85,000 | | 73,525 |
11.75% 10/21/26 (Reg. S) | | 300,000 | | 301,500 |
11.95% 8/5/31 (Reg. S) | | 350,000 | | 351,750 |
12.75% 8/23/22 | | 325,000 | | 351,000 |
TOTAL VENEZUELA | | 1,077,775 |
TOTAL GOVERNMENT OBLIGATIONS (Cost $15,818,766) |
16,568,998
|
Money Market Funds - 2.4% |
| Shares | | |
Fidelity Cash Central Fund, 0.14% (b)
(Cost $2,094,585) | 2,094,585 | |
2,094,585
|
TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $80,783,694) | | 86,142,584 |
NET OTHER ASSETS (LIABILITIES) - 0.8% | | 690,259 |
NET ASSETS - 100% | $ 86,832,843 |
Security Type Abbreviations |
ETF - Exchange-Traded Fund |
ETN - Exchange-Traded Note |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Non-income producing - Security is in default. |
(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate 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 $8,063,940 or 9.3% of net assets. |
(f) Security is perpetual in nature with no stated maturity date. |
(g) Security or a portion of the security purchased on a delayed delivery or when-issued 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 | $ 1,728 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 5,307,388 | $ 5,307,388 | $ - | $ - |
Consumer Staples | 4,799,905 | 4,799,905 | - | - |
Energy | 8,589,617 | 7,946,553 | 643,064 | - |
Financials | 13,186,512 | 12,345,760 | 840,752 | - |
Health Care | 655,099 | 655,099 | - | - |
Industrials | 3,754,474 | 3,754,474 | - | - |
Information Technology | 8,834,353 | 7,485,308 | 1,349,045 | - |
Materials | 7,310,912 | 7,060,753 | 250,159 | - |
Telecommunication Services | 4,793,524 | 4,565,228 | 228,296 | - |
Utilities | 2,056,622 | 1,903,918 | 152,704 | - |
Investment Companies | 1,744,214 | 1,744,214 | - | - |
Corporate Bonds | 6,446,381 | - | 6,446,381 | - |
Government Obligations | 16,568,998 | - | 16,568,998 | - |
Money Market Funds | 2,094,585 | 2,094,585 | - | - |
Total Investments in Securities: | $ 86,142,584 | $ 59,663,185 | $ 26,479,399 | $ - |
The composition of credit quality ratings as a percentage of net assets is as follows (Unaudited): |
AAA,AA,A | 1.4% |
BBB | 12.4% |
BB | 4.7% |
B | 4.5% |
CCC,CC,C | 0.4% |
Not Rated | 3.1% |
Equities | 70.3% |
Short-Term Investments and
Net Other Assets | 3.2% |
| 100.0% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. Percentages are adjusted for the effect of futures contracts, if applicable. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total Emerging Markets Fund
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $78,689,109) | $ 84,047,999 | |
Fidelity Central Funds (cost $2,094,585) | 2,094,585 | |
Total Investments (cost $80,783,694) | | $ 86,142,584 |
Cash | | 27,663 |
Foreign currency held at value (cost $11,747) | | 11,726 |
Receivable for investments sold | | 569,580 |
Receivable for fund shares sold | | 503,227 |
Dividends receivable | | 186,182 |
Interest receivable | | 378,388 |
Distributions receivable from Fidelity Central Funds | | 313 |
Prepaid expenses | | 41,371 |
Receivable from investment adviser for expense reductions | | 10,243 |
Other receivables | | 6,348 |
Total assets | | 87,877,625 |
| | |
Liabilities | | |
Payable for investments purchased
Regular delivery | $ 600,351 | |
Delayed delivery | 22,705 | |
Payable for fund shares redeemed | 230,431 | |
Accrued management fee | 56,939 | |
Distribution and service plan fees payable | 7,657 | |
Other affiliated payables | 16,133 | |
Other payables and accrued expenses | 110,566 | |
Total liabilities | | 1,044,782 |
| | |
Net Assets | | $ 86,832,843 |
Net Assets consist of: | | |
Paid in capital | | $ 81,274,206 |
Undistributed net investment income | | 469,912 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (270,431) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 5,359,156 |
Net Assets | | $ 86,832,843 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($6,395,663÷ 595,906 shares) | | $ 10.73 |
| | |
Maximum offering price per share (100/94.25 of $10.73) | | $ 11.38 |
Class T:
Net Asset Value and redemption price per share ($4,857,800 ÷ 452,988 shares) | | $ 10.72 |
| | |
Maximum offering price per share (100/96.50 of $10.72) | | $ 11.11 |
Class C:
Net Asset Value and offering price per share ($5,558,822 ÷ 519,232 shares)A | | $ 10.71 |
| | |
Total Emerging Markets:
Net Asset Value, offering price and redemption price per share ($67,860,561 ÷ 6,317,235 shares) | | $ 10.74 |
| | |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,159,997 ÷ 201,088 shares) | | $ 10.74 |
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 Total Emerging Markets Fund
Financial Statements - continued
Statement of Operations
For the period November 1, 2011
(commencement of operations) to
April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 463,804 |
Interest | | 608,208 |
Income from Fidelity Central Funds | | 1,728 |
Income before foreign taxes withheld | | 1,073,740 |
Less foreign taxes withheld | | (36,322) |
Total income | | 1,037,418 |
| | |
Expenses | | |
Management fee | $ 254,751 | |
Transfer agent fees | 56,389 | |
Distribution and service plan fees | 41,307 | |
Accounting fees and expenses | 16,337 | |
Custodian fees and expenses | 125,134 | |
Independent trustees' compensation | 137 | |
Registration fees | 51,344 | |
Audit | 30,492 | |
Legal | 59 | |
Miscellaneous | 356 | |
Total expenses before reductions | 576,306 | |
Expense reductions | (105,445) | 470,861 |
Net investment income (loss) | | 566,557 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (226,996) | |
Foreign currency transactions | (43,435) | |
Total net realized gain (loss) | | (270,431) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 5,358,890 | |
Assets and liabilities in foreign currencies | 266 | |
Total change in net unrealized appreciation (depreciation) | | 5,359,156 |
Net gain (loss) | | 5,088,725 |
Net increase (decrease) in net assets resulting from operations | | $ 5,655,282 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| For the period
November 1, 2011
(commencement of operations) to
April 30, 2012
(Unaudited) |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 566,557 |
Net realized gain (loss) | (270,431) |
Change in net unrealized appreciation (depreciation) | 5,359,156 |
Net increase (decrease) in net assets resulting
from operations | 5,655,282 |
Distributions to shareholders from net investment income | (96,645) |
Share transactions - net increase (decrease) | 81,260,018 |
Redemption fees | 14,188 |
Total increase (decrease) in net assets | 86,832,843 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $469,912) | $ 86,832,843 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended
April 30, 2012 I |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .09 |
Net realized and unrealized gain (loss) | .66 |
Total from investment operations | .75 |
Distributions from net investment income | (.02) |
Redemption fees added to paid in capitalE,J | - |
Net asset value, end of period | $ 10.73 |
Total Return B, C, D | 7.50% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 1.98% A |
Expenses net of fee waivers, if any | 1.65% A |
Expenses net of all reductions | 1.62% A |
Net investment income (loss) | 1.68% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 6,396 |
Portfolio turnover rate G | 55% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 For the period November 1, 2011 (commencement of operations) to April 30, 2012.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Period ended
April 30, 2012 I |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .07 |
Net realized and unrealized gain (loss) | .66 |
Total from investment operations | .73 |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capitalE,J | - |
Net asset value, end of period | $ 10.72 |
Total Return B, C, D | 7.36% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 2.21% A |
Expenses net of fee waivers, if any | 1.90% A |
Expenses net of all reductions | 1.87% A |
Net investment income (loss) | 1.43% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 4,858 |
Portfolio turnover rate G | 55% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 For the period November 1, 2011 (commencement of operations) to April 30, 2012.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Period ended
April 30, 2012 I |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .05 |
Net realized and unrealized gain (loss) | .67 |
Total from investment operations | .72 |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capitalE,J | - |
Net asset value, end of period | $ 10.71 |
Total Return B, C, D | 7.17% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 2.72% A |
Expenses net of fee waivers, if any | 2.40% A |
Expenses net of all reductions | 2.36% A |
Net investment income (loss) | .93% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 5,559 |
Portfolio turnover rate G | 55% 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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 For the period November 1, 2011 (commencement of operations) to April 30, 2012.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Total Emerging Markets
| Period ended
April 30, 2012 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .10 |
Net realized and unrealized gain (loss) | .66 |
Total from investment operations | .76 |
Distributions from net investment income | (.02) |
Redemption fees added to paid in capitalD,I | - |
Net asset value, end of period | $ 10.74 |
Total Return B, C | 7.65% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | 1.69% A |
Expenses net of fee waivers, if any | 1.40% A |
Expenses net of all reductions | 1.36% A |
Net investment income (loss) | 1.93% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 67,861 |
Portfolio turnover rate F | 55% 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 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.
H For the period November 1, 2011 (commencement of operations) to April 30, 2012.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Period ended
April 30, 2012 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .10 |
Net realized and unrealized gain (loss) | .66 |
Total from investment operations | .76 |
Distributions from net investment income | (.02) |
Redemption fees added to paid in capitalD,I | - |
Net asset value, end of period | $ 10.74 |
Total Return B, C | 7.65% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | 1.72% A |
Expenses net of fee waivers, if any | 1.40% A |
Expenses net of all reductions | 1.37% A |
Net investment income (loss) | 1.93% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 2,160 |
Portfolio turnover rate F | 55% 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 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.
H For the period November 1, 2011 (commencement of operations) to April 30, 2012.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total Emerging Markets Fund
Notes to Financial Statements
For the period ended April 30, 2012 (Unaudited)
1. Organization.
Fidelity® Total 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 Class A, Class T, Class C, Total Emerging Markets and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by 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 Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Semiannual Report
Fidelity Total Emerging Markets Fund
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and foreign government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. ETFs and Exchange-traded notes (ETNs) are valued at their last sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs and ETNs 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 and ETNs may be valued by another method that the Board of Trustees 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
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.
Semiannual Report
Fidelity Total Emerging Markets Fund
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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. Temporary book-tax differences will reverse in a subsequent period.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 7,173,905 |
Gross unrealized depreciation | (1,854,638) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 5,319,267 |
| |
Tax cost | $ 80,821,927 |
Short-Term Trading (Redemption) Fees. Shares purchased by investors and held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the net asset value 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
4. Operating Policies.
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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $93,866,124 and $14,943,870, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .81% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of
Semiannual Report
Fidelity Total Emerging Markets Fund
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
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
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 6,713 | $ 6,438 |
Class T | .25% | .25% | 8,688 | 7,698 |
Class C | .75% | .25% | 25,906 | 25,818 |
| | | $ 41,307 | $ 39,954 |
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, and Class C redemptions. The deferred sales charges range from 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,513 |
Class T | 471 |
| $ 2,984 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 5,067 | .19 |
Class T | 3,131 | .18 |
Class C | 4,769 | .18 |
Total Emerging Markets | 41,546 | .18 |
Institutional Class | 1,876 | .18 |
| $ 56,389 | |
* Annualized
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Accounting Fees. Fidelity Service Company, Inc.(FSC),an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $124 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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. There were no commitment fees paid during the period by the fund. During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
Effective November 1, 2011, FMR contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2012. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.65% | $ 8,811 |
Class T | 1.90% | 5,452 |
Class C | 2.40% | 8,451 |
Total Emerging Markets | 1.40% | 69,415 |
Institutional Class | 1.40% | 3,343 |
| | $ 95,472 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $9,850 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 $123.
Semiannual Report
Fidelity Total Emerging Markets Fund
Notes to Financial Statements (Unaudited) - continued
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Period ended
April 30,
2012 A |
From net investment income | |
Class A | $ 9,099 |
Class T | 4,204 |
Class C | 3,000 |
Total Emerging Markets | 75,940 |
Institutional Class | 4,402 |
Total | $ 96,645 |
A For the period November 1, 2011 (commencement of operations) to April 30, 2012.
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Period ended April 30,
2012 A | Period ended
April 30,
2012 A |
Class A | | |
Shares sold | 594,957 | $ 6,007,724 |
Reinvestment of distributions | 949 | 9,099 |
Net increase (decrease) | 595,906 | $ 6,016,823 |
Class T | | |
Shares sold | 452,549 | $ 4,613,744 |
Reinvestment of distributions | 439 | 4,204 |
Net increase (decrease) | 452,988 | $ 4,617,948 |
Class C | | |
Shares sold | 518,918 | $ 5,203,046 |
Reinvestment of distributions | 314 | 3,000 |
Net increase (decrease) | 519,232 | $ 5,206,046 |
Total Emerging Markets | | |
Shares sold | 6,616,968 | $ 66,604,812 |
Reinvestment of distributions | 7,686 | 73,759 |
Shares redeemed | (307,419) | (3,270,624) |
Net increase (decrease) | 6,317,235 | $ 63,407,947 |
Institutional Class | | |
Shares sold | 200,629 | $ 2,006,852 |
Reinvestment of distributions | 459 | 4,402 |
Net increase (decrease) | 201,088 | $ 2,011,254 |
A For the period November 1, 2011 (commencement of operations) to April 30, 2012.
Semiannual Report
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, FMR or its affiliates were the owners of record of 37% of the total outstanding shares of the Fund.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Total Emerging Markets Fund
On July 13, 2011, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Research Committee reviewed the general qualifications and capabilities of the Investment Advisers' investment staff, including its size, education, experience and resources (including increased resources in non-United States offices), as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities which allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and enhancers. The Board also believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools which permit them to assess portfolio risk, performance and attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in their deliberations, the Board considered the Investment Advisers' trading capabilities and resources which are an integral part of the investment management process.
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, and investor education materials and asset allocation tools.
Semiannual Report
Investment Performance. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board considered the Investment Advisers' strength in fundamental, research-driven emerging markets equity selection, which the Board is familiar with through its supervision of other Fidelity funds that invest in such securities.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided by Fidelity to the funds will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's proposed management fee and the projected total operating expenses of each class of the fund in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also considered that the projected total operating expenses are comparable to those of similar classes and funds that Fidelity offers to shareholders.
Based on its review, the Board concluded that the fund's management fee and the projected total expenses of each class of the fund were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders.
Economies of Scale. The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be approved.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors (UK) Limited
FIL Investment Advisors
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
ATEK-USAN-0612
1.931270.100
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Total Emerging Markets
Fund - Institutional Class
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Institutional Class is a
class of Fidelity® Total
Emerging Markets Fund
Contents
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Summary | (Click Here) | A summary of the fund's holdings. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | (Click Here) | Notes to the financial statements. |
Board Approval of Investment Advisory Contracts and Management Fees | (Click Here) | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Fidelity Total Emerging Markets 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, 2011 to April 30, 2012).
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.
Semiannual Report
Fidelity Total Emerging Markets Fund
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,075.00 | $ 8.51 |
Hypothetical A | | $ 1,000.00 | $ 1,016.66 | $ 8.27 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 1,073.60 | $ 9.80 |
Hypothetical A | | $ 1,000.00 | $ 1,015.42 | $ 9.52 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,071.70 | $ 12.36 |
Hypothetical A | | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Total Emerging Markets | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,076.50 | $ 7.23 |
Hypothetical A | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
Institutional Class | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,076.50 | $ 7.23 |
Hypothetical A | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Fidelity Total Emerging Markets Fund
Investment Summary (Unaudited)
Top Five Stocks as of April 30, 2012 |
| % of fund's
net assets |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment) | 3.2 |
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Commercial Banks) | 1.5 |
iPath MSCI India Index ETN (United Kingdom, Investment Companies) | 1.5 |
Vale SA (PN-A) sponsored ADR (Brazil, Metals & Mining) | 1.4 |
China Construction Bank Corp. (H Shares) (China, Commercial Banks) | 1.3 |
| 8.9 |
Top Five Market Sectors as of April 30, 2012 |
| % of fund's
net assets |
Energy | 15.8 |
Financials | 15.8 |
Information Technology | 10.0 |
Materials | 8.4 |
Consumer Discretionary | 6.3 |
Top Five Countries as of April 30, 2012 |
(excluding cash equivalents) | % of fund's
net assets |
Brazil | 11.0 |
Korea (South) | 9.9 |
Russia | 6.8 |
Taiwan | 6.0 |
China | 5.9 |
Percentages are adjusted for the effect of open futures contracts, if applicable. |
Asset Allocation (% of fund's net assets) |
As of April 30, 2012 |
 | Stocks and
Investment Companies 70.3% | |
 | Bonds 26.5% | |
 | Short-Term Investments
and Net Other Assets (Liabilities) 3.2% | |
Semiannual Report
Fidelity Total Emerging Markets Fund
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 67.0% |
| Shares | | Value |
Australia - 0.2% |
Paladin Energy Ltd.: | | | |
(Australia) (a) | 85,984 | | $ 142,884 |
(Canada) (a) | 37,100 | | 61,223 |
TOTAL AUSTRALIA | | 204,107 |
Austria - 0.1% |
Erste Bank AG | 3,100 | | 71,385 |
Bailiwick of Guernsey - 0.1% |
Chariot Oil & Gas Ltd. (a) | 31,155 | | 89,505 |
Bermuda - 1.8% |
Aquarius Platinum Ltd. (Australia) | 77,172 | | 175,276 |
BW Offshore Ltd. | 236,100 | | 328,014 |
Cosco International Holdings Ltd. | 96,000 | | 41,822 |
GP Investments Ltd. (depositary receipt) (a) | 94,322 | | 224,653 |
Kunlun Energy Co. Ltd. | 399,200 | | 703,867 |
Nine Dragons Paper (Holdings) Ltd. | 87,000 | | 71,765 |
TOTAL BERMUDA | | 1,545,397 |
Brazil - 9.3% |
Anhanguera Educacional Participacoes SA | 32,800 | | 436,037 |
Arezzo Industria e Comercio SA | 12,500 | | 196,732 |
B2W Companhia Global do Varejo | 7,800 | | 33,268 |
Banco do Brasil SA | 35,000 | | 432,967 |
Banco Do Est Rio Grande Sul SA | 18,600 | | 161,200 |
BR Properties SA | 25,800 | | 320,106 |
Braskem SA (PN-A) | 28,900 | | 203,163 |
Centrais Eletricas Brasileiras SA (Electrobras) | 7,750 | | 66,272 |
Cia.Hering SA | 9,800 | | 243,181 |
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR | 4,800 | | 201,504 |
Companhia de Saneamento de Minas Gerais | 6,380 | | 148,844 |
Companhia Paranaense de Energia-Copel: | | | |
(PN-B) | 1,905 | | 48,261 |
(PN-B) sponsored ADR | 5,930 | | 148,547 |
Ecorodovias Infraestrutura e Logistica SA | 28,500 | | 237,731 |
Energias do Brasil SA | 20,350 | | 142,311 |
Fibria Celulose SA | 30,800 | | 247,867 |
Gerdau SA sponsored ADR | 42,700 | | 400,953 |
Itau Unibanco Banco Multiplo SA sponsored ADR | 26,290 | | 412,490 |
Localiza Rent A Car SA | 13,700 | | 233,945 |
Lojas Americanas SA (PN) | 46,100 | | 433,393 |
Mills Estruturas e Servicos de Engenharia SA | 13,100 | | 170,369 |
Common Stocks - continued |
| Shares | | Value |
Brazil - continued |
Multiplus SA | 10,800 | | $ 234,000 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) sponsored ADR (non-vtg.) | 2,300 | | 50,968 |
sponsored ADR | 24,300 | | 572,022 |
Redecard SA | 7,700 | | 129,670 |
Santos Brasil Participacoes SA unit | 5,200 | | 90,570 |
Telefonica Brasil SA sponsored ADR | 4,380 | | 124,699 |
Ultrapar Participacoes SA | 31,700 | | 720,096 |
Vale SA (PN-A) sponsored ADR | 58,200 | | 1,258,866 |
TOTAL BRAZIL | | 8,100,032 |
British Virgin Islands - 0.2% |
HLS Systems International Ltd. (a) | 13,400 | | 133,062 |
Sable Mining Africa Ltd. (a) | 246,300 | | 45,474 |
TOTAL BRITISH VIRGIN ISLANDS | | 178,536 |
Canada - 1.5% |
Banro Corp. (a) | 8,800 | | 37,418 |
Barrick Gold Corp. | 2,800 | | 113,276 |
Extorre Gold Mines Ltd. (a) | 20,400 | | 86,743 |
First Quantum Minerals Ltd. | 8,300 | | 172,428 |
Goldcorp, Inc. | 4,900 | | 187,666 |
Tahoe Resources, Inc. (a) | 2,100 | | 39,523 |
Uranium One, Inc. (a) | 144,400 | | 419,568 |
Yamana Gold, Inc. | 16,100 | | 236,182 |
TOTAL CANADA | | 1,292,804 |
Cayman Islands - 3.7% |
Ajisen (China) Holdings Ltd. | 137,000 | | 153,622 |
Baidu.com, Inc. sponsored ADR (a) | 2,834 | | 376,072 |
Belle International Holdings Ltd. | 83,000 | | 162,820 |
Biostime International Holdings Ltd. | 103,500 | | 298,148 |
Changyou.com Ltd. (A Shares) ADR (a) | 1,700 | | 41,174 |
Ctrip.com International Ltd. sponsored ADR (a) | 5,000 | | 108,350 |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 12,800 | | 364,800 |
Geely Automobile Holdings Ltd. | 350,000 | | 130,371 |
Greatview Aseptic Pack Co. Ltd. (a) | 505,000 | | 275,976 |
Hengan International Group Co. Ltd. | 45,500 | | 481,762 |
Qihoo 360 Technology Co. Ltd. ADR (a) | 1,511 | | 37,125 |
Shenzhou International Group Holdings Ltd. | 41,000 | | 77,153 |
SINA Corp. (a) | 1,500 | | 87,765 |
Stella International Holdings Ltd. | 52,500 | | 139,393 |
Tencent Holdings Ltd. | 2,900 | | 91,127 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Uni-President China Holdings Ltd. | 359,000 | | $ 326,210 |
Xueda Education Group sponsored ADR (a) | 21,100 | | 73,217 |
TOTAL CAYMAN ISLANDS | | 3,225,085 |
Chile - 0.8% |
Aguas Andinas SA | 210,492 | | 139,243 |
Embotelladora Andina SA Class A | 31,315 | | 142,018 |
Empresa Nacional de Telecomunicaciones SA (ENTEL) | 9,096 | | 180,251 |
Enersis SA | 571,015 | | 232,950 |
TOTAL CHILE | | 694,462 |
China - 5.9% |
BYD Co. Ltd. (H Shares) (a) | 58,500 | | 154,192 |
China Communications Construction Co. Ltd. (H Shares) | 79,000 | | 79,421 |
China Communications Services Corp. Ltd. (H Shares) | 240,000 | | 123,424 |
China Construction Bank Corp. (H Shares) | 1,397,000 | | 1,087,545 |
China Merchants Bank Co. Ltd. (H Shares) | 35,000 | | 75,967 |
China Pacific Insurance Group Co. Ltd. (H Shares) | 171,300 | | 559,692 |
China Petroleum & Chemical Corp. (H Shares) | 524,000 | | 556,546 |
China Suntien Green Energy Corp. Ltd. (H Shares) | 886,500 | | 172,532 |
China Telecom Corp. Ltd. (H Shares) | 395,000 | | 211,701 |
Dongfeng Motor Group Co. Ltd. (H Shares) | 142,000 | | 280,023 |
Harbin Power Equipment Co. Ltd. (H Shares) | 214,000 | | 223,139 |
Industrial & Commercial Bank of China Ltd. (H Shares) | 1,950,000 | | 1,301,902 |
Maanshan Iron & Steel Ltd. (H Shares) | 646,000 | | 182,344 |
PetroChina Co. Ltd. (H Shares) | 58,000 | | 86,518 |
PICC Property & Casualty Co. Ltd. (H Shares) | 4,000 | | 5,016 |
TOTAL CHINA | | 5,099,962 |
Colombia - 1.0% |
Ecopetrol SA ADR | 13,700 | | 886,390 |
Czech Republic - 0.1% |
Ceske Energeticke Zavody A/S | 1,510 | | 60,892 |
Egypt - 0.3% |
Citadel Capital Corp. (a) | 75,900 | | 39,549 |
Orascom Telecom Holding SAE unit (a) | 48,200 | | 134,960 |
Orascom Telecom Media & Technology Holding sponsored GDR (e) | 7,900 | | 8,927 |
Orascom Telecom Media & Technology Holding SAE (a) | 192,000 | | 44,782 |
TOTAL EGYPT | | 228,218 |
Hong Kong - 3.0% |
China Mobile Ltd. | 1,500 | | 16,595 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - continued |
China Mobile Ltd. sponsored ADR | 13,730 | | $ 759,818 |
CNOOC Ltd. sponsored ADR | 5,100 | | 1,079,415 |
Lenovo Group Ltd. | 496,000 | | 476,908 |
Singamas Container Holdings Ltd. | 244,000 | | 73,276 |
Sinotruk Hong Kong Ltd. | 307,500 | | 187,465 |
TOTAL HONG KONG | | 2,593,477 |
India - 0.5% |
Dr. Reddy's Laboratories Ltd. sponsored ADR | 4,100 | | 138,703 |
Larsen & Toubro Ltd. unit | 10,700 | | 250,166 |
Tata Motors Ltd. sponsored ADR | 3,200 | | 95,200 |
TOTAL INDIA | | 484,069 |
Indonesia - 1.9% |
PT Bakrieland Development Tbk (a) | 12,094,500 | | 153,969 |
PT Bank Tabungan Negara Tbk | 1,788,500 | | 268,552 |
PT Indo Tambangraya Megah Tbk | 68,000 | | 294,108 |
PT Indosat Tbk | 214,000 | | 112,932 |
PT Telkomunikasi Indonesia Tbk sponsored ADR | 21,570 | | 781,050 |
PT Tower Bersama Infrastructure Tbk | 256,500 | | 85,123 |
TOTAL INDONESIA | | 1,695,734 |
Israel - 0.5% |
Bezeq Israeli Telecommunication Corp. Ltd. | 95,300 | | 159,475 |
Check Point Software Technologies Ltd. (a) | 1,300 | | 75,569 |
NICE Systems Ltd. sponsored ADR (a) | 4,500 | | 172,890 |
TOTAL ISRAEL | | 407,934 |
Kazakhstan - 0.2% |
JSC Halyk Bank of Kazakhstan GDR unit (a) | 25,300 | | 170,775 |
Kenya - 0.4% |
Equity Bank Ltd. | 843,000 | | 210,117 |
Safaricom Ltd. | 2,534,687 | | 100,474 |
TOTAL KENYA | | 310,591 |
Korea (South) - 8.8% |
Amoreg | 1,219 | | 306,874 |
Asia Pacific Systems, Inc. (a) | 10,620 | | 105,718 |
E-Mart Co. Ltd. | 1,436 | | 341,171 |
Hana Financial Group, Inc. | 16,950 | | 582,686 |
ICD Co. Ltd. | 5,248 | | 106,574 |
KB Financial Group, Inc. | 24,850 | | 840,752 |
Korea Electric Power Corp. (a) | 7,960 | | 152,704 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
KT&G Corp. | 5,019 | | $ 344,630 |
LG Corp. | 3,861 | | 196,787 |
Orion Corp. | 544 | | 432,264 |
POSCO sponsored ADR | 1,900 | | 158,175 |
Samsung Electronics Co. Ltd. | 2,257 | | 2,775,999 |
Samsung Engineering Co. Ltd. | 1,143 | | 217,449 |
Samsung Fire & Marine Insurance Co. Ltd. | 2,354 | | 449,918 |
Samsung Heavy Industries Ltd. | 7,750 | | 285,964 |
Shinhan Financial Group Co. Ltd. | 2,980 | | 104,157 |
Shinhan Financial Group Co. Ltd. sponsored ADR | 1,250 | | 86,925 |
Tong Yang Life Insurance Co. Ltd. | 15,160 | | 134,010 |
TOTAL KOREA (SOUTH) | | 7,622,757 |
Luxembourg - 0.7% |
Samsonite International SA | 153,300 | | 297,169 |
Subsea 7 SA (a) | 10,600 | | 274,711 |
TOTAL LUXEMBOURG | | 571,880 |
Malaysia - 0.8% |
AirAsia Bhd | 221,300 | | 243,573 |
Axiata Group Bhd | 100,100 | | 175,684 |
Genting Bhd | 77,300 | | 264,182 |
TOTAL MALAYSIA | | 683,439 |
Mexico - 2.6% |
America Movil SAB de CV Series L sponsored ADR | 29,500 | | 786,175 |
CEMEX SA de CV sponsored ADR | 41,188 | | 297,789 |
Desarrolladora Homex SAB de CV sponsored ADR (a) | 4,000 | | 67,240 |
Grupo Modelo SAB de CV Series C | 46,700 | | 329,741 |
Grupo Televisa SA de CV (CPO) sponsored ADR | 29,200 | | 641,524 |
Wal-Mart de Mexico SA de CV Series V | 48,500 | | 138,670 |
TOTAL MEXICO | | 2,261,139 |
Netherlands - 0.2% |
ASML Holding NV (Netherlands) | 3,500 | | 178,104 |
Nigeria - 0.8% |
Guaranty Trust Bank PLC | 230,411 | | 23,451 |
Guaranty Trust Bank PLC GDR (Reg. S) | 52,700 | | 303,025 |
Zenith Bank PLC | 3,816,390 | | 343,330 |
TOTAL NIGERIA | | 669,806 |
Panama - 0.1% |
Copa Holdings SA Class A | 1,500 | | 121,965 |
Common Stocks - continued |
| Shares | | Value |
Peru - 0.3% |
Compania de Minas Buenaventura SA sponsored ADR | 6,700 | | $ 276,509 |
Philippines - 1.0% |
Metro Pacific Investments Corp. | 2,325,000 | | 247,581 |
Metropolitan Bank & Trust Co. | 84,500 | | 183,169 |
Robinsons Land Corp. | 986,500 | | 405,222 |
TOTAL PHILIPPINES | | 835,972 |
Poland - 0.5% |
Eurocash SA | 11,900 | | 145,308 |
Powszechny Zaklad Ubezpieczen SA | 3,050 | | 308,391 |
TOTAL POLAND | | 453,699 |
Russia - 4.9% |
Bank St. Petersburg OJSC | 52,800 | | 125,838 |
DIXY Group OJSC (a) | 11,305 | | 143,731 |
Gazprom OAO sponsored ADR | 15,000 | | 172,050 |
M Video OJSC (a) | 5,000 | | 44,992 |
Magnit OJSC | 1,322 | | 166,525 |
Magnit OJSC GDR (Reg. S) | 9,500 | | 278,160 |
Magnitogorsk Iron & Steel Works OJSC unit | 21,700 | | 114,576 |
Mobile TeleSystems OJSC sponsored ADR | 28,550 | | 558,438 |
NOVATEK OAO GDR (Reg. S) | 4,400 | | 559,240 |
OGK-4 OJSC (a) | 4,558,700 | | 412,085 |
RusHydro JSC sponsored ADR | 23,940 | | 83,311 |
Sberbank (Savings Bank of the Russian Federation) | 226,700 | | 725,770 |
Sistema JSFC (a) | 39,100 | | 32,351 |
Sistema JSFC sponsored GDR | 6,130 | | 116,470 |
TNK-BP Holding (a) | 147,400 | | 451,068 |
Uralkali JSC GDR (Reg. S) | 7,100 | | 268,735 |
TOTAL RUSSIA | | 4,253,340 |
Singapore - 0.7% |
First Resources Ltd. | 199,000 | | 302,283 |
Global Logistic Properties Ltd. (a) | 169,000 | | 281,291 |
TOTAL SINGAPORE | | 583,574 |
South Africa - 3.7% |
Absa Group Ltd. | 30,970 | | 637,079 |
AngloGold Ashanti Ltd. | 7,300 | | 250,159 |
Aspen Pharmacare Holdings Ltd. | 13,200 | | 213,325 |
Aveng Ltd. | 23,900 | | 122,173 |
Blue Label Telecoms Ltd. | 160,400 | | 140,231 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
Impala Platinum Holdings Ltd. | 28,000 | | $ 544,664 |
JSE Ltd. | 48,000 | | 507,277 |
Life Healthcare Group Holdings Ltd. | 54,400 | | 188,001 |
Naspers Ltd. Class N | 10,600 | | 638,412 |
TOTAL SOUTH AFRICA | | 3,241,321 |
Sweden - 0.0% |
Lundin Petroleum AB (a) | 1,700 | | 33,819 |
Taiwan - 6.0% |
Advanced Semiconductor Engineering, Inc. | 328,000 | | 330,440 |
Asia Cement Corp. | 253,000 | | 305,023 |
Catcher Technology Co. Ltd. | 18,000 | | 115,452 |
Cheng Uei Precision Industries Co. Ltd. | 107,000 | | 220,202 |
Chinatrust Financial Holding Co. Ltd. | 726,885 | | 464,977 |
Chroma ATE, Inc. | 56,000 | | 127,923 |
HIWIN Technologies Corp. | 23,000 | | 218,522 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 149,000 | | 472,221 |
HTC Corp. | 1,000 | | 15,195 |
Inotera Memories, Inc. (a) | 198,000 | | 52,157 |
Lung Yen Life Service Co. Ltd. | 37,000 | | 112,440 |
Synnex Technology International Corp. | 126,000 | | 296,038 |
Taiwan Fertilizer Co. Ltd. | 98,000 | | 235,294 |
Taiwan Mobile Co. Ltd. | 70,000 | | 226,170 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 344,000 | | 1,018,605 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 37,300 | | 581,134 |
Unified-President Enterprises Corp. | 270,000 | | 420,906 |
TOTAL TAIWAN | | 5,212,699 |
Thailand - 1.7% |
Bangkok Bank Public Co. Ltd. (For. Reg.) | 67,500 | | 425,784 |
Electricity Generating PCL (For. Reg.) | 40,400 | | 130,047 |
PTT Global Chemical PCL (For. Reg.) | 97,200 | | 217,282 |
PTT PCL (For. Reg.) | 39,400 | | 449,663 |
Siam Cement PCL (For. Reg.) | 17,900 | | 243,284 |
TOTAL THAILAND | | 1,466,060 |
Turkey - 1.0% |
Aygaz A/S | 63,000 | | 291,155 |
TAV Havalimanlari Holding A/S (a) | 52,000 | | 273,466 |
Turkiye Is Bankasi A/S Series C | 80,400 | | 183,954 |
Turkiye Vakiflar Bankasi TAO | 79,000 | | 141,633 |
TOTAL TURKEY | | 890,208 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - 0.9% |
Antofagasta PLC | 7,700 | | $ 147,600 |
Evraz PLC | 35,400 | | 212,249 |
Hikma Pharmaceuticals PLC | 11,289 | | 115,070 |
International Personal Finance PLC | 10,200 | | 44,319 |
Kazakhmys PLC | 21,800 | | 304,653 |
TOTAL UNITED KINGDOM | | 823,891 |
United States of America - 0.8% |
Cognizant Technology Solutions Corp. Class A (a) | 5,100 | | 373,932 |
Helix Energy Solutions Group, Inc. (a) | 4,200 | | 85,722 |
ION Geophysical Corp. (a) | 5,600 | | 34,888 |
Universal Display Corp. (a) | 4,127 | | 185,591 |
TOTAL UNITED STATES OF AMERICA | | 680,133 |
TOTAL COMMON STOCKS (Cost $54,172,672) |
58,199,670
|
Nonconvertible Preferred Stocks - 1.3% |
| | | |
Korea (South) - 1.1% |
Hyundai Motor Co. Series 2 | 9,020 | | 636,917 |
Samsung Electronics Co. Ltd. | 360 | | 257,706 |
TOTAL KOREA (SOUTH) | | 894,623 |
Russia - 0.2% |
Rostelecom (a)(g) | 16,800 | | 54,025 |
Sberbank (Savings Bank of the Russian Federation) (a) | 59,900 | | 140,088 |
TOTAL RUSSIA | | 194,113 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $951,686) |
1,088,736
|
Investment Companies - 2.0% |
| | | |
India - 2.0% |
iPath MSCI India Index ETN (issued by Barclays Capital, Inc., maturity date 9/21/36) (a) | 23,710 | | 1,266,351 |
WisdomTree India Earnings ETF | 26,070 | | 477,863 |
TOTAL INVESTMENT COMPANIES (Cost $1,775,755) |
1,744,214
|
Nonconvertible Bonds - 7.4% |
| Principal Amount | | Value |
Bermuda - 0.2% |
Qtel International Finance Ltd. 5% 10/19/25 (e) | | $ 200,000 | | $ 204,002 |
Canada - 0.1% |
Pacific Rubiales Energy Corp. 7.25% 12/12/21 (e) | | 100,000 | | 109,550 |
Cayman Islands - 0.1% |
Odebrecht Finance Ltd. 7.5% (e)(f) | | 100,000 | | 103,250 |
Chile - 0.2% |
Corporacion Nacional del Cobre de Chile (Codelco) 6.15% 10/24/36 (e) | | 100,000 | | 122,979 |
Georgia - 0.1% |
Georgian Railway Ltd. 9.875% 7/22/15 | | 100,000 | | 108,500 |
Indonesia - 0.9% |
PT Pertamina Persero: | | | | |
5.25% 5/23/21 (e) | | 550,000 | | 566,500 |
6.5% 5/27/41 (e) | | 200,000 | | 213,000 |
TOTAL INDONESIA | | 779,500 |
Ireland - 0.2% |
Vnesheconombank Via VEB Finance PLC 5.375% 2/13/17 (e) | | 200,000 | | 208,500 |
Luxembourg - 0.1% |
RSHB Capital SA 9% 6/11/14 (e) | | 100,000 | | 111,380 |
Malaysia - 0.2% |
Petroliam Nasional Bhd (Petronas) 7.625% 10/15/26 (Reg. S) | | 100,000 | | 141,990 |
Mexico - 0.7% |
Petroleos Mexicanos: | | | | |
5.5% 1/21/21 | | 250,000 | | 277,500 |
6.625% (e)(f) | | 100,000 | | 104,250 |
8% 5/3/19 | | 150,000 | | 190,500 |
TOTAL MEXICO | | 572,250 |
Netherlands - 0.6% |
KazMunaiGaz Finance Sub BV: | | | | |
6.375% 4/9/21 (e) | | 100,000 | | 110,880 |
9.125% 7/2/18 (e) | | 150,000 | | 186,570 |
11.75% 1/23/15 (e) | | 100,000 | | 121,130 |
Majapahit Holding BV 8% 8/7/19 (e) | | 100,000 | | 119,500 |
TOTAL NETHERLANDS | | 538,080 |
Nonconvertible Bonds - continued |
| Principal Amount | | Value |
Philippines - 0.4% |
Power Sector Assets and Liabilities Management Corp.: | | | | |
7.25% 5/27/19 (e) | | $ 150,000 | | $ 184,500 |
7.39% 12/2/24 (e) | | 125,000 | | 158,125 |
TOTAL PHILIPPINES | | 342,625 |
Trinidad & Tobago - 0.2% |
Petroleum Co. of Trinidad & Tobago Ltd. 9.75% 8/14/19 (e) | | 100,000 | | 123,650 |
United States of America - 0.5% |
Pemex Project Funding Master Trust: | | | | |
6.625% 6/15/35 | | 200,000 | | 235,500 |
8.625% 2/1/22 | | 175,000 | | 225,750 |
TOTAL UNITED STATES OF AMERICA | | 461,250 |
Venezuela - 2.9% |
Petroleos de Venezuela SA: | | | | |
4.9% 10/28/14 | | 1,300,000 | | 1,192,750 |
5.375% 4/12/27 | | 400,000 | | 248,000 |
5.5% 4/12/37 | | 600,000 | | 364,500 |
8.5% 11/2/17 (e) | | 450,000 | | 406,125 |
12.75% 2/17/22 (e) | | 300,000 | | 307,500 |
TOTAL VENEZUELA | | 2,518,875 |
TOTAL NONCONVERTIBLE BONDS (Cost $5,970,230) |
6,446,381
|
Government Obligations - 19.1% |
|
Argentina - 0.1% |
Argentine Republic discount (with partial capitalization through 12/31/13) 8.28% 12/31/33 | | 73,360 | | 52,452 |
Belarus - 0.4% |
Belarus Republic: | | | | |
8.75% 8/3/15 (Reg. S) | | 225,000 | | 210,938 |
8.95% 1/26/18 | | 100,000 | | 92,750 |
TOTAL BELARUS | | 303,688 |
Belize - 0.1% |
Belize Government 8.5% 2/20/29 (e) | | 150,000 | | 75,000 |
Bermuda - 0.1% |
Bermuda Government 5.603% 7/20/20 (e) | | 100,000 | | 113,500 |
Government Obligations - continued |
| Principal Amount | | Value |
Brazil - 1.7% |
Brazilian Federative Republic: | | | | |
5.625% 1/7/41 | | $ 100,000 | | $ 118,750 |
7.125% 1/20/37 | | 200,000 | | 282,000 |
10.125% 5/15/27 | | 150,000 | | 252,750 |
12.25% 3/6/30 | | 350,000 | | 682,500 |
12.75% 1/15/20 | | 100,000 | | 168,500 |
TOTAL BRAZIL | | 1,504,500 |
Cayman Islands - 0.1% |
Cayman Island Government 5.95% 11/24/19 (e) | | 100,000 | | 108,750 |
Colombia - 1.0% |
Colombian Republic: | | | | |
10.375% 1/28/33 | | 250,000 | | 437,500 |
11.75% 2/25/20 | | 280,000 | | 446,600 |
TOTAL COLOMBIA | | 884,100 |
Congo - 0.1% |
Congo Republic 3% 6/30/29 (d) | | 95,000 | | 71,725 |
Croatia - 0.6% |
Croatia Republic: | | | | |
6.25% 4/27/17 (e) | | 200,000 | | 202,500 |
6.375% 3/24/21 (e) | | 200,000 | | 196,500 |
6.625% 7/14/20 (e) | | 100,000 | | 100,000 |
TOTAL CROATIA | | 499,000 |
Ecuador - 0.3% |
Ecuador Republic 9.375% 12/15/15 (e) | | 236,000 | | 239,540 |
El Salvador - 0.2% |
El Salvador Republic 7.375% 12/1/19 (e) | | 175,000 | | 190,750 |
Ghana - 0.1% |
Ghana Republic 8.5% 10/4/17 (e) | | 100,000 | | 113,500 |
Hungary - 0.5% |
Hungarian Republic: | | | | |
4.75% 2/3/15 | | 365,000 | | 350,495 |
7.625% 3/29/41 | | 100,000 | | 94,250 |
TOTAL HUNGARY | | 444,745 |
Iceland - 0.1% |
Republic of Iceland 4.875% 6/16/16 (e) | | 100,000 | | 100,375 |
Government Obligations - continued |
| Principal Amount | | Value |
Indonesia - 0.7% |
Indonesian Republic: | | | | |
7.75% 1/17/38 (e) | | $ 175,000 | | $ 236,688 |
8.5% 10/12/35 (e) | | 100,000 | | 145,250 |
11.625% 3/4/19 (e) | | 175,000 | | 257,688 |
TOTAL INDONESIA | | 639,626 |
Iraq - 0.5% |
Republic of Iraq 5.8% 1/15/28 (Reg. S) | | 550,000 | | 457,875 |
Ivory Coast - 0.7% |
Ivory Coast 3.75% 12/31/32 (c)(d) | | 900,000 | | 625,500 |
Latvia - 0.2% |
Latvian Republic 5.25% 2/22/17 (e) | | 200,000 | | 205,500 |
Lebanon - 0.4% |
Lebanese Republic 11.625% 5/11/16 (Reg. S) | | 250,000 | | 315,000 |
Lithuania - 0.5% |
Lithuanian Republic: | | | | |
6.125% 3/9/21 (e) | | 100,000 | | 108,000 |
6.625% 2/1/22 (e) | | 200,000 | | 225,500 |
7.375% 2/11/20 (e) | | 100,000 | | 117,375 |
TOTAL LITHUANIA | | 450,875 |
Mexico - 1.1% |
United Mexican States: | | | | |
5.75% 10/12/2110 | | 224,000 | | 244,160 |
6.05% 1/11/40 | | 200,000 | | 249,000 |
6.75% 9/27/34 | | 200,000 | | 267,000 |
7.5% 4/8/33 | | 100,000 | | 143,000 |
TOTAL MEXICO | | 903,160 |
Namibia - 0.3% |
Republic of Namibia 5.5% 11/3/21 (e) | | 200,000 | | 208,660 |
Nigeria - 0.7% |
Republic of Nigeria 6.75% 1/28/21 (e) | | 550,000 | | 598,125 |
Panama - 0.4% |
Panamanian Republic: | | | | |
8.875% 9/30/27 | | 55,000 | | 86,213 |
9.375% 4/1/29 | | 150,000 | | 245,250 |
TOTAL PANAMA | | 331,463 |
Peru - 0.6% |
Peruvian Republic 8.75% 11/21/33 | | 345,000 | | 549,413 |
Government Obligations - continued |
| Principal Amount | | Value |
Philippines - 1.4% |
Philippine Republic: | | | | |
6.375% 10/23/34 | | $ 150,000 | | $ 186,000 |
6.5% 1/20/20 | | 135,000 | | 164,700 |
7.75% 1/14/31 | | 125,000 | | 174,063 |
10.625% 3/16/25 | | 425,000 | | 690,625 |
TOTAL PHILIPPINES | | 1,215,388 |
Poland - 0.2% |
Polish Government: | | | | |
5% 3/23/22 | | 35,000 | | 37,406 |
6.375% 7/15/19 | | 135,000 | | 158,963 |
TOTAL POLAND | | 196,369 |
Qatar - 0.3% |
State of Qatar 5.75% 1/20/42 (e) | | 200,000 | | 223,000 |
Romania - 0.2% |
Romanian Republic 6.75% 2/7/22 (e) | | 190,000 | | 199,738 |
Russia - 1.7% |
Russian Federation: | | | | |
7.5% 3/31/30 (Reg. S) | | 724,500 | | 869,400 |
11% 7/24/18 (Reg. S) | | 200,000 | | 282,760 |
12.75% 6/24/28 (Reg. S) | | 175,000 | | 316,978 |
TOTAL RUSSIA | | 1,469,138 |
Serbia - 0.3% |
Republic of Serbia: | | | | |
6.75% 11/1/24 (e) | | 43,333 | | 42,683 |
7.25% 9/28/21 (e) | | 200,000 | | 209,500 |
TOTAL SERBIA | | 252,183 |
South Africa - 0.1% |
South African Republic 4.665% 1/17/24 | | 100,000 | | 104,750 |
Sri Lanka - 0.1% |
Democratic Socialist Republic of Sri Lanka 6.25% 10/4/20 (e) | | 100,000 | | 101,750 |
Turkey - 1.6% |
Turkish Republic: | | | | |
7% 6/5/20 | | 300,000 | | 353,250 |
Government Obligations - continued |
| Principal Amount | | Value |
Turkey - continued |
Turkish Republic: - continued | | | | |
7.5% 7/14/17 | | $ 200,000 | | $ 234,000 |
11.875% 1/15/30 | | 450,000 | | 775,710 |
TOTAL TURKEY | | 1,362,960 |
Ukraine - 0.3% |
Ukraine Government: | | | | |
6.25% 6/17/16 (e) | | 200,000 | | 183,500 |
7.75% 9/23/20 (e) | | 100,000 | | 90,250 |
TOTAL UKRAINE | | 273,750 |
Uruguay - 0.1% |
Uruguay Republic 7.625% 3/21/36 | | 75,000 | | 105,375 |
Venezuela - 1.3% |
Venezuelan Republic: | | | | |
7.75% 10/13/19 (Reg. S) | | 85,000 | | 73,525 |
11.75% 10/21/26 (Reg. S) | | 300,000 | | 301,500 |
11.95% 8/5/31 (Reg. S) | | 350,000 | | 351,750 |
12.75% 8/23/22 | | 325,000 | | 351,000 |
TOTAL VENEZUELA | | 1,077,775 |
TOTAL GOVERNMENT OBLIGATIONS (Cost $15,818,766) |
16,568,998
|
Money Market Funds - 2.4% |
| Shares | | |
Fidelity Cash Central Fund, 0.14% (b)
(Cost $2,094,585) | 2,094,585 | |
2,094,585
|
TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $80,783,694) | | 86,142,584 |
NET OTHER ASSETS (LIABILITIES) - 0.8% | | 690,259 |
NET ASSETS - 100% | $ 86,832,843 |
Security Type Abbreviations |
ETF - Exchange-Traded Fund |
ETN - Exchange-Traded Note |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Non-income producing - Security is in default. |
(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate 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 $8,063,940 or 9.3% of net assets. |
(f) Security is perpetual in nature with no stated maturity date. |
(g) Security or a portion of the security purchased on a delayed delivery or when-issued 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 | $ 1,728 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 5,307,388 | $ 5,307,388 | $ - | $ - |
Consumer Staples | 4,799,905 | 4,799,905 | - | - |
Energy | 8,589,617 | 7,946,553 | 643,064 | - |
Financials | 13,186,512 | 12,345,760 | 840,752 | - |
Health Care | 655,099 | 655,099 | - | - |
Industrials | 3,754,474 | 3,754,474 | - | - |
Information Technology | 8,834,353 | 7,485,308 | 1,349,045 | - |
Materials | 7,310,912 | 7,060,753 | 250,159 | - |
Telecommunication Services | 4,793,524 | 4,565,228 | 228,296 | - |
Utilities | 2,056,622 | 1,903,918 | 152,704 | - |
Investment Companies | 1,744,214 | 1,744,214 | - | - |
Corporate Bonds | 6,446,381 | - | 6,446,381 | - |
Government Obligations | 16,568,998 | - | 16,568,998 | - |
Money Market Funds | 2,094,585 | 2,094,585 | - | - |
Total Investments in Securities: | $ 86,142,584 | $ 59,663,185 | $ 26,479,399 | $ - |
The composition of credit quality ratings as a percentage of net assets is as follows (Unaudited): |
AAA,AA,A | 1.4% |
BBB | 12.4% |
BB | 4.7% |
B | 4.5% |
CCC,CC,C | 0.4% |
Not Rated | 3.1% |
Equities | 70.3% |
Short-Term Investments and
Net Other Assets | 3.2% |
| 100.0% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. Percentages are adjusted for the effect of futures contracts, if applicable. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total Emerging Markets Fund
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $78,689,109) | $ 84,047,999 | |
Fidelity Central Funds (cost $2,094,585) | 2,094,585 | |
Total Investments (cost $80,783,694) | | $ 86,142,584 |
Cash | | 27,663 |
Foreign currency held at value (cost $11,747) | | 11,726 |
Receivable for investments sold | | 569,580 |
Receivable for fund shares sold | | 503,227 |
Dividends receivable | | 186,182 |
Interest receivable | | 378,388 |
Distributions receivable from Fidelity Central Funds | | 313 |
Prepaid expenses | | 41,371 |
Receivable from investment adviser for expense reductions | | 10,243 |
Other receivables | | 6,348 |
Total assets | | 87,877,625 |
| | |
Liabilities | | |
Payable for investments purchased
Regular delivery | $ 600,351 | |
Delayed delivery | 22,705 | |
Payable for fund shares redeemed | 230,431 | |
Accrued management fee | 56,939 | |
Distribution and service plan fees payable | 7,657 | |
Other affiliated payables | 16,133 | |
Other payables and accrued expenses | 110,566 | |
Total liabilities | | 1,044,782 |
| | |
Net Assets | | $ 86,832,843 |
Net Assets consist of: | | |
Paid in capital | | $ 81,274,206 |
Undistributed net investment income | | 469,912 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (270,431) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 5,359,156 |
Net Assets | | $ 86,832,843 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($6,395,663÷ 595,906 shares) | | $ 10.73 |
| | |
Maximum offering price per share (100/94.25 of $10.73) | | $ 11.38 |
Class T:
Net Asset Value and redemption price per share ($4,857,800 ÷ 452,988 shares) | | $ 10.72 |
| | |
Maximum offering price per share (100/96.50 of $10.72) | | $ 11.11 |
Class C:
Net Asset Value and offering price per share ($5,558,822 ÷ 519,232 shares)A | | $ 10.71 |
| | |
Total Emerging Markets:
Net Asset Value, offering price and redemption price per share ($67,860,561 ÷ 6,317,235 shares) | | $ 10.74 |
| | |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,159,997 ÷ 201,088 shares) | | $ 10.74 |
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 Total Emerging Markets Fund
Financial Statements - continued
Statement of Operations
For the period November 1, 2011
(commencement of operations) to
April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 463,804 |
Interest | | 608,208 |
Income from Fidelity Central Funds | | 1,728 |
Income before foreign taxes withheld | | 1,073,740 |
Less foreign taxes withheld | | (36,322) |
Total income | | 1,037,418 |
| | |
Expenses | | |
Management fee | $ 254,751 | |
Transfer agent fees | 56,389 | |
Distribution and service plan fees | 41,307 | |
Accounting fees and expenses | 16,337 | |
Custodian fees and expenses | 125,134 | |
Independent trustees' compensation | 137 | |
Registration fees | 51,344 | |
Audit | 30,492 | |
Legal | 59 | |
Miscellaneous | 356 | |
Total expenses before reductions | 576,306 | |
Expense reductions | (105,445) | 470,861 |
Net investment income (loss) | | 566,557 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (226,996) | |
Foreign currency transactions | (43,435) | |
Total net realized gain (loss) | | (270,431) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 5,358,890 | |
Assets and liabilities in foreign currencies | 266 | |
Total change in net unrealized appreciation (depreciation) | | 5,359,156 |
Net gain (loss) | | 5,088,725 |
Net increase (decrease) in net assets resulting from operations | | $ 5,655,282 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| For the period
November 1, 2011
(commencement of operations) to
April 30, 2012
(Unaudited) |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 566,557 |
Net realized gain (loss) | (270,431) |
Change in net unrealized appreciation (depreciation) | 5,359,156 |
Net increase (decrease) in net assets resulting
from operations | 5,655,282 |
Distributions to shareholders from net investment income | (96,645) |
Share transactions - net increase (decrease) | 81,260,018 |
Redemption fees | 14,188 |
Total increase (decrease) in net assets | 86,832,843 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $469,912) | $ 86,832,843 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended
April 30, 2012 I |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .09 |
Net realized and unrealized gain (loss) | .66 |
Total from investment operations | .75 |
Distributions from net investment income | (.02) |
Redemption fees added to paid in capitalE,J | - |
Net asset value, end of period | $ 10.73 |
Total Return B, C, D | 7.50% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 1.98% A |
Expenses net of fee waivers, if any | 1.65% A |
Expenses net of all reductions | 1.62% A |
Net investment income (loss) | 1.68% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 6,396 |
Portfolio turnover rate G | 55% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 For the period November 1, 2011 (commencement of operations) to April 30, 2012.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Period ended
April 30, 2012 I |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .07 |
Net realized and unrealized gain (loss) | .66 |
Total from investment operations | .73 |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capitalE,J | - |
Net asset value, end of period | $ 10.72 |
Total Return B, C, D | 7.36% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 2.21% A |
Expenses net of fee waivers, if any | 1.90% A |
Expenses net of all reductions | 1.87% A |
Net investment income (loss) | 1.43% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 4,858 |
Portfolio turnover rate G | 55% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 For the period November 1, 2011 (commencement of operations) to April 30, 2012.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Period ended
April 30, 2012 I |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .05 |
Net realized and unrealized gain (loss) | .67 |
Total from investment operations | .72 |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capitalE,J | - |
Net asset value, end of period | $ 10.71 |
Total Return B, C, D | 7.17% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 2.72% A |
Expenses net of fee waivers, if any | 2.40% A |
Expenses net of all reductions | 2.36% A |
Net investment income (loss) | .93% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 5,559 |
Portfolio turnover rate G | 55% 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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 For the period November 1, 2011 (commencement of operations) to April 30, 2012.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Total Emerging Markets
| Period ended
April 30, 2012 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .10 |
Net realized and unrealized gain (loss) | .66 |
Total from investment operations | .76 |
Distributions from net investment income | (.02) |
Redemption fees added to paid in capitalD,I | - |
Net asset value, end of period | $ 10.74 |
Total Return B, C | 7.65% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | 1.69% A |
Expenses net of fee waivers, if any | 1.40% A |
Expenses net of all reductions | 1.36% A |
Net investment income (loss) | 1.93% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 67,861 |
Portfolio turnover rate F | 55% 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 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.
H For the period November 1, 2011 (commencement of operations) to April 30, 2012.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Period ended
April 30, 2012 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .10 |
Net realized and unrealized gain (loss) | .66 |
Total from investment operations | .76 |
Distributions from net investment income | (.02) |
Redemption fees added to paid in capitalD,I | - |
Net asset value, end of period | $ 10.74 |
Total Return B, C | 7.65% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | 1.72% A |
Expenses net of fee waivers, if any | 1.40% A |
Expenses net of all reductions | 1.37% A |
Net investment income (loss) | 1.93% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 2,160 |
Portfolio turnover rate F | 55% 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 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.
H For the period November 1, 2011 (commencement of operations) to April 30, 2012.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total Emerging Markets Fund
Notes to Financial Statements
For the period ended April 30, 2012 (Unaudited)
1. Organization.
Fidelity® Total 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 Class A, Class T, Class C, Total Emerging Markets and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by 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 Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Semiannual Report
Fidelity Total Emerging Markets Fund
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and foreign government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. ETFs and Exchange-traded notes (ETNs) are valued at their last sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs and ETNs 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 and ETNs may be valued by another method that the Board of Trustees 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
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.
Semiannual Report
Fidelity Total Emerging Markets Fund
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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. Temporary book-tax differences will reverse in a subsequent period.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 7,173,905 |
Gross unrealized depreciation | (1,854,638) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 5,319,267 |
| |
Tax cost | $ 80,821,927 |
Short-Term Trading (Redemption) Fees. Shares purchased by investors and held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the net asset value 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
4. Operating Policies.
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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $93,866,124 and $14,943,870, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .81% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of
Semiannual Report
Fidelity Total Emerging Markets Fund
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
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
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 6,713 | $ 6,438 |
Class T | .25% | .25% | 8,688 | 7,698 |
Class C | .75% | .25% | 25,906 | 25,818 |
| | | $ 41,307 | $ 39,954 |
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, and Class C redemptions. The deferred sales charges range from 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,513 |
Class T | 471 |
| $ 2,984 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 5,067 | .19 |
Class T | 3,131 | .18 |
Class C | 4,769 | .18 |
Total Emerging Markets | 41,546 | .18 |
Institutional Class | 1,876 | .18 |
| $ 56,389 | |
* Annualized
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Accounting Fees. Fidelity Service Company, Inc.(FSC),an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $124 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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. There were no commitment fees paid during the period by the fund. During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
Effective November 1, 2011, FMR contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2012. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.65% | $ 8,811 |
Class T | 1.90% | 5,452 |
Class C | 2.40% | 8,451 |
Total Emerging Markets | 1.40% | 69,415 |
Institutional Class | 1.40% | 3,343 |
| | $ 95,472 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $9,850 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 $123.
Semiannual Report
Fidelity Total Emerging Markets Fund
Notes to Financial Statements (Unaudited) - continued
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Period ended
April 30,
2012 A |
From net investment income | |
Class A | $ 9,099 |
Class T | 4,204 |
Class C | 3,000 |
Total Emerging Markets | 75,940 |
Institutional Class | 4,402 |
Total | $ 96,645 |
A For the period November 1, 2011 (commencement of operations) to April 30, 2012.
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Period ended April 30,
2012 A | Period ended
April 30,
2012 A |
Class A | | |
Shares sold | 594,957 | $ 6,007,724 |
Reinvestment of distributions | 949 | 9,099 |
Net increase (decrease) | 595,906 | $ 6,016,823 |
Class T | | |
Shares sold | 452,549 | $ 4,613,744 |
Reinvestment of distributions | 439 | 4,204 |
Net increase (decrease) | 452,988 | $ 4,617,948 |
Class C | | |
Shares sold | 518,918 | $ 5,203,046 |
Reinvestment of distributions | 314 | 3,000 |
Net increase (decrease) | 519,232 | $ 5,206,046 |
Total Emerging Markets | | |
Shares sold | 6,616,968 | $ 66,604,812 |
Reinvestment of distributions | 7,686 | 73,759 |
Shares redeemed | (307,419) | (3,270,624) |
Net increase (decrease) | 6,317,235 | $ 63,407,947 |
Institutional Class | | |
Shares sold | 200,629 | $ 2,006,852 |
Reinvestment of distributions | 459 | 4,402 |
Net increase (decrease) | 201,088 | $ 2,011,254 |
A For the period November 1, 2011 (commencement of operations) to April 30, 2012.
Semiannual Report
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, FMR or its affiliates were the owners of record of 37% of the total outstanding shares of the Fund.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Total Emerging Markets Fund
On July 13, 2011, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Research Committee reviewed the general qualifications and capabilities of the Investment Advisers' investment staff, including its size, education, experience and resources (including increased resources in non-United States offices), as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities which allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and enhancers. The Board also believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools which permit them to assess portfolio risk, performance and attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in their deliberations, the Board considered the Investment Advisers' trading capabilities and resources which are an integral part of the investment management process.
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, and investor education materials and asset allocation tools.
Semiannual Report
Investment Performance. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board considered the Investment Advisers' strength in fundamental, research-driven emerging markets equity selection, which the Board is familiar with through its supervision of other Fidelity funds that invest in such securities.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided by Fidelity to the funds will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's proposed management fee and the projected total operating expenses of each class of the fund in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also considered that the projected total operating expenses are comparable to those of similar classes and funds that Fidelity offers to shareholders.
Based on its review, the Board concluded that the fund's management fee and the projected total expenses of each class of the fund were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders.
Economies of Scale. The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be approved.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors (UK) Limited
FIL Investment Advisors
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
ATEKI-USAN-0612
1.931263.100
Fidelity®
Emerging Markets Discovery
Fund
and Fidelity®
Total Emerging Markets
Fund
Semiannual Report
April 30, 2012
(Fidelity Cover Art)
Contents
Fidelity® Emerging Markets Discovery Fund |
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Summary | (Click Here) | A summary of the fund's holdings. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the Financial Statements. |
Fidelity Total Emerging Markets Fund |
Shareholder Expense Example | (Click Here) | An example of shareholder expenses. |
Investment Summary | (Click Here) | A summary of the fund's holdings. |
Investments | (Click Here) | A complete list of the fund's investments with their market values. |
Financial Statements | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
Notes | (Click Here) | Notes to the Financial Statements. |
Board Approval of Investment Advisory Contracts and Management Fees | (Click Here) | |
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
Semiannual Report
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 Emerging Markets Discovery Fund
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, 2011 to April 30, 2012).
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.
Semiannual Report
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.70% | | | |
Actual | | $ 1,000.00 | $ 1,109.90 | $ 8.92 |
Hypothetical A | | $ 1,000.00 | $ 1,016.41 | $ 8.52 |
Class T | 1.95% | | | |
Actual | | $ 1,000.00 | $ 1,108.50 | $ 10.22 |
Hypothetical A | | $ 1,000.00 | $ 1,015.17 | $ 9.77 |
Class C | 2.45% | | | |
Actual | | $ 1,000.00 | $ 1,106.00 | $ 12.83 |
Hypothetical A | | $ 1,000.00 | $ 1,012.68 | $ 12.26 |
Emerging Markets Discovery | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,111.40 | $ 7.61 |
Hypothetical A | | $ 1,000.00 | $ 1,017.65 | $ 7.27 |
Institutional Class | 1.45% | | | |
Actual | | $ 1,000.00 | $ 1,111.40 | $ 7.61 |
Hypothetical A | | $ 1,000.00 | $ 1,017.65 | $ 7.27 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Investment Summary (Unaudited)
Top Five Stocks as of April 30, 2012 |
| % of fund's
net assets |
Unified-President Enterprises Corp. (Taiwan, Food Products) | 2.1 |
WisdomTree India Earnings ETF (United States of America, Investment Companies) | 1.9 |
Grupo Herdez SAB de CV (Mexico, Food Products) | 1.4 |
Quinenco SA (Chile, Industrial Conglomerates) | 1.4 |
Tiger Brands Ltd. (South Africa, Food Products) | 1.4 |
| 8.2 |
Top Five Market Sectors as of April 30, 2012 |
| % of fund's
net assets |
Financials | 18.1 |
Consumer Staples | 16.5 |
Industrials | 14.0 |
Consumer Discretionary | 11.1 |
Information Technology | 10.2 |
Top Five Countries as of April 30, 2012 |
(excluding cash equivalents) | % of fund's
net assets |
Taiwan | 13.5 |
Korea (South) | 13.1 |
South Africa | 8.5 |
Cayman Islands | 7.6 |
Bermuda | 5.9 |
Percentages are adjusted for the effect of open futures contracts, if applicable. |
Asset Allocation (% of fund's net assets) |
As of April 30, 2012 |
 | Stocks and Investment Companies 96.0% | |
 | Short-Term Investments and Net Other Assets (Liabilities) 4.0% | |
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.5% |
| Shares | | Value |
Bailiwick of Jersey - 0.7% |
Atrium European Real Estate Ltd. | 33,553 | | $ 163,457 |
Bermuda - 5.9% |
ARA Asset Management Ltd. (c) | 114,000 | | 140,007 |
Cafe de Coral Holdings Ltd. | 60,000 | | 164,719 |
Pacific Basin Shipping Ltd. | 313,000 | | 164,596 |
Texwinca Holdings Ltd. | 176,000 | | 215,501 |
Vtech Holdings Ltd. | 19,800 | | 222,023 |
Wilson Sons Ltd. unit | 14,200 | | 212,313 |
Yue Yuen Industrial (Holdings) Ltd. | 62,500 | | 209,444 |
TOTAL BERMUDA | | 1,328,603 |
Brazil - 3.6% |
Duratex SA | 32,000 | | 188,023 |
Fleury SA | 20,700 | | 266,711 |
LPS Brasil Consultoria de Imoveis SA | 7,000 | | 120,819 |
Oi SA | 35,340 | | 238,978 |
TOTAL BRAZIL | | 814,531 |
Cayman Islands - 7.6% |
Boer Power Holdings Ltd. | 368,000 | | 132,807 |
Haitian International Holdings Ltd. | 129,000 | | 148,476 |
Hutchison China Meditech Ltd. (a) | 25,100 | | 182,311 |
Mindray Medical International Ltd. sponsored ADR | 5,900 | | 193,284 |
Minth Group Ltd. | 194,000 | | 245,793 |
O-Net Communications Group Ltd. | 506,000 | | 128,479 |
Perfect World Co. Ltd. sponsored ADR Class B | 14,600 | | 178,266 |
Samson Holding Ltd. | 1,610,000 | | 213,736 |
SITC International Holdings Co. Ltd. | 399,000 | | 120,852 |
Yip's Chemical Holdings Ltd. | 192,000 | | 150,954 |
TOTAL CAYMAN ISLANDS | | 1,694,958 |
Chile - 5.7% |
Compania Cervecerias Unidas SA sponsored ADR | 2,300 | | 164,726 |
Embotelladora Andina SA sponsored ADR | 4,700 | | 152,750 |
Isapre CruzBlanca SA | 258,472 | | 282,929 |
Parque Arauco SA | 122,668 | | 238,331 |
Quinenco SA | 99,891 | | 308,898 |
Sociedad Matriz SAAM SA (a) | 999,080 | | 119,453 |
TOTAL CHILE | | 1,267,087 |
China - 3.9% |
China BlueChemical Ltd. (H Shares) | 330,000 | | 236,059 |
Common Stocks - continued |
| Shares | | Value |
China - continued |
China Communications Services Corp. Ltd. (H Shares) | 434,000 | | $ 223,191 |
China Oilfield Services Ltd. (H Shares) | 122,000 | | 197,813 |
Lianhua Supermarket Holdings Ltd. (H Shares) | 204,000 | | 213,238 |
TOTAL CHINA | | 870,301 |
Colombia - 0.9% |
Bolsa de Valores de Colombia | 10,150,479 | | 196,400 |
Egypt - 1.8% |
Commercial International Bank Ltd. | 65,900 | | 281,467 |
Lecico Egypt S.A.E. | 152,400 | | 127,814 |
TOTAL EGYPT | | 409,281 |
Hong Kong - 3.3% |
China Insurance International Holdings Co. Ltd. (a) | 64,200 | | 133,884 |
Hopewell Holdings Ltd. | 99,500 | | 267,389 |
Television Broadcasts Ltd. | 23,000 | | 168,973 |
Vitasoy International Holdings Ltd. | 228,000 | | 167,503 |
TOTAL HONG KONG | | 737,749 |
India - 0.9% |
Dr. Reddy's Laboratories Ltd. sponsored ADR | 5,700 | | 192,831 |
Indonesia - 3.2% |
PT Astra Graphia Tbk | 1,251,500 | | 204,260 |
PT Kalbe Farma Tbk | 616,000 | | 269,779 |
PT Ramayana Lestari Sentosa Tbk | 2,531,500 | | 236,885 |
TOTAL INDONESIA | | 710,924 |
Kenya - 0.8% |
Safaricom Ltd. | 4,442,577 | | 176,102 |
Korea (South) - 13.1% |
Amorepacific Corp. | 249 | | 239,058 |
BS Financial Group, Inc. | 19,300 | | 198,956 |
DuzonBizon Co. Ltd. (a) | 21,260 | | 129,991 |
Green Cross Holdings Corp. | 13,720 | | 156,609 |
kiwoom.com Securities Co. Ltd. | 3,650 | | 217,361 |
Korea Plant Service & Engineering Co. Ltd. | 5,910 | | 217,809 |
LG Corp. | 3,714 | | 189,295 |
LG Household & Health Care Ltd. | 546 | | 286,498 |
MegaStudy Co. Ltd. | 1,545 | | 144,093 |
NHN Corp. | 1,049 | | 237,623 |
Nong Shim Co. Ltd. | 1,047 | | 209,840 |
S1 Corp. | 4,958 | | 247,873 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
Samsung Fire & Marine Insurance Co. Ltd. | 1,171 | | $ 223,812 |
Shinsegae Co. Ltd. | 1,115 | | 244,681 |
TOTAL KOREA (SOUTH) | | 2,943,499 |
Luxembourg - 2.2% |
Brait SA | 76,000 | | 237,927 |
Millicom International Cellular SA (depository receipt) | 2,343 | | 248,916 |
TOTAL LUXEMBOURG | | 486,843 |
Malaysia - 2.4% |
AEON Co. (M) Bhd | 56,600 | | 177,910 |
KPJ Healthcare Bhd | 99,100 | | 182,117 |
Top Glove Corp. Bhd | 111,400 | | 172,688 |
TOTAL MALAYSIA | | 532,715 |
Mexico - 2.5% |
Bolsa Mexicana de Valores SA de CV | 119,600 | | 239,049 |
Grupo Herdez SAB de CV | 143,300 | | 317,217 |
TOTAL MEXICO | | 556,266 |
Nigeria - 0.6% |
Nestle Foods Nigeria PLC | 48,378 | | 128,783 |
Philippines - 2.0% |
BDO Unibank, Inc. | 140,640 | | 220,808 |
Manila Water Co., Inc. | 386,600 | | 226,468 |
TOTAL PHILIPPINES | | 447,276 |
Poland - 1.1% |
Kruk SA (a) | 600 | | 9,191 |
Warsaw Stock Exchange | 19,300 | | 236,280 |
TOTAL POLAND | | 245,471 |
Russia - 0.0% |
Vozrozhdenie Bank | 400 | | 7,583 |
Singapore - 3.7% |
Ascendas India Trust | 330,000 | | 217,307 |
Breadtalk Group Ltd. | 291,000 | | 130,493 |
Ezra Holdings Ltd. (a) | 154,000 | | 125,674 |
Global Logistic Properties Ltd. (a) | 131,000 | | 218,042 |
Petra Foods Ltd. | 67,000 | | 133,713 |
TOTAL SINGAPORE | | 825,229 |
Common Stocks - continued |
| Shares | | Value |
South Africa - 8.5% |
Advtech Ltd. | 154,000 | | $ 124,736 |
African Oxygen Ltd. | 74,400 | | 182,700 |
Coronation Fund Managers Ltd. | 49,000 | | 183,955 |
JSE Ltd. | 20,800 | | 219,820 |
Nampak Ltd. | 80,400 | | 232,062 |
Reunert Ltd. | 31,800 | | 294,369 |
Shoprite Holdings Ltd. | 13,200 | | 228,089 |
Tiger Brands Ltd. | 8,300 | | 304,127 |
Zeder Investments Ltd. | 381,333 | | 136,786 |
TOTAL SOUTH AFRICA | | 1,906,644 |
Sri Lanka - 0.6% |
John Keells Holdings Ltd. | 88,145 | | 138,124 |
Taiwan - 13.5% |
Chroma ATE, Inc. | 94,000 | | 214,728 |
CTCI Corp. | 128,000 | | 247,615 |
Delta Electronics, Inc. | 66,000 | | 196,495 |
Formosa Optical Technology Co. Ltd. | 74,000 | | 203,560 |
Giant Manufacturing Co. Ltd. | 25,000 | | 126,050 |
Insyde Software Corp. | 29,000 | | 134,282 |
MJC Probe, Inc. | 57,000 | | 125,711 |
Pacific Hospital Supply Co. Ltd. | 79,000 | | 239,805 |
Powertech Technology, Inc. | 113,000 | | 192,435 |
SIMPLO Technology Co. Ltd. | 17,000 | | 131,195 |
St. Shine Optical Co. Ltd. | 13,000 | | 151,158 |
Ta Chong Bank (a) | 451,000 | | 174,800 |
Taiwan Hon Chuan Enterprise Co. Ltd. | 95,000 | | 213,754 |
Unified-President Enterprises Corp. | 299,000 | | 466,111 |
Wah Lee Industrial Corp. | 151,000 | | 207,169 |
TOTAL TAIWAN | | 3,024,868 |
Turkey - 1.8% |
Anadolu Efes Biracilik ve Malt Sanayii A/S | 15,000 | | 211,298 |
Enka Insaat ve Sanayi A/S | 61,000 | | 190,951 |
TOTAL TURKEY | | 402,249 |
United Arab Emirates - 0.7% |
First Gulf Bank PJSC | 68,981 | | 169,027 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - 1.5% |
Archipelago Resources PLC (a) | 122,300 | | $ 119,599 |
Pz Cussons PLC Class L | 40,000 | | 215,743 |
TOTAL UNITED KINGDOM | | 335,342 |
TOTAL COMMON STOCKS (Cost $19,656,971) |
20,712,143
|
Investment Companies - 3.5% |
| | | |
Thailand - 0.6% |
CPN Retail Growth Leasehold Property Fund | 303,200 | | 139,006 |
India - 2.9% |
Market Vectors India Small-Cap Index ETF | 18,500 | | 211,270 |
WisdomTree India Earnings ETF | 23,500 | | 430,755 |
TOTAL UNITED STATES OF AMERICA | | 642,025 |
TOTAL INVESTMENT COMPANIES (Cost $794,426) |
781,031
|
Money Market Funds - 5.2% |
| | | |
Fidelity Cash Central Fund, 0.14% (b)
(Cost $1,167,930) | 1,167,930 | |
1,167,930
|
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $21,619,327) | | 22,661,104 |
NET OTHER ASSETS (LIABILITIES) - (1.2)% | | (271,310) |
NET ASSETS - 100% | $ 22,389,794 |
Security Type Abbreviations |
ETF - Exchange-Traded Fund |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) 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 $140,007 or 0.6% 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 | $ 341 |
Other Information |
Categorizations in the Schedule of Investments are based on country or territory of incorporation. |
All investments are categorized as Level 1 under the Fair Value Hierarchy. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $20,451,397) | $ 21,493,174 | |
Fidelity Central Funds (cost $1,167,930) | 1,167,930 | |
Total Investments (cost $21,619,327) | | $ 22,661,104 |
Foreign currency held at value (cost $98,303) | | 98,389 |
Receivable for investments sold | | 100,891 |
Receivable for fund shares sold | | 543,167 |
Dividends receivable | | 13,343 |
Distributions receivable from Fidelity Central Funds | | 113 |
Prepaid expenses | | 41,371 |
Receivable from investment adviser for expense reductions | | 58,462 |
Other receivables | | 78,081 |
Total assets | | 23,594,921 |
| | |
Liabilities | | |
Payable to custodian bank | $ 46 | |
Payable for investments purchased | 730,372 | |
Payable for fund shares redeemed | 314,135 | |
Accrued management fee | 14,609 | |
Distribution and service plan fees payable | 1,150 | |
Other affiliated payables | 4,148 | |
Other payables and accrued expenses | 140,667 | |
Total liabilities | | 1,205,127 |
| | |
Net Assets | | $ 22,389,794 |
Net Assets consist of: | | |
Paid in capital | | $ 21,300,686 |
Undistributed net investment income | | 19,148 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 28,245 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,041,715 |
Net Assets | | $ 22,389,794 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($1,071,561 ÷ 96,614 shares) | | $ 11.09 |
| | |
Maximum offering price per share (100/94.25 of $11.09) | | $ 11.77 |
Class T:
Net Asset Value and redemption price per share ($859,545 ÷ 77,548 shares) | | $ 11.08 |
| | |
Maximum offering price per share (100/96.50 of $11.08) | | $ 11.48 |
Class C:
Net Asset Value and offering price per share ($795,966 ÷ 71,975 shares)A | | $ 11.06 |
| | |
Emerging Markets Discovery:
Net Asset Value, offering price and redemption price per share ($18,937,594 ÷ 1,705,972 shares) | | $ 11.10 |
| | |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($725,128 ÷ 65,327 shares) | | $ 11.10 |
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
For the period November 1, 2011
(commencement of operations) to
April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 91,323 |
Special dividends | | 26,200 |
Interest | | 20 |
Income from Fidelity Central Funds | | 341 |
Income before foreign taxes withheld | | 117,884 |
Less foreign taxes withheld | | (5,867) |
Total income | | 112,017 |
| | |
Expenses | | |
Management fee | $ 50,625 | |
Transfer agent fees | 11,922 | |
Distribution and service plan fees | 5,274 | |
Accounting fees and expenses | 3,058 | |
Custodian fees and expenses | 166,236 | |
Independent trustees' compensation | 23 | |
Registration fees | 45,309 | |
Audit | 28,001 | |
Legal | 9 | |
Miscellaneous | 356 | |
Total expenses before reductions | 310,813 | |
Expense reductions | (225,704) | 85,109 |
Net investment income (loss) | | 26,908 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 38,325 | |
Foreign currency transactions | (10,080) | |
Total net realized gain (loss) | | 28,245 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 1,041,777 | |
Assets and liabilities in foreign currencies | (62) | |
Total change in net unrealized appreciation (depreciation) | | 1,041,715 |
Net gain (loss) | | 1,069,960 |
Net increase (decrease) in net assets resulting from operations | | $ 1,096,868 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
November 1, 2011
(commencement of operations) to
April 30, 2012
(Unaudited) |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 26,908 |
Net realized gain (loss) | 28,245 |
Change in net unrealized appreciation (depreciation) | 1,041,715 |
Net increase (decrease) in net assets resulting
from operations | 1,096,868 |
Distributions to shareholders from net investment income | (7,760) |
Share transactions - net increase (decrease) | 21,289,285 |
Redemption fees | 11,401 |
Total increase (decrease) in net assets | 22,389,794 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $19,148) | $ 22,389,794 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended
April 30, 2012 J |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .02 I |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.09 |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 11.09 |
Total Return B, C, D | 10.99% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 5.66% A |
Expenses net of fee waivers, if any | 1.70% A |
Expenses net of all reductions | 1.61% A |
Net investment income (loss) | .29% A,I |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,072 |
Portfolio turnover rate G | 130% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.15)%.
J For the period November 1, 2011 (commencement of operations) to April 30, 2012.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Period ended
April 30, 2012 K |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | - I,J |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.07 |
Distributions from net investment income | - I |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 11.08 |
Total Return B, C, D | 10.85% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 5.93% A |
Expenses net of fee waivers, if any | 1.95% A |
Expenses net of all reductions | 1.86% A |
Net investment income (loss) | .04% A,J |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 860 |
Portfolio turnover rate G | 130% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 Amount represents less than $.01 per share.
J Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.40)%.
K For the period November 1, 2011 (commencement of operations) to April 30, 2012.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Period ended
April 30, 2012 J |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | (.02) I |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.05 |
Redemption fees added to paid in capital E | .01 |
Net asset value, end of period | $ 11.06 |
Total Return B, C, D | 10.60% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 6.55% A |
Expenses net of fee waivers, if any | 2.45% A |
Expenses net of all reductions | 2.36% A |
Net investment income (loss) | (.46)% A,I |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 796 |
Portfolio turnover rate G | 130% 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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.90)%.
J For the period November 1, 2011 (commencement of operations) to April 30, 2012.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Emerging Markets Discovery
| Period ended
April 30, 2012 I |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .03 H |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.10 |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | .01 |
Net asset value, end of period | $ 11.10 |
Total Return B, C | 11.14% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | 5.14% A |
Expenses net of fee waivers, if any | 1.45% A |
Expenses net of all reductions | 1.36% A |
Net investment income (loss) | .55% A,H |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 18,938 |
Portfolio turnover rate F | 130% 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 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.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .10%.
I For the period November 1, 2011 (commencement of operations) to April 30, 2012.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Period ended
April 30, 2012 I |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .03 H |
Net realized and unrealized gain (loss) | 1.07 |
Total from investment operations | 1.10 |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | .01 |
Net asset value, end of period | $ 11.10 |
Total Return B, C | 11.14% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | 5.40% A |
Expenses net of fee waivers, if any | 1.45% A |
Expenses net of all reductions | 1.36% A |
Net investment income (loss) | .54% A,H |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 725 |
Portfolio turnover rate F | 130% 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 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.
H Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .09%.
I For the period November 1, 2011 (commencement of operations) to April 30, 2012.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Notes to Financial Statements
For the period ended April 30, 2012 (Unaudited)
1. Organization.
Fidelity® Emerging Markets Discovery 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, Emerging Markets Discovery and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by 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 Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
ETFs are valued at their last sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day 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 by another method that the Board of Trustees 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
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 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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.
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. Temporary book-tax differences will reverse in a subsequent period.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 1,566,857 |
Gross unrealized depreciation | (577,696) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 989,161 |
| |
Tax cost | $ 21,671,943 |
Short-Term Trading (Redemption) Fees. Shares purchased by investors and held in the Fund less than 90 days are subject to a redemption fee equal to 2.00% of the net asset value 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.
4. Operating Policies.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $27,580,927 and $7,168,110, respectively.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .86% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 864 | $ 653 |
Class T | .25% | .25% | 1,530 | 1,292 |
Class C | .75% | .25% | 2,880 | 2,703 |
| | | $ 5,274 | $ 4,648 |
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, and Class C redemptions. The deferred sales charges range from 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,043 |
Class T | 227 |
| $ 2,270 |
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of 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
Average
Net Assets* |
Class A | $ 595 | .17 |
Class T | 515 | .17 |
Class C | 388 | .13 |
Emerging Markets Discovery | 10,077 | .22 |
Institutional Class | 347 | .12 |
| $ 11,922 | |
* Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $37 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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. There were no commitment fees paid during the period by the fund. During the period, there were no borrowings on this line of credit.
Semiannual Report
Fidelity Emerging Markets Discovery Fund
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions.
Effective November 1, 2011, FMR contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2012. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.70% | $ 13,609 |
Class T | 1.95% | 12,159 |
Class C | 2.45% | 11,801 |
Emerging Markets Discovery | 1.45% | 171,353 |
Institutional Class | 1.45% | 11,527 |
| | $ 220,449 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $5,253 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 $2.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Period ended
April 30,
2012 A |
From net investment income | |
Class A | $ 435 |
Class T | 203 |
Emerging Markets Discovery | 6,522 |
Institutional Class | 600 |
Total | $ 7,760 |
A For the period November 1, 2011 (commencement of operations) to April 30, 2012.
Semiannual Report
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Period ended April 30,
2012 A | Period ended
April 30,
2012 A |
Class A | | |
Shares sold | 97,111 | $ 1,009,323 |
Reinvestment of distributions | 46 | 435 |
Shares redeemed | (543) | (6,005) |
Net increase (decrease) | 96,614 | $ 1,003,753 |
Class T | | |
Shares sold | 77,526 | $ 807,426 |
Reinvestment of distributions | 22 | 203 |
Net increase (decrease) | 77,548 | $ 807,629 |
Class C | | |
Shares sold | 71,975 | $ 741,547 |
Emerging Markets Discovery | | |
Shares sold | 1,809,663 | $ 19,206,850 |
Reinvestment of distributions | 681 | 6,419 |
Shares redeemed | (104,372) | (1,146,707) |
Net increase (decrease) | 1,705,972 | $ 18,066,562 |
Institutional Class | | |
Shares sold | 67,477 | $ 694,150 |
Reinvestment of distributions | 64 | 600 |
Shares redeemed | (2,214) | (24,956) |
Net increase (decrease) | 65,327 | $ 669,794 |
A For the period November 1, 2011 (commencement of operations) to April 30, 2012.
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, FMR or its affiliates were the owners of record of 27% of the total outstanding shares of the Fund.
Semiannual Report
Fidelity Total Emerging Markets 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, 2011 to April 30, 2012).
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.
Semiannual Report
| Annualized Expense Ratio | Beginning
Account Value
November 1, 2011 | Ending
Account Value
April 30, 2012 | Expenses Paid
During Period*
November 1, 2011
to April 30, 2012 |
Class A | 1.65% | | | |
Actual | | $ 1,000.00 | $ 1,075.00 | $ 8.51 |
Hypothetical A | | $ 1,000.00 | $ 1,016.66 | $ 8.27 |
Class T | 1.90% | | | |
Actual | | $ 1,000.00 | $ 1,073.60 | $ 9.80 |
Hypothetical A | | $ 1,000.00 | $ 1,015.42 | $ 9.52 |
Class C | 2.40% | | | |
Actual | | $ 1,000.00 | $ 1,071.70 | $ 12.36 |
Hypothetical A | | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Total Emerging Markets | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,076.50 | $ 7.23 |
Hypothetical A | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
Institutional Class | 1.40% | | | |
Actual | | $ 1,000.00 | $ 1,076.50 | $ 7.23 |
Hypothetical A | | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Semiannual Report
Fidelity Total Emerging Markets Fund
Investment Summary (Unaudited)
Top Five Stocks as of April 30, 2012 |
| % of fund's
net assets |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment) | 3.2 |
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Commercial Banks) | 1.5 |
iPath MSCI India Index ETN (United Kingdom, Investment Companies) | 1.5 |
Vale SA (PN-A) sponsored ADR (Brazil, Metals & Mining) | 1.4 |
China Construction Bank Corp. (H Shares) (China, Commercial Banks) | 1.3 |
| 8.9 |
Top Five Market Sectors as of April 30, 2012 |
| % of fund's
net assets |
Energy | 15.8 |
Financials | 15.8 |
Information Technology | 10.0 |
Materials | 8.4 |
Consumer Discretionary | 6.3 |
Top Five Countries as of April 30, 2012 |
(excluding cash equivalents) | % of fund's
net assets |
Brazil | 11.0 |
Korea (South) | 9.9 |
Russia | 6.8 |
Taiwan | 6.0 |
China | 5.9 |
Percentages are adjusted for the effect of open futures contracts, if applicable. |
Asset Allocation (% of fund's net assets) |
As of April 30, 2012 |
| Stocks and
Investment Companies 70.3% | |
 | Bonds 26.5% | |
| Short-Term Investments
and Net Other Assets (Liabilities) 3.2% | |
Semiannual Report
Fidelity Total Emerging Markets Fund
Investments April 30, 2012 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 67.0% |
| Shares | | Value |
Australia - 0.2% |
Paladin Energy Ltd.: | | | |
(Australia) (a) | 85,984 | | $ 142,884 |
(Canada) (a) | 37,100 | | 61,223 |
TOTAL AUSTRALIA | | 204,107 |
Austria - 0.1% |
Erste Bank AG | 3,100 | | 71,385 |
Bailiwick of Guernsey - 0.1% |
Chariot Oil & Gas Ltd. (a) | 31,155 | | 89,505 |
Bermuda - 1.8% |
Aquarius Platinum Ltd. (Australia) | 77,172 | | 175,276 |
BW Offshore Ltd. | 236,100 | | 328,014 |
Cosco International Holdings Ltd. | 96,000 | | 41,822 |
GP Investments Ltd. (depositary receipt) (a) | 94,322 | | 224,653 |
Kunlun Energy Co. Ltd. | 399,200 | | 703,867 |
Nine Dragons Paper (Holdings) Ltd. | 87,000 | | 71,765 |
TOTAL BERMUDA | | 1,545,397 |
Brazil - 9.3% |
Anhanguera Educacional Participacoes SA | 32,800 | | 436,037 |
Arezzo Industria e Comercio SA | 12,500 | | 196,732 |
B2W Companhia Global do Varejo | 7,800 | | 33,268 |
Banco do Brasil SA | 35,000 | | 432,967 |
Banco Do Est Rio Grande Sul SA | 18,600 | | 161,200 |
BR Properties SA | 25,800 | | 320,106 |
Braskem SA (PN-A) | 28,900 | | 203,163 |
Centrais Eletricas Brasileiras SA (Electrobras) | 7,750 | | 66,272 |
Cia.Hering SA | 9,800 | | 243,181 |
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR | 4,800 | | 201,504 |
Companhia de Saneamento de Minas Gerais | 6,380 | | 148,844 |
Companhia Paranaense de Energia-Copel: | | | |
(PN-B) | 1,905 | | 48,261 |
(PN-B) sponsored ADR | 5,930 | | 148,547 |
Ecorodovias Infraestrutura e Logistica SA | 28,500 | | 237,731 |
Energias do Brasil SA | 20,350 | | 142,311 |
Fibria Celulose SA | 30,800 | | 247,867 |
Gerdau SA sponsored ADR | 42,700 | | 400,953 |
Itau Unibanco Banco Multiplo SA sponsored ADR | 26,290 | | 412,490 |
Localiza Rent A Car SA | 13,700 | | 233,945 |
Lojas Americanas SA (PN) | 46,100 | | 433,393 |
Mills Estruturas e Servicos de Engenharia SA | 13,100 | | 170,369 |
Common Stocks - continued |
| Shares | | Value |
Brazil - continued |
Multiplus SA | 10,800 | | $ 234,000 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) sponsored ADR (non-vtg.) | 2,300 | | 50,968 |
sponsored ADR | 24,300 | | 572,022 |
Redecard SA | 7,700 | | 129,670 |
Santos Brasil Participacoes SA unit | 5,200 | | 90,570 |
Telefonica Brasil SA sponsored ADR | 4,380 | | 124,699 |
Ultrapar Participacoes SA | 31,700 | | 720,096 |
Vale SA (PN-A) sponsored ADR | 58,200 | | 1,258,866 |
TOTAL BRAZIL | | 8,100,032 |
British Virgin Islands - 0.2% |
HLS Systems International Ltd. (a) | 13,400 | | 133,062 |
Sable Mining Africa Ltd. (a) | 246,300 | | 45,474 |
TOTAL BRITISH VIRGIN ISLANDS | | 178,536 |
Canada - 1.5% |
Banro Corp. (a) | 8,800 | | 37,418 |
Barrick Gold Corp. | 2,800 | | 113,276 |
Extorre Gold Mines Ltd. (a) | 20,400 | | 86,743 |
First Quantum Minerals Ltd. | 8,300 | | 172,428 |
Goldcorp, Inc. | 4,900 | | 187,666 |
Tahoe Resources, Inc. (a) | 2,100 | | 39,523 |
Uranium One, Inc. (a) | 144,400 | | 419,568 |
Yamana Gold, Inc. | 16,100 | | 236,182 |
TOTAL CANADA | | 1,292,804 |
Cayman Islands - 3.7% |
Ajisen (China) Holdings Ltd. | 137,000 | | 153,622 |
Baidu.com, Inc. sponsored ADR (a) | 2,834 | | 376,072 |
Belle International Holdings Ltd. | 83,000 | | 162,820 |
Biostime International Holdings Ltd. | 103,500 | | 298,148 |
Changyou.com Ltd. (A Shares) ADR (a) | 1,700 | | 41,174 |
Ctrip.com International Ltd. sponsored ADR (a) | 5,000 | | 108,350 |
Eurasia Drilling Co. Ltd. GDR (Reg. S) | 12,800 | | 364,800 |
Geely Automobile Holdings Ltd. | 350,000 | | 130,371 |
Greatview Aseptic Pack Co. Ltd. (a) | 505,000 | | 275,976 |
Hengan International Group Co. Ltd. | 45,500 | | 481,762 |
Qihoo 360 Technology Co. Ltd. ADR (a) | 1,511 | | 37,125 |
Shenzhou International Group Holdings Ltd. | 41,000 | | 77,153 |
SINA Corp. (a) | 1,500 | | 87,765 |
Stella International Holdings Ltd. | 52,500 | | 139,393 |
Tencent Holdings Ltd. | 2,900 | | 91,127 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Uni-President China Holdings Ltd. | 359,000 | | $ 326,210 |
Xueda Education Group sponsored ADR (a) | 21,100 | | 73,217 |
TOTAL CAYMAN ISLANDS | | 3,225,085 |
Chile - 0.8% |
Aguas Andinas SA | 210,492 | | 139,243 |
Embotelladora Andina SA Class A | 31,315 | | 142,018 |
Empresa Nacional de Telecomunicaciones SA (ENTEL) | 9,096 | | 180,251 |
Enersis SA | 571,015 | | 232,950 |
TOTAL CHILE | | 694,462 |
China - 5.9% |
BYD Co. Ltd. (H Shares) (a) | 58,500 | | 154,192 |
China Communications Construction Co. Ltd. (H Shares) | 79,000 | | 79,421 |
China Communications Services Corp. Ltd. (H Shares) | 240,000 | | 123,424 |
China Construction Bank Corp. (H Shares) | 1,397,000 | | 1,087,545 |
China Merchants Bank Co. Ltd. (H Shares) | 35,000 | | 75,967 |
China Pacific Insurance Group Co. Ltd. (H Shares) | 171,300 | | 559,692 |
China Petroleum & Chemical Corp. (H Shares) | 524,000 | | 556,546 |
China Suntien Green Energy Corp. Ltd. (H Shares) | 886,500 | | 172,532 |
China Telecom Corp. Ltd. (H Shares) | 395,000 | | 211,701 |
Dongfeng Motor Group Co. Ltd. (H Shares) | 142,000 | | 280,023 |
Harbin Power Equipment Co. Ltd. (H Shares) | 214,000 | | 223,139 |
Industrial & Commercial Bank of China Ltd. (H Shares) | 1,950,000 | | 1,301,902 |
Maanshan Iron & Steel Ltd. (H Shares) | 646,000 | | 182,344 |
PetroChina Co. Ltd. (H Shares) | 58,000 | | 86,518 |
PICC Property & Casualty Co. Ltd. (H Shares) | 4,000 | | 5,016 |
TOTAL CHINA | | 5,099,962 |
Colombia - 1.0% |
Ecopetrol SA ADR | 13,700 | | 886,390 |
Czech Republic - 0.1% |
Ceske Energeticke Zavody A/S | 1,510 | | 60,892 |
Egypt - 0.3% |
Citadel Capital Corp. (a) | 75,900 | | 39,549 |
Orascom Telecom Holding SAE unit (a) | 48,200 | | 134,960 |
Orascom Telecom Media & Technology Holding sponsored GDR (e) | 7,900 | | 8,927 |
Orascom Telecom Media & Technology Holding SAE (a) | 192,000 | | 44,782 |
TOTAL EGYPT | | 228,218 |
Hong Kong - 3.0% |
China Mobile Ltd. | 1,500 | | 16,595 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - continued |
China Mobile Ltd. sponsored ADR | 13,730 | | $ 759,818 |
CNOOC Ltd. sponsored ADR | 5,100 | | 1,079,415 |
Lenovo Group Ltd. | 496,000 | | 476,908 |
Singamas Container Holdings Ltd. | 244,000 | | 73,276 |
Sinotruk Hong Kong Ltd. | 307,500 | | 187,465 |
TOTAL HONG KONG | | 2,593,477 |
India - 0.5% |
Dr. Reddy's Laboratories Ltd. sponsored ADR | 4,100 | | 138,703 |
Larsen & Toubro Ltd. unit | 10,700 | | 250,166 |
Tata Motors Ltd. sponsored ADR | 3,200 | | 95,200 |
TOTAL INDIA | | 484,069 |
Indonesia - 1.9% |
PT Bakrieland Development Tbk (a) | 12,094,500 | | 153,969 |
PT Bank Tabungan Negara Tbk | 1,788,500 | | 268,552 |
PT Indo Tambangraya Megah Tbk | 68,000 | | 294,108 |
PT Indosat Tbk | 214,000 | | 112,932 |
PT Telkomunikasi Indonesia Tbk sponsored ADR | 21,570 | | 781,050 |
PT Tower Bersama Infrastructure Tbk | 256,500 | | 85,123 |
TOTAL INDONESIA | | 1,695,734 |
Israel - 0.5% |
Bezeq Israeli Telecommunication Corp. Ltd. | 95,300 | | 159,475 |
Check Point Software Technologies Ltd. (a) | 1,300 | | 75,569 |
NICE Systems Ltd. sponsored ADR (a) | 4,500 | | 172,890 |
TOTAL ISRAEL | | 407,934 |
Kazakhstan - 0.2% |
JSC Halyk Bank of Kazakhstan GDR unit (a) | 25,300 | | 170,775 |
Kenya - 0.4% |
Equity Bank Ltd. | 843,000 | | 210,117 |
Safaricom Ltd. | 2,534,687 | | 100,474 |
TOTAL KENYA | | 310,591 |
Korea (South) - 8.8% |
Amoreg | 1,219 | | 306,874 |
Asia Pacific Systems, Inc. (a) | 10,620 | | 105,718 |
E-Mart Co. Ltd. | 1,436 | | 341,171 |
Hana Financial Group, Inc. | 16,950 | | 582,686 |
ICD Co. Ltd. | 5,248 | | 106,574 |
KB Financial Group, Inc. | 24,850 | | 840,752 |
Korea Electric Power Corp. (a) | 7,960 | | 152,704 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
KT&G Corp. | 5,019 | | $ 344,630 |
LG Corp. | 3,861 | | 196,787 |
Orion Corp. | 544 | | 432,264 |
POSCO sponsored ADR | 1,900 | | 158,175 |
Samsung Electronics Co. Ltd. | 2,257 | | 2,775,999 |
Samsung Engineering Co. Ltd. | 1,143 | | 217,449 |
Samsung Fire & Marine Insurance Co. Ltd. | 2,354 | | 449,918 |
Samsung Heavy Industries Ltd. | 7,750 | | 285,964 |
Shinhan Financial Group Co. Ltd. | 2,980 | | 104,157 |
Shinhan Financial Group Co. Ltd. sponsored ADR | 1,250 | | 86,925 |
Tong Yang Life Insurance Co. Ltd. | 15,160 | | 134,010 |
TOTAL KOREA (SOUTH) | | 7,622,757 |
Luxembourg - 0.7% |
Samsonite International SA | 153,300 | | 297,169 |
Subsea 7 SA (a) | 10,600 | | 274,711 |
TOTAL LUXEMBOURG | | 571,880 |
Malaysia - 0.8% |
AirAsia Bhd | 221,300 | | 243,573 |
Axiata Group Bhd | 100,100 | | 175,684 |
Genting Bhd | 77,300 | | 264,182 |
TOTAL MALAYSIA | | 683,439 |
Mexico - 2.6% |
America Movil SAB de CV Series L sponsored ADR | 29,500 | | 786,175 |
CEMEX SA de CV sponsored ADR | 41,188 | | 297,789 |
Desarrolladora Homex SAB de CV sponsored ADR (a) | 4,000 | | 67,240 |
Grupo Modelo SAB de CV Series C | 46,700 | | 329,741 |
Grupo Televisa SA de CV (CPO) sponsored ADR | 29,200 | | 641,524 |
Wal-Mart de Mexico SA de CV Series V | 48,500 | | 138,670 |
TOTAL MEXICO | | 2,261,139 |
Netherlands - 0.2% |
ASML Holding NV (Netherlands) | 3,500 | | 178,104 |
Nigeria - 0.8% |
Guaranty Trust Bank PLC | 230,411 | | 23,451 |
Guaranty Trust Bank PLC GDR (Reg. S) | 52,700 | | 303,025 |
Zenith Bank PLC | 3,816,390 | | 343,330 |
TOTAL NIGERIA | | 669,806 |
Panama - 0.1% |
Copa Holdings SA Class A | 1,500 | | 121,965 |
Common Stocks - continued |
| Shares | | Value |
Peru - 0.3% |
Compania de Minas Buenaventura SA sponsored ADR | 6,700 | | $ 276,509 |
Philippines - 1.0% |
Metro Pacific Investments Corp. | 2,325,000 | | 247,581 |
Metropolitan Bank & Trust Co. | 84,500 | | 183,169 |
Robinsons Land Corp. | 986,500 | | 405,222 |
TOTAL PHILIPPINES | | 835,972 |
Poland - 0.5% |
Eurocash SA | 11,900 | | 145,308 |
Powszechny Zaklad Ubezpieczen SA | 3,050 | | 308,391 |
TOTAL POLAND | | 453,699 |
Russia - 4.9% |
Bank St. Petersburg OJSC | 52,800 | | 125,838 |
DIXY Group OJSC (a) | 11,305 | | 143,731 |
Gazprom OAO sponsored ADR | 15,000 | | 172,050 |
M Video OJSC (a) | 5,000 | | 44,992 |
Magnit OJSC | 1,322 | | 166,525 |
Magnit OJSC GDR (Reg. S) | 9,500 | | 278,160 |
Magnitogorsk Iron & Steel Works OJSC unit | 21,700 | | 114,576 |
Mobile TeleSystems OJSC sponsored ADR | 28,550 | | 558,438 |
NOVATEK OAO GDR (Reg. S) | 4,400 | | 559,240 |
OGK-4 OJSC (a) | 4,558,700 | | 412,085 |
RusHydro JSC sponsored ADR | 23,940 | | 83,311 |
Sberbank (Savings Bank of the Russian Federation) | 226,700 | | 725,770 |
Sistema JSFC (a) | 39,100 | | 32,351 |
Sistema JSFC sponsored GDR | 6,130 | | 116,470 |
TNK-BP Holding (a) | 147,400 | | 451,068 |
Uralkali JSC GDR (Reg. S) | 7,100 | | 268,735 |
TOTAL RUSSIA | | 4,253,340 |
Singapore - 0.7% |
First Resources Ltd. | 199,000 | | 302,283 |
Global Logistic Properties Ltd. (a) | 169,000 | | 281,291 |
TOTAL SINGAPORE | | 583,574 |
South Africa - 3.7% |
Absa Group Ltd. | 30,970 | | 637,079 |
AngloGold Ashanti Ltd. | 7,300 | | 250,159 |
Aspen Pharmacare Holdings Ltd. | 13,200 | | 213,325 |
Aveng Ltd. | 23,900 | | 122,173 |
Blue Label Telecoms Ltd. | 160,400 | | 140,231 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
Impala Platinum Holdings Ltd. | 28,000 | | $ 544,664 |
JSE Ltd. | 48,000 | | 507,277 |
Life Healthcare Group Holdings Ltd. | 54,400 | | 188,001 |
Naspers Ltd. Class N | 10,600 | | 638,412 |
TOTAL SOUTH AFRICA | | 3,241,321 |
Sweden - 0.0% |
Lundin Petroleum AB (a) | 1,700 | | 33,819 |
Taiwan - 6.0% |
Advanced Semiconductor Engineering, Inc. | 328,000 | | 330,440 |
Asia Cement Corp. | 253,000 | | 305,023 |
Catcher Technology Co. Ltd. | 18,000 | | 115,452 |
Cheng Uei Precision Industries Co. Ltd. | 107,000 | | 220,202 |
Chinatrust Financial Holding Co. Ltd. | 726,885 | | 464,977 |
Chroma ATE, Inc. | 56,000 | | 127,923 |
HIWIN Technologies Corp. | 23,000 | | 218,522 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 149,000 | | 472,221 |
HTC Corp. | 1,000 | | 15,195 |
Inotera Memories, Inc. (a) | 198,000 | | 52,157 |
Lung Yen Life Service Co. Ltd. | 37,000 | | 112,440 |
Synnex Technology International Corp. | 126,000 | | 296,038 |
Taiwan Fertilizer Co. Ltd. | 98,000 | | 235,294 |
Taiwan Mobile Co. Ltd. | 70,000 | | 226,170 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 344,000 | | 1,018,605 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 37,300 | | 581,134 |
Unified-President Enterprises Corp. | 270,000 | | 420,906 |
TOTAL TAIWAN | | 5,212,699 |
Thailand - 1.7% |
Bangkok Bank Public Co. Ltd. (For. Reg.) | 67,500 | | 425,784 |
Electricity Generating PCL (For. Reg.) | 40,400 | | 130,047 |
PTT Global Chemical PCL (For. Reg.) | 97,200 | | 217,282 |
PTT PCL (For. Reg.) | 39,400 | | 449,663 |
Siam Cement PCL (For. Reg.) | 17,900 | | 243,284 |
TOTAL THAILAND | | 1,466,060 |
Turkey - 1.0% |
Aygaz A/S | 63,000 | | 291,155 |
TAV Havalimanlari Holding A/S (a) | 52,000 | | 273,466 |
Turkiye Is Bankasi A/S Series C | 80,400 | | 183,954 |
Turkiye Vakiflar Bankasi TAO | 79,000 | | 141,633 |
TOTAL TURKEY | | 890,208 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - 0.9% |
Antofagasta PLC | 7,700 | | $ 147,600 |
Evraz PLC | 35,400 | | 212,249 |
Hikma Pharmaceuticals PLC | 11,289 | | 115,070 |
International Personal Finance PLC | 10,200 | | 44,319 |
Kazakhmys PLC | 21,800 | | 304,653 |
TOTAL UNITED KINGDOM | | 823,891 |
United States of America - 0.8% |
Cognizant Technology Solutions Corp. Class A (a) | 5,100 | | 373,932 |
Helix Energy Solutions Group, Inc. (a) | 4,200 | | 85,722 |
ION Geophysical Corp. (a) | 5,600 | | 34,888 |
Universal Display Corp. (a) | 4,127 | | 185,591 |
TOTAL UNITED STATES OF AMERICA | | 680,133 |
TOTAL COMMON STOCKS (Cost $54,172,672) |
58,199,670
|
Nonconvertible Preferred Stocks - 1.3% |
| | | |
Korea (South) - 1.1% |
Hyundai Motor Co. Series 2 | 9,020 | | 636,917 |
Samsung Electronics Co. Ltd. | 360 | | 257,706 |
TOTAL KOREA (SOUTH) | | 894,623 |
Russia - 0.2% |
Rostelecom (a)(g) | 16,800 | | 54,025 |
Sberbank (Savings Bank of the Russian Federation) (a) | 59,900 | | 140,088 |
TOTAL RUSSIA | | 194,113 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $951,686) |
1,088,736
|
Investment Companies - 2.0% |
| | | |
India - 2.0% |
iPath MSCI India Index ETN (issued by Barclays Capital, Inc., maturity date 9/21/36) (a) | 23,710 | | 1,266,351 |
WisdomTree India Earnings ETF | 26,070 | | 477,863 |
TOTAL INVESTMENT COMPANIES (Cost $1,775,755) |
1,744,214
|
Nonconvertible Bonds - 7.4% |
| Principal Amount | | Value |
Bermuda - 0.2% |
Qtel International Finance Ltd. 5% 10/19/25 (e) | | $ 200,000 | | $ 204,002 |
Canada - 0.1% |
Pacific Rubiales Energy Corp. 7.25% 12/12/21 (e) | | 100,000 | | 109,550 |
Cayman Islands - 0.1% |
Odebrecht Finance Ltd. 7.5% (e)(f) | | 100,000 | | 103,250 |
Chile - 0.2% |
Corporacion Nacional del Cobre de Chile (Codelco) 6.15% 10/24/36 (e) | | 100,000 | | 122,979 |
Georgia - 0.1% |
Georgian Railway Ltd. 9.875% 7/22/15 | | 100,000 | | 108,500 |
Indonesia - 0.9% |
PT Pertamina Persero: | | | | |
5.25% 5/23/21 (e) | | 550,000 | | 566,500 |
6.5% 5/27/41 (e) | | 200,000 | | 213,000 |
TOTAL INDONESIA | | 779,500 |
Ireland - 0.2% |
Vnesheconombank Via VEB Finance PLC 5.375% 2/13/17 (e) | | 200,000 | | 208,500 |
Luxembourg - 0.1% |
RSHB Capital SA 9% 6/11/14 (e) | | 100,000 | | 111,380 |
Malaysia - 0.2% |
Petroliam Nasional Bhd (Petronas) 7.625% 10/15/26 (Reg. S) | | 100,000 | | 141,990 |
Mexico - 0.7% |
Petroleos Mexicanos: | | | | |
5.5% 1/21/21 | | 250,000 | | 277,500 |
6.625% (e)(f) | | 100,000 | | 104,250 |
8% 5/3/19 | | 150,000 | | 190,500 |
TOTAL MEXICO | | 572,250 |
Netherlands - 0.6% |
KazMunaiGaz Finance Sub BV: | | | | |
6.375% 4/9/21 (e) | | 100,000 | | 110,880 |
9.125% 7/2/18 (e) | | 150,000 | | 186,570 |
11.75% 1/23/15 (e) | | 100,000 | | 121,130 |
Majapahit Holding BV 8% 8/7/19 (e) | | 100,000 | | 119,500 |
TOTAL NETHERLANDS | | 538,080 |
Nonconvertible Bonds - continued |
| Principal Amount | | Value |
Philippines - 0.4% |
Power Sector Assets and Liabilities Management Corp.: | | | | |
7.25% 5/27/19 (e) | | $ 150,000 | | $ 184,500 |
7.39% 12/2/24 (e) | | 125,000 | | 158,125 |
TOTAL PHILIPPINES | | 342,625 |
Trinidad & Tobago - 0.2% |
Petroleum Co. of Trinidad & Tobago Ltd. 9.75% 8/14/19 (e) | | 100,000 | | 123,650 |
United States of America - 0.5% |
Pemex Project Funding Master Trust: | | | | |
6.625% 6/15/35 | | 200,000 | | 235,500 |
8.625% 2/1/22 | | 175,000 | | 225,750 |
TOTAL UNITED STATES OF AMERICA | | 461,250 |
Venezuela - 2.9% |
Petroleos de Venezuela SA: | | | | |
4.9% 10/28/14 | | 1,300,000 | | 1,192,750 |
5.375% 4/12/27 | | 400,000 | | 248,000 |
5.5% 4/12/37 | | 600,000 | | 364,500 |
8.5% 11/2/17 (e) | | 450,000 | | 406,125 |
12.75% 2/17/22 (e) | | 300,000 | | 307,500 |
TOTAL VENEZUELA | | 2,518,875 |
TOTAL NONCONVERTIBLE BONDS (Cost $5,970,230) |
6,446,381
|
Government Obligations - 19.1% |
|
Argentina - 0.1% |
Argentine Republic discount (with partial capitalization through 12/31/13) 8.28% 12/31/33 | | 73,360 | | 52,452 |
Belarus - 0.4% |
Belarus Republic: | | | | |
8.75% 8/3/15 (Reg. S) | | 225,000 | | 210,938 |
8.95% 1/26/18 | | 100,000 | | 92,750 |
TOTAL BELARUS | | 303,688 |
Belize - 0.1% |
Belize Government 8.5% 2/20/29 (e) | | 150,000 | | 75,000 |
Bermuda - 0.1% |
Bermuda Government 5.603% 7/20/20 (e) | | 100,000 | | 113,500 |
Government Obligations - continued |
| Principal Amount | | Value |
Brazil - 1.7% |
Brazilian Federative Republic: | | | | |
5.625% 1/7/41 | | $ 100,000 | | $ 118,750 |
7.125% 1/20/37 | | 200,000 | | 282,000 |
10.125% 5/15/27 | | 150,000 | | 252,750 |
12.25% 3/6/30 | | 350,000 | | 682,500 |
12.75% 1/15/20 | | 100,000 | | 168,500 |
TOTAL BRAZIL | | 1,504,500 |
Cayman Islands - 0.1% |
Cayman Island Government 5.95% 11/24/19 (e) | | 100,000 | | 108,750 |
Colombia - 1.0% |
Colombian Republic: | | | | |
10.375% 1/28/33 | | 250,000 | | 437,500 |
11.75% 2/25/20 | | 280,000 | | 446,600 |
TOTAL COLOMBIA | | 884,100 |
Congo - 0.1% |
Congo Republic 3% 6/30/29 (d) | | 95,000 | | 71,725 |
Croatia - 0.6% |
Croatia Republic: | | | | |
6.25% 4/27/17 (e) | | 200,000 | | 202,500 |
6.375% 3/24/21 (e) | | 200,000 | | 196,500 |
6.625% 7/14/20 (e) | | 100,000 | | 100,000 |
TOTAL CROATIA | | 499,000 |
Ecuador - 0.3% |
Ecuador Republic 9.375% 12/15/15 (e) | | 236,000 | | 239,540 |
El Salvador - 0.2% |
El Salvador Republic 7.375% 12/1/19 (e) | | 175,000 | | 190,750 |
Ghana - 0.1% |
Ghana Republic 8.5% 10/4/17 (e) | | 100,000 | | 113,500 |
Hungary - 0.5% |
Hungarian Republic: | | | | |
4.75% 2/3/15 | | 365,000 | | 350,495 |
7.625% 3/29/41 | | 100,000 | | 94,250 |
TOTAL HUNGARY | | 444,745 |
Iceland - 0.1% |
Republic of Iceland 4.875% 6/16/16 (e) | | 100,000 | | 100,375 |
Government Obligations - continued |
| Principal Amount | | Value |
Indonesia - 0.7% |
Indonesian Republic: | | | | |
7.75% 1/17/38 (e) | | $ 175,000 | | $ 236,688 |
8.5% 10/12/35 (e) | | 100,000 | | 145,250 |
11.625% 3/4/19 (e) | | 175,000 | | 257,688 |
TOTAL INDONESIA | | 639,626 |
Iraq - 0.5% |
Republic of Iraq 5.8% 1/15/28 (Reg. S) | | 550,000 | | 457,875 |
Ivory Coast - 0.7% |
Ivory Coast 3.75% 12/31/32 (c)(d) | | 900,000 | | 625,500 |
Latvia - 0.2% |
Latvian Republic 5.25% 2/22/17 (e) | | 200,000 | | 205,500 |
Lebanon - 0.4% |
Lebanese Republic 11.625% 5/11/16 (Reg. S) | | 250,000 | | 315,000 |
Lithuania - 0.5% |
Lithuanian Republic: | | | | |
6.125% 3/9/21 (e) | | 100,000 | | 108,000 |
6.625% 2/1/22 (e) | | 200,000 | | 225,500 |
7.375% 2/11/20 (e) | | 100,000 | | 117,375 |
TOTAL LITHUANIA | | 450,875 |
Mexico - 1.1% |
United Mexican States: | | | | |
5.75% 10/12/2110 | | 224,000 | | 244,160 |
6.05% 1/11/40 | | 200,000 | | 249,000 |
6.75% 9/27/34 | | 200,000 | | 267,000 |
7.5% 4/8/33 | | 100,000 | | 143,000 |
TOTAL MEXICO | | 903,160 |
Namibia - 0.3% |
Republic of Namibia 5.5% 11/3/21 (e) | | 200,000 | | 208,660 |
Nigeria - 0.7% |
Republic of Nigeria 6.75% 1/28/21 (e) | | 550,000 | | 598,125 |
Panama - 0.4% |
Panamanian Republic: | | | | |
8.875% 9/30/27 | | 55,000 | | 86,213 |
9.375% 4/1/29 | | 150,000 | | 245,250 |
TOTAL PANAMA | | 331,463 |
Peru - 0.6% |
Peruvian Republic 8.75% 11/21/33 | | 345,000 | | 549,413 |
Government Obligations - continued |
| Principal Amount | | Value |
Philippines - 1.4% |
Philippine Republic: | | | | |
6.375% 10/23/34 | | $ 150,000 | | $ 186,000 |
6.5% 1/20/20 | | 135,000 | | 164,700 |
7.75% 1/14/31 | | 125,000 | | 174,063 |
10.625% 3/16/25 | | 425,000 | | 690,625 |
TOTAL PHILIPPINES | | 1,215,388 |
Poland - 0.2% |
Polish Government: | | | | |
5% 3/23/22 | | 35,000 | | 37,406 |
6.375% 7/15/19 | | 135,000 | | 158,963 |
TOTAL POLAND | | 196,369 |
Qatar - 0.3% |
State of Qatar 5.75% 1/20/42 (e) | | 200,000 | | 223,000 |
Romania - 0.2% |
Romanian Republic 6.75% 2/7/22 (e) | | 190,000 | | 199,738 |
Russia - 1.7% |
Russian Federation: | | | | |
7.5% 3/31/30 (Reg. S) | | 724,500 | | 869,400 |
11% 7/24/18 (Reg. S) | | 200,000 | | 282,760 |
12.75% 6/24/28 (Reg. S) | | 175,000 | | 316,978 |
TOTAL RUSSIA | | 1,469,138 |
Serbia - 0.3% |
Republic of Serbia: | | | | |
6.75% 11/1/24 (e) | | 43,333 | | 42,683 |
7.25% 9/28/21 (e) | | 200,000 | | 209,500 |
TOTAL SERBIA | | 252,183 |
South Africa - 0.1% |
South African Republic 4.665% 1/17/24 | | 100,000 | | 104,750 |
Sri Lanka - 0.1% |
Democratic Socialist Republic of Sri Lanka 6.25% 10/4/20 (e) | | 100,000 | | 101,750 |
Turkey - 1.6% |
Turkish Republic: | | | | |
7% 6/5/20 | | 300,000 | | 353,250 |
Government Obligations - continued |
| Principal Amount | | Value |
Turkey - continued |
Turkish Republic: - continued | | | | |
7.5% 7/14/17 | | $ 200,000 | | $ 234,000 |
11.875% 1/15/30 | | 450,000 | | 775,710 |
TOTAL TURKEY | | 1,362,960 |
Ukraine - 0.3% |
Ukraine Government: | | | | |
6.25% 6/17/16 (e) | | 200,000 | | 183,500 |
7.75% 9/23/20 (e) | | 100,000 | | 90,250 |
TOTAL UKRAINE | | 273,750 |
Uruguay - 0.1% |
Uruguay Republic 7.625% 3/21/36 | | 75,000 | | 105,375 |
Venezuela - 1.3% |
Venezuelan Republic: | | | | |
7.75% 10/13/19 (Reg. S) | | 85,000 | | 73,525 |
11.75% 10/21/26 (Reg. S) | | 300,000 | | 301,500 |
11.95% 8/5/31 (Reg. S) | | 350,000 | | 351,750 |
12.75% 8/23/22 | | 325,000 | | 351,000 |
TOTAL VENEZUELA | | 1,077,775 |
TOTAL GOVERNMENT OBLIGATIONS (Cost $15,818,766) |
16,568,998
|
Money Market Funds - 2.4% |
| Shares | | |
Fidelity Cash Central Fund, 0.14% (b)
(Cost $2,094,585) | 2,094,585 | |
2,094,585
|
TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $80,783,694) | | 86,142,584 |
NET OTHER ASSETS (LIABILITIES) - 0.8% | | 690,259 |
NET ASSETS - 100% | $ 86,832,843 |
Security Type Abbreviations |
ETF - Exchange-Traded Fund |
ETN - Exchange-Traded Note |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Non-income producing - Security is in default. |
(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate 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 $8,063,940 or 9.3% of net assets. |
(f) Security is perpetual in nature with no stated maturity date. |
(g) Security or a portion of the security purchased on a delayed delivery or when-issued 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 | $ 1,728 |
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, 2012, 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 Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | | | | |
Equities: | | | | |
Consumer Discretionary | $ 5,307,388 | $ 5,307,388 | $ - | $ - |
Consumer Staples | 4,799,905 | 4,799,905 | - | - |
Energy | 8,589,617 | 7,946,553 | 643,064 | - |
Financials | 13,186,512 | 12,345,760 | 840,752 | - |
Health Care | 655,099 | 655,099 | - | - |
Industrials | 3,754,474 | 3,754,474 | - | - |
Information Technology | 8,834,353 | 7,485,308 | 1,349,045 | - |
Materials | 7,310,912 | 7,060,753 | 250,159 | - |
Telecommunication Services | 4,793,524 | 4,565,228 | 228,296 | - |
Utilities | 2,056,622 | 1,903,918 | 152,704 | - |
Investment Companies | 1,744,214 | 1,744,214 | - | - |
Corporate Bonds | 6,446,381 | - | 6,446,381 | - |
Government Obligations | 16,568,998 | - | 16,568,998 | - |
Money Market Funds | 2,094,585 | 2,094,585 | - | - |
Total Investments in Securities: | $ 86,142,584 | $ 59,663,185 | $ 26,479,399 | $ - |
The composition of credit quality ratings as a percentage of net assets is as follows (Unaudited): |
AAA,AA,A | 1.4% |
BBB | 12.4% |
BB | 4.7% |
B | 4.5% |
CCC,CC,C | 0.4% |
Not Rated | 3.1% |
Equities | 70.3% |
Short-Term Investments and
Net Other Assets | 3.2% |
| 100.0% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. Percentages are adjusted for the effect of futures contracts, if applicable. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total Emerging Markets Fund
Statement of Assets and Liabilities
| April 30, 2012 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $78,689,109) | $ 84,047,999 | |
Fidelity Central Funds (cost $2,094,585) | 2,094,585 | |
Total Investments (cost $80,783,694) | | $ 86,142,584 |
Cash | | 27,663 |
Foreign currency held at value (cost $11,747) | | 11,726 |
Receivable for investments sold | | 569,580 |
Receivable for fund shares sold | | 503,227 |
Dividends receivable | | 186,182 |
Interest receivable | | 378,388 |
Distributions receivable from Fidelity Central Funds | | 313 |
Prepaid expenses | | 41,371 |
Receivable from investment adviser for expense reductions | | 10,243 |
Other receivables | | 6,348 |
Total assets | | 87,877,625 |
| | |
Liabilities | | |
Payable for investments purchased
Regular delivery | $ 600,351 | |
Delayed delivery | 22,705 | |
Payable for fund shares redeemed | 230,431 | |
Accrued management fee | 56,939 | |
Distribution and service plan fees payable | 7,657 | |
Other affiliated payables | 16,133 | |
Other payables and accrued expenses | 110,566 | |
Total liabilities | | 1,044,782 |
| | |
Net Assets | | $ 86,832,843 |
Net Assets consist of: | | |
Paid in capital | | $ 81,274,206 |
Undistributed net investment income | | 469,912 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (270,431) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 5,359,156 |
Net Assets | | $ 86,832,843 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total Emerging Markets Fund
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2012 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($6,395,663÷ 595,906 shares) | | $ 10.73 |
| | |
Maximum offering price per share (100/94.25 of $10.73) | | $ 11.38 |
Class T:
Net Asset Value and redemption price per share ($4,857,800 ÷ 452,988 shares) | | $ 10.72 |
| | |
Maximum offering price per share (100/96.50 of $10.72) | | $ 11.11 |
Class C:
Net Asset Value and offering price per share ($5,558,822 ÷ 519,232 shares)A | | $ 10.71 |
| | |
Total Emerging Markets:
Net Asset Value, offering price and redemption price per share ($67,860,561 ÷ 6,317,235 shares) | | $ 10.74 |
| | |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,159,997 ÷ 201,088 shares) | | $ 10.74 |
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
For the period November 1, 2011
(commencement of operations) to
April 30, 2012 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 463,804 |
Interest | | 608,208 |
Income from Fidelity Central Funds | | 1,728 |
Income before foreign taxes withheld | | 1,073,740 |
Less foreign taxes withheld | | (36,322) |
Total income | | 1,037,418 |
| | |
Expenses | | |
Management fee | $ 254,751 | |
Transfer agent fees | 56,389 | |
Distribution and service plan fees | 41,307 | |
Accounting fees and expenses | 16,337 | |
Custodian fees and expenses | 125,134 | |
Independent trustees' compensation | 137 | |
Registration fees | 51,344 | |
Audit | 30,492 | |
Legal | 59 | |
Miscellaneous | 356 | |
Total expenses before reductions | 576,306 | |
Expense reductions | (105,445) | 470,861 |
Net investment income (loss) | | 566,557 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (226,996) | |
Foreign currency transactions | (43,435) | |
Total net realized gain (loss) | | (270,431) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 5,358,890 | |
Assets and liabilities in foreign currencies | 266 | |
Total change in net unrealized appreciation (depreciation) | | 5,359,156 |
Net gain (loss) | | 5,088,725 |
Net increase (decrease) in net assets resulting from operations | | $ 5,655,282 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total Emerging Markets Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
November 1, 2011
(commencement of operations) to
April 30, 2012
(Unaudited) |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 566,557 |
Net realized gain (loss) | (270,431) |
Change in net unrealized appreciation (depreciation) | 5,359,156 |
Net increase (decrease) in net assets resulting
from operations | 5,655,282 |
Distributions to shareholders from net investment income | (96,645) |
Share transactions - net increase (decrease) | 81,260,018 |
Redemption fees | 14,188 |
Total increase (decrease) in net assets | 86,832,843 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $469,912) | $ 86,832,843 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended
April 30, 2012 I |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .09 |
Net realized and unrealized gain (loss) | .66 |
Total from investment operations | .75 |
Distributions from net investment income | (.02) |
Redemption fees added to paid in capitalE,J | - |
Net asset value, end of period | $ 10.73 |
Total Return B, C, D | 7.50% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 1.98% A |
Expenses net of fee waivers, if any | 1.65% A |
Expenses net of all reductions | 1.62% A |
Net investment income (loss) | 1.68% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 6,396 |
Portfolio turnover rate G | 55% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 For the period November 1, 2011 (commencement of operations) to April 30, 2012.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Period ended
April 30, 2012 I |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .07 |
Net realized and unrealized gain (loss) | .66 |
Total from investment operations | .73 |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capitalE,J | - |
Net asset value, end of period | $ 10.72 |
Total Return B, C, D | 7.36% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 2.21% A |
Expenses net of fee waivers, if any | 1.90% A |
Expenses net of all reductions | 1.87% A |
Net investment income (loss) | 1.43% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 4,858 |
Portfolio turnover rate G | 55% 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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 For the period November 1, 2011 (commencement of operations) to April 30, 2012.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Period ended
April 30, 2012 I |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .05 |
Net realized and unrealized gain (loss) | .67 |
Total from investment operations | .72 |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capitalE,J | - |
Net asset value, end of period | $ 10.71 |
Total Return B, C, D | 7.17% |
Ratios to Average Net Assets F, H | |
Expenses before reductions | 2.72% A |
Expenses net of fee waivers, if any | 2.40% A |
Expenses net of all reductions | 2.36% A |
Net investment income (loss) | .93% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 5,559 |
Portfolio turnover rate G | 55% 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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. 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 For the period November 1, 2011 (commencement of operations) to April 30, 2012.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Total Emerging Markets
| Period ended
April 30, 2012 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .10 |
Net realized and unrealized gain (loss) | .66 |
Total from investment operations | .76 |
Distributions from net investment income | (.02) |
Redemption fees added to paid in capitalD,I | - |
Net asset value, end of period | $ 10.74 |
Total Return B, C | 7.65% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | 1.69% A |
Expenses net of fee waivers, if any | 1.40% A |
Expenses net of all reductions | 1.36% A |
Net investment income (loss) | 1.93% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 67,861 |
Portfolio turnover rate F | 55% 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 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.
H For the period November 1, 2011 (commencement of operations) to April 30, 2012.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Period ended
April 30, 2012 H |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .10 |
Net realized and unrealized gain (loss) | .66 |
Total from investment operations | .76 |
Distributions from net investment income | (.02) |
Redemption fees added to paid in capitalD,I | - |
Net asset value, end of period | $ 10.74 |
Total Return B, C | 7.65% |
Ratios to Average Net Assets E, G | |
Expenses before reductions | 1.72% A |
Expenses net of fee waivers, if any | 1.40% A |
Expenses net of all reductions | 1.37% A |
Net investment income (loss) | 1.93% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 2,160 |
Portfolio turnover rate F | 55% 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 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.
H For the period November 1, 2011 (commencement of operations) to April 30, 2012.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total Emerging Markets Fund
Notes to Financial Statements
For the period ended April 30, 2012 (Unaudited)
1. Organization.
Fidelity® Total 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 Class A, Class T, Class C, Total Emerging Markets and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by 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 Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
Fidelity Total Emerging Markets Fund
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2012, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and foreign government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. ETFs and Exchange-traded notes (ETNs) are valued at their last sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs and ETNs 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 and ETNs may be valued by another method that the Board of Trustees 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 each business day and are categorized as Level 1 in the hierarchy.
New Accounting Pronouncements. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update is effective during interim and annual periods beginning after December 15, 2011 and will result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.
In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.
Semiannual Report
Fidelity Total Emerging Markets Fund
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
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.
Semiannual Report
3. Significant Accounting Policies - continued
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 income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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. Temporary book-tax differences will reverse in a subsequent period.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 7,173,905 |
Gross unrealized depreciation | (1,854,638) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 5,319,267 |
| |
Tax cost | $ 80,821,927 |
Short-Term Trading (Redemption) Fees. Shares purchased by investors and held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the net asset value 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
Fidelity Total Emerging Markets Fund
Notes to Financial Statements (Unaudited) - continued
4. Operating Policies.
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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $93,866,124 and $14,943,870, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .81% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan Fees - continued
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
Fee | Service
Fee | Total Fees | Retained
by FDC |
Class A | -% | .25% | $ 6,713 | $ 6,438 |
Class T | .25% | .25% | 8,688 | 7,698 |
Class C | .75% | .25% | 25,906 | 25,818 |
| | | $ 41,307 | $ 39,954 |
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, and Class C redemptions. The deferred sales charges range from 1.00% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2,513 |
Class T | 471 |
| $ 2,984 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 5,067 | .19 |
Class T | 3,131 | .18 |
Class C | 4,769 | .18 |
Total Emerging Markets | 41,546 | .18 |
Institutional Class | 1,876 | .18 |
| $ 56,389 | |
* Annualized
Semiannual Report
Fidelity Total Emerging Markets Fund
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Accounting Fees. Fidelity Service Company, Inc.(FSC),an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $124 for the period.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR 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. There were no commitment fees paid during the period by the fund. During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
Effective November 1, 2011, FMR contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2012. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.65% | $ 8,811 |
Class T | 1.90% | 5,452 |
Class C | 2.40% | 8,451 |
Total Emerging Markets | 1.40% | 69,415 |
Institutional Class | 1.40% | 3,343 |
| | $ 95,472 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $9,850 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 $123.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Period ended
April 30,
2012 A |
From net investment income | |
Class A | $ 9,099 |
Class T | 4,204 |
Class C | 3,000 |
Total Emerging Markets | 75,940 |
Institutional Class | 4,402 |
Total | $ 96,645 |
A For the period November 1, 2011 (commencement of operations) to April 30, 2012.
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Period ended April 30,
2012 A | Period ended
April 30,
2012 A |
Class A | | |
Shares sold | 594,957 | $ 6,007,724 |
Reinvestment of distributions | 949 | 9,099 |
Net increase (decrease) | 595,906 | $ 6,016,823 |
Class T | | |
Shares sold | 452,549 | $ 4,613,744 |
Reinvestment of distributions | 439 | 4,204 |
Net increase (decrease) | 452,988 | $ 4,617,948 |
Class C | | |
Shares sold | 518,918 | $ 5,203,046 |
Reinvestment of distributions | 314 | 3,000 |
Net increase (decrease) | 519,232 | $ 5,206,046 |
Total Emerging Markets | | |
Shares sold | 6,616,968 | $ 66,604,812 |
Reinvestment of distributions | 7,686 | 73,759 |
Shares redeemed | (307,419) | (3,270,624) |
Net increase (decrease) | 6,317,235 | $ 63,407,947 |
Institutional Class | | |
Shares sold | 200,629 | $ 2,006,852 |
Reinvestment of distributions | 459 | 4,402 |
Net increase (decrease) | 201,088 | $ 2,011,254 |
A For the period November 1, 2011 (commencement of operations) to April 30, 2012.
Semiannual Report
Fidelity Total Emerging Markets Fund
Notes to Financial Statements (Unaudited) - continued
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, FMR or its affiliates were the owners of record of 37% of the total outstanding shares of the Fund.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Emerging Markets Discovery Fund
Fidelity Total Emerging Markets Fund
On July 13, 2011, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract and sub-advisory agreements (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of each fund's investment personnel and each fund's investment objective and discipline. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Research Committee reviewed the general qualifications and capabilities of the Investment Advisers' investment staff, including its size, education, experience and resources (including increased resources in non-United States offices), as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities which allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and enhancers. The Board also believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools which permit them to assess portfolio risk, performance and attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in their deliberations, the Board considered the Investment Advisers' trading capabilities and resources which are an integral part of the investment management process.
Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund. The Board also considered the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, and investor education materials and asset allocation tools.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Investment Performance. Each fund is a new fund and therefore had no historical performance for the Board to review at the time it approved each fund's Advisory Contracts. The Board considered the Investment Advisers' strength in fundamental, research-driven emerging markets equity selection, which the Board is familiar with through its supervision of other Fidelity funds that invest in such securities.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided by Fidelity to the funds will benefit each fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered each fund's proposed management fee and the projected total operating expenses of each class of the fund in reviewing the Advisory Contracts. The Board noted that each fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also considered that the projected total operating expenses are comparable to those of similar classes and funds that Fidelity offers to shareholders.
Based on its review, the Board concluded that each fund's management fee and the projected total expenses of each class of each fund were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. Each fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of each fund at the time it approved the Advisory Contracts. In connection with its future renewal of each fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders.
Economies of Scale. The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that each fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contracts should be approved.
Semiannual Report
Investment Adviser
Fidelity Management &
Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
EMD-TEK-USAN-0612
1.931239.100
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 22, 2012 |
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 22, 2012 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
| |
Date: | June 22, 2012 |
