UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-4008
Fidelity Investment Trust
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | October 31 |
Date of reporting period: | April 30, 2006 |
Item 1. Reports to Stockholders
Fidelity's
Broadly Diversified International Equity
Funds
Fidelity® Global Balanced Fund
Fidelity Diversified International Fund
Fidelity Aggressive International Fund
Fidelity Overseas Fund
Fidelity Worldwide Fund
Semiannual Report
April 30, 2006
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Global Balanced Fund | Investment Changes | |
Investments | ||
Financial Statements | ||
Diversified International Fund | Investment Changes | |
Investments | ||
Financial Statements | ||
Aggressive International Fund | Investment Changes | |
Investments | ||
Financial Statements | ||
Overseas Fund | Investment Changes | |
Investments | ||
Financial Statements | ||
Worldwide Fund | Investment Changes | |
Investments | ||
Financial Statements | ||
Notes to Financial Statements | Notes to the Financial Statements | |
Report of Independent Registered Public Accounting Firm | ||
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at 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 Corp. 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 each fund's most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com/holdings.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Chairman's Message
(Photograph of Edward C. Johnson 3d)
Dear Shareholder:
Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies
indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d.
Edward C. Johnson 3d
Semiannual Report
Shareholder Expense Example
As a shareholder of a 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 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, 2005 to April 30, 2006).
Actual Expenses
The first line of the table below for 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 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.
Hypothetical Example for Comparison Purposes
The second line of the table below for each fund provides information about hypothetical account values and hypothetical expenses based on a 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.
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.
Beginning | Ending | Expenses Paid | |
Global Balanced | |||
Actual | $1,000.00 | $1,129.40 | $6.23 |
HypotheticalA | $1,000.00 | $1,018.94 | $5.91 |
Diversified International | |||
Actual | $1,000.00 | $1,247.80 | $5.91 |
HypotheticalA | $1,000.00 | $1,019.54 | $5.31 |
Aggressive International | |||
Actual | $1,000.00 | $1,212.00 | $4.88 |
HypotheticalA | $1,000.00 | $1,020.38 | $4.46 |
Overseas | |||
Actual | $1,000.00 | $1,266.70 | $6.07 |
HypotheticalA | $1,000.00 | $1,019.44 | $5.41 |
Worldwide | |||
Actual | $1,000.00 | $1,186.40 | $6.23 |
HypotheticalA | $1,000.00 | $1,019.09 | $5.76 |
A5% return per year before expenses
*Expenses are equal to each Fund's annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Annualized | |
Global Balanced | 1.18% |
Diversified International | 1.06% |
Aggressive International | .89% |
Overseas | 1.08% |
Worldwide | 1.15% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
United States of America | 39.9% | ||
Japan | 16.0% | ||
France | 8.3% | ||
Germany | 6.9% | ||
United Kingdom | 4.8% | ||
Austria | 4.3% | ||
Switzerland | 3.2% | ||
Norway | 2.4% | ||
Netherlands | 2.1% | ||
Other | 12.1% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
United States of America | 47.1% | ||
Japan | 20.1% | ||
Germany | 7.5% | ||
United Kingdom | 7.1% | ||
France | 3.7% | ||
Switzerland | 2.1% | ||
Canada | 1.9% | ||
Spain | 1.8% | ||
Italy | 1.4% | ||
Other | 7.3% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks and Equity Futures | 64.4 | 64.5 |
Bonds | 31.3 | 23.3 |
Short-Term Investments and Net Other Assets | 4.3 | 12.2 |
Top Five Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Google, Inc. Class A (sub. vtg.) (United States of America) | 1.1 | 0.8 |
American International Group, Inc. (United States of America) | 1.0 | 0.5 |
General Electric Co. (United States of America) | 0.9 | 1.1 |
NTL, Inc. (United States of America) | 0.8 | 0.0 |
Federated Department Stores, Inc. (United States of America) | 0.8 | 0.4 |
4.6 | ||
Top Five Bond Issuers as of April 30, 2006 | ||
(with maturities greater than one year) | % of fund's | % of fund's net assets |
Japan Government | 9.6 | 9.5 |
French Government | 5.8 | 1.5 |
U.S. Treasury Obligations | 5.0 | 6.1 |
Austrian Republic | 3.8 | 0.0 |
United Kingdom, Great Britain & Northern Ireland | 1.7 | 0.6 |
25.9 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Financials | 14.3 | 12.8 |
Consumer Discretionary | 8.6 | 8.7 |
Information Technology | 8.1 | 7.4 |
Industrials | 7.4 | 5.7 |
Energy | 6.8 | 7.4 |
Consumer Staples | 5.8 | 6.2 |
Health Care | 5.6 | 6.3 |
Materials | 4.9 | 2.4 |
Telecommunication Services | 2.7 | 1.6 |
Utilities | 1.7 | 1.3 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 63.6% | |||
Shares | Value (Note 1) | ||
Argentina - 0.3% | |||
Cresud S.A.C.I.F.y A. sponsored ADR | 36,200 | $628,794 | |
Australia - 0.6% | |||
BHP Billiton Ltd. | 16,034 | 365,254 | |
Downer EDI Ltd. | 35,463 | 233,835 | |
Oxiana Ltd. | 185,924 | 481,619 | |
Vision Group Holdings Ltd. | 55,916 | 186,897 | |
WorleyParsons Ltd. | 15,900 | 235,529 | |
TOTAL AUSTRALIA | 1,503,134 | ||
Austria - 0.5% | |||
Flughafen Wien AG | 7,600 | 579,723 | |
OMV AG | 9,000 | 625,766 | |
TOTAL AUSTRIA | 1,205,489 | ||
Bermuda - 0.6% | |||
Endurance Specialty Holdings Ltd. | 11,000 | 340,560 | |
Lazard Ltd. Class A | 6,400 | 284,160 | |
Marvell Technology Group Ltd. (a) | 8,200 | 468,138 | |
Pacific Basin Shipping Ltd. | 604,000 | 268,763 | |
TOTAL BERMUDA | 1,361,621 | ||
Canada - 1.0% | |||
European Goldfields Ltd. (a) | 99,500 | 385,362 | |
First Quantum Minerals Ltd. | 13,700 | 662,208 | |
MagIndustries Corp. (a) | 154,500 | 221,109 | |
MagIndustries Corp. (a)(i) | 225,120 | 289,958 | |
New Flyer Industries, Inc. / New Flyer Canada | 58,400 | 444,007 | |
Ultra Petroleum Corp. (a) | 7,600 | 486,096 | |
TOTAL CANADA | 2,488,740 | ||
Cayman Islands - 0.6% | |||
Foxconn International Holdings Ltd. (a) | 108,000 | 232,624 | |
Herbalife Ltd. (a) | 5,300 | 184,440 | |
Noble Corp. | 11,400 | 899,916 | |
TOTAL CAYMAN ISLANDS | 1,316,980 | ||
China - 0.4% | |||
China Life Insurance Co. Ltd. (H Shares) | 225,000 | 303,258 | |
Focus Media Holding Ltd. ADR | 12,400 | 748,836 | |
TOTAL CHINA | 1,052,094 | ||
Finland - 0.4% | |||
Metso Corp. | 21,400 | 850,478 | |
France - 2.5% | |||
Compagnie Generale de Geophysique SA (a) | 5,300 | 856,572 | |
Icade SA | 16,500 | 709,659 | |
Lagardere S.C.A. (Reg.) | 6,400 | 528,884 | |
Pernod Ricard SA | 6,165 | 1,195,490 | |
Renault SA | 9,600 | 1,114,289 | |
Total SA Series B | 5,751 | 1,587,506 | |
TOTAL FRANCE | 5,992,400 | ||
Shares | Value (Note 1) | ||
Germany - 3.8% | |||
Bayer AG (f) | 34,300 | $1,584,283 | |
Deutsche Postbank AG | 8,000 | 611,648 | |
E.ON AG | 11,700 | 1,424,709 | |
Infineon Technologies AG (a) | 116,500 | 1,423,630 | |
Lanxess AG (a) | 25,300 | 1,034,838 | |
MAN AG | 9,600 | 727,800 | |
Premiere AG (a)(f) | 56,200 | 921,761 | |
SAP AG sponsored ADR | 21,500 | 1,174,545 | |
TOTAL GERMANY | 8,903,214 | ||
Greece - 0.3% | |||
Greek Organization of Football Prognostics SA | 21,950 | 811,411 | |
Hong Kong - 0.3% | |||
Chaoda Modern Agriculture (Holdings) Ltd. | 306,000 | 213,122 | |
China Mobile (Hong Kong) Ltd. | 27,500 | 158,730 | |
CNOOC Ltd. | 146,000 | 117,692 | |
Esprit Holdings Ltd. | 13,000 | 103,788 | |
Hong Kong & China Gas Co. Ltd. | 84,000 | 200,431 | |
Prosperity (REIT) | 468 | 131 | |
TOTAL HONG KONG | 793,894 | ||
India - 0.4% | |||
Bharat Heavy Electricals Ltd. | 4,562 | 239,925 | |
Crompton Greaves Ltd. | 12,219 | 289,188 | |
ICICI Bank Ltd. | 14,638 | 188,827 | |
Larsen & Toubro Ltd. | 3,037 | 182,274 | |
TOTAL INDIA | 900,214 | ||
Italy - 1.3% | |||
Banca Intesa Spa (f) | 89,700 | 533,031 | |
ENI Spa sponsored ADR | 12,050 | 737,581 | |
FASTWEB Spa | 17,600 | 884,205 | |
Unicredito Italiano Spa | 139,400 | 1,050,495 | |
TOTAL ITALY | 3,205,312 | ||
Japan - 6.4% | |||
Aeon Fantasy Co. Ltd. | 1,800 | 75,557 | |
Anritsu Corp. | 12,000 | 79,877 | |
Asics Corp. | 5,000 | 60,988 | |
Canon, Inc. | 2,800 | 212,240 | |
Create SD Co. Ltd. | 1,800 | 58,801 | |
Dainippon Ink & Chemicals, Inc. | 40,000 | 160,527 | |
Daiwa House Industry Co. Ltd. | 5,000 | 85,225 | |
Diamond Lease Co. Ltd. | 6,200 | 332,119 | |
eAccess Ltd. (f) | 267 | 184,292 | |
East Japan Railway Co. | 38 | 296,659 | |
EDION Corp. | 4,300 | 104,031 | |
Fanuc Ltd. | 2,300 | 217,528 | |
First Juken Co. Ltd. | 4,700 | 54,894 | |
Fujitsu Ltd. | 28,000 | 233,344 | |
Heiwado Co. Ltd. | 5,000 | 100,549 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
Hirose Electric Co. Ltd. | 700 | $102,718 | |
Hitachi Ltd. | 25,000 | 186,025 | |
Iino Kaiun Kaisha Ltd. | 7,900 | 75,410 | |
Itochushokuhin Co. Ltd. | 8,200 | 349,243 | |
Japan Retail Fund Investment Corp. | 8 | 66,318 | |
Japan Tobacco, Inc. | 60 | 241,317 | |
JSR Corp. | 5,900 | 181,857 | |
Kamigumi Co. Ltd. | 10,000 | 79,737 | |
Kansai Urban Banking Corp. | 19,000 | 89,598 | |
Kawasaki Kisen Kaisha Ltd. (f) | 21,000 | 132,040 | |
KDDI Corp. | 25 | 154,116 | |
Kobayashi Pharmaceutical Co. Ltd. | 2,500 | 88,474 | |
Kuraray Co. Ltd. | 15,000 | 185,071 | |
Kurita Water Industries Ltd. | 2,900 | 59,082 | |
Kyocera Corp. | 2,500 | 234,700 | |
Land Business Co. Ltd. | 16 | 56,202 | |
Matsushita Electric Industrial Co. Ltd. | 16,000 | 387,360 | |
Mitsubishi Estate Co. Ltd. | 2,000 | 43,732 | |
Mitsui & Co. Ltd. | 32,000 | 483,618 | |
Mitsui Fudosan Co. Ltd. | 10,000 | 223,930 | |
Mizuho Financial Group, Inc. | 133 | 1,134,077 | |
Murata Manufacturing Co. Ltd. | 3,000 | 218,397 | |
Nafco Co. Ltd. | 2,600 | 102,288 | |
Nikko Cordial Corp. | 26,000 | 420,795 | |
Nintendo Co. Ltd. | 1,200 | 179,144 | |
Nippon Oil Corp. | 51,000 | 403,521 | |
Nippon Steel Corp. | 141,000 | 520,044 | |
Nissan Motor Co. Ltd. | 34,400 | 452,876 | |
Nissin Food Products Co. Ltd. | 5,100 | 162,573 | |
NTN Corp. | 10,000 | 82,547 | |
Omron Corp. | 10,200 | 284,839 | |
Organo Corp. | 18,000 | 176,404 | |
Ricoh Co. Ltd. | 3,000 | 59,539 | |
Sasakura Engineering Co. Ltd. | 7,000 | 80,035 | |
Seiko Epson Corp. | 4,700 | 148,171 | |
Shinagawa Refractories Co. Ltd. | 14,000 | 68,847 | |
Sho-Bond Corp. | 9,700 | 97,532 | |
Shoei Co. | 3,700 | 123,794 | |
Sompo Japan Insurance, Inc. | 7,000 | 101,427 | |
Sony Corp. | 1,300 | 63,622 | |
Stanley Electric Co. Ltd. | 19,500 | 453,787 | |
Sumitomo Corp. | 22,000 | 329,589 | |
Sumitomo Electric Industries Ltd. | 12,600 | 200,051 | |
Sumitomo Metal Industries Ltd. | 56,000 | 236,048 | |
Sumitomo Mitsui Financial Group, Inc. | 45 | 493,963 | |
Sumitomo Trust & Banking Co. Ltd. | 13,000 | 138,362 | |
Takeda Pharamaceutical Co. Ltd. | 9,000 | 550,077 | |
Takefuji Corp. | 2,690 | 174,806 | |
Teijin Ltd. | 10,000 | 68,584 | |
The Sumitomo Warehouse Co. Ltd. | 9,000 | 69,945 | |
Toc Co. Ltd. | 20,000 | 119,429 | |
Toenec Corp. | 32,000 | 158,490 | |
Shares | Value (Note 1) | ||
Tokyo Tatemono Co. Ltd. | 8,000 | $92,382 | |
Tokyo Tomin Bank Ltd. | 2,300 | 114,924 | |
TonenGeneral Sekiyu KK (f) | 36,000 | 391,060 | |
Torishima Pump Manufacturing Co. Ltd. | 12,000 | 97,370 | |
Toyota Motor Corp. | 8,100 | 474,377 | |
UNY Co. Ltd. | 18,000 | 321,668 | |
Valor Co. Ltd. | 5,200 | 105,941 | |
Yachiyo Industry Co. Ltd. | 2,600 | 70,779 | |
TOTAL JAPAN | 15,219,283 | ||
Korea (South) - 0.7% | |||
Industrial Bank of Korea | 11,090 | 223,411 | |
Kookmin Bank | 2,820 | 252,653 | |
Korea Electric Power Corp. | 4,450 | 197,694 | |
KT&G Corp. | 3,020 | 169,068 | |
NHN Corp. (a) | 708 | 251,477 | |
Samsung Engineering Co. Ltd. | 7,990 | 341,830 | |
Taewoong Co. Ltd. | 10,360 | 225,731 | |
TOTAL KOREA (SOUTH) | 1,661,864 | ||
Luxembourg - 0.7% | |||
Millicom International Cellular SA unit (a) | 34,500 | 1,694,877 | |
Netherlands - 1.7% | |||
Completel Europe NV (a) | 6,559 | 433,619 | |
ING Groep NV (Certificaten Van Aandelen) | 33,500 | 1,359,430 | |
Reed Elsevier NV | 64,800 | 960,620 | |
Tele Atlas NV (a) | 49,200 | 1,250,775 | |
TOTAL NETHERLANDS | 4,004,444 | ||
Norway - 2.4% | |||
Petroleum Geo-Services ASA (a) | 21,450 | 1,207,951 | |
Statoil ASA | 46,900 | 1,545,117 | |
TANDBERG ASA | 56,600 | 576,398 | |
TANDBERG Television ASA (a) | 31,800 | 639,943 | |
TGS Nopec Geophysical Co. ASA (a) | 7,000 | 470,317 | |
Yara International ASA | 70,900 | 1,142,008 | |
TOTAL NORWAY | 5,581,734 | ||
Papua New Guinea - 0.1% | |||
Oil Search Ltd. | 78,100 | 255,113 | |
Philippines - 0.1% | |||
Semirara Mining Corp. | 384,000 | 204,196 | |
Russia - 0.3% | |||
JSC MMC 'Norilsk Nickel' sponsored ADR | 5,200 | 689,000 | |
Singapore - 0.1% | |||
Keppel Land Ltd. | 69,000 | 206,889 | |
Spain - 0.7% | |||
Banco Bilbao Vizcaya Argentaria SA | 45,100 | 994,906 | |
Telefonica SA sponsored ADR | 14,840 | 712,172 | |
TOTAL SPAIN | 1,707,078 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Sweden - 0.9% | |||
Micronic Laser Systems AB (a) | 50,300 | $1,021,927 | |
OMX AB | 3,800 | 73,072 | |
Swedish Match Co. | 68,200 | 1,024,135 | |
TOTAL SWEDEN | 2,119,134 | ||
Switzerland - 3.2% | |||
Actelion Ltd. (Reg.) (a) | 13,016 | 1,471,292 | |
Alcon, Inc. | 6,700 | 681,457 | |
Credit Suisse Group sponsored ADR | 20,300 | 1,234,037 | |
Nestle SA sponsored ADR | 9,400 | 718,630 | |
Novartis AG: | |||
(Reg.) | 15,988 | 919,470 | |
sponsored ADR | 4,400 | 253,044 | |
Swissfirst AG | 4,084 | 357,264 | |
Syngenta AG: | |||
warrants 5/22/06 (a) | 9,023 | 14,477 | |
(Switzerland) | 4,975 | 691,028 | |
The Swatch Group AG (Reg.) | 31,679 | 1,162,134 | |
TOTAL SWITZERLAND | 7,502,833 | ||
Taiwan - 0.1% | |||
Holtek Semiconductor, Inc. | 84,000 | 168,232 | |
Powertech Technology, Inc. | 35,000 | 120,118 | |
TOTAL TAIWAN | 288,350 | ||
Turkey - 0.2% | |||
Akenerji Elektrik Uretimi Otoproduktor Grubu AS (a) | 106,401 | 392,618 | |
Selcuk Ecza Deposu Tic AS | 18,000 | 91,191 | |
TOTAL TURKEY | 483,809 | ||
United Kingdom - 2.9% | |||
Amlin PLC | 6,300 | 32,343 | |
AstraZeneca PLC sponsored ADR | 1,600 | 88,208 | |
BAE Systems PLC | 183,510 | 1,397,274 | |
Benfield Group PLC | 217,800 | 1,543,172 | |
BG Group PLC | 61,900 | 832,000 | |
Chaucer Holdings PLC | 661,400 | 832,297 | |
ITV PLC | 471,800 | 989,512 | |
NETeller PLC (a) | 43,200 | 610,592 | |
Standard Chartered PLC (United Kingdom) | 16,893 | 448,573 | |
TOTAL UNITED KINGDOM | 6,773,971 | ||
United States of America - 30.1% | |||
Actel Corp. (a) | 4,800 | 77,136 | |
AES Corp. (a) | 25,500 | 432,735 | |
Airgas, Inc. | 9,400 | 380,230 | |
AirTran Holdings, Inc. (a) | 20,700 | 289,386 | |
Alcoa, Inc. | 15,800 | 533,724 | |
Allergan, Inc. | 5,200 | 534,144 | |
Allied Waste Industries, Inc. (a) | 46,800 | 662,688 | |
Altria Group, Inc. | 18,900 | 1,382,724 | |
Amerada Hess Corp. | 3,100 | 444,137 | |
Shares | Value (Note 1) | ||
American Express Co. | 13,900 | $747,959 | |
American International Group, Inc. | 35,687 | 2,328,577 | |
American Tower Corp. Class A (a) | 18,400 | 628,176 | |
Amphenol Corp. Class A | 7,400 | 427,720 | |
AMR Corp. (a) | 6,800 | 167,552 | |
Amylin Pharmaceuticals, Inc. (a) | 2,900 | 126,295 | |
Apple Computer, Inc. (a) | 10,300 | 725,017 | |
Applied Materials, Inc. | 10,000 | 179,500 | |
aQuantive, Inc. (a) | 17,500 | 438,550 | |
Aspect Medical Systems, Inc. (a) | 8,400 | 239,064 | |
AT&T, Inc. | 15,600 | 408,876 | |
Atmel Corp. (a) | 67,600 | 354,224 | |
Avon Products, Inc. | 33,600 | 1,095,696 | |
Badger Meter, Inc. | 3,200 | 197,376 | |
Bank of America Corp. | 18,400 | 918,528 | |
BEA Systems, Inc. (a) | 19,500 | 258,375 | |
Beacon Roofing Supply, Inc. (a) | 4,600 | 170,200 | |
Best Buy Co., Inc. | 21,000 | 1,189,860 | |
BioMarin Pharmaceutical, Inc. (a) | 16,800 | 206,640 | |
C.R. Bard, Inc. | 10,200 | 759,492 | |
Carpenter Technology Corp. | 3,800 | 452,010 | |
Cisco Systems, Inc. (a) | 43,400 | 909,230 | |
Coldwater Creek, Inc. (a) | 12,750 | 356,490 | |
Colgate-Palmolive Co. | 18,700 | 1,105,544 | |
CONSOL Energy, Inc. | 8,900 | 757,924 | |
Cooper Companies, Inc. | 100 | 5,482 | |
CyberSource Corp. (a) | 39,200 | 366,128 | |
E*TRADE Financial Corp. (a) | 16,300 | 405,544 | |
Entegris, Inc. (a) | 17,200 | 175,096 | |
Evergreen Solar, Inc. (a) | 11,200 | 155,456 | |
Exelixis, Inc. (a) | 8,800 | 94,688 | |
Exelon Corp. | 15,000 | 810,000 | |
Exxon Mobil Corp. | 10,400 | 656,032 | |
Federated Department Stores, Inc. | 23,000 | 1,790,550 | |
First Data Corp. | 12,300 | 586,587 | |
Fluor Corp. | 9,300 | 864,063 | |
FormFactor, Inc. (a) | 4,400 | 183,436 | |
FPL Group, Inc. | 12,100 | 479,160 | |
Gartner, Inc. Class A (a) | 7,200 | 100,944 | |
Genentech, Inc. (a) | 12,300 | 980,433 | |
General Dynamics Corp. | 7,900 | 518,398 | |
General Electric Co. | 62,700 | 2,168,793 | |
General Growth Properties, Inc. | 9,040 | 424,428 | |
Gilead Sciences, Inc. (a) | 8,500 | 488,750 | |
Golden West Financial Corp., Delaware | 18,200 | 1,308,034 | |
Goldman Sachs Group, Inc. | 4,300 | 689,247 | |
Google, Inc. Class A (sub. vtg.) (a) | 6,300 | 2,633,022 | |
Halliburton Co. | 15,400 | 1,203,510 | |
Harris Corp. | 10,400 | 484,328 | |
Hartford Financial Services Group, Inc. | 8,200 | 753,826 | |
Health Net, Inc. (a) | 12,600 | 512,820 | |
Hewlett-Packard Co. | 29,700 | 964,359 | |
Honeywell International, Inc. | 32,600 | 1,385,500 | |
Hudson City Bancorp, Inc. | 33,200 | 445,212 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United States of America - continued | |||
International Game Technology | 11,700 | $443,781 | |
Inverness Medical Innovations, Inc. (a) | 6,700 | 174,200 | |
JCPenney Co., Inc. | 7,200 | 471,312 | |
Johnson & Johnson | 30,500 | 1,787,605 | |
JPMorgan Chase & Co. | 29,200 | 1,325,096 | |
Kellogg Co. | 14,500 | 671,495 | |
MCF Corp. (a) | 77,100 | 97,917 | |
Merck & Co., Inc. | 11,000 | 378,620 | |
Monsanto Co. | 6,600 | 550,440 | |
Myogen, Inc. (a) | 4,400 | 145,464 | |
National Oilwell Varco, Inc. (a) | 8,500 | 586,245 | |
NCI, Inc. Class A | 7,725 | 108,536 | |
NCR Corp. (a) | 18,600 | 732,840 | |
Norfolk Southern Corp. | 3,200 | 172,800 | |
Northern Trust Corp. | 13,000 | 765,570 | |
NTL, Inc. (a) | 68,450 | 1,881,006 | |
OfficeMax, Inc. | 15,900 | 615,330 | |
PepsiCo, Inc. | 22,490 | 1,309,818 | |
QUALCOMM, Inc. | 4,800 | 246,432 | |
Quicksilver Resources, Inc. (a) | 11,950 | 495,208 | |
Range Resources Corp. | 6,800 | 180,404 | |
Red Hat, Inc. (a) | 6,200 | 182,218 | |
Robert Half International, Inc. | 10,400 | 439,608 | |
Rockwell Collins, Inc. | 7,500 | 429,000 | |
Safeway, Inc. | 17,700 | 444,801 | |
Service Corp. International (SCI) | 45,200 | 363,860 | |
Starbucks Corp. (a) | 24,300 | 905,661 | |
State Street Corp. | 15,600 | 1,018,992 | |
Synthes, Inc. | 13,711 | 1,702,406 | |
TD Ameritrade Holding Corp. | 18,100 | 335,936 | |
The Coca-Cola Co. | 16,400 | 688,144 | |
The Walt Disney Co. | 26,300 | 735,348 | |
Titanium Metals Corp. (a) | 7,800 | 558,870 | |
TradeStation Group, Inc. (a) | 22,300 | 355,462 | |
Trimble Navigation Ltd. (a) | 6,200 | 293,756 | |
United Dominion Realty Trust, Inc. (SBI) | 14,900 | 405,131 | |
United Technologies Corp. | 12,500 | 785,125 | |
UnitedHealth Group, Inc. | 10,300 | 512,322 | |
Valero Energy Corp. | 14,600 | 945,204 | |
Verizon Communications, Inc. | 25,400 | 838,962 | |
Viacom, Inc. Class A (a) | 9,300 | 370,326 | |
Wachovia Corp. | 8,700 | 520,695 | |
Walgreen Co. | 6,600 | 276,738 | |
Wells Fargo & Co. | 17,300 | 1,188,337 | |
Weyerhaeuser Co. | 4,800 | 338,256 | |
Whole Foods Market, Inc. | 6,600 | 405,108 | |
Wm. Wrigley Jr. Co. | 7,600 | 357,732 | |
Wm. Wrigley Jr. Co. Class B | 1,600 | 75,360 | |
Shares | Value (Note 1) | ||
Wyeth | 16,600 | $807,922 | |
Yahoo!, Inc. (a) | 11,300 | 370,414 | |
TOTAL UNITED STATES OF AMERICA | 71,311,418 | ||
TOTAL COMMON STOCKS (Cost $127,643,379) | 150,717,768 | ||
Nonconvertible Preferred Stocks - 0.8% | |||
Germany - 0.2% | |||
Porsche AG (non-vtg.) | 500 | 498,667 | |
Italy - 0.6% | |||
Istituto Finanziario Industriale Spa (IFI) (a) | 60,600 | 1,441,425 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $1,541,660) | 1,940,092 |
Nonconvertible Bonds - 1.5% | ||||
Principal | ||||
Cayman Islands - 0.2% | ||||
Finans Capital Finance Ltd. (Reg. S) 9% 10/7/14 (e) | $50,000 | 52,750 | ||
MUFG Capital Finance 1 Ltd. 6.346% (h) | 175,000 | 171,477 | ||
Vale Overseas Ltd. 6.25% 1/11/16 | 250,000 | 245,625 | ||
TOTAL CAYMAN ISLANDS | 469,852 | |||
Cyprus - 0.1% | ||||
Mizuho Capital Investment Europe 1 Ltd. 5.02% (h) | EUR | 100,000 | 123,900 | |
Germany - 0.0% | ||||
Wuerttembergische Lebens AG 5.375% 6/1/26 (h) | EUR | 100,000 | 121,579 | |
Ireland - 0.1% | ||||
Dali Capital PLC 7% 4/13/09 | RUB | 7,000,000 | 256,303 | |
Luxembourg - 0.3% | ||||
BTA Finance Luxembourg 8.25% (h) | 100,000 | 95,354 | ||
Damovo III SA 10.997% 4/30/12 (h) | EUR | 250,000 | 316,075 | |
RSHB Capital SA 6.875% 11/29/10 | 200,000 | 200,380 | ||
TOTAL LUXEMBOURG | 611,809 | |||
Netherlands - 0.4% | ||||
ALB Finance BV 8.75% 4/20/11 | 200,000 | 198,500 | ||
CenterCredit International BV 8% 2/2/11 | 250,000 | 245,000 | ||
Eureko BV 5.125% (h) | EUR | 200,000 | 253,748 | |
Kazkommerts International BV 5.125% 3/23/11 | EUR | 250,000 | 310,242 | |
TOTAL NETHERLANDS | 1,007,490 | |||
United Kingdom - 0.1% | ||||
Amlin PLC 6.5% 12/19/26 (h) | GBP | 125,000 | 222,178 | |
Nonconvertible Bonds - continued | ||||
Principal | Value (Note 1) | |||
United States of America - 0.3% | ||||
EB Holdings, Inc. (Reg. S) 10% 2/15/15 pay-in-kind | EUR | 262,500 | $329,527 | |
Fortune Brands, Inc. 4% 1/30/13 | EUR | 300,000 | 364,281 | |
TOTAL UNITED STATES OF AMERICA | 693,808 | |||
TOTAL NONCONVERTIBLE BONDS (Cost $3,439,124) | 3,506,919 | |||
Government Obligations - 29.4% | ||||
Austria - 3.8% | ||||
Austrian Republic 4% 9/15/16 | EUR | 7,100,000 | 8,962,277 | |
Brazil - 0.1% | ||||
Brazilian Federative Republic 7.375% 2/3/15 | EUR | 100,000 | 142,314 | |
Canada - 0.5% | ||||
Canadian Government 5.25% 6/1/12 | CAD | 1,250,000 | 1,168,493 | |
France - 5.8% | ||||
French Government: | ||||
3.25% 4/25/16 | EUR | 2,000,000 | 2,374,425 | |
3.5% 1/12/09 | EUR | 6,350,000 | 8,011,477 | |
4.75% 4/25/35 | EUR | 2,500,000 | 3,426,957 | |
TOTAL FRANCE | 13,812,859 | |||
Germany - 2.9% | ||||
German Federal Republic: | ||||
3% 3/14/08 | EUR | 225,000 | 282,026 | |
4.5% 8/18/06 | EUR | 5,125,000 | 6,498,286 | |
TOTAL GERMANY | 6,780,312 | |||
Japan - 9.6% | ||||
Japan Government: | ||||
Real Return Bond 0.82% 11/20/20 (h) | JPY | 125,000,000 | 1,054,335 | |
Inflation-Indexed 1.1% 6/10/14 | JPY | 699,300,000 | 6,242,371 | |
0.1% 6/20/07 | JPY | 600,000,000 | 5,253,972 | |
1.3% 3/20/15 | JPY | 800,000,000 | 6,692,672 | |
1.5% 3/20/14 | JPY | 400,000,000 | 3,436,435 | |
TOTAL JAPAN | 22,679,785 | |||
United Kingdom - 1.7% | ||||
United Kingdom, Great Britain & Northern Ireland: | ||||
4% 3/7/09 | GBP | 1,275,000 | 2,284,938 | |
4.25% 6/7/32 | GBP | 950,000 | 1,708,913 | |
5% 3/7/25 | GBP | 85,000 | 165,641 | |
TOTAL UNITED KINGDOM | 4,159,492 | |||
Principal | Value (Note 1) | |||
United States of America - 5.0% | ||||
U.S. Treasury Notes: | ||||
3.375% 12/15/08 | $875,000 | $843,077 | ||
3.5% 5/31/07 | 4,450,000 | 4,383,424 | ||
4.375% 8/15/12 | 6,400,000 | 6,196,000 | ||
4.5% 2/15/16 | 500,000 | 478,203 | ||
TOTAL UNITED STATES OF AMERICA | 11,900,704 | |||
TOTAL GOVERNMENT OBLIGATIONS (Cost $68,981,566) | 69,606,236 | |||
Asset-Backed Securities - 0.4% | ||||
Affinity PLC Series 2002-A CLass C, 5.9744% 5/15/09 (h) | GBP | 110,000 | 201,916 | |
Bosphorus Financial Services Ltd. (Reg. S) 6.5488% 2/15/12 (h) | 250,000 | 253,900 | ||
Meridian Funding Co. LLC 5.22% 10/15/14 (g)(h) | 500,000 | 500,162 | ||
TOTAL ASSET-BACKED SECURITIES (Cost $949,754) | 955,978 | |||
Collateralized Mortgage Obligations - 0.0% | ||||
Private Sponsor - 0.0% | ||||
Lansdowne Mortgage Securities No. 1 PLC Series M1, 2.899% 6/15/45 (h) | EUR | 100,000 | 126,165 |
Money Market Funds - 7.5% | |||
Shares | |||
Fidelity Cash Central Fund, 4.8% (b) | 15,215,319 | 15,215,319 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 2,515,640 | 2,515,640 | |
TOTAL MONEY MARKET FUNDS (Cost $17,730,959) | 17,730,959 | ||
TOTAL INVESTMENT PORTFOLIO - 103.2% (Cost $220,409,347) | 244,584,117 | ||
NET OTHER ASSETS - (3.2)% | (7,606,912) | ||
NET ASSETS - 100% | $236,977,205 |
Currency Abbreviations | ||
CAD | - | Canadian dollar |
EUR | - | European Monetary Unit |
GBP | - | British pound |
JPY | - | Japanese yen |
RUB | - | Russian ruble |
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. |
(c)Investment made with cash collateral received from securities on loan. |
(d)Principal amount is stated in United States dollars unless otherwise noted. |
(e)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. |
(f)Security or a portion of the security is on loan at period end. |
(g)Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $500,162 or 0.2% of net assets. |
(h)The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(i)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 $289,958 or 0.1% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
MagIndustries Corp. | 3/16/06 | $239,188 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $549,310 |
Fidelity Securities Lending Cash Central Fund | 13,442 |
Total | $562,752 |
Other Information |
The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited): |
U.S.Government and U.S.Government Agency Obligations | 5.0% |
AAA, AA, A | 24.6% |
BBB | 1.2% |
BB | 0.3% |
B | 0.1% |
CCC, CC, C | 0.1% |
Not Rated | 0.0% |
Equities | 64.4% |
Short-Term Investments and Net Other Assets | 4.3% |
100.0% |
We have used ratings from Moody's Investors Services, Inc. Where Moody's ratings are not available, we have used S&P ratings. Percentages are adjusted for the effect of futures contracts, if applicable. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $2,383,646) - See accompanying schedule: Unaffiliated issuers (cost $202,678,388) | $226,853,158 | |
Affiliated Central Funds (cost $17,730,959) | 17,730,959 | |
Total Investments (cost $220,409,347) | $244,584,117 | |
Foreign currency held at value (cost $2,364,780) | 2,364,780 | |
Receivable for investments sold | 1,703,127 | |
Receivable for fund shares sold | 658,524 | |
Dividends receivable | 332,297 | |
Interest receivable | 891,945 | |
Prepaid expenses | 568 | |
Other affiliated receivables | 1 | |
Other receivables | 34,471 | |
Total assets | 250,569,830 | |
Liabilities | ||
Payable for investments purchased | $10,660,092 | |
Payable for fund shares redeemed | 127,988 | |
Accrued management fee | 136,558 | |
Other affiliated payables | 55,550 | |
Other payables and accrued expenses | 96,797 | |
Collateral on securities loaned, at value | 2,515,640 | |
Total liabilities | 13,592,625 | |
Net Assets | $236,977,205 | |
Net Assets consist of: | ||
Paid in capital | $191,478,944 | |
Undistributed net investment income | 978,121 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 20,378,675 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 24,141,465 | |
Net Assets, for 10,386,758 shares outstanding | $236,977,205 | |
Net Asset Value, offering price and redemption price per share ($236,977,205 ÷ 10,386,758 shares) | $22.82 |
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $1,091,075 | |
Interest | 777,476 | |
Income from affiliated Central Funds | 562,752 | |
2,431,303 | ||
Less foreign taxes withheld | (48,259) | |
Total income | 2,383,044 | |
Expenses | ||
Management fee | $762,078 | |
Transfer agent fees | 265,318 | |
Accounting and security lending fees | 53,199 | |
Independent trustees' compensation | 444 | |
Custodian fees and expenses | 108,262 | |
Registration fees | 19,479 | |
Audit | 43,537 | |
Legal | 1,208 | |
Miscellaneous | 926 | |
Total expenses before reductions | 1,254,451 | |
Expense reductions | (49,413) | 1,205,038 |
Net investment income (loss) | 1,178,006 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $2,709) | 19,845,427 | |
Foreign currency transactions | 72,756 | |
Futures contracts | 710,088 | |
Total net realized gain (loss) | 20,628,271 | |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $24,802) | 3,891,944 | |
Assets and liabilities in foreign currencies | 2,256 | |
Futures contracts | 139,170 | |
Total change in net unrealized appreciation (depreciation) | 4,033,370 | |
Net gain (loss) | 24,661,641 | |
Net increase (decrease) in net assets resulting from operations | $25,839,647 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Global Balanced
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,178,006 | $1,411,815 |
Net realized gain (loss) | 20,628,271 | 17,750,076 |
Change in net unrealized appreciation (depreciation) | 4,033,370 | 2,312,645 |
Net increase (decrease) in net assets resulting from operations | 25,839,647 | 21,474,536 |
Distributions to shareholders from net investment income | (1,257,249) | (947,033) |
Distributions to shareholders from net realized gain | (15,002,921) | (2,331,147) |
Total distributions | (16,260,170) | (3,278,180) |
Share transactions | 51,602,304 | 85,851,097 |
Reinvestment of distributions | 15,532,156 | 3,105,549 |
Cost of shares redeemed | (30,987,327) | (53,533,775) |
Net increase (decrease) in net assets resulting from share transactions | 36,147,133 | 35,422,871 |
Redemption fees | 3,877 | 8,689 |
Total increase (decrease) in net assets | 45,730,487 | 53,627,916 |
Net Assets | ||
Beginning of period | 191,246,718 | 137,618,802 |
End of period (including undistributed net investment income of $978,121 and undistributed net investment income of $1,211,763, respectively) | $236,977,205 | $191,246,718 |
Other Information Shares | ||
Sold | 2,355,333 | 4,082,256 |
Issued in reinvestment of distributions | 741,039 | 151,048 |
Redeemed | (1,421,889) | (2,510,378) |
Net increase (decrease) | 1,674,483 | 1,722,926 |
Financial Highlights
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Japan | 18.2% | ||
United Kingdom | 11.2% | ||
Switzerland | 10.1% | ||
France | 9.4% | ||
United States of America | 7.4% | ||
Germany | 6.8% | ||
Canada | 5.7% | ||
Netherlands | 3.9% | ||
Korea (South) | 2.8% | ||
Other | 24.5% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
United Kingdom | 15.4% | ||
Japan | 15.1% | ||
Switzerland | 11.5% | ||
France | 8.9% | ||
Canada | 6.6% | ||
Germany | 5.8% | ||
United States of America | 4.5% | ||
Netherlands | 3.4% | ||
Spain | 3.2% | ||
Other | 25.6% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks and Equity Futures | 96.0 | 98.8 |
Bonds | 0.4 | 0.0 |
Short-Term Investments and Net Other Assets | 3.6 | 1.2 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.7 | 2.4 |
Novartis AG sponsored ADR (Switzerland, Pharmaceuticals) | 1.5 | 2.1 |
ORIX Corp. (Japan, Consumer Finance) | 1.3 | 0.8 |
Total SA sponsored ADR (France, Oil, Gas & Consumable Fuels) | 1.3 | 1.7 |
Sanofi-Aventis sponsored ADR (France, Pharmaceuticals) | 1.2 | 1.3 |
Toyota Motor Corp. (Japan, Automobiles) | 1.1 | 1.3 |
UBS AG (NY Shares) (Switzerland, Capital Markets) | 1.1 | 1.2 |
ING Groep NV sponsored ADR (Netherlands, Diversified Financial Services) | 1.0 | 0.6 |
BP PLC sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 1.0 | 1.5 |
E.ON AG (Germany, Electric Utilities) | 0.9 | 0.6 |
12.1 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Financials | 24.5 | 22.2 |
Industrials | 13.3 | 12.6 |
Consumer Discretionary | 10.7 | 12.1 |
Energy | 10.1 | 10.6 |
Information Technology | 9.6 | 9.1 |
Materials | 8.7 | 6.7 |
Health Care | 7.9 | 10.8 |
Consumer Staples | 6.5 | 8.3 |
Utilities | 2.4 | 1.5 |
Telecommunication Services | 2.3 | 4.1 |
Semiannual Report
Investments April 30, 2006 (Audited)
Showing Percentage of Net Assets
Common Stocks - 95.7% | |||
Shares | Value (Note 1) | ||
Australia - 2.4% | |||
Australia & New Zealand Banking Group Ltd. | 4,500,000 | $95,544,979 | |
Australian Gas Light Co. | 2,118,164 | 31,215,828 | |
BHP Billiton Ltd. sponsored ADR | 2,300,000 | 104,788,000 | |
Brambles Industries Ltd. (e) | 15,000,000 | 127,165,410 | |
Computershare Ltd. | 21,000,000 | 125,706,882 | |
CSL Ltd. | 5,300,000 | 232,308,566 | |
Macquarie Capital Alliance Group unit (a) | 12,499,900 | 32,284,867 | |
National Australia Bank Ltd. | 1,500,000 | 42,839,998 | |
QBE Insurance Group Ltd. | 9,500,000 | 161,509,186 | |
Zinifex Ltd. | 6,000,000 | 47,174,265 | |
TOTAL AUSTRALIA | 1,000,537,981 | ||
Austria - 0.5% | |||
OMV AG | 3,200,000 | 222,494,500 | |
Belgium - 0.2% | |||
RHJ International (a) | 1,300,000 | 32,310,856 | |
Umicore SA (e) | 300,000 | 47,841,768 | |
TOTAL BELGIUM | 80,152,624 | ||
Bermuda - 0.3% | |||
Clear Media Ltd. (a)(f) | 27,321,500 | 33,829,002 | |
Willis Group Holdings Ltd. | 2,200,000 | 77,330,000 | |
TOTAL BERMUDA | 111,159,002 | ||
Brazil - 1.2% | |||
Banco Nossa Caixa SA | 3,785,000 | 85,420,939 | |
Companhia Vale do Rio Doce sponsored ADR | 2,000,000 | 103,040,000 | |
Cyrela Brazil Realty SA | 1,300,000 | 22,113,081 | |
Gerdau SA sponsored ADR | 2,700,000 | 46,710,000 | |
TAM SA (PN) sponsored ADR (ltd. vtg.) | 1,500,000 | 37,725,000 | |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 1,232,100 | 97,767,135 | |
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A) (non-vtg.) | 3,000,000 | 113,847,628 | |
TOTAL BRAZIL | 506,623,783 | ||
Canada - 5.7% | |||
ACE Aviation Holdings, Inc. Class A (a) | 991,000 | 27,389,893 | |
Astral Media, Inc. Class A (non-vtg.) | 1,500,000 | 48,837,209 | |
ATI Technologies, Inc. (a) | 8,000,000 | 124,137,789 | |
Brookfield Asset Management, Inc. Class A | 3,150,000 | 131,212,433 | |
Canadian National Railway Co. | 2,000,000 | 89,677,996 | |
Canadian Natural Resources Ltd. | 3,500,000 | 210,375,671 | |
Canadian Western Bank, Edmonton | 400,000 | 15,202,147 | |
Corus Entertainment, Inc. Class B (non-vtg.) | 1,100,000 | 36,532,200 | |
EnCana Corp. | 4,400,000 | 219,921,288 | |
Flint Energy Services Ltd. (a) | 467,500 | 26,515,362 | |
Shares | Value (Note 1) | ||
Goldcorp, Inc. | 3,000,000 | $105,322,004 | |
ITF Optical Technologies, Inc. Series A (a)(h) | 39,827 | 0 | |
Meridian Gold, Inc. (a) | 525,000 | 17,088,327 | |
Metro, Inc. Class A (sub. vtg.) | 700,000 | 20,449,016 | |
National Bank of Canada | 2,020,400 | 112,658,082 | |
OZ Optics Ltd. unit (a)(h) | 102,000 | 1,504,500 | |
Petro-Canada | 3,300,000 | 162,343,471 | |
Potash Corp. of Saskatchewan | 500,000 | 47,334,526 | |
Power Corp. of Canada (sub. vtg.) | 3,400,000 | 96,738,819 | |
Precision Drilling Trust (e) | 3,350,000 | 118,957,961 | |
Research In Motion Ltd. (a) | 900,000 | 68,954,662 | |
Rogers Communications, Inc. Class B (non-vtg.) | 1,500,000 | 63,582,290 | |
Suncor Energy, Inc. | 1,000,000 | 85,635,063 | |
Synenco Energy, Inc. Class A | 1,991,100 | 44,060,657 | |
Talisman Energy, Inc. | 3,900,000 | 220,255,814 | |
Teck Cominco Ltd. Class B (sub. vtg.) | 1,250,000 | 86,180,680 | |
TELUS Corp. (non-vtg.) | 650,000 | 26,860,465 | |
TimberWest Forest Corp. | 3,724,900 | 46,977,719 | |
TransCanada Corp. | 3,200,000 | 94,511,628 | |
Western Silver Corp. (a) | 2,000,000 | 56,565,295 | |
TOTAL CANADA | 2,405,782,967 | ||
Cayman Islands - 0.7% | |||
Apex Silver Mines Ltd. (a)(e)(f) | 3,300,000 | 70,290,000 | |
GlobalSantaFe Corp. | 2,700,000 | 165,267,000 | |
Himax Technologies, Inc. sponsored ADR | 2,000,000 | 17,800,000 | |
Hutchison Telecommunications International Ltd. sponsored ADR (a) | 900,000 | 24,210,000 | |
Suntech Power Holdings Co. Ltd. sponsored ADR | 1,000,000 | 34,290,000 | |
TOTAL CAYMAN ISLANDS | 311,857,000 | ||
China - 0.5% | |||
BYD Co. Ltd. (H Shares) (f) | 10,000,000 | 20,184,954 | |
China Life Insurance Co. Ltd. (H Shares) | 40,000,000 | 53,912,528 | |
China Shenhua Energy Co. Ltd. (H Shares) | 9,999,700 | 18,120,772 | |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (e) | 3,000,000 | 40,830,000 | |
Global Bio-Chem Technology Group Co. Ltd. | 109,999,600 | 57,459,196 | |
Shanghai Zhenhua Port Machinery Co. Ltd. (B Shares) | 7,500,000 | 14,917,500 | |
Weichai Power Co. Ltd. (H Shares) | 5,356,000 | 12,641,688 | |
TOTAL CHINA | 218,066,638 | ||
Czech Republic - 0.1% | |||
Zentiva NV | 929,500 | 48,273,401 | |
Denmark - 0.6% | |||
Coloplast AS Series B | 178,300 | 14,413,807 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Denmark - continued | |||
Danske Bank AS | 2,300,000 | $91,507,551 | |
Novozymes AS Series B | 1,793,280 | 139,964,945 | |
TOTAL DENMARK | 245,886,303 | ||
Finland - 0.9% | |||
Metso Corp. | 4,121,000 | 163,776,679 | |
Neste Oil Oyj | 2,200,000 | 76,773,926 | |
Nokia Corp. sponsored ADR | 5,500,000 | 124,630,000 | |
TOTAL FINLAND | 365,180,605 | ||
France - 9.4% | |||
Accor SA | 1,000,000 | 62,943,718 | |
Alcatel SA sponsored ADR (a) | 7,000,000 | 100,940,000 | |
Alstom SA (a) | 1,450,926 | 131,434,264 | |
AXA SA sponsored ADR | 4,000,000 | 146,440,000 | |
BNP Paribas SA | 2,700,000 | 255,143,479 | |
BNP Paribas SA New | 278,720 | 25,441,667 | |
Bouygues SA (e) | 1,000,000 | 54,566,362 | |
Carrefour SA (e) | 1,500,000 | 87,016,000 | |
CNP Assurances | 1,036,072 | 112,023,632 | |
Dassault Aviation SA (e) | 36,265 | 30,311,851 | |
Essilor International SA | 1,000,000 | 100,301,175 | |
Financiere Marc de Lacharriere SA (Fimalac) | 1,401,759 | 133,081,825 | |
Ipsos SA (f) | 556,666 | 81,960,471 | |
JC Decaux SA | 1,000,000 | 29,901,105 | |
L'Air Liquide SA | 61,194 | 13,240,728 | |
L'Oreal SA | 1,800,000 | 166,916,295 | |
Lagardere S.C.A. (Reg.) | 1,900,000 | 157,012,342 | |
Louis Vuitton Moet Hennessy (LVMH) | 1,000,000 | 105,284,692 | |
Neopost SA (f) | 1,650,000 | 186,626,422 | |
Pernod Ricard SA | 950,000 | 184,219,824 | |
Renault SA | 1,329,200 | 154,282,636 | |
Sanofi-Aventis sponsored ADR | 11,000,000 | 517,440,000 | |
Schneider Electric SA | 800,000 | 90,586,470 | |
Societe Generale Series A | 700,000 | 106,950,070 | |
Total SA sponsored ADR | 3,850,000 | 531,377,000 | |
Veolia Environnement | 2,400,000 | 143,404,185 | |
Vinci SA | 2,100,000 | 208,645,368 | |
Vinci SA New | 381,818 | 37,333,353 | |
TOTAL FRANCE | 3,954,824,934 | ||
Germany - 6.8% | |||
Allianz AG sponsored ADR (e) | 17,500,000 | 292,775,000 | |
Bayer AG (e) | 5,000,000 | 230,945,032 | |
Bayerische Motoren Werke AG (BMW) | 1,068,500 | 58,115,428 | |
Bijou Brigitte Modische Accessoires AG | 30,038 | 8,621,668 | |
cash.life AG | 232,145 | 9,460,209 | |
Celesio AG (e) | 900,000 | 84,707,181 | |
Commerzbank AG | 1,500,000 | 62,167,804 | |
Continental AG (e) | 500,000 | 59,530,955 | |
Deutsche Boerse AG | 750,000 | 108,467,204 | |
Shares | Value (Note 1) | ||
Deutsche Postbank AG (e) | 1,000,000 | $76,455,990 | |
E.ON AG (e) | 320,700 | 39,051,640 | |
E.ON AG sponsored ADR (e) | 8,500,000 | 345,015,000 | |
Fresenius AG | 400,000 | 66,822,030 | |
GFK AG | 1,600,000 | 73,317,005 | |
Heidelberger Druckmaschinen AG | 2,071,600 | 104,545,365 | |
Hypo Real Estate Holding AG | 2,000,000 | 139,841,286 | |
Infineon Technologies AG sponsored ADR (a) | 9,000,000 | 109,980,000 | |
KarstadtQuelle AG (a)(e) | 2,000,000 | 60,130,239 | |
Linde AG (e) | 1,110,848 | 99,450,538 | |
MPC Muenchmeyer Petersen Capital AG (e) | 236,029 | 19,832,547 | |
MTU Aero Engines Holding AG | 1,250,000 | 45,356,317 | |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (e) | 300,000 | 42,512,558 | |
Praktiker Bau- und Heimwerkermaerkte Holding AG | 666,000 | 19,947,746 | |
Premiere AG (a)(e) | 2,000,000 | 32,802,900 | |
Q-Cells AG | 550,000 | 50,759,334 | |
RWE AG (e) | 1,500,000 | 130,050,882 | |
SAP AG sponsored ADR | 2,800,000 | 152,964,000 | |
Siemens AG sponsored ADR | 1,070,700 | 101,331,048 | |
SolarWorld AG | 290,000 | 90,371,989 | |
Techem AG (f) | 2,000,000 | 89,602,383 | |
Thyssenkrupp AG | 1,000,000 | 32,966,914 | |
United Internet AG | 200,000 | 13,121,160 | |
Wincor Nixdorf AG | 100,000 | 14,382,810 | |
TOTAL GERMANY | 2,865,402,162 | ||
Hong Kong - 1.0% | |||
China Mobile (Hong Kong) Ltd. sponsored ADR | 500,000 | 14,430,000 | |
Cosco Pacific Ltd. | 22,000,000 | 52,351,902 | |
Esprit Holdings Ltd. | 5,500,000 | 43,910,335 | |
Melco International Development Ltd. | 35,000,000 | 78,772,910 | |
Shun Tak Holdings Ltd. | 30,000,000 | 38,112,804 | |
Techtronic Industries Co. Ltd. | 37,916,500 | 63,574,801 | |
Television Broadcasts Ltd. | 6,648,000 | 41,543,033 | |
Wharf Holdings Ltd. | 17,500,000 | 70,195,917 | |
TOTAL HONG KONG | 402,891,702 | ||
Hungary - 0.0% | |||
Gedeon Richter Ltd. | 90,000 | 19,389,586 | |
India - 2.1% | |||
ABB Ltd. India | 225,000 | 15,505,457 | |
Bajaj Auto Ltd. | 1,500,000 | 98,275,056 | |
Bharat Forge Ltd. | 1,250,000 | 11,872,216 | |
Bharti Televentures Ltd. (a) | 8,000,000 | 74,574,611 | |
HDFC Bank Ltd. | 800,000 | 14,563,029 | |
Infosys Technologies Ltd. | 2,800,000 | 195,791,092 | |
Larsen & Toubro Ltd. | 600,000 | 36,010,691 | |
Reliance Industries Ltd. | 5,000,000 | 112,349,666 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
India - continued | |||
Satyam Computer Services Ltd. | 8,500,000 | $141,859,132 | |
State Bank of India | 7,000,000 | 157,824,277 | |
TOTAL INDIA | 858,625,227 | ||
Ireland - 1.4% | |||
Allied Irish Banks PLC | 5,000,000 | 119,799,975 | |
CRH PLC | 5,500,000 | 202,274,036 | |
DEPFA BANK PLC | 4,344,493 | 81,560,696 | |
IAWS Group PLC (Ireland) | 3,916,027 | 70,799,593 | |
Ryanair Holdings PLC sponsored ADR (a) | 2,600,000 | 122,408,000 | |
TOTAL IRELAND | 596,842,300 | ||
Israel - 0.2% | |||
Scopus Video Networks Ltd. | 500,000 | 2,730,000 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 2,000,000 | 81,000,000 | |
TOTAL ISRAEL | 83,730,000 | ||
Italy - 2.6% | |||
Banca Intesa Spa (e) | 32,500,000 | 193,127,073 | |
ENI Spa sponsored ADR (e) | 3,925,000 | 240,249,250 | |
FASTWEB Spa | 800,000 | 40,191,122 | |
Fiat Spa (a)(e) | 18,500,000 | 260,666,983 | |
IFIL Finanziaria di Partecipazioni Spa | 1,000,000 | 6,119,002 | |
Tod's Spa | 200,000 | 15,848,847 | |
Unicredito Italiano Spa | 42,500,000 | 320,273,006 | |
TOTAL ITALY | 1,076,475,283 | ||
Japan - 17.8% | |||
Aeon Co. Ltd. | 6,500,000 | 161,822,178 | |
Aiful Corp. | 600,000 | 35,828,761 | |
Canon, Inc. sponsored ADR | 4,300,000 | 325,940,000 | |
Credit Saison Co. Ltd. | 2,300,000 | 120,579,587 | |
Daiei, Inc. (a)(e) | 768,100 | 22,933,393 | |
Daiwa Securities Group, Inc. | 15,000,000 | 207,991,225 | |
eAccess Ltd. (e) | 25,000 | 17,255,763 | |
East Japan Railway Co. | 24,000 | 187,363,343 | |
Fanuc Ltd. | 2,500,000 | 236,443,476 | |
Furukawa Electric Co. Ltd. (a) | 2,000,000 | 15,964,874 | |
Hirose Electric Co. Ltd. | 300,000 | 44,021,955 | |
Hitachi Metals Ltd. | 2,000,000 | 22,340,286 | |
Honda Motor Co. Ltd. | 665,000 | 47,121,901 | |
Hoya Corp. | 6,800,000 | 275,284,311 | |
Ibiden Co. Ltd. | 2,400,000 | 114,019,762 | |
Japan Tobacco, Inc. | 30,000 | 120,658,621 | |
JFE Holdings, Inc. | 700,000 | 27,170,144 | |
JGC Corp. | 1,750,000 | 30,658,618 | |
JSR Corp. | 4,200,000 | 129,457,743 | |
Kahma Co. Ltd. | 500,000 | 13,611,416 | |
Keyence Corp. | 600,000 | 157,435,790 | |
Komatsu Ltd. | 6,000,000 | 128,298,577 | |
Kuraray Co. Ltd. | 3,500,000 | 43,183,316 | |
Shares | Value (Note 1) | ||
Leopalace21 Corp. | 500,000 | $19,495,061 | |
Matsushita Electric Industrial Co. Ltd. | 8,000,000 | 193,680,006 | |
Mitsubishi Corp. | 2,000,000 | 48,386,390 | |
Mitsubishi Electric Corp. | 6,000,000 | 52,215,150 | |
Mitsubishi Estate Co. Ltd. | 1,500,000 | 32,799,123 | |
Mitsubishi UFJ Financial Group, Inc. | 9,000 | 140,940,004 | |
Mitsui & Co. Ltd. | 10,100,000 | 152,641,937 | |
Mitsui Fudosan Co. Ltd. | 4,000,000 | 89,571,902 | |
Mitsui Trust Holdings, Inc. | 5,000,000 | 69,066,962 | |
Mizuho Financial Group, Inc. | 45,000 | 383,710,221 | |
Murata Manufacturing Co. Ltd. | 1,300,000 | 94,638,861 | |
NEOMAX Co. Ltd. | 966,000 | 27,739,364 | |
Nikko Cordial Corp. | 16,000,000 | 258,950,612 | |
Nintendo Co. Ltd. | 950,000 | 141,822,178 | |
Nippon Electric Glass Co. Ltd. | 3,000,000 | 67,705,820 | |
Nippon Oil Corp. | 5,000,000 | 39,560,923 | |
Nissan Motor Co. Ltd. | 1,000,000 | 13,165,000 | |
Nitto Denko Corp. | 4,000,000 | 335,455,554 | |
ORIX Corp. | 1,780,000 | 534,586,186 | |
Seven & I Holdings Co. Ltd. | 2,050,000 | 79,389,684 | |
Shin-Etsu Chemical Co. Ltd. | 4,500,000 | 260,021,962 | |
Sompo Japan Insurance, Inc. | 2,700,000 | 39,121,845 | |
Sony Corp. | 2,590,800 | 126,793,756 | |
Stanley Electric Co. Ltd. | 2,000,000 | 46,542,263 | |
Sumco Corp. | 2,500,000 | 149,506,042 | |
Sumitomo Electric Industries Ltd. | 4,000,000 | 63,508,235 | |
Sumitomo Metal Industries Ltd. | 24,999,900 | 105,378,286 | |
Sumitomo Mitsui Financial Group, Inc. | 34,000 | 373,216,258 | |
T&D Holdings, Inc. | 2,700,000 | 206,990,127 | |
Takefuji Corp. | 1,100,000 | 71,481,890 | |
Tokuyama Corp. | 6,500,000 | 107,253,571 | |
Tokyo Electron Ltd. | 1,200,000 | 86,410,541 | |
Toyota Motor Corp. sponsored ADR | 3,900,000 | 456,807,000 | |
Yahoo! Japan Corp. | 185,000 | 107,872,671 | |
TOTAL JAPAN | 7,461,810,425 | ||
Korea (South) - 2.8% | |||
AmorePacific Corp. | 255,950 | 94,032,442 | |
CJ Home Shopping | 100,000 | 11,450,992 | |
Core Logic, Inc. | 270,000 | 10,449,030 | |
Hana Financial Group, Inc. | 1,010,000 | 49,581,733 | |
Hyundai Department Store Co. Ltd. | 200,000 | 19,191,014 | |
Kookmin Bank sponsored ADR | 2,600,000 | 231,530,000 | |
Korea Exchange Bank (a) | 5,000,000 | 64,411,828 | |
LG Household & Health Care Ltd. | 400,000 | 31,935,543 | |
Orion Corp. | 100,000 | 26,188,842 | |
Samsung Electronics Co. Ltd. | 555,000 | 378,964,205 | |
Shinhan Financial Group Co. Ltd. | 3,949,840 | 196,832,452 | |
Woongjin Coway Co. Ltd. | 2,000,000 | 59,375,512 | |
TOTAL KOREA (SOUTH) | 1,173,943,593 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Luxembourg - 0.2% | |||
Tenaris SA sponsored ADR | 1,500,000 | $68,850,000 | |
Malaysia - 0.1% | |||
Genting BHD | 1,000,000 | 7,034,483 | |
Lion Diversified Holdings BHD | 10,000,000 | 12,965,517 | |
Resorts World BHD | 2,000,000 | 7,393,103 | |
TOTAL MALAYSIA | 27,393,103 | ||
Mexico - 1.0% | |||
America Movil SA de CV Series L sponsored ADR | 4,400,000 | 162,404,000 | |
Cemex SA de CV sponsored ADR | 1,500,000 | 101,280,000 | |
Fomento Economico Mexicano SA de CV sponsored ADR | 1,600,000 | 148,608,000 | |
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR | 233,800 | 7,780,864 | |
TOTAL MEXICO | 420,072,864 | ||
Netherlands - 3.9% | |||
DSM NV | 2,000,000 | 91,242,528 | |
EADS NV | 2,400,000 | 94,714,589 | |
Fugro NV (Certificaten Van Aandelen) unit | 1,900,000 | 79,776,653 | |
ING Groep NV sponsored ADR | 10,500,000 | 426,090,000 | |
Koninklijke KPN NV | 9,000,000 | 105,713,653 | |
Koninklijke Numico NV | 4,675,000 | 211,863,837 | |
Koninklijke Philips Electronics NV (NY Shares) | 2,000,000 | 68,960,000 | |
OPG Groep NV (A Shares) (Certificaten Van Aandelen) unit | 523,600 | 49,611,055 | |
QIAGEN NV (a) | 4,000,000 | 59,600,000 | |
Reed Elsevier NV sponsored ADR | 7,000,000 | 206,990,000 | |
VNU NV | 6,000,000 | 205,976,979 | |
Wolters Kluwer NV (Certificaten Van Aandelen) (e) | 1,750,000 | 45,592,877 | |
TOTAL NETHERLANDS | 1,646,132,171 | ||
Netherlands Antilles - 0.5% | |||
Schlumberger Ltd. (NY Shares) | 3,000,000 | 207,420,000 | |
Norway - 0.8% | |||
DnB NOR ASA (e) | 18,500,000 | 256,702,587 | |
Storebrand ASA (A Shares) (e) | 6,000,000 | 71,083,125 | |
TOTAL NORWAY | 327,785,712 | ||
Philippines - 0.0% | |||
Philippine Long Distance Telephone Co. sponsored ADR | 500,000 | 19,875,000 | |
Poland - 0.1% | |||
Polski Koncern Naftowy Orlen SA | 1,000,000 | 20,848,264 | |
Shares | Value (Note 1) | ||
Portugal - 0.4% | |||
Brisa Auto-Estradas de Portugal SA (e) | 5,000,000 | $52,610,805 | |
Energias de Portugal SA | 30,000,000 | 118,090,440 | |
TOTAL PORTUGAL | 170,701,245 | ||
Russia - 0.3% | |||
Novatek JSC GDR (g) | 1,500,000 | 63,750,000 | |
OAO Gazprom sponsored ADR | 1,500,000 | 69,000,000 | |
TOTAL RUSSIA | 132,750,000 | ||
Singapore - 0.0% | |||
Ascendas Real Estate Investment Trust (A-REIT) | 2,000,000 | 2,884,524 | |
South Africa - 1.5% | |||
African Bank Investments Ltd. | 11,000,000 | 61,471,933 | |
Edgars Consolidated Stores Ltd. | 3,000,000 | 18,960,499 | |
FirstRand Ltd. | 30,000,000 | 98,794,179 | |
Gold Fields Ltd. sponsored ADR | 1,500,000 | 38,115,000 | |
JD Group Ltd. | 5,000,000 | 77,313,929 | |
Massmart Holdings Ltd. | 3,000,000 | 29,338,877 | |
MTN Group Ltd. | 3,910,000 | 39,018,711 | |
Nedbank Group Ltd. | 4,063,808 | 84,858,394 | |
Sasol Ltd. | 1,750,000 | 73,638,254 | |
Steinhoff International Holdings Ltd. | 25,000,000 | 99,085,239 | |
TOTAL SOUTH AFRICA | 620,595,015 | ||
Spain - 2.6% | |||
Actividades de Construccion y Servicios SA (ACS) | 4,200,000 | 174,387,786 | |
Altadis SA (Spain) | 2,000,000 | 94,926,546 | |
Antena 3 Television SA | 2,888,962 | 76,104,654 | |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (e) | 14,000,000 | 308,840,000 | |
Compania de Distribucion Integral Logista SA | 647,820 | 38,414,139 | |
Enagas SA | 4,000,000 | 88,012,704 | |
Fomento Construcciones y Contratas SA (FOCSA) | 800,000 | 64,899,276 | |
Gestevision Telecinco SA (e) | 3,000,000 | 76,645,237 | |
Inditex SA | 2,500,000 | 101,720,531 | |
Red Electrica de Espana SA | 1,065,977 | 37,186,205 | |
Union Fenosa SA | 1,254,138 | 48,496,980 | |
TOTAL SPAIN | 1,109,634,058 | ||
Sweden - 1.6% | |||
Atlas Copco AB (A Shares) (e) | 8,264,300 | 244,273,324 | |
Hennes & Mauritz AB (H&M) (B Shares) (e) | 1,000,000 | 37,983,285 | |
Modern Times Group AB (MTG) (B Shares) (a) | 700,800 | 38,475,668 | |
Skandinaviska Enskilda Banken AB (A Shares) | 2,022,000 | 50,972,481 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Sweden - continued | |||
SKF AB (B Shares) (e) | 6,000,000 | $103,146,022 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (e) | 5,500,000 | 195,085,000 | |
TOTAL SWEDEN | 669,935,780 | ||
Switzerland - 10.1% | |||
ABB Ltd. (Reg.) | 25,000,000 | 356,768,524 | |
Actelion Ltd. (Reg.) (a) | 800,000 | 90,429,735 | |
Adecco SA sponsored ADR (e) | 5,000,000 | 77,750,000 | |
Alcon, Inc. | 125,000 | 12,713,750 | |
Compagnie Financiere Richemont unit | 3,750,000 | 194,257,438 | |
Credit Suisse Group sponsored ADR | 5,950,000 | 361,700,500 | |
Julius Baer Holding AG (Bearer) | 350,000 | 33,552,366 | |
Logitech International SA (Reg.) (a) | 940,000 | 39,030,880 | |
Lonza Group AG | 700,000 | 49,665,404 | |
Nestle SA (Reg.) | 800,000 | 243,973,232 | |
Nobel Biocare Holding AG (Switzerland) | 470,000 | 116,145,287 | |
Novartis AG sponsored ADR | 11,200,000 | 644,112,000 | |
Roche Holding AG (participation certificate) | 4,600,000 | 707,264,363 | |
Schindler Holding AG (Reg.) | 1,400,000 | 77,602,193 | |
Societe Generale de Surveillance Holding SA (SGS) (Reg.) | 175,000 | 173,123,438 | |
Swiss Reinsurance Co. (Reg.) (e) | 2,250,000 | 164,173,990 | |
Syngenta AG sponsored ADR | 6,500,000 | 180,570,000 | |
Tecan Group AG (e)(f) | 800,000 | 45,666,371 | |
The Swatch Group AG (Reg.) | 4,000,000 | 146,738,692 | |
UBS AG (NY Shares) | 3,875,000 | 452,793,750 | |
Zurich Financial Services AG | 300,000 | 72,986,374 | |
TOTAL SWITZERLAND | 4,241,018,287 | ||
Taiwan - 0.2% | |||
Catcher Technology Co. Ltd. | 3,000,000 | 33,473,328 | |
Chi Mei Optoelectronics Corp. | 15,000,000 | 21,320,441 | |
Powertech Technology, Inc. | 5,000,000 | 17,159,782 | |
TOTAL TAIWAN | 71,953,551 | ||
Turkey - 0.2% | |||
Acibadem Saglik Hizmetleri AS | 2,500,000 | 30,434,783 | |
Finansbank AS | 9,000,000 | 46,956,522 | |
TOTAL TURKEY | 77,391,305 | ||
United Arab Emirates - 0.1% | |||
Investcom LLC GDR | 1,500,000 | 22,725,000 | |
United Kingdom - 11.1% | |||
Associated British Foods PLC | 422,714 | 5,870,591 | |
BAE Systems PLC | 34,000,000 | 258,881,311 | |
BG Group PLC | 13,000,000 | 174,733,487 | |
BP PLC sponsored ADR | 5,450,000 | 401,774,000 | |
British American Tobacco PLC sponsored ADR | 4,500,000 | 229,950,000 | |
Shares | Value (Note 1) | ||
Cadbury Schweppes PLC sponsored ADR | 1,000,000 | $39,960,000 | |
Capita Group PLC | 24,000,000 | 203,858,774 | |
Diageo PLC sponsored ADR | 800,000 | 53,000,000 | |
Enterprise Inns PLC | 2,000,000 | 34,031,175 | |
Filtrona PLC (f) | 12,000,000 | 68,937,750 | |
GlaxoSmithKline PLC sponsored ADR | 750,000 | 42,660,000 | |
HSBC Holdings PLC sponsored ADR | 3,550,000 | 307,714,000 | |
Imperial Tobacco Group PLC | 1,000,000 | 31,076,700 | |
Informa PLC | 7,000,000 | 62,426,962 | |
International Power PLC | 5,000,000 | 27,151,078 | |
Intertek Group PLC | 3,000,000 | 45,110,456 | |
ITV PLC | 35,000,000 | 73,405,937 | |
Jardine Lloyd Thompson Group PLC | 2,983,300 | 20,783,831 | |
Ladbrokes PLC | 1,764,705 | 13,501,107 | |
Meggitt PLC | 10,000,000 | 61,369,187 | |
Old Mutual PLC | 15,119,329 | 53,010,777 | |
Pearson PLC | 3,000,000 | 41,581,500 | |
Prudential PLC | 3,000,000 | 35,207,494 | |
Punch Taverns Ltd. | 4,500,000 | 71,892,225 | |
Reckitt Benckiser PLC | 7,600,000 | 277,071,394 | |
Rio Tinto PLC (Reg.) | 3,000,000 | 167,025,006 | |
Rolls-Royce Group PLC | 20,000,000 | 173,803,374 | |
Royal Bank of Scotland Group PLC | 8,850,000 | 289,070,757 | |
Smiths Group PLC | 9,500,000 | 176,634,746 | |
Standard Chartered PLC (United Kingdom) | 7,000,000 | 185,876,599 | |
Tesco PLC | 50,000,000 | 291,344,061 | |
Vedanta Resources PLC | 1,000,000 | 28,778,775 | |
Vodafone Group PLC sponsored ADR | 10,500,000 | 248,850,000 | |
William Hill PLC | 5,000,000 | 57,858,468 | |
Wolseley PLC | 4,500,000 | 112,680,393 | |
Xstrata PLC | 5,500,000 | 199,007,599 | |
Yell Group PLC | 9,000,000 | 84,366,675 | |
TOTAL UNITED KINGDOM | 4,650,256,189 | ||
United States of America - 3.8% | |||
3Com Corp. (a) | 5,000,000 | 26,950,000 | |
Amerada Hess Corp. | 300,000 | 42,981,000 | |
Applied Materials, Inc. | 1,000,000 | 17,950,000 | |
Corning, Inc. (a) | 5,000,000 | 138,150,000 | |
Flowserve Corp. (a) | 2,050,000 | 117,916,000 | |
Halliburton Co. | 3,150,000 | 246,172,500 | |
Hexcel Corp. (a) | 2,000,000 | 44,180,000 | |
Honeywell International, Inc. | 3,500,000 | 148,750,000 | |
Lucent Technologies, Inc. (a) | 13,000,000 | 36,270,000 | |
Newmont Mining Corp. | 2,900,000 | 169,244,000 | |
NII Holdings, Inc. (a) | 350,000 | 20,965,000 | |
NTL, Inc. (a) | 1,750,000 | 48,090,000 | |
Synthes, Inc. | 2,950,000 | 366,282,351 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United States of America - continued | |||
Transocean, Inc. (a) | 1,200,000 | $97,284,000 | |
Weatherford International Ltd. (a) | 1,000,000 | 52,930,000 | |
TOTAL UNITED STATES OF AMERICA | 1,574,114,851 | ||
TOTAL COMMON STOCKS (Cost $27,460,520,084) | 40,092,286,935 | ||
Preferred Stocks - 0.3% | |||
Convertible Preferred Stocks - 0.0% | |||
Canada - 0.0% | |||
MetroPhotonics, Inc. Series 2 (h) | 198,000 | 2 | |
Nonconvertible Preferred Stocks - 0.3% | |||
Italy - 0.2% | |||
Banca Intesa Spa (Risp) | 11,000,000 | 61,133,251 | |
Istituto Finanziario Industriale Spa (IFI) (a) | 100,000 | 2,378,589 | |
TOTAL ITALY | 63,511,840 | ||
United Kingdom - 0.1% | |||
European Capital Ltd. preference shares (h) | 4,900,000 | 61,820,850 | |
Rolls-Royce Group PLC Series B | 753,200,000 | 1,462,936 | |
TOTAL UNITED KINGDOM | 63,283,786 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 126,795,626 | ||
TOTAL PREFERRED STOCKS (Cost $103,362,944) | 126,795,628 |
Government Obligations - 0.4% | ||||
Principal | ||||
Japan - 0.4% | ||||
Japan Government: | ||||
0.2% 3/20/08 | JPY | 5,860,000,000 | 51,070,384 | |
0.3% 1/15/08 | JPY | 11,400,000,000 | 99,739,767 | |
TOTAL JAPAN | 150,810,151 | |||
United States of America - 0.0% | ||||
U.S. Treasury Bills, yield at date of purchase 4.44% to 4.48% 5/11/06 | $875,000 | 873,938 | ||
TOTAL GOVERNMENT OBLIGATIONS (Cost $151,034,615) | 151,684,089 |
Money Market Funds - 9.3% | |||
Shares | Value (Note 1) | ||
Fidelity Cash Central Fund, 4.8% (b) | 1,461,199,310 | $1,461,199,310 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 2,450,151,318 | 2,450,151,318 | |
TOTAL MONEY MARKET FUNDS (Cost $3,911,350,628) | 3,911,350,628 | ||
Cash Equivalents - 0.0% | |||
Maturity | |||
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 4.69%, dated 4/28/06 due 5/1/06) | $10,134,959 | 10,131,000 | |
TOTAL INVESTMENT (Cost $31,636,399,271) | 44,292,248,280 | ||
NET OTHER ASSETS - (5.7)% | (2,396,611,526) | ||
NET ASSETS - 100% | $41,895,636,754 |
Currency Abbreviations | ||
JPY | - | Japanese yen |
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. |
(c)Investment made with cash collateral received from securities on loan. |
(d)Principal amount is stated in United States dollars unless otherwise noted. |
(e)Security or a portion of the security is on loan at period end. |
(f)Affiliated company |
(g)Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $63,750,000 or 0.2% of net assets. |
(h)Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $63,325,352 or 0.2% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
European Capital Ltd. preference shares | 8/22/05 - 8/29/05 | $59,927,350 |
ITF Optical Technologies, Inc. Series A | 10/11/00 | $1,999,935 |
MetroPhotonics, Inc. Series 2 | 9/29/00 | $1,980,000 |
OZ Optics Ltd. unit | 8/18/00 | $1,505,520 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $24,180,296 |
Fidelity Securities Lending Cash Central Fund | 9,780,222 |
Total | $33,960,518 |
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 |
Apex Silver Mines Ltd. | $40,981,000 | $15,604,065 | $- | $- | $70,290,000 |
Beijing Media Corp. Ltd. (H Shares) | 4,450,407 | - | 4,125,101 | - | - |
BYD Co. Ltd. (H Shares) | 14,060,706 | - | - | - | 20,184,954 |
Clear Media Ltd. | 22,908,599 | - | - | - | 33,829,002 |
Filtrona PLC | 57,309,467 | - | - | 889,501 | 68,937,750 |
Ipsos SA | 66,063,034 | - | - | - | 81,960,471 |
Neopost SA | 156,956,234 | 2,228,229 | - | - | 186,626,422 |
Tecan Group AG | 29,756,041 | - | - | - | 45,666,371 |
Techem AG | - | 86,858,636 | - | 1,023,485 | 89,602,383 |
Total | $392,485,488 | $104,690,930 | $4,125,101 | $1,912,986 | $597,097,353 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Audited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $2,320,777,090 and repurchase agreements of $10,131,000) - See accompanying schedule: Unaffiliated issuers (cost $27,338,132,333) | $39,783,800,299 | |
Affiliated Central Funds (cost $3,911,350,628) | 3,911,350,628 | |
Other affiliated issuers (cost $386,916,310) | 597,097,353 | |
Total Investments (cost $31,636,399,271) | $44,292,248,280 | |
Cash | 7,627 | |
Foreign currency held at value (cost $38,161,910) | 38,326,921 | |
Receivable for investments sold | 216,166,077 | |
Receivable for fund shares sold | 75,180,410 | |
Dividends receivable | 132,394,096 | |
Interest receivable | 6,075,028 | |
Prepaid expenses | 80,904 | |
Other affiliated receivables | 56,268 | |
Other receivables | 9,229,739 | |
Total assets | 44,769,765,350 | |
Liabilities | ||
Payable for investments purchased | $357,098,045 | |
Payable for fund shares redeemed | 20,024,521 | |
Accrued management fee | 26,508,300 | |
Other affiliated payables | 7,474,276 | |
Other payables and accrued expenses | 12,872,136 | |
Collateral on securities loaned, at value | 2,450,151,318 | |
Total liabilities | 2,874,128,596 | |
Net Assets | $41,895,636,754 | |
Net Assets consist of: | ||
Paid in capital | $27,649,220,371 | |
Undistributed net investment income | 197,462,637 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 1,401,798,828 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 12,647,154,918 | |
Net Assets, for 1,124,772,080 shares outstanding | $41,895,636,754 | |
Net Asset Value, offering price and redemption price per share ($41,895,636,754 ÷ 1,124,772,080 shares) | $37.25 |
Statement of Operations
Six months ended April 30, 2006 (Audited) | ||
Investment Income | ||
Dividends (including $1,912,986 received from other affiliated issuers) | $430,514,402 | |
Interest | 1,319,670 | |
Income from affiliated Central Funds | 33,960,518 | |
465,794,590 | ||
Less foreign taxes withheld | (32,263,365) | |
Total income | 433,531,225 | |
Expenses | ||
Management fee | $127,650,279 | |
Performance adjustment | 14,354,972 | |
Transfer agent fees | 39,443,921 | |
Accounting and security lending fees | 1,295,645 | |
Independent trustees' compensation | 67,700 | |
Appreciation in deferred trustee compensation account | 22,666 | |
Custodian fees and expenses | 4,890,762 | |
Registration fees | 982,955 | |
Audit | 156,659 | |
Legal | 114,395 | |
Interest | 1,649 | |
Miscellaneous | 175,922 | |
Total expenses before reductions | 189,157,525 | |
Expense reductions | (8,387,864) | 180,769,661 |
Net investment income (loss) | 252,761,564 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,580,417,665 | |
Other affiliated issuers | (2,910,086) | |
Foreign currency transactions | 4,018,734 | |
Futures contracts | 50,298,827 | |
Total net realized gain (loss) | 1,631,825,140 | |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $5,664,138) | 5,870,816,233 | |
Assets and liabilities in foreign currencies | 2,108,460 | |
Futures contracts | (9,062,186) | |
Total change in net unrealized appreciation (depreciation) | 5,863,862,507 | |
Net gain (loss) | 7,495,687,647 | |
Net increase (decrease) in net assets resulting from operations | $7,748,449,211 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Diversified International
Financial Statements - continued
Statement of Changes in Net Assets (Audited)
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $252,761,564 | $262,281,673 |
Net realized gain (loss) | 1,631,825,140 | 833,286,256 |
Change in net unrealized appreciation (depreciation) | 5,863,862,507 | 3,068,430,486 |
Net increase (decrease) in net assets resulting from operations | 7,748,449,211 | 4,163,998,415 |
Distributions to shareholders from net investment income | (273,726,420) | (119,489,325) |
Distributions to shareholders from net realized gain | (713,589,246) | (47,795,646) |
Total distributions | (987,315,666) | (167,284,971) |
Share transactions | 7,425,330,095 | 10,151,395,231 |
Reinvestment of distributions | 945,932,837 | 158,992,781 |
Cost of shares redeemed | (2,874,520,021) | (4,573,060,649) |
Net increase (decrease) in net assets resulting from share transactions | 5,496,742,911 | 5,737,327,363 |
Redemption fees | 567,319 | 1,089,152 |
Total increase (decrease) in net assets | 12,258,443,775 | 9,735,129,959 |
Net Assets | ||
Beginning of period | 29,637,192,979 | 19,902,063,020 |
End of period (including undistributed net investment income of $197,462,637 and undistributed net investment income of $239,713,275, respectively) | $41,895,636,754 | $29,637,192,979 |
Other Information Shares | ||
Sold | 218,196,954 | 350,205,116 |
Issued in reinvestment of distributions | 29,746,270 | 5,838,883 |
Redeemed | (85,271,674) | (157,193,752) |
Net increase (decrease) | 162,671,550 | 198,850,247 |
Financial Highlights (Audited)
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Japan | 21.6% | ||
France | 14.9% | ||
Germany | 10.9% | ||
Switzerland | 9.5% | ||
United States of America | 9.1% | ||
South Africa | 4.6% | ||
Canada | 4.5% | ||
Korea (South) | 4.4% | ||
Italy | 4.1% | ||
Other | 16.4% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Japan | 17.8% | ||
Switzerland | 12.5% | ||
United States of America | 12.4% | ||
France | 10.8% | ||
Germany | 8.1% | ||
Taiwan | 7.2% | ||
United Kingdom | 7.2% | ||
Canada | 6.2% | ||
Netherlands | 5.4% | ||
Other | 12.4% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 96.0 | 94.6 |
Short-Term Investments and Net Other Assets | 4.0 | 5.4 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 3.4 | 3.4 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (Germany, Insurance) | 2.6 | 0.0 |
Sumitomo Mitsui Financial Group, Inc. (Japan, Commercial Banks) | 2.6 | 4.4 |
ORIX Corp. (Japan, Consumer Finance) | 2.5 | 0.0 |
E.ON AG (Germany, Electric Utilities) | 2.4 | 3.5 |
UBS AG (NY Shares) (Switzerland, Capital Markets) | 2.4 | 0.0 |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 2.3 | 4.5 |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment) | 2.2 | 0.0 |
Canadian Natural Resources Ltd. (Canada, Oil, Gas & Consumable Fuels) | 2.2 | 0.0 |
Novartis AG (Reg.) (Switzerland, Pharmaceuticals) | 2.1 | 3.8 |
24.7 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Financials | 33.9 | 24.0 |
Energy | 11.5 | 16.2 |
Information Technology | 10.0 | 22.3 |
Health Care | 8.4 | 9.2 |
Consumer Discretionary | 8.3 | 0.9 |
Industrials | 8.2 | 5.3 |
Consumer Staples | 6.1 | 4.8 |
Materials | 5.1 | 4.7 |
Utilities | 2.4 | 3.5 |
Telecommunication Services | 2.1 | 3.7 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.0% | |||
Shares | Value (Note 1) | ||
Australia - 0.8% | |||
BHP Billiton Ltd. sponsored ADR | 109,200 | $4,975,152 | |
Austria - 1.4% | |||
OMV AG | 128,300 | 8,920,639 | |
Brazil - 0.8% | |||
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 65,600 | 5,205,360 | |
Canada - 4.5% | |||
ATI Technologies, Inc. (a) | 350,300 | 5,435,683 | |
Canadian Natural Resources Ltd. | 232,400 | 13,968,945 | |
Sasamat Capital Corp. (a) | 4,010 | 12,832 | |
Talisman Energy, Inc. | 168,400 | 9,510,533 | |
TOTAL CANADA | 28,927,993 | ||
Finland - 0.6% | |||
Metso Corp. sponsored ADR | 91,000 | 3,619,980 | |
France - 14.9% | |||
Accor SA | 56,100 | 3,531,143 | |
AXA SA | 306,000 | 11,202,661 | |
BNP Paribas SA | 129,600 | 12,246,887 | |
Compagnie Generale de Geophysique SA (a)(d) | 41,300 | 6,674,797 | |
Lagardere S.C.A. (Reg.) | 25,200 | 2,082,479 | |
Neopost SA | 101,935 | 11,529,554 | |
Nexity | 80,800 | 5,647,549 | |
Pernod Ricard SA | 47,800 | 9,269,166 | |
Sanofi-Aventis sponsored ADR | 148,200 | 6,971,328 | |
Societe Generale Series A | 81,300 | 12,421,487 | |
Total SA Series B | 52,493 | 14,490,168 | |
TOTAL FRANCE | 96,067,219 | ||
Germany - 10.9% | |||
Allianz AG (Reg.) (d) | 53,600 | 8,967,280 | |
Deutsche Postbank AG | 65,600 | 5,015,513 | |
E.ON AG (d) | 130,100 | 15,842,278 | |
Heidelberger Druckmaschinen AG | 200,121 | 10,099,306 | |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d) | 119,500 | 16,934,169 | |
Pfleiderer AG | 187,375 | 5,652,364 | |
Q-Cells AG | 6,700 | 618,341 | |
SolarWorld AG | 12,300 | 3,833,019 | |
Techem AG | 77,900 | 3,490,013 | |
TOTAL GERMANY | 70,452,283 | ||
India - 1.1% | |||
Infosys Technologies Ltd. | 101,653 | 7,108,126 | |
Italy - 4.1% | |||
Banca Intesa Spa (d) | 1,702,100 | 10,114,511 | |
Fiat Spa (a)(d) | 665,900 | 9,382,602 | |
Unicredito Italiano Spa | 963,800 | 7,263,038 | |
TOTAL ITALY | 26,760,151 | ||
Shares | Value (Note 1) | ||
Japan - 21.6% | |||
Aeon Co. Ltd. | 478,100 | $11,902,644 | |
Credit Saison Co. Ltd. | 167,100 | 8,760,369 | |
Daiwa Securities Group, Inc. | 379,100 | 5,256,632 | |
Fanuc Ltd. | 60,000 | 5,674,643 | |
Hoya Corp. | 176,200 | 7,133,102 | |
Mitsui Fudosan Co. Ltd. | 247,000 | 5,531,065 | |
Murata Manufacturing Co. Ltd. | 118,500 | 8,626,696 | |
Nikko Cordial Corp. | 730,600 | 11,824,332 | |
Nitto Denko Corp. | 143,000 | 11,992,536 | |
ORIX Corp. | 53,670 | 16,118,674 | |
SHIMIZU Corp. | 471,000 | 3,259,258 | |
Shin-Etsu Chemical Co. Ltd. | 118,800 | 6,864,580 | |
Sony Corp. | 161,400 | 7,898,916 | |
Sumitomo Electric Industries Ltd. | 423,800 | 6,728,697 | |
Sumitomo Mitsui Financial Group, Inc. | 1,532 | 16,816,685 | |
T&D Holdings, Inc. | 51,350 | 3,936,646 | |
Tokuyama Corp. | 69,700 | 1,150,088 | |
TOTAL JAPAN | 139,475,563 | ||
Korea (South) - 4.4% | |||
Daegu Bank Co. Ltd. | 214,600 | 4,027,377 | |
Kookmin Bank sponsored ADR | 61,600 | 5,485,480 | |
Samsung Electronics Co. Ltd. | 20,870 | 14,250,420 | |
Shinsegae Co. Ltd. | 10,180 | 4,975,859 | |
TOTAL KOREA (SOUTH) | 28,739,136 | ||
Mexico - 1.0% | |||
America Movil SA de CV Series L sponsored ADR | 182,200 | 6,725,002 | |
Netherlands - 3.9% | |||
ING Groep NV (Certificaten Van Aandelen) | 259,400 | 10,526,452 | |
Koninklijke Numico NV | 158,400 | 7,178,445 | |
Koninklijke Philips Electronics NV (NY Shares) | 211,900 | 7,306,312 | |
TOTAL NETHERLANDS | 25,011,209 | ||
Norway - 1.2% | |||
Norsk Hydro ASA | 52,780 | 8,075,340 | |
South Africa - 4.6% | |||
FirstRand Ltd. | 2,092,800 | 6,891,882 | |
MTN Group Ltd. | 746,229 | 7,446,776 | |
Standard Bank Group Ltd. | 503,400 | 7,183,654 | |
Steinhoff International Holdings Ltd. | 2,129,243 | 8,439,062 | |
TOTAL SOUTH AFRICA | 29,961,374 | ||
Sweden - 0.7% | |||
Atlas Copco AB (A Shares) (d) | 145,600 | 4,303,595 | |
Switzerland - 9.5% | |||
Novartis AG (Reg.) | 236,902 | 13,624,233 | |
Roche Holding AG (participation certificate) | 142,783 | 21,953,336 | |
Syngenta AG sponsored ADR | 263,300 | 7,314,474 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Switzerland - continued | |||
UBS AG: | |||
(NY Shares) | 129,500 | $15,132,075 | |
(Reg.) | 26,491 | 3,095,473 | |
TOTAL SWITZERLAND | 61,119,591 | ||
Taiwan - 1.6% | |||
Advanced Semiconductor Engineering, Inc. | 8,983,000 | 10,670,585 | |
Turkey - 0.6% | |||
Finansbank AS | 789,500 | 4,119,130 | |
United Kingdom - 2.7% | |||
BAE Systems PLC | 788,500 | 6,003,762 | |
Benfield Group PLC | 41,800 | 296,164 | |
HSBC Holdings PLC (Hong Kong) (Reg.) | 289,400 | 5,017,038 | |
Reckitt Benckiser PLC | 168,400 | 6,139,319 | |
TOTAL UNITED KINGDOM | 17,456,283 | ||
United States of America - 5.1% | |||
Halliburton Co. | 159,600 | 12,472,740 | |
NTL, Inc. (a) | 326,800 | 8,980,464 | |
Synthes, Inc. | 90,588 | 11,247,724 | |
TOTAL UNITED STATES OF AMERICA | 32,700,928 | ||
TOTAL COMMON STOCKS (Cost $529,871,543) | 620,394,639 | ||
Money Market Funds - 13.4% | |||
Fidelity Cash Central Fund, 4.8% (b) | 27,592,081 | 27,592,081 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 58,780,340 | 58,780,340 | |
TOTAL MONEY MARKET FUNDS (Cost $86,372,421) | 86,372,421 | ||
Cash Equivalents - 0.6% | |||
Maturity Amount | Value (Note 1) | ||
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 4.69%, dated 4/28/06 due 5/1/06) | $4,206,643 | $4,205,000 | |
TOTAL INVESTMENT PORTFOLIO - 110.0% (Cost $620,448,964) | 710,972,060 | ||
NET OTHER ASSETS - (10.0)% | (64,729,815) | ||
NET ASSETS - 100% | $646,242,245 |
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. |
(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 the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $665,174 |
Fidelity Securities Lending Cash Central Fund | 240,702 |
Total | $905,876 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $55,626,286 and repurchase agreements of $4,205,000) - - See accompanying schedule: Unaffiliated issuers (cost $534,076,543) | $624,599,639 | |
Affiliated Central Funds (cost $86,372,421) | 86,372,421 | |
Total Investments (cost $620,448,964) | $710,972,060 | |
Foreign currency held at value (cost $154) | 153 | |
Receivable for investments sold | 4,425,107 | |
Receivable for fund shares sold | 685,412 | |
Dividends receivable | 1,667,024 | |
Interest receivable | 106,127 | |
Prepaid expenses | 2,146 | |
Other affiliated receivables | 71 | |
Other receivables | 455,076 | |
Total assets | 718,313,176 | |
Liabilities | ||
Payable to custodian bank | $4,205,000 | |
Payable for investments purchased | 7,694,410 | |
Payable for fund shares redeemed | 888,893 | |
Accrued management fee | 273,156 | |
Other affiliated payables | 163,394 | |
Other payables and accrued expenses | 65,738 | |
Collateral on securities loaned, at value | 58,780,340 | |
Total liabilities | 72,070,931 | |
Net Assets | $646,242,245 | |
Net Assets consist of: | ||
Paid in capital | $491,202,340 | |
Undistributed net investment income | 2,568,570 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 61,920,247 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 90,551,088 | |
Net Assets, for 34,756,604 shares outstanding | $646,242,245 | |
Net Asset Value, offering price and redemption price per share ($646,242,245 ÷ 34,756,604 shares) | $18.59 |
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $5,194,579 | |
Interest | 3,519 | |
Income from affiliated Central Funds | 905,876 | |
6,103,974 | ||
Less foreign taxes withheld | (540,714) | |
Total income | 5,563,260 | |
Expenses | ||
Management fee | $2,252,270 | |
Performance adjustment | (612,086) | |
Transfer agent fees | 825,733 | |
Accounting and security lending fees | 152,723 | |
Independent trustees' compensation | 1,305 | |
Custodian fees and expenses | 100,628 | |
Registration fees | 20,869 | |
Audit | 40,331 | |
Legal | 3,410 | |
Interest | 5,369 | |
Miscellaneous | 3,261 | |
Total expenses before reductions | 2,793,813 | |
Expense reductions | (549,712) | 2,244,101 |
Net investment income (loss) | 3,319,159 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 63,096,596 | |
Foreign currency transactions | (352,568) | |
Total net realized gain (loss) | 62,744,028 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 56,990,068 | |
Assets and liabilities in foreign currencies | 49,362 | |
Total change in net unrealized appreciation (depreciation) | 57,039,430 | |
Net gain (loss) | 119,783,458 | |
Net increase (decrease) in net assets resulting from operations | $123,102,617 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Aggressive International
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $3,319,159 | $8,428,691 |
Net realized gain (loss) | 62,744,028 | 112,898,015 |
Change in net unrealized appreciation (depreciation) | 57,039,430 | (31,480,640) |
Net increase (decrease) in net assets resulting from operations | 123,102,617 | 89,846,066 |
Distributions to shareholders from net investment income | (7,891,662) | (2,242,652) |
Distributions to shareholders from net realized gain | (60,750,944) | - |
Total distributions | (68,642,606) | (2,242,652) |
Share transactions | 105,924,768 | 249,436,853 |
Reinvestment of distributions | 62,343,713 | 2,093,978 |
Cost of shares redeemed | (272,319,939) | (364,612,526) |
Net increase (decrease) in net assets resulting from share transactions | (104,051,458) | (113,081,695) |
Redemption fees | 119,374 | 48,960 |
Total increase (decrease) in net assets | (49,472,073) | (25,429,321) |
Net Assets | ||
Beginning of period | 695,714,318 | 721,143,639 |
End of period (including undistributed net investment income of $2,568,570 and undistributed net investment income of $7,917,620, respectively) | $646,242,245 | $695,714,318 |
Other Information Shares | ||
Sold | 6,029,137 | 15,019,784 |
Issued in reinvestment of distributions | 3,762,445 | 132,029 |
Redeemed | (15,495,558) | (22,112,916) |
Net increase (decrease) | (5,703,976) | (6,961,103) |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2005 | 2004 | 2003 | 2002 | 2001 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $17.19 | $15.21 | $14.36 | $10.78 | $10.78 | $15.08 |
Income from Investment Operations | ||||||
Net investment income (loss) D | .09 | .20 | .04 | .06 | .02 | .04 |
Net realized and unrealized gain (loss) | 3.31 | 1.83 | .91 | 3.53 | .04 | (3.63) |
Total from investment operations | 3.40 | 2.03 | .95 | 3.59 | .06 | (3.59) |
Distributions from net investment income | (.23) | (.05) | (.10) | (.01) | (.06) | (.02) |
Distributions from net realized gain | (1.77) | - | - | - | - | (.70) |
Total distributions | (2.00) | (.05) | (.10) | (.01) | (.06) | (.72) |
Redemption fees added to paid in capital D | - F | - F | - F | - F | - F | .01 |
Net asset value, end of period | $18.59 | $17.19 | $15.21 | $14.36 | $10.78 | $10.78 |
Total Return B, C | 21.20% | 13.37% | 6.65% | 33.33% | .50% | (24.71)% |
Ratios to Average Net Assets E | ||||||
Expenses before reductions | .89% A | .97% | 1.24% | 1.23% | 1.54% | 1.16% |
Expenses net of fee waivers, if any | .89% A | .97% | 1.24% | 1.23% | 1.54% | 1.16% |
Expenses net of all reductions | .71% A | .84% | 1.16% | 1.16% | 1.40% | 1.02% |
Net investment income (loss) | 1.06% A | 1.20% | .27% | .50% | .13% | .35% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $646,242 | $695,714 | $721,144 | $554,853 | $298,478 | $203,107 |
Portfolio turnover rate | 187% A | 185% | 161% | 212% | 188% | 242% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but 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. F Amount represents less than $.01 per share. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Japan | 16.2% | ||
United Kingdom | 11.9% | ||
France | 9.0% | ||
Switzerland | 8.4% | ||
Germany | 6.5% | ||
United States of America | 5.2% | ||
Korea (South) | 4.8% | ||
Italy | 4.7% | ||
Netherlands | 3.1% | ||
Other | 30.2% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Japan | 22.6% | ||
United Kingdom | 10.4% | ||
France | 10.3% | ||
Switzerland | 9.4% | ||
Taiwan | 8.1% | ||
United States of America | 7.6% | ||
Germany | 6.2% | ||
Netherlands | 6.0% | ||
Korea (South) | 2.8% | ||
Other | 16.6% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 96.5 | 97.3 |
Short-Term Investments and Net Other Assets | 3.5 | 2.7 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 2.9 | 3.4 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.1 | 2.0 |
Credit Suisse Group (Reg.) (Switzerland, Capital Markets) | 2.0 | 1.1 |
Neste Oil Oyj (Finland, Oil, Gas & Consumable Fuels) | 2.0 | 0.2 |
Banco Bilbao Vizcaya Argentaria SA (Spain, Commercial Banks) | 2.0 | 0.3 |
Pernod Ricard SA (France, Beverages) | 1.9 | 1.1 |
ING Groep NV (Certificaten Van Aandelen) (Netherlands, Diversified Financial Services) | 1.7 | 1.0 |
OMX AB (Sweden, Diversified Financial Services) | 1.7 | 0.0 |
Nippon Oil Corp. (Japan, Oil, Gas & Consumable Fuels) | 1.6 | 0.0 |
Reuters Group PLC (United Kingdom, Media) | 1.6 | 0.0 |
19.5 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Financials | 31.4 | 25.2 |
Energy | 18.5 | 10.6 |
Consumer Discretionary | 10.0 | 9.6 |
Information Technology | 6.8 | 23.4 |
Materials | 6.8 | 6.1 |
Health Care | 6.7 | 8.0 |
Industrials | 6.1 | 2.9 |
Consumer Staples | 5.3 | 5.7 |
Telecommunication Services | 3.7 | 4.7 |
Utilities | 1.2 | 1.1 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.5% | |||
Shares | Value (Note 1) | ||
Australia - 0.8% | |||
Computershare Ltd. | 2,665,768 | $15,957,399 | |
Westfield Group unit | 3,000,000 | 38,582,623 | |
TOTAL AUSTRALIA | 54,540,022 | ||
Austria - 0.9% | |||
OMV AG | 901,900 | 62,708,684 | |
Brazil - 0.4% | |||
Banco Nossa Caixa SA | 1,207,800 | 27,257,968 | |
Canada - 2.4% | |||
Canadian Natural Resources Ltd. | 754,000 | 45,320,930 | |
Freehold Royalty Trust | 1,647,800 | 30,479,878 | |
Synenco Energy, Inc. Class A | 1,858,200 | 41,119,739 | |
Talisman Energy, Inc. | 791,900 | 44,723,225 | |
TOTAL CANADA | 161,643,772 | ||
Cayman Islands - 1.3% | |||
GlobalSantaFe Corp. | 1,440,800 | 88,191,368 | |
China - 0.5% | |||
Global Bio-Chem Technology Group Co. Ltd. | 65,000,000 | 33,953,284 | |
Denmark - 0.6% | |||
Vestas Wind Systems AS (a) | 1,465,700 | 39,785,021 | |
Finland - 2.6% | |||
Metso Corp. | 1,024,200 | 40,703,731 | |
Neste Oil Oyj | 3,871,922 | 135,119,387 | |
TOTAL FINLAND | 175,823,118 | ||
France - 9.0% | |||
Alstom SA (a) | 570,700 | 51,697,698 | |
AXA SA | 1,226,960 | 44,919,011 | |
BNP Paribas SA | 343,598 | 32,469,181 | |
Carrefour SA | 795,900 | 46,170,690 | |
L'Oreal SA | 480,116 | 44,521,769 | |
Louis Vuitton Moet Hennessy (LVMH) | 187,700 | 19,761,937 | |
Pernod Ricard SA | 652,400 | 126,510,540 | |
Sanofi-Aventis sponsored ADR | 884,400 | 41,602,176 | |
Total SA Series B | 713,669 | 197,001,190 | |
TOTAL FRANCE | 604,654,192 | ||
Germany - 6.5% | |||
BASF AG (d) | 850,378 | 72,758,347 | |
Bayer AG (d) | 2,305,100 | 106,470,279 | |
E.ON AG (d) | 675,591 | 82,266,719 | |
Infineon Technologies AG sponsored ADR (a)(d) | 4,749,200 | 58,035,224 | |
MG Technologies AG | 1,119,400 | 21,184,365 | |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 471,876 | 66,868,853 | |
SAP AG sponsored ADR | 601,900 | 32,881,797 | |
TOTAL GERMANY | 440,465,584 | ||
Shares | Value (Note 1) | ||
Greece - 0.1% | |||
Greek Organization of Football Prognostics SA | 213,000 | $7,873,831 | |
Hong Kong - 2.1% | |||
CNOOC Ltd. sponsored ADR (d) | 475,900 | 39,347,412 | |
Hong Kong Exchanges & Clearing Ltd. | 3,853,500 | 27,708,540 | |
Shanghai Industrial Holdings Ltd. Class H | 5,588,000 | 12,036,114 | |
Television Broadcasts Ltd. | 5,646,000 | 35,281,583 | |
Wharf Holdings Ltd. | 6,053,000 | 24,279,765 | |
TOTAL HONG KONG | 138,653,414 | ||
India - 1.3% | |||
Satyam Computer Services Ltd. | 3,435,812 | 57,341,330 | |
State Bank of India | 1,223,012 | 27,574,426 | |
TOTAL INDIA | 84,915,756 | ||
Italy - 4.7% | |||
Banca Intesa Spa | 7,293,200 | 43,338,904 | |
ENI Spa | 1,936,742 | 59,273,998 | |
FASTWEB Spa | 1,035,200 | 52,007,312 | |
Lottomatica Spa (d) | 1,718,802 | 79,324,701 | |
Mediaset Spa | 388,766 | 4,919,581 | |
Unicredito Italiano Spa | 10,649,100 | 80,249,865 | |
TOTAL ITALY | 319,114,361 | ||
Japan - 16.2% | |||
Aeon Co. Ltd. | 1,263,200 | 31,448,273 | |
Ajinomoto Co., Inc. | 2,510,000 | 31,255,149 | |
Canon, Inc. | 516,100 | 39,120,381 | |
Citizen Watch Co. Ltd. (d) | 3,166,400 | 30,920,192 | |
Credit Saison Co. Ltd. | 298,300 | 15,638,648 | |
Fuji Television Network, Inc. | 16,009 | 39,785,266 | |
Fujitsu Ltd. | 4,147,000 | 34,559,852 | |
JAFCO Co. Ltd. (d) | 652,500 | 43,433,152 | |
Kahma Co. Ltd. (d) | 187,800 | 5,112,448 | |
Matsushita Electric Industrial Co. Ltd. | 3,479,900 | 84,248,382 | |
Mitsubishi Estate Co. Ltd. | 1,608,000 | 35,160,660 | |
Mitsui & Co. Ltd. | 1,368,000 | 20,674,670 | |
Mitsui Fudosan Co. Ltd. | 2,876,000 | 64,402,197 | |
Mizuho Financial Group, Inc. | 5,377 | 45,849,108 | |
Nikko Cordial Corp. | 2,773,000 | 44,879,378 | |
Nippon Oil Corp. | 13,900,000 | 109,979,367 | |
Nitto Denko Corp. | 230,700 | 19,347,399 | |
ORIX Corp. | 176,600 | 53,038,158 | |
Sompo Japan Insurance, Inc. | 4,536,000 | 65,724,700 | |
Sumco Corp. | 421,000 | 25,176,817 | |
Sumitomo Mitsui Financial Group, Inc. | 6,220 | 68,276,621 | |
T&D Holdings, Inc. | 1,389,700 | 106,538,585 | |
Takefuji Corp. | 241,210 | 15,674,679 | |
Tokuyama Corp. | 1,857,000 | 30,641,520 | |
Yaskawa Electric Corp. (a) | 2,649,000 | 32,590,552 | |
TOTAL JAPAN | 1,093,476,154 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Korea (South) - 4.8% | |||
Doosan Heavy Industries & Construction Co. Ltd. | 1,090,700 | $39,492,567 | |
Hyundai Engineering & Construction Co. Ltd. (a) | 1,120,190 | 69,718,676 | |
Industrial Bank of Korea | 2,931,110 | 59,047,982 | |
Kookmin Bank | 204,770 | 18,346,042 | |
Lotte Shopping Co. Ltd. GDR (a)(f) | 1,395,700 | 29,151,071 | |
NHN Corp. (a) | 190,679 | 67,727,807 | |
SK Telecom Co. Ltd. sponsored ADR (d) | 1,603,800 | 42,821,460 | |
TOTAL KOREA (SOUTH) | 326,305,605 | ||
Luxembourg - 1.6% | |||
Millicom International Cellular SA unit (a) | 2,176,700 | 106,934,437 | |
Malaysia - 0.3% | |||
UMW Holdings BHD | 9,288,800 | 18,833,843 | |
Netherlands - 3.1% | |||
ING Groep NV (Certificaten Van Aandelen) | 2,826,264 | 114,689,795 | |
Reed Elsevier NV (d) | 3,902,400 | 57,850,690 | |
VNU NV | 1,112,639 | 38,196,337 | |
TOTAL NETHERLANDS | 210,736,822 | ||
Norway - 1.3% | |||
Statoil ASA | 2,702,400 | 89,030,348 | |
Philippines - 0.2% | |||
Metropolitan Bank & Trust Co. | 21,057,600 | 15,880,236 | |
Portugal - 0.5% | |||
Sonae Industria SGPS SA (a) | 3,352,700 | 33,585,676 | |
Russia - 0.7% | |||
OAO Gazprom sponsored ADR | 941,000 | 43,286,000 | |
Singapore - 0.2% | |||
Singapore Petroleum Co. Ltd. | 3,752,900 | 13,650,362 | |
South Africa - 2.3% | |||
FirstRand Ltd. | 12,210,100 | 40,209,560 | |
Impala Platinum Holdings Ltd. | 111,869 | 21,210,921 | |
Steinhoff International Holdings Ltd. | 23,102,326 | 91,563,980 | |
TOTAL SOUTH AFRICA | 152,984,461 | ||
Spain - 2.7% | |||
Banco Bilbao Vizcaya Argentaria SA | 6,084,700 | 134,228,486 | |
Banco Santander Central Hispano SA | 2,083,600 | 32,307,632 | |
Gestevision Telecinco SA | 665,923 | 17,013,275 | |
TOTAL SPAIN | 183,549,393 | ||
Sweden - 2.5% | |||
OMX AB | 5,923,300 | 113,901,876 | |
TELE2 AB (B Shares) | 4,074,900 | 51,638,843 | |
TOTAL SWEDEN | 165,540,719 | ||
Shares | Value (Note 1) | ||
Switzerland - 8.4% | |||
Actelion Ltd. (Reg.) (a) | 664,280 | $75,088,330 | |
Credit Suisse Group (Reg.) | 2,168,334 | 136,187,389 | |
Novartis AG (Reg.) | 1,818,638 | 104,589,867 | |
Roche Holding AG (participation certificate) | 923,100 | 141,929,509 | |
Syngenta AG sponsored ADR | 1,388,100 | 38,561,418 | |
UBS AG (Reg.) | 614,620 | 71,818,350 | |
TOTAL SWITZERLAND | 568,174,863 | ||
Taiwan - 1.3% | |||
Formosa Petrochemical Corp. | 13,940,000 | 25,777,596 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 9,080,648 | 61,617,259 | |
TOTAL TAIWAN | 87,394,855 | ||
Thailand - 2.2% | |||
Bangkok Bank Ltd. PCL (For. Reg.) | 17,060,400 | 54,095,059 | |
Thai Military Bank PCL (For.Reg.) (a) | 478,869,800 | 53,590,544 | |
Thai Oil PCL (For. Reg.) | 24,060,000 | 43,273,381 | |
TOTAL THAILAND | 150,958,984 | ||
Turkey - 1.4% | |||
Yapi ve Kredi Bankasi AS (a) | 39,482,811 | 92,549,500 | |
United Kingdom - 11.9% | |||
BAE Systems PLC | 8,142,900 | 62,001,313 | |
BHP Billiton PLC | 2,265,875 | 46,654,678 | |
BP PLC | 5,680,360 | 69,792,643 | |
British American Tobacco PLC | 1,517,000 | 38,759,362 | |
British Land Co. PLC | 2,586,100 | 59,237,982 | |
GlaxoSmithKline PLC | 3,331,400 | 94,745,000 | |
ITV PLC | 19,884,597 | 41,704,214 | |
Prudential PLC | 7,156,100 | 83,982,782 | |
Reuters Group PLC | 15,231,200 | 108,056,034 | |
Rio Tinto PLC (Reg.) | 666,938 | 37,131,775 | |
Rolls-Royce Group PLC | 3,284,300 | 28,541,121 | |
Smiths Group PLC | 1,766,700 | 32,848,485 | |
Standard Chartered PLC (United Kingdom) | 2,174,800 | 57,749,204 | |
The Weir Group PLC | 1,785,850 | 14,900,518 | |
Xstrata PLC | 751,600 | 27,195,293 | |
TOTAL UNITED KINGDOM | 803,300,404 | ||
United States of America - 1.7% | |||
Forest Oil Corp. (a) | 460,700 | 16,847,799 | |
Global Industries Ltd. (a)(e) | 5,937,200 | 94,223,364 | |
TOTAL UNITED STATES OF AMERICA | 111,071,163 | ||
TOTAL COMMON STOCKS (Cost $5,324,968,353) | 6,506,824,200 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
Shares | Value (Note 1) | ||
United Kingdom - 0.0% | |||
Rolls-Royce Group PLC Series B | 176,695,340 | $343,194 | |
Money Market Funds - 9.0% | |||
Fidelity Cash Central Fund, 4.8% (b) | 262,542,394 | 262,542,394 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 339,748,525 | 339,748,525 | |
TOTAL MONEY MARKET FUNDS (Cost $602,290,919) | 602,290,919 | ||
TOTAL INVESTMENT (Cost $5,927,573,675) | 7,109,458,313 | ||
NET OTHER ASSETS - (5.5)% | (368,612,508) | ||
NET ASSETS - 100% | $6,740,845,805 |
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. |
(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 period end, the value of these securities amounted to $29,151,071 or 0.4% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $5,377,276 |
Fidelity Securities Lending Cash Central Fund | 1,871,807 |
Total | $7,249,083 |
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 |
Global Industries Ltd. | $- | $85,302,135 | $- | $- | $94,223,364 |
Income Tax Information |
At October 31, 2005, the fund had a capital loss carryforward of approximately $28,516,772 all of which will expire on October 31, 2010. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $324,307,811) - See accompanying schedule: Unaffiliated issuers (cost $5,239,980,621) | $6,412,944,030 | |
Affiliated Central Funds (cost $602,290,919) | 602,290,919 | |
Other affiliated issuers (cost $85,302,135) | 94,223,364 | |
Total Investments (cost $5,927,573,675) | $7,109,458,313 | |
Foreign currency held at value (cost $1,691,118) | 1,702,329 | |
Receivable for investments sold | 94,301,858 | |
Receivable for fund shares sold | 12,977,287 | |
Dividends receivable | 19,023,233 | |
Interest receivable | 1,269,136 | |
Prepaid expenses | 14,011 | |
Other affiliated receivables | 49,796 | |
Other receivables | 3,777,100 | |
Total assets | 7,242,573,063 | |
Liabilities | ||
Payable for investments purchased | $151,177,957 | |
Payable for fund shares redeemed | 4,025,534 | |
Accrued management fee | 4,501,668 | |
Other affiliated payables | 1,501,370 | |
Other payables and accrued expenses | 772,204 | |
Collateral on securities loaned, at value | 339,748,525 | |
Total liabilities | 501,727,258 | |
Net Assets | $6,740,845,805 | |
Net Assets consist of: | ||
Paid in capital | $4,927,396,770 | |
Undistributed net investment income | 29,587,677 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 601,616,871 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 1,182,244,487 | |
Net Assets, for 143,354,622 shares outstanding | $6,740,845,805 | |
Net Asset Value, offering price and redemption price per share ($6,740,845,805 ÷ 143,354,622 shares) | $47.02 |
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $59,834,760 | |
Interest | 23,769 | |
Income from affiliated Central Funds | 7,249,083 | |
67,107,612 | ||
Less foreign taxes withheld | (5,482,087) | |
Total income | 61,625,525 | |
Expenses | ||
Management fee | $20,404,801 | |
Performance adjustment | 1,368,963 | |
Transfer agent fees | 6,961,378 | |
Accounting and security lending fees | 772,416 | |
Independent trustees' compensation | 10,878 | |
Appreciation in deferred trustee compensation account | 10,878 | |
Custodian fees and expenses | 1,034,339 | |
Registration fees | 137,912 | |
Audit | 65,562 | |
Legal | 20,342 | |
Interest | 854 | |
Miscellaneous | 22,943 | |
Total expenses before reductions | 30,811,266 | |
Expense reductions | (4,159,020) | 26,652,246 |
Net investment income (loss) | 34,973,279 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $167,727) | 670,204,412 | |
Foreign currency transactions | (2,708,636) | |
Total net realized gain (loss) | 667,495,776 | |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $18,131) | 617,370,316 | |
Assets and liabilities in foreign currencies | 656,584 | |
Total change in net unrealized appreciation (depreciation) | 618,026,900 | |
Net gain (loss) | 1,285,522,676 | |
Net increase (decrease) in net assets resulting from operations | $1,320,495,955 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Overseas
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $34,973,279 | $51,394,630 |
Net realized gain (loss) | 667,495,776 | 401,382,614 |
Change in net unrealized appreciation (depreciation) | 618,026,900 | 289,293,624 |
Net increase (decrease) in net assets resulting from operations | 1,320,495,955 | 742,070,868 |
Distributions to shareholders from net investment income | (51,835,693) | (24,791,518) |
Distributions to shareholders from net realized gain | (20,228,484) | (14,353,048) |
Total distributions | (72,064,177) | (39,144,566) |
Share transactions | 1,194,516,318 | 977,608,152 |
Reinvestment of distributions | 71,154,696 | 38,479,891 |
Cost of shares redeemed | (507,144,071) | (1,167,494,600) |
Net increase (decrease) in net assets resulting from share transactions | 758,526,943 | (151,406,557) |
Redemption fees | 90,271 | 173,736 |
Total increase (decrease) in net assets | 2,007,048,992 | 551,693,481 |
Net Assets | ||
Beginning of period | 4,733,796,813 | 4,182,103,332 |
End of period (including undistributed net investment income of $29,587,677 and undistributed net investment income of $46,450,091, respectively) | $6,740,845,805 | $4,733,796,813 |
Other Information Shares | ||
Sold | 27,811,694 | 27,631,957 |
Issued in reinvestment of distributions | 1,782,432 | 1,105,744 |
Redeemed | (11,971,677) | (32,826,166) |
Net increase (decrease) | 17,622,449 | (4,088,465) |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2005 | 2004 | 2003 | 2002 | 2001 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $37.65 | $32.21 | $29.19 | $22.34 | $25.98 | $40.72 |
Income from Investment Operations | ||||||
Net investment income (loss) D | .26 | .39 | .17 E | .18 | .11 | .20 |
Net realized and unrealized gain (loss) | 9.68 | 5.35 | 3.15 | 6.76 | (3.75) | (9.96) |
Total from investment operations | 9.94 | 5.74 | 3.32 | 6.94 | (3.64) | (9.76) |
Distributions from net investment income | (.41) | (.19) | (.30) | (.09) | - | (.86) |
Distributions from net realized gain | (.16) | (.11) | - | - | - | (4.12) |
Total distributions | (.57) | (.30) | (.30) | (.09) | - | (4.98) |
Redemption fees added to paid in capital D | - G | - G | - G | - G | - G | - G |
Net asset value, end of period | $47.02 | $37.65 | $32.21 | $29.19 | $22.34 | $25.98 |
Total Return B, C | 26.67% | 17.90% | 11.45% | 31.18% | (14.01)% | (27.21)% |
Ratios to Average Net Assets F | ||||||
Expenses before reductions | 1.08% A | .93% | 1.05% | 1.04% | 1.21% | 1.18% |
Expenses net of fee waivers, if any | 1.08% A | .93% | 1.05% | 1.04% | 1.21% | 1.18% |
Expenses net of all reductions | .94% A | .86% | 1.01% | 1.00% | 1.16% | 1.12% |
Net investment income (loss) | 1.23% A | 1.11% | .55% E | .75% | .42% | .63% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $6,740,846 | $4,733,797 | $4,182,103 | $3,500,394 | $2,862,101 | $3,392,740 |
Portfolio turnover rate | 174% A | 87% | 79% | 104% | 72% | 95% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Net investment income per share includes approximately $.01 per share received as a result of a reorganization of an issuer that was in bankruptcy. Excluding this non-recurring amount, the ratio of net investment income (loss) to average net assets would have been .52%. F 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 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. G Amount represents less than $.01 per share. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
United States of America | 46.5% | ||
Japan | 10.8% | ||
United Kingdom | 7.0% | ||
France | 6.1% | ||
Switzerland | 5.6% | ||
Germany | 5.3% | ||
Australia | 2.0% | ||
Italy | 1.7% | ||
Korea (South) | 1.3% | ||
Other | 13.7% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
United States of America | 49.8% | ||
Japan | 11.8% | ||
France | 5.7% | ||
Switzerland | 5.6% | ||
Taiwan | 4.1% | ||
United Kingdom | 3.8% | ||
Germany | 3.5% | ||
Netherlands | 3.1% | ||
Canada | 2.0% | ||
Other | 10.6% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 98.4 | 97.3 |
Short-Term Investments and Net Other Assets | 1.6 | 2.7 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Google, Inc. Class A (sub. vtg.) (United States of America, Internet Software & Services) | 1.8 | 0.5 |
General Electric Co. (United States of America, Industrial Conglomerates) | 1.5 | 2.2 |
American International Group, Inc. (United States of America, Insurance) | 1.5 | 2.1 |
Johnson & Johnson (United States of America, Pharmaceuticals) | 1.1 | 0.4 |
Federated Department Stores, Inc. (United States of America, Multiline Retail) | 1.0 | 0.0 |
Best Buy Co., Inc. (United States of America, Specialty Retail) | 1.0 | 0.0 |
Nestle SA (Switzerland, Food Products) | 0.9 | 0.9 |
Roche Holding AG (Switzerland, Pharmaceuticals) | 0.9 | 1.3 |
Honeywell International, Inc. (United States of America, Aerospace & Defense) | 0.9 | 1.6 |
Golden West Financial Corp., Delaware (United States of America, Thrifts & Mortgage Finance) | 0.9 | 0.0 |
11.5 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Financials | 23.9 | 20.5 |
Consumer Discretionary | 13.3 | 9.4 |
Information Technology | 12.1 | 20.9 |
Industrials | 11.5 | 8.4 |
Health Care | 9.8 | 11.6 |
Energy | 8.8 | 10.1 |
Consumer Staples | 8.6 | 7.0 |
Materials | 5.0 | 5.6 |
Utilities | 3.0 | 1.0 |
Telecommunication Services | 2.4 | 2.8 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.8% | |||
Shares | Value (Note 1) | ||
Australia - 2.0% | |||
AMP Ltd. | 69,700 | $477,058 | |
Aristocrat Leisure Ltd. | 95,000 | 1,063,016 | |
Babcock & Brown Japan Property Trust | 886,700 | 1,205,711 | |
BHP Billiton Ltd. | 251,700 | 5,733,725 | |
Billabong International Ltd. | 168,200 | 1,970,262 | |
Commonwealth Bank of Australia | 31,700 | 1,131,803 | |
Computershare Ltd. | 253,800 | 1,519,257 | |
CSL Ltd. | 35,400 | 1,551,646 | |
Downer EDI Ltd. | 307,500 | 2,027,582 | |
Dyno Nobel Ltd. | 113,700 | 226,295 | |
Macquarie Airports unit | 204,600 | 509,792 | |
Macquarie Bank Ltd. | 40,900 | 2,218,376 | |
Macquarie Communications Infrastructure Group unit | 179,300 | 749,129 | |
Macquarie Infrastructure Group unit | 214,600 | 581,985 | |
Mortgage Choice Ltd. | 119,900 | 236,813 | |
National Australia Bank Ltd. | 57,300 | 1,636,488 | |
QBE Insurance Group Ltd. | 119,900 | 2,038,416 | |
Seek Ltd. | 211,400 | 637,542 | |
Transurban Group unit | 120,700 | 605,152 | |
Zinifex Ltd. | 241,500 | 1,898,764 | |
TOTAL AUSTRALIA | 28,018,812 | ||
Austria - 0.6% | |||
Austriamicrosystems AG (a) | 11,400 | 734,846 | |
Erste Bank der Oesterreichischen Sparkassen AG | 22,000 | 1,335,078 | |
Oesterreichische Elektrizitaetswirtschafts AG (Verbund) | 3,900 | 1,853,823 | |
OMV AG | 36,800 | 2,558,687 | |
Telekom Austria AG | 51,300 | 1,258,855 | |
TOTAL AUSTRIA | 7,741,289 | ||
Bermuda - 1.0% | |||
ACE Ltd. | 82,900 | 4,604,266 | |
Endurance Specialty Holdings Ltd. | 108,600 | 3,362,256 | |
Lazard Ltd. Class A | 39,300 | 1,744,920 | |
Marvell Technology Group Ltd. (a) | 55,400 | 3,162,786 | |
Ports Design Ltd. | 248,000 | 391,833 | |
TOTAL BERMUDA | 13,266,061 | ||
Brazil - 0.3% | |||
Banco Bradesco SA (PN) sponsored ADR (non-vtg.) | 26,600 | 1,012,662 | |
Banco Itau Holding Financeira SA (PN) (non-vtg.) | 8,700 | 279,050 | |
Banco Nossa Caixa SA | 25,200 | 568,721 | |
CSU Cardsystem SA sponsored ADR (a)(e) | 31,000 | 792,050 | |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 18,200 | 1,444,170 | |
TOTAL BRAZIL | 4,096,653 | ||
Shares | Value (Note 1) | ||
Canada - 0.4% | |||
Ultra Petroleum Corp. (a) | 83,100 | $5,315,076 | |
Cayman Islands - 0.8% | |||
Foxconn International Holdings Ltd. (a) | 562,000 | 1,210,504 | |
GlobalSantaFe Corp. | 29,700 | 1,817,937 | |
Noble Corp. | 83,900 | 6,623,066 | |
Suntech Power Holdings Co. Ltd. sponsored ADR | 19,900 | 682,371 | |
The9 Ltd. sponsored ADR (a) | 22,800 | 683,772 | |
Xinao Gas Holdings Ltd. | 558,000 | 514,581 | |
TOTAL CAYMAN ISLANDS | 11,532,231 | ||
China - 0.8% | |||
China Shenhua Energy Co. Ltd. (H Shares) | 601,000 | 1,089,091 | |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR | 30,300 | 412,383 | |
Dalian Port (PDA) Co. Ltd. (H Shares) | 138,000 | 76,980 | |
Focus Media Holding Ltd. ADR | 133,900 | 8,086,221 | |
Li Ning Co. Ltd. | 772,000 | 866,263 | |
Shanghai Prime Machinery Co. Ltd. (H Shares) | 310,000 | 115,951 | |
TOTAL CHINA | 10,646,889 | ||
Denmark - 0.1% | |||
Vestas Wind Systems AS (a) | 65,900 | 1,788,792 | |
Finland - 1.0% | |||
Citycon Oyj | 76,000 | 355,735 | |
Citycon Oyj New | 15,200 | 71,147 | |
Fortum Oyj | 92,700 | 2,341,438 | |
Metso Corp. | 48,700 | 1,935,434 | |
Neste Oil Oyj | 61,700 | 2,153,160 | |
Nokia Corp. sponsored ADR | 260,800 | 5,909,728 | |
Sampo Oyj (A Shares) | 74,900 | 1,545,980 | |
TOTAL FINLAND | 14,312,622 | ||
France - 6.1% | |||
Accor SA | 31,300 | 1,970,138 | |
Alcatel SA (RFD) (a) | 107,100 | 1,544,382 | |
Alstom SA (a) | 21,700 | 1,965,726 | |
April Group (d) | 28,600 | 1,520,906 | |
AXA SA | 103,140 | 3,775,956 | |
BNP Paribas SA | 38,520 | 3,640,047 | |
BNP Paribas SA New | 4,262 | 389,037 | |
Carrefour SA | 56,800 | 3,295,006 | |
Compagnie Generale de Geophysique SA (a) | 25,400 | 4,105,081 | |
Financiere Marc de Lacharriere SA (Fimalac) | 11,100 | 1,053,825 | |
Groupe Danone | 9,700 | 1,210,339 | |
L'Oreal SA | 66,700 | 6,185,176 | |
Legrand SA | 7,300 | 213,673 | |
Louis Vuitton Moet Hennessy (LVMH) | 33,700 | 3,548,094 | |
Neopost SA | 29,600 | 3,347,965 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
France - continued | |||
Nexity | 40,100 | $2,802,806 | |
Orpea (a) | 27,800 | 2,062,344 | |
Pernod Ricard SA | 17,700 | 3,432,306 | |
Renault SA | 37,800 | 4,387,514 | |
Sanofi-Aventis sponsored ADR | 98,700 | 4,642,848 | |
Schneider Electric SA | 19,000 | 2,151,429 | |
Silicon On Insulator Technologies SA (SOITEC) (a) | 31,500 | 1,028,125 | |
Societe Generale Series A | 29,500 | 4,507,182 | |
Suez SA (France) | 111,800 | 4,399,427 | |
Total SA Series B | 35,724 | 9,861,253 | |
Veolia Environnement | 17,600 | 1,051,631 | |
Vinci SA | 25,900 | 2,573,293 | |
Vivendi Universal SA sponsored ADR | 82,500 | 3,013,725 | |
TOTAL FRANCE | 83,679,234 | ||
Germany - 4.9% | |||
ADVA AG Optical Networking (a) | 28,650 | 339,775 | |
Allianz AG (Reg.) (d) | 41,900 | 7,009,870 | |
Bayer AG (d) | 47,600 | 2,198,597 | |
Bilfinger Berger AG | 16,500 | 1,051,062 | |
Continental AG (d) | 9,900 | 1,178,713 | |
Deutsche Boerse AG | 23,500 | 3,398,639 | |
Deutsche Postbank AG | 26,700 | 2,041,375 | |
E.ON AG (d) | 60,300 | 7,342,731 | |
GFK AG | 32,877 | 1,506,527 | |
Heidelberger Druckmaschinen AG | 71,500 | 3,608,319 | |
Hypo Real Estate Holding AG | 19,000 | 1,328,492 | |
Infineon Technologies AG sponsored ADR (a) | 203,700 | 2,489,214 | |
KarstadtQuelle AG (a)(d) | 76,200 | 2,290,962 | |
Linde AG (d) | 18,900 | 1,692,054 | |
Merck KGaA | 12,300 | 1,303,537 | |
MPC Muenchmeyer Petersen Capital AG | 6,600 | 554,571 | |
MTU Aero Engines Holding AG | 23,500 | 852,699 | |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d) | 18,400 | 2,607,437 | |
Pfleiderer AG | 104,000 | 3,137,269 | |
Premiere AG (a)(d) | 96,200 | 1,577,819 | |
Q-Cells AG | 14,700 | 1,356,659 | |
RWE AG | 39,100 | 3,389,993 | |
SAP AG | 3,200 | 699,264 | |
SAP AG sponsored ADR | 27,100 | 1,480,473 | |
SGL Carbon AG (a) | 76,200 | 1,600,693 | |
Siemens AG sponsored ADR | 36,300 | 3,435,432 | |
SolarWorld AG | 6,000 | 1,869,765 | |
United Internet AG | 58,100 | 3,811,697 | |
Wacker Chemie AG | 2,200 | 288,666 | |
Wincor Nixdorf AG | 11,800 | 1,697,172 | |
TOTAL GERMANY | 67,139,476 | ||
Shares | Value (Note 1) | ||
Greece - 0.2% | |||
EFG Eurobank Ergasias SA | 32,900 | $1,310,832 | |
Greek Organization of Football Prognostics SA | 35,800 | 1,323,395 | |
TOTAL GREECE | 2,634,227 | ||
Hong Kong - 0.5% | |||
Chaoda Modern Agriculture (Holdings) Ltd. | 1,384,000 | 963,925 | |
CNOOC Ltd. | 2,117,700 | 1,707,096 | |
Esprit Holdings Ltd. | 355,000 | 2,834,213 | |
Li & Fung Ltd. | 452,000 | 1,072,679 | |
Wharf Holdings Ltd. | 159,000 | 637,780 | |
TOTAL HONG KONG | 7,215,693 | ||
India - 0.5% | |||
Cipla Ltd. | 140,297 | 795,537 | |
Infosys Technologies Ltd. | 34,660 | 2,423,614 | |
Pfizer Ltd. | 22,577 | 516,908 | |
State Bank of India | 72,882 | 1,643,221 | |
Sun TV Ltd. | 1,152 | 32,675 | |
Suzlon Energy Ltd. | 74,979 | 2,103,503 | |
TOTAL INDIA | 7,515,458 | ||
Indonesia - 0.2% | |||
PT Bank Rakyat Indonesia Tbk | 1,486,200 | 782,430 | |
PT Perusahaan Gas Negara Tbk Series B | 1,032,500 | 1,457,365 | |
TOTAL INDONESIA | 2,239,795 | ||
Ireland - 0.6% | |||
AgCert International | 148,500 | 681,130 | |
Allied Irish Banks PLC | 89,000 | 2,132,440 | |
C&C Group PLC | 206,600 | 1,603,040 | |
Paddy Power PLC (Ireland) | 61,300 | 1,090,482 | |
Ryanair Holdings PLC sponsored ADR (a) | 45,700 | 2,151,556 | |
TOTAL IRELAND | 7,658,648 | ||
Israel - 0.4% | |||
Bank Hapoalim BM (Reg.) | 245,500 | 1,237,088 | |
Ormat Industries Ltd. | 181,400 | 1,724,940 | |
Teva Pharmaceutical Industries Ltd. | 46,300 | 1,910,482 | |
TOTAL ISRAEL | 4,872,510 | ||
Italy - 1.5% | |||
Azimut Holdings Spa | 96,200 | 1,183,365 | |
Banca Monte dei Paschi di Siena Spa | 281,600 | 1,670,530 | |
ENI Spa | 107,051 | 3,276,296 | |
FASTWEB Spa | 27,700 | 1,391,618 | |
Fiat Spa (a) | 164,000 | 2,310,778 | |
Geox Spa | 86,900 | 1,239,780 | |
Lottomatica Spa | 29,900 | 1,379,920 | |
Mediobanca Spa | 43,000 | 932,031 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Italy - continued | |||
Pirelli & C. Real Estate Spa | 24,900 | $1,827,416 | |
Unicredito Italiano Spa | 672,100 | 5,064,835 | |
TOTAL ITALY | 20,276,569 | ||
Japan - 10.8% | |||
Aeon Co. Ltd. | 146,100 | 3,637,265 | |
Aeon Fantasy Co. Ltd. | 3,100 | 130,125 | |
Asics Corp. | 139,000 | 1,695,464 | |
Canon, Inc. | 60,200 | 4,563,160 | |
Credit Saison Co. Ltd. | 19,900 | 1,043,276 | |
Daikin Industries Ltd. | 38,000 | 1,324,786 | |
Daiwa House Industry Co. Ltd. | 96,000 | 1,636,321 | |
Daiwa Securities Group, Inc. | 103,000 | 1,428,206 | |
East Japan Railway Co. | 208 | 1,623,816 | |
FamilyMart Co. Ltd. | 4,500 | 130,406 | |
Fanuc Ltd. | 28,800 | 2,723,829 | |
Fast Retailing Co. Ltd. | 14,900 | 1,415,745 | |
Fujitsu Ltd. | 172,000 | 1,433,396 | |
Fullcast Co. Ltd. | 175 | 708,452 | |
Hokuhoku Financial Group, Inc. | 180,000 | 733,436 | |
Hoya Corp. | 75,800 | 3,068,610 | |
Ibiden Co. Ltd. | 40,600 | 1,928,834 | |
JAFCO Co. Ltd. | 12,600 | 838,709 | |
Japan Tobacco, Inc. | 439 | 1,765,638 | |
JGC Corp. | 102,600 | 1,797,471 | |
JSR Corp. | 81,700 | 2,518,261 | |
JTEKT Corp. | 64,800 | 1,397,006 | |
Kahma Co. Ltd. (d) | 39,000 | 1,061,691 | |
Kansai Urban Banking Corp. | 136,000 | 641,335 | |
Keyence Corp. | 8,000 | 2,099,144 | |
Kose Corp. | 19,910 | 725,589 | |
Kurita Water Industries Ltd. | 16,900 | 344,307 | |
Matsushita Electric Industrial Co. Ltd. | 210,000 | 5,084,100 | |
Mitsubishi Estate Co. Ltd. | 87,000 | 1,902,349 | |
Mitsubishi UFJ Financial Group, Inc. | 322 | 5,042,520 | |
Mitsui & Co. Ltd. | 204,000 | 3,083,065 | |
Mitsui Fudosan Co. Ltd. | 131,000 | 2,933,480 | |
Mizuho Financial Group, Inc. | 651 | 5,551,008 | |
Nidec Corp. | 14,400 | 1,110,270 | |
Nikko Cordial Corp. | 208,000 | 3,366,358 | |
Nintendo Co. Ltd. | 20,400 | 3,045,445 | |
Nippon Electric Glass Co. Ltd. | 97,000 | 2,189,155 | |
Nippon Oil Corp. | 163,000 | 1,289,686 | |
Nishimatsuya Chain Co. Ltd. | 18,600 | 417,326 | |
Nissan Motor Co. Ltd. | 135,000 | 1,777,275 | |
Nitto Denko Corp. | 33,600 | 2,817,827 | |
Nomura Holdings, Inc. | 44,300 | 1,004,724 | |
NSK Ltd. | 186,000 | 1,682,371 | |
Omron Corp. | 56,200 | 1,569,405 | |
ORIX Corp. | 17,350 | 5,210,714 | |
SHIMIZU Corp. | 247,000 | 1,709,208 | |
Shin-Etsu Chemical Co. Ltd. | 19,200 | 1,109,427 | |
Shares | Value (Note 1) | ||
Sompo Japan Insurance, Inc. | 195,000 | $2,825,467 | |
Sony Corp. sponsored ADR | 70,000 | 3,425,800 | |
St. Marc Holdings Co. Ltd. | 8,000 | 551,482 | |
Sugi Pharmacy Co. Ltd. | 54,600 | 1,280,193 | |
Sumco Corp. | 48,500 | 2,900,417 | |
Sumitomo Electric Industries Ltd. | 169,200 | 2,686,398 | |
Sumitomo Metal Industries Ltd. | 412,100 | 1,737,063 | |
Sumitomo Mitsui Financial Group, Inc. | 532 | 5,839,737 | |
Sumitomo Titanium Corp. | 7,500 | 1,476,619 | |
Sumitomo Trust & Banking Co. Ltd. | 145,000 | 1,543,271 | |
T&D Holdings, Inc. | 37,650 | 2,886,362 | |
Takeda Pharamaceutical Co. Ltd. | 46,200 | 2,823,728 | |
Teijin Ltd. | 307,800 | 2,111,015 | |
The Daimaru, Inc. | 118,000 | 1,718,059 | |
The Sumitomo Warehouse Co. Ltd. | 44,000 | 341,954 | |
Toho Titanium Co. Ltd. | 19,500 | 1,453,831 | |
Token Corp. | 8,300 | 541,550 | |
Tokuyama Corp. | 330,000 | 5,445,181 | |
Tokyo Tomin Bank Ltd. | 4,500 | 224,852 | |
Toyota Motor Corp. | 158,900 | 9,305,979 | |
Valor Co. Ltd. | 19,400 | 395,240 | |
Yahoo! Japan Corp. | 1,620 | 944,615 | |
Yamada Denki Co. Ltd. | 24,600 | 2,680,887 | |
TOTAL JAPAN | 149,449,691 | ||
Korea (South) - 1.3% | |||
Daegu Bank Co. Ltd. | 80,190 | 1,504,918 | |
Hyundai Department Store Co. Ltd. | 12,060 | 1,157,218 | |
Hyundai Engineering & Construction Co. Ltd. (a) | 12,300 | 765,531 | |
Hyundai Motor Co. | 8,001 | 703,264 | |
Kookmin Bank | 29,070 | 2,604,480 | |
Korean Reinsurance Co. | 122,002 | 1,461,722 | |
LG Household & Health Care Ltd. | 19,310 | 1,541,688 | |
NHN Corp. (a) | 8,139 | 2,890,914 | |
Samsung Electronics Co. Ltd. | 2,384 | 1,627,839 | |
Shinhan Financial Group Co. Ltd. | 46,166 | 2,300,591 | |
Shinsegae Co. Ltd. | 1,664 | 813,343 | |
Woongjin Coway Co. Ltd. unit (a)(e) | 47,900 | 711,021 | |
TOTAL KOREA (SOUTH) | 18,082,529 | ||
Luxembourg - 0.1% | |||
SES Global unit | 109,764 | 1,793,365 | |
Mexico - 0.2% | |||
America Movil SA de CV Series L sponsored ADR | 45,500 | 1,679,405 | |
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR | 4,000 | 133,120 | |
Urbi, Desarrollos Urbanos, SA de CV (a) | 150,800 | 1,233,574 | |
TOTAL MEXICO | 3,046,099 | ||
Netherlands - 1.3% | |||
ABN-AMRO Holding NV | 118,000 | 3,526,842 | |
ASML Holding NV (NY Shares) (a) | 37,700 | 797,355 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Netherlands - continued | |||
EADS NV (d) | 52,200 | $2,060,042 | |
Fugro NV (Certificaten Van Aandelen) unit | 43,400 | 1,822,267 | |
ING Groep NV (Certificaten Van Aandelen) | 126,400 | 5,129,312 | |
Koninklijke Numico NV | 25,100 | 1,137,494 | |
Randstad Holdings NV | 19,500 | 1,296,535 | |
Tele Atlas NV (Netherlands) (a) | 17,400 | 441,249 | |
VNU NV | 38,155 | 1,309,842 | |
TOTAL NETHERLANDS | 17,520,938 | ||
Norway - 1.0% | |||
DnB NOR ASA (d) | 100,400 | 1,393,132 | |
Norsk Hydro ASA | 27,200 | 4,161,600 | |
ProSafe ASA | 36,400 | 2,162,095 | |
Statoil ASA (d) | 51,100 | 1,683,485 | |
TANDBERG ASA (d) | 192,500 | 1,960,365 | |
TANDBERG Television ASA (a) | 66,800 | 1,344,283 | |
Telenor ASA | 133,500 | 1,549,101 | |
TOTAL NORWAY | 14,254,061 | ||
Portugal - 0.1% | |||
Energias de Portugal SA | 426,500 | 1,678,852 | |
Russia - 0.2% | |||
Novatek JSC GDR (e) | 8,800 | 374,000 | |
OAO Gazprom sponsored ADR | 41,300 | 1,899,800 | |
TOTAL RUSSIA | 2,273,800 | ||
Singapore - 0.2% | |||
Ascendas Real Estate Investment Trust (A-REIT) | 489,000 | 705,266 | |
GigaMedia Ltd. (a) | 50,000 | 413,500 | |
HTL International Holdings Ltd. | 678,750 | 562,458 | |
Keppel Corp. Ltd. | 128,000 | 1,238,827 | |
TOTAL SINGAPORE | 2,920,051 | ||
South Africa - 1.0% | |||
African Bank Investments Ltd. | 184,200 | 1,029,375 | |
FirstRand Ltd. | 756,300 | 2,490,601 | |
Foschini Ltd. | 137,100 | 1,388,672 | |
Gold Fields Ltd. | 39,900 | 1,013,859 | |
MTN Group Ltd. | 215,800 | 2,153,514 | |
Naspers Ltd. Class N | 44,500 | 976,965 | |
Nedbank Group Ltd. | 45,108 | 941,923 | |
Standard Bank Group Ltd. | 57,400 | 819,114 | |
Steinhoff International Holdings Ltd. | 712,300 | 2,823,137 | |
TOTAL SOUTH AFRICA | 13,637,160 | ||
Spain - 0.8% | |||
Banco Bilbao Vizcaya Argentaria SA | 304,500 | 6,717,270 | |
Banco Santander Central Hispano SA | 187,000 | 2,899,562 | |
Shares | Value (Note 1) | ||
Gestevision Telecinco SA | 25,600 | $654,039 | |
Inditex SA | 34,000 | 1,383,399 | |
TOTAL SPAIN | 11,654,270 | ||
Sweden - 0.6% | |||
Atlas Copco AB (B Shares) (d) | 142,100 | 3,881,511 | |
Eniro AB | 101,800 | 1,117,123 | |
Hennes & Mauritz AB (H&M) (B Shares) | 14,950 | 567,850 | |
Modern Times Group AB (MTG) (B Shares) (a) | 17,650 | 969,029 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 36,600 | 1,298,202 | |
TOTAL SWEDEN | 7,833,715 | ||
Switzerland - 5.6% | |||
ABB Ltd.: | |||
(Reg.) | 103,836 | 1,481,817 | |
sponsored ADR | 62,000 | 881,640 | |
Actelion Ltd. (Reg.) (a) | 13,541 | 1,530,636 | |
Alcon, Inc. | 62,400 | 6,346,704 | |
Compagnie Financiere Richemont unit | 80,715 | 4,181,197 | |
Credit Suisse Group sponsored ADR | 23,000 | 1,398,170 | |
Credit Suisse Group (Reg.) (d) | 70,277 | 4,413,915 | |
Lindt & Spruengli AG (participation certificate) | 1,118 | 2,280,529 | |
Nestle SA: | |||
(Reg.) | 19,913 | 6,072,799 | |
sponsored ADR | 88,000 | 6,727,600 | |
Nobel Biocare Holding AG (Switzerland) | 6,836 | 1,689,296 | |
Novartis AG sponsored ADR | 141,400 | 8,131,914 | |
Pargesa Holding SA | 15,252 | 1,549,425 | |
Roche Holding AG: | |||
(participation certificate) | 58,314 | 8,965,960 | |
sponsored ADR | 43,900 | 3,380,300 | |
Societe Generale de Surveillance Holding SA (SGS) (Reg.) | 1,369 | 1,354,320 | |
Swiss Life Holding | 9,379 | 2,160,807 | |
Syngenta AG: | |||
sponsored ADR | 54,900 | 1,525,122 | |
warrants 5/22/06 (a) | 8,900 | 14,280 | |
(Switzerland) | 8,900 | 1,236,210 | |
The Swatch Group AG (Reg.) | 40,966 | 1,502,824 | |
UBS AG (NY Shares) | 67,020 | 7,831,287 | |
Zurich Financial Services AG | 9,844 | 2,394,926 | |
TOTAL SWITZERLAND | 77,051,678 | ||
Taiwan - 0.3% | |||
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 257,512 | 1,747,362 | |
Merry Electronics Co. Ltd. | 308,000 | 1,086,003 | |
Phoenix Precision Technology Corp. | 499,100 | 1,137,233 | |
Powertech Technology, Inc. | 211,000 | 724,143 | |
TOTAL TAIWAN | 4,694,741 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Thailand - 0.1% | |||
Kasikornbank PCL (For. Reg.) | 658,200 | $1,192,582 | |
Turkey - 0.3% | |||
Finansbank AS | 421,500 | 2,199,130 | |
Tupras-Turkiye Petrol Rafinerileri AS | 88,700 | 1,877,958 | |
TOTAL TURKEY | 4,077,088 | ||
United Arab Emirates - 0.1% | |||
Investcom LLC GDR | 109,000 | 1,651,350 | |
United Kingdom - 7.0% | |||
Anglo American PLC (United Kingdom) | 89,300 | 3,802,801 | |
AstraZeneca PLC sponsored ADR | 28,500 | 1,571,205 | |
BAE Systems PLC | 497,000 | 3,784,236 | |
Benfield Group PLC | 288,800 | 2,046,226 | |
BG Group PLC | 138,000 | 1,854,863 | |
BG Group PLC sponsored ADR | 19,600 | 1,316,336 | |
BHP Billiton PLC | 138,400 | 2,849,675 | |
BP PLC | 802,475 | 9,859,736 | |
British American Tobacco PLC | 137,800 | 3,520,791 | |
British Land Co. PLC | 61,700 | 1,413,319 | |
Capita Group PLC | 118,500 | 1,006,553 | |
Carnival PLC | 22,400 | 1,108,352 | |
CLS Holdings PLC (a) | 68,500 | 688,347 | |
CSR PLC (a) | 30,900 | 681,318 | |
EMI Group PLC | 188,700 | 970,479 | |
Enterprise Inns PLC | 55,500 | 944,365 | |
GlaxoSmithKline PLC sponsored ADR | 170,200 | 9,680,976 | |
HSBC Holdings PLC: | |||
(Hong Kong) (Reg.) | 272,400 | 4,722,326 | |
(United Kingdom) (Reg.) | 74,000 | 1,282,864 | |
Imperial Tobacco Group PLC sponsored ADR | 23,000 | 1,441,640 | |
Informa PLC | 149,800 | 1,335,937 | |
International Power PLC | 311,100 | 1,689,340 | |
Ladbrokes PLC | 12 | 92 | |
Man Group PLC | 26,900 | 1,239,718 | |
Marks & Spencer Group PLC | 213,400 | 2,278,697 | |
Prudential PLC | 116,500 | 1,367,224 | |
Reckitt Benckiser PLC | 56,400 | 2,056,161 | |
Renovo Group PLC | 335,100 | 693,642 | |
Reuters Group PLC sponsored ADR | 31,000 | 1,316,880 | |
Rio Tinto PLC sponsored ADR | 13,400 | 2,984,180 | |
Rolls-Royce Group PLC | 353,700 | 3,073,713 | |
Royal Bank of Scotland Group PLC | 74,000 | 2,417,089 | |
Royal Dutch Shell PLC Class B | 189,500 | 6,766,096 | |
Scottish & Southern Energy PLC | 101,900 | 2,090,701 | |
SIG PLC | 58,900 | 972,141 | |
Smiths Group PLC | 96,500 | 1,794,237 | |
Tesco PLC | 205,700 | 1,198,589 | |
Vedanta Resources PLC | 45,700 | 1,315,190 | |
Virgin Mobile Holdings (UK) PLC | 125,300 | 852,364 | |
Vodafone Group PLC sponsored ADR | 218,700 | 5,183,190 | |
VT Group PLC | 124,500 | 1,044,462 | |
Shares | Value (Note 1) | ||
Whatman PLC | 96,800 | $553,891 | |
Yell Group PLC | 67,400 | 631,813 | |
TOTAL UNITED KINGDOM | 97,401,755 | ||
United States of America - 44.9% | |||
AES Corp. (a) | 231,700 | 3,931,949 | |
Airgas, Inc. | 86,900 | 3,515,105 | |
AirTran Holdings, Inc. (a) | 192,000 | 2,684,160 | |
Alcoa, Inc. | 142,800 | 4,823,784 | |
Allergan, Inc. | 79,900 | 8,207,328 | |
Allied Waste Industries, Inc. (a) | 368,400 | 5,216,544 | |
Altria Group, Inc. | 157,000 | 11,486,120 | |
Amerada Hess Corp. | 27,600 | 3,954,252 | |
American Express Co. | 112,200 | 6,037,482 | |
American International Group, Inc. | 310,100 | 20,234,025 | |
American Tower Corp. Class A (a) | 168,100 | 5,738,934 | |
Amphenol Corp. Class A | 56,600 | 3,271,480 | |
AMR Corp. (a) | 62,800 | 1,547,392 | |
Amylin Pharmaceuticals, Inc. (a) | 16,400 | 714,220 | |
Apple Computer, Inc. (a) | 91,400 | 6,433,646 | |
Applied Materials, Inc. | 112,900 | 2,026,555 | |
aQuantive, Inc. (a)(d) | 157,400 | 3,944,444 | |
AT&T, Inc. | 146,600 | 3,842,386 | |
Atmel Corp. (a) | 394,700 | 2,068,228 | |
Avon Products, Inc. | 240,600 | 7,845,966 | |
Badger Meter, Inc. | 29,000 | 1,788,720 | |
Bank of America Corp. | 170,300 | 8,501,376 | |
BEA Systems, Inc. (a) | 173,300 | 2,296,225 | |
Beacon Roofing Supply, Inc. (a) | 41,800 | 1,546,600 | |
Best Buy Co., Inc. | 233,200 | 13,213,112 | |
BioMarin Pharmaceutical, Inc. (a) | 79,000 | 971,700 | |
C.R. Bard, Inc. | 74,500 | 5,547,270 | |
Carpenter Technology Corp. | 28,000 | 3,330,600 | |
Chemed Corp. | 23,500 | 1,280,515 | |
Cisco Systems, Inc. (a) | 501,300 | 10,502,235 | |
Coldwater Creek, Inc. (a) | 119,650 | 3,345,414 | |
Colgate-Palmolive Co. | 139,300 | 8,235,416 | |
CONSOL Energy, Inc. | 81,300 | 6,923,508 | |
Cooper Companies, Inc. | 800 | 43,856 | |
CyberSource Corp. (a) | 333,900 | 3,118,626 | |
E*TRADE Financial Corp. (a) | 151,900 | 3,779,272 | |
Entegris, Inc. (a) | 162,653 | 1,655,808 | |
Exelixis, Inc. (a) | 59,300 | 638,068 | |
Exelon Corp. | 120,900 | 6,528,600 | |
Exxon Mobil Corp. | 98,000 | 6,181,840 | |
Federated Department Stores, Inc. | 180,200 | 14,028,570 | |
First Data Corp. | 111,700 | 5,326,973 | |
Fluor Corp. | 85,000 | 7,897,350 | |
FormFactor, Inc. (a) | 41,400 | 1,725,966 | |
FPL Group, Inc. | 75,500 | 2,989,800 | |
Gartner, Inc. Class A (a) | 67,900 | 951,958 | |
Genentech, Inc. (a) | 104,700 | 8,345,637 | |
General Dynamics Corp. | 74,100 | 4,862,442 | |
General Electric Co. | 590,200 | 20,415,018 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United States of America - continued | |||
General Growth Properties, Inc. | 73,300 | $3,441,435 | |
Gilead Sciences, Inc. (a) | 84,300 | 4,847,250 | |
Golden West Financial Corp., Delaware | 168,000 | 12,074,160 | |
Goldman Sachs Group, Inc. | 22,700 | 3,638,583 | |
Google, Inc. Class A (sub. vtg.) (a) | 59,200 | 24,742,045 | |
Halliburton Co. | 115,100 | 8,995,065 | |
Harris Corp. | 90,700 | 4,223,899 | |
Hartford Financial Services Group, Inc. | 57,200 | 5,258,396 | |
Health Net, Inc. (a) | 118,100 | 4,806,670 | |
Hewlett-Packard Co. | 251,200 | 8,156,464 | |
Honeywell International, Inc. | 290,500 | 12,346,250 | |
Hudson City Bancorp, Inc. | 309,900 | 4,155,759 | |
International Game Technology | 110,100 | 4,176,093 | |
Inverness Medical Innovations, Inc. (a) | 50,000 | 1,300,000 | |
JCPenney Co., Inc. | 67,200 | 4,398,912 | |
Johnson & Johnson | 267,100 | 15,654,731 | |
JPMorgan Chase & Co. | 254,200 | 11,535,596 | |
Kellogg Co. | 105,500 | 4,885,705 | |
Macquarie Infrastructure Co. Trust | 17,200 | 502,240 | |
MCF Corp. (a) | 725,900 | 921,893 | |
Merck & Co., Inc. | 136,700 | 4,705,214 | |
Merrill Lynch & Co., Inc. | 95,900 | 7,313,334 | |
Monsanto Co. | 67,300 | 5,612,820 | |
Myogen, Inc. (a) | 40,900 | 1,352,154 | |
National Oilwell Varco, Inc. (a) | 148,104 | 10,214,733 | |
NCR Corp. (a) | 175,300 | 6,906,820 | |
Norfolk Southern Corp. | 83,800 | 4,525,200 | |
Northern Trust Corp. | 124,900 | 7,355,361 | |
NTL, Inc. (a) | 93,750 | 2,576,250 | |
OfficeMax, Inc. | 145,400 | 5,626,980 | |
PepsiCo, Inc. | 179,800 | 10,471,552 | |
Quicksilver Resources, Inc. (a) | 73,700 | 3,054,128 | |
Range Resources Corp. | 74,600 | 1,979,138 | |
Red Hat, Inc. (a) | 58,000 | 1,704,620 | |
Robert Half International, Inc. | 93,000 | 3,931,110 | |
Rockwell Collins, Inc. | 70,400 | 4,026,880 | |
Safeway, Inc. | 158,100 | 3,973,053 | |
Service Corp. International (SCI) | 331,500 | 2,668,575 | |
Starbucks Corp. (a) | 167,900 | 6,257,633 | |
State Street Corp. | 136,400 | 8,909,648 | |
Sunrise Senior Living, Inc. (a) | 94,700 | 3,522,840 | |
Synthes, Inc. | 24,713 | 3,068,453 | |
TD Ameritrade Holding Corp. | 168,900 | 3,134,784 | |
The Coca-Cola Co. | 117,300 | 4,921,908 | |
Shares | Value (Note 1) | ||
The Walt Disney Co. | 248,200 | $6,939,672 | |
Titanium Metals Corp. (a) | 48,920 | 3,505,118 | |
TradeStation Group, Inc. (a) | 240,800 | 3,838,352 | |
Trimble Navigation Ltd. (a) | 57,500 | 2,724,350 | |
United Dominion Realty Trust, Inc. (SBI) | 129,200 | 3,512,948 | |
United Technologies Corp. | 117,900 | 7,405,299 | |
UnitedHealth Group, Inc. | 96,200 | 4,784,988 | |
Univision Communications, Inc. Class A (a) | 105,300 | 3,758,157 | |
Valero Energy Corp. | 138,700 | 8,979,438 | |
Verizon Communications, Inc. | 262,100 | 8,657,163 | |
Viacom, Inc. Class A (a) | 45,500 | 1,811,810 | |
Wachovia Corp. | 106,200 | 6,356,070 | |
Walgreen Co. | 60,000 | 2,515,800 | |
Wells Fargo & Co. | 157,900 | 10,846,151 | |
Weyerhaeuser Co. | 45,200 | 3,185,244 | |
Whole Foods Market, Inc. | 62,000 | 3,805,560 | |
Wm. Wrigley Jr. Co. | 68,400 | 3,219,588 | |
Wm. Wrigley Jr. Co. Class B | 14,975 | 705,323 | |
Wyeth | 202,400 | 9,850,808 | |
Yahoo!, Inc. (a) | 111,000 | 3,638,580 | |
TOTAL UNITED STATES OF AMERICA | 621,411,228 | ||
TOTAL COMMON STOCKS (Cost $1,159,624,521) | 1,351,574,988 | ||
Nonconvertible Preferred Stocks - 0.6% | |||
Germany - 0.4% | |||
Fresenius AG (non-vtg.) | 9,400 | 1,626,532 | |
Hugo Boss AG (non-vtg.) | 40,100 | 1,897,206 | |
Porsche AG (non-vtg.) | 2,071 | 2,065,479 | |
TOTAL GERMANY | 5,589,217 | ||
Italy - 0.2% | |||
Banca Intesa Spa (Risp) | 569,800 | 3,166,702 | |
United Kingdom - 0.0% | |||
Rolls-Royce Group PLC Series B | 21,025,040 | 40,837 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $7,303,840) | 8,796,756 | ||
Money Market Funds - 4.8% | |||
Fidelity Cash Central Fund, 4.8% (b) | 23,705,752 | 23,705,752 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 42,440,497 | 42,440,497 | |
TOTAL MONEY MARKET FUNDS (Cost $66,146,249) | 66,146,249 | ||
Cash Equivalents - 0.2% | |||
Maturity Amount | Value (Note 1) | ||
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 4.72%, dated 4/28/06 due 5/1/06) | $3,085,213 | $3,084,000 | |
TOTAL INVESTMENT (Cost $1,236,158,610) | 1,429,601,993 | ||
NET OTHER ASSETS - (3.4)% | (47,015,261) | ||
NET ASSETS - 100% | $1,382,586,732 |
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. |
(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 period end, the value of these securities amounted to $1,877,071 or 0.1% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $626,463 |
Fidelity Securities Lending Cash Central Fund | 176,030 |
Total | $802,493 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $40,314,090 and repurchase agreements of $3,084,000) - - See accompanying schedule: Unaffiliated issuers (cost $1,170,012,361) | $1,363,455,744 | |
Affiliated Central Funds (cost $66,146,249) | 66,146,249 | |
Total Investments (cost $1,236,158,610) | $1,429,601,993 | |
Receivable for investments sold | 21,498,744 | |
Receivable for fund shares sold | 1,144,895 | |
Dividends receivable | 2,152,672 | |
Interest receivable | 71,688 | |
Prepaid expenses | 3,534 | |
Other affiliated receivables | 18 | |
Other receivables | 482,755 | |
Total assets | 1,454,956,299 | |
Liabilities | ||
Payable to custodian bank | $1,029,874 | |
Payable for investments purchased | 26,671,972 | |
Payable for fund shares redeemed | 843,557 | |
Accrued management fee | 939,555 | |
Other affiliated payables | 318,821 | |
Other payables and accrued expenses | 125,291 | |
Collateral on securities loaned, at value | 42,440,497 | |
Total liabilities | 72,369,567 | |
Net Assets | $1,382,586,732 | |
Net Assets consist of: | ||
Paid in capital | $1,018,605,685 | |
Undistributed net investment income | 4,038,965 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 166,477,587 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 193,464,495 | |
Net Assets, for 64,793,720 shares outstanding | $1,382,586,732 | |
Net Asset Value, offering price and redemption price per share ($1,382,586,732 ÷ 64,793,720 shares) | $21.34 |
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $11,580,339 | |
Interest | 30,735 | |
Income from affiliated Central Funds | 802,493 | |
12,413,567 | ||
Less foreign taxes withheld | (535,553) | |
Total income | 11,878,014 | |
Expenses | ||
Management fee | $4,650,593 | |
Performance adjustment | 690,694 | |
Transfer agent fees | 1,575,519 | |
Accounting and security lending fees | 285,262 | |
Independent trustees' compensation | 2,685 | |
Custodian fees and expenses | 191,507 | |
Registration fees | 21,272 | |
Audit | 41,303 | |
Legal | 6,190 | |
Miscellaneous | 5,661 | |
Total expenses before reductions | 7,470,686 | |
Expense reductions | (593,254) | 6,877,432 |
Net investment income (loss) | 5,000,582 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $55,959) | 172,073,148 | |
Foreign currency transactions | (229,099) | |
Total net realized gain (loss) | 171,844,049 | |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $2,054) | 40,921,925 | |
Assets and liabilities in foreign currencies | 43,953 | |
Total change in net unrealized appreciation (depreciation) | 40,965,878 | |
Net gain (loss) | 212,809,927 | |
Net increase (decrease) in net assets resulting from operations | $217,810,509 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Worldwide
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $5,000,582 | $9,556,230 |
Net realized gain (loss) | 171,844,049 | 88,740,949 |
Change in net unrealized appreciation (depreciation) | 40,965,878 | 57,827,036 |
Net increase (decrease) in net assets resulting from operations | 217,810,509 | 156,124,215 |
Distributions to shareholders from net investment income | (6,174,295) | (6,368,718) |
Distributions to shareholders from net realized gain | (64,208,484) | (1,273,744) |
Total distributions | (70,382,779) | (7,642,462) |
Share transactions | 118,198,064 | 207,137,584 |
Reinvestment of distributions | 68,541,709 | 7,416,065 |
Cost of shares redeemed | (132,641,299) | (246,181,366) |
Net increase (decrease) in net assets resulting from share transactions | 54,098,474 | (31,627,717) |
Redemption fees | 16,613 | 27,535 |
Total increase (decrease) in net assets | 201,542,817 | 116,881,571 |
Net Assets | ||
Beginning of period | 1,181,043,915 | 1,064,162,344 |
End of period (including undistributed net investment income of $4,038,965 and undistributed net investment income of $5,779,821, respectively) | $1,382,586,732 | $1,181,043,915 |
Other Information Shares | ||
Sold | 5,853,999 | 11,450,556 |
Issued in reinvestment of distributions | 3,551,383 | 421,368 |
Redeemed | (6,605,978) | (13,517,553) |
Net increase (decrease) | 2,799,404 | (1,645,629) |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2005 | 2004 | 2003 | 2002 | 2001 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $19.05 | $16.72 | $15.30 | $11.91 | $13.48 | $19.07 |
Income from Investment Operations | ||||||
Net investment income (loss) D | .08 | .15 E | .05 F | .04 | .03 | .04 |
Net realized and unrealized gain (loss) | 3.35 | 2.30 | 1.44 | 3.37 | (1.60) | (2.98) |
Total from investment operations | 3.43 | 2.45 | 1.49 | 3.41 | (1.57) | (2.94) |
Distributions from net investment income | (.10) | (.10) | (.07) | (.02) | - | (.40) |
Distributions from net realized gain | (1.04) | (.02) | - | - | - | (2.25) |
Total distributions | (1.14) | (.12) | (.07) | (.02) | - | (2.65) |
Redemption fees added to paid in capital D | - H | - H | - H | - H | - H | - H |
Net asset value, end of period | $21.34 | $19.05 | $16.72 | $15.30 | $11.91 | $13.48 |
Total Return B, C | 18.64% | 14.71% | 9.77% | 28.68% | (11.65)% | (17.21)% |
Ratios to Average Net Assets G | ||||||
Expenses before reductions | 1.15% A | 1.07% | 1.23% | 1.31% | 1.24% | 1.12% |
Expenses net of fee waivers, if any | 1.15% A | 1.07% | 1.23% | 1.31% | 1.24% | 1.12% |
Expenses net of all reductions | 1.06% A | 1.01% | 1.19% | 1.28% | 1.20% | 1.05% |
Net investment income (loss) | .77% A | .82% E | .29% F | .28% | .19% | .29% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,382,587 | $1,181,044 | $1,064,162 | $849,087 | $647,789 | $742,294 |
Portfolio turnover rate | 265% A | 93% | 95% | 106% | 120% | 152% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Investment income per share reflects a special dividend which amounted to $.04 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .60%. F Net investment income per share includes approximately $.01 per share received as a result of a reorganization of an issuer that was in bankruptcy. Excluding this non-recurring amount, the ratio of net investment income (loss) to average net assets would have been ..25%. G 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 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. H Amount represents less than $.01 per share. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2006 (Unaudited, except as indicated)
1. Significant Accounting Policies.
Fidelity Global Balanced Fund, Fidelity Diversified International Fund, Fidelity Aggressive International Fund, Fidelity Overseas Fund and Fidelity Worldwide 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. The financial statements and notes to financial statements, as they relate to Fidelity Diversified International Fund, have been audited by Deloitte & Touche LLP. Fidelity Diversified International Fund is currently closed to most new accounts. Certain funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. The funds may invest in affiliated money market central funds (Money Market Central Funds) which are open-end investment companies available to investment companies and other accounts managed by affiliates of Fidelity Management & Research Company (FMR), and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the funds:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, each fund uses independent pricing services approved by the Board of Trustees to value their investments.
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. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because each fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.
Foreign Currency. Certain funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost 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 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 funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.
Semiannual Report
Notes to Financial Statements (Unaudited, except as indicated) - continued
1. Significant Accounting Policies - continued
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for Overseas and Diversified International, independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of each applicable fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.
Income Tax Information and Distributions to Shareholders. Each year, each fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, certain funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. 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), prior period premium and discount on debt securities, market discount, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows for each fund:
Cost for Federal | Unrealized | Unrealized | Net Unrealized | |
Global Balanced | $220,636,688 | $26,095,308 | $(2,147,879) | $23,947,429 |
Diversified International | 31,780,666,864 | 12,671,023,906 | (159,442,490) | 12,511,581,416 |
Aggressive International | 621,496,932 | 93,425,404 | (3,950,276) | 89,475,128 |
Overseas | 5,934,049,325 | 1,221,149,175 | (45,740,187) | 1,175,408,988 |
Worldwide | 1,239,183,014 | 206,823,834 | (16,404,855) | 190,418,979 |
Short-Term Trading (Redemption) Fees. Shares held in the funds less than 30 days are subject to a redemption fee equal to 1% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the funds and accounted for as an addition to paid in capital.
2. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits certain funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Certain funds may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Each applicable fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Futures Contracts. Certain funds may use futures contracts to manage their exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in each applicable fund's Schedule of Investments. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
Restricted Securities. Certain funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable fund's Schedule of Investments.
Semiannual Report
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and U.S. government securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Global Balanced | 240,896,819 | 196,936,422 |
Diversified International | 13,144,353,308 | 9,276,786,882 |
Aggressive International | 568,387,082 | 726,477,420 |
Overseas | 5,362,505,188 | 4,752,779,950 |
Worldwide | 1,674,004,344 | 1,674,271,584 |
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the funds with investment management related services for which the funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and a group fee rate. The individual fund fee rate is applied to each fund's average net assets. The group fee rate 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 Diversified International, Aggressive International, Overseas and Worldwide is subject to a performance adjustment (up to a maximum ± .20% of each applicable fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on each fund's relative investment performance as compared to an appropriate benchmark index. For the period, each fund's annualized management fee rate expressed as a percentage of each fund's average net assets, including the performance adjustment, if applicable was as follows:
Individual Rate | Group Rate | Total | |
Global Balanced | .45% | .27% | .72% |
Diversified International | .45% | .27% | .80% |
Aggressive International | .45% | .27% | .52% |
Overseas | .45% | .27% | .77% |
Worldwide | .45% | .27% | .82% |
Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the funds' transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Global Balanced | .25% |
Diversified International | .22% |
Aggressive International | .26% |
Overseas | .25% |
Worldwide | .24% |
Accounting and Security Lending Fees. FSC maintains each fund's accounting records. The accounting fee is based on the level of average net assets for the 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.
Affiliated Central Funds. Certain funds may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM) an affiliate of FMR.
The Money Market Central Funds do not pay a management fee.
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 | |
Global Balanced | $2,531 |
Diversified International | 23,459 |
Aggressive International | 200 |
Overseas | 486 |
Worldwide | 18,496 |
Semiannual Report
Notes to Financial Statements (Unaudited, except as indicated) - continued
4. Fees and Other Transactions with Affiliates - continued
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. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Daily | Weighted | Interest | |
Aggressive International | Borrower | $5,450,000 | 4.43% | $5,369 |
5. Committed Line of Credit.
Certain funds participate with other funds managed by FMR in a $4.2 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 is reflected in Miscellaneous Expense on the Statement of Operations, and is as follows:
Amount | |
Global Balanced | $307 |
Diversified International | 50,124 |
Aggressive International | 960 |
Overseas | 8,049 |
Worldwide | 1,890 |
During the period, there were no borrowings on this line of credit.
6. Security Lending.
Certain funds lend portfolio securities from time to time in order to earn additional income. 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 fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Net income from lending portfolio securities during the period amounted to:
Amount | |
Global Balanced | $13,442 |
Diversified International | 9,780,222 |
Aggressive International | 240,702 |
Overseas | 1,871,807 |
Worldwide | 176,030 |
7. Bank Borrowings.
Each fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. Each fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. At period end, there were no bank borrowings outstanding. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:
Average Daily | Weighted Average | |
Diversified International | $13,013,000 | 4.56% |
Overseas | 6,829,000 | 4.50% |
Semiannual Report
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of certain funds provided services to these funds in addition to trade execution. These services included payments of expenses on behalf of each applicable fund. In addition, through arrangements with each applicable fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce each applicable fund's expenses. All of the applicable expense reductions are noted in the table below.
Brokerage | Custody | Transfer | |
Global Balanced | $43,031 | $3,315 | $3,067 |
Diversified International | 7,495,577 | 12,282 | 880,005 |
Aggressive International | 535,299 | 10,759 | 3,654 |
Overseas | 3,967,383 | 13,541 | 178,096 |
Worldwide | 564,439 | 2,820 | 25,995 |
9. 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, Fidelity Freedom Funds were the owners of record, in the aggregate of approximately 20% of the total outstanding shares of Overseas.
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, 2006, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months ended April 30, 2006 and for the year ended October 31, 2005, and the financial highlights for the six months ended April 30, 2006 and each of the five years in the period ended October 31, 2005. 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 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, 2006, 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, 2006, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2006 and for the year ended October 31, 2005, and the financial highlights for the six months ended April 30, 2006 and each of the five years in the period ended October 31, 2005, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 19, 2006
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Broadly Diversified International Equity Funds
On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for each fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for each fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to each fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for each fund to access the research and investment advisory support services supplied by FRAC at no additional expense to each fund.
The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under each fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of each fund's assets; (iii) the nature or level of services provided under each fund's management contract or sub-advisory agreements; (iv) the day-to-day management of each fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of each Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of each fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.
Because the Board was approving an arrangement with FRAC under which each fund will not bear any additional management fees or expenses and under which each fund's portfolio manager would not change, it did not consider each fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.
In connection with its future renewal of each fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to each fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of each fund's management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that each fund's Agreement is fair and reasonable, and that each fund's Agreement should be approved.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)Fidelity Automated Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)Making Changes
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(letter_graphic)For Retirement
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Buying shares
Fidelity Investments
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Selling shares
Fidelity Investments
P.O. Box 770001
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Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
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For directions and hours,
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7600 France Avenue South
Edina, MN
Missouri
8885 Ladue Road
Ladue, MO
Nevada
2225 Village Walk Drive
Henderson, NV
New Jersey
150 Essex Street
Millburn, NJ
56 South Street
Morristown, NJ
396 Route 17, North
Paramus, NJ
3518 Route 1 North
Princeton, NJ
530 Highway 35
Shrewsbury, NJ
New York
1055 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
200 Fifth Avenue
New York, NY
733 Third Avenue
New York, NY
11 Penn Plaza
New York, NY
2070 Broadway
New York, NY
1075 Northern Blvd.
Roslyn, NY
North Carolina
4611 Sharon Road
Charlotte, NC
Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
16850 SW 72nd Avenue
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
47 Providence Place
Providence, RI
Tennessee
6150 Poplar Avenue
Memphis, TN
Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6500 N. MacArthur Blvd.
Irving, TX
6005 West Park Boulevard
Plano, TX
14100 San Pedro
San Antonio, TX
1576 East Southlake Blvd.
Southlake, TX
19740 IH 45 North
Spring, TX
Utah
215 South State Street
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
Washington
411 108th Avenue, N.E.
Bellevue, WA
1518 6th Avenue
Seattle, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
595 North Barker Road
Brookfield, WI
Semiannual Report
Semiannual Report
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Fidelity's
Targeted International Equity
Funds®
Fidelity® Canada Fund
Fidelity China Region Fund
Fidelity Emerging Markets Fund
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Fidelity Europe Capital Appreciation Fund
Fidelity Japan Fund
Fidelity Japan Smaller Companies Fund
Fidelity Latin America Fund
Fidelity Nordic Fund
Fidelity Pacific Basin Fund
Fidelity Southeast Asia Fund
Semiannual Report
April 30, 2006
(2_fidelity_logos) (Registered_Trademark)
Contents
Shareholder Expense Example | An example of Shareholder Expenses | |
Canada Fund | Investment Changes | |
Investments | ||
Financial Statements | ||
China Region Fund | Investment Changes | |
Investments | ||
Financial Statements | ||
Emerging Markets Fund | Investment Changes | |
Investments | ||
Financial Statements | ||
Europe Fund | Investment Changes | |
Investments | ||
Financial Statements | ||
Europe Capital Appreciation Fund | Investment Changes | |
Investments | ||
Financial Statements | ||
Japan Fund | Investment Changes | |
Investments | ||
Financial Statements | ||
Japan Smaller Companies Fund | Investment Changes | |
Investments | ||
Financial Statements | ||
Latin America Fund | Investment Changes | |
Investments | ||
Financial Statements | ||
Nordic Fund | Investment Changes | |
Investments | ||
Financial Statements | ||
Pacific Basin Fund | Investment Changes | |
Investments | ||
Financial Statements | ||
Southeast Asia Fund | Investment Changes | |
Investments | ||
Financial Statements | ||
Notes to Financial Statements | Notes to Financial Statements | |
Report of Independent Registered Public Accounting Firm | ||
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at 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 Corp. 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 each fund's most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com/holdings.
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 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 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, 2005 to April 30, 2006).
Actual Expenses
The first line of the table below for 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 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.
Hypothetical Example for Comparison Purposes
The second line of the table below for each fund provides information about hypothetical account values and hypothetical expenses based on a 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.
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.
Beginning | Ending | Expenses Paid | |
Canada | |||
Actual | $1,000.00 | $1,228.80 | $5.58 |
HypotheticalA | $1,000.00 | $1,019.79 | $5.06 |
China Region | |||
Actual | $1,000.00 | $1,258.70 | $6.44 |
HypotheticalA | $1,000.00 | $1,019.09 | $5.76 |
Emerging Markets | |||
Actual | $1,000.00 | $1,461.50 | $6.77 |
HypotheticalA | $1,000.00 | $1,019.29 | $5.56 |
Europe | |||
Actual | $1,000.00 | $1,253.20 | $6.54 |
HypotheticalA | $1,000.00 | $1,018.99 | $5.86 |
Europe Capital Appreciation | |||
Actual | $1,000.00 | $1,336.40 | $6.49 |
HypotheticalA | $1,000.00 | $1,019.24 | $5.61 |
Japan | |||
Actual | $1,000.00 | $1,265.60 | $6.18 |
HypotheticalA | $1,000.00 | $1,019.34 | $5.51 |
Japan Smaller Companies | |||
Actual | $1,000.00 | $1,191.50 | $5.49 |
HypotheticalA | $1,000.00 | $1,019.79 | $5.06 |
Latin America | |||
Actual | $1,000.00 | $1,413.00 | $6.34 |
HypotheticalA | $1,000.00 | $1,019.54 | $5.31 |
Nordic | |||
Actual | $1,000.00 | $1,303.20 | $6.62 |
HypotheticalA | $1,000.00 | $1,019.04 | $5.81 |
Pacific Basin | |||
Actual | $1,000.00 | $1,315.60 | $6.66 |
HypotheticalA | $1,000.00 | $1,019.04 | $5.81 |
Beginning | Ending | Expenses Paid | |
Southeast Asia | |||
Actual | $1,000.00 | $1,393.40 | $7.24 |
HypotheticalA | $1,000.00 | $1,018.74 | $6.11 |
A5% return per year before expenses
*Expenses are equal to each Fund's annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Annualized | |
Canada | 1.01% |
China Region | 1.15% |
Emerging Markets | 1.11% |
Europe | 1.17% |
Europe Capital Appreciation | 1.12% |
Japan | 1.10% |
Japan Smaller Companies | 1.01% |
Latin America | 1.06% |
Nordic | 1.16% |
Pacific Basin | 1.16% |
Southeast Asia | 1.22% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Canada | 98.2% | ||
United States of America | 1.8% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Canada | 97.8% | ||
United States of America | 2.2% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 97.4 | 94.9 |
Short-Term Investments and | 2.6 | 5.1 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Manulife Financial Corp. (Insurance) | 5.0 | 3.5 |
Toronto-Dominion Bank (Commercial Banks) | 4.5 | 3.4 |
Royal Bank of Canada (Commercial Banks) | 4.3 | 4.9 |
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 3.9 | 2.8 |
Canadian National Railway Co. (Road & Rail) | 3.7 | 3.4 |
EnCana Corp. (Oil, Gas & Consumable Fuels) | 3.0 | 5.2 |
ING Canada, Inc. (Insurance) | 2.9 | 3.2 |
Bank of Montreal (Commercial Banks) | 2.8 | 1.6 |
Talisman Energy, Inc. (Oil, Gas & Consumable Fuels) | 2.5 | 1.9 |
TELUS Corp. (non-vtg.) (Diversified Telecommunication Services) | 2.4 | 3.0 |
35.0 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Financials | 29.3 | 27.4 |
Energy | 26.0 | 22.0 |
Materials | 11.8 | 8.3 |
Industrials | 8.2 | 8.8 |
Consumer Discretionary | 7.0 | 10.8 |
Information Technology | 6.5 | 6.2 |
Telecommunication Services | 4.5 | 4.6 |
Consumer Staples | 3.4 | 4.5 |
Utilities | 0.5 | 0.9 |
Health Care | 0.2 | 0.0 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.4% | |||
Shares | Value (Note 1) | ||
CONSUMER DISCRETIONARY - 7.0% | |||
Hotels, Restaurants & Leisure - 0.3% | |||
Great Canadian Gaming Corp. (a) | 780,000 | $9,830,233 | |
Media - 4.0% | |||
Aeroplan Income Fund (d) | 747,300 | 8,388,743 | |
Aeroplan Income Fund (a)(e) | 31,800 | 356,968 | |
Alliance Atlantis Communications, Inc. Class B (non-vtg.) (a) | 521,240 | 16,620,936 | |
Astral Media, Inc. Class A (non-vtg.) | 270,000 | 8,790,698 | |
Corus Entertainment, Inc. Class B (non-vtg.) | 378,100 | 12,557,114 | |
Quebecor, Inc. Class B (sub. vtg.) | 709,400 | 17,443,118 | |
Thomson Corp. | 550,000 | 21,980,322 | |
Yellow Pages Income Fund (d) | 2,450,000 | 36,048,748 | |
122,186,647 | |||
Multiline Retail - 0.7% | |||
Canadian Tire Corp. Ltd. Class A (non-vtg.) | 375,000 | 21,128,131 | |
Specialty Retail - 0.3% | |||
RONA, Inc. (a) | 420,000 | 8,662,970 | |
Textiles, Apparel & Luxury Goods - 1.7% | |||
Gildan Activewear, Inc. Class A (a) | 1,100,000 | 52,687,835 | |
TOTAL CONSUMER DISCRETIONARY | 214,495,816 | ||
CONSUMER STAPLES - 3.4% | |||
Food & Staples Retailing - 3.4% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 1,598,000 | 36,605,349 | |
CVS Corp. | 190,000 | 5,646,800 | |
Metro, Inc. Class A (sub. vtg.) | 700,000 | 20,449,016 | |
Shoppers Drug Mart Corp. | 1,081,300 | 42,845,787 | |
105,546,952 | |||
ENERGY - 26.0% | |||
Energy Equipment & Services - 1.5% | |||
CCS Income Trust (d) | 515,000 | 17,642,665 | |
CCS Income Trust rights (a)(e) | 135,000 | 4,437,612 | |
CHC Helicopter Corp. Class A (sub. vtg.) | 595,000 | 14,901,610 | |
Savanna Energy Services Corp. (a) | 280,000 | 7,713,775 | |
44,695,662 | |||
Oil, Gas & Consumable Fuels - 24.5% | |||
AltaGas Income Trust | 510,300 | 13,318,921 | |
Cameco Corp. | 1,525,000 | 62,050,313 | |
Canadian Natural Resources Ltd. | 2,000,000 | 120,214,669 | |
Canadian Oil Sands Trust unit | 205,000 | 32,088,551 | |
EnCana Corp. | 1,825,632 | 91,248,941 | |
Galleon Energy, Inc. Class A (a) | 300,000 | 8,694,097 | |
Highpine Oil & Gas Ltd. | 540,000 | 10,867,621 | |
Husky Energy, Inc. | 325,000 | 19,127,907 | |
Imperial Oil Ltd. | 650,000 | 70,627,907 | |
Keyera Facilities Income Fund (d) | 520,400 | 9,914,597 | |
Niko Resources Ltd. | 75,000 | 4,367,174 | |
Shares | Value (Note 1) | ||
Penn West Energy Trust (d) | 800,000 | $30,962,433 | |
Petro-Canada | 1,400,000 | 68,872,987 | |
Rider Resources Ltd. (a) | 190,000 | 2,753,131 | |
Suncor Energy, Inc. | 850,000 | 72,789,803 | |
Talisman Energy, Inc. | 1,375,000 | 77,654,293 | |
TransCanada Corp. | 1,800,000 | 53,162,791 | |
Valero Energy Corp. | 30,000 | 1,942,200 | |
750,658,336 | |||
TOTAL ENERGY | 795,353,998 | ||
FINANCIALS - 29.3% | |||
Capital Markets - 1.3% | |||
Addenda Capital, Inc. | 240,000 | 5,796,064 | |
CI Financial, Inc. | 1,203,500 | 34,587,169 | |
40,383,233 | |||
Commercial Banks - 14.9% | |||
Bank of Montreal | 1,500,000 | 86,766,547 | |
Bank of Nova Scotia | 475,000 | 19,764,759 | |
Canadian Imperial Bank of Commerce | 850,000 | 62,913,685 | |
National Bank of Canada | 325,000 | 18,122,093 | |
Royal Bank of Canada | 3,050,400 | 130,528,744 | |
Toronto-Dominion Bank | 2,475,000 | 138,250,224 | |
456,346,052 | |||
Diversified Financial Services - 0.9% | |||
TSX Group, Inc. | 600,000 | 26,082,290 | |
Insurance - 10.7% | |||
Industrial Alliance Life Insurance Co. | 200,000 | 5,822,898 | |
ING Canada, Inc. | 1,660,000 | 89,369,768 | |
ING Canada, Inc. (e) | 31,000 | 1,668,953 | |
Manulife Financial Corp. | 2,340,300 | 152,810,283 | |
Power Corp. of Canada (sub. vtg.) | 1,000,000 | 28,452,594 | |
Sun Life Financial, Inc. | 1,200,701 | 50,637,793 | |
328,762,289 | |||
Real Estate - 1.5% | |||
Brookfield Asset Management, Inc. Class A | 1,100,000 | 45,820,215 | |
TOTAL FINANCIALS | 897,394,079 | ||
HEALTH CARE - 0.2% | |||
Pharmaceuticals - 0.2% | |||
Labopharm, Inc. (a) | 650,000 | 5,808,140 | |
INDUSTRIALS - 8.2% | |||
Aerospace & Defense - 1.0% | |||
CAE, Inc. | 3,850,700 | 31,687,335 | |
Airlines - 0.8% | |||
ACE Aviation Holdings, Inc. Class A (a) | 575,000 | 15,892,218 | |
Jazz Air Income Fund (d) | 700,000 | 5,728,980 | |
WestJet Airlines Ltd. (a) | 327,500 | 3,491,771 | |
25,112,969 | |||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
INDUSTRIALS - continued | |||
Commercial Services & Supplies - 0.3% | |||
Canyon Services Group, Inc. | 79,900 | $786,136 | |
Garda World Security Corp. (a) | 340,000 | 7,633,274 | |
8,419,410 | |||
Construction & Engineering - 1.2% | |||
SNC-Lavalin Group, Inc. | 1,265,000 | 36,773,256 | |
Road & Rail - 4.2% | |||
ATS Andlauer Income Fund | 220,500 | 2,396,310 | |
Canadian National Railway Co. | 2,500,000 | 112,097,496 | |
Mullen Group Income Fund | 75,000 | 2,286,896 | |
TransForce Income Fund (d) | 618,658 | 10,248,252 | |
127,028,954 | |||
Trading Companies & Distributors - 0.7% | |||
Finning International, Inc. | 590,800 | 21,296,279 | |
TOTAL INDUSTRIALS | 250,318,203 | ||
INFORMATION TECHNOLOGY - 6.5% | |||
Communications Equipment - 3.2% | |||
Bookham, Inc. (a) | 791,500 | 4,820,235 | |
Corning, Inc. (a) | 190,000 | 5,249,700 | |
Nortel Networks Corp. (a) | 8,550,000 | 22,738,932 | |
Research In Motion Ltd. (a) | 800,000 | 61,293,033 | |
Sandvine Corp. (e) | 1,344,100 | 2,818,998 | |
96,920,898 | |||
Electronic Equipment & Instruments - 0.4% | |||
Miranda Technologies, Inc. | 479,800 | 7,982,361 | |
Miranda Technologies, Inc. (e) | 186,300 | 3,099,445 | |
11,081,806 | |||
Internet Software & Services - 0.3% | |||
Emergis, Inc. (a) | 1,600,000 | 7,212,880 | |
Open Text Corp. (a) | 150,000 | 2,728,980 | |
9,941,860 | |||
IT Services - 0.4% | |||
CGI Group, Inc. Class A (sub. vtg.) (a) | 1,750,000 | 12,647,585 | |
Semiconductors & Semiconductor Equipment - 1.5% | |||
ATI Technologies, Inc. (a) | 2,850,000 | 44,224,087 | |
Tundra Semiconductor Corp. Ltd. (a) | 200,000 | 3,255,814 | |
Tundra Semiconductor Corp. Ltd. (a)(e) | 4,300 | 70,000 | |
47,549,901 | |||
Shares | Value (Note 1) | ||
Software - 0.7% | |||
Cognos, Inc. (a) | 225,000 | $8,384,250 | |
MacDonald Dettwiler & Associates Ltd. (a) | 220,000 | 10,035,778 | |
NAVTEQ Corp. (a) | 90,000 | 3,736,800 | |
22,156,828 | |||
TOTAL INFORMATION TECHNOLOGY | 200,298,878 | ||
MATERIALS - 11.8% | |||
Chemicals - 1.6% | |||
Potash Corp. of Saskatchewan | 500,000 | 47,334,526 | |
Metals & Mining - 10.2% | |||
Aber Diamond Corp. | 247,500 | 9,722,898 | |
Alcan, Inc. | 1,250,000 | 65,272,809 | |
Barrick Gold Corp. | 625,000 | 19,007,156 | |
Eldorado Gold Corp. (a) | 600,000 | 3,134,168 | |
Falconbridge Ltd. | 850,708 | 33,860,918 | |
Goldcorp, Inc. | 800,000 | 28,085,868 | |
Inco Ltd. | 400,000 | 22,565,295 | |
IPSCO, Inc. | 175,000 | 18,060,376 | |
Meridian Gold, Inc. (a) | 515,800 | 16,788,875 | |
Shore Gold, Inc. (a) | 2,892,200 | 16,556,422 | |
Teck Cominco Ltd. Class B (sub. vtg.) | 1,050,000 | 72,391,771 | |
US Gold Corp. (a) | 411,300 | 3,681,135 | |
US Gold Corp. (subscription receipt) rights (a)(f) | 400,000 | 4,335,581 | |
313,463,272 | |||
TOTAL MATERIALS | 360,797,798 | ||
TELECOMMUNICATION SERVICES - 4.5% | |||
Diversified Telecommunication Services - 2.4% | |||
TELUS Corp. (non-vtg.) | 1,805,000 | 74,589,445 | |
Wireless Telecommunication Services - 2.1% | |||
Rogers Communications, Inc. Class B (non-vtg.) | 1,505,000 | 63,794,231 | |
TOTAL TELECOMMUNICATION SERVICES | 138,383,676 | ||
UTILITIES - 0.5% | |||
Electric Utilities - 0.5% | |||
Fortis, Inc. | 750,000 | 14,617,621 | |
TOTAL COMMON STOCKS (Cost $2,296,377,732) | 2,983,015,161 |
Government Obligations - 1.9% | ||||
Principal | ||||
Canadian Government Treasury Bills 3.6102% to 3.9983% 5/18/06 to 7/27/06 | CAD | 65,800,000 | 58,577,775 |
Money Market Funds - 4.8% | |||
Shares | Value (Note 1) | ||
Fidelity Cash Central Fund, 4.8% (b) | 35,412,217 | $35,412,217 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 112,327,774 | 112,327,774 | |
TOTAL MONEY MARKET FUNDS (Cost $147,739,991) | 147,739,991 | ||
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $2,500,914,425) | 3,189,332,927 | ||
NET OTHER ASSETS - (4.1)% | (124,425,067) | ||
NET ASSETS - 100% | $3,064,907,860 |
Currency Abbreviations | ||
CAD | - | Canadian dollar |
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. |
(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 period end, the value of these securities amounted to $12,451,976 or 0.4% of net assets. |
(f)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 $4,335,581 or 0.1% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
US Gold Corp. (subscription receipt) rights | 2/8/06 | $1,800,000 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $1,192,539 |
Fidelity Securities Lending Cash Central Fund | 799,863 |
Total | $1,992,402 |
Income Tax Information |
At October 31, 2005, the fund had a capital loss carryforward of approximately $11,571,042 all of which will expire on October 31, 2009. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $107,895,559) - See accompanying schedule: Unaffiliated issuers (cost $2,353,174,434) | $3,041,592,936 | |
Affiliated Central Funds (cost $147,739,991) | 147,739,991 | |
Total Investments (cost $2,500,914,425) | $3,189,332,927 | |
Cash | 261,418 | |
Receivable for investments sold | 18,481,912 | |
Receivable for fund shares sold | 11,068,837 | |
Dividends receivable | 3,595,184 | |
Interest receivable | 145,221 | |
Prepaid expenses | 3,559 | |
Other receivables | 450,911 | |
Total assets | 3,223,339,969 | |
Liabilities | ||
Payable to custodian bank | $1,790,385 | |
Payable for investments purchased | 37,605,884 | |
Payable for fund shares redeemed | 4,144,960 | |
Accrued management fee | 1,695,547 | |
Other affiliated payables | 633,538 | |
Other payables and accrued expenses | 234,021 | |
Collateral on securities loaned, at value | 112,327,774 | |
Total liabilities | 158,432,109 | |
Net Assets | $3,064,907,860 | |
Net Assets consist of: | ||
Paid in capital | $2,360,574,582 | |
Undistributed net investment income | 4,377,075 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 11,321,068 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 688,635,135 | |
Net Assets, for 63,980,268 shares outstanding | $3,064,907,860 | |
Net Asset Value, offering price and redemption price per share ($3,064,907,860 ÷ 63,980,268 shares) | $47.90 |
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $18,620,586 | |
Interest | 864,566 | |
Income from affiliated Central Funds (including $799,863 from security lending) | 1,992,402 | |
21,477,554 | ||
Less foreign taxes withheld | (2,793,537) | |
Total income | 18,684,017 | |
Expenses | ||
Management fee | $8,655,700 | |
Performance adjustment | (218,589) | |
Transfer agent fees | 2,733,992 | |
Accounting and security lending fees | 510,476 | |
Independent trustees' compensation | 4,442 | |
Custodian fees and expenses | 257,254 | |
Registration fees | 212,188 | |
Audit | 37,572 | |
Legal | 6,662 | |
Interest | 1,336 | |
Miscellaneous | 6,902 | |
Total expenses before reductions | 12,207,935 | |
Expense reductions | (466,059) | 11,741,876 |
Net investment income (loss) | 6,942,141 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 23,154,566 | |
Foreign currency transactions | (3,129) | |
Futures contracts | 1,591,012 | |
Total net realized gain (loss) | 24,742,449 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 423,692,737 | |
Assets and liabilities in foreign currencies | 225,195 | |
Futures contracts | 1,423,893 | |
Total change in net unrealized appreciation (depreciation) | 425,341,825 | |
Net gain (loss) | 450,084,274 | |
Net increase (decrease) in net assets resulting from operations | $457,026,415 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Canada
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $6,942,141 | $5,635,643 |
Net realized gain (loss) | 24,742,449 | 4,899,843 |
Change in net unrealized appreciation (depreciation) | 425,341,825 | 166,157,370 |
Net increase (decrease) in net assets resulting from operations | 457,026,415 | 176,692,856 |
Distributions to shareholders from net investment income | (7,430,512) | (1,384,456) |
Distributions to shareholders from net realized gain | (464,413) | - |
Total distributions | (7,894,925) | (1,384,456) |
Share transactions | 1,221,206,723 | 1,409,653,307 |
Reinvestment of distributions | 7,617,749 | 1,331,051 |
Cost of shares redeemed | (336,125,326) | (277,969,085) |
Net increase (decrease) in net assets resulting from share transactions | 892,699,146 | 1,133,015,273 |
Redemption fees | 560,849 | 874,168 |
Total increase (decrease) in net assets | 1,342,391,485 | 1,309,197,841 |
Net Assets | ||
Beginning of period | 1,722,516,375 | 413,318,534 |
End of period (including undistributed net investment income of $4,377,075 and undistributed net investment income of $4,865,446, respectively) | $3,064,907,860 | $1,722,516,375 |
Other Information Shares | ||
Sold | 27,320,663 | 38,729,389 |
Issued in reinvestment of distributions | 181,418 | 40,068 |
Redeemed | (7,532,112) | (7,727,493) |
Net increase (decrease) | 19,969,969 | 31,041,964 |
Financial Highlights
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Hong Kong | 37.6% | ||
Taiwan | 26.7% | ||
United Kingdom | 11.1% | ||
United States of America | 11.0% | ||
China | 8.0% | ||
Cayman Islands | 3.2% | ||
Korea (South) | 1.9% | ||
Australia | 0.4% | ||
Singapore | 0.1% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Hong Kong | 44.8% | ||
Taiwan | 24.8% | ||
United Kingdom | 13.1% | ||
China | 8.1% | ||
United States of America | 3.3% | ||
Cayman Islands | 3.0% | ||
Korea (South) | 2.1% | ||
Australia | 0.4% | ||
Singapore | 0.2% | ||
Other | 0.2% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 89.0 | 96.7 |
Short-Term Investments and Net Other Assets | 11.0 | 3.3 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
HSBC Holdings PLC (Hong Kong) (Reg.) (Commercial Banks) | 8.3 | 9.8 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 4.8 | 4.2 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Electronic Equipment & Instruments) | 4.1 | 3.1 |
Cheung Kong Holdings Ltd. (Real Estate) | 3.5 | 5.0 |
Hutchison Whampoa Ltd. (Industrial Conglomerates) | 3.3 | 5.0 |
Hong Kong & China Gas Co. Ltd. (Gas Utilities) | 3.0 | 3.9 |
PetroChina Co. Ltd. (H Shares) (Oil, Gas & Consumable Fuels) | 2.7 | 3.0 |
China Mobile (Hong Kong) Ltd. (Wireless Telecommunication Services) | 2.5 | 2.2 |
Dairy Farm International Holdings Ltd. (Food & Staples Retailing) | 2.2 | 2.9 |
Li & Fung Ltd. (Distributors) | 2.1 | 3.3 |
36.5 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Financials | 28.7 | 32.3 |
Information Technology | 23.9 | 21.0 |
Consumer Discretionary | 10.2 | 13.5 |
Industrials | 6.2 | 8.4 |
Energy | 5.0 | 5.8 |
Utilities | 4.4 | 5.4 |
Telecommunication Services | 4.4 | 5.6 |
Consumer Staples | 3.5 | 3.6 |
Materials | 2.7 | 1.1 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 89.0% | |||
Shares | Value (Note 1) | ||
CONSUMER DISCRETIONARY - 10.2% | |||
Auto Components - 0.4% | |||
Tong Yang Industry Co. Ltd. | 1,751,736 | $2,223,573 | |
Automobiles - 1.7% | |||
Hyundai Motor Co. | 112,390 | 9,878,740 | |
Distributors - 2.1% | |||
Li & Fung Ltd. | 5,366,000 | 12,734,500 | |
Hotels, Restaurants & Leisure - 2.8% | |||
Cafe de Coral Holdings Ltd. | 3,660,000 | 5,523,068 | |
Hong Kong & Shanghai Hotels Ltd. | 2,878,996 | 3,341,927 | |
Mandarin Oriental International Ltd. | 1,235,000 | 1,407,900 | |
Regal Hotel International Holdings Ltd. | 19,454,000 | 1,856,753 | |
Shangri-La Asia Ltd. | 2,594,000 | 4,600,299 | |
16,729,947 | |||
Household Durables - 0.9% | |||
Basso Industry Corp. Ltd. | 863,420 | 1,547,910 | |
Inventec Appliances Corp. | 244,000 | 1,154,767 | |
Merry Electronics Co. Ltd. | 685,988 | 2,418,782 | |
5,121,459 | |||
Leisure Equipment & Products - 0.2% | |||
Li Ning Co. Ltd. | 1,192,000 | 1,337,547 | |
Media - 1.0% | |||
Hong Kong Economic Time Holdings Ltd. | 4,572,000 | 1,371,016 | |
Television Broadcasts Ltd. | 760,000 | 4,749,204 | |
6,120,220 | |||
Specialty Retail - 1.1% | |||
Esprit Holdings Ltd. | 452,000 | 3,608,631 | |
Giordano International Ltd. | 3,402,000 | 2,007,423 | |
Hotai Motor Co. Ltd. | 529,000 | 1,197,073 | |
6,813,127 | |||
TOTAL CONSUMER DISCRETIONARY | 60,959,113 | ||
CONSUMER STAPLES - 3.5% | |||
Beverages - 0.5% | |||
Dynasty Fine Wines Group Ltd. | 2,366,000 | 938,368 | |
Yantai Changyu Pioneer Wine Co. (B Shares) | 543,279 | 1,793,109 | |
2,731,477 | |||
Food & Staples Retailing - 2.5% | |||
Convenience Retail Asia Ltd. | 962,200 | 397,126 | |
Dairy Farm International Holdings Ltd. | 3,868,200 | 13,383,972 | |
Lianhua Supermarket Holdings Co. (H Shares) | 949,000 | 1,107,715 | |
14,888,813 | |||
Food Products - 0.5% | |||
China Mengniu Dairy Co. Ltd. | 2,588,000 | 2,954,071 | |
TOTAL CONSUMER STAPLES | 20,574,361 | ||
Shares | Value (Note 1) | ||
ENERGY - 5.0% | |||
Energy Equipment & Services - 0.2% | |||
China Oilfield Services Ltd. (H Shares) | 1,666,000 | $918,596 | |
Oil, Gas & Consumable Fuels - 4.8% | |||
China Shenhua Energy Co. Ltd. (H Shares) | 1,114,000 | 2,018,715 | |
CNOOC Ltd. | 12,174,500 | 9,813,966 | |
PetroChina Co. Ltd. (H Shares) | 14,100,000 | 15,848,402 | |
S-Oil Corp. | 14,940 | 1,156,359 | |
28,837,442 | |||
TOTAL ENERGY | 29,756,038 | ||
FINANCIALS - 28.7% | |||
Commercial Banks - 15.9% | |||
Bank of East Asia Ltd. | 2,517,507 | 10,520,324 | |
BOC Hong Kong Holdings Ltd. | 1,949,000 | 4,022,029 | |
Hang Seng Bank Ltd. | 481,300 | 6,232,510 | |
HSBC Holdings PLC (Hong Kong) (Reg.) | 2,837,252 | 49,186,600 | |
Mega Financial Holding Co. Ltd. | 1,479,000 | 1,154,237 | |
Standard Chartered PLC: | |||
(Hong Kong) | 395,370 | 10,198,754 | |
(United Kingdom) | 238,841 | 6,342,136 | |
Wing Hang Bank Ltd. | 271,500 | 2,517,747 | |
Wing Lung Bank Ltd. | 443,600 | 4,216,697 | |
94,391,034 | |||
Diversified Financial Services - 0.9% | |||
First Pacific Co. Ltd. | 8,184,000 | 3,430,539 | |
Jardine Matheson Holdings Ltd. | 102,400 | 1,853,440 | |
5,283,979 | |||
Insurance - 3.3% | |||
AXA Asia Pacific Holdings Ltd. | 538,150 | 2,575,476 | |
Cathay Financial Holding Co. Ltd. | 898,000 | 2,012,380 | |
China Life Insurance Co. Ltd. (H Shares) | 8,137,000 | 10,967,156 | |
Shin Kong Financial Holding Co. Ltd. | 3,787,000 | 4,035,542 | |
19,590,554 | |||
Real Estate - 8.6% | |||
Cheung Kong Holdings Ltd. | 1,857,000 | 20,921,279 | |
Fortune (REIT) | 571,000 | 467,652 | |
Henderson Investment Ltd. | 1,106,000 | 1,940,026 | |
Hong Kong Land Holdings Ltd. | 773,000 | 3,030,160 | |
Hysan Development Co. Ltd. | 984,000 | 2,830,176 | |
Shun Tak Holdings Ltd. | 1,981,000 | 2,516,715 | |
Sun Hung Kai Properties Ltd. | 722,021 | 8,250,817 | |
Swire Pacific Ltd. (A Shares) | 438,000 | 4,479,822 | |
Wharf Holdings Ltd. | 1,696,685 | 6,805,735 | |
51,242,382 | |||
TOTAL FINANCIALS | 170,507,949 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
INDUSTRIALS - 6.2% | |||
Electrical Equipment - 0.2% | |||
Dongfang Electrical Machinery Co. Ltd. (H Shares) | 616,000 | $1,271,201 | |
Suntech Power Holdings Co. Ltd. sponsored ADR | 4,200 | 144,018 | |
1,415,219 | |||
Industrial Conglomerates - 4.1% | |||
Beijing Enterprises Holdings Ltd. | 2,064,000 | 4,525,557 | |
Hutchison Whampoa Ltd. | 2,003,500 | 19,664,704 | |
24,190,261 | |||
Machinery - 1.0% | |||
Enric Energy Equipment Holdings Ltd. | 2,644,000 | 1,696,555 | |
King Slide Works Co. Ltd. | 141,000 | 835,235 | |
Kinik Co. | 756,350 | 3,081,724 | |
Shanghai Prime Machinery Co. Ltd. (H Shares) | 262,000 | 97,997 | |
5,711,511 | |||
Road & Rail - 0.1% | |||
MTR Corp. Ltd. | 297,000 | 791,024 | |
Transportation Infrastructure - 0.8% | |||
Cosco Pacific Ltd. | 1,086,000 | 2,584,280 | |
Dalian Port (PDA) Co. Ltd. (H Shares) | 118,000 | 65,824 | |
Hopewell Holdings Ltd. | 794,000 | 2,314,421 | |
4,964,525 | |||
TOTAL INDUSTRIALS | 37,072,540 | ||
INFORMATION TECHNOLOGY - 23.9% | |||
Communications Equipment - 2.0% | |||
AAC Acoustic Technology Holdings, Inc. | 2,016,000 | 2,288,161 | |
Foxconn International Holdings Ltd. (a) | 3,543,000 | 7,631,344 | |
ZTE Corp. (H Shares) | 567,000 | 1,937,949 | |
11,857,454 | |||
Computers & Peripherals - 4.6% | |||
Acer, Inc. | 2,174,200 | 4,211,294 | |
ASUSTeK Computer, Inc. | 2,539,410 | 7,027,829 | |
Catcher Technology Co. Ltd. | 529,000 | 5,902,463 | |
High Tech Computer Corp. | 324,840 | 10,384,780 | |
27,526,366 | |||
Electronic Equipment & Instruments - 7.6% | |||
AU Optronics Corp. | 4,408,733 | 7,226,752 | |
Everfocus Electronics Co. Ltd. | 476,000 | 478,894 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 3,552,961 | 24,108,821 | |
Kingboard Chemical Holdings Ltd. | 2,434,300 | 6,420,677 | |
Nan Ya Printed Circuit Board Corp. | 138,000 | 1,483,545 | |
Phoenix Precision Technology Corp. | 1,979,000 | 4,509,287 | |
Radiant Opto-Electronics Corp. | 384,000 | 878,581 | |
45,106,557 | |||
Shares | Value (Note 1) | ||
Semiconductors & Semiconductor Equipment - 9.7% | |||
Advanced Semiconductor Engineering, Inc. | 8,696,690 | $10,330,488 | |
Holtek Semiconductor, Inc. | 737,000 | 1,476,033 | |
King Yuan Electronics Co. Ltd. | 2,046,000 | 2,279,675 | |
Siliconware Precision Industries Co. Ltd. | 5,324,218 | 7,726,174 | |
Solomon Systech International Ltd. | 12,454,000 | 5,541,679 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 13,452,714 | 28,713,402 | |
United Microelectronics Corp. | 2,560,538 | 1,781,607 | |
57,849,058 | |||
TOTAL INFORMATION TECHNOLOGY | 142,339,435 | ||
MATERIALS - 2.7% | |||
Chemicals - 2.2% | |||
Formosa Chemicals & Fibre Corp. | 795,500 | 1,291,509 | |
Nan Ya Plastics Corp. | 5,445,000 | 7,952,642 | |
Taiwan Fertilizer Co. Ltd. | 2,048,000 | 3,774,287 | |
13,018,438 | |||
Containers & Packaging - 0.4% | |||
Vision Grande Group Holdings Ltd. | 2,106,000 | 2,173,010 | |
Metals & Mining - 0.1% | |||
China Rare Earth Holdings Ltd. | 3,594,000 | 811,203 | |
TOTAL MATERIALS | 16,002,651 | ||
TELECOMMUNICATION SERVICES - 4.4% | |||
Diversified Telecommunication Services - 0.5% | |||
China Telecom Corp. Ltd. (H Shares) | 8,732,000 | 3,070,171 | |
Wireless Telecommunication Services - 3.9% | |||
China Mobile (Hong Kong) Ltd. | 2,540,000 | 14,660,881 | |
Far EasTone Telecommunications Co. Ltd. | 5,535,685 | 6,887,942 | |
SmarTone Telecommunications Holdings Ltd. | 1,235,000 | 1,385,797 | |
22,934,620 | |||
TOTAL TELECOMMUNICATION SERVICES | 26,004,791 | ||
UTILITIES - 4.4% | |||
Electric Utilities - 1.0% | |||
Cheung Kong Infrastructure Holdings Ltd. | 1,878,000 | 6,128,152 | |
Gas Utilities - 3.1% | |||
Hong Kong & China Gas Co. Ltd. | 7,474,400 | 17,834,522 | |
Xinao Gas Holdings Ltd. | 492,000 | 453,716 | |
18,288,238 | |||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
UTILITIES - continued | |||
Independent Power Producers & Energy Traders - 0.3% | |||
China Resources Power Holdings Co. Ltd. | 2,708,000 | $2,025,770 | |
TOTAL UTILITIES | 26,442,160 | ||
TOTAL COMMON STOCKS (Cost $378,248,325) | 529,659,038 | ||
Money Market Funds - 10.7% | |||
Fidelity Cash Central Fund, 4.8% (b) | 63,284,872 | 63,284,872 | |
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $441,533,197) | 592,943,910 | ||
NET OTHER ASSETS - 0.3% | 1,959,199 | ||
NET ASSETS - 100% | $594,903,109 |
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. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $735,461 |
Income Tax Information |
At October 31, 2005, the fund had a capital loss carryforward of approximately $9,093,376 of which $1,077,556 and $8,015,820 will expire on October 31, 2009 and 2010, respectively. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $378,248,325) | $529,659,038 | |
Affiliated Central Funds (cost $63,284,872) | 63,284,872 | |
Total Investments (cost $441,533,197) | $592,943,910 | |
Foreign currency held at value (cost $420,737) | 419,627 | |
Receivable for investments sold | 2,289,716 | |
Receivable for fund shares sold | 1,895,665 | |
Dividends receivable | 2,411,692 | |
Interest receivable | 197,936 | |
Prepaid expenses | 1,151 | |
Other affiliated receivables | 852 | |
Other receivables | 99,267 | |
Total assets | 600,259,816 | |
Liabilities | ||
Payable for investments purchased | $4,135,862 | |
Payable for fund shares redeemed | 627,314 | |
Accrued management fee | 337,198 | |
Other affiliated payables | 136,902 | |
Other payables and accrued expenses | 119,431 | |
Total liabilities | 5,356,707 | |
Net Assets | $594,903,109 | |
Net Assets consist of: | ||
Paid in capital | $446,343,021 | |
Undistributed net investment income | 1,610,860 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (4,465,376) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 151,414,604 | |
Net Assets, for 26,954,586 shares outstanding | $594,903,109 | |
Net Asset Value, offering price and redemption price per share ($594,903,109 ÷ 26,954,586 shares) | $22.07 |
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $4,012,005 | |
Interest | 531 | |
Income from affiliated Central Funds | 735,461 | |
4,747,997 | ||
Less foreign taxes withheld | (28,994) | |
Total income | 4,719,003 | |
Expenses | ||
Management fee | $1,733,809 | |
Transfer agent fees | 632,141 | |
Accounting fees and expenses | 120,184 | |
Independent trustees' compensation | 920 | |
Custodian fees and expenses | 224,248 | |
Registration fees | 34,286 | |
Audit | 31,435 | |
Legal | 1,707 | |
Miscellaneous | 1,900 | |
Total expenses before reductions | 2,780,630 | |
Expense reductions | (164,740) | 2,615,890 |
Net investment income (loss) | 2,103,113 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 5,295,298 | |
Foreign currency transactions | (60,156) | |
Total net realized gain (loss) | 5,235,142 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 101,506,371 | |
Assets and liabilities in foreign currencies | 3,848 | |
Total change in net unrealized appreciation (depreciation) | 101,510,219 | |
Net gain (loss) | 106,745,361 | |
Net increase (decrease) in net assets resulting from operations | $108,848,474 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
China Region
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $2,103,113 | $7,344,399 |
Net realized gain (loss) | 5,235,142 | 12,847,382 |
Change in net unrealized appreciation (depreciation) | 101,510,219 | 18,616,807 |
Net increase (decrease) in net assets resulting from operations | 108,848,474 | 38,808,588 |
Distributions to shareholders from net investment income | (4,953,821) | (4,953,877) |
Share transactions | 153,396,104 | 167,800,419 |
Reinvestment of distributions | 4,673,741 | 4,707,630 |
Cost of shares redeemed | (64,094,271) | (105,619,907) |
Net increase (decrease) in net assets resulting from share transactions | 93,975,574 | 66,888,142 |
Redemption fees | 127,897 | 158,224 |
Total increase (decrease) in net assets | 197,998,124 | 100,901,077 |
Net Assets | ||
Beginning of period | 396,904,985 | 296,003,908 |
End of period (including undistributed net investment income of $1,610,860 and undistributed net investment income of $6,428,926, respectively) | $594,903,109 | $396,904,985 |
Other Information Shares | ||
Sold | 7,544,708 | 9,516,821 |
Issued in reinvestment of distributions | 249,399 | 279,550 |
Redeemed | (3,215,954) | (6,064,944) |
Net increase (decrease) | 4,578,153 | 3,731,427 |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2005 | 2004 | 2003 | 2002 | 2001 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $17.74 | $15.88 | $15.14 | $11.16 | $11.27 | $14.96 |
Income from Investment Operations | ||||||
Net investment income (loss) E | .09 | .36 | .25 | .25 | .19 | .14 |
Net realized and unrealized gain (loss) | 4.45 | 1.75 | .73 | 3.91 | (.15) | (3.29) |
Total from investment operations | 4.54 | 2.11 | .98 | 4.16 | .04 | (3.15) |
Distributions from net investment income | (.22) | (.26) | (.26) | (.19) | (.16) | (.56) |
Redemption fees added to paid in capital E | .01 | .01 | .02 | .01 | .01 | .02 |
Net asset value, end of period | $22.07 | $17.74 | $15.88 | $15.14 | $11.16 | $11.27 |
Total Return B, C, D | 25.87% | 13.44% | 6.71% | 37.91% | .23% | (21.82)% |
Ratios to Average Net Assets F | ||||||
Expenses before reductions | 1.15% A | 1.16% | 1.22% | 1.30% | 1.32% | 1.32% |
Expenses net of fee waivers, if any | 1.15% A | 1.16% | 1.22% | 1.30% | 1.32% | 1.32% |
Expenses net of all reductions | 1.08% A | 1.12% | 1.22% | 1.30% | 1.31% | 1.30% |
Net investment income (loss) | .87% A | 2.04% | 1.64% | 2.07% | 1.52% | 1.03% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $594,903 | $396,905 | $296,004 | $231,654 | $110,359 | $116,754 |
Portfolio turnover rate | 41% A | 44% | 101% | 39% | 53% | 75% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but 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. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Korea (South) | 20.7% | ||
Brazil | 12.2% | ||
South Africa | 11.3% | ||
Russia | 9.2% | ||
Taiwan | 7.8% | ||
Mexico | 5.9% | ||
United States of America | 3.6% | ||
Israel | 3.0% | ||
Turkey | 2.7% | ||
Other | 23.6% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Korea (South) | 21.9% | ||
Brazil | 13.4% | ||
South Africa | 10.1% | ||
Taiwan | 9.0% | ||
Mexico | 7.4% | ||
Russia | 7.0% | ||
Israel | 4.6% | ||
Turkey | 4.4% | ||
India | 3.5% | ||
Other | 18.7% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 97.5 | 98.2 |
Short-Term Investments and Net Other Assets | 2.5 | 1.8 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment) | 4.6 | 5.6 |
Petroleo Brasileiro SA Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) | 2.8 | 3.0 |
Lukoil Oil Co. sponsored ADR (Russia, Oil, Gas & Consumable Fuels) | 2.5 | 2.9 |
America Movil SA de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services) | 2.2 | 3.2 |
Companhia Vale do Rio Doce (PN-A) sponsored ADR (non-vtg.) (Brazil, Metals & Mining) | 1.8 | 2.5 |
Kookmin Bank (Korea (South), Commercial Banks) | 1.7 | 0.0 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 1.6 | 1.5 |
OAO Gazprom sponsored ADR (Russia, Oil, Gas & Consumable Fuels) | 1.5 | 1.0 |
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels) | 1.5 | 1.7 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Instruments) | 1.4 | 1.3 |
20.2 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Energy | 17.8 | 14.8 |
Financials | 16.5 | 20.5 |
Information Technology | 14.9 | 17.1 |
Materials | 14.5 | 10.7 |
Consumer Discretionary | 11.3 | 10.5 |
Industrials | 7.7 | 6.2 |
Telecommunication Services | 7.4 | 10.5 |
Consumer Staples | 2.7 | 3.0 |
Health Care | 2.4 | 2.0 |
Utilities | 2.3 | 2.9 |
Semiannual Report
Investments April 30, 2006 (Audited)
Showing Percentage of Net Assets
Common Stocks - 97.3% | |||
Shares | Value (Note 1) | ||
Argentina - 0.4% | |||
Banco Macro Bansud SA sponsored ADR | 148,500 | $3,440,745 | |
Inversiones y Representaciones SA sponsored GDR (a) | 867,300 | 11,543,763 | |
TOTAL ARGENTINA | 14,984,508 | ||
Austria - 0.7% | |||
Erste Bank der Oesterreichischen Sparkassen AG | 69,500 | 4,217,633 | |
Raiffeisen International Bank Holding AG (d) | 141,100 | 12,299,320 | |
voestalpine AG | 71,800 | 10,483,572 | |
TOTAL AUSTRIA | 27,000,525 | ||
Bermuda - 1.3% | |||
Aquarius Platinum Ltd. (Australia) | 935,700 | 13,462,637 | |
Central European Media Enterprises Ltd. Class A (a) | 226,400 | 14,582,424 | |
Credicorp Ltd. (NY Shares) | 228,600 | 6,195,060 | |
Emperor International Holding Ltd. | 10,862,000 | 2,647,799 | |
Katanga Mining Ltd. (a) | 662,900 | 4,120,890 | |
Sinochem Hong Kong Holding Ltd. | 11,043,900 | 4,700,562 | |
TOTAL BERMUDA | 45,709,372 | ||
Brazil - 12.2% | |||
AES Tiete SA (PN) (non-vtg.) | 107,195,400 | 3,017,599 | |
Banco Bradesco SA: | |||
(PN) | 924,900 | 35,316,378 | |
(PN) sponsored ADR (non-vtg.) | 177,500 | 6,757,425 | |
Banco do Brasil SA | 215,500 | 6,195,496 | |
Banco Itau Holding Financeira SA (PN) (non-vtg.) | 668,300 | 21,435,554 | |
Banco Nossa Caixa SA | 234,600 | 5,294,518 | |
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.) (d) | 333,500 | 15,804,565 | |
Companhia Vale do Rio Doce: | |||
(PN-A) sponsored ADR (non-vtg.) | 1,495,100 | 66,502,048 | |
sponsored ADR | 133,400 | 6,872,768 | |
CSU Cardsystem SA sponsored ADR (a)(e) | 80,000 | 2,044,000 | |
Cyrela Brazil Realty SA | 633,100 | 10,769,070 | |
Diagnosticos Da America SA (a) | 326,000 | 8,325,731 | |
Duratex SA (PN) | 300,000 | 6,425,491 | |
Itausa Investimentos Itau SA (PN) | 1,280,200 | 5,876,529 | |
Klabin Industria de Papel e Celulose (PN) (non-vtg.) | 2,192,400 | 5,536,151 | |
Localiza Rent a Car SA | 425,000 | 8,960,230 | |
Lojas Renner SA | 311,000 | 17,807,619 | |
Natura Cosmeticos SA | 533,000 | 6,778,064 | |
NET Servicos de Communicacao SA sponsored ADR (d) | 1,231,100 | 7,583,576 | |
Petroleo Brasileiro SA Petrobras: | |||
(PN) (non-vtg.) | 2,242,700 | 49,786,436 | |
Shares | Value (Note 1) | ||
(PN) sponsored ADR (non-vtg.) | 549,900 | $48,880,611 | |
sponsored ADR | 255,400 | 25,241,182 | |
Submarino SA | 161,800 | 4,380,307 | |
TAM SA: | |||
(PN) (ltd.-vtg.) | 307,400 | 7,939,080 | |
(PN) sponsored ADR (ltd. vtg.) | 108,500 | 2,728,775 | |
Uniao de Bancos Brasileiros SA (Unibanco): | |||
unit | 778,400 | 12,345,491 | |
GDR | 225,300 | 17,877,555 | |
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A) (non-vtg.) | 536,600 | 20,363,546 | |
Vivo Participacoes SA (PN) sponsored ADR | 870,700 | 3,595,991 | |
TOTAL BRAZIL | 440,441,786 | ||
British Virgin Islands - 0.3% | |||
Equator Exploration Ltd. (a) | 1,248,700 | 7,725,797 | |
Titanium Resources Group Ltd. | 1,364,400 | 1,903,568 | |
TOTAL BRITISH VIRGIN ISLANDS | 9,629,365 | ||
Canada - 0.7% | |||
Addax Petroleum Corp. | 142,300 | 3,808,243 | |
Falcon Oil & Gas Ltd. (a) | 3,503,400 | 10,748,356 | |
First Quantum Minerals Ltd. | 45,500 | 2,199,302 | |
Pan American Silver Corp. (a) | 133,200 | 3,300,215 | |
SXR Uranium One, Inc. (a) | 379,060 | 3,719,674 | |
Valkyries Petroleum Corp. (a) | 136,000 | 1,733,453 | |
TOTAL CANADA | 25,509,243 | ||
Cayman Islands - 1.2% | |||
Foxconn International Holdings Ltd. (a) | 7,694,800 | 16,573,996 | |
FU JI Food & Catering Services Holdings Ltd. | 2,067,700 | 4,320,320 | |
Lee & Man Paper Manufacturing Ltd. | 3,188,000 | 4,687,449 | |
Primeline Energy Holdings, Inc. (a)(f) | 767,500 | 2,594,946 | |
Primeline Energy Holdings, Inc. warrants 4/4/08 (a)(f) | 383,750 | 861,623 | |
Samson Holding Ltd. | 6,186,000 | 3,430,771 | |
SinoCom Software Group Ltd. | 4,536,000 | 5,499,387 | |
Xinao Gas Holdings Ltd. (d) | 7,413,700 | 6,836,825 | |
TOTAL CAYMAN ISLANDS | 44,805,317 | ||
China - 2.7% | |||
Agile Property Holdings Ltd. | 9,506,000 | 7,356,352 | |
Beijing Capital International Airport Co. Ltd. (H Shares) | 7,723,200 | 4,482,530 | |
China Gas Holdings Ltd. (a) | 13,903,100 | 2,402,868 | |
China National Building Materials Co. Ltd. (H Shares) | 4,420,000 | 1,824,255 | |
China Petroleum & Chemical Corp. (H Shares) | 46,023,300 | 29,592,971 | |
China Shenhua Energy Co. Ltd. (H Shares) | 10,741,600 | 19,465,193 | |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (d) | 235,600 | 3,206,516 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
China - continued | |||
Dongfeng Motor Group Co. Ltd. (H Shares) | 15,348,000 | $7,670,734 | |
First Tractor Co. Ltd. Class H (a) | 8,104,800 | 1,599,363 | |
Golden Eagle Retail Group Ltd. (H Shares) | 2,149,000 | 1,198,770 | |
Li Ning Co. Ltd. | 8,776,000 | 9,847,575 | |
Shanghai Prime Machinery Co. Ltd. (H Shares) | 792,000 | 296,235 | |
Xiamen International Port Co. Ltd. (H Shares) | 19,966,400 | 4,995,914 | |
Yantai Changyu Pioneer Wine Co. (B Shares) | 1,096,500 | 3,619,031 | |
TOTAL CHINA | 97,558,307 | ||
Croatia - 0.1% | |||
Pliva D.D. GDR | 181,100 | 3,730,660 | |
Cyprus - 0.1% | |||
XXI Century Investments Public Ltd. | 216,700 | 3,122,132 | |
Czech Republic - 0.6% | |||
Ceske Energeticke Zavody AS | 584,800 | 20,038,429 | |
Egypt - 1.3% | |||
Commercial International Bank Ltd. sponsored GDR | 441,200 | 5,740,012 | |
Eastern Tobacco Co. | 151,700 | 9,649,322 | |
Misr International Bank SAE GDR | 71,041 | 248,644 | |
Orascom Construction Industries SAE: | |||
GDR | 130,640 | 10,581,840 | |
GDR (e) | 17,092 | 1,384,452 | |
Orascom Hotels & Development (OHD) | 690,483 | 4,716,021 | |
Orascom Telecom SAE GDR | 250,413 | 13,447,178 | |
TOTAL EGYPT | 45,767,469 | ||
Hong Kong - 2.6% | |||
Chaoda Modern Agriculture (Holdings) Ltd. | 21,976,200 | 15,305,932 | |
China Mobile (Hong Kong) Ltd. | 6,382,500 | 36,839,792 | |
China Overseas Land & Investment Ltd. | 10,511,700 | 6,711,067 | |
CNOOC Ltd. | 25,745,600 | 20,753,744 | |
CNOOC Ltd. sponsored ADR | 62,000 | 5,126,160 | |
Kerry Properties Ltd. | 2,439,800 | 8,637,936 | |
TOTAL HONG KONG | 93,374,631 | ||
Hungary - 0.9% | |||
MOL Magyar Olay-es Gazipari RT Series A (For. Reg.) | 259,772 | 30,905,248 | |
India - 2.6% | |||
Apollo Hospitals Enterprise Ltd. | 206,342 | 2,160,387 | |
Bharat Forge Ltd. | 305,169 | 2,898,426 | |
Bharti Televentures Ltd. (a) | 1,325,544 | 12,356,491 | |
Crompton Greaves Ltd. | 281,244 | 6,656,212 | |
Federal Bank Ltd.: | |||
GDR (a) | 249,942 | 1,162,832 | |
GDR (a)(e) | 337,300 | 1,569,257 | |
Shares | Value (Note 1) | ||
Gujarat Ambuja Cement Ltd. | 2,755,252 | $7,133,587 | |
ITC Ltd. | 1,500 | 6,712 | |
Jaiprakash Associates Ltd. | 609,625 | 7,629,138 | |
Larsen & Toubro Ltd. | 272,458 | 16,352,335 | |
Nagarjuna Construction Co. Ltd. | 174,584 | 1,478,520 | |
Reliance Energy Ventures Ltd. (a) | 678,549 | 647,568 | |
Reliance Industries Ltd. | 491,416 | 11,042,085 | |
Reliance Natural Resources Ltd. (a) | 678,549 | 446,573 | |
Rolta India Ltd. | 506,544 | 2,876,809 | |
Rolta India Ltd. sponsored GDR (e) | 242,105 | 1,314,630 | |
Sintex Industries Ltd. | 106,175 | 495,996 | |
State Bank of India | 432,374 | 9,748,445 | |
Suzlon Energy Ltd. | 88,926 | 2,494,780 | |
Uti Bank Ltd. | 569,900 | 4,387,215 | |
TOTAL INDIA | 92,857,998 | ||
Indonesia - 1.3% | |||
PT Aneka Tambang Tbk | 20,751,900 | 13,582,585 | |
PT Bakrie & Brothers Tbk (a) | 242,898,000 | 4,700,343 | |
PT Medco Energi International Tbk | 20,865,000 | 11,400,302 | |
PT Perusahaan Gas Negara Tbk Series B | 13,327,800 | 18,812,083 | |
TOTAL INDONESIA | 48,495,313 | ||
Israel - 3.0% | |||
Bank Hapoalim BM (Reg.) | 3,452,445 | 17,397,056 | |
Delek Group Ltd. | 15,100 | 2,574,178 | |
ECI Telecom Ltd. (a) | 330,700 | 3,531,876 | |
ECtel Ltd. (a) | 122,700 | 672,396 | |
Israel Chemicals Ltd. | 3,324,600 | 13,154,465 | |
Ituran Location & Control Ltd. | 245,000 | 4,076,800 | |
Orckit Communications Ltd. (a) | 472,600 | 7,618,312 | |
Ormat Industries Ltd. | 349,800 | 3,326,262 | |
Orpak Systems Ltd. | 832,800 | 2,597,180 | |
RADWARE Ltd. (a) | 344,500 | 5,460,325 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,166,200 | 47,231,100 | |
TOTAL ISRAEL | 107,639,950 | ||
Korea (South) - 20.5% | |||
CJ Corp. | 89,600 | 12,255,106 | |
CJ Home Shopping | 89,271 | 10,222,415 | |
Daegu Bank Co. Ltd. | 694,920 | 13,041,496 | |
Daelim Industrial Co. | 173,640 | 13,255,668 | |
Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 648,850 | 18,953,318 | |
Fantom Co. Ltd. (a) | 91,300 | 1,703,738 | |
Fantom Co. Ltd. rights 5/19/06 (a) | 24,283 | 39,907 | |
Fursys, Inc. | 44,700 | 1,488,184 | |
Hanil Cement Co. Ltd. | 76,430 | 5,518,618 | |
Hanjin Heavy Industries & Construction Co. Ltd. | 346,300 | 10,794,913 | |
Hanwha Corp. | 187,380 | 5,860,904 | |
Hynix Semiconductor, Inc. (a) | 277,470 | 9,693,727 | |
Hyundai Department Store Co. Ltd. | 158,990 | 15,255,896 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Korea (South) - continued | |||
Hyundai Engineering & Construction Co. Ltd. (a) | 231,030 | $14,378,905 | |
Hyundai Mipo Dockyard Co. Ltd. | 181,200 | 16,983,602 | |
Hyundai Motor Co. | 437,560 | 38,460,195 | |
Industrial Bank of Korea | 607,010 | 12,228,376 | |
Kookmin Bank | 684,000 | 61,281,890 | |
Korea Investment Holdings Co. Ltd. | 307,070 | 13,153,402 | |
Korea Zinc Co. Ltd. | 107,110 | 9,641,776 | |
Korean Air Co. Ltd. | 414,030 | 15,079,186 | |
Kyeryong Construction Industrial Co. Ltd. | 301,250 | 14,181,735 | |
LG Electronics, Inc. | 277,830 | 23,006,445 | |
LG Engineering & Construction Co. Ltd. | 228,050 | 16,538,858 | |
LG Investment & Securities Co. Ltd. | 429,000 | 10,507,239 | |
Lotte Shopping Co. Ltd. GDR (a)(e) | 285,764 | 5,968,565 | |
Macquarie Korea Infrastructure Fund: | |||
GDR (e) | 589,200 | 4,289,376 | |
GDR | 498,000 | 3,625,440 | |
MegaStudy Co. Ltd. | 89,494 | 8,872,068 | |
NHN Corp. (a) | 55,419 | 19,684,430 | |
Phicom Corp. | 122,164 | 1,677,383 | |
POSCO | 157,760 | 43,991,826 | |
Samchully Co. Ltd. | 45,040 | 5,467,933 | |
Samsung Electronics Co. Ltd. | 244,765 | 167,130,043 | |
Samsung Heavy Industries Ltd. | 802,940 | 18,984,856 | |
Samsung SDI Co. Ltd. | 94,890 | 7,847,555 | |
Shinhan Financial Group Co. Ltd. | 623,810 | 31,086,336 | |
SK Corp. | 382,660 | 28,157,356 | |
Taewoong Co. Ltd. | 202,400 | 4,410,031 | |
Woongjin Coway Co. Ltd. | 482,990 | 14,338,889 | |
Woori Finance Holdings Co. Ltd. | 428,040 | 9,666,813 | |
TOTAL KOREA (SOUTH) | 738,724,399 | ||
Lebanon - 0.2% | |||
Solidere GDR (a) | 350,000 | 7,833,000 | |
Luxembourg - 1.6% | |||
Evraz Group SA: | |||
GDR (e) | 66,100 | 1,652,500 | |
GDR | 522,200 | 13,055,000 | |
Orco Property Group | 100,300 | 12,869,473 | |
Tenaris SA sponsored ADR | 658,500 | 30,225,150 | |
Ternium SA sponsored ADR | 22,500 | 601,200 | |
TOTAL LUXEMBOURG | 58,403,323 | ||
Malaysia - 0.6% | |||
Genting BHD | 892,000 | 6,274,759 | |
Lion Diversified Holdings BHD | 2,886,400 | 3,742,367 | |
Resorts World BHD | 1,583,800 | 5,854,599 | |
Steppe Cement Ltd. (a) | 510,900 | 1,840,214 | |
UMW Holdings BHD | 2,448,500 | 4,964,545 | |
TOTAL MALAYSIA | 22,676,484 | ||
Shares | Value (Note 1) | ||
Mexico - 5.9% | |||
America Movil SA de CV Series L sponsored ADR | 2,169,700 | $80,083,627 | |
Cemex SA de CV sponsored ADR | 702,600 | 47,439,552 | |
Corporacion Geo SA de CV Series B (a) | 1,833,000 | 6,872,663 | |
Gruma SA de CV Series B | 1,757,700 | 5,508,622 | |
Grupo Mexico SA de CV Series B | 8,357,901 | 29,282,771 | |
Sare Holding SA de CV Series B (a) | 1,561,500 | 1,838,677 | |
Urbi, Desarrollos Urbanos, SA de CV (a) | 1,770,700 | 14,484,672 | |
Wal-Mart de Mexico SA de CV Series V | 9,208,174 | 26,253,791 | |
TOTAL MEXICO | 211,764,375 | ||
Oman - 0.1% | |||
BankMuscat SAOG sponsored GDR (e) | 369,325 | 3,674,784 | |
Philippines - 0.4% | |||
Philippine Long Distance Telephone Co. | 348,450 | 13,778,985 | |
Poland - 0.2% | |||
Echo Investment SA (a) | 19,400 | 1,687,341 | |
Globe Trade Centre SA (a) | 16,600 | 1,438,400 | |
TVN SA (a) | 175,600 | 5,491,433 | |
TOTAL POLAND | 8,617,174 | ||
Romania - 0.1% | |||
Banca Transilvania SA | 5,127,000 | 2,696,953 | |
Russia - 9.2% | |||
Concern Kalina OJSC (a) | 118,262 | 5,437,956 | |
JSC MMC 'Norilsk Nickel' sponsored ADR | 338,600 | 44,864,500 | |
Lukoil Oil Co. sponsored ADR | 992,540 | 89,328,600 | |
Novatek JSC: | |||
GDR | 167,600 | 7,123,000 | |
GDR (e) | 317,000 | 13,472,500 | |
Novolipetsk Iron & Steel Corp. sponsored GDR | 301,300 | 6,631,613 | |
OAO Gazprom sponsored ADR | 1,156,106 | 53,180,876 | |
Polyus Gold Co. Zao ADR (a) | 153,900 | 5,355,720 | |
RBC Information Systems Jsc (a) | 583,200 | 5,423,760 | |
Sberbank RF GDR (a) | 112,000 | 20,253,539 | |
Seventh Continent (a) | 127,500 | 3,213,000 | |
Sistema JSFC sponsored: | |||
GDR (e) | 442,200 | 10,833,900 | |
GDR | 54,300 | 1,330,350 | |
Surgutneftegaz JSC sponsored ADR | 347,200 | 46,177,600 | |
Vimpel Communications sponsored ADR (a) | 309,400 | 14,402,570 | |
VSMPO-Avisma Corp. | 14,100 | 3,454,500 | |
TOTAL RUSSIA | 330,483,984 | ||
Singapore - 0.2% | |||
Boustead Singapore Ltd. | 4,118,000 | 3,125,913 | |
Keppel Corp. Ltd. | 354,600 | 3,431,939 | |
Raffles Education Corp. Ltd. | 1,549,400 | 2,450,264 | |
TOTAL SINGAPORE | 9,008,116 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
South Africa - 11.3% | |||
Absa Group Ltd. | 723,418 | $14,281,866 | |
African Bank Investments Ltd. | 4,254,726 | 23,776,930 | |
Anglogold Ashanti Ltd. sponsored ADR (d) | 124,400 | 6,802,192 | |
Aspen Pharmacare Holdings Ltd. | 2,409,800 | 17,033,929 | |
Aveng Ltd. | 3,013,329 | 11,907,975 | |
Edgars Consolidated Stores Ltd. | 1,772,781 | 11,204,271 | |
Ellerine Holdings Ltd. | 913,072 | 14,035,113 | |
FirstRand Ltd. | 8,172,656 | 26,913,695 | |
Foschini Ltd. | 1,373,300 | 13,910,016 | |
Gold Fields Ltd. | 1,012,400 | 25,725,085 | |
Impala Platinum Holdings Ltd. | 148,566 | 28,168,855 | |
JD Group Ltd. | 925,600 | 14,312,355 | |
Lewis Group Ltd. | 1,317,473 | 13,289,769 | |
MTN Group Ltd. | 3,976,000 | 39,677,339 | |
Mvelaphanda Group Ltd. | 2,136,700 | 3,376,075 | |
Naspers Ltd. Class N sponsored ADR | 970,318 | 21,356,699 | |
Sasol Ltd. | 1,257,375 | 52,909,085 | |
Standard Bank Group Ltd. | 1,547,500 | 22,083,243 | |
Steinhoff International Holdings Ltd. | 3,458,600 | 13,707,848 | |
Telkom SA Ltd. | 799,000 | 19,029,821 | |
Truworths International Ltd. | 3,326,000 | 16,042,245 | |
TOTAL SOUTH AFRICA | 409,544,406 | ||
Spain - 0.1% | |||
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 146,900 | 3,240,614 | |
Taiwan - 7.8% | |||
Advanced Semiconductor Engineering, Inc. | 18,442,000 | 21,906,594 | |
Chipbond Technology Corp. | 6,174,035 | 8,224,048 | |
Delta Electronics, Inc. | 5,477,000 | 17,063,054 | |
Foxconn Technology Co. Ltd. | 1,469,000 | 11,026,938 | |
High Tech Computer Corp. | 888,200 | 28,394,784 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 7,250,187 | 49,196,561 | |
MediaTek, Inc. | 1,885,600 | 22,014,229 | |
Motech Industries, Inc. | 258,599 | 7,172,949 | |
Nan Ya Printed Circuit Board Corp. | 43,000 | 462,264 | |
Novatek Microelectronics Corp. | 1,908,855 | 11,367,218 | |
Phoenix Precision Technology Corp. | 4,629,000 | 10,547,493 | |
Powertech Technology, Inc. | 896,000 | 3,075,033 | |
Shin Kong Financial Holding Co. Ltd. | 10,941,000 | 11,659,061 | |
Siliconware Precision Industries Co. Ltd. | 12,328,000 | 17,889,626 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 26,825,343 | 57,255,872 | |
TSRC Corp. | 4,848,000 | 3,464,377 | |
TOTAL TAIWAN | 280,720,101 | ||
Thailand - 1.5% | |||
Bangchak Petroleum PCL: | |||
warrants 4/12/11 (a) | 336,940 | 16,560 | |
(For. Reg.) | 2,975,200 | 1,093,998 | |
Shares | Value (Note 1) | ||
Bumrungrad Hospital PCL (For. Reg.) | 451,500 | $446,537 | |
Charoen Pokphand Foods PCL (For. Reg.) | 27,622,100 | 4,048,003 | |
Minor International PCL (For. Reg.) | 24,621,894 | 7,610,284 | |
PTT PCL (For. Reg.) | 1,821,800 | 12,523,965 | |
Siam Cement PCL (For. Reg.) | 1,323,000 | 8,953,957 | |
Siam Commercial Bank PCL (For. Reg.) | 10,662,000 | 18,466,027 | |
TOTAL THAILAND | 53,159,331 | ||
Turkey - 2.7% | |||
Acibadem Saglik Hizmetleri AS | 711,800 | 8,665,391 | |
Akbank T. A. S. | 1,976,200 | 16,437,202 | |
Alarko Gayrimenkul Yatirim Ortakligi AS (a) | 108,200 | 4,827,070 | |
Aygaz AS | 945,400 | 3,824,491 | |
Denizbank AS (a) | 699,900 | 6,191,932 | |
Dogan Yayin Holding AS | 3,000,839 | 15,202,738 | |
Dogus Otomotiv Servis ve Ticaret AS | 880,700 | 7,258,699 | |
Enka Insaat ve Sanayi AS | 742,407 | 11,508,010 | |
Finansbank AS | 3,358,643 | 17,523,355 | |
Koytas Tekstil Sanayi ve Ticaret AS (a) | 26,770 | 0 | |
Selcuk Ecza Deposu Tic AS | 257,500 | 1,304,537 | |
Turk Traktor ve Ziraat Makinalari AS | 390,100 | 5,338,987 | |
Vestel White Goods AS | 329,000 | 711,486 | |
TOTAL TURKEY | 98,793,898 | ||
Ukraine - 0.1% | |||
Stirol sponsored ADR (a) | 105,400 | 2,460,091 | |
Ukrnafta Open JSC sponsored ADR | 8,700 | 3,108,065 | |
TOTAL UKRAINE | 5,568,156 | ||
United Arab Emirates - 0.4% | |||
Investcom LLC GDR | 913,400 | 13,838,010 | |
United Kingdom - 1.3% | |||
Aricom PLC (a) | 2,043,200 | 2,217,140 | |
Kazakhgold Group Ltd. GDR | 209,200 | 5,826,220 | |
Kazakhmys PLC | 720,100 | 14,951,720 | |
Oxus Gold PLC (a)(d) | 2,966,117 | 4,435,754 | |
Sibir Energy PLC (a) | 640,900 | 6,405,251 | |
Trader Media East Ltd. GDR (a)(e) | 153,646 | 1,367,449 | |
Vedanta Resources PLC | 368,300 | 10,599,223 | |
Victoria Oil & Gas PLC (a) | 649,500 | 2,973,159 | |
TOTAL UNITED KINGDOM | 48,775,916 | ||
United States of America - 1.1% | |||
Central European Distribution Corp. (a)(d) | 85,196 | 3,497,296 | |
CTC Media, Inc. (f) | 93,240 | 2,797,200 | |
DSP Group, Inc. (a) | 110,300 | 2,982,512 | |
Freeport-McMoRan Copper & Gold, Inc. Class B | 202,300 | 13,064,534 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United States of America - continued | |||
NII Holdings, Inc. (a) | 159,000 | $9,524,100 | |
Zoran Corp. (a) | 267,900 | 7,351,176 | |
TOTAL UNITED STATES OF AMERICA | 39,216,818 | ||
TOTAL COMMON STOCKS (Cost $2,472,464,409) | 3,512,089,080 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
Korea (South) - 0.2% | |||
Samsung Electronics Co. Ltd. | 14,970 | 8,110,769 | |
Money Market Funds - 3.1% | |||
Fidelity Cash Central Fund, 4.8% (b) | 81,667,529 | 81,667,529 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 30,626,604 | 30,626,604 | |
TOTAL MONEY MARKET FUNDS (Cost $112,294,133) | 112,294,133 | ||
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $2,589,971,502) | 3,632,493,982 | ||
NET OTHER ASSETS - (0.6)% | (23,132,879) | ||
NET ASSETS - 100% | $3,609,361,103 |
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. |
(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 period end, the value of these securities amounted to $47,571,413 or 1.3% of net assets. |
(f)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 $6,253,769 or 0.2% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
CTC Media, Inc. | 1/26/05 | $1,400,073 |
Primeline Energy Holdings, Inc. | 3/23/06 | $745,745 |
Primeline Energy Holdings, Inc. warrants 4/4/08 | 3/23/06 | $242,367 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $1,581,896 |
Fidelity Securities Lending Cash Central Fund | 434,206 |
Total | $2,016,102 |
Income Tax Information |
At September 30, 2005, the fund had a capital loss carryforward of approximately $360,364,607 of which $261,779,690, $46,041,026, $40,040,568 and $12,503,323 will expire on September 30, 2007, 2008, 2010 and 2011, respectively. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Audited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $29,609,985) - See accompanying schedule: Unaffiliated issuers (cost $2,477,677,369) | $3,520,199,849 | |
Affiliated Central Funds (cost $112,294,133) | 112,294,133 | |
Total Investments (cost $2,589,971,502) | $3,632,493,982 | |
Foreign currency held at value (cost $3,084,922) | 3,079,487 | |
Receivable for investments sold | 35,098,316 | |
Receivable for fund shares sold | 19,460,418 | |
Dividends receivable | 6,937,817 | |
Interest receivable | 421,072 | |
Prepaid expenses | 3,190 | |
Other receivables | 867,588 | |
Total assets | 3,698,361,870 | |
Liabilities | ||
Payable for investments purchased | $49,588,143 | |
Payable for fund shares redeemed | 3,632,591 | |
Accrued management fee | 2,021,848 | |
Other affiliated payables | 655,471 | |
Other payables and accrued expenses | 2,476,110 | |
Collateral on securities loaned, at value | 30,626,604 | |
Total liabilities | 89,000,767 | |
Net Assets | $3,609,361,103 | |
Net Assets consist of: | ||
Paid in capital | $2,868,514,673 | |
Undistributed net investment income | 6,155,114 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (306,061,348) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 1,040,752,664 | |
Net Assets, for 159,059,194 shares outstanding | $3,609,361,103 | |
Net Asset Value, offering price and redemption price per share ($3,609,361,103 ÷ 159,059,194 shares) | $22.69 |
Statement of Operations
Six months ended April 30, 2006 (Audited) | ||
Investment Income | ||
Dividends | $28,259,045 | |
Interest | 23,195 | |
Income from affiliated Central Funds (including $434,206 from security lending) | 2,016,102 | |
30,298,342 | ||
Less foreign taxes withheld | (2,409,327) | |
Total income | 27,889,015 | |
Expenses | ||
Management fee | $8,902,161 | |
Transfer agent fees | 2,657,787 | |
Accounting and security lending fees | 524,024 | |
Independent trustees' compensation | 4,555 | |
Custodian fees and expenses | 1,274,046 | |
Registration fees | 251,968 | |
Audit | 78,682 | |
Legal | 5,519 | |
Miscellaneous | 27,124 | |
Total expenses before reductions | 13,725,866 | |
Expense reductions | (1,418,424) | 12,307,442 |
Net investment income (loss) | 15,581,573 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $332,576) | 62,704,730 | |
Foreign currency transactions | (1,405,401) | |
Total net realized gain (loss) | 61,299,329 | |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $1,109,321) | 770,054,877 | |
Assets and liabilities in foreign currencies | 59,727 | |
Total change in net unrealized appreciation (depreciation) | 770,114,604 | |
Net gain (loss) | 831,413,933 | |
Net increase (decrease) in net assets resulting from operations | $846,995,506 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Emerging Markets
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $15,581,573 | $15,119,763 |
Net realized gain (loss) | 61,299,329 | 68,322,535 |
Change in net unrealized appreciation (depreciation) | 770,114,604 | 203,724,089 |
Net increase (decrease) in net assets resulting from operations | 846,995,506 | 287,166,387 |
Distributions to shareholders from net investment income | (21,238,874) | (5,999,282) |
Share transactions | 1,682,537,647 | 816,361,551 |
Reinvestment of distributions | 20,504,260 | 5,785,646 |
Cost of shares redeemed | (312,399,951) | (316,571,716) |
Net increase (decrease) in net assets resulting from share transactions | 1,390,641,956 | 505,575,481 |
Redemption fees | 739,238 | 930,289 |
Total increase (decrease) in net assets | 2,217,137,826 | 787,672,875 |
Net Assets | ||
Beginning of period | 1,392,223,277 | 604,550,402 |
End of period (including undistributed net investment income of $6,155,114 and undistributed net investment income of $11,812,415, respectively) | $3,609,361,103 | $1,392,223,277 |
Other Information Shares | ||
Sold | 84,829,200 | 57,501,628 |
Issued in reinvestment of distributions | 1,159,762 | 485,074 |
Redeemed | (15,546,347) | (22,850,332) |
Net increase (decrease) | 70,442,615 | 35,136,370 |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Audited) | 2005 | 2004 | 2003 | 2002 | 2001 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $15.71 | $11.30 | $9.81 | $7.03 | $6.52 | $8.71 |
Income from Investment Operations | ||||||
Net investment income (loss) E | .12 | .21 | .14 | .10 | .06 F | .06 |
Net realized and unrealized gain (loss) | 7.06 | 4.30 | 1.46 | 2.73 | .47 | (2.22) |
Total from investment operations | 7.18 | 4.51 | 1.60 | 2.83 | .53 | (2.16) |
Distributions from net investment income | (.21) | (.11) | (.12) | (.05) | (.03) | (.03) |
Redemption fees added to paid in capital E | .01 | .01 | .01 | - H | .01 | - H |
Net asset value, end of period | $22.69 | $15.71 | $11.30 | $9.81 | $7.03 | $6.52 |
Total Return B, C, D | 46.15% | 40.25% | 16.48% | 40.50% | 8.25% | (24.87)% |
Ratios to Average Net Assets G | ||||||
Expenses before reductions | 1.11% A | 1.16% | 1.23% | 1.36% | 1.44% | 1.54% |
Expenses net of fee waivers, if any | 1.11% A | 1.16% | 1.23% | 1.36% | 1.44% | 1.54% |
Expenses net of all reductions | .99% A | 1.07% | 1.18% | 1.36% | 1.39% | 1.45% |
Net investment income (loss) | 1.26% A | 1.53% | 1.27% | 1.31% | .73% | .78% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $3,609,361 | $1,392,223 | $604,550 | $430,928 | $263,729 | $204,164 |
Portfolio turnover rate | 34% A | 68% | 112% | 105% | 120% | 113% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Investment income per share reflects a special dividend which amounted to $.01 per share. G 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 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. H Amount represents less than $.01 per share. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
United Kingdom | 21.8% | ||
Switzerland | 11.7% | ||
Germany | 11.6% | ||
France | 7.7% | ||
Netherlands | 7.4% | ||
Italy | 7.0% | ||
Spain | 5.7% | ||
United States of America | 4.8% | ||
Sweden | 4.5% | ||
Other | 17.8% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
United Kingdom | 14.2% | ||
Italy | 14.0% | ||
Switzerland | 12.7% | ||
Germany | 11.1% | ||
France | 11.0% | ||
Netherlands | 8.7% | ||
Russia | 5.3% | ||
Poland | 3.9% | ||
Spain | 3.3% | ||
Other | 15.8% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 96.2 | 98.9 |
Short-Term Investments and Net Other Assets | 3.8 | 1.1 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Banco Bilbao Vizcaya Argentaria SA (Spain, Commercial Banks) | 3.6 | 0.3 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 3.2 | 3.2 |
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 3.0 | 0.0 |
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks) | 2.5 | 0.0 |
Unicredito Italiano Spa (Italy, Commercial Banks) | 2.5 | 2.0 |
Novartis AG (Reg.) (Switzerland, Pharmaceuticals) | 2.3 | 2.2 |
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) | 2.2 | 0.0 |
Deutsche Boerse AG (Germany, Diversified Financial Services) | 2.1 | 2.5 |
Sanofi-Aventis (France, Pharmaceuticals) | 2.0 | 3.8 |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 1.8 | 3.4 |
25.2 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Financials | 34.5 | 32.6 |
Health Care | 11.9 | 13.1 |
Industrials | 10.5 | 5.2 |
Energy | 10.4 | 12.2 |
Consumer Discretionary | 9.9 | 14.5 |
Materials | 6.0 | 1.3 |
Information Technology | 5.7 | 6.8 |
Consumer Staples | 4.1 | 2.1 |
Utilities | 1.8 | 4.1 |
Telecommunication Services | 1.4 | 7.0 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.8% | |||
Shares | Value (Note 1) | ||
Austria - 1.5% | |||
Andritz AG | 60,400 | $10,590,785 | |
Erste Bank der Oesterreichischen Sparkassen AG | 276,500 | 16,779,503 | |
OMV AG | 124,400 | 8,649,474 | |
voestalpine AG | 115,400 | 16,849,641 | |
TOTAL AUSTRIA | 52,869,403 | ||
Belgium - 0.5% | |||
KBC Groupe SA | 156,600 | 18,166,965 | |
Denmark - 1.0% | |||
Danske Bank AS | 877,400 | 34,908,142 | |
Finland - 2.7% | |||
Fortum Oyj | 992,200 | 25,061,219 | |
Metso Corp. | 713,700 | 28,363,848 | |
Nokia Corp. | 1,704,550 | 38,625,109 | |
TOTAL FINLAND | 92,050,176 | ||
France - 7.7% | |||
Alcatel SA (RFD) (a) | 541,600 | 7,809,874 | |
Alstom SA (a) | 189,800 | 17,193,312 | |
AXA SA | 936,100 | 34,270,625 | |
Dassault Systemes SA | 294,706 | 15,988,080 | |
L'Oreal SA | 184,900 | 17,146,013 | |
Louis Vuitton Moet Hennessy (LVMH) | 261,700 | 27,553,004 | |
Sanofi-Aventis | 732,948 | 68,955,751 | |
Societe Generale Series A | 109,400 | 16,714,768 | |
Total SA Series B | 225,600 | 62,274,624 | |
TOTAL FRANCE | 267,906,051 | ||
Germany - 10.8% | |||
Allianz AG (Reg.) (d) | 150,900 | 25,245,570 | |
Bayer AG (d) | 406,500 | 18,775,831 | |
Bayerische Motoren Werke AG (BMW) | 751,600 | 40,879,322 | |
Deutsche Boerse AG | 498,000 | 72,022,224 | |
E.ON AG (d) | 137,200 | 16,706,845 | |
Fraport AG Frankfurt Airport Services Worldwide | 550,918 | 41,683,090 | |
Hypo Real Estate Holding AG (d) | 556,200 | 38,889,862 | |
SAP AG (d) | 260,700 | 56,968,164 | |
Siemens AG (Reg.) | 365,600 | 34,600,384 | |
Wincor Nixdorf AG | 200,300 | 28,808,768 | |
TOTAL GERMANY | 374,580,060 | ||
Greece - 1.7% | |||
Alpha Bank AE | 1,113,000 | 42,126,493 | |
EFG Eurobank Ergasias SA | 406,700 | 16,204,110 | |
TOTAL GREECE | 58,330,603 | ||
Ireland - 1.2% | |||
Allied Irish Banks PLC | 1,747,100 | 41,860,507 | |
Israel - 0.8% | |||
Teva Pharmaceutical Industries Ltd. sponsored ADR | 698,600 | 28,293,300 | |
Shares | Value (Note 1) | ||
Italy - 5.4% | |||
Banca Popolare di Milano | 3,039,080 | $38,419,238 | |
ENI Spa | 1,156,000 | 35,379,385 | |
Pirelli & C. Real Estate Spa | 125,900 | 9,239,824 | |
Tod's Spa | 221,200 | 17,528,825 | |
Unicredito Italiano Spa | 11,411,800 | 85,997,447 | |
TOTAL ITALY | 186,564,719 | ||
Luxembourg - 0.8% | |||
SES Global unit | 1,704,200 | 27,929,850 | |
Netherlands - 7.4% | |||
DSM NV | 350,200 | 15,976,567 | |
EADS NV (d) | 401,000 | 15,825,229 | |
Euronext NV | 611,644 | 54,673,574 | |
ING Groep NV (Certificaten Van Aandelen) | 872,300 | 35,397,935 | |
Koninklijke Numico NV | 696,900 | 31,582,440 | |
Koninklijke Philips Electronics NV | 1,460,200 | 50,347,694 | |
Randstad Holdings NV | 308,700 | 20,525,140 | |
Rodamco Europe NV | 305,752 | 32,904,646 | |
TOTAL NETHERLANDS | 257,233,225 | ||
Norway - 3.7% | |||
Aker Kvaerner ASA | 226,820 | 22,086,403 | |
DnB NOR ASA (d) | 3,214,600 | 44,605,197 | |
Norsk Hydro ASA | 126,240 | 19,314,720 | |
Statoil ASA (d) | 1,267,500 | 41,757,684 | |
TOTAL NORWAY | 127,764,004 | ||
Poland - 0.3% | |||
Polski Koncern Naftowy Orlen SA | 441,000 | 9,194,084 | |
South Africa - 2.9% | |||
FirstRand Ltd. | 10,369,248 | 34,147,378 | |
Impala Platinum Holdings Ltd. | 89,900 | 17,045,489 | |
MTN Group Ltd. | 4,810,748 | 48,007,464 | |
TOTAL SOUTH AFRICA | 99,200,331 | ||
Spain - 5.7% | |||
Antena 3 Television SA (d) | 1,124,220 | 29,615,611 | |
Banco Bilbao Vizcaya Argentaria SA | 5,667,700 | 125,029,465 | |
Banco Santander Central Hispano SA | 2,878,800 | 44,637,747 | |
TOTAL SPAIN | 199,282,823 | ||
Sweden - 4.5% | |||
Atlas Copco AB (A Shares) (d) | 588,300 | 17,388,768 | |
Elekta AB (B Shares) | 784,000 | 12,945,030 | |
Forenings Sparbanken AB | 519,500 | 14,296,222 | |
Hennes & Mauritz AB (H&M) | 913,500 | 34,697,731 | |
Hexagon AB (B Shares) (d) | 665,925 | 24,705,786 | |
Telefonaktiebolaget LM Ericsson | 14,473,000 | 51,335,732 | |
TOTAL SWEDEN | 155,369,269 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Switzerland - 11.7% | |||
ABB Ltd. (Reg.) | 2,644,188 | $37,734,522 | |
Compagnie Financiere Richemont unit | 720,619 | 37,329,493 | |
Credit Suisse Group (Reg.) | 578,645 | 36,343,179 | |
Novartis AG (Reg.) | 1,390,015 | 79,939,759 | |
Roche Holding AG (participation certificate) | 719,699 | 110,655,970 | |
Societe Generale de Surveillance Holding SA (SGS) (Reg.) | 34,998 | 34,622,709 | |
Syngenta AG (Switzerland) | 249,892 | 34,709,999 | |
UBS AG (Reg.) | 298,765 | 34,910,691 | |
TOTAL SWITZERLAND | 406,246,322 | ||
Turkey - 0.7% | |||
Turkiye Garanti Bankasi AS | 6,239,478 | 25,712,783 | |
United Kingdom - 21.8% | |||
Anglo American PLC (United Kingdom) | 594,700 | 25,325,039 | |
BAE Systems PLC | 5,517,695 | 42,012,592 | |
BG Group PLC | 4,402,574 | 59,175,162 | |
BP PLC | 8,417,400 | 103,421,718 | |
British American Tobacco PLC | 652,300 | 16,666,270 | |
British Energy Group PLC (a) | 1,378,860 | 16,647,287 | |
Carnival PLC | 775,400 | 38,366,790 | |
Diageo PLC | 1,530,200 | 25,343,930 | |
GlaxoSmithKline PLC | 2,742,400 | 77,993,842 | |
HSBC Holdings PLC (United Kingdom) (Reg.) | 5,039,100 | 87,357,848 | |
Rio Tinto PLC (Reg.) | 483,500 | 26,918,864 | |
Rolls-Royce Group PLC | 4,232,400 | 36,780,270 | |
Royal Bank of Scotland Group PLC | 1,483,400 | 48,452,832 | |
Standard Chartered PLC (United Kingdom) | 1,267,600 | 33,659,597 | |
Tesco PLC | 8,681,030 | 50,583,331 | |
Vedanta Resources PLC | 1,477,300 | 42,514,884 | |
Xstrata PLC | 264,700 | 9,577,693 | |
Yell Group PLC | 1,596,300 | 14,963,836 | |
TOTAL UNITED KINGDOM | 755,761,785 | ||
United States of America - 1.0% | |||
Synthes, Inc. | 275,320 | 34,184,697 | |
TOTAL COMMON STOCKS (Cost $2,684,992,957) | 3,253,409,099 | ||
Nonconvertible Preferred Stocks - 2.4% | |||
Shares | Value (Note 1) | ||
Germany - 0.8% | |||
Porsche AG (non-vtg.) | 29,121 | $29,043,373 | |
Italy - 1.6% | |||
Banca Intesa Spa (Risp) (d) | 9,817,897 | 54,563,633 | |
United Kingdom - 0.0% | |||
Rolls-Royce Group PLC Series B | 208,733,240 | 405,421 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $40,974,341) | 84,012,427 | ||
Money Market Funds - 13.4% | |||
Fidelity Cash Central Fund, 4.8% (b) | 129,671,626 | 129,671,626 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 335,426,270 | 335,426,270 | |
TOTAL MONEY MARKET FUNDS (Cost $465,097,896) | 465,097,896 |
TOTAL INVESTMENT (Cost $3,191,065,194) | 3,802,519,422 |
NET OTHER ASSETS - (9.6)% | (333,077,009) | ||
NET ASSETS - 100% | $3,469,442,413 |
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. |
(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 the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $1,701,596 |
Fidelity Securities Lending Cash Central Fund | 1,388,463 |
Total | $3,090,059 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $317,595,159) - See accompanying schedule: Unaffiliated issuers (cost $2,725,967,298) | $3,337,421,526 | |
Affiliated Central Funds (cost $465,097,896) | 465,097,896 | |
Total Investments (cost $3,191,065,194) | $3,802,519,422 | |
Foreign currency held at value (cost $2) | 2 | |
Receivable for investments sold | 48,735,310 | |
Receivable for fund shares sold | 5,083,882 | |
Dividends receivable | 10,234,493 | |
Interest receivable | 404,827 | |
Prepaid expenses | 7,529 | |
Other affiliated receivables | 63 | |
Other receivables | 2,118,388 | |
Total assets | 3,869,103,916 | |
Liabilities | ||
Payable for investments purchased | $59,918,598 | |
Payable for fund shares redeemed | 947,283 | |
Accrued management fee | 2,343,026 | |
Other affiliated payables | 727,759 | |
Other payables and accrued expenses | 298,567 | |
Collateral on securities loaned, at value | 335,426,270 | |
Total liabilities | 399,661,503 | |
Net Assets | $3,469,442,413 | |
Net Assets consist of: | ||
Paid in capital | $2,490,333,134 | |
Undistributed net investment income | 20,175,324 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 347,221,115 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 611,712,840 | |
Net Assets, for 83,364,499 shares outstanding | $3,469,442,413 | |
Net Asset Value, offering price and redemption price per share ($3,469,442,413 ÷ 83,364,499 shares) | $41.62 |
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $35,797,969 | |
Interest | 11,447 | |
Income from affiliated Central Funds (including $1,388,463 from security lending) | 3,090,059 | |
38,899,475 | ||
Less foreign taxes withheld | (3,245,537) | |
Total income | 35,653,938 | |
Expenses | ||
Management fee | $10,606,098 | |
Performance adjustment | 1,848,634 | |
Transfer agent fees | 3,359,767 | |
Accounting and security lending fees | 619,237 | |
Independent trustees' compensation | 6,049 | |
Custodian fees and expenses | 626,545 | |
Registration fees | 79,342 | |
Audit | 42,749 | |
Legal | 11,359 | |
Interest | 31,378 | |
Miscellaneous | 12,135 | |
Total expenses before reductions | 17,243,293 | |
Expense reductions | (2,220,182) | 15,023,111 |
Net investment income (loss) | 20,630,827 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 361,061,908 | |
Foreign currency transactions | (964,401) | |
Total net realized gain (loss) | 360,097,507 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 277,731,107 | |
Assets and liabilities in foreign currencies | 265,365 | |
Total change in net unrealized appreciation (depreciation) | 277,996,472 | |
Net gain (loss) | 638,093,979 | |
Net increase (decrease) in net assets resulting from operations | $658,724,806 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Europe
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended April 30, 2006 (Unaudited) | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $20,630,827 | $22,737,953 |
Net realized gain (loss) | 360,097,507 | 388,153,793 |
Change in net unrealized appreciation (depreciation) | 277,996,472 | 46,504,527 |
Net increase (decrease) in net assets resulting from operations | 658,724,806 | 457,396,273 |
Distributions to shareholders from net investment income | (20,654,281) | (5,654,760) |
Distributions to shareholders from net realized gain | (273,319,234) | (5,026,446) |
Total distributions | (293,973,515) | (10,681,206) |
Share transactions | 521,883,363 | 673,749,170 |
Reinvestment of distributions | 289,349,938 | 10,481,613 |
Cost of shares redeemed | (254,375,085) | (428,684,899) |
Net increase (decrease) in net assets resulting from share transactions | 556,858,216 | 255,545,884 |
Redemption fees | 21,184 | 110,346 |
Total increase (decrease) in net assets | 921,630,691 | 702,371,297 |
Net Assets | ||
Beginning of period | 2,547,811,722 | 1,845,440,425 |
End of period (including undistributed net investment income of $20,175,324 and undistributed net investment income of $22,161,696, respectively) | $3,469,442,413 | $2,547,811,722 |
Other Information Shares | ||
Sold | 13,409,364 | 19,400,306 |
Issued in reinvestment of distributions | 8,260,061 | 318,978 |
Redeemed | (6,683,687) | (12,015,269) |
Net increase (decrease) | 14,985,738 | 7,704,015 |
Financial Highlights
Six months ended April 30, 2006 | Years ended October 31, | |||||
(Unaudited) | 2005 | 2004 | 2003 | 2002 | 2001 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $37.26 | $30.42 | $24.37 | $18.31 | $22.68 | $34.88 |
Income from Investment Operations | ||||||
Net investment income (loss) F | .27 | .33 | .09 | .29 | .12 G | .12 |
Net realized and unrealized gain (loss) | 8.36 | 6.68 | 6.25 | 5.91 | (4.25) | (8.11) |
Total from investment operations | 8.63 | 7.01 | 6.34 | 6.20 | (4.13) | (7.99) |
Distributions from net investment income | (.30) | (.09) | (.29) | (.14) | (.24) | (.12) |
Distributions from net realized gain | (3.97) | (.08) | - | - | - | (4.09) |
Total distributions | (4.27) | (.17) | (.29) | (.14) | (.24) | (4.21) |
Redemption fees added to paid in capital F, I | - | - | - | - | - | - |
Net asset value, end of period | $41.62 | $37.26 | $30.42 | $24.37 | $18.31 | $22.68 |
Total Return B, C, D, E | 25.32% | 23.12% | 26.20% | 34.09% | (18.49)% | (25.64)% |
Ratios to Average Net Assets H | ||||||
Expenses before reductions | 1.17% A | 1.15% | 1.11% | 1.03% | 1.20% | 1.06% |
Expenses net of fee waivers, if any | 1.17% A | 1.15% | 1.11% | 1.03% | 1.20% | 1.06% |
Expenses net of all reductions | 1.02% A | 1.07% | 1.05% | .98% | 1.13% | .99% |
Net investment income (loss) | 1.40% A | .95% | .32% | 1.44% | .52% | .45% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $3,469,442 | $2,547,812 | $1,845,440 | $1,283,191 | $875,995 | $1,059,368 |
Portfolio turnover rate | 137% A | 99% | 106% | 162% | 127% | 123% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Total returns do not include the effect of the former contingent deferred sales charge. F Calculated based on average shares outstanding during the period. G Investment income per share reflects a special dividend which amounted to $.05 per share. H Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but 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. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
United States of America | 15.2% | ||
Germany | 14.8% | ||
United Kingdom | 10.9% | ||
Switzerland | 9.2% | ||
France | 8.3% | ||
Norway | 8.1% | ||
Italy | 7.3% | ||
Netherlands | 6.5% | ||
Canada | 4.0% | ||
Other | 15.7% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
United Kingdom | 23.5% | ||
Germany | 12.6% | ||
France | 11.0% | ||
United States of America | 9.1% | ||
Italy | 8.5% | ||
Switzerland | 7.7% | ||
Norway | 5.6% | ||
Turkey | 4.3% | ||
Netherlands | 3.1% | ||
Other | 14.6% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 89.8 | 92.9 |
Short-Term Investments and Net Other Assets | 10.2 | 7.1 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Synthes, Inc. (United States of America, Health Care Equipment & Supplies) | 3.0 | 0.0 |
Benfield Group PLC (United Kingdom, Insurance) | 2.8 | 0.0 |
Bayer AG (Germany, Chemicals) | 2.7 | 1.9 |
Actelion Ltd. (Reg.) (Switzerland, Biotechnology) | 2.6 | 0.5 |
Infineon Technologies AG (Germany, Semiconductors & Semiconductor Equipment) | 2.4 | 0.0 |
Istituto Finanziario Industriale Spa (IFI) (Italy, Diversified Financial Services) | 2.4 | 0.0 |
Millicom International Cellular SA unit (Luxembourg, Wireless Telecommunication Services) | 2.3 | 1.1 |
Tele Atlas NV (Netherlands, Commercial Services & Supplies) | 2.2 | 0.0 |
Statoil ASA (Norway, Oil, Gas & Consumable Fuels) | 2.2 | 2.0 |
E.ON AG (Germany, Electric Utilities) | 2.1 | 1.9 |
24.7 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Financials | 19.9 | 20.2 |
Consumer Discretionary | 13.7 | 11.4 |
Materials | 11.8 | 7.3 |
Energy | 11.2 | 18.6 |
Industrials | 7.5 | 5.2 |
Health Care | 7.2 | 10.6 |
Information Technology | 6.7 | 2.4 |
Consumer Staples | 5.0 | 2.9 |
Telecommunication Services | 4.1 | 10.7 |
Utilities | 2.7 | 3.6 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 86.8% | |||
Shares | Value (Note 1) | ||
Argentina - 1.0% | |||
Cresud S.A.C.I.F.y A. sponsored ADR (d) | 444,600 | $7,722,702 | |
Austria - 2.0% | |||
Flughafen Wien AG | 107,900 | 8,230,543 | |
OMV AG | 95,300 | 6,626,164 | |
TOTAL AUSTRIA | 14,856,707 | ||
Canada - 4.0% | |||
European Goldfields Ltd. (a) | 3,067,200 | 11,879,227 | |
First Quantum Minerals Ltd. | 176,000 | 8,507,191 | |
MagIndustries Corp. (a) | 1,178,000 | 1,685,868 | |
MagIndustries Corp. (a)(e) | 1,518,880 | 1,956,339 | |
New Flyer Industries, Inc. / New Flyer Canada | 830,600 | 6,314,937 | |
TOTAL CANADA | 30,343,562 | ||
Finland - 1.2% | |||
Metso Corp. | 226,500 | 9,001,557 | |
France - 8.3% | |||
Compagnie Generale de Geophysique SA (a)(d) | 55,900 | 9,034,411 | |
Icade SA | 120,999 | 5,204,124 | |
Lagardere S.C.A. (Reg.) | 79,800 | 6,594,518 | |
Pernod Ricard SA | 64,284 | 12,465,671 | |
Renault SA | 119,900 | 13,917,009 | |
Total SA sponsored ADR | 115,100 | 15,886,102 | |
TOTAL FRANCE | 63,101,835 | ||
Germany - 14.2% | |||
Bayer AG (d) | 441,200 | 20,378,590 | |
Deutsche Postbank AG (d) | 84,500 | 6,460,531 | |
E.ON AG (d) | 132,100 | 16,085,818 | |
Infineon Technologies AG (a) | 1,506,800 | 18,413,098 | |
Lanxess AG (a) | 345,600 | 14,135,971 | |
MAN AG | 100,800 | 7,641,905 | |
Premiere AG (a)(d) | 772,900 | 12,676,681 | |
SAP AG | 56,400 | 12,324,528 | |
TOTAL GERMANY | 108,117,122 | ||
Greece - 1.1% | |||
Greek Organization of Football Prognostics SA | 231,900 | 8,572,495 | |
Hong Kong - 0.4% | |||
Chaoda Modern Agriculture (Holdings) Ltd. | 4,106,000 | 2,859,737 | |
Italy - 4.9% | |||
Banca Intesa Spa (d) | 949,403 | 5,641,705 | |
Banca Italease Spa (d) | 183,700 | 11,184,984 | |
FASTWEB Spa | 186,580 | 9,373,574 | |
Unicredito Italiano Spa | 1,475,600 | 11,119,879 | |
TOTAL ITALY | 37,320,142 | ||
Luxembourg - 2.3% | |||
Millicom International Cellular SA unit (a) | 350,970 | 17,242,054 | |
Shares | Value (Note 1) | ||
Netherlands - 6.5% | |||
Completel Europe NV (a) | 70,902 | $4,687,364 | |
ING Groep NV (Certificaten Van Aandelen) | 373,298 | 15,148,433 | |
Reed Elsevier NV (d) | 844,600 | 12,520,678 | |
Tele Atlas NV (a) | 669,078 | 17,009,466 | |
TOTAL NETHERLANDS | 49,365,941 | ||
Norway - 8.1% | |||
Petroleum Geo-Services ASA (a)(d) | 227,000 | 12,783,440 | |
Statoil ASA (d) | 496,700 | 16,363,741 | |
TANDBERG ASA | 163,600 | 1,666,055 | |
TANDBERG Television ASA (a) | 338,100 | 6,803,921 | |
TGS Nopec Geophysical Co. ASA (a) | 168,400 | 11,314,486 | |
Yara International ASA | 763,200 | 12,293,096 | |
TOTAL NORWAY | 61,224,739 | ||
Philippines - 0.4% | |||
Semirara Mining Corp. | 6,168,000 | 3,279,899 | |
Russia - 1.2% | |||
JSC MMC 'Norilsk Nickel' sponsored ADR | 55,500 | 7,353,750 | |
Polyus Gold Co. Zao ADR (a) | 55,500 | 1,931,400 | |
TOTAL RUSSIA | 9,285,150 | ||
Spain - 1.8% | |||
Banco Bilbao Vizcaya Argentaria SA | 618,700 | 13,648,522 | |
Sweden - 3.7% | |||
Micronic Laser Systems AB (a) | 601,470 | 12,219,850 | |
OMX AB | 40,200 | 773,024 | |
Swedish Match Co. | 999,600 | 15,010,641 | |
TOTAL SWEDEN | 28,003,515 | ||
Switzerland - 9.2% | |||
Actelion Ltd. (Reg.) (a) | 173,524 | 19,614,662 | |
Credit Suisse Group (Reg.) (d) | 226,861 | 14,248,546 | |
Novartis AG: | |||
(Reg.) | 169,202 | 9,730,807 | |
sponsored ADR | 46,400 | 2,668,464 | |
Swissfirst AG | 29,654 | 2,594,097 | |
Syngenta AG: | |||
warrants 5/22/06 (a) | 101,365 | 162,635 | |
(Switzerland) | 63,931 | 8,880,016 | |
The Swatch Group AG (Reg.) | 335,244 | 12,298,317 | |
TOTAL SWITZERLAND | 70,197,544 | ||
Turkey - 0.6% | |||
Akenerji Elektrik Uretimi Otoproduktor Grubu AS (a) | 1,125,996 | 4,154,904 | |
Selcuk Ecza Deposu Tic AS | 54,000 | 273,573 | |
TOTAL TURKEY | 4,428,477 | ||
United Kingdom - 10.9% | |||
Amlin PLC | 343,149 | 1,761,678 | |
BAE Systems PLC | 1,942,400 | 14,789,737 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United Kingdom - continued | |||
Benfield Group PLC | 2,977,800 | $21,098,513 | |
BG Group PLC | 655,400 | 8,809,256 | |
Chaucer Holdings PLC | 7,397,871 | 9,309,388 | |
ITV PLC | 5,599,559 | 11,744,025 | |
NETeller PLC (a) | 648,033 | 9,159,339 | |
Standard Chartered PLC (United Kingdom) | 221,200 | 5,873,701 | |
TOTAL UNITED KINGDOM | 82,545,637 | ||
United States of America - 5.0% | |||
NTL, Inc. (a) | 546,400 | 15,015,072 | |
Synthes, Inc. | 181,837 | 22,577,521 | |
TOTAL UNITED STATES OF AMERICA | 37,592,593 | ||
TOTAL COMMON STOCKS (Cost $523,405,465) | 658,709,930 | ||
Nonconvertible Preferred Stocks - 3.0% | |||
Germany - 0.6% | |||
Porsche AG (non-vtg.) | 5,132 | 5,118,320 | |
Italy - 2.4% | |||
Istituto Finanziario Industriale Spa (IFI) (a) | 758,711 | 18,046,614 | |
TOTAL NONCONVERTIBLE PREFERRED (Cost $17,461,140) | 23,164,934 | ||
Money Market Funds - 29.6% | |||
Shares | Value (Note 1) | ||
Fidelity Cash Central Fund, 4.8% (b) | 91,028,353 | $91,028,353 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 133,562,710 | 133,562,710 | |
TOTAL MONEY MARKET FUNDS (Cost $224,591,063) | 224,591,063 |
TOTAL INVESTMENT (Cost $765,457,668) | 906,465,927 |
NET OTHER ASSETS - (19.4)% | (147,476,852) | ||
NET ASSETS - 100% | $758,989,075 |
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. |
(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)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 $1,956,339 or 0.3% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
MagIndustries Corp. | 3/16/06 | $1,613,798 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $857,748 |
Fidelity Securities Lending Cash Central Fund | 313,368 |
Total | $1,171,116 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $127,240,826) - See accompanying schedule: Unaffiliated issuers (cost $540,866,605) | $681,874,864 | |
Affiliated Central Funds (cost $224,591,063) | 224,591,063 | |
Total Investments (cost $765,457,668) | $906,465,927 | |
Receivable for investments sold | 1,349,463 | |
Receivable for fund shares sold | 5,163,263 | |
Dividends receivable | 2,178,825 | |
Interest receivable | 303,068 | |
Prepaid expenses | 1,451 | |
Other affiliated receivables | 48 | |
Other receivables | 403,907 | |
Total assets | 915,865,952 | |
Liabilities | ||
Payable for investments purchased | $22,384,873 | |
Payable for fund shares redeemed | 239,754 | |
Accrued management fee | 491,095 | |
Other affiliated payables | 138,711 | |
Other payables and accrued expenses | 59,734 | |
Collateral on securities loaned, at value | 133,562,710 | |
Total liabilities | 156,876,877 | |
Net Assets | $758,989,075 | |
Net Assets consist of: | ||
Paid in capital | $557,251,430 | |
Undistributed net investment income | 2,696,955 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 57,992,230 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 141,048,460 | |
Net Assets, for 27,874,157 shares outstanding | $758,989,075 | |
Net Asset Value, offering price and redemption price per share ($758,989,075 ÷ 27,874,157 shares) | $27.23 |
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $4,892,115 | |
Interest | 4,511 | |
Income from affiliated Central Funds (including $313,368 from security lending) | 1,171,116 | |
6,067,742 | ||
Less foreign taxes withheld | (390,173) | |
Total income | 5,677,569 | |
Expenses | ||
Management fee | $2,019,719 | |
Performance adjustment | 230,116 | |
Transfer agent fees | 599,008 | |
Accounting and security lending fees | 139,584 | |
Independent trustees' compensation | 1,145 | |
Custodian fees and expenses | 111,737 | |
Registration fees | 28,522 | |
Audit | 27,233 | |
Legal | 1,957 | |
Miscellaneous | 2,332 | |
Total expenses before reductions | 3,161,353 | |
Expense reductions | (307,888) | 2,853,465 |
Net investment income (loss) | 2,824,104 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 58,186,963 | |
Foreign currency transactions | 13,919 | |
Total net realized gain (loss) | 58,200,882 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 104,389,077 | |
Assets and liabilities in foreign currencies | 39,884 | |
Total change in net unrealized appreciation (depreciation) | 104,428,961 | |
Net gain (loss) | 162,629,843 | |
Net increase (decrease) in net assets resulting from operations | $165,453,947 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Europe Capital Appreciation
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended April 30, 2006 (Unaudited) | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $2,824,104 | $7,893,648 |
Net realized gain (loss) | 58,200,882 | 80,741,934 |
Change in net unrealized appreciation (depreciation) | 104,428,961 | (10,249,032) |
Net increase (decrease) in net assets resulting from operations | 165,453,947 | 78,386,550 |
Distributions to shareholders from net investment income | (6,124,444) | (3,546,592) |
Distributions to shareholders from net realized gain | (53,486,694) | (1,251,738) |
Total distributions | (59,611,138) | (4,798,330) |
Share transactions | 175,757,056 | 110,398,063 |
Reinvestment of distributions | 55,944,039 | 4,494,786 |
Cost of shares redeemed | (71,357,283) | (103,075,461) |
Net increase (decrease) in net assets resulting from share transactions | 160,343,812 | 11,817,388 |
Redemption fees | 14,890 | 20,064 |
Total increase (decrease) in net assets | 266,201,511 | 85,425,672 |
Net Assets | ||
Beginning of period | 492,787,564 | 407,361,892 |
End of period (including undistributed net investment income of $2,696,955 and undistributed net investment income of $6,919,085, respectively) | $758,989,075 | $492,787,564 |
Other Information Shares | ||
Sold | 6,989,705 | 4,991,864 |
Issued in reinvestment of distributions | 2,608,114 | 217,455 |
Redeemed | (3,011,212) | (4,674,623) |
Net increase (decrease) | 6,586,607 | 534,696 |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2005 | 2004 | 2003 | 2002 | 2001 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $23.15 | $19.63 | $17.26 | $13.85 | $15.43 | $19.58 |
Income from Investment Operations | ||||||
Net investment income (loss) E | .12 | .37 | .13 F | .14 | .19 | .16 |
Net realized and unrealized gain (loss) | 6.88 | 3.38 | 2.46 | 3.46 | (1.60) | (3.33) |
Total from investment operations | 7.00 | 3.75 | 2.59 | 3.60 | (1.41) | (3.17) |
Distributions from net investment income | (.30) | (.17) | (.22) | (.19) | (.17) | (.11) |
Distributions from net realized gain | (2.62) | (.06) | - | - | - | (.87) |
Total distributions | (2.92) | (.23) | (.22) | (.19) | (.17) | (.98) |
Redemption fees added to paid in capital E, H | - | - | - | - | - | - |
Net asset value, end of period | $27.23 | $23.15 | $19.63 | $17.26 | $13.85 | $15.43 |
Total Return B, C, D | 33.64% | 19.24% | 15.13% | 26.36% | (9.29)% | (16.97)% |
Ratios to Average Net Assets G | ||||||
Expenses before reductions | 1.12% A | .95% | 1.22% | 1.39% | 1.37% | 1.26% |
Expenses net of fee waivers, if any | 1.12% A | .95% | 1.22% | 1.39% | 1.37% | 1.26% |
Expenses net of all reductions | 1.01% A | .84% | 1.15% | 1.32% | 1.32% | 1.21% |
Net investment income (loss) | 1.00% A | 1.66% | .69% F | .94% | 1.18% | .90% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $758,989 | $492,788 | $407,362 | $394,015 | $424,006 | $406,771 |
Portfolio turnover rate | 134% A | 133% | 119% | 184% | 121% | 67% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Net investment income per share includes approximately $.01 per share received as a result of a reorganization of an issuer that was in bankruptcy. Excluding this non-recurring amount, the ratio of net investment income (loss) to average net assets would have been .65%. G 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 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. H Amount represents less than $.01 per share. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Japan | 97.4% | ||
United States of America | 2.6% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Japan | 98.8% | ||
United States of America | 1.2% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 97.4 | 98.8 |
Short-Term Investments and Net Other Assets | 2.6 | 1.2 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Mizuho Financial Group, Inc. (Commercial Banks) | 4.8 | 3.8 |
Sumitomo Mitsui Financial Group, Inc. (Commercial Banks) | 4.0 | 4.3 |
Yamada Denki Co. Ltd. (Specialty Retail) | 3.7 | 3.7 |
Yaskawa Electric Corp. (Electronic Equipment & Instruments) | 3.5 | 2.4 |
Inpex Holdings, Inc. (Oil, Gas & Consumable Fuels) | 3.5 | 1.6 |
Sumitomo Metal Industries Ltd. (Metals & Mining) | 3.4 | 2.6 |
Sumitomo Metal Mining Co. Ltd. (Metals & Mining) | 3.2 | 2.5 |
Matsushita Electric Industrial Co. Ltd. (Household Durables) | 3.2 | 2.8 |
Mitsui Engineering & Shipbuilding Co. (Machinery) | 2.6 | 1.8 |
Mitsubishi Gas Chemical Co., Inc. (Chemicals) | 2.5 | 1.4 |
34.4 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Consumer Discretionary | 23.2 | 26.0 |
Financials | 19.8 | 20.8 |
Industrials | 15.5 | 8.7 |
Materials | 14.2 | 12.1 |
Information Technology | 12.3 | 13.9 |
Energy | 6.1 | 7.2 |
Consumer Staples | 4.7 | 5.5 |
Health Care | 1.6 | 4.6 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.4% | |||
Shares | Value (Note 1) | ||
CONSUMER DISCRETIONARY - 23.2% | |||
Auto Components - 0.5% | |||
Riken Corp. (d) | 921,000 | $7,392,264 | |
Stanley Electric Co. Ltd. | 15,800 | 367,684 | |
Tokai Rika Co. Ltd. (d) | 107,500 | 2,888,694 | |
10,648,642 | |||
Automobiles - 3.6% | |||
Mazda Motor Corp. | 7,475,000 | 48,903,404 | |
Toyota Motor Corp. | 395,800 | 23,180,028 | |
72,083,432 | |||
Household Durables - 6.1% | |||
Casio Computer Co. Ltd. | 1,529,000 | 28,733,788 | |
Matsushita Electric Industrial Co. Ltd. | 2,624,000 | 63,527,042 | |
Sekisui House Ltd. | 413,000 | 6,394,020 | |
Sony Corp. | 495,000 | 24,225,301 | |
122,880,151 | |||
Leisure Equipment & Products - 1.5% | |||
Namco Bandai Holdings, Inc. (a) | 449,300 | 6,474,655 | |
Pentax Corp. | 1,240,000 | 8,689,528 | |
SHIMANO, Inc. | 438,400 | 14,436,883 | |
29,601,066 | |||
Media - 1.0% | |||
cyber communications, Inc. (a)(d) | 4,871 | 15,783,965 | |
Usen Corp. (d) | 258,200 | 4,716,189 | |
20,500,154 | |||
Multiline Retail - 2.2% | |||
Parco Co. Ltd. | 551,600 | 6,330,988 | |
The Daimaru, Inc. (d) | 2,701,000 | 39,326,087 | |
45,657,075 | |||
Specialty Retail - 6.2% | |||
Best Denki Co. Ltd. (d) | 1,797,000 | 8,158,499 | |
Otsuka Kagu Ltd. (d) | 841,800 | 38,809,661 | |
United Arrows Ltd. | 147,500 | 3,782,217 | |
Yamada Denki Co. Ltd. | 691,500 | 75,359,080 | |
126,109,457 | |||
Textiles, Apparel & Luxury Goods - 2.1% | |||
Gunze Ltd. | 749,000 | 5,150,095 | |
Onward Kashiyama Co. Ltd. | 980,000 | 16,540,593 | |
Sanyo Shokai Ltd. | 2,466,000 | 21,741,946 | |
43,432,634 | |||
TOTAL CONSUMER DISCRETIONARY | 470,912,611 | ||
CONSUMER STAPLES - 4.7% | |||
Food & Staples Retailing - 3.5% | |||
Aeon Co. Ltd. | 843,400 | 20,997,050 | |
Seven & I Holdings Co. Ltd. | 1,277,300 | 49,465,582 | |
70,462,632 | |||
Shares | Value (Note 1) | ||
Household Products - 0.9% | |||
Uni-Charm Corp. | 333,900 | $19,147,021 | |
Personal Products - 0.3% | |||
Fancl Corp. | 290,700 | 5,386,406 | |
TOTAL CONSUMER STAPLES | 94,996,059 | ||
ENERGY - 6.1% | |||
Oil, Gas & Consumable Fuels - 6.1% | |||
Inpex Holdings, Inc. | 7,708 | 70,395,787 | |
Nippon Mining Holdings, Inc. | 2,760,000 | 25,521,669 | |
Nippon Oil Corp. | 3,558,000 | 28,151,553 | |
124,069,009 | |||
FINANCIALS - 19.8% | |||
Capital Markets - 3.7% | |||
Daiwa Securities Group, Inc. | 1,455,000 | 20,175,149 | |
Nikko Cordial Corp. | 348,500 | 5,640,268 | |
Nomura Holdings, Inc. | 746,500 | 16,930,621 | |
Shinko Securities Co. Ltd. | 4,844,000 | 25,735,412 | |
SMBC Friend Securities Co. Ltd. | 718,500 | 6,543,004 | |
75,024,454 | |||
Commercial Banks - 9.9% | |||
Juroku Bank Ltd. | 656,000 | 4,395,416 | |
Mizuho Financial Group, Inc. | 11,308 | 96,422,113 | |
Sumitomo Mitsui Financial Group, Inc. | 7,402 | 81,251,375 | |
The Keiyo Bank Ltd. | 1,656,000 | 10,732,189 | |
Tokyo Tomin Bank Ltd. (d) | 155,500 | 7,769,879 | |
200,570,972 | |||
Consumer Finance - 2.2% | |||
Credit Saison Co. Ltd. | 76,200 | 3,994,854 | |
Nissin Co. Ltd. (d) | 8,525,700 | 8,160,714 | |
ORIX Corp. | 107,620 | 32,321,441 | |
44,477,009 | |||
Real Estate - 4.0% | |||
Mitsubishi Estate Co. Ltd. | 1,158,000 | 25,320,923 | |
Mitsui Fudosan Co. Ltd. | 874,000 | 19,571,461 | |
Sumitomo Realty & Development Co. Ltd. | 1,375,000 | 36,465,424 | |
81,357,808 | |||
TOTAL FINANCIALS | 401,430,243 | ||
HEALTH CARE - 1.6% | |||
Health Care Equipment & Supplies - 1.5% | |||
Hogy Medical Co. | 166,000 | 8,775,588 | |
Nikkiso Co. Ltd. (d) | 1,384,000 | 13,879,500 | |
Terumo Corp. | 217,900 | 7,807,087 | |
30,462,175 | |||
Pharmaceuticals - 0.1% | |||
Astellas Pharma, Inc. | 24,800 | 1,034,468 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
HEALTH CARE - continued | |||
Pharmaceuticals - continued | |||
Daiichi Sankyo Co. Ltd. (a) | 37,000 | $953,633 | |
Takeda Pharamaceutical Co. Ltd. | 16,000 | 977,914 | |
2,966,015 | |||
TOTAL HEALTH CARE | 33,428,190 | ||
INDUSTRIALS - 15.5% | |||
Building Products - 0.0% | |||
Toto Ltd. (d) | 29,000 | 301,778 | |
Construction & Engineering - 2.4% | |||
Chiyoda Corp. | 59,000 | 1,326,367 | |
JGC Corp. | 2,467,000 | 43,219,892 | |
Meisei Industrial Co. Ltd. (a) | 561,000 | 4,088,957 | |
48,635,216 | |||
Electrical Equipment - 1.9% | |||
Fujikura Ltd. | 393,000 | 4,545,168 | |
Furukawa Electric Co. Ltd. (a) | 1,601,000 | 12,779,882 | |
Hitachi Cable Ltd. (d) | 3,860,000 | 21,049,924 | |
38,374,974 | |||
Industrial Conglomerates - 0.3% | |||
Rasa Industries Ltd. (d) | 1,354,000 | 5,731,091 | |
Machinery - 9.6% | |||
Ebara Corp. (d) | 7,809,000 | 44,711,027 | |
Iseki & Co. Ltd. (d) | 5,912,000 | 25,439,123 | |
JTEKT Corp. (d) | 1,445,500 | 31,163,140 | |
Kawasaki Heavy Industries Ltd. (d) | 5,659,000 | 20,523,970 | |
Komatsu Ltd. | 310,000 | 6,628,760 | |
Mitsui Engineering & Shipbuilding Co. | 16,679,000 | 53,314,215 | |
Miura Co. Ltd. | 83,800 | 2,207,684 | |
Nabtesco Corp. | 921,000 | 11,670,718 | |
195,658,637 | |||
Road & Rail - 1.0% | |||
Tokyu Corp. | 2,862,000 | 20,181,656 | |
Transportation Infrastructure - 0.3% | |||
Mitsui-Soko Co. Ltd. (d) | 942,000 | 5,525,849 | |
TOTAL INDUSTRIALS | 314,409,201 | ||
INFORMATION TECHNOLOGY - 12.3% | |||
Computers & Peripherals - 2.5% | |||
Fujitsu Ltd. | 2,819,000 | 23,492,699 | |
NEC Corp. | 3,798,000 | 26,581,832 | |
50,074,531 | |||
Electronic Equipment & Instruments - 7.2% | |||
Hoya Corp. | 26,100 | 1,056,606 | |
Ibiden Co. Ltd. | 236,600 | 11,240,448 | |
Nidec Corp. | 129,300 | 9,969,300 | |
Nihon Dempa Kogyo Co. Ltd. | 196,500 | 8,403,557 | |
Nippon Electric Glass Co. Ltd. | 96,000 | 2,166,586 | |
Shares | Value (Note 1) | ||
Omron Corp. | 387,700 | $10,826,661 | |
Yamatake Corp. | 1,221,400 | 32,070,131 | |
Yaskawa Electric Corp. (a)(d) | 5,722,000 | 70,397,561 | |
Yokogawa Electric Corp. | 29,900 | 473,674 | |
146,604,524 | |||
Internet Software & Services - 1.3% | |||
eAccess Ltd. (d) | 7,270 | 5,017,976 | |
Telewave, Inc. (d) | 3,310 | 9,592,097 | |
Yahoo! Japan Corp. | 20,576 | 11,997,773 | |
26,607,846 | |||
Office Electronics - 0.0% | |||
Canon, Inc. | 13,000 | 985,400 | |
Software - 1.3% | |||
Nintendo Co. Ltd. | 172,700 | 25,781,779 | |
TOTAL INFORMATION TECHNOLOGY | 250,054,080 | ||
MATERIALS - 14.2% | |||
Chemicals - 7.2% | |||
Asahi Kasei Corp. | 5,689,000 | 42,064,879 | |
JSR Corp. | 128,900 | 3,973,120 | |
Mitsubishi Gas Chemical Co., Inc. | 3,814,000 | 50,674,706 | |
Nitto Denko Corp. | 42,800 | 3,589,374 | |
Toho Tenax Co. Ltd. (a)(d) | 2,256,000 | 20,980,058 | |
Tokuyama Corp. (d) | 1,522,000 | 25,113,836 | |
146,395,973 | |||
Metals & Mining - 7.0% | |||
Sumitomo Light Metal Industries Ltd. (d) | 3,215,000 | 8,074,556 | |
Sumitomo Metal Industries Ltd. | 16,141,000 | 68,036,709 | |
Sumitomo Metal Mining Co. Ltd. | 4,490,000 | 65,255,326 | |
141,366,591 | |||
TOTAL MATERIALS | 287,762,564 | ||
TOTAL COMMON STOCKS (Cost $1,578,140,387) | 1,977,061,957 | ||
Money Market Funds - 9.5% | |||
Shares | Value (Note 1) | ||
Fidelity Cash Central Fund, 4.8% (b) | 2,638,009 | $2,638,009 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 189,376,979 | 189,376,979 | |
TOTAL MONEY MARKET FUNDS (Cost $192,014,988) | 192,014,988 | ||
TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $1,770,155,375) | 2,169,076,945 | ||
NET OTHER ASSETS - (6.9)% | (140,467,094) | ||
NET ASSETS - 100% | $2,028,609,851 |
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. |
(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 the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $840,630 |
Fidelity Securities Lending Cash Central Fund | 1,511,662 |
Total | $2,352,292 |
Income Tax Information |
At October 31, 2005, the fund had a capital loss carryforward of approximately $37,999,714 of which $25,588,401 and $12,411,313 will expire on October 31, 2010 and 2011, respectively. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $177,508,549) - See accompanying schedule: Unaffiliated issuers (cost $1,578,140,387) | $1,977,061,957 | |
Affiliated Central Funds (cost $192,014,988) | 192,014,988 | |
Total Investments (cost $1,770,155,375) | $2,169,076,945 | |
Receivable for investments sold | 47,154,471 | |
Receivable for fund shares sold | 4,159,248 | |
Dividends receivable | 9,839,705 | |
Interest receivable | 123,425 | |
Prepaid expenses | 2,163 | |
Other affiliated receivables | 6,411 | |
Other receivables | 374,617 | |
Total assets | 2,230,736,985 | |
Liabilities | ||
Payable for investments purchased | $6,477,098 | |
Payable for fund shares redeemed | 4,360,440 | |
Accrued management fee | 1,314,624 | |
Other affiliated payables | 424,115 | |
Other payables and accrued expenses | 173,878 | |
Collateral on securities loaned, at value | 189,376,979 | |
Total liabilities | 202,127,134 | |
Net Assets | $2,028,609,851 | |
Net Assets consist of: | ||
Paid in capital | $1,537,150,750 | |
Undistributed net investment income | 3,088,734 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 89,286,408 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 399,083,959 | |
Net Assets, for 107,063,269 shares outstanding | $2,028,609,851 | |
Net Asset Value, offering price and redemption price per share ($2,028,609,851 ÷ 107,063,269 shares) | $18.95 |
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $11,004,912 | |
Interest | 26 | |
Income from affiliated Central Funds (including $1,511,662 from security lending) | 2,352,292 | |
13,357,230 | ||
Less foreign taxes withheld | (778,697) | |
Total income | 12,578,533 | |
Expenses | ||
Management fee | $6,255,844 | |
Performance adjustment | 559,026 | |
Transfer agent fees | 1,882,546 | |
Accounting and security lending fees | 393,218 | |
Independent trustees' compensation | 3,205 | |
Custodian fees and expenses | 238,122 | |
Registration fees | 162,426 | |
Audit | 36,222 | |
Legal | 3,733 | |
Interest | 782 | |
Miscellaneous | 4,618 | |
Total expenses before reductions | 9,539,742 | |
Expense reductions | (173,209) | 9,366,533 |
Net investment income (loss) | 3,212,000 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 127,013,545 | |
Foreign currency transactions | 845,916 | |
Total net realized gain (loss) | 127,859,461 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 204,947,634 | |
Assets and liabilities in foreign currencies | 269,270 | |
Total change in net unrealized appreciation (depreciation) | 205,216,904 | |
Net gain (loss) | 333,076,365 | |
Net increase (decrease) in net assets resulting from operations | $336,288,365 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Japan
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $3,212,000 | $1,532,783 |
Net realized gain (loss) | 127,859,461 | 36,054,734 |
Change in net unrealized appreciation (depreciation) | 205,216,904 | 163,943,488 |
Net increase (decrease) in net assets resulting from operations | 336,288,365 | 201,531,005 |
Distributions to shareholders from net investment income | (1,655,031) | - |
Distributions to shareholders from net realized gain | (827,515) | - |
Total distributions | (2,482,546) | - |
Share transactions | 1,023,382,518 | 367,814,312 |
Reinvestment of distributions | 2,233,026 | - |
Cost of shares redeemed | (407,788,633) | (141,878,515) |
Net increase (decrease) in net assets resulting from share transactions | 617,826,911 | 225,935,797 |
Redemption fees | 1,831,677 | 225,720 |
Total increase (decrease) in net assets | 953,464,407 | 427,692,522 |
Net Assets | ||
Beginning of period | 1,075,145,444 | 647,452,922 |
End of period (including undistributed net investment income of $3,088,734 and undistributed net investment income of $1,531,765, respectively) | $2,028,609,851 | $1,075,145,444 |
Other Information Shares | ||
Sold | 57,938,873 | 27,168,421 |
Issued in reinvestment of distributions | 136,493 | - |
Redeemed | (22,702,548) | (11,129,707) |
Net increase (decrease) | 35,372,818 | 16,038,714 |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2005 | 2004 | 2003 | 2002 | 2001 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $15.00 | $11.63 | $11.19 | $8.25 | $9.67 | $20.43 |
Income from Investment Operations | ||||||
Net investment income (loss) E | .03 | .03 | (.01) | - G | (.07) | (.07) |
Net realized and unrealized gain (loss) | 3.93 | 3.34 | .45 | 2.93 | (1.37) | (6.64) |
Total from investment operations | 3.96 | 3.37 | .44 | 2.93 | (1.44) | (6.71) |
Distributions from net investment income | (.02) | - | (.01) | - | - | - |
Distributions from net realized gain | (.01) | - | - | - | - | (4.07) |
Total distributions | (.03) | - | (.01) | - | - | (4.07) |
Redemption fees added to paid in capital E | .02 | - G | .01 | .01 | .02 | .02 |
Net asset value, end of period | $18.95 | $15.00 | $11.63 | $11.19 | $8.25 | $9.67 |
Total Return B, C, D | 26.56% | 28.98% | 4.03% | 35.64% | (14.68)% | (40.35)% |
Ratios to Average Net Assets F | ||||||
Expenses before reductions | 1.10% A | 1.03% | 1.04% | 1.03% | 1.50% | 1.42% |
Expenses net of fee waivers, if any | 1.10% A | 1.03% | 1.04% | 1.03% | 1.50% | 1.42% |
Expenses net of all reductions | 1.08% A | 1.02% | 1.04% | 1.03% | 1.50% | 1.40% |
Net investment income (loss) | .37% A | .20% | (.04)% | (.04)% | (.77)% | (.57)% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $2,028,610 | $1,075,145 | $647,453 | $529,352 | $283,293 | $322,936 |
Portfolio turnover rate | 66% A | 74% | 99% | 86% | 66% | 75% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but 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. G Amount represents less than $.01 per share. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Japan | 97.9% | ||
United States of America | 2.1% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Japan | 96.3% | ||
United States of America | 3.7% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 97.9 | 96.3 |
Short-Term Investments and Net Other Assets | 2.1 | 3.7 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Hitachi Construction Machinery Co. Ltd. (Machinery) | 2.3 | 0.1 |
Meiko Electronics Co. Ltd. (Electronic Equipment & Instruments) | 2.2 | 1.1 |
Yamada Denki Co. Ltd. (Specialty Retail) | 1.8 | 1.7 |
Sumitomo Heavy Industries Ltd. (Machinery) | 1.8 | 0.5 |
Konica Minolta Holdings, Inc. (Office Electronics) | 1.7 | 0.0 |
Nippon Electric Glass Co. Ltd. (Electronic Equipment & Instruments) | 1.7 | 1.7 |
Yokogawa Electric Corp. (Electronic Equipment & Instruments) | 1.6 | 0.5 |
Elpida Memory, Inc. (Semiconductors & Semiconductor Equipment) | 1.6 | 0.0 |
Zensho Co. Ltd. (Hotels, Restaurants & Leisure) | 1.5 | 0.4 |
Sumco Corp. (Semiconductors & Semiconductor Equipment) | 1.5 | 0.0 |
17.7 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Consumer Discretionary | 26.7 | 22.5 |
Industrials | 24.6 | 21.0 |
Information Technology | 24.5 | 23.1 |
Materials | 9.6 | 9.6 |
Financials | 7.0 | 11.4 |
Consumer Staples | 2.6 | 3.5 |
Health Care | 2.5 | 3.0 |
Telecommunication Services | 0.4 | 0.4 |
Energy | 0.0 | 1.8 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% | |||
Shares | Value (Note 1) | ||
CONSUMER DISCRETIONARY - 26.7% | |||
Auto Components - 5.8% | |||
Aisin Seiki Co. Ltd. | 619,400 | $23,280,194 | |
Alpha Corp. (d) | 71,900 | 3,523,179 | |
Daido Metal Co. Ltd. (d) | 780,000 | 6,740,022 | |
Fine Sinter Co. Ltd. | 461,000 | 2,599,008 | |
Fuji Kiko Co. Ltd. (d) | 978,000 | 3,504,053 | |
NGK Spark Plug Co. Ltd. | 1,180,000 | 25,905,599 | |
NHK Spring Co. Ltd. (d) | 2,143,000 | 24,840,923 | |
Nippon Seiki Co. Ltd. | 230,000 | 4,998,902 | |
Nissin Kogyo Co. Ltd. | 178,000 | 3,735,851 | |
NOK Corp. | 441,000 | 13,399,430 | |
Teikoku Piston Ring Co. Ltd. (d) | 192,600 | 3,105,279 | |
115,632,440 | |||
Automobiles - 0.1% | |||
Yachiyo Industry Co. Ltd. | 92,600 | 2,520,834 | |
Diversified Consumer Services - 1.4% | |||
Best Bridal, Inc. | 974 | 7,099,188 | |
Take & Give Needs Co. Ltd. (a)(d) | 13,042 | 19,813,533 | |
26,912,721 | |||
Hotels, Restaurants & Leisure - 4.4% | |||
H.I.S. Co. Ltd. (d) | 244,200 | 7,720,044 | |
Plenus Co. Ltd. | 84,300 | 3,131,407 | |
Resorttrust, Inc. | 155,800 | 5,376,896 | |
Rex Holdings Co. Ltd. (d) | 9,104 | 29,980,242 | |
Round One Corp. (d) | 2,492 | 11,554,565 | |
Zensho Co. Ltd. (d) | 937,254 | 30,453,040 | |
88,216,194 | |||
Household Durables - 3.6% | |||
Hitachi Koki Co. Ltd. | 1,470,000 | 26,011,417 | |
Makita Corp. | 611,000 | 18,135,500 | |
Sohken Homes Co. Ltd. | 1,152 | 2,255,947 | |
Token Corp. (d) | 394,700 | 25,752,985 | |
72,155,849 | |||
Internet & Catalog Retail - 0.1% | |||
Felissimo Corp. | 22,400 | 684,540 | |
Prime Network, Inc. (d) | 1,918 | 1,475,449 | |
2,159,989 | |||
Leisure Equipment & Products - 0.3% | |||
Endo Manufacturing Co. Ltd. | 332,000 | 4,892,171 | |
Sega Toys Ltd. (a)(d) | 50,000 | 743,798 | |
5,635,969 | |||
Media - 3.2% | |||
Avex Group Holdings, Inc. (d) | 128,700 | 3,842,635 | |
cyber communications, Inc. (a)(d) | 1,126 | 3,648,685 | |
CyberAgent, Inc. (d) | 9,122 | 18,904,870 | |
Opt, Inc. (a)(d) | 3,029 | 15,480,817 | |
Toei Co. Ltd. | 1,581,000 | 13,369,950 | |
Shares | Value (Note 1) | ||
Usen Corp. (d) | 388,580 | $7,097,663 | |
Zenrin Co. Ltd. (d) | 38,100 | 1,030,498 | |
63,375,118 | |||
Multiline Retail - 0.8% | |||
Daiei, Inc. (a)(d) | 514,450 | 15,360,088 | |
Specialty Retail - 6.6% | |||
Alpen Co. Ltd. | 417,900 | 16,991,237 | |
Culture Convenience Club Co. Ltd. (d) | 701,800 | 8,831,433 | |
Hikari Tsushin, Inc. | 267,800 | 16,555,979 | |
I.K Co. Ltd. | 79 | 430,121 | |
Komehyo Co. Ltd. | 28,200 | 462,344 | |
Meganesuper Co. Ltd. | 269,300 | 3,559,135 | |
Nishimatsuya Chain Co. Ltd. | 925,100 | 20,756,361 | |
USS Co. Ltd. | 353,430 | 26,443,238 | |
WonderCorp (d) | 142 | 578,599 | |
Yamada Denki Co. Ltd. | 331,600 | 36,137,485 | |
130,745,932 | |||
Textiles, Apparel & Luxury Goods - 0.4% | |||
Seiren Co. Ltd. (d) | 510,000 | 8,164,479 | |
TOTAL CONSUMER DISCRETIONARY | 530,879,613 | ||
CONSUMER STAPLES - 2.6% | |||
Food & Staples Retailing - 1.7% | |||
Cosmos Pharmaceutical Corp. (d) | 384,200 | 10,627,706 | |
Daikokutenbussan Co. Ltd. | 87,100 | 2,244,905 | |
Kirindo Co. Ltd. | 110,500 | 1,635,060 | |
Valor Co. Ltd. | 992,400 | 20,218,380 | |
34,726,051 | |||
Food Products - 0.7% | |||
Frente Co. Ltd. | 180,000 | 3,762,020 | |
Hokuto Corp. (d) | 309,200 | 5,305,614 | |
Kibun Food Chemifa Co. Ltd. (d) | 236,100 | 4,416,185 | |
13,483,819 | |||
Personal Products - 0.2% | |||
Fancl Corp. | 181,800 | 3,368,588 | |
TOTAL CONSUMER STAPLES | 51,578,458 | ||
FINANCIALS - 7.0% | |||
Capital Markets - 0.9% | |||
FinTech Global, Inc. (d) | 1,844 | 11,416,202 | |
SMBC Friend Securities Co. Ltd. | 808,500 | 7,362,586 | |
18,778,788 | |||
Commercial Banks - 4.3% | |||
Bank of Yokohama Ltd. | 1,342,000 | 10,523,873 | |
Chiba Bank Ltd. | 1,332,000 | 12,059,645 | |
Hachijuni Bank Ltd. | 518,000 | 4,184,940 | |
Higashi-Nippon Bank Ltd. | 180,000 | 943,666 | |
Hiroshima Bank Ltd. | 1,062,000 | 6,798,665 | |
Hokuhoku Financial Group, Inc. | 2,197,000 | 8,951,992 | |
Joyo Bank Ltd. | 643,000 | 4,313,958 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
FINANCIALS - continued | |||
Commercial Banks - continued | |||
Juroku Bank Ltd. | 1,061,000 | $7,109,050 | |
Kansai Urban Banking Corp. (d) | 821,000 | 3,871,587 | |
Kyushu-Shinwa Holdings, Inc. (a) | 22,000 | 47,333 | |
The Keiyo Bank Ltd. | 1,738,000 | 11,263,614 | |
Tokyo Tomin Bank Ltd. (d) | 294,100 | 14,695,316 | |
84,763,639 | |||
Real Estate - 1.8% | |||
Heiwa Real Estate Co. Ltd. (d) | 1,106,500 | 7,967,772 | |
NTT Urban Development Co. | 306 | 2,512,492 | |
Sumitomo Realty & Development Co. Ltd. | 918,000 | 24,345,643 | |
Tokyu Community Corp. | 19,000 | 587,311 | |
35,413,218 | |||
TOTAL FINANCIALS | 138,955,645 | ||
HEALTH CARE - 2.5% | |||
Health Care Equipment & Supplies - 2.2% | |||
Asahi Intecc Co. Ltd. (d) | 81,200 | 2,388,760 | |
Hogy Medical Co. | 500,900 | 26,480,071 | |
Nakanishi, Inc. | 37,500 | 4,040,615 | |
Sysmex Corp. | 248,100 | 11,133,181 | |
44,042,627 | |||
Health Care Providers & Services - 0.3% | |||
I'rom Co. Ltd. (d) | 100 | 56,465 | |
Soiken, Inc. (d) | 177 | 491,170 | |
Tokai Corp. | 235,300 | 3,977,629 | |
4,525,264 | |||
TOTAL HEALTH CARE | 48,567,891 | ||
INDUSTRIALS - 24.6% | |||
Air Freight & Logistics - 1.4% | |||
I-LOGISTICS Corp. | 35,000 | 136,773 | |
Kintetsu World Express, Inc. | 240,500 | 5,924,062 | |
SBS Co. Ltd. (d) | 3,134 | 13,347,882 | |
Yusen Air & Sea Service Co. Ltd. | 292,300 | 7,905,897 | |
27,314,614 | |||
Building Products - 0.6% | |||
Comany, Inc. | 316,100 | 4,913,256 | |
Nitto Boseki Co. Ltd. | 794,000 | 3,109,761 | |
Wavelock Holdings Co. Ltd. (d) | 365,100 | 3,433,784 | |
11,456,801 | |||
Commercial Services & Supplies - 4.6% | |||
ARRK Corp. | 552,300 | 19,836,725 | |
Career Design Center Co. Ltd. (e) | 3,502 | 13,039,280 | |
Certo Corp. | 74,300 | 2,805,620 | |
Gakujo Co. Ltd. (d) | 300,900 | 12,419,144 | |
Intelligence Ltd. (d) | 4,159 | 12,308,084 | |
Relo Holdings Corp. | 236,600 | 4,529,423 | |
Shares | Value (Note 1) | ||
TFP Consulting Group Co. Ltd. (d) | 1,490 | $5,377,739 | |
Toppan Printing Co. Ltd. | 1,629,000 | 21,758,148 | |
92,074,163 | |||
Construction & Engineering - 2.0% | |||
Chiyoda Corp. (d) | 453,000 | 10,183,798 | |
COMSYS Holdings Corp. | 897,000 | 12,028,268 | |
JGC Corp. | 416,000 | 7,287,991 | |
Kyowa Exeo Corp. (d) | 826,000 | 10,314,573 | |
39,814,630 | |||
Electrical Equipment - 2.7% | |||
Chiyoda Integre Co. Ltd. | 254,200 | 7,835,276 | |
Cosel Co. Ltd. | 51,400 | 2,396,786 | |
Endo Lighting Corp. | 507,000 | 6,010,538 | |
Furukawa Electric Co. Ltd. (a) | 2,653,000 | 21,177,406 | |
Iwabuchi Corp. | 241,000 | 1,947,047 | |
NEOMAX Co. Ltd. (d) | 127,000 | 3,646,894 | |
Sansha Electric Manufacturing Co. Ltd. | 96,000 | 872,536 | |
Sumitomo Wiring Systems Ltd. | 347,000 | 10,482,371 | |
54,368,854 | |||
Machinery - 10.3% | |||
Daifuku Co. Ltd. (d) | 236,000 | 3,834,029 | |
Fuji Seiko Ltd. | 51,000 | 398,595 | |
Hitachi Construction Machinery Co. Ltd. | 1,670,400 | 45,619,703 | |
Ishikawajima-Harima Heavy Industries Co. Ltd. (a) | 1,853,000 | 6,606,525 | |
JTEKT Corp. | 801,100 | 17,270,696 | |
Micron Machinery Co. Ltd. | 52,300 | 2,870,472 | |
NGK Insulators Ltd. | 868,000 | 12,432,123 | |
Nihon Trim Co. Ltd. (d) | 58,200 | 2,841,642 | |
Nippon Filcon Co. Ltd. (d) | 82,100 | 1,694,270 | |
Nitta Corp. | 390,900 | 6,934,077 | |
NTN Corp. | 1,887,000 | 15,576,554 | |
Obara Corp. (d) | 53,250 | 1,996,729 | |
OSG Corp. | 980,700 | 20,798,161 | |
Sumitomo Heavy Industries Ltd. | 3,428,000 | 36,123,821 | |
THK Co. Ltd. | 856,100 | 27,966,561 | |
Tocalo Co. Ltd. | 51,100 | 1,898,160 | |
204,862,118 | |||
Road & Rail - 1.0% | |||
Hamakyorex Co. Ltd. (d) | 215,500 | 7,853,568 | |
Ichinen Co. Ltd. | 930,600 | 8,907,610 | |
Zero Co. Ltd. | 131,500 | 2,829,199 | |
19,590,377 | |||
Trading Companies & Distributors - 2.0% | |||
Itochu Corp. | 2,554,000 | 23,190,657 | |
Marubeni Corp. | 2,406,000 | 13,860,251 | |
Meiji Electric Industries Co. Ltd. | 34,300 | 1,536,158 | |
38,587,066 | |||
TOTAL INDUSTRIALS | 488,068,623 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
INFORMATION TECHNOLOGY - 24.5% | |||
Communications Equipment - 0.1% | |||
Allied Telesis Holdings KK (a)(d) | 383,600 | $1,451,869 | |
Electronic Equipment & Instruments - 13.1% | |||
A&D Co. Ltd. | 287,300 | 6,319,969 | |
Excel Co. Ltd. | 157,500 | 4,218,441 | |
Forval Corp. (d) | 375,300 | 2,653,054 | |
Hamamatsu Photonics KK (d) | 538,100 | 16,822,271 | |
Hioki EE Corp. | 34,800 | 1,326,296 | |
Honda Tsushin Kogyo Co. Ltd. | 267,000 | 2,930,845 | |
Ibiden Co. Ltd. | 393,600 | 18,699,241 | |
KAGA ELECTRONICS Co. Ltd. | 374,000 | 9,770,802 | |
Meiko Electronics Co. Ltd. (d) | 582,500 | 44,502,746 | |
Murata Manufacturing Co. Ltd. | 387,500 | 28,209,661 | |
Nagano Keiki Co. Ltd. | 284,700 | 4,382,693 | |
Nippon Electric Glass Co. Ltd. | 1,516,000 | 34,214,008 | |
Optoelectronics Co. Ltd. | 152,500 | 5,490,670 | |
Sankyo Seiki Manufacturing Co. Ltd. (d) | 598,000 | 7,325,664 | |
Shibaura Electronics Co. Ltd. | 98,000 | 1,384,694 | |
Shizuki Electric Co., Inc. | 96,000 | 455,236 | |
SK-Electronics Co. Ltd. (d) | 1,992 | 6,787,232 | |
Star Micronics Co. Ltd. | 469,000 | 10,131,636 | |
Sunx Ltd. | 764,900 | 20,151,043 | |
Tietech Co. Ltd. (d) | 195,100 | 2,227,267 | |
Yokogawa Electric Corp. | 2,017,500 | 31,961,099 | |
259,964,568 | |||
Internet Software & Services - 2.0% | |||
Excite Japan Co. Ltd. (d) | 1,024 | 7,292,769 | |
Index Corp. (d) | 2,649 | 3,559,140 | |
Sammy NetWorks Co. Ltd. (d) | 954 | 7,204,742 | |
Telewave, Inc. (d) | 7,360 | 21,328,651 | |
39,385,302 | |||
IT Services - 1.4% | |||
Argo Graphics, Inc. (d) | 67,200 | 2,041,818 | |
CAC Corp. | 55,100 | 640,636 | |
Hitachi Systems & Services Ltd. | 80,900 | 2,088,659 | |
Inet Corp. | 48,500 | 450,182 | |
Otsuka Corp. (d) | 188,600 | 22,673,406 | |
27,894,701 | |||
Office Electronics - 2.1% | |||
Canon Finetech, Inc. | 425,400 | 8,423,948 | |
Konica Minolta Holdings, Inc. | 2,604,500 | 34,307,356 | |
42,731,304 | |||
Semiconductors & Semiconductor Equipment - 4.5% | |||
Elpida Memory, Inc. (a)(d) | 685,400 | 31,418,556 | |
Micronics Japan Co. Ltd. (d) | 294,600 | 13,349,164 | |
Shares | Value (Note 1) | ||
Shinko Electric Industries Co.Ltd. | 172,000 | $4,712,536 | |
Sumco Corp. | 503,600 | 30,116,497 | |
Ulvac, Inc. | 154,400 | 6,711,570 | |
Yamaichi Electronics Co. Ltd. (d) | 277,800 | 3,661,715 | |
89,970,038 | |||
Software - 1.3% | |||
Access Co. Ltd. | 1,060 | 2,280,571 | |
Alpha Systems, Inc. (d) | 103,100 | 3,078,288 | |
Cybernet Systems Co. Ltd. | 2,684 | 2,828,365 | |
KOEI Co. Ltd. (d) | 471,700 | 8,823,017 | |
VIC Tokai Corp. (d) | 429,900 | 5,776,044 | |
Zentek Technology Japan, Inc. (a) | 479 | 3,020,171 | |
25,806,456 | |||
TOTAL INFORMATION TECHNOLOGY | 487,204,238 | ||
MATERIALS - 9.6% | |||
Chemicals - 6.0% | |||
C. Uyemura & Co. Ltd. | 311,000 | 15,812,866 | |
Ebara-Udylite Co. Ltd. | 114,200 | 5,615,983 | |
Hitachi Chemical Co. Ltd. | 730,600 | 21,300,479 | |
Japan Carlit Co. Ltd. | 178,000 | 2,032,053 | |
Lintec Corp. | 844,700 | 21,400,304 | |
Mitsubishi Rayon Co. Ltd. | 1,012,000 | 9,322,398 | |
Nippon Parkerizing Co. Ltd. | 56,000 | 1,015,499 | |
Osaka Organic Chemical Industry Ltd. | 360,300 | 2,939,352 | |
Soken Chemical & Engineer Co. Ltd. (d) | 69,400 | 2,803,425 | |
Taiyo Kagaku (d) | 343,400 | 4,571,630 | |
Tohcello Co. Ltd. (d) | 753,500 | 7,708,694 | |
Tokuyama Corp. | 302,000 | 4,983,166 | |
Zeon Corp. | 1,466,000 | 19,915,715 | |
119,421,564 | |||
Construction Materials - 0.4% | |||
Taiheiyo Cement Corp. | 1,708,000 | 8,309,392 | |
Containers & Packaging - 0.3% | |||
Fuji Seal International, Inc. (d) | 169,900 | 5,072,755 | |
Metals & Mining - 2.9% | |||
Aichi Steel Corp. (d) | 2,271,000 | 19,743,491 | |
Daido Steel Co. Ltd. | 2,472,000 | 22,684,874 | |
Furukawa-Sky Aluminium Corp. | 740,000 | 3,769,045 | |
Sumitomo Metal Mining Co. Ltd. | 749,000 | 10,885,577 | |
57,082,987 | |||
TOTAL MATERIALS | 189,886,698 | ||
TELECOMMUNICATION SERVICES - 0.4% | |||
Diversified Telecommunication Services - 0.4% | |||
Mitsui & Associates Telepark Corp. (d) | 2,570 | 7,718,463 | |
TOTAL COMMON STOCKS (Cost $1,421,173,790) | 1,942,859,629 | ||
Money Market Funds - 12.7% | |||
Shares | Value (Note 1) | ||
Fidelity Cash Central Fund, 4.8% (b) | 22,374,898 | $22,374,898 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 230,419,960 | 230,419,960 | |
TOTAL MONEY MARKET FUNDS (Cost $252,794,858) | 252,794,858 | ||
TOTAL INVESTMENT PORTFOLIO - 110.6% (Cost $1,673,968,648) | 2,195,654,487 | ||
NET OTHER ASSETS - (10.6)% | (210,575,458) | ||
NET ASSETS - 100% | $1,985,079,029 |
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. |
(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 the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $1,535,326 |
Fidelity Securities Lending Cash Central Fund | 2,887,247 |
Total | $4,422,573 |
Other Affiliated Issuers |
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
Career Design Center Co. Ltd. | $3,884,084 | $4,478,113 | $591,586 | $- | $13,039,280 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $218,883,535) - See accompanying schedule: Unaffiliated issuers (cost $1,411,492,941) | $1,929,820,349 | |
Affiliated Central Funds (cost $252,794,858) | 252,794,858 | |
Other affiliated issuers (cost $9,680,849) | 13,039,280 | |
Total Investments (cost $1,673,968,648) | $2,195,654,487 | |
Receivable for investments sold | 36,423,834 | |
Receivable for fund shares sold | 614,995 | |
Dividends receivable | 6,797,413 | |
Interest receivable | 140,189 | |
Prepaid expenses | 3,620 | |
Other affiliated receivables | 2,456 | |
Other receivables | 493,768 | |
Total assets | 2,240,130,762 | |
Liabilities | ||
Payable to custodian bank | $4,679,973 | |
Payable for investments purchased | 13,035,859 | |
Payable for fund shares redeemed | 5,131,655 | |
Accrued management fee | 1,232,438 | |
Other affiliated payables | 404,627 | |
Other payables and accrued expenses | 147,221 | |
Collateral on securities loaned, at value | 230,419,960 | |
Total liabilities | 255,051,733 | |
Net Assets | $1,985,079,029 | |
Net Assets consist of: | ||
Paid in capital | $1,349,997,841 | |
Undistributed net investment income | 2,173,379 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 110,995,353 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 521,912,456 | |
Net Assets, for 123,635,010 shares outstanding | $1,985,079,029 | |
Net Asset Value, offering price and redemption price per share ($1,985,079,029 ÷ 123,635,010 shares) | $16.06 |
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $7,907,180 | |
Interest | 39 | |
Income from affiliated Central Funds (including $2,887,247 from security lending) | 4,422,573 | |
12,329,792 | ||
Less foreign taxes withheld | (554,055) | |
Total income | 11,775,737 | |
Expenses | ||
Management fee | $7,002,563 | |
Transfer agent fees | 1,875,573 | |
Accounting and security lending fees | 445,392 | |
Independent trustees' compensation | 3,631 | |
Custodian fees and expenses | 306,311 | |
Registration fees | 104,815 | |
Audit | 32,891 | |
Legal | 5,760 | |
Miscellaneous | 6,612 | |
Total expenses before reductions | 9,783,548 | |
Expense reductions | (181,618) | 9,601,930 |
Net investment income (loss) | 2,173,807 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 111,772,090 | |
Other affiliated issuers | (156,601) | |
Foreign currency transactions | 53,559 | |
Total net realized gain (loss) | 111,669,048 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 126,392,005 | |
Assets and liabilities in foreign currencies | 307,368 | |
Total change in net unrealized appreciation (depreciation) | 126,699,373 | |
Net gain (loss) | 238,368,421 | |
Net increase (decrease) in net assets resulting from operations | $240,542,228 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Japan Smaller Companies
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $2,173,807 | $2,833,069 |
Net realized gain (loss) | 111,669,048 | 104,804,644 |
Change in net unrealized appreciation (depreciation) | 126,699,373 | 160,290,320 |
Net increase (decrease) in net assets resulting from operations | 240,542,228 | 267,928,033 |
Distributions to shareholders from net investment income | (2,096,615) | (1,062,984) |
Distributions to shareholders from net realized gain | (87,009,291) | (5,323,788) |
Total distributions | (89,105,906) | (6,386,772) |
Share transactions | 858,606,192 | 408,744,851 |
Reinvestment of distributions | 81,250,595 | 5,778,163 |
Cost of shares redeemed | (515,389,328) | (549,007,259) |
Net increase (decrease) in net assets resulting from share transactions | 424,467,459 | (134,484,245) |
Redemption fees | 2,502,315 | 524,593 |
Total increase (decrease) in net assets | 578,406,096 | 127,581,609 |
Net Assets | ||
Beginning of period | 1,406,672,933 | 1,279,091,324 |
End of period (including undistributed net investment income of $2,173,379 and undistributed net investment income of $2,487,857, respectively) | $1,985,079,029 | $1,406,672,933 |
Other Information Shares | ||
Sold | 52,126,899 | 31,449,513 |
Issued in reinvestment of distributions | 5,471,421 | 493,860 |
Redeemed | (32,674,063) | (43,664,409) |
Net increase (decrease) | 24,924,257 | (11,721,036) |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2005 | 2004 | 2003 | 2002 | 2001 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $14.25 | $11.58 | $10.35 | $6.52 | $6.97 | $14.25 |
Income from Investment Operations | ||||||
Net investment income (loss) E | .02 | .03 | .01 | .01 | - G | (.03) |
Net realized and unrealized gain (loss) | 2.62 | 2.69 | 1.20 | 3.81 | (.47) | (2.80) |
Total from investment operations | 2.64 | 2.72 | 1.21 | 3.82 | (.47) | (2.83) |
Distributions from net investment income | (.02) | (.01) | (.02) | - | - | - |
Distributions from net realized gain | (.83) | (.05) | - | - | - | (4.46) |
Total distributions | (.85) | (.06) | (.02) | - | - | (4.46) |
Redemption fees added to paid in capital E | .02 | .01 | .04 | .01 | .02 | .01 |
Net asset value, end of period | $16.06 | $14.25 | $11.58 | $10.35 | $6.52 | $6.97 |
Total Return B, C, D | 19.15% | 23.69% | 12.12% | 58.74% | (6.46)% | (25.96)% |
Ratios to Average Net Assets F | ||||||
Expenses before reductions | 1.01% A | 1.02% | 1.04% | 1.12% | 1.19% | 1.21% |
Expenses net of fee waivers, if any | 1.01% A | 1.02% | 1.04% | 1.12% | 1.19% | 1.21% |
Expenses net of all reductions | .99% A | 1.01% | 1.04% | 1.12% | 1.19% | 1.19% |
Net investment income (loss) | .22% A | .22% | .11% | .19% | (.06)% | (.40)% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,985,079 | $1,406,673 | $1,279,091 | $931,728 | $408,611 | $339,130 |
Portfolio turnover rate | 92% A | 65% | 57% | 43% | 50% | 52% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but 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. G Amount represents less than $.01 per share. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Brazil | 54.3% | ||
Mexico | 32.1% | ||
Chile | 5.8% | ||
United States of America | 4.0% | ||
Canada | 2.4% | ||
Peru | 0.5% | ||
Cayman Islands | 0.4% | ||
Spain | 0.4% | ||
Argentina | 0.1% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Brazil | 52.2% | ||
Mexico | 33.7% | ||
United States of America | 7.0% | ||
Chile | 4.2% | ||
Canada | 1.5% | ||
Luxembourg | 0.6% | ||
Peru | 0.6% | ||
Cayman Islands | 0.1% | ||
Argentina | 0.1% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 96.8 | 95.3 |
Short-Term Investments and Net Other Assets | 3.2 | 4.7 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
America Movil SA de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services) | 9.2 | 8.9 |
Petroleo Brasileiro SA Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) | 5.9 | 5.8 |
Cemex SA de CV sponsored ADR (Mexico, Construction Materials) | 5.3 | 5.5 |
Banco Bradesco SA (PN) (Brazil, Commercial Banks) | 4.7 | 5.1 |
Petroleo Brasileiro SA Petrobras sponsored ADR (Brazil, Oil, Gas & Consumable Fuels) | 4.4 | 4.3 |
Banco Itau Holding Financeira SA (Brazil, Commercial Banks) | 4.3 | 4.9 |
Uniao de Bancos Brasileiros SA (Unibanco) (Brazil, Commercial Banks) | 3.9 | 3.6 |
Companhia Vale do Rio Doce sponsored ADR (Brazil, Metals & Mining) | 3.2 | 3.5 |
Companhia Vale do Rio Doce (PN-A) (Brazil, Metals & Mining) | 3.2 | 3.7 |
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A) (non-vtg.) (Brazil, Metals & Mining) | 3.1 | 2.8 |
47.2 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Materials | 31.8 | 28.8 |
Telecommunication Services | 14.7 | 16.5 |
Financials | 14.3 | 13.9 |
Energy | 10.2 | 10.7 |
Consumer Staples | 8.4 | 9.4 |
Consumer Discretionary | 6.5 | 6.6 |
Industrials | 6.1 | 3.0 |
Utilities | 3.8 | 4.5 |
Health Care | 0.6 | 0.5 |
Information Technology | 0.4 | 0.0 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.8% | |||
Shares | Value (Note 1) | ||
Argentina - 0.1% | |||
Banco Macro Bansud SA sponsored ADR | 143,400 | $3,322,578 | |
Brazil - 54.3% | |||
AES Tiete SA (PN) (non-vtg.) | 381,200,000 | 10,730,954 | |
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.) | 747,000 | 41,144,760 | |
Arcelor Brasil SA | 1,029,785 | 18,947,649 | |
Banco Bradesco SA: | |||
(PN) | 1,400,454 | 53,474,930 | |
(PN) sponsored ADR (non-vtg.) | 2,853,500 | 108,632,745 | |
Banco Itau Holding Financeira SA: | |||
(PN) (non-vtg.) | 2,935,840 | 94,166,329 | |
sponsored ADR (non-vtg.) | 1,715,800 | 54,562,440 | |
Banco Nossa Caixa SA | 848,500 | 19,149,185 | |
Companhia de Bebidas das Americas (AmBev): | |||
(PN) sponsored ADR | 933,926 | 43,240,774 | |
sponsored ADR | 74,145 | 3,036,238 | |
Companhia de Concessoes Rodoviarias | 1,011,800 | 8,852,644 | |
Companhia de Saneamento de Minas Minas Gerais | 949,100 | 9,550,120 | |
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.) (d) | 230,500 | 10,923,395 | |
Companhia Siderurgica Nacional SA (CSN) sponsored ADR (d) | 2,765,900 | 97,387,339 | |
Companhia Vale do Rio Doce: | |||
(PN-A) | 228,300 | 10,184,346 | |
(PN-A) sponsored ADR (non-vtg.) | 2,208,900 | 98,251,872 | |
sponsored ADR | 2,155,800 | 111,066,816 | |
Confab Industrial SA (PN) (non-vtg.) | 4,691,522 | 10,340,681 | |
Cosan SA Industria E Comercio | 222,500 | 17,484,427 | |
CSU Cardsystem SA sponsored ADR (a)(e) | 74,667 | 1,907,742 | |
Diagnosticos Da America SA (a) | 777,200 | 19,848,951 | |
Duratex SA (PN) | 788,800 | 16,894,758 | |
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR | 788,500 | 30,617,455 | |
Embratel Participacoes SA sponsored ADR (d) | 2,663,200 | 35,340,664 | |
Empresa Nacional de Comercio Redito e Participacoes SA (PN) (a) | 11,465,310 | 115,367 | |
Energias do Brasil SA | 661,800 | 9,671,730 | |
Gafisa SA (a) | 924,300 | 9,526,446 | |
Gerdau SA | 255,825 | 3,400,376 | |
Gerdau SA sponsored ADR (d) | 2,412,045 | 41,728,379 | |
Klabin Industria de Papel e Celulose (PN) (non-vtg.) | 5,136,900 | 12,971,472 | |
Localiza Rent a Car SA | 131,100 | 2,763,967 | |
Lojas Renner SA | 445,800 | 25,526,162 | |
Natura Cosmeticos SA | 808,100 | 10,276,461 | |
Perdigao SA (ON) | 889,000 | 8,796,287 | |
Shares | Value (Note 1) | ||
Petroleo Brasileiro SA Petrobras: | |||
(ON) | 208,100 | $5,086,335 | |
(PN) (non-vtg.) | 3,270,280 | 72,598,022 | |
(PN) sponsored ADR (non-vtg.) | 1,466,400 | 130,348,296 | |
sponsored ADR | 1,468,730 | 145,154,586 | |
Submarino SA | 1,006,300 | 27,242,908 | |
TAM SA: | |||
(PN) (ltd.-vtg.) | 1,870,200 | 48,300,805 | |
(PN) sponsored ADR (ltd. vtg.) | 291,700 | 7,336,255 | |
Tele Norte Leste Participacoes SA | 229,700 | 9,355,295 | |
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.) | 1,546,800 | 28,120,824 | |
Totvs SA | 712,400 | 13,824,724 | |
Tractebel Energia SA | 1,791,400 | 14,763,814 | |
Uniao de Bancos Brasileiros SA (Unibanco): | |||
unit | 215,600 | 3,419,435 | |
GDR | 1,644,000 | 130,451,400 | |
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A) (non-vtg.) | 2,834,200 | 107,555,649 | |
Votorantim Celulose e Papel SA: | |||
(PN) (non-vtg.) | 96,565 | 1,557,440 | |
sponsored ADR (non-vtg.) (d) | 3,780,650 | 60,830,659 | |
TOTAL BRAZIL | 1,856,460,308 | ||
Canada - 2.4% | |||
Gerdau AmeriSteel Corp. | 5,139,600 | 54,154,283 | |
Glamis Gold Ltd. (a) | 401,200 | 15,707,088 | |
Meridian Gold, Inc. (a) | 390,400 | 12,707,206 | |
TOTAL CANADA | 82,568,577 | ||
Cayman Islands - 0.4% | |||
Apex Silver Mines Ltd. (a)(d) | 677,500 | 14,430,750 | |
Chile - 5.8% | |||
Compania Acero del Pacifico SA | 3,753,817 | 53,089,447 | |
Compania de Telecomunicaciones de Chile SA sponsored ADR | 1,143,400 | 10,039,052 | |
Compania Sudamericana de Vapores | 5,555,477 | 7,565,595 | |
Empresa Nacional de Electricidad SA sponsored ADR | 824,700 | 25,013,151 | |
Enersis SA sponsored ADR | 1,584,100 | 19,341,861 | |
Inversiones Aguas Metropolitanas SA ADR (a)(e) | 1,216,800 | 29,568,240 | |
Lan Airlines SA sponsored ADR | 1,257,600 | 47,788,800 | |
Vina Concha y Toro SA sponsored ADR | 152,150 | 4,130,873 | |
TOTAL CHILE | 196,537,019 | ||
Mexico - 32.1% | |||
Alfa SA de CV Series A | 1,728,100 | 8,693,792 | |
Alsea SA de CV | 2,471,800 | 10,498,574 | |
America Movil SA de CV Series L sponsored ADR | 8,497,500 | 313,642,724 | |
AXTEL SA de CV unit | 2,232,376 | 5,023,262 | |
Cemex SA de CV sponsored ADR | 2,701,857 | 182,429,385 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Mexico - continued | |||
Consorcio ARA SA de CV | 1,389,800 | $7,351,060 | |
Corporacion Geo SA de CV Series B (a) | 7,369,300 | 27,630,505 | |
Fomento Economico Mexicano SA de CV sponsored ADR | 971,165 | 90,201,805 | |
Gruma SA de CV Series B | 3,922,800 | 12,294,034 | |
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR | 819,400 | 27,269,632 | |
Grupo Mexico SA de CV Series B | 21,001,459 | 73,580,784 | |
Grupo Modelo SA de CV Series C | 2,990,400 | 11,398,692 | |
Grupo Televisa SA de CV | 1,507,400 | 6,407,889 | |
Grupo Televisa SA de CV (CPO) sponsored ADR | 3,711,400 | 78,681,680 | |
Industrias Penoles SA de CV | 2,943,400 | 26,577,912 | |
Sare Holding SA de CV Series B (a) | 7,928,700 | 9,336,101 | |
Telefonos de Mexico SA de CV Series L sponsored ADR | 4,603,500 | 101,230,965 | |
Urbi, Desarrollos Urbanos, SA de CV (a) | 2,452,200 | 20,059,476 | |
Wal-Mart de Mexico SA de CV Series V | 30,448,486 | 86,812,889 | |
TOTAL MEXICO | 1,099,121,161 | ||
Peru - 0.5% | |||
Compania de Minas Buenaventura SA sponsored ADR | 563,200 | 17,115,648 | |
Spain - 0.4% | |||
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 595,700 | 13,141,142 | |
United States of America - 0.8% | |||
Southern Copper Corp. (d) | 277,600 | 27,496,280 | |
TOTAL COMMON STOCKS (Cost $2,257,763,633) | 3,310,193,463 | ||
Money Market Funds - 6.7% | |||
Shares | Value (Note 1) | ||
Fidelity Cash Central Fund, 4.8% (b) | 134,502,567 | $134,502,567 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 93,442,440 | 93,442,440 | |
TOTAL MONEY MARKET FUNDS (Cost $227,945,007) | 227,945,007 | ||
TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $2,485,708,640) | 3,538,138,470 | ||
NET OTHER ASSETS - (3.5)% | (118,627,932) | ||
NET ASSETS - 100% | $3,419,510,538 |
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. |
(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 period end, the value of these securities amounted to $31,475,982 or 0.9% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $1,882,617 |
Fidelity Securities Lending Cash Central Fund | 782,604 |
Total | $2,665,221 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $93,911,740) - See accompanying schedule: Unaffiliated issuers (cost $2,257,763,633) | $3,310,193,463 | |
Affiliated Central Funds (cost $227,945,007) | 227,945,007 | |
Total Investments (cost $2,485,708,640) | $3,538,138,470 | |
Cash | 1,574,422 | |
Foreign currency held at value (cost $543,931) | 545,531 | |
Receivable for investments sold | 16,468,446 | |
Receivable for fund shares sold | 17,852,555 | |
Dividends receivable | 14,831,638 | |
Interest receivable | 492,051 | |
Prepaid expenses | 2,471 | |
Other affiliated receivables | 11,120 | |
Other receivables | 299,595 | |
Total assets | 3,590,216,299 | |
Liabilities | ||
Payable for investments purchased | $69,831,075 | |
Payable for fund shares redeemed | 4,520,322 | |
Accrued management fee | 1,901,924 | |
Other affiliated payables | 606,874 | |
Other payables and accrued expenses | 403,126 | |
Collateral on securities loaned, at value | 93,442,440 | |
Total liabilities | 170,705,761 | |
Net Assets | $3,419,510,538 | |
Net Assets consist of: | ||
Paid in capital | $2,317,410,932 | |
Undistributed net investment income | 26,945,309 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 22,645,207 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 1,052,509,090 | |
Net Assets, for 84,479,971 shares outstanding | $3,419,510,538 | |
Net Asset Value, offering price and redemption price per share ($3,419,510,538 ÷ 84,479,971 shares) | $40.48 |
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $48,553,575 | |
Interest | 4,727 | |
Income from affiliated Central Funds (including $782,604 from security lending) | 2,665,221 | |
51,223,523 | ||
Less foreign taxes withheld | (2,838,065) | |
Total income | 48,385,458 | |
Expenses | ||
Management fee | $8,502,933 | |
Transfer agent fees | 2,455,900 | |
Accounting and security lending fees | 516,144 | |
Independent trustees' compensation | 4,413 | |
Custodian fees and expenses | 605,984 | |
Registration fees | 296,426 | |
Audit | 44,145 | |
Legal | 4,646 | |
Miscellaneous | 130,335 | |
Total expenses before reductions | 12,560,926 | |
Expense reductions | (451,490) | 12,109,436 |
Net investment income (loss) | 36,276,022 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 27,244,132 | |
Foreign currency transactions | (887,086) | |
Total net realized gain (loss) | 26,357,046 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 688,999,960 | |
Assets and liabilities in foreign currencies | 52,274 | |
Total change in net unrealized appreciation (depreciation) | 689,052,234 | |
Net gain (loss) | 715,409,280 | |
Net increase (decrease) in net assets resulting from operations | $751,685,302 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Latin America
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $36,276,022 | $18,097,464 |
Net realized gain (loss) | 26,357,046 | 80,919,152 |
Change in net unrealized appreciation (depreciation) | 689,052,234 | 247,588,239 |
Net increase (decrease) in net assets resulting from operations | 751,685,302 | 346,604,855 |
Distributions to shareholders from net investment income | (25,559,500) | (6,575,674) |
Distributions to shareholders from net realized gain | (20,858,777) | - |
Total distributions | (46,418,277) | (6,575,674) |
Share transactions | 1,723,841,603 | 1,044,234,301 |
Reinvestment of distributions | 44,620,869 | 6,298,102 |
Cost of shares redeemed | (439,651,404) | (365,491,989) |
Net increase (decrease) in net assets resulting from share transactions | 1,328,811,068 | 685,040,414 |
Redemption fees | 1,349,687 | 1,678,494 |
Total increase (decrease) in net assets | 2,035,427,780 | 1,026,748,089 |
Net Assets | ||
Beginning of period | 1,384,082,758 | 357,334,669 |
End of period (including undistributed net investment income of $26,945,309 and undistributed net investment income of $16,852,142, respectively) | $3,419,510,538 | $1,384,082,758 |
Other Information Shares | ||
Sold | 48,369,144 | 42,509,771 |
Issued in reinvestment of distributions | 1,389,115 | 323,696 |
Redeemed | (12,350,058) | (15,505,564) |
Net increase (decrease) | 37,408,201 | 27,327,903 |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2005 | 2004 | 2003 | 2002 | 2001 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $29.40 | $18.10 | $13.38 | $8.92 | $10.40 | $13.87 |
Income from Investment Operations | ||||||
Net investment income (loss) E | .55 | .57 | .40 | .20 | .17 | .27 F |
Net realized and unrealized gain (loss) | 11.35 | 10.98 | 4.53 | 4.42 | (1.41) | (3.68) |
Total from investment operations | 11.90 | 11.55 | 4.93 | 4.62 | (1.24) | (3.41) |
Distributions from net investment income | (.46) | (.30) | (.23) | (.17) | (.25) | (.07) |
Distributions from net realized gain | (.38) | - | - | - | - | - |
Total distributions | (.84) | (.30) | (.23) | (.17) | (.25) | (.07) |
Redemption fees added to paid in capital E | .02 | .05 | .02 | .01 | .01 | .01 |
Net asset value, end of period | $40.48 | $29.40 | $18.10 | $13.38 | $8.92 | $10.40 |
Total Return B, C, D | 41.30% | 64.94% | 37.47% | 52.83% | (12.37)% | (24.61)% |
Ratios to Average Net Assets G | ||||||
Expenses before reductions | 1.06% A | 1.10% | 1.19% | 1.31% | 1.44% | 1.41% |
Expenses net of fee waivers, if any | 1.06% A | 1.10% | 1.19% | 1.31% | 1.44% | 1.41% |
Expenses net of all reductions | 1.02% A | 1.04% | 1.16% | 1.31% | 1.41% | 1.35% |
Net investment income (loss) | 3.07% A | 2.38% | 2.56% | 1.89% | 1.57% | 2.14% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $3,419,511 | $1,384,083 | $357,335 | $219,519 | $140,399 | $184,457 |
Portfolio turnover rate | 26% A | 40% | 25% | 28% | 128% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Investment income per share reflects a special dividend which amounted to $.07 per share. G 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 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. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Sweden | 45.1% | ||
Norway | 24.3% | ||
Finland | 15.6% | ||
Denmark | 7.1% | ||
United States of America | 4.5% | ||
Switzerland | 1.3% | ||
United Kingdom | 0.7% | ||
Luxembourg | 0.6% | ||
Iceland | 0.5% | ||
Other | 0.3% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Sweden | 43.7% | ||
Norway | 22.3% | ||
Finland | 14.7% | ||
Denmark | 9.6% | ||
United Kingdom | 4.7% | ||
Switzerland | 1.5% | ||
Luxembourg | 1.2% | ||
Iceland | 1.1% | ||
Estonia | 1.0% | ||
Other | 0.2% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 95.5 | 100.2 |
Short-Term Investments and Net Other Assets | 4.5 | (0.2) |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Nokia Corp. (Finland, Communications Equipment) | 9.0 | 9.5 |
Telefonaktiebolaget LM Ericsson | 6.7 | 9.7 |
Nordea Bank AB (Sweden, Commercial Banks) | 4.8 | 5.3 |
Norsk Hydro ASA (Norway, Oil, Gas & Consumable Fuels) | 4.2 | 3.1 |
Danske Bank AS (Denmark, Commercial Banks) | 3.8 | 4.0 |
Statoil ASA (Norway, Oil, Gas & Consumable Fuels) | 3.3 | 2.3 |
Svenska Handelsbanken AB | 3.1 | 3.0 |
DnB NOR ASA (Norway, Commercial Banks) | 2.8 | 2.7 |
Skandinaviska Enskilda Banken AB (A Shares) (Sweden, Commercial Banks) | 2.5 | 2.1 |
Metso Corp. (Finland, Machinery) | 2.4 | 1.0 |
42.6 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Industrials | 24.0 | 12.5 |
Financials | 22.6 | 24.9 |
Information Technology | 17.4 | 22.9 |
Energy | 13.6 | 12.2 |
Consumer Discretionary | 5.9 | 7.7 |
Health Care | 5.1 | 13.3 |
Telecommunication Services | 2.1 | 0.8 |
Utilities | 1.9 | 1.5 |
Materials | 1.5 | 0.8 |
Consumer Staples | 1.4 | 3.6 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.5% | |||
Shares | Value (Note 1) | ||
Denmark - 7.1% | |||
A.P. Moller - Maersk AS Series B | 366 | $3,144,447 | |
Danske Bank AS | 300,120 | 11,940,542 | |
H. Lundbeck AS (d) | 21,800 | 492,195 | |
Novo Nordisk AS Series B | 59,395 | 3,857,275 | |
Rockwool International AS Series B | 5,600 | 705,576 | |
Vestas Wind Systems AS (a) | 78,200 | 2,122,664 | |
TOTAL DENMARK | 22,262,699 | ||
Estonia - 0.3% | |||
Tallinna Vesi AS | 58,562 | 1,066,157 | |
Finland - 15.6% | |||
Fortum Oyj | 192,800 | 4,869,787 | |
Kemira Oyj | 62,400 | 1,105,327 | |
Kone Oyj (B Shares) | 62,960 | 2,938,245 | |
Marimekko Oyj | 36,500 | 819,694 | |
Metso Corp. | 186,900 | 7,427,775 | |
Neste Oil Oyj | 31,900 | 1,113,222 | |
Nokia Corp. | 1,244,695 | 28,204,793 | |
Nokian Tyres Ltd. | 137,020 | 2,344,135 | |
TOTAL FINLAND | 48,822,978 | ||
Iceland - 0.5% | |||
Ossur Hf (a) | 932,970 | 1,378,401 | |
Luxembourg - 0.6% | |||
Oriflame Cosmetics SA unit | 29,500 | 1,116,498 | |
Transcom WorldWide SA Series B (a) | 63,500 | 796,069 | |
TOTAL LUXEMBOURG | 1,912,567 | ||
Norway - 24.3% | |||
Acta Holding ASA | 137,500 | 620,354 | |
Aker Kvaerner ASA | 56,800 | 5,530,851 | |
Awilco Offshore ASA (a) | 442,400 | 4,146,288 | |
DnB NOR ASA | 632,800 | 8,780,616 | |
Farstad Shipping ASA | 55,800 | 966,706 | |
Havila Shipping ASA | 57,300 | 520,757 | |
Kongsberg Gruppen ASA (a) | 3,900 | 91,775 | |
Norsk Hydro ASA | 86,340 | 13,210,020 | |
Norwegian Air Shuttle AS (a)(d) | 208,800 | 3,744,425 | |
Ocean RIG ASA (a) | 327,600 | 2,605,148 | |
Orkla ASA (A Shares) | 109,085 | 5,744,763 | |
Otrum Electronics ASA (a) | 94,000 | 305,106 | |
Schibsted ASA (B Shares) | 74,200 | 2,179,590 | |
Sevan Marine ASA (a) | 225,400 | 1,646,110 | |
Solstad Offshore ASA | 66,200 | 1,203,285 | |
Statoil ASA | 312,754 | 10,303,655 | |
Steen & Stroem ASA | 4,800 | 218,118 | |
Storebrand ASA (A Shares) | 502,300 | 5,950,842 | |
TANDBERG ASA (d) | 214,400 | 2,183,388 | |
Shares | Value (Note 1) | ||
TANDBERG Television ASA (a) | 83,000 | $1,670,291 | |
Telenor ASA | 355,200 | 4,121,653 | |
TOTAL NORWAY | 75,743,741 | ||
Sweden - 45.1% | |||
AarhusKarlshamn AB (a) | 20,400 | 539,213 | |
ABB Ltd. (Sweden) | 245,000 | 3,512,604 | |
Assa Abloy AB (B Shares) (d) | 176,002 | 3,408,342 | |
Atlas Copco AB (A Shares) (d) | 248,100 | 7,333,254 | |
Elekta AB (B Shares) | 139,100 | 2,296,752 | |
Forenings Sparbanken AB (A Shares) (d) | 164,700 | 4,532,412 | |
Gant Co. AB | 26,500 | 705,850 | |
Getinge AB (B Shares) | 66,760 | 1,156,744 | |
Hennes & Mauritz AB (H&M) (B Shares) | 153,990 | 5,849,046 | |
Hexagon AB (B Shares) | 139,625 | 5,180,081 | |
HIQ International AB | 80,000 | 483,794 | |
Holmen AB (B Shares) | 54,100 | 2,345,301 | |
Investor AB (B Shares) | 300,200 | 5,874,676 | |
Lundin Petroleum AB (a) | 85,600 | 1,180,730 | |
Mekonomen AB | 103,700 | 1,211,959 | |
Modern Times Group AB (MTG) | 43,300 | 2,377,278 | |
NCC AB Series B | 26,000 | 655,433 | |
NeoNet AB (d) | 182,000 | 364,816 | |
Nordea Bank AB | 1,166,100 | 15,015,013 | |
Orexo AB | 67,400 | 1,300,646 | |
Pergo AB (a)(d) | 109,500 | 803,561 | |
rnb Retail & Brands AB | 253,250 | 2,323,079 | |
Saab AB (B Shares) | 49,400 | 1,278,888 | |
Sandvik AB (d) | 105,100 | 6,841,462 | |
Scania AB (B Shares) | 66,400 | 3,090,576 | |
Securitas AB (B Shares) | 107,100 | 2,234,131 | |
Skandinaviska Enskilda Banken AB | 310,200 | 7,819,814 | |
Skanska AB (B Shares) | 168,600 | 2,921,315 | |
SKF AB (B Shares) (d) | 229,700 | 3,948,774 | |
SSAB Swedish Steel AB (A Shares) | 25,000 | 1,474,485 | |
Studsvik AB | 1,800 | 64,089 | |
Svenska Handelsbanken AB | 332,516 | 9,557,265 | |
Swedish Match Co. | 165,000 | 2,477,747 | |
TELE2 AB (B Shares) | 187,450 | 2,375,445 | |
Teleca AB (B Shares) (a)(d) | 101,600 | 617,180 | |
Telefonaktiebolaget LM Ericsson | 5,879,200 | 20,853,523 | |
Uniflex AB | 11,580 | 121,174 | |
Volvo AB (B Shares) | 130,000 | 6,536,658 | |
TOTAL SWEDEN | 140,663,110 | ||
Switzerland - 1.3% | |||
Nobel Biocare Holding AG (Switzerland) | 16,546 | 4,088,808 | |
United Kingdom - 0.7% | |||
Axis Shield PLC (a) | 172,300 | 1,220,792 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United Kingdom - continued | |||
Group 4 Securicor PLC (Denmark) | 184,418 | $642,495 | |
Unibet Group PLC unit | 14,000 | 361,487 | |
TOTAL UNITED KINGDOM | 2,224,774 | ||
TOTAL COMMON STOCKS (Cost $223,443,414) | 298,163,235 | ||
Money Market Funds - 14.0% | |||
Fidelity Cash Central Fund, 4.8% (b) | 10,541,370 | 10,541,370 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 33,270,516 | 33,270,516 | |
TOTAL MONEY MARKET FUNDS (Cost $43,811,886) | 43,811,886 |
TOTAL INVESTMENT (Cost $267,255,300) | 341,975,121 |
NET OTHER ASSETS - (9.5)% | (29,795,375) | ||
NET ASSETS - 100% | $312,179,746 |
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. |
(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 the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $114,331 |
Fidelity Securities Lending Cash Central Fund | 311,144 |
Total | $425,475 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $31,286,148) - See accompanying schedule: Unaffiliated issuers (cost $223,443,414) | $298,163,235 | |
Affiliated Central Funds (cost $43,811,886) | 43,811,886 | |
Total Investments (cost $267,255,300) | $341,975,121 | |
Foreign currency held at value (cost $171,440) | 175,789 | |
Receivable for fund shares sold | 3,383,963 | |
Dividends receivable | 1,232,629 | |
Interest receivable | 54,588 | |
Prepaid expenses | 513 | |
Other affiliated receivables | 35 | |
Other receivables | 234,085 | |
Total assets | 347,056,723 | |
Liabilities | ||
Payable for investments purchased | $1,221,306 | |
Payable for fund shares redeemed | 93,091 | |
Accrued management fee | 166,132 | |
Other affiliated payables | 63,547 | |
Other payables and accrued expenses | 62,385 | |
Collateral on securities loaned, at value | 33,270,516 | |
Total liabilities | 34,876,977 | |
Net Assets | $312,179,746 | |
Net Assets consist of: | ||
Paid in capital | $230,031,091 | |
Undistributed net investment income | 3,052,139 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 4,349,029 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 74,747,487 | |
Net Assets, for 8,492,605 shares outstanding | $312,179,746 | |
Net Asset Value, offering price and redemption price per share ($312,179,746 ÷ 8,492,605 shares) | $36.76 |
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $4,495,198 | |
Interest | 14 | |
Income from affiliated Central Funds (including $311,144 from security lending) | 425,475 | |
4,920,687 | ||
Less foreign taxes withheld | (673,655) | |
Total income | 4,247,032 | |
Expenses | ||
Management fee | $758,127 | |
Transfer agent fees | 273,149 | |
Accounting and security lending fees | 53,759 | |
Independent trustees' compensation | 399 | |
Custodian fees and expenses | 84,927 | |
Registration fees | 22,574 | |
Audit | 28,851 | |
Legal | 785 | |
Miscellaneous | 841 | |
Total expenses before reductions | 1,223,412 | |
Expense reductions | (53,607) | 1,169,805 |
Net investment income (loss) | 3,077,227 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 5,576,179 | |
Foreign currency transactions | 41,967 | |
Total net realized gain (loss) | 5,618,146 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 49,129,327 | |
Assets and liabilities in foreign currencies | 28,297 | |
Total change in net unrealized appreciation (depreciation) | 49,157,624 | |
Net gain (loss) | 54,775,770 | |
Net increase (decrease) in net assets resulting from operations | $57,852,997 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Nordic
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended April 30, 2006 (Unaudited) | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $3,077,227 | $3,127,018 |
Net realized gain (loss) | 5,618,146 | 22,607,311 |
Change in net unrealized appreciation (depreciation) | 49,157,624 | 8,539,542 |
Net increase (decrease) in net assets resulting from operations | 57,852,997 | 34,273,871 |
Distributions to shareholders from net investment income | (2,048,598) | (1,181,664) |
Distributions to shareholders from net realized gain | (14,574,214) | - |
Total distributions | (16,622,812) | (1,181,664) |
Share transactions | 110,725,742 | 95,465,404 |
Reinvestment of distributions | 16,097,675 | 1,146,167 |
Cost of shares redeemed | (43,958,702) | (58,327,971) |
Net increase (decrease) in net assets resulting from share transactions | 82,864,715 | 38,283,600 |
Redemption fees | 73,586 | 142,810 |
Total increase (decrease) in net assets | 124,168,486 | 71,518,617 |
Net Assets | ||
Beginning of period | 188,011,260 | 116,492,643 |
End of period (including undistributed net investment income of $3,052,139 and undistributed net investment income of $3,006,975, respectively) | $312,179,746 | $188,011,260 |
Other Information Shares | ||
Sold | 3,262,226 | 3,292,109 |
Issued in reinvestment of distributions | 544,945 | 43,024 |
Redeemed | (1,394,770) | (2,021,076) |
Net increase (decrease) | 2,412,401 | 1,314,057 |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2005 | 2004 | 2003 | 2002 | 2001 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $30.92 | $24.44 | $19.49 | $15.36 | $17.31 | $27.19 |
Income from Investment Operations | ||||||
Net investment income (loss) E | .47 | .55 | .26 | .11 | .10 | .07 |
Net realized and unrealized gain (loss) | 8.20 | 6.12 | 4.80 | 4.14 | (1.99) | (9.71) |
Total from investment operations | 8.67 | 6.67 | 5.06 | 4.25 | (1.89) | (9.64) |
Distributions from net investment income | (.35) | (.22) | (.15) | (.12) | (.06) | (.03) |
Distributions from net realized gain | (2.49) | - | - | - | - | (.22) |
Total distributions | (2.84) | (.22) | (.15) | (.12) | (.06) | (.25) |
Redemption fees added to paid in capital E | .01 | .03 | .04 | - H | - H | .01 |
Net asset value, end of period | $36.76 | $30.92 | $24.44 | $19.49 | $15.36 | $17.31 |
Total Return B, C, D | 30.32% | 27.56% | 26.31% | 27.87% | (10.97)% | (35.72)% |
Ratios to Average Net Assets G | ||||||
Expenses before reductions | 1.16% A | 1.17% | 1.28% | 1.43% | 1.35% | 1.26% |
Expenses net of fee waivers, if any | 1.16% A | 1.17% | 1.28% | 1.43% | 1.35% | 1.26% |
Expenses net of all reductions | 1.11% A | 1.13% | 1.24% | 1.40% | 1.30% | 1.20% |
Net investment income (loss) | 1.46% F | 1.89% | 1.16% | .67% | .57% | .34% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $312,180 | $188,011 | $116,493 | $81,337 | $73,992 | $98,434 |
Portfolio turnover rate | 66% A | 76% | 90% | 96% | 106% | 88% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Ratio has not been annualized because of the uneven rate at which the fund earns dividend income throughout the fiscal year. G 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 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. H Amount represents less than $.01 per share. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Japan | 44.0% | ||
Korea (South) | 12.7% | ||
Australia | 11.1% | ||
Hong Kong | 6.1% | ||
China | 5.1% | ||
India | 4.5% | ||
Taiwan | 4.4% | ||
Singapore | 3.2% | ||
Cayman Islands | 3.2% | ||
Other | 5.7% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Japan | 46.8% | ||
Korea (South) | 12.3% | ||
Australia | 10.1% | ||
Hong Kong | 6.2% | ||
Taiwan | 3.8% | ||
India | 3.7% | ||
China | 3.7% | ||
Singapore | 2.8% | ||
United States of America | 2.5% | ||
Other | 8.1% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 100.1 | 97.7 |
Bonds | 0.1 | 0.0 |
Short-Term Investments and Net Other Assets | (0.2) | 2.3 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Toyota Motor Corp. (Japan, Automobiles) | 2.4 | 2.8 |
BHP Billiton Ltd. (Australia, Metals & Mining) | 1.8 | 1.8 |
Sumitomo Mitsui Financial Group, Inc. (Japan, Commercial Banks) | 1.8 | 1.9 |
Mizuho Financial Group, Inc. (Japan, Commercial Banks) | 1.6 | 1.1 |
NHN Corp. (Korea (South), Internet Software & Services) | 1.4 | 1.1 |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment) | 1.4 | 1.1 |
Financial Technology (India) Ltd. (India, Diversified Financial Services) | 1.4 | 0.3 |
Esprit Holdings Ltd. (Hong Kong, Specialty Retail) | 1.2 | 1.2 |
PT Perusahaan Gas Negara Tbk Series B (Indonesia, Gas Utilities) | 1.2 | 0.4 |
Stanley Electric Co. Ltd. (Japan, Auto Components) | 1.1 | 0.7 |
15.3 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Financials | 23.0 | 20.8 |
Consumer Discretionary | 20.4 | 22.0 |
Information Technology | 19.0 | 18.9 |
Industrials | 15.2 | 16.2 |
Materials | 7.9 | 4.9 |
Consumer Staples | 5.7 | 4.1 |
Health Care | 3.1 | 4.7 |
Energy | 2.9 | 2.5 |
Utilities | 2.1 | 1.1 |
Telecommunication Services | 0.8 | 2.5 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 100.1% | |||
Shares | Value (Note 1) | ||
Australia - 11.1% | |||
Alumina Ltd. | 627,900 | $3,415,207 | |
AMP Ltd. | 487,799 | 3,338,714 | |
BHP Billiton Ltd. | 970,330 | 22,104,114 | |
Billabong International Ltd. | 269,567 | 3,157,655 | |
Bradken Ltd. | 1,155,629 | 4,924,871 | |
Cochlear Ltd. | 52,300 | 2,097,728 | |
Colorado Group Ltd. | 199,900 | 574,008 | |
Computershare Ltd. | 1,939,200 | 11,608,133 | |
ConnectEast Group unit | 4,310,668 | 3,765,789 | |
CSR Ltd. | 2,423,300 | 7,455,482 | |
Downer EDI Ltd. | 837,004 | 5,519,005 | |
Dyno Nobel Ltd. | 205,400 | 408,804 | |
Herald Resources Ltd. (a) | 1,228,400 | 1,231,763 | |
Macquarie Airports unit | 913,221 | 2,275,429 | |
Macquarie Bank Ltd. | 103,898 | 5,635,325 | |
Macquarie Communications Infrastructure Group unit | 557,768 | 2,330,397 | |
Macquarie Infrastructure Group unit | 2,643,148 | 7,168,087 | |
National Australia Bank Ltd. | 429,200 | 12,257,952 | |
Newcrest Mining Ltd. | 297,354 | 5,150,177 | |
PMP Ltd. (a) | 643,900 | 719,034 | |
QBE Insurance Group Ltd. | 290,971 | 4,946,788 | |
Seek Ltd. | 2,234,400 | 6,738,527 | |
Sonic Healthcare Ltd. | 357,799 | 4,071,594 | |
United Group Ltd. | 482,294 | 4,839,809 | |
Woodside Petroleum Ltd. | 117,400 | 4,173,760 | |
WorleyParsons Ltd. (d) | 503,400 | 7,456,952 | |
TOTAL AUSTRALIA | 137,365,104 | ||
Bermuda - 0.8% | |||
Asia Aluminum Holdings Ltd. (a) | 9,088,000 | 1,652,726 | |
Ports Design Ltd. | 2,393,500 | 3,781,664 | |
Sinochem Hong Kong Holding Ltd. | 11,789,800 | 5,018,036 | |
TOTAL BERMUDA | 10,452,426 | ||
Cayman Islands - 3.2% | |||
AAC Acoustic Technology Holdings, Inc. | 2,420,000 | 2,746,701 | |
Foxconn International Holdings Ltd. (a) | 1,890,000 | 4,070,912 | |
FU JI Food & Catering Services Holdings Ltd. | 1,060,000 | 2,214,799 | |
Hutchison Telecommunications International Ltd. (a) | 1,796,000 | 3,161,931 | |
Kingboard Chemical Holdings Ltd. | 2,359,400 | 6,223,122 | |
KongZhong Corp. sponsored ADR (a) | 204,800 | 2,787,328 | |
Norstar Founders Group Ltd. | 5,672,000 | 2,597,036 | |
Prime Success International Group Ltd. | 2,490,000 | 1,653,941 | |
SinoCom Software Group Ltd. | 5,974,000 | 7,242,800 | |
The9 Ltd. sponsored ADR (a)(d) | 118,000 | 3,538,820 | |
Xinao Gas Holdings Ltd. | 3,068,000 | 2,829,273 | |
TOTAL CAYMAN ISLANDS | 39,066,663 | ||
China - 5.1% | |||
Beijing Media Corp. Ltd. (H Shares) | 1,084,000 | 1,398,114 | |
Shares | Value (Note 1) | ||
China Life Insurance Co. Ltd. (H Shares) | 6,557,000 | $8,837,611 | |
China Mengniu Dairy Co. Ltd. | 3,206,000 | 3,659,487 | |
China Sun Bio-chem Technology Group Co. Ltd. | 5,852,000 | 3,128,026 | |
Chitaly Holdings Ltd. | 2,700,000 | 1,096,952 | |
Dalian Port (PDA) Co. Ltd. (H Shares) | 124,000 | 69,171 | |
Focus Media Holding Ltd. ADR | 125,400 | 7,572,906 | |
Global Bio-Chem Technology Group Co. Ltd. | 5,722,000 | 2,988,934 | |
Guangshen Railway Co. Ltd. Class H (a) | 6,834,000 | 2,622,258 | |
Li Ning Co. Ltd. | 3,044,000 | 3,415,681 | |
Macau Success Ltd. (a) | 16,700,000 | 2,261,618 | |
PetroChina Co. Ltd. (H Shares) | 10,080,000 | 11,329,921 | |
Shanghai Prime Machinery Co. Ltd. | 276,000 | 103,233 | |
Shenzhou International Group Holdings Ltd. | 3,828,000 | 1,653,980 | |
Tong Ren Tang Technologies Co. Ltd. | 567,000 | 1,257,839 | |
Vision Grande Group Holdings Ltd. | 3,892,000 | 4,015,838 | |
Weichai Power Co. Ltd. (H Shares) | 1,877,000 | 4,430,256 | |
Yantai Changyu Pioneer Wine Co. | 1,135,700 | 3,748,412 | |
TOTAL CHINA | 63,590,237 | ||
Hong Kong - 6.1% | |||
Chaoda Modern Agriculture (Holdings) Ltd. | 2,774,000 | 1,932,029 | |
China Overseas Land & Investment Ltd. | 6,722,000 | 4,291,579 | |
China State Construction International Holdings Ltd. | 10,980,000 | 4,531,748 | |
CNOOC Ltd. | 6,852,000 | 5,523,455 | |
Esprit Holdings Ltd. | 1,915,000 | 15,288,780 | |
Giordano International Ltd. | 10,184,000 | 6,009,286 | |
Guangzhou Investment Co. Ltd. | 23,638,000 | 4,725,588 | |
Hanny Holdings Ltd. | 2,699,361 | 1,653,743 | |
Hong Kong & China Gas Co. Ltd. | 1,165,000 | 2,779,784 | |
Hong Kong Land Holdings Ltd. | 280,000 | 1,097,600 | |
IPE Group Ltd. | 6,650,000 | 1,561,013 | |
PYI Corp. Ltd. | 14,795,631 | 6,106,564 | |
Shanghai Industrial Holdings Ltd. Class H | 692,000 | 1,490,514 | |
Shun Tak Holdings Ltd. | 3,890,000 | 4,941,960 | |
SIM Technology Group | 4,618,000 | 2,144,222 | |
Solomon Systech International Ltd. | 5,296,000 | 2,356,571 | |
Television Broadcasts Ltd. | 419,000 | 2,618,311 | |
Tom.com Ltd. (a) | 4,784,000 | 1,073,628 | |
Vtech Holdings Ltd. | 628,000 | 2,984,768 | |
Wharf Holdings Ltd. | 660,000 | 2,647,389 | |
TOTAL HONG KONG | 75,758,532 | ||
India - 4.5% | |||
Bajaj Auto Ltd. | 30,383 | 1,990,594 | |
Cipla Ltd. | 402,940 | 2,284,822 | |
Financial Technology (India) Ltd. | 422,711 | 17,352,804 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
India - continued | |||
Geodesic Information Systems Ltd. | 748,445 | $3,286,324 | |
HCL Infosystems Ltd. | 227,933 | 819,087 | |
Indian Hotels Co. Ltd. | 62,127 | 1,858,967 | |
IVRCL Infrastructures & Projects Ltd. | 604,455 | 3,884,532 | |
Max India Ltd. (a) | 218,465 | 4,146,456 | |
McDowell & Co. Ltd. GDR (a) | 112,195 | 976,457 | |
Pfizer Ltd. | 85,600 | 1,959,840 | |
Praj Industries Ltd. | 761,014 | 3,266,936 | |
Punj Lloyd Ltd. | 110,526 | 2,511,697 | |
Shree Renuka Sugars Ltd. | 120,690 | 3,779,828 | |
State Bank of India | 208,783 | 4,707,289 | |
Suzlon Energy Ltd. | 104,027 | 2,918,432 | |
TOTAL INDIA | 55,744,065 | ||
Indonesia - 1.8% | |||
Kalbe Farma Tbk PT | 9,088,500 | 1,572,507 | |
PT Mitra Adiperkasa Tbk | 29,415,000 | 3,649,657 | |
PT Perusahaan Gas Negara Tbk Series B | 10,528,500 | 14,860,894 | |
PT Semen Gresik Tbk | 559,500 | 1,745,048 | |
TOTAL INDONESIA | 21,828,106 | ||
Japan - 44.0% | |||
Access Co. Ltd. (a)(d) | 1,222 | 10,945,686 | |
Aeon Co. Ltd. | 188,100 | 4,682,885 | |
Aida Engineering Ltd. | 391,000 | 2,873,914 | |
Aiful Corp. | 49,050 | 2,929,001 | |
Aisin Seiki Co. Ltd. | 101,200 | 3,803,609 | |
ARRK Corp. | 124,600 | 4,475,205 | |
Aruze Corp. | 108,100 | 2,643,763 | |
Asics Corp. (d) | 447,000 | 5,452,321 | |
Bandai Visual Co. Ltd. (d) | 710 | 2,868,057 | |
Canon Finetech, Inc. | 43,500 | 861,405 | |
Commuture Corp. | 234,000 | 2,426,819 | |
Credit Saison Co. Ltd. | 89,800 | 4,707,846 | |
CyberAgent, Inc. (d) | 1,060 | 2,196,795 | |
Daiei, Inc. (a)(d) | 130,200 | 3,887,421 | |
Daiichi Sankyo Co. Ltd. (a) | 260,800 | 6,721,827 | |
Daikin Industries Ltd. | 93,500 | 3,259,671 | |
Daiwa House Industry Co. Ltd. | 56,000 | 954,520 | |
Dip Corp. (d) | 481 | 726,516 | |
eAccess Ltd. (d) | 3,107 | 2,144,546 | |
East Japan Railway Co. | 698 | 5,449,151 | |
EDION Corp. | 95,900 | 2,320,127 | |
Fuji Television Network, Inc. | 1,614 | 4,011,082 | |
Fujitsu Ltd. | 806,000 | 6,716,962 | |
Hamakyorex Co. Ltd. (d) | 173,200 | 6,312,009 | |
Hamamatsu Photonics KK (d) | 123,700 | 3,867,153 | |
Hitachi Metals Ltd. | 210,000 | 2,345,730 | |
Horiba Ltd. | 131,000 | 4,348,452 | |
Hoya Corp. | 117,600 | 4,760,799 | |
Intelligent Wave, Inc. (d) | 1,185 | 3,007,377 | |
Ise Chemical Corp. | 620,000 | 6,261,252 | |
Shares | Value (Note 1) | ||
JAFCO Co. Ltd. | 37,300 | $2,482,845 | |
Japan Logistics Fund, Inc. | 801 | 6,189,945 | |
Japan Tobacco, Inc. | 2,076 | 8,349,577 | |
Jeans Mate Corp. | 227,400 | 2,861,596 | |
JSR Corp. | 223,700 | 6,895,166 | |
Kahma Co. Ltd. (d) | 81,700 | 2,224,105 | |
Kansai Urban Banking Corp. (d) | 637,600 | 3,006,729 | |
Keihanshin Real Estate Co. Ltd. | 204,000 | 1,710,824 | |
Konica Minolta Holdings, Inc. | 446,000 | 5,874,863 | |
Kuraray Co. Ltd. | 447,000 | 5,515,126 | |
Kurita Water Industries Ltd. (d) | 125,600 | 2,558,876 | |
Kyoritsu Maintenance Co. Ltd. (d) | 57,300 | 2,264,325 | |
Lintec Corp. | 158,100 | 4,005,432 | |
Matsushita Electric Industrial Co. Ltd. | 386,000 | 9,345,060 | |
Miraca Holdings, Inc. | 114,500 | 2,654,490 | |
Mitsubishi Corp. | 378,400 | 9,154,705 | |
Mitsubishi Estate Co. Ltd. | 381,000 | 8,330,977 | |
Mitsubishi Gas Chemical Co., Inc. | 364,000 | 4,836,286 | |
Mitsui & Co. Ltd. | 526,000 | 7,949,471 | |
Mizuho Financial Group, Inc. | 2,262 | 19,287,834 | |
Nabtesco Corp. | 288,000 | 3,649,475 | |
Nidec Corp. | 39,000 | 3,006,981 | |
Nikko Cordial Corp. | 498,500 | 8,067,930 | |
Nintendo Co. Ltd. | 63,600 | 9,494,622 | |
Nippon Electric Glass Co. Ltd. | 580,000 | 13,089,792 | |
Nippon Mining Holdings, Inc. | 746,000 | 6,898,248 | |
Nissan Motor Co. Ltd. | 584,800 | 7,698,892 | |
Nissin Co. Ltd. (d) | 4,349,400 | 4,163,202 | |
Nitto Denko Corp. | 82,300 | 6,901,998 | |
Nittoku Engineering Co. Ltd. | 140,500 | 1,494,143 | |
NOK Corp. | 150,500 | 4,572,821 | |
NTT Urban Development Co. | 461 | 3,785,159 | |
Omron Corp. | 173,400 | 4,842,257 | |
Opt, Inc. (a) | 604 | 3,086,964 | |
Organo Corp. | 259,000 | 2,538,257 | |
Oricon, Inc. (d) | 584 | 830,806 | |
ORIX Corp. | 42,960 | 12,902,147 | |
Parco Co. Ltd. | 238,900 | 2,741,974 | |
Rakuten, Inc. | 3,171 | 2,561,862 | |
Riso Kyoiku Co. Ltd. | 30,655 | 3,257,304 | |
SBI Holdings, Inc. | 5,193 | 2,644,953 | |
Seikoh Giken Co. Ltd. | 2,000 | 73,765 | |
SFCG Co. Ltd. | 20,530 | 4,700,041 | |
Showa Denko KK | 1,444,000 | 6,391,008 | |
Sompo Japan Insurance, Inc. | 679,000 | 9,838,420 | |
St. Marc Holdings Co. Ltd. | 34,500 | 2,378,266 | |
Stanley Electric Co. Ltd. | 583,300 | 13,574,051 | |
Sumitomo Electric Industries Ltd. | 487,000 | 7,732,128 | |
Sumitomo Forestry Co. Ltd. | 44,000 | 447,824 | |
Sumitomo Heavy Industries Ltd. | 591,000 | 6,227,882 | |
Sumitomo Metal Industries Ltd. | 334,000 | 1,407,860 | |
Sumitomo Mitsui Financial Group, Inc. | 1,975 | 21,679,474 | |
Sumitomo Realty & Development Co. Ltd. | 228,000 | 6,046,630 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
Sysmex Corp. | 53,200 | $2,387,284 | |
T&D Holdings, Inc. | 151,300 | 11,599,113 | |
Takara Holdings, Inc. (d) | 649,000 | 4,012,259 | |
Takeda Pharamaceutical Co. Ltd. | 100,500 | 6,142,525 | |
Takefuji Corp. | 87,810 | 5,706,204 | |
Teijin Ltd. | 775,000 | 5,315,258 | |
Telewave, Inc. | 1,103 | 3,196,400 | |
Terumo Corp. | 126,000 | 4,514,424 | |
The Nippon Synthetic Chemical Industry Co. Ltd. (d) | 263,000 | 1,226,371 | |
The Sumitomo Warehouse Co. Ltd. | 276,000 | 2,144,984 | |
Toc Co. Ltd. | 285,000 | 1,701,866 | |
Token Corp. | 68,000 | 4,436,795 | |
Tokuyama Corp. | 153,000 | 2,524,584 | |
Tokyo Tomin Bank Ltd. (d) | 80,500 | 4,022,349 | |
Toyota Motor Corp. | 516,100 | 30,225,396 | |
Trend Micro, Inc. | 146,500 | 5,673,458 | |
Tsutsumi Jewelry Co. Ltd. | 76,200 | 3,071,421 | |
Uni-Charm Corp. | 38,000 | 2,179,056 | |
UNY Co. Ltd. | 175,000 | 3,127,333 | |
Urban Corp. | 206,300 | 3,061,664 | |
Usen Corp. (d) | 90,030 | 1,644,456 | |
USS Co. Ltd. | 33,060 | 2,473,512 | |
Valor Co. Ltd. | 176,900 | 3,604,022 | |
Yaskawa Electric Corp. (a) | 325,000 | 3,998,463 | |
Yasuragi Co. Ltd. | 46,200 | 1,480,834 | |
Yokogawa Electric Corp. | 224,000 | 3,548,593 | |
TOTAL JAPAN | 545,205,893 | ||
Korea (South) - 12.7% | |||
Binggrea Co. Ltd. | 38,230 | 1,822,021 | |
CDNetworks Co. Ltd. | 151,670 | 5,290,722 | |
Cheil Industries, Inc. | 108,360 | 3,935,038 | |
China Lotsynergy Holding Ltd. (a) | 6,382,000 | 1,317,013 | |
Core Logic, Inc. | 54,100 | 2,093,676 | |
Doosan Co. Ltd. (a) | 47,970 | 1,808,126 | |
Doosan Heavy Industries & Construction Co. Ltd. | 127,390 | 4,612,596 | |
Hyundai Engineering & Construction Co. Ltd. (a) | 120,890 | 7,523,983 | |
Hyundai Mipo Dockyard Co. Ltd. | 30,660 | 2,873,715 | |
Hyundai Motor Co. | 138,540 | 12,177,245 | |
INTOPS Co. Ltd. | 23,054 | 650,200 | |
KH Vatec Co. Ltd. | 63,933 | 1,691,278 | |
kiwoom.com Securities Co. Ltd. | 84,549 | 3,357,219 | |
Kookmin Bank | 98,640 | 8,837,494 | |
Korea Investment Holdings Co. Ltd. | 59,080 | 2,530,703 | |
Korean Reinsurance Co. | 356,926 | 4,276,377 | |
Kyeryong Construction Industrial Co. Ltd. | 65,110 | 3,065,138 | |
LG Electronics, Inc. | 52,340 | 4,334,152 | |
LG Household & Health Care Ltd. | 51,550 | 4,115,693 | |
Shares | Value (Note 1) | ||
Macquarie Korea Infrastructure Fund GDR (e) | 258,800 | $1,884,064 | |
Neowiz Corp. | 26,149 | 2,927,779 | |
NHN Corp. (a) | 50,468 | 17,925,870 | |
Orion Corp. | 36,820 | 9,642,732 | |
Phoenix PDE Co. Ltd. | 708,094 | 3,164,520 | |
S.M. Entertainment Co. Ltd. | 269,538 | 2,872,139 | |
S1 Corp. | 34,900 | 1,557,854 | |
Samsung Electronics Co. Ltd. | 26,100 | 17,821,560 | |
Samyang Genex Co. Ltd. | 14,620 | 1,302,105 | |
Seoul Semiconductor Co. Ltd. | 13,862 | 624,646 | |
SFA Engineering Corp. | 166,976 | 5,559,082 | |
TSM Tech Co. Ltd. | 195,659 | 3,951,975 | |
Woongjin Coway Co. Ltd. | 124,340 | 3,691,376 | |
Woori Finance Holdings Co. Ltd. | 133,280 | 3,009,982 | |
YBM Sisa.com, Inc. | 120,314 | 3,354,990 | |
Yedang Entertainment Co. Ltd. (a) | 208,825 | 1,882,005 | |
TOTAL KOREA (SOUTH) | 157,485,068 | ||
Malaysia - 1.4% | |||
Bumiputra-Commerce Holdings BHD | 1,191,700 | 2,071,092 | |
IOI Corp. BHD | 1,051,600 | 4,119,371 | |
Lion Diversified Holdings BHD | 1,712,100 | 2,219,826 | |
PhileoAllied BHD | 1,909,400 | 2,370,290 | |
Southern Bank BHD (For. Reg.) | 1,733,400 | 2,046,607 | |
Tenaga Nasional BHD | 1,757,425 | 4,145,099 | |
TOTAL MALAYSIA | 16,972,285 | ||
Philippines - 0.5% | |||
Philippine Long Distance Telephone Co. | 92,000 | 3,638,016 | |
Philippine Long Distance Telephone Co. sponsored ADR (d) | 66,700 | 2,651,325 | |
TOTAL PHILIPPINES | 6,289,341 | ||
Singapore - 3.2% | |||
Ascendas Real Estate Investment Trust (A-REIT) | 2,447,550 | 3,530,009 | |
Citiraya Industries Ltd. (a) | 1,791,000 | 11 | |
Cosco Investment (Singapore) Ltd. | 4,272,000 | 3,864,351 | |
First Engineering Ltd. | 1,615,000 | 1,093,114 | |
GES International Ltd. | 2,930,000 | 1,834,899 | |
HTL International Holdings Ltd. | 3,971,250 | 3,290,848 | |
Keppel Corp. Ltd. | 766,000 | 7,413,607 | |
Mapletree Logistics Trust (REIT) | 4,083,000 | 2,660,271 | |
Mediaring Ltd. (a) | 11,819,000 | 3,626,033 | |
Osim International Ltd. | 324,000 | 370,965 | |
Pertama Holdings Ltd. | 10,435,000 | 2,475,330 | |
Raffles Education Corp. Ltd. | 4,076,000 | 6,445,899 | |
Singapore Exchange Ltd. | 949,000 | 2,581,333 | |
TOTAL SINGAPORE | 39,186,670 | ||
Taiwan - 4.4% | |||
Chi Mei Optoelectronics Corp. | 1,778,000 | 2,527,183 | |
Chinatrust Financial Holding Co. Ltd. | 4,439,000 | 3,645,139 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Taiwan - continued | |||
Chipbond Technology Corp. | 1,431,231 | $1,906,454 | |
Formosan Rubber Group | 6,324,000 | 3,181,226 | |
Holtek Semiconductor, Inc. | 1,098,258 | 2,199,545 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 1,079,071 | 7,322,098 | |
MediaTek, Inc. | 286,400 | 3,343,697 | |
Opto Technology Corp. (a) | 6,446,000 | 3,353,714 | |
Phoenix Precision Technology Corp. | 1,477,000 | 3,365,445 | |
Shin Kong Financial Holding Co. Ltd. | 7,690,000 | 8,194,697 | |
Springsoft, Inc. | 1,978,981 | 3,150,888 | |
Taishin Financial Holdings Co. Ltd. | 5,045,000 | 3,320,535 | |
Taiwan Secom Co. | 1,430,260 | 2,375,847 | |
Tong Yang Industry Co. Ltd. | 3,534,000 | 4,485,896 | |
Tsann Kuen Enterprise Co. Ltd. | 1,076,000 | 1,615,383 | |
TOTAL TAIWAN | 53,987,747 | ||
Thailand - 1.2% | |||
AAPICO Hitech PCL (For. Reg.) | 11,800 | 8,332 | |
ACL Bank PCL: | |||
NVDR (a) | 8,219,800 | 1,138,901 | |
(For. Reg.) (a) | 8,517,800 | 1,180,191 | |
Bangkok Bank Ltd. PCL (For. Reg.) | 1,022,700 | 3,242,774 | |
Bumrungrad Hospital PCL: | |||
NVDR | 675,800 | 661,755 | |
(For. Reg.) | 1,252,400 | 1,238,635 | |
Khon Kaen Sugar Industry PCL (For. Reg.) | 8,372,100 | 2,520,776 | |
Sino Thai Engineering & Construction PCL (For. Reg.) | 10,787,100 | 2,471,864 | |
Thai Oil PCL (For. Reg.) | 992,000 | 1,784,173 | |
True Corp. PCL (For. Reg.) rights 4/30/08 (a) | 206,113 | 0 | |
TOTAL THAILAND | 14,247,401 | ||
United States of America - 0.1% | |||
ResMed, Inc. CHESS Depositary Interests (a) | 414,302 | 1,841,138 | |
TOTAL COMMON STOCKS (Cost $945,896,949) | 1,239,020,676 |
Convertible Bonds - 0.1% | ||||
Principal Amount | Value (Note 1) | |||
Bermuda - 0.1% | ||||
Noble Group Ltd. 0.9% 4/20/09 | $1,000,000 | $1,100,000 |
Money Market Funds - 4.2% | |||
Shares | |||
Fidelity Cash Central Fund, 4.8% (b) | 3,992,053 | 3,992,053 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 48,391,812 | 48,391,812 | |
TOTAL MONEY MARKET FUNDS (Cost $52,383,865) | 52,383,865 |
TOTAL INVESTMENT (Cost $999,401,314) | 1,292,504,541 |
NET OTHER ASSETS - (4.4)% | (53,902,070) | ||
NET ASSETS - 100% | $1,238,602,471 |
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. |
(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 period end, the value of these securities amounted to $1,884,064 or 0.2% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $324,606 |
Fidelity Securities Lending Cash Central Fund | 395,178 |
Total | $719,784 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $45,681,340) - See accompanying schedule: Unaffiliated issuers (cost $947,017,449) | $1,240,120,676 | |
Affiliated Central Funds (cost $52,383,865) | 52,383,865 | |
Total Investments (cost $999,401,314) | $1,292,504,541 | |
Foreign currency held at value (cost $367,166) | 367,285 | |
Receivable for investments sold | 10,527,777 | |
Receivable for fund shares sold | 4,338,428 | |
Dividends receivable | 3,473,809 | |
Interest receivable | 26,893 | |
Prepaid expenses | 1,589 | |
Other affiliated receivables | 634 | |
Other receivables | 276,075 | |
Total assets | 1,311,517,031 | |
Liabilities | ||
Payable for investments purchased | $20,586,365 | |
Payable for fund shares redeemed | 1,008,162 | |
Accrued management fee | 778,611 | |
Other affiliated payables | 251,096 | |
Other payables and accrued expenses | 1,898,514 | |
Collateral on securities loaned, at value | 48,391,812 | |
Total liabilities | 72,914,560 | |
Net Assets | $1,238,602,471 | |
Net Assets consist of: | ||
Paid in capital | $906,098,627 | |
Undistributed net investment income | 1,777,096 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 39,266,351 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 291,460,397 | |
Net Assets, for 42,864,572 shares outstanding | $1,238,602,471 | |
Net Asset Value, offering price and redemption price per share ($1,238,602,471 ÷ 42,864,572 shares) | $28.90 |
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $7,170,661 | |
Interest | 1,673 | |
Income from affiliated Central Funds (including $395,178 from security lending) | 719,784 | |
7,892,118 | ||
Less foreign taxes withheld | (410,577) | |
Total income | 7,481,541 | |
Expenses | ||
Management fee | $3,453,322 | |
Performance adjustment | 303,468 | |
Transfer agent fees | 1,110,273 | |
Accounting and security lending fees | 221,241 | |
Independent trustees' compensation | 2,103 | |
Custodian fees and expenses | 323,213 | |
Registration fees | 79,535 | |
Audit | 57,158 | |
Legal | 3,000 | |
Miscellaneous | 2,556 | |
Total expenses before reductions | 5,555,869 | |
Expense reductions | (347,933) | 5,207,936 |
Net investment income (loss) | 2,273,605 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $97,373) | 48,221,055 | |
Foreign currency transactions | (174,674) | |
Total net realized gain (loss) | 48,046,381 | |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $973,031) | 188,126,839 | |
Assets and liabilities in foreign currencies | 95,871 | |
Total change in net unrealized appreciation (depreciation) | 188,222,710 | |
Net gain (loss) | 236,269,091 | |
Net increase (decrease) in net assets resulting from operations | $238,542,696 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Pacific Basin
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended April 30, 2006 (Unaudited) | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $2,273,605 | $5,769,041 |
Net realized gain (loss) | 48,046,381 | 48,906,097 |
Change in net unrealized appreciation (depreciation) | 188,222,710 | 65,122,361 |
Net increase (decrease) in net assets resulting from operations | 238,542,696 | 119,797,499 |
Distributions to shareholders from net investment income | (5,529,029) | (1,990,052) |
Distributions to shareholders from net realized gain | (9,829,319) | (3,233,832) |
Total distributions | (15,358,348) | (5,223,884) |
Share transactions | 502,344,103 | 203,333,895 |
Reinvestment of distributions | 14,211,173 | 4,800,773 |
Cost of shares redeemed | (150,382,591) | (119,138,687) |
Net increase (decrease) in net assets resulting from share transactions | 366,172,685 | 88,995,981 |
Redemption fees | 395,513 | 153,147 |
Total increase (decrease) in net assets | 589,752,546 | 203,722,743 |
Net Assets | ||
Beginning of period | 648,849,925 | 445,127,182 |
End of period (including undistributed net investment income of $1,777,096 and undistributed net investment income of $5,234,889, respectively) | $1,238,602,471 | $648,849,925 |
Other Information Shares | ||
Sold | 19,115,204 | 9,742,425 |
Issued in reinvestment of distributions | 586,996 | 262,912 |
Redeemed | (5,781,969) | (5,917,502) |
Net increase (decrease) | 13,920,231 | 4,087,835 |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2005 | 2004 | 2003 | 2002 | 2001 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $22.42 | $17.91 | $17.06 | $12.73 | $13.09 | $20.32 |
Income from Investment Operations | ||||||
Net investment income (loss) F | .06 | .22 G | .07 | .06 | (.02) | (.02) |
Net realized and unrealized gain (loss) | 6.91 | 4.49 | .92 | 4.26 | (.36) | (5.91) |
Total from investment operations | 6.97 | 4.71 | .99 | 4.32 | (.38) | (5.93) |
Distributions from net investment income | (.18) | (.08) | (.16) | - | - | (1.10) |
Distributions from net realized gain | (.32) | (.13) | - | - | - | (.23) |
Total distributions | (.50) | (.21) | (.16) | - | - | (1.33) |
Redemption fees added to paid in capital F | .01 | .01 | .02 | .01 | .02 | .03 |
Net asset value, end of period | $28.90 | $22.42 | $17.91 | $17.06 | $12.73 | $13.09 |
Total Return B, C, D, E | 31.56% | 26.62% | 5.98% | 34.01% | (2.75)% | (30.79)% |
Ratios to Average Net Assets H | ||||||
Expenses before reductions | 1.16% A | 1.10% | 1.20% | 1.17% | 1.51% | 1.48% |
Expenses net of fee waivers, if any | 1.16% A | 1.10% | 1.20% | 1.17% | 1.51% | 1.48% |
Expenses net of all reductions | 1.09% A | 1.05% | 1.19% | 1.17% | 1.50% | 1.45% |
Net investment income (loss) | .47% A | 1.09% G | .42% | .41% | (.15)% | (.11)% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,238,602 | $648,850 | $445,127 | $419,251 | $306,206 | $303,672 |
Portfolio turnover rate | 53% A | 78% | 145% | 97% | 98% | 123% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Total returns do not include the effect of the former contingent deferred sales charge. F Calculated based on average shares outstanding during the period. G Investment income per share reflects a special dividend which amounted to $.05 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .84%. 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 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. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Korea (South) | 31.6% | ||
Hong Kong | 12.6% | ||
Taiwan | 12.6% | ||
China | 9.9% | ||
Indonesia | 8.9% | ||
Singapore | 8.1% | ||
Cayman Islands | 3.7% | ||
Malaysia | 3.7% | ||
United States of America | 3.6% | ||
Other | 5.3% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Korea (South) | 30.6% | ||
Taiwan | 14.9% | ||
Hong Kong | 13.9% | ||
China | 12.6% | ||
Singapore | 8.1% | ||
Indonesia | 6.8% | ||
Cayman Islands | 4.6% | ||
Australia | 3.1% | ||
Malaysia | 2.2% | ||
Other | 3.2% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 96.4 | 98.9 |
Bonds | 0.0 | 0.2 |
Short-Term Investments and Net Other Assets | 3.6 | 0.9 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment) | 5.7 | 6.4 |
PT Perusahaan Gas Negara Tbk Series B (Indonesia, Gas Utilities) | 3.4 | 2.2 |
Kookmin Bank (Korea (South), Commercial Banks) | 2.9 | 2.2 |
Shinhan Financial Group Co. Ltd. (Korea (South), Commercial Banks) | 2.4 | 3.4 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Instruments) | 2.3 | 1.4 |
Hyundai Motor Co. Series 2 (Korea (South), Automobiles) | 1.6 | 2.1 |
Shanghai Electric (Group) Corp. (H Shares) (China, Electrical Equipment) | 1.5 | 1.5 |
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services) | 1.5 | 0.5 |
Sun Hung Kai Properties Ltd. (Hong Kong, Real Estate) | 1.3 | 0.0 |
POSCO (Korea (South), Metals & Mining) | 1.3 | 0.0 |
23.9 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Financials | 24.5 | 20.8 |
Information Technology | 22.4 | 23.5 |
Industrials | 12.9 | 16.7 |
Consumer Discretionary | 9.8 | 14.2 |
Utilities | 6.3 | 3.9 |
Materials | 6.0 | 2.6 |
Energy | 5.9 | 8.9 |
Telecommunication Services | 5.3 | 4.7 |
Consumer Staples | 2.5 | 3.1 |
Health Care | 0.8 | 0.5 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.3% | |||
Shares | Value (Note 1) | ||
Australia - 2.5% | |||
Alumina Ltd. | 560,000 | $3,045,893 | |
BHP Billiton Ltd. | 455,000 | 10,364,899 | |
Macquarie Airports unit | 1,000,000 | 2,491,652 | |
National Australia Bank Ltd. | 323,000 | 9,224,880 | |
Rio Tinto Ltd. | 90,000 | 5,377,183 | |
Seek Ltd. | 2,100,000 | 6,333,202 | |
TOTAL AUSTRALIA | 36,837,709 | ||
Bermuda - 0.5% | |||
Asia Financial Holdings Ltd. | 1,226,000 | 589,020 | |
FibreChem Technologies Ltd. | 5,600,000 | 4,357,150 | |
Sinochem Hong Kong Holding Ltd. | 3,998,800 | 1,701,990 | |
TOTAL BERMUDA | 6,648,160 | ||
Cayman Islands - 3.7% | |||
AAC Acoustic Technology Holdings, Inc. | 14,800,000 | 16,798,009 | |
Foxconn International Holdings Ltd. (a) | 7,150,000 | 15,400,539 | |
International Entertainment Co. (a) | 96,000 | 76,148 | |
Kingboard Chemical Holdings Ltd. | 3,892,500 | 10,266,806 | |
Kingboard Chemical Holdings Ltd. warrants 12/31/06 (a) | 133,000 | 37,310 | |
New World China Land Ltd. | 12,000,000 | 5,765,287 | |
The9 Ltd. sponsored ADR (a)(d) | 225,000 | 6,747,750 | |
TOTAL CAYMAN ISLANDS | 55,091,849 | ||
China - 9.9% | |||
Angang New Steel Co. Ltd. (H Shares) | 5,600,000 | 4,875,343 | |
Anhui Conch Cement Co. Ltd. (H Shares) | 3,800,000 | 6,567,526 | |
Anhui Expressway Co. Ltd. (H Shares) | 6,000,000 | 4,372,332 | |
Baidu.com, Inc. sponsored ADR (d) | 72,000 | 4,173,120 | |
China Gas Holdings Ltd. (a) | 9,798,000 | 1,693,385 | |
China Life Insurance Co. Ltd. (H Shares) | 10,360,000 | 13,963,345 | |
China Mengniu Dairy Co. Ltd. | 4,000,000 | 4,565,798 | |
China Oilfield Services Ltd. (H Shares) | 10,800,000 | 5,954,884 | |
China Petroleum & Chemical Corp. (H Shares) | 15,600,000 | 10,030,796 | |
China Shenhua Energy Co. Ltd. (H Shares) | 2,957,000 | 5,358,473 | |
China Sun Bio-chem Technology Group Co. Ltd. | 6,000,000 | 3,207,135 | |
Focus Media Holding Ltd. ADR | 238,000 | 14,372,820 | |
Golden Eagle Retail Group Ltd. (H Shares) | 2,326,000 | 1,297,506 | |
Guangzhou R&F Properties Co. Ltd. (H Shares) | 170,000 | 879,239 | |
Li Ning Co. Ltd. | 5,000,000 | 5,610,514 | |
PetroChina Co. Ltd. (H Shares) | 12,000,000 | 13,488,001 | |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 1,110,000 | 3,056,569 | |
Shanghai Electric (Group) Corp. (H Shares) | 58,600,000 | 22,674,216 | |
Shanghai Forte Land Co. Ltd. (H Shares) | 11,810,000 | 5,750,164 | |
Shanghai Prime Machinery Co. Ltd. (H Shares) | 328,000 | 122,683 | |
Shares | Value (Note 1) | ||
Sina Corp. (a) | 215,000 | $5,686,750 | |
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) | 6,200,000 | 3,678,434 | |
Yanzhou Coal Mining Co. Ltd. (H Shares) | 5,600,000 | 4,767,002 | |
TOTAL CHINA | 146,146,035 | ||
Hong Kong - 12.6% | |||
BOC Hong Kong Holdings Ltd. | 1,600,000 | 3,301,820 | |
Cheung Kong Holdings Ltd. | 1,327,000 | 14,950,208 | |
China Mobile (Hong Kong) Ltd. | 3,920,000 | 22,626,241 | |
China Resources Enterprise Ltd. | 2,720,000 | 5,823,585 | |
CLP Holdings Ltd. | 2,452,000 | 14,294,610 | |
CNOOC Ltd. | 14,678,000 | 11,832,059 | |
Cross-Harbour Holdings Ltd. | 2,500,000 | 2,144,248 | |
Dynasty Fine Wines Group Ltd. | 13,040,000 | 5,171,733 | |
Esprit Holdings Ltd. | 1,084,000 | 8,654,328 | |
Guangnan Holdings Ltd. | 9,606,000 | 1,957,551 | |
Hong Kong & China Gas Co. Ltd. | 5,820,000 | 13,886,990 | |
Hong Kong Exchanges & Clearing Ltd. | 660,000 | 4,745,721 | |
Hong Kong Land Holdings Ltd. | 2,146,000 | 8,412,320 | |
Hutchison Whampoa Ltd. | 769,000 | 7,547,870 | |
MTR Corp. Ltd. | 2,200,000 | 5,859,441 | |
New World Development Co. Ltd. | 4,680,000 | 8,390,234 | |
NWS Holdings Ltd. | 873,000 | 1,593,251 | |
PYI Corp. Ltd. | 10,040,314 | 4,143,914 | |
Shui On Construction & Materials Ltd. | 456,000 | 1,114,519 | |
Sun Hung Kai Properties Ltd. | 1,640,000 | 18,740,923 | |
Swire Pacific Ltd. (A Shares) | 1,140,000 | 11,659,809 | |
Television Broadcasts Ltd. | 263,000 | 1,643,474 | |
Wharf Holdings Ltd. | 1,880,000 | 7,541,047 | |
YGM Trading Ltd. | 130,000 | 148,388 | |
TOTAL HONG KONG | 186,184,284 | ||
Indonesia - 8.9% | |||
Bakrie Telecom PT | 80,000,000 | 1,639,152 | |
PT Astra International Tbk | 1,600,000 | 2,176,430 | |
PT Bakrie & Brothers Tbk (a) | 347,576,000 | 6,725,978 | |
PT Bank Danamon Indonesia Tbk Series A | 8,000,000 | 4,689,796 | |
PT Bank Rakyat Indonesia Tbk | 15,600,000 | 8,212,835 | |
PT Berlian Laju Tanker Tbk | 9,922,000 | 1,852,251 | |
PT Bumi Resources Tbk | 32,000,000 | 3,314,730 | |
PT Ciputra Development Tbk (a) | 18,000,000 | 932,268 | |
PT Citra Marga Nusaphala Persada Tbk | 8,000,000 | 792,257 | |
PT Energi Mega Persada Tbk (a) | 84,480,000 | 8,558,559 | |
PT Gadjah Tunggal Tbk (a) | 22,000,000 | 1,752,982 | |
PT Hexindo Adiperkasa Tbk | 22,500,000 | 2,868,516 | |
PT Indosat Tbk | 8,900,000 | 5,470,670 | |
PT Jakarta International Hotel & Development Tbk (a) | 52,000,000 | 4,025,029 | |
PT Medco Energi International Tbk | 16,900,000 | 9,233,890 | |
PT Pabrik Kertas Tjiwi Kimia Tbk (a) | 8,000,000 | 2,709,154 | |
PT Perusahaan Gas Negara Tbk Series B | 35,400,000 | 49,966,817 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Indonesia - continued | |||
PT Telkomunikasi Indonesia Tbk Series B | 10,400,000 | $8,937,932 | |
PT United Tractors Tbk | 12,400,000 | 7,692,631 | |
TOTAL INDONESIA | 131,551,877 | ||
Korea (South) - 28.5% | |||
Amotech Co. Ltd. | 150,000 | 1,908,499 | |
Celrun Co. Ltd. (a) | 320,000 | 2,951,811 | |
Cheil Industries, Inc. | 315,000 | 11,439,063 | |
Chong Kun Dang Pharmaceutical Corp. | 95,000 | 3,948,472 | |
Daewoo Engineering & Construction Co. Ltd. | 375,000 | 6,480,943 | |
Daewoo Securities Co. Ltd. (a) | 305,000 | 5,529,875 | |
Daishin Securities Co. Ltd. | 181,720 | 4,248,451 | |
Dongkuk Steel Mill Co. Ltd. | 305,000 | 6,548,536 | |
Ecoplastic Corp. | 142,749 | 714,388 | |
Forhuman Co. Ltd. (a) | 186,620 | 2,127,091 | |
Hanbit Soft, Inc. (a) | 100,521 | 1,220,342 | |
Handsome Co. Ltd. | 305,000 | 5,562,213 | |
Hanmi Pharm Co. Ltd. | 35,000 | 4,545,938 | |
Hite Brewery Co. Ltd. | 65,007 | 8,546,753 | |
Hynix Semiconductor, Inc. (a) | 324,000 | 11,319,305 | |
Hyundai Department Store Co. Ltd. | 126,310 | 12,120,085 | |
Hyundai Mipo Dockyard Co. Ltd. | 72,000 | 6,748,451 | |
Hyundai Motor Co. | 88,948 | 7,818,259 | |
Industrial Bank of Korea | 180,000 | 3,626,147 | |
INI Steel Co. | 165,000 | 6,376,771 | |
Kookmin Bank | 471,000 | 42,198,495 | |
Korea Circuit Co. Ltd. | 340,000 | 2,177,385 | |
Korea Electric Power Corp. | 110,000 | 4,886,817 | |
Korea Investment Holdings Co. Ltd. | 295,590 | 12,661,654 | |
Korean Reinsurance Co. | 139,087 | 1,666,419 | |
Kyeryong Construction Industrial Co. Ltd. | 20,180 | 950,000 | |
LG Investment & Securities Co. Ltd. | 340,000 | 8,327,416 | |
Macquarie Korea Infrastructure Fund GDR (e) | 1,302,400 | 9,481,472 | |
Meritz Fire & Marine Insurance Co. Ltd. | 780,000 | 4,796,693 | |
NHN Corp. (a) | 22,166 | 7,873,203 | |
POSCO | 67,000 | 18,683,141 | |
Samsung Electronics Co. Ltd. | 119,372 | 81,509,395 | |
Samsung Electronics Co. Ltd. GDR | 8,200 | 2,796,200 | |
Samsung Engineering Co. Ltd. | 330,000 | 14,118,118 | |
Samsung Fire & Marine Insurance Co. Ltd. | 62,000 | 8,907,387 | |
Samsung Securities Co. Ltd. | 52,000 | 3,263,957 | |
Shinhan Financial Group Co. Ltd. | 709,670 | 35,364,999 | |
Shinsegae Co. Ltd. | 26,200 | 12,806,238 | |
SK Corp. | 130,000 | 9,565,819 | |
SKC Co. Ltd. | 120,000 | 2,799,131 | |
STX Pan Ocean Co. Ltd. | 617,000 | 298,577 | |
The Basic House Co. Ltd. | 140,000 | 2,619,944 | |
Tong Yang Investment Bank (a) | 665,000 | 9,800,670 | |
Tong Yang Major Corp. (a) | 380,420 | 3,101,766 | |
Shares | Value (Note 1) | ||
Woori Finance Holdings Co. Ltd. | 183,000 | $4,132,854 | |
Yujin Co. Ltd. | 82,170 | 1,019,339 | |
TOTAL KOREA (SOUTH) | 419,588,482 | ||
Malaysia - 3.7% | |||
Bintulu Port Holdings BHD | 700,000 | 942,345 | |
Bumiputra-Commerce Holdings BHD | 3,150,000 | 5,474,483 | |
Bursa Malaysia BHD | 2,500,000 | 4,517,241 | |
DiGi.com BHD (a) | 780,000 | 2,409,931 | |
IJM Corp. BHD | 1,000,000 | 1,613,793 | |
Lafarge Malayan Cement BHD | 12,000,000 | 2,731,034 | |
Malayan Banking BHD | 800,000 | 2,449,655 | |
Malaysian International Shipping Corp. BHD (For. Reg.) | 1,420,000 | 3,447,172 | |
Pantai Holdings BHD | 364,900 | 250,649 | |
PhileoAllied BHD | 4,824,900 | 5,989,531 | |
Public Bank BHD (For. Reg.) | 2,770,625 | 5,044,448 | |
Telekom Malaysia BHD | 4,280,000 | 11,511,724 | |
Tenaga Nasional BHD | 3,200,000 | 7,547,586 | |
TOTAL MALAYSIA | 53,929,592 | ||
Philippines - 0.5% | |||
Philippine Long Distance Telephone Co. | 190,000 | 7,513,294 | |
Singapore - 8.1% | |||
Advanced Holdings Ltd. | 2,410,000 | 1,097,637 | |
Ascendas Real Estate Investment Trust (A-REIT) | 1,800,000 | 2,596,072 | |
Cosco Investment (Singapore) Ltd. | 18,200,000 | 16,463,295 | |
DBS Group Holdings Ltd. | 270,000 | 3,040,137 | |
GigaMedia Ltd. (a) | 300,000 | 2,481,000 | |
Global Voice Group Ltd. (a) | 28,500,000 | 2,974,666 | |
Hotel Properties Ltd. | 1,840,000 | 2,188,190 | |
Inter-Roller Engineering Ltd. | 2,300,000 | 3,026,220 | |
Keppel Corp. Ltd. | 1,450,000 | 14,033,590 | |
Labroy Marine Ltd. | 3,000,000 | 2,846,570 | |
Metro Holdings Ltd. | 3,038,000 | 1,768,011 | |
Overseas Union Enterprises Ltd. | 190,000 | 1,111,744 | |
Sembcorp Marine Ltd. | 4,580,000 | 8,865,357 | |
Singapore Airlines Ltd. | 960,000 | 8,623,209 | |
Singapore Airport Terminal Service Ltd. | 2,000,000 | 3,238,764 | |
Singapore Exchange Ltd. | 4,450,000 | 12,104,248 | |
Singapore Land Ltd. | 1,000,000 | 4,364,740 | |
Singapore Post Ltd. | 9,600,000 | 6,862,131 | |
Sinomem Technology Ltd. | 5,000,000 | 3,147,041 | |
The Ascott Group Ltd. | 16,300,000 | 11,341,999 | |
United Overseas Land Ltd. | 3,300,000 | 6,387,703 | |
TOTAL SINGAPORE | 118,562,324 | ||
Taiwan - 12.6% | |||
Acer, Inc. | 3,779,600 | 7,320,857 | |
Alpha Networks, Inc. | 3,900,000 | 5,048,267 | |
AV Tech Corp. | 445,000 | 2,552,341 | |
Behavior Techno Computer Corp. (a) | 1,630,139 | 1,116,359 | |
China Steel Corp. | 10,100,000 | 9,860,684 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Taiwan - continued | |||
Chong Hong Construction Co. Ltd. | 476,000 | $825,011 | |
Chung Hsin Electric & Machinery Manufacturing Corp. | 1,005,000 | 762,270 | |
Coretronic Corp. | 2,700,000 | 5,246,662 | |
EVA Airways Corp. | 1,471,937 | 602,043 | |
Far East Department Stores Co. Ltd. | 9,600,000 | 5,536,263 | |
Far EasTone Telecommunications Co. Ltd. | 8,600,000 | 10,700,808 | |
Foxconn Technology Co. Ltd. | 752,300 | 5,647,084 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 5,034,188 | 34,159,772 | |
Inventec Co. Ltd. | 1,409,000 | 1,017,910 | |
MediaTek, Inc. | 680,000 | 7,938,946 | |
Nan Ya Plastics Corp. | 1,500,000 | 2,190,810 | |
Nan Ya Printed Circuit Board Corp. | 218,000 | 2,343,572 | |
Novatek Microelectronics Corp. | 980,000 | 5,835,893 | |
Phison Electronics Corp. | 688,000 | 3,547,170 | |
Phoenix Precision Technology Corp. | 7,200,000 | 16,405,692 | |
Powerchip Semiconductor Corp. | 6,900,000 | 4,757,726 | |
Powertech Technology, Inc. | 2,630,000 | 9,026,045 | |
Shin Kong Financial Holding Co. Ltd. | 2,200,000 | 2,344,387 | |
Silitech Technology Corp. | 1,003,000 | 6,224,346 | |
Taiwan Cellular Co. Ltd. | 3,500,000 | 3,521,281 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 3,182,637 | 6,793,004 | |
Tripod Technology Corp. | 760,000 | 2,858,397 | |
U-Ming Marine Transport Corp. | 3,400,000 | 3,873,566 | |
Wistron Corp. (a) | 7,100,000 | 9,257,193 | |
Wistron Corp. GDR (a) | 162,000 | 2,106,000 | |
Wistron NeWeb Corp. | 1,560,000 | 6,722,873 | |
TOTAL TAIWAN | 186,143,232 | ||
Thailand - 1.3% | |||
Advanced Info Service PCL (For. Reg.) | 1,680,000 | 3,961,631 | |
Airports of Thailand PCL (For. Reg.) | 1,400,000 | 2,182,254 | |
Bangkok Bank Ltd. PCL: | |||
NVDR | 194,800 | 586,528 | |
(For. Reg.) | 225,600 | 715,332 | |
Bangkok Dusit Medical Service PCL Class F (For. Reg.) | 3,400,000 | 2,627,232 | |
Banpu PCL (For. Reg.) | 800,000 | 3,282,707 | |
Central Pattana PCL (For. Reg.) | 5,216,600 | 2,752,163 | |
Glow Energy PCL (For. Reg.) | 1,383,400 | 1,197,988 | |
Kasikornbank PCL (For. Reg.) | 717,300 | 1,299,664 | |
Thai Airways International PCL (For. Reg.) | 356,800 | 451,585 | |
True Corp. PCL (a) | 100 | 26 | |
TOTAL THAILAND | 19,057,110 | ||
Shares | Value (Note 1) | ||
United Kingdom - 0.5% | |||
HSBC Holdings PLC (Hong Kong) (Reg.) | 388,855 | $6,741,190 | |
TOTAL COMMON STOCKS (Cost $1,003,136,478) | 1,373,995,138 | ||
Nonconvertible Preferred Stocks - 3.1% | |||
Korea (South) - 3.1% | |||
Hyundai Motor Co. | 105,000 | 6,045,169 | |
Hyundai Motor Co. Series 2 | 406,000 | 24,020,363 | |
Samsung Electronics Co. Ltd. | 28,900 | 15,658,065 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $23,603,713) | 45,723,597 | ||
Money Market Funds - 5.2% | |||
Fidelity Cash Central Fund, 4.8% (b) | 68,292,897 | 68,292,897 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 8,625,000 | 8,625,000 | |
TOTAL MONEY MARKET FUNDS (Cost $76,917,897) | 76,917,897 | ||
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $1,103,658,088) | 1,496,636,632 | ||
NET OTHER ASSETS - (1.6)% | (22,979,961) | ||
NET ASSETS - 100% | $1,473,656,671 |
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. |
(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 period end, the value of these securities amounted to $9,481,472 or 0.6% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $777,197 |
Fidelity Securities Lending Cash Central Fund | 61,630 |
Total | $838,827 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $8,594,018) - See accompanying schedule: Unaffiliated issuers (cost $1,026,740,191) | $1,419,718,735 | |
Affiliated Central Funds (cost $76,917,897) | 76,917,897 | |
Total Investments (cost $1,103,658,088) | $1,496,636,632 | |
Foreign currency held at value (cost $709,178) | 709,544 | |
Receivable for investments sold | 10,443,757 | |
Receivable for fund shares sold | 5,252,360 | |
Dividends receivable | 2,656,064 | |
Interest receivable | 181,024 | |
Prepaid expenses | 2,067 | |
Other affiliated receivables | 727 | |
Other receivables | 717,558 | |
Total assets | 1,516,599,733 | |
Liabilities | ||
Payable for investments purchased | $31,831,727 | |
Payable for fund shares redeemed | 981,061 | |
Accrued management fee | 936,096 | |
Other affiliated payables | 285,710 | |
Other payables and accrued expenses | 283,468 | |
Collateral on securities loaned, at value | 8,625,000 | |
Total liabilities | 42,943,062 | |
Net Assets | $1,473,656,671 | |
Net Assets consist of: | ||
Paid in capital | $1,004,228,750 | |
Undistributed net investment income | 988,295 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 75,454,488 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 392,985,138 | |
Net Assets, for 58,489,736 shares outstanding | $1,473,656,671 | |
Net Asset Value, offering price and redemption price per share ($1,473,656,671 ÷ 58,489,736 shares) | $25.20 |
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $9,413,257 | |
Special dividends | 1,245,154 | |
Interest | 67,640 | |
Income from affiliated Central Funds (including $61,630 from security lending) | 838,827 | |
11,564,878 | ||
Less foreign taxes withheld | (926,486) | |
Total income | 10,638,392 | |
Expenses | ||
Management fee | $3,976,746 | |
Performance adjustment | 530,803 | |
Transfer agent fees | 1,242,646 | |
Accounting and security lending fees | 247,475 | |
Independent trustees' compensation | 2,195 | |
Custodian fees and expenses | 606,815 | |
Registration fees | 73,011 | |
Audit | 45,812 | |
Legal | 3,663 | |
Miscellaneous | 3,167 | |
Total expenses before reductions | 6,732,333 | |
Expense reductions | (1,111,924) | 5,620,409 |
Net investment income (loss) | 5,017,983 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 76,941,342 | |
Foreign currency transactions | (772,546) | |
Total net realized gain (loss) | 76,168,796 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 266,168,648 | |
Assets and liabilities in foreign currencies | (560) | |
Total change in net unrealized appreciation (depreciation) | 266,168,088 | |
Net gain (loss) | 342,336,884 | |
Net increase (decrease) in net assets resulting from operations | $347,354,867 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Southeast Asia
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $5,017,983 | $10,708,090 |
Net realized gain (loss) | 76,168,796 | 63,732,767 |
Change in net unrealized appreciation (depreciation) | 266,168,088 | 54,484,965 |
Net increase (decrease) in net assets resulting from operations | 347,354,867 | 128,925,822 |
Distributions to shareholders from net investment income | (11,222,518) | (4,393,636) |
Distributions to shareholders from net realized gain | (18,514,528) | - |
Total distributions | (29,737,046) | (4,393,636) |
Share transactions | 451,080,225 | 334,452,814 |
Reinvestment of distributions | 28,757,047 | 4,237,758 |
Cost of shares redeemed | (107,788,982) | (144,703,410) |
Net increase (decrease) in net assets resulting from share transactions | 372,048,290 | 193,987,162 |
Redemption fees | 225,731 | 371,624 |
Total increase (decrease) in net assets | 689,891,842 | 318,890,972 |
Net Assets | ||
Beginning of period | 783,764,829 | 464,873,857 |
End of period (including undistributed net investment income of $988,295 and undistributed net investment income of $8,443,957, respectively) | $1,473,656,671 | $783,764,829 |
Other Information Shares | ||
Sold | 20,045,648 | 18,599,917 |
Issued in reinvestment of distributions | 1,416,327 | 261,752 |
Redeemed | (4,873,991) | (8,212,035) |
Net increase (decrease) | 16,587,984 | 10,649,634 |
Financial Highlights
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2005 | 2004 | 2003 | 2002 | 2001 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $18.70 | $14.87 | $13.72 | $9.96 | $9.10 | $11.74 |
Income from Investment Operations | ||||||
Net investment income (loss) E | .10 F | .30 | .16 | .15 | .06 | .03 |
Net realized and unrealized gain (loss) | 7.09 | 3.66 | 1.10 | 3.68 | .81 | (2.68) |
Total from investment operations | 7.19 | 3.96 | 1.26 | 3.83 | .87 | (2.65) |
Distributions from net investment income | (.26) | (.14) | (.13) | (.08) | (.03) | - |
Distributions from net realized gain | (.43) | - | - | - | - | - |
Total distributions | (.69) | (.14) | (.13) | (.08) | (.03) | - |
Redemption fees added to paid in capital E | - H | .01 | .02 | .01 | .02 | .01 |
Net asset value, end of period | $25.20 | $18.70 | $14.87 | $13.72 | $9.96 | $9.10 |
Total Return B, C, D | 39.34% | 26.84% | 9.39% | 38.81% | 9.75% | (22.49)% |
Ratios to Average Net Assets G | ||||||
Expenses before reductions | 1.22% A | 1.20% | 1.21% | 1.32% | 1.54% | 1.55% |
Expenses net of fee waivers, if any | 1.22% A | 1.20% | 1.21% | 1.32% | 1.54% | 1.55% |
Expenses net of all reductions | 1.02% A | 1.09% | 1.20% | 1.32% | 1.50% | 1.52% |
Net investment income (loss) | .91% A, F | 1.71% | 1.11% | 1.35% | .54% | .24% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,473,657 | $783,765 | $464,874 | $395,554 | $245,651 | $206,012 |
Portfolio turnover rate | 99% A | 109% | 131% | 115% | 131% | 91% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .68%. G 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 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. H Amount represents less than $.01 per share. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2006 (Unaudited, except as indicated)
1. Significant Accounting Policies.
Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Europe Capital Appreciation Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Pacific Basin Fund and Fidelity Southeast Asia Fund (the funds) are funds of Fidelity Investment Trust (the trust). The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The funds are diversified with the exception of Fidelity China Region Fund and Fidelity Latin America Fund. Each fund is authorized to issue an unlimited number of shares. Effective the close of business on February 28, 2006, Fidelity Japan Smaller Companies Fund was closed to most new accounts. The financial statements and notes to financial statements, as they relate to Fidelity Emerging Markets Fund, have been audited by PricewaterhouseCoopers LLP. Certain funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. Certain funds may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by affiliates of Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the funds:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, each fund uses independent pricing services approved by the Board of Trustees to value their investments.
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. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because each fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.
Foreign Currency. Certain funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost 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 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 funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the funds 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 is 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. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.
Semiannual Report
Notes to Financial Statements (Unaudited except as indicated) - continued
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, each fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, certain funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to short-term capital gains, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows for each fund:
Cost for Federal | Unrealized | Unrealized | Net Unrealized | |
Canada | $2,507,946,706 | $705,532,594 | $(24,146,373) | $681,386,221 |
China Region | 441,841,994 | 152,951,025 | (1,849,109) | 151,101,916 |
Emerging Markets | 2,590,610,071 | 1,066,046,956 | (24,163,045) | 1,041,883,911 |
Europe | 3,193,339,688 | 625,364,731 | (16,184,997) | 609,179,734 |
Europe Capital Appreciation | 765,646,882 | 147,732,725 | (6,913,680) | 140,819,045 |
Japan | 1,770,323,182 | 428,032,829 | (29,279,066) | 398,753,763 |
Japan Smaller Companies | 1,674,722,847 | 570,491,434 | (49,559,794) | 520,931,640 |
Latin America | 2,491,074,330 | 1,061,353,601 | (14,289,461) | 1,047,064,140 |
Nordic | 267,914,388 | 75,803,621 | (1,742,888) | 74,060,733 |
Pacific Basin | 1,005,855,198 | 310,135,142 | (23,485,799) | 286,649,343 |
Southeast Asia | 1,103,818,905 | 401,554,716 | (8,736,989) | 392,817,727 |
Short-Term Trading (Redemption) Fees. Shares held in Canada, China Region, Emerging Markets, Japan, Japan Smaller Companies, Latin America, Nordic, Pacific Basin and Southeast Asia less than 90 days are subject to a redemption fee equal to 1.50% of the proceeds of the redeemed shares. Shares held in Europe and Europe Capital Appreciation less than 30 days are subject to a redemption fee equal to 1.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the funds and accounted for as an addition to paid in capital.
2. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits certain funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Certain funds may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Each applicable fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Futures Contracts. Certain funds may use futures contracts to manage their exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in each applicable fund's Schedule of Investments. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
Semiannual Report
2. Operating Policies - continued
Restricted Securities. Certain funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable fund's Schedule of Investments.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Canada | 1,322,231,505 | 394,154,618 |
China Region | 131,817,300 | 92,935,967 |
Emerging Markets | 1,736,374,898 | 417,758,061 |
Europe | 2,152,813,114 | 1,972,227,334 |
Europe Capital Appreciation | 418,417,138 | 356,947,034 |
Japan | 1,137,496,158 | 554,921,923 |
Japan Smaller Companies | 1,206,351,038 | 856,191,253 |
Latin America | 1,569,946,994 | 294,699,937 |
Nordic | 124,671,738 | 69,563,412 |
Pacific Basin | 621,819,641 | 253,174,617 |
Southeast Asia | 832,951,926 | 531,489,577 |
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the funds with investment management related services for which the funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and a group fee rate. The individual fund fee rate is applied to each fund's average net assets. The group fee rate 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 Canada, Europe, Europe Capital Appreciation, Japan, Pacific Basin, and Southeast Asia is subject to a performance adjustment (up to a maximum ±.20% of each applicable fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on each fund's relative investment performance as compared to an appropriate benchmark index. For the period, each fund's annualized management fee rate expressed as a percentage of each fund's average net assets, including the performance adjustment, if applicable was as follows:
Individual Rate | Group Rate | Total | |
Canada | .45% | .27% | .70% |
China Region | .45% | .27% | .72% |
Emerging Markets | .45% | .27% | .72% |
Europe | .45% | .27% | .84% |
Europe Capital Appreciation | .45% | .27% | .80% |
Japan | .45% | .27% | .78% |
Japan Smaller Companies | .45% | .27% | .72% |
Latin America | .45% | .27% | .72% |
Nordic | .45% | .27% | .72% |
Pacific Basin | .45% | .27% | .78% |
Southeast Asia | .45% | .27% | .82% |
Semiannual Report
Notes to Financial Statements (Unaudited except as indicated) - continued
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the funds' transfer, dividend disbursing and shareholder servicing agent. FSC receives account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Canada | .23% |
China Region | .26% |
Emerging Markets | .21% |
Europe | .23% |
Europe Capital Appreciation | .21% |
Japan | .22% |
Japan Smaller Companies | .19% |
Latin America | .21% |
Nordic | .26% |
Pacific Basin | .23% |
Southeast Asia | .22% |
Accounting and Security Lending Fees. FSC maintains each fund's accounting records. The accounting fee is based on the level of average net assets for the 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.
Affiliated Central Funds. Certain funds may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM) an affiliate of FMR.
The Money Market Central Funds do not pay a management fee.
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 | |
Canada | $395 |
Emerging Markets | 306 |
Europe Capital Appreciation | 73 |
Pacific Basin | 19 |
Southeast Asia | 130 |
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. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Daily Loan Balance | Weighted | Interest | |
Europe | Borrower | $10,759,143 | 4.13% | $8,644 |
Japan | Borrower | 6,416,000 | 4.39% | 782 |
Semiannual Report
5. Committed Line of Credit.
Certain funds participate with other funds managed by FMR in a $4.2 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 is reflected in Miscellaneous Expense on the Statement of Operations, and is as follows:
Canada | $3,248 |
China Region | 680 |
Emerging Markets | 2,114 |
Europe | 4,210 |
Europe Capital Appreciation | 787 |
Japan | 2,310 |
Japan Smaller Companies | 2,718 |
Latin America | 2,029 |
Nordic | 294 |
Pacific Basin | 851 |
Southeast Asia | 990 |
During the period, there were no borrowings on this line of credit.
6. Security Lending.
Certain funds lend portfolio securities from time to time in order to earn additional income. 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 fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented on each applicable fund's Statement of Operations as a component of income from affiliated central funds.
7. Bank Borrowings.
Each fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. Each fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. At period end, there were no bank borrowings outstanding. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:
Average Daily | Weighted Average | |
Canada | $9,500,000 | 5.06% |
Europe | 61,478,000 | 4.44% |
Semiannual Report
Notes to Financial Statements (Unaudited except as indicated) - continued
8. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of certain funds provided services to these funds in addition to trade execution. These services included payments of expenses on behalf of each applicable fund. In addition, through arrangements with each applicable fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce each applicable fund's expenses. All of the applicable expense reductions are noted in the table below.
Brokerage Service Arrangements | Custody | Transfer | |
Canada | $428,460 | $16,124 | $21,475 |
China Region | 160,584 | 1,124 | 3,032 |
Emerging Markets | 1,391,322 | 4,893 | 22,209 |
Europe | 2,144,135 | 2,539 | 73,508 |
Europe Capital Appreciation | 304,467 | 14 | 3,407 |
Japan | 149,922 | 12 | 23,275 |
Japan Smaller Companies | 175,151 | 1 | 6,466 |
Latin America | 431,416 | 4,662 | 15,412 |
Nordic | 51,942 | - | 1,665 |
Pacific Basin | 336,551 | - | 11,382 |
Southeast Asia | 1,097,463 | - | 14,461 |
9. 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, Fidelity Freedom 2020 Fund was the owner of record of approximately 18% of the total outstanding shares of Europe. Fidelity Freedom 2030 Fund was the owner of record of approximately 13% of the total outstanding shares of Europe. The Fidelity Freedom Funds were the owners of record, in the aggregate, of approximately 55% and 27% of the total outstanding shares of Europe and Japan, respectively.
Semiannual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Emerging Markets Fund:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Emerging Markets Fund (a fund of Fidelity Investment Trust) at April 30, 2006, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Investment Trust's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements 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 are free of material misstatement. An audit 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, and evaluating the overall financial statement presentation. We believe that our audit, which includes confirmation of securities at April 30, 2006, by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
June 20, 2006
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Targeted International Equity Funds
On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for each fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for each fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to each fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for each fund to access the research and investment advisory support services supplied by FRAC at no additional expense to each fund.
The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under each fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of each fund's assets; (iii) the nature or level of services provided under each fund's management contract or sub-advisory agreements; (iv) the day-to-day management of each fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of each Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of each fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.
Because the Board was approving an arrangement with FRAC under which each fund will not bear any additional management fees or expenses and under which each fund's portfolio manager would not change, it did not consider each fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.
In connection with its future renewal of each fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to each fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of each fund's management fee and total expenses; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that each fund's Agreement is fair and reasonable, and that each fund's Agreement should be approved.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)Fidelity Automated Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.
Fidelity Research & Analysis Company
(formerly Fidelity Management & Research (Far East) Inc.)
Fidelity Investments Japan Limited
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K.) Limited
Fidelity Gestion (FIGEST)
Europe Fund
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agent
Fidelity Service Company, Inc.
Boston, MA
Custodians
JPMorgan Chase Bank
New York, NY
Emerging Markets Fund, Europe Fund, Europe Capital Appreciation Fund, Japan Fund, Pacific Basin Fund, Southeast Asia Fund
Brown Brothers Harriman & Co.
Boston, MA
Canada Fund, China Region Fund, Japan Smaller Companies Fund, Latin America Fund, Nordic Fund
Fidelity's International Equity Funds
Aggressive International Fund
Canada Fund
China Region Fund
Diversified International Fund
Emerging Markets Fund
Europe Fund
Europe Capital Appreciation Fund
Global Balanced Fund
International Discovery Fund
International Small Cap Fund
International Small Cap Opportunities Fund
Japan Fund
Japan Smaller Companies Fund
Latin America Fund
Nordic Fund
Overseas Fund
Pacific Basin Fund
Southeast Asia Fund
Worldwide Fund
Corporate Headquarters
82 Devonshire Street
Boston, MA 02109
www.fidelity.com
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance1-800-544-6666
Product Information1-800-544-6666
Retirement Accounts1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) (automated graphic) 1-800-544-5555
(automated graphic) Automated line for quickest service
(Fidelity Logo Graphic)®
P.O. Box 193
Boston, MA 02101
TIF-USAN-0606
1.784917.103
Fidelity®
International Discovery
Fund
Semiannual Report
April 30, 2006
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at 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 Corp. 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 each fund's most recent quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com/holdings.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d.
Edward C. Johnson 3d
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 redemptions of shares purchased prior to October 12, 1990, and 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, 2005 to April 30, 2006).
Actual Expenses
The first line of the table below 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.
Hypothetical Example for Comparison Purposes
The second line of the table below 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.
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.
Beginning | Ending | Expenses Paid | |
Class A | |||
Actual | $1,000.00 | $1,248.70 | $7.53 |
HypotheticalA | $1,000.00 | $1,018.10 | $6.76 |
Class T | |||
Actual | $1,000.00 | $1,246.70 | $9.75 |
HypotheticalA | $1,000.00 | $1,016.12 | $8.75 |
Class B | |||
Actual | $1,000.00 | $1,243.90 | $12.52 |
HypotheticalA | $1,000.00 | $1,013.64 | $11.23 |
Class C | |||
Actual | $1,000.00 | $1,244.10 | $12.02 |
HypotheticalA | $1,000.00 | $1,014.08 | $10.79 |
International Discovery Fund | |||
Actual | $1,000.00 | $1,251.00 | $6.25 |
HypotheticalA | $1,000.00 | $1,019.24 | $5.61 |
Institutional Class | |||
Actual | $1,000.00 | $1,251.80 | $5.86 |
HypotheticalA | $1,000.00 | $1,019.59 | $5.26 |
A5% return per year before expenses
*Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Annualized | |
Class A | 1.35% |
Class T | 1.75% |
Class B | 2.25% |
Class C | 2.16% |
International Discovery Fund | 1.12% |
Institutional Class | 1.05% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Japan21.7% | |||
United Kingdom13.7% | |||
France11.1% | |||
Germany10.0% | |||
Switzerland8.5% | |||
Australia3.8% | |||
United States of America3.5% | |||
Italy3.2% | |||
Korea (South)2.6% | |||
Other21.9% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Japan23.0% | |||
United Kingdom17.8% | |||
Germany9.1% | |||
Switzerland8.8% | |||
France7.5% | |||
Australia4.3% | |||
Netherlands3.0% | |||
Italy2.8% | |||
Spain2.5% | |||
Other21.2% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks and Equity Futures | 97.3 | 99.4 |
Short-Term Investments and Net Other Assets | 2.7 | 0.6 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
BP PLC sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 1.4 | 2.1 |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 1.4 | 1.7 |
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals) | 1.4 | 1.5 |
Toyota Motor Corp. (Japan, Automobiles) | 1.3 | 1.4 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.3 | 1.8 |
Novartis AG (Reg.) (Switzerland, Pharmaceuticals) | 1.2 | 1.8 |
UBS AG (NY Shares) (Switzerland, Capital Markets) | 1.1 | 0.5 |
E.ON AG (Germany, Electric Utilities) | 1.1 | 0.9 |
Allianz AG (Reg.) (Germany, Insurance) | 1.0 | 1.2 |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 1.0 | 1.5 |
12.2 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Financials | 25.7 | 24.5 |
Consumer Discretionary | 15.5 | 15.6 |
Industrials | 11.3 | 11.0 |
Information Technology | 9.3 | 7.6 |
Energy | 8.7 | 8.4 |
Health Care | 7.5 | 10.0 |
Materials | 5.9 | 5.7 |
Consumer Staples | 5.7 | 8.9 |
Utilities | 4.2 | 2.0 |
Telecommunication Services | 2.1 | 4.4 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.7% | |||
Shares | Value (Note 1) | ||
Australia - 3.8% | |||
ABC Learning Centres Ltd. | 17,451 | $104 | |
AMP Ltd. | 699,000 | 4,784 | |
Aristocrat Leisure Ltd. | 484,123 | 5,417 | |
Babcock & Brown Japan Property Trust | 8,156,000 | 11,090 | |
BHP Billiton Ltd. | 2,560,200 | 58,321 | |
Billabong International Ltd. | 1,664,428 | 19,497 | |
Commonwealth Bank of Australia | 296,000 | 10,568 | |
Computershare Ltd. | 2,543,600 | 15,226 | |
CSL Ltd. | 345,050 | 15,124 | |
Downer EDI Ltd. | 3,129,097 | 20,633 | |
Dyno Nobel Ltd. | 1,156,300 | 2,301 | |
Macquarie Airports unit | 2,050,236 | 5,108 | |
Macquarie Bank Ltd. | 404,800 | 21,956 | |
Macquarie Communications Infrastructure Group unit | 1,632,940 | 6,823 | |
Macquarie Infrastructure Group unit | 1,680,541 | 4,558 | |
Mortgage Choice Ltd. | 1,123,400 | 2,219 | |
National Australia Bank Ltd. | 582,700 | 16,642 | |
QBE Insurance Group Ltd. | 1,186,267 | 20,168 | |
Seek Ltd. | 2,000,000 | 6,032 | |
Transurban Group unit | 952,767 | 4,777 | |
Zinifex Ltd. | 2,388,800 | 18,782 | |
TOTAL AUSTRALIA | 270,130 | ||
Austria - 1.1% | |||
Austriamicrosystems AG (a) | 111,000 | 7,155 | |
Erste Bank der Oesterreichischen Sparkassen AG | 208,400 | 12,647 | |
Oesterreichische Elektrizitaetswirtschafts AG (Verbund) | 39,800 | 18,919 | |
OMV AG | 365,800 | 25,434 | |
Telekom Austria AG | 472,700 | 11,600 | |
TOTAL AUSTRIA | 75,755 | ||
Bermuda - 0.1% | |||
Catlin Group Ltd. | 486,300 | 4,297 | |
Ports Design Ltd. | 2,005,000 | 3,168 | |
TOTAL BERMUDA | 7,465 | ||
Brazil - 0.5% | |||
Banco Bradesco SA (PN) sponsored ADR (non-vtg.) | 234,400 | 8,924 | |
Banco Itau Holding Financeira SA (PN) (non-vtg.) | 108,170 | 3,470 | |
Banco Nossa Caixa SA | 256,500 | 5,789 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Brazil - continued | |||
CSU Cardsystem SA sponsored ADR (a)(e) | 158,000 | $4,037 | |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 171,900 | 13,640 | |
TOTAL BRAZIL | 35,860 | ||
Cayman Islands - 0.6% | |||
Foxconn International Holdings Ltd. (a) | 5,711,000 | 12,301 | |
GlobalSantaFe Corp. | 283,300 | 17,341 | |
Himax Technologies, Inc. sponsored ADR | 158,800 | 1,413 | |
Suntech Power Holdings Co. Ltd. sponsored ADR | 187,900 | 6,443 | |
Xinao Gas Holdings Ltd. | 5,392,000 | 4,972 | |
TOTAL CAYMAN ISLANDS | 42,470 | ||
China - 0.5% | |||
China Shenhua Energy Co. Ltd. (H Shares) | 5,943,500 | 10,770 | |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR | 238,791 | 3,250 | |
Dalian Port (PDA) Co. Ltd. (H Shares) | 692,000 | 386 | |
Focus Media Holding Ltd. ADR | 162,000 | 9,783 | |
Li Ning Co. Ltd. | 7,030,000 | 7,888 | |
Shanghai Prime Machinery Co. Ltd. (H Shares) | 1,552,000 | 581 | |
TOTAL CHINA | 32,658 | ||
Denmark - 0.3% | |||
Vestas Wind Systems AS (a) | 670,200 | 18,192 | |
Finland - 2.0% | |||
Citycon Oyj | 576,935 | 2,700 | |
Citycon Oyj New | 115,387 | 540 | |
Fortum Oyj | 929,700 | 23,483 | |
Metso Corp. | 481,500 | 19,136 | |
Neste Oil Oyj | 640,550 | 22,353 | |
Nokia Corp. sponsored ADR | 2,586,400 | 58,608 | |
Sampo Oyj (A Shares) | 695,900 | 14,364 | |
TOTAL FINLAND | 141,184 | ||
France - 11.1% | |||
Accor SA | 314,900 | 19,821 | |
Alcatel SA (RFD) (a) | 1,089,900 | 15,716 | |
Alstom SA (a) | 211,000 | 19,114 | |
April Group (d) | 286,900 | 15,257 | |
AXA SA | 1,049,400 | 38,419 | |
BNP Paribas SA | 381,127 | 36,016 | |
BNP Paribas SA New | 38,112 | 3,479 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
France - continued | |||
Carrefour SA (d) | 578,000 | $33,530 | |
Compagnie Generale de Geophysique SA (a) | 205,999 | 33,293 | |
Financiere Marc de Lacharriere SA (Fimalac) | 105,900 | 10,054 | |
Groupe Danone | 88,500 | 11,043 | |
L'Oreal SA | 296,700 | 27,513 | |
Legrand SA | 35,600 | 1,042 | |
Louis Vuitton Moet Hennessy (LVMH) | 325,800 | 34,302 | |
Neopost SA | 280,900 | 31,772 | |
Nexity | 467,000 | 32,641 | |
Orpea (a) | 269,064 | 19,961 | |
Pernod Ricard SA | 171,500 | 33,257 | |
Renault SA | 383,100 | 44,467 | |
Sanofi-Aventis sponsored ADR | 976,500 | 45,935 | |
Schneider Electric SA | 190,000 | 21,514 | |
Silicon On Insulator Technologies SA (SOITEC) (a) | 283,425 | 9,251 | |
Societe Generale Series A | 291,500 | 44,537 | |
Suez SA (France) (d) | 1,105,800 | 43,514 | |
Total SA Series B | 363,844 | 100,435 | |
Veolia Environnement | 159,700 | 9,542 | |
Vinci SA | 263,500 | 26,180 | |
Vivendi Universal SA sponsored ADR (d) | 816,500 | 29,827 | |
TOTAL FRANCE | 791,432 | ||
Germany - 9.2% | |||
ADVA AG Optical Networking (a) | 279,500 | 3,315 | |
Allianz AG (Reg.) (d) | 425,830 | 71,241 | |
Bayer AG sponsored ADR (d) | 470,300 | 21,234 | |
Bilfinger Berger AG | 148,500 | 9,460 | |
Continental AG | 93,400 | 11,120 | |
Deutsche Boerse AG | 234,900 | 33,972 | |
Deutsche Postbank AG (d) | 267,100 | 20,421 | |
E.ON AG (d) | 613,300 | 74,682 | |
GFK AG | 288,897 | 13,238 | |
Heidelberger Druckmaschinen AG | 707,500 | 35,705 | |
Hugo Boss AG | 43,200 | 2,041 | |
Hypo Real Estate Holding AG | 179,368 | 12,542 | |
Infineon Technologies AG sponsored ADR (a) | 2,040,100 | 24,930 | |
KarstadtQuelle AG (a)(d) | 775,000 | 23,300 | |
Linde AG (d) | 177,200 | 15,864 | |
Merck KGaA | 118,800 | 12,590 | |
MPC Muenchmeyer Petersen Capital AG (d) | 50,500 | 4,243 | |
MTU Aero Engines Holding AG | 337,500 | 12,246 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Germany - continued | |||
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 178,400 | $25,281 | |
Pfleiderer AG | 1,058,096 | 31,919 | |
Premiere AG (a)(d) | 907,900 | 14,891 | |
Q-Cells AG | 149,200 | 13,770 | |
RWE AG | 398,119 | 34,517 | |
SAP AG | 99,900 | 21,830 | |
SGL Carbon AG (a) | 632,300 | 13,282 | |
Siemens AG sponsored ADR | 359,600 | 34,033 | |
SolarWorld AG | 59,700 | 18,604 | |
United Internet AG | 368,778 | 24,194 | |
Wacker Chemie AG | 22,300 | 2,926 | |
Wincor Nixdorf AG | 117,800 | 16,943 | |
TOTAL GERMANY | 654,334 | ||
Greece - 0.4% | |||
EFG Eurobank Ergasias SA | 311,750 | 12,421 | |
Greek Organization of Football Prognostics SA | 359,130 | 13,276 | |
TOTAL GREECE | 25,697 | ||
Hong Kong - 1.0% | |||
Chaoda Modern Agriculture (Holdings) Ltd. | 12,600,000 | 8,776 | |
CNOOC Ltd. | 21,546,300 | 17,369 | |
Esprit Holdings Ltd. | 3,610,500 | 28,825 | |
Li & Fung Ltd. | 4,172,000 | 9,901 | |
Wharf Holdings Ltd. | 1,509,000 | 6,053 | |
TOTAL HONG KONG | 70,924 | ||
India - 1.0% | |||
Cipla Ltd. | 1,277,912 | 7,246 | |
Infosys Technologies Ltd. | 342,896 | 23,977 | |
Pfizer Ltd. | 218,539 | 5,004 | |
Punj Lloyd Ltd. | 13,941 | 317 | |
State Bank of India | 721,022 | 16,256 | |
Sun TV Ltd. | 10,986 | 312 | |
Suzlon Energy Ltd. | 714,804 | 20,054 | |
TOTAL INDIA | 73,166 | ||
Indonesia - 0.3% | |||
PT Bank Rakyat Indonesia Tbk | 14,168,800 | 7,459 | |
PT Perusahaan Gas Negara Tbk Series B | 9,993,500 | 14,106 | |
TOTAL INDONESIA | 21,565 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Ireland - 0.9% | |||
AgCert International | 1,462,000 | $6,706 | |
Allied Irish Banks PLC | 880,600 | 21,099 | |
C&C Group PLC | 2,070,005 | 16,061 | |
Paddy Power PLC (Ireland) | 623,197 | 11,086 | |
Ryanair Holdings PLC sponsored ADR (a) | 128,600 | 6,054 | |
TOTAL IRELAND | 61,006 | ||
Israel - 0.7% | |||
Bank Hapoalim BM (Reg.) | 2,497,200 | 12,584 | |
Ormat Industries Ltd. | 1,771,900 | 16,849 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 459,700 | 18,618 | |
TOTAL ISRAEL | 48,051 | ||
Italy - 2.8% | |||
Azimut Holdings Spa | 864,500 | 10,634 | |
Banca Credit Firenze | 2,248,700 | 7,964 | |
Banca Monte dei Paschi di Siena Spa (d) | 2,684,000 | 15,922 | |
ENI Spa | 288,800 | 8,839 | |
ENI Spa sponsored ADR | 387,450 | 23,716 | |
FASTWEB Spa | 262,300 | 13,178 | |
Fiat Spa (a) | 1,623,400 | 22,874 | |
Geox Spa | 802,030 | 11,442 | |
Lottomatica Spa (d) | 227,400 | 10,495 | |
Mediobanca Spa | 391,500 | 8,486 | |
Pirelli & C. Real Estate Spa | 235,100 | 17,254 | |
Unicredito Italiano Spa | 6,648,800 | 50,104 | |
TOTAL ITALY | 200,908 | ||
Japan - 20.3% | |||
Aeon Co. Ltd. | 1,445,200 | 35,979 | |
Aeon Fantasy Co. Ltd. | 19,400 | 814 | |
Asics Corp. | 1,396,000 | 17,028 | |
Canon, Inc. | 603,100 | 45,715 | |
Credit Saison Co. Ltd. | 188,700 | 9,893 | |
Daikin Industries Ltd. | 350,000 | 12,202 | |
Daiwa House Industry Co. Ltd. | 939,000 | 16,005 | |
Daiwa Securities Group, Inc. | 944,000 | 13,090 | |
East Japan Railway Co. | 2,017 | 15,746 | |
FamilyMart Co. Ltd. | 42,100 | 1,220 | |
Fanuc Ltd. | 278,500 | 26,340 | |
Fast Retailing Co. Ltd. | 149,500 | 14,205 | |
Fujitsu Ltd. | 1,724,000 | 14,367 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
Fullcast Co. Ltd. | 1,334 | $5,400 | |
Hokuhoku Financial Group, Inc. | 1,567,000 | 6,385 | |
Hoya Corp. | 771,100 | 31,216 | |
Ibiden Co. Ltd. | 413,300 | 19,635 | |
JAFCO Co. Ltd. | 116,400 | 7,748 | |
Japan Tobacco, Inc. | 4,245 | 17,073 | |
JGC Corp. | 1,030,400 | 18,052 | |
JSR Corp. | 784,100 | 24,169 | |
JTEKT Corp. | 659,000 | 14,207 | |
Kahma Co. Ltd. (d) | 215,800 | 5,875 | |
Kansai Urban Banking Corp. | 1,288,000 | 6,074 | |
Keyence Corp. | 79,600 | 20,886 | |
Kose Corp. | 181,700 | 6,622 | |
Kurita Water Industries Ltd. | 150,900 | 3,074 | |
Matsushita Electric Industrial Co. Ltd. | 2,105,000 | 50,962 | |
Mitsubishi Estate Co. Ltd. | 826,000 | 18,061 | |
Mitsubishi UFJ Financial Group, Inc. | 3,272 | 51,240 | |
Mitsui & Co. Ltd. | 2,077,000 | 31,390 | |
Mitsui Fudosan Co. Ltd. | 1,335,000 | 29,895 | |
Mizuho Financial Group, Inc. | 6,623 | 56,474 | |
Nidec Corp. | 131,900 | 10,170 | |
Nikko Cordial Corp. | 2,117,500 | 34,270 | |
Nintendo Co. Ltd. | 202,100 | 30,171 | |
Nippon Electric Glass Co. Ltd. | 956,000 | 21,576 | |
Nippon Oil Corp. | 1,544,000 | 12,216 | |
Nishimatsuya Chain Co. Ltd. | 141,800 | 3,182 | |
Nissan Motor Co. Ltd. | 1,373,400 | 18,081 | |
Nitto Denko Corp. | 341,900 | 28,673 | |
Nomura Holdings, Inc. | 433,500 | 9,832 | |
NSK Ltd. | 1,893,000 | 17,122 | |
Omron Corp. | 555,800 | 15,521 | |
ORIX Corp. | 173,920 | 52,233 | |
SHIMIZU Corp. | 2,444,000 | 16,912 | |
Shin-Etsu Chemical Co. Ltd. | 190,300 | 10,996 | |
Sompo Japan Insurance, Inc. | 1,930,000 | 27,965 | |
Sony Corp. sponsored ADR | 711,800 | 34,835 | |
St. Marc Holdings Co. Ltd. | 83,900 | 5,784 | |
Sugi Pharmacy Co. Ltd. | 546,800 | 12,821 | |
Sumco Corp. | 479,700 | 28,687 | |
Sumitomo Electric Industries Ltd. | 1,721,600 | 27,334 | |
Sumitomo Metal Industries Ltd. | 4,099,000 | 17,278 | |
Sumitomo Mitsui Financial Group, Inc. | 5,327 | 58,474 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
Sumitomo Titanium Corp. | 74,900 | $14,747 | |
Sumitomo Trust & Banking Co. Ltd. | 1,452,000 | 15,454 | |
T&D Holdings, Inc. | 364,400 | 27,936 | |
Takeda Pharamaceutical Co. Ltd. | 457,000 | 27,932 | |
Teijin Ltd. | 3,129,200 | 21,461 | |
The Daimaru, Inc. | 1,171,000 | 17,050 | |
The Sumitomo Warehouse Co. Ltd. | 338,000 | 2,627 | |
Toho Titanium Co. Ltd. | 194,000 | 14,464 | |
Token Corp. | 78,400 | 5,115 | |
Tokuyama Corp. | 1,177,000 | 19,421 | |
Tokyo Tomin Bank Ltd. | 40,700 | 2,034 | |
Toyota Motor Corp. | 1,616,400 | 94,664 | |
Valor Co. Ltd. | 147,400 | 3,003 | |
Yahoo! Japan Corp. | 15,360 | 8,956 | |
Yamada Denki Co. Ltd. | 246,200 | 26,831 | |
TOTAL JAPAN | 1,442,870 | ||
Korea (South) - 2.6% | |||
Daegu Bank Co. Ltd. | 766,440 | 14,384 | |
Hyundai Department Store Co. Ltd. | 120,820 | 11,593 | |
Hyundai Engineering & Construction Co. Ltd. (a) | 102,900 | 6,404 | |
Hyundai Motor Co. | 79,150 | 6,957 | |
Kookmin Bank | 287,570 | 25,764 | |
Korean Reinsurance Co. | 1,154,385 | 13,831 | |
LG Household & Health Care Ltd. | 177,780 | 14,194 | |
Macquarie Korea Infrastructure Fund GDR (e) | 1,163,300 | 8,469 | |
NHN Corp. (a) | 79,108 | 28,099 | |
Samsung Electronics Co. Ltd. | 23,165 | 15,817 | |
Shinhan Financial Group Co. Ltd. | 456,710 | 22,759 | |
Shinsegae Co. Ltd. | 15,900 | 7,772 | |
Woongjin Coway Co. Ltd. unit (a)(e) | 483,500 | 7,177 | |
TOTAL KOREA (SOUTH) | 183,220 | ||
Luxembourg - 0.2% | |||
SES Global unit | 1,085,903 | 17,742 | |
Mexico - 0.4% | |||
America Movil SA de CV Series L sponsored ADR | 423,900 | 15,646 | |
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR | 36,100 | 1,201 | |
Urbi, Desarrollos Urbanos, SA de CV (a) | 1,373,800 | 11,238 | |
TOTAL MEXICO | 28,085 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Netherlands - 2.6% | |||
ABN-AMRO Holding NV (d) | 1,200,100 | $35,869 | |
ASML Holding NV (NY Shares) (a) | 372,500 | 7,878 | |
EADS NV (d) | 505,400 | 19,945 | |
Fugro NV (Certificaten Van Aandelen) unit | 418,300 | 17,563 | |
ING Groep NV (Certificaten Van Aandelen) | 1,285,844 | 52,180 | |
Koninklijke Numico NV | 229,000 | 10,378 | |
Koninklijke Wessanen NV | 571,800 | 9,248 | |
Randstad Holdings NV | 198,700 | 13,211 | |
Tele Atlas NV (Netherlands) (a) | 132,400 | 3,358 | |
VNU NV | 388,575 | 13,340 | |
TOTAL NETHERLANDS | 182,970 | ||
Norway - 1.9% | |||
DnB NOR ASA (d) | 928,300 | 12,881 | |
Norsk Hydro ASA | 264,200 | 40,423 | |
ProSafe ASA | 329,200 | 19,554 | |
Statoil ASA (d) | 511,800 | 16,861 | |
TANDBERG ASA (d) | 1,789,900 | 18,228 | |
TANDBERG Television ASA (a) | 636,000 | 12,799 | |
Telenor ASA | 1,338,200 | 15,528 | |
TOTAL NORWAY | 136,274 | ||
Portugal - 0.2% | |||
Energias de Portugal SA | 4,219,400 | 16,609 | |
Russia - 0.3% | |||
Novatek JSC GDR (e) | 66,900 | 2,843 | |
OAO Gazprom sponsored ADR | 411,600 | 18,934 | |
TOTAL RUSSIA | 21,777 | ||
Singapore - 0.4% | |||
Ascendas Real Estate Investment Trust (A-REIT) | 4,630,000 | 6,678 | |
HTL International Holdings Ltd. | 7,187,500 | 5,956 | |
Keppel Corp. Ltd. | 1,166,000 | 11,285 | |
STATS ChipPAC Ltd. (a) | 4,624,000 | 3,949 | |
TOTAL SINGAPORE | 27,868 | ||
South Africa - 1.8% | |||
African Bank Investments Ltd. | 1,707,000 | 9,539 | |
FirstRand Ltd. | 7,320,900 | 24,109 | |
Foschini Ltd. | 1,374,300 | 13,920 | |
Gold Fields Ltd. | 405,500 | 10,304 | |
MTN Group Ltd. | 2,089,100 | 20,848 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
South Africa - continued | |||
Naspers Ltd. Class N | 399,800 | $8,777 | |
Nedbank Group Ltd. | 410,444 | 8,571 | |
Standard Bank Group Ltd. | 522,700 | 7,459 | |
Steinhoff International Holdings Ltd. | 6,519,266 | 25,839 | |
TOTAL SOUTH AFRICA | 129,366 | ||
Spain - 1.9% | |||
Antena 3 Television SA (d) | 554,756 | 14,614 | |
Banco Bilbao Vizcaya Argentaria SA | 3,093,800 | 68,249 | |
Banco Santander Central Hispano SA | 1,902,500 | 29,500 | |
Gestevision Telecinco SA | 256,800 | 6,561 | |
Inditex SA | 337,900 | 13,749 | |
TOTAL SPAIN | 132,673 | ||
Sweden - 1.1% | |||
Atlas Copco AB (B Shares) (d) | 1,378,700 | 37,660 | |
Eniro AB | 1,035,700 | 11,365 | |
Hennes & Mauritz AB (H&M) (B Shares) (d) | 194,400 | 7,384 | |
Modern Times Group AB (MTG) (B Shares) (a) | 160,900 | 8,834 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 366,300 | 12,993 | |
TOTAL SWEDEN | 78,236 | ||
Switzerland - 8.5% | |||
ABB Ltd. sponsored ADR | 1,647,100 | 23,422 | |
Actelion Ltd. (Reg.) (a) | 123,336 | 13,942 | |
Compagnie Financiere Richemont unit | 783,838 | 40,604 | |
Credit Suisse Group sponsored ADR | 220,100 | 13,380 | |
Credit Suisse Group (Reg.) (d) | 704,294 | 44,235 | |
Lindt & Spruengli AG (participation certificate) | 10,132 | 20,668 | |
Nestle SA (Reg.) | 199,565 | 60,861 | |
Nobel Biocare Holding AG (Switzerland) (d) | 68,513 | 16,931 | |
Novartis AG (Reg.) | 1,440,008 | 82,815 | |
Pargesa Holding SA | 141,700 | 14,395 | |
Roche Holding AG (participation certificate) | 592,565 | 91,109 | |
Societe Generale de Surveillance Holding SA (SGS) (Reg.) | 12,915 | 12,777 | |
Swiss Life Holding | 95,400 | 21,979 | |
Syngenta AG: | |||
warrants 5/22/06 (a) | 177,108 | 284 | |
(Switzerland) | 194,108 | 26,962 | |
The Swatch Group AG (Reg.) | 389,573 | 14,291 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Switzerland - continued | |||
UBS AG (NY Shares) | 681,550 | $79,639 | |
Zurich Financial Services AG | 105,040 | 25,555 | |
TOTAL SWITZERLAND | 603,849 | ||
Taiwan - 0.7% | |||
Holtek Semiconductor, Inc. | 2,780,371 | 5,568 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 2,625,742 | 17,817 | |
Merry Electronics Co. Ltd. | 3,021,000 | 10,652 | |
Phoenix Precision Technology Corp. | 4,827,400 | 11,000 | |
Powertech Technology, Inc. | 2,086,000 | 7,159 | |
TOTAL TAIWAN | 52,196 | ||
Thailand - 0.2% | |||
Kasikornbank PCL (For. Reg.) | 6,171,500 | 11,182 | |
Turkey - 0.6% | |||
Finansbank AS | 4,168,014 | 21,746 | |
Tupras-Turkiye Petrol Rafinerileri AS | 844,000 | 17,869 | |
TOTAL TURKEY | 39,615 | ||
United Arab Emirates - 0.2% | |||
Investcom LLC GDR | 1,055,300 | 15,988 | |
United Kingdom - 13.7% | |||
Anglo American PLC (United Kingdom) | 880,600 | 37,500 | |
AstraZeneca PLC sponsored ADR | 266,300 | 14,681 | |
BAE Systems PLC | 4,917,309 | 37,441 | |
Benfield Group PLC | 2,792,700 | 19,787 | |
BG Group PLC | 1,368,000 | 18,387 | |
BG Group PLC sponsored ADR | 200,000 | 13,432 | |
BHP Billiton PLC | 1,346,800 | 27,731 | |
BP PLC sponsored ADR | 1,377,900 | 101,572 | |
British American Tobacco PLC | 623,100 | 15,920 | |
British American Tobacco PLC sponsored ADR | 388,200 | 19,837 | |
British Land Co. PLC | 627,900 | 14,383 | |
Capita Group PLC | 1,106,900 | 9,402 | |
Carnival PLC | 212,200 | 10,500 | |
CLS Holdings PLC (a) | 623,893 | 6,269 | |
CSR PLC (a) | 300,100 | 6,617 | |
EMI Group PLC | 1,826,400 | 9,393 | |
Enterprise Inns PLC | 505,225 | 8,597 | |
GlaxoSmithKline PLC sponsored ADR | 1,727,200 | 98,243 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United Kingdom - continued | |||
HSBC Holdings PLC: | |||
(Hong Kong) (Reg.) | 2,694,477 | $46,711 | |
(United Kingdom) (Reg.) | 700,000 | 12,135 | |
Imperial Tobacco Group PLC | 76,000 | 2,362 | |
Imperial Tobacco Group PLC sponsored ADR | 175,100 | 10,975 | |
Informa PLC | 1,379,400 | 12,302 | |
International Power PLC | 3,077,300 | 16,710 | |
Ladbrokes PLC | 11 | 0 | |
Man Group PLC | 273,700 | 12,614 | |
Marks & Spencer Group PLC | 2,138,400 | 22,834 | |
NDS Group PLC sponsored ADR (a) | 83,800 | 4,224 | |
Prudential PLC | 1,167,482 | 13,701 | |
Reckitt Benckiser PLC | 538,900 | 19,647 | |
Renovo Group PLC | 2,788,400 | 5,772 | |
Reuters Group PLC sponsored ADR | 315,700 | 13,411 | |
Rio Tinto PLC sponsored ADR | 137,100 | 30,532 | |
Rolls-Royce Group PLC | 3,597,561 | 31,263 | |
Royal Bank of Scotland Group PLC | 732,071 | 23,912 | |
Royal Dutch Shell PLC Class B | 1,927,259 | 68,813 | |
Scottish & Southern Energy PLC | 1,021,200 | 20,952 | |
SIG PLC | 536,100 | 8,848 | |
Smiths Group PLC | 913,000 | 16,976 | |
Tesco PLC | 2,092,100 | 12,190 | |
Vedanta Resources PLC | 464,600 | 13,371 | |
Virgin Mobile Holdings (UK) PLC | 1,141,000 | 7,762 | |
Vodafone Group PLC | 22,088,212 | 52,349 | |
VT Group PLC | 1,218,600 | 10,223 | |
Whatman PLC | 735,900 | 4,211 | |
Yell Group PLC | 614,365 | 5,759 | |
TOTAL UNITED KINGDOM | 970,251 | ||
United States of America - 0.8% | |||
Macquarie Infrastructure Co. Trust | 131,000 | 3,825 | |
NTL, Inc. (a) | 934,000 | 25,666 | |
Synthes, Inc. | 244,488 | 30,356 | |
TOTAL UNITED STATES OF AMERICA | 59,847 | ||
TOTAL COMMON STOCKS (Cost $5,213,229) | 6,721,415 | ||
Nonconvertible Preferred Stocks - 1.2% | |||
Shares | Value (Note 1) | ||
Germany - 0.8% | |||
Fresenius AG (non-vtg.) | 94,600 | $16,369 | |
Hugo Boss AG (non-vtg.) (d) | 332,800 | 15,745 | |
Porsche AG (non-vtg.) | 20,595 | 20,540 | |
TOTAL GERMANY | 52,654 | ||
Italy - 0.4% | |||
Banca Intesa Spa (Risp) (d) | 5,637,502 | 31,331 | |
United Kingdom - 0.0% | |||
Rolls-Royce Group PLC Series B | 193,548,781 | 376 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $58,570) | 84,361 |
Government Obligations - 0.1% | ||||
Principal | ||||
United States of America - 0.1% | ||||
U.S. Treasury Bills, yield at date of purchase 4.44% to 4.72% 5/11/06 to 7/27/06 (f) | $4,610 | 4,570 |
Money Market Funds - 13.6% | |||
Shares | |||
Fidelity Cash Central Fund, 4.8% (b) | 371,284,488 | 371,284 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 595,888,669 | 595,889 | |
TOTAL MONEY MARKET FUNDS (Cost $967,173) | 967,173 | ||
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $6,243,542) | 7,777,519 | ||
NET OTHER ASSETS - (9.6)% | (681,315) | ||
NET ASSETS - 100% | $7,096,204 |
Futures Contracts | |||||
Expiration | Underlying | Unrealized | |||
Purchased | |||||
Equity Index Contracts | |||||
1,157 Nikkei 225 Index Contracts (Japan) | June 2006 | $97,969 | $3,906 |
The face value of futures purchased as a percentage of net assets - 1.4% |
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. |
(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 period end, the value of these securities amounted to $22,526,000 or 0.3% of net assets. |
(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 $4,570,000. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $4,313 |
Fidelity Securities Lending Cash Central Fund | 2,139 |
Total | $6,452 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2006 (Unaudited) | |
Assets | ||
Investment in securities, at value (including securities loaned of $568,605) - See accompanying schedule: Unaffiliated issuers (cost $5,276,369) | $6,810,346 | |
Affiliated Central Funds (cost $967,173) | 967,173 | |
Total Investments (cost $6,243,542) | $7,777,519 | |
Receivable for investments sold | 65,191 | |
Receivable for fund shares sold | 26,813 | |
Dividends receivable | 16,631 | |
Interest receivable | 1,027 | |
Prepaid expenses | 10 | |
Other affiliated receivables | 2 | |
Other receivables | 2,293 | |
Total assets | 7,889,486 | |
Liabilities | ||
Payable to custodian bank | $9,553 | |
Payable for investments purchased | 173,462 | |
Payable for fund shares redeemed | 5,561 | |
Accrued management fee | 4,525 | |
Distribution fees payable | 22 | |
Payable for daily variation on futures contracts | 636 | |
Other affiliated payables | 1,281 | |
Other payables and accrued expenses | 2,353 | |
Collateral on securities loaned, at value | 595,889 | |
Total liabilities | 793,282 | |
Net Assets | $7,096,204 | |
Net Assets consist of: | ||
Paid in capital | $5,350,578 | |
Undistributed net investment income | 31,688 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 177,429 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 1,536,509 | |
Net Assets | $7,096,204 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2006 (Unaudited) | |
Calculation of Maximum Offering Price | $36.14 | |
Maximum offering price per share (100/94.25 of $36.14) | $38.34 | |
Class T: | $36.06 | |
Maximum offering price per share (100/96.50 of $36.06) | $37.37 | |
Class B: | $35.97 | |
Class C: | $36.03 | |
International Discovery Fund: | $36.31 | |
Institutional Class: | $36.34 |
ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended April 30, 2006 (Unaudited) | |
Investment Income | ||
Dividends | $63,039 | |
Interest | 95 | |
Income from affiliated Central Funds | 6,452 | |
69,586 | ||
Less foreign taxes withheld | (4,653) | |
Total income | 64,933 | |
Expenses | ||
Management fee | $19,251 | |
Performance adjustment | 2,616 | |
Transfer agent fees | 5,958 | |
Distribution fees | 72 | |
Accounting and security lending fees | 821 | |
Independent trustees' compensation | 10 | |
Custodian fees and expenses | 927 | |
Registration fees | 470 | |
Audit | 60 | |
Legal | 17 | |
Interest | 2 | |
Miscellaneous | 22 | |
Total expenses before reductions | 30,226 | |
Expense reductions | (2,053) | 28,173 |
Net investment income (loss) | 36,760 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 186,748 | |
Foreign currency transactions | (545) | |
Futures contracts | 9,715 | |
Total net realized gain (loss) | 195,918 | |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $1,490) | 940,125 | |
Assets and liabilities in foreign currencies | 618 | |
Futures contracts | 435 | |
Total change in net unrealized appreciation (depreciation) | 941,178 | |
Net gain (loss) | 1,137,096 | |
Net increase (decrease) in net assets resulting from operations | $1,173,856 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2006 | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $36,760 | $41,777 |
Net realized gain (loss) | 195,918 | 194,174 |
Change in net unrealized appreciation (depreciation) | 941,178 | 324,844 |
Net increase (decrease) in net assets resulting | 1,173,856 | 560,795 |
Distributions to shareholders from net investment income | (41,324) | (12,813) |
Distributions to shareholders from net realized gain | (189,744) | (10,250) |
Total distributions | (231,068) | (23,063) |
Share transactions - net increase (decrease) | 2,188,556 | 1,234,164 |
Redemption fees | 109 | 193 |
Total increase (decrease) in net assets | 3,131,453 | 1,772,089 |
Net Assets | ||
Beginning of period | 3,964,751 | 2,192,662 |
End of period (including undistributed net investment income of $31,688 and undistributed net investment income of $40,185, respectively) | $7,096,204 | $3,964,751 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class A
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $30.57 | $27.41 |
Income from Investment Operations | ||
Net investment income (loss) E | .19 | .28 |
Net realized and unrealized gain (loss) | 7.09 | 2.88 |
Total from investment operations | 7.28 | 3.16 |
Distributions from net investment income | (.31) | - |
Distributions from net realized gain | (1.40) | - |
Total distributions | (1.71) | - |
Redemption fees added to paid in capital E | - H | - H |
Net asset value, end of period | $36.14 | $30.57 |
Total Return B, C, D | 24.87% | 11.53% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 1.35% A | 1.42% A |
Expenses net of fee waivers, if any | 1.35% A | 1.42% A |
Expenses net of all reductions | 1.27% A | 1.36% A |
Net investment income (loss) | 1.15% A | 1.15% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $84 | $2 |
Portfolio turnover rate | 57% A | 75% |
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class T
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $30.49 | $27.41 |
Income from Investment Operations | ||
Net investment income (loss) E | .12 | .20 |
Net realized and unrealized gain (loss) | 7.09 | 2.88 |
Total from investment operations | 7.21 | 3.08 |
Distributions from net investment income | (.24) | - |
Distributions from net realized gain | (1.40) | - |
Total distributions | (1.64) | - |
Redemption fees added to paid in capital E | - H | - H |
Net asset value, end of period | $36.06 | $30.49 |
Total Return B, C, D | 24.67% | 11.24% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 1.78% A | 1.75% A |
Expenses net of fee waivers, if any | 1.75% A | 1.75% A |
Expenses net of all reductions | 1.67% A | 1.69% A |
Net investment income (loss) | .75% A | .83% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $5 | $2 |
Portfolio turnover rate | 57% A | 75% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class B
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $30.36 | $27.41 |
Income from Investment Operations | ||
Net investment income (loss) E | .04 | .08 |
Net realized and unrealized gain (loss) | 7.08 | 2.87 |
Total from investment operations | 7.12 | 2.95 |
Distributions from net investment income | (.11) | - |
Distributions from net realized gain | (1.40) | - |
Total distributions | (1.51) | - |
Redemption fees added to paid in capital E | - H | - H |
Net asset value, end of period | $35.97 | $30.36 |
Total Return B, C, D | 24.39% | 10.76% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 2.33% A | 2.24% A |
Expenses net of fee waivers, if any | 2.25% A | 2.24% A |
Expenses net of all reductions | 2.17% A | 2.18% A |
Net investment income (loss) | .25% A | .33% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $2 | $1 |
Portfolio turnover rate | 57% A | 75% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class C
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $30.41 | $27.41 |
Income from Investment Operations | ||
Net investment income (loss) E | .06 | .13 |
Net realized and unrealized gain (loss) | 7.08 | 2.87 |
Total from investment operations | 7.14 | 3.00 |
Distributions from net investment income | (.12) | - |
Distributions from net realized gain | (1.40) | - |
Total distributions | (1.52) | - |
Redemption fees added to paid in capital E | - H | - H |
Net asset value, end of period | $36.03 | $30.41 |
Total Return B, C, D | 24.41% | 10.94% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 2.16% A | 2.04% A |
Expenses net of fee waivers, if any | 2.16% A | 2.04% A |
Expenses net of all reductions | 2.09% A | 1.98% A |
Net investment income (loss) | .34% A | .53% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $3 | $2 |
Portfolio turnover rate | 57% A | 75% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - International Discovery Fund
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2005 | 2004 | 2003 | 2002 | 2001 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $30.65 | $25.31 | $21.87 | $16.66 | $17.61 | $26.70 |
Income from Investment Operations | ||||||
Net investment income (loss) E | .23 | .37 | .22 | .19 | .11 | .19 F |
Net realized and unrealized gain (loss) | 7.14 | 5.24 | 3.40 | 5.11 | (1.06) | (6.11) |
Total from investment operations | 7.37 | 5.61 | 3.62 | 5.30 | (.95) | (5.92) |
Distributions from net investment income | (.31) | (.15) | (.18) | (.09) | - | (.51) |
Distributions from net realized gain | (1.40) | (.12) | - | - | - | (2.66) |
Total distributions | (1.71) | (.27) | (.18) | (.09) | - | (3.17) |
Redemption fees added to paid in capital E | - D | - D | - D | - D | - D | - D |
Net asset value, end of period | $36.31 | $30.65 | $25.31 | $21.87 | $16.66 | $17.61 |
Total Return B, C | 25.10% | 22.29% | 16.65% | 31.97% | (5.39)% | (24.91)% |
Ratios to Average Net Assets G | ||||||
Expenses before reductions | 1.13% A | 1.08% | 1.10% | 1.14% | 1.14% | 1.14% |
Expenses net of fee waivers, if any | 1.12% A | 1.07% | 1.10% | 1.14% | 1.14% | 1.14% |
Expenses net of all reductions | 1.05% A | 1.01% | 1.06% | 1.11% | 1.12% | 1.09% |
Net investment income (loss) | 1.37% A | 1.35% | .92% | 1.08% | .59% | .91% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $6,979 | $3,949 | $2,193 | $1,243 | $890 | $882 |
Portfolio turnover rate | 57% A | 75% | 87% | 81% | 63% | 81% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DAmount represents less than $.01 per share.
ECalculated based on average shares outstanding during the period.
FInvestment income per share reflects a special dividend which amounted to $.04 per share.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Institutional Class
Six months ended | Year ended | |
(Unaudited) | 2005 E | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $30.68 | $27.41 |
Income from Investment Operations | ||
Net investment income (loss) D | .24 | .38 |
Net realized and unrealized gain (loss) | 7.15 | 2.89 |
Total from investment operations | 7.39 | 3.27 |
Distributions from net investment income | (.33) | - |
Distributions from net realized gain | (1.40) | - |
Total distributions | (1.73) | - |
Redemption fees added to paid in capital D | - G | - G |
Net asset value, end of period | $36.34 | $30.68 |
Total Return B, C | 25.18% | 11.93% |
Ratios to Average Net Assets F | ||
Expenses before reductions | 1.05% A | .97% A |
Expenses net of fee waivers, if any | 1.05% A | .97% A |
Expenses net of all reductions | .98% A | .90% A |
Net investment income (loss) | 1.44% A | 1.60% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $23 | $10 |
Portfolio turnover rate | 57% A | 75% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DCalculated based on average shares outstanding during the period.
EFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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.
GAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2006 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
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 B, Class C, International Discovery Fund 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. 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 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. The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.
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. 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. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Security Valuation - continued
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.
Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost 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 is 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.
Semiannual Report
1. Significant Accounting Policies - continued
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. 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 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 generally accepted accounting principles. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. 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) and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $1,559,876 | |
Unrealized depreciation | (28,627) | |
Net unrealized appreciation (depreciation) | $1,531,249 | |
Cost for federal income tax purposes | $6,246,270 |
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a redemption fee equal to 1.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the fund and accounted for as an addition to paid in capital.
2. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The fund may also invest directly with
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Operating Policies - continued
Repurchase Agreements - continued
institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Futures Contracts. The fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any 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. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
Restricted Securities. 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.
Semiannual Report
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $3,279,645 and $1,491,856, respectively.
4. 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 a group fee rate that averaged .27% 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 investment performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .82% of the fund's average net assets.
Distribution and Service Plan. 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 and the total amounts paid to and retained by FDC were as follows:
Distribution | Service | Paid to | Retained | |
Class A | 0% | .25% | $44 | $- |
Class T | .25% | .25% | 9 | 1 |
Class B | .75% | .25% | 7 | 5 |
Class C | .75% | .25% | 12 | 9 |
$72 | $15 |
Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $14 |
Class T | 3 |
Class B * | - |
Class C * | - |
$17 |
*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, except for International Discovery Fund. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Discovery Fund shares. FIIOC and FSC receive 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 and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period the total transfer agent fees paid by each class to FIIOC or FSC, were as follows:
Amount | % of | |
Class A | $30 | .17 * |
Class T | 6 | .37 * |
Class B | 3 | .42 * |
Class C | 3 | .26 * |
International Discovery Fund | 5,904 | .22 * |
Institutional Class | 12 | .14 * |
$5,958 |
*Annualized
Accounting and Security Lending Fees. FSC maintains the fund's accounting records. The accounting fee is based on the level of average net assets for the 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
4. Fees and Other Transactions with Affiliates - continued
Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
The Money Market Central Funds do not pay a management fee.
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 for the period.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 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 amounts to $7 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
6. Bank Borrowings.
The fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $6,674. The weighted average interest rate was 4.78%. At period end, there were no bank borrowings outstanding.
7. Security Lending.
The fund lends portfolio securities from time to time in order to earn additional income. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
7. Security Lending - continued
disclosed on the fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Net income from lending portfolio securities during the period amounted to $2,139.
8. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Fidelity International Discovery Fund's operating expenses. During the period, this reimbursement reduced the class expenses by $38.
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, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
Expense | Reimbursement | |
Class T | 1.75% | 1 |
Class B | 2.25% | 1 |
$2 |
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 $1,935 for the period. In addition, through arrangements with the fund's custodian and ach class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, credits reduced each class' transfer agent expense as noted in the table below.
Transfer Agent | ||
International Discovery Fund | $78 | |
Semiannual Report
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.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income | ||
Class A | $38 | $- |
Class T | 18 | - |
Class B | 3 | - |
Class C | 8 | - |
International Discovery Fund | 41,152 | 12,813 |
Institutional Class | 105 | - |
Total | $41,324 | $12,813 |
From net realized gain | ||
Class A | $173 | $- |
Class T | 102 | - |
Class B | 40 | - |
Class C | 94 | - |
International Discovery Fund | 188,890 | 10,250 |
Institutional Class | 445 | - |
Total | $189,744 | $10,250 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
11. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended | Year ended | Six months ended | Year ended | |
Class A | ||||
Shares sold | 2,274 | 62 | $75,461 | $1,786 |
Reinvestment of distributions | 5 | - | 160 | - |
Shares redeemed | (20) | (1) | (687) | (30) |
Net increase (decrease) | 2,259 | 61 | $74,934 | $1,756 |
Class T | ||||
Shares sold | 97 | 63 | $3,258 | $1,829 |
Reinvestment of distributions | 4 | - | 112 | - |
Shares redeemed | (10) | (2) | (354) | (58) |
Net increase (decrease) | 91 | 61 | $3,016 | $1,771 |
Class B | ||||
Shares sold | 40 | 27 | $1,324 | $759 |
Reinvestment of distributions | 1 | - | 37 | - |
Shares redeemed | (5) | (2) | (159) | (53) |
Net increase (decrease) | 36 | 25 | $1,202 | $706 |
Class C | ||||
Shares sold | 48 | 63 | $1,559 | $1,805 |
Reinvestment of distributions | 1 | - | 41 | - |
Shares redeemed | (20) | - | (660) | (1) |
Net increase (decrease) | 29 | 63 | $940 | $1,804 |
International Discovery Fund | ||||
Shares sold | 69,363 | 73,475 | $2,314,644 | $2,106,762 |
Reinvestment of distributions | 7,089 | 781 | 215,944 | 21,434 |
Shares redeemed | (13,064) | (32,072) | (432,403) | (909,132) |
Net increase (decrease) | 63,388 | 42,184 | $2,098,185 | $1,219,064 |
Institutional Class | ||||
Shares sold | 337 | 365 | $11,189 | $10,479 |
Reinvestment of distributions | 4 | - | 121 | - |
Shares redeemed | (31) | (48) | (1,031) | (1,416) |
Net increase (decrease) | 310 | 317 | $10,279 | $9,063 |
AShare transactions for Class A, T, B, C and Institutional Class are for the period January 6, 2005 (commencement of sale of shares) to April 30, 2006.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Discovery Fund
On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.
The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.
Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.
In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including 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; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
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Semiannual Report
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Semiannual Report
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Fidelity Advisor
International Discovery
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2006
(2_fidelity_logos) (Registered_Trademark)
Class A, Class T, Class B, and Class C are classes of Fidelity® International Discovery Fund
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at 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 Corp. 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 quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
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 redemptions of shares purchased prior to October 12, 1990, and 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, 2005 to April 30, 2006).
Actual Expenses
The first line of the table below 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.
Hypothetical Example for Comparison Purposes
The second line of the table below 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.
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.
Beginning | Ending | Expenses Paid | |
Class A | |||
Actual | $1,000.00 | $1,248.70 | $7.53 |
HypotheticalA | $1,000.00 | $1,018.10 | $6.76 |
Class T | |||
Actual | $1,000.00 | $1,246.70 | $9.75 |
HypotheticalA | $1,000.00 | $1,016.12 | $8.75 |
Class B | |||
Actual | $1,000.00 | $1,243.90 | $12.52 |
HypotheticalA | $1,000.00 | $1,013.64 | $11.23 |
Class C | |||
Actual | $1,000.00 | $1,244.10 | $12.02 |
HypotheticalA | $1,000.00 | $1,014.08 | $10.79 |
International Discovery Fund | |||
Actual | $1,000.00 | $1,251.00 | $6.25 |
HypotheticalA | $1,000.00 | $1,019.24 | $5.61 |
Institutional Class | |||
Actual | $1,000.00 | $1,251.80 | $5.86 |
HypotheticalA | $1,000.00 | $1,019.59 | $5.26 |
A5% return per year before expenses
*Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Annualized | |
Class A | 1.35% |
Class T | 1.75% |
Class B | 2.25% |
Class C | 2.16% |
International Discovery Fund | 1.12% |
Institutional Class | 1.05% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Japan21.7% | |||
United Kingdom13.7% | |||
France11.1% | |||
Germany10.0% | |||
Switzerland8.5% | |||
Australia3.8% | |||
United States of America3.5% | |||
Italy3.2% | |||
Korea (South)2.6% | |||
Other21.9% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Japan23.0% | |||
United Kingdom17.8% | |||
Germany9.1% | |||
Switzerland8.8% | |||
France7.5% | |||
Australia4.3% | |||
Netherlands3.0% | |||
Italy2.8% | |||
Spain2.5% | |||
Other21.2% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks and Equity Futures | 97.3 | 99.4 |
Short-Term Investments and Net Other Assets | 2.7 | 0.6 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
BP PLC sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 1.4 | 2.1 |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 1.4 | 1.7 |
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals) | 1.4 | 1.5 |
Toyota Motor Corp. (Japan, Automobiles) | 1.3 | 1.4 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.3 | 1.8 |
Novartis AG (Reg.) (Switzerland, Pharmaceuticals) | 1.2 | 1.8 |
UBS AG (NY Shares) (Switzerland, Capital Markets) | 1.1 | 0.5 |
E.ON AG (Germany, Electric Utilities) | 1.1 | 0.9 |
Allianz AG (Reg.) (Germany, Insurance) | 1.0 | 1.2 |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 1.0 | 1.5 |
12.2 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Financials | 25.7 | 24.5 |
Consumer Discretionary | 15.5 | 15.6 |
Industrials | 11.3 | 11.0 |
Information Technology | 9.3 | 7.6 |
Energy | 8.7 | 8.4 |
Health Care | 7.5 | 10.0 |
Materials | 5.9 | 5.7 |
Consumer Staples | 5.7 | 8.9 |
Utilities | 4.2 | 2.0 |
Telecommunication Services | 2.1 | 4.4 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.7% | |||
Shares | Value (Note 1) | ||
Australia - 3.8% | |||
ABC Learning Centres Ltd. | 17,451 | $104 | |
AMP Ltd. | 699,000 | 4,784 | |
Aristocrat Leisure Ltd. | 484,123 | 5,417 | |
Babcock & Brown Japan Property Trust | 8,156,000 | 11,090 | |
BHP Billiton Ltd. | 2,560,200 | 58,321 | |
Billabong International Ltd. | 1,664,428 | 19,497 | |
Commonwealth Bank of Australia | 296,000 | 10,568 | |
Computershare Ltd. | 2,543,600 | 15,226 | |
CSL Ltd. | 345,050 | 15,124 | |
Downer EDI Ltd. | 3,129,097 | 20,633 | |
Dyno Nobel Ltd. | 1,156,300 | 2,301 | |
Macquarie Airports unit | 2,050,236 | 5,108 | |
Macquarie Bank Ltd. | 404,800 | 21,956 | |
Macquarie Communications Infrastructure Group unit | 1,632,940 | 6,823 | |
Macquarie Infrastructure Group unit | 1,680,541 | 4,558 | |
Mortgage Choice Ltd. | 1,123,400 | 2,219 | |
National Australia Bank Ltd. | 582,700 | 16,642 | |
QBE Insurance Group Ltd. | 1,186,267 | 20,168 | |
Seek Ltd. | 2,000,000 | 6,032 | |
Transurban Group unit | 952,767 | 4,777 | |
Zinifex Ltd. | 2,388,800 | 18,782 | |
TOTAL AUSTRALIA | 270,130 | ||
Austria - 1.1% | |||
Austriamicrosystems AG (a) | 111,000 | 7,155 | |
Erste Bank der Oesterreichischen Sparkassen AG | 208,400 | 12,647 | |
Oesterreichische Elektrizitaetswirtschafts AG (Verbund) | 39,800 | 18,919 | |
OMV AG | 365,800 | 25,434 | |
Telekom Austria AG | 472,700 | 11,600 | |
TOTAL AUSTRIA | 75,755 | ||
Bermuda - 0.1% | |||
Catlin Group Ltd. | 486,300 | 4,297 | |
Ports Design Ltd. | 2,005,000 | 3,168 | |
TOTAL BERMUDA | 7,465 | ||
Brazil - 0.5% | |||
Banco Bradesco SA (PN) sponsored ADR (non-vtg.) | 234,400 | 8,924 | |
Banco Itau Holding Financeira SA (PN) (non-vtg.) | 108,170 | 3,470 | |
Banco Nossa Caixa SA | 256,500 | 5,789 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Brazil - continued | |||
CSU Cardsystem SA sponsored ADR (a)(e) | 158,000 | $4,037 | |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 171,900 | 13,640 | |
TOTAL BRAZIL | 35,860 | ||
Cayman Islands - 0.6% | |||
Foxconn International Holdings Ltd. (a) | 5,711,000 | 12,301 | |
GlobalSantaFe Corp. | 283,300 | 17,341 | |
Himax Technologies, Inc. sponsored ADR | 158,800 | 1,413 | |
Suntech Power Holdings Co. Ltd. sponsored ADR | 187,900 | 6,443 | |
Xinao Gas Holdings Ltd. | 5,392,000 | 4,972 | |
TOTAL CAYMAN ISLANDS | 42,470 | ||
China - 0.5% | |||
China Shenhua Energy Co. Ltd. (H Shares) | 5,943,500 | 10,770 | |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR | 238,791 | 3,250 | |
Dalian Port (PDA) Co. Ltd. (H Shares) | 692,000 | 386 | |
Focus Media Holding Ltd. ADR | 162,000 | 9,783 | |
Li Ning Co. Ltd. | 7,030,000 | 7,888 | |
Shanghai Prime Machinery Co. Ltd. (H Shares) | 1,552,000 | 581 | |
TOTAL CHINA | 32,658 | ||
Denmark - 0.3% | |||
Vestas Wind Systems AS (a) | 670,200 | 18,192 | |
Finland - 2.0% | |||
Citycon Oyj | 576,935 | 2,700 | |
Citycon Oyj New | 115,387 | 540 | |
Fortum Oyj | 929,700 | 23,483 | |
Metso Corp. | 481,500 | 19,136 | |
Neste Oil Oyj | 640,550 | 22,353 | |
Nokia Corp. sponsored ADR | 2,586,400 | 58,608 | |
Sampo Oyj (A Shares) | 695,900 | 14,364 | |
TOTAL FINLAND | 141,184 | ||
France - 11.1% | |||
Accor SA | 314,900 | 19,821 | |
Alcatel SA (RFD) (a) | 1,089,900 | 15,716 | |
Alstom SA (a) | 211,000 | 19,114 | |
April Group (d) | 286,900 | 15,257 | |
AXA SA | 1,049,400 | 38,419 | |
BNP Paribas SA | 381,127 | 36,016 | |
BNP Paribas SA New | 38,112 | 3,479 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
France - continued | |||
Carrefour SA (d) | 578,000 | $33,530 | |
Compagnie Generale de Geophysique SA (a) | 205,999 | 33,293 | |
Financiere Marc de Lacharriere SA (Fimalac) | 105,900 | 10,054 | |
Groupe Danone | 88,500 | 11,043 | |
L'Oreal SA | 296,700 | 27,513 | |
Legrand SA | 35,600 | 1,042 | |
Louis Vuitton Moet Hennessy (LVMH) | 325,800 | 34,302 | |
Neopost SA | 280,900 | 31,772 | |
Nexity | 467,000 | 32,641 | |
Orpea (a) | 269,064 | 19,961 | |
Pernod Ricard SA | 171,500 | 33,257 | |
Renault SA | 383,100 | 44,467 | |
Sanofi-Aventis sponsored ADR | 976,500 | 45,935 | |
Schneider Electric SA | 190,000 | 21,514 | |
Silicon On Insulator Technologies SA (SOITEC) (a) | 283,425 | 9,251 | |
Societe Generale Series A | 291,500 | 44,537 | |
Suez SA (France) (d) | 1,105,800 | 43,514 | |
Total SA Series B | 363,844 | 100,435 | |
Veolia Environnement | 159,700 | 9,542 | |
Vinci SA | 263,500 | 26,180 | |
Vivendi Universal SA sponsored ADR (d) | 816,500 | 29,827 | |
TOTAL FRANCE | 791,432 | ||
Germany - 9.2% | |||
ADVA AG Optical Networking (a) | 279,500 | 3,315 | |
Allianz AG (Reg.) (d) | 425,830 | 71,241 | |
Bayer AG sponsored ADR (d) | 470,300 | 21,234 | |
Bilfinger Berger AG | 148,500 | 9,460 | |
Continental AG | 93,400 | 11,120 | |
Deutsche Boerse AG | 234,900 | 33,972 | |
Deutsche Postbank AG (d) | 267,100 | 20,421 | |
E.ON AG (d) | 613,300 | 74,682 | |
GFK AG | 288,897 | 13,238 | |
Heidelberger Druckmaschinen AG | 707,500 | 35,705 | |
Hugo Boss AG | 43,200 | 2,041 | |
Hypo Real Estate Holding AG | 179,368 | 12,542 | |
Infineon Technologies AG sponsored ADR (a) | 2,040,100 | 24,930 | |
KarstadtQuelle AG (a)(d) | 775,000 | 23,300 | |
Linde AG (d) | 177,200 | 15,864 | |
Merck KGaA | 118,800 | 12,590 | |
MPC Muenchmeyer Petersen Capital AG (d) | 50,500 | 4,243 | |
MTU Aero Engines Holding AG | 337,500 | 12,246 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Germany - continued | |||
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 178,400 | $25,281 | |
Pfleiderer AG | 1,058,096 | 31,919 | |
Premiere AG (a)(d) | 907,900 | 14,891 | |
Q-Cells AG | 149,200 | 13,770 | |
RWE AG | 398,119 | 34,517 | |
SAP AG | 99,900 | 21,830 | |
SGL Carbon AG (a) | 632,300 | 13,282 | |
Siemens AG sponsored ADR | 359,600 | 34,033 | |
SolarWorld AG | 59,700 | 18,604 | |
United Internet AG | 368,778 | 24,194 | |
Wacker Chemie AG | 22,300 | 2,926 | |
Wincor Nixdorf AG | 117,800 | 16,943 | |
TOTAL GERMANY | 654,334 | ||
Greece - 0.4% | |||
EFG Eurobank Ergasias SA | 311,750 | 12,421 | |
Greek Organization of Football Prognostics SA | 359,130 | 13,276 | |
TOTAL GREECE | 25,697 | ||
Hong Kong - 1.0% | |||
Chaoda Modern Agriculture (Holdings) Ltd. | 12,600,000 | 8,776 | |
CNOOC Ltd. | 21,546,300 | 17,369 | |
Esprit Holdings Ltd. | 3,610,500 | 28,825 | |
Li & Fung Ltd. | 4,172,000 | 9,901 | |
Wharf Holdings Ltd. | 1,509,000 | 6,053 | |
TOTAL HONG KONG | 70,924 | ||
India - 1.0% | |||
Cipla Ltd. | 1,277,912 | 7,246 | |
Infosys Technologies Ltd. | 342,896 | 23,977 | |
Pfizer Ltd. | 218,539 | 5,004 | |
Punj Lloyd Ltd. | 13,941 | 317 | |
State Bank of India | 721,022 | 16,256 | |
Sun TV Ltd. | 10,986 | 312 | |
Suzlon Energy Ltd. | 714,804 | 20,054 | |
TOTAL INDIA | 73,166 | ||
Indonesia - 0.3% | |||
PT Bank Rakyat Indonesia Tbk | 14,168,800 | 7,459 | |
PT Perusahaan Gas Negara Tbk Series B | 9,993,500 | 14,106 | |
TOTAL INDONESIA | 21,565 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Ireland - 0.9% | |||
AgCert International | 1,462,000 | $6,706 | |
Allied Irish Banks PLC | 880,600 | 21,099 | |
C&C Group PLC | 2,070,005 | 16,061 | |
Paddy Power PLC (Ireland) | 623,197 | 11,086 | |
Ryanair Holdings PLC sponsored ADR (a) | 128,600 | 6,054 | |
TOTAL IRELAND | 61,006 | ||
Israel - 0.7% | |||
Bank Hapoalim BM (Reg.) | 2,497,200 | 12,584 | |
Ormat Industries Ltd. | 1,771,900 | 16,849 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 459,700 | 18,618 | |
TOTAL ISRAEL | 48,051 | ||
Italy - 2.8% | |||
Azimut Holdings Spa | 864,500 | 10,634 | |
Banca Credit Firenze | 2,248,700 | 7,964 | |
Banca Monte dei Paschi di Siena Spa (d) | 2,684,000 | 15,922 | |
ENI Spa | 288,800 | 8,839 | |
ENI Spa sponsored ADR | 387,450 | 23,716 | |
FASTWEB Spa | 262,300 | 13,178 | |
Fiat Spa (a) | 1,623,400 | 22,874 | |
Geox Spa | 802,030 | 11,442 | |
Lottomatica Spa (d) | 227,400 | 10,495 | |
Mediobanca Spa | 391,500 | 8,486 | |
Pirelli & C. Real Estate Spa | 235,100 | 17,254 | |
Unicredito Italiano Spa | 6,648,800 | 50,104 | |
TOTAL ITALY | 200,908 | ||
Japan - 20.3% | |||
Aeon Co. Ltd. | 1,445,200 | 35,979 | |
Aeon Fantasy Co. Ltd. | 19,400 | 814 | |
Asics Corp. | 1,396,000 | 17,028 | |
Canon, Inc. | 603,100 | 45,715 | |
Credit Saison Co. Ltd. | 188,700 | 9,893 | |
Daikin Industries Ltd. | 350,000 | 12,202 | |
Daiwa House Industry Co. Ltd. | 939,000 | 16,005 | |
Daiwa Securities Group, Inc. | 944,000 | 13,090 | |
East Japan Railway Co. | 2,017 | 15,746 | |
FamilyMart Co. Ltd. | 42,100 | 1,220 | |
Fanuc Ltd. | 278,500 | 26,340 | |
Fast Retailing Co. Ltd. | 149,500 | 14,205 | |
Fujitsu Ltd. | 1,724,000 | 14,367 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
Fullcast Co. Ltd. | 1,334 | $5,400 | |
Hokuhoku Financial Group, Inc. | 1,567,000 | 6,385 | |
Hoya Corp. | 771,100 | 31,216 | |
Ibiden Co. Ltd. | 413,300 | 19,635 | |
JAFCO Co. Ltd. | 116,400 | 7,748 | |
Japan Tobacco, Inc. | 4,245 | 17,073 | |
JGC Corp. | 1,030,400 | 18,052 | |
JSR Corp. | 784,100 | 24,169 | |
JTEKT Corp. | 659,000 | 14,207 | |
Kahma Co. Ltd. (d) | 215,800 | 5,875 | |
Kansai Urban Banking Corp. | 1,288,000 | 6,074 | |
Keyence Corp. | 79,600 | 20,886 | |
Kose Corp. | 181,700 | 6,622 | |
Kurita Water Industries Ltd. | 150,900 | 3,074 | |
Matsushita Electric Industrial Co. Ltd. | 2,105,000 | 50,962 | |
Mitsubishi Estate Co. Ltd. | 826,000 | 18,061 | |
Mitsubishi UFJ Financial Group, Inc. | 3,272 | 51,240 | |
Mitsui & Co. Ltd. | 2,077,000 | 31,390 | |
Mitsui Fudosan Co. Ltd. | 1,335,000 | 29,895 | |
Mizuho Financial Group, Inc. | 6,623 | 56,474 | |
Nidec Corp. | 131,900 | 10,170 | |
Nikko Cordial Corp. | 2,117,500 | 34,270 | |
Nintendo Co. Ltd. | 202,100 | 30,171 | |
Nippon Electric Glass Co. Ltd. | 956,000 | 21,576 | |
Nippon Oil Corp. | 1,544,000 | 12,216 | |
Nishimatsuya Chain Co. Ltd. | 141,800 | 3,182 | |
Nissan Motor Co. Ltd. | 1,373,400 | 18,081 | |
Nitto Denko Corp. | 341,900 | 28,673 | |
Nomura Holdings, Inc. | 433,500 | 9,832 | |
NSK Ltd. | 1,893,000 | 17,122 | |
Omron Corp. | 555,800 | 15,521 | |
ORIX Corp. | 173,920 | 52,233 | |
SHIMIZU Corp. | 2,444,000 | 16,912 | |
Shin-Etsu Chemical Co. Ltd. | 190,300 | 10,996 | |
Sompo Japan Insurance, Inc. | 1,930,000 | 27,965 | |
Sony Corp. sponsored ADR | 711,800 | 34,835 | |
St. Marc Holdings Co. Ltd. | 83,900 | 5,784 | |
Sugi Pharmacy Co. Ltd. | 546,800 | 12,821 | |
Sumco Corp. | 479,700 | 28,687 | |
Sumitomo Electric Industries Ltd. | 1,721,600 | 27,334 | |
Sumitomo Metal Industries Ltd. | 4,099,000 | 17,278 | |
Sumitomo Mitsui Financial Group, Inc. | 5,327 | 58,474 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
Sumitomo Titanium Corp. | 74,900 | $14,747 | |
Sumitomo Trust & Banking Co. Ltd. | 1,452,000 | 15,454 | |
T&D Holdings, Inc. | 364,400 | 27,936 | |
Takeda Pharamaceutical Co. Ltd. | 457,000 | 27,932 | |
Teijin Ltd. | 3,129,200 | 21,461 | |
The Daimaru, Inc. | 1,171,000 | 17,050 | |
The Sumitomo Warehouse Co. Ltd. | 338,000 | 2,627 | |
Toho Titanium Co. Ltd. | 194,000 | 14,464 | |
Token Corp. | 78,400 | 5,115 | |
Tokuyama Corp. | 1,177,000 | 19,421 | |
Tokyo Tomin Bank Ltd. | 40,700 | 2,034 | |
Toyota Motor Corp. | 1,616,400 | 94,664 | |
Valor Co. Ltd. | 147,400 | 3,003 | |
Yahoo! Japan Corp. | 15,360 | 8,956 | |
Yamada Denki Co. Ltd. | 246,200 | 26,831 | |
TOTAL JAPAN | 1,442,870 | ||
Korea (South) - 2.6% | |||
Daegu Bank Co. Ltd. | 766,440 | 14,384 | |
Hyundai Department Store Co. Ltd. | 120,820 | 11,593 | |
Hyundai Engineering & Construction Co. Ltd. (a) | 102,900 | 6,404 | |
Hyundai Motor Co. | 79,150 | 6,957 | |
Kookmin Bank | 287,570 | 25,764 | |
Korean Reinsurance Co. | 1,154,385 | 13,831 | |
LG Household & Health Care Ltd. | 177,780 | 14,194 | |
Macquarie Korea Infrastructure Fund GDR (e) | 1,163,300 | 8,469 | |
NHN Corp. (a) | 79,108 | 28,099 | |
Samsung Electronics Co. Ltd. | 23,165 | 15,817 | |
Shinhan Financial Group Co. Ltd. | 456,710 | 22,759 | |
Shinsegae Co. Ltd. | 15,900 | 7,772 | |
Woongjin Coway Co. Ltd. unit (a)(e) | 483,500 | 7,177 | |
TOTAL KOREA (SOUTH) | 183,220 | ||
Luxembourg - 0.2% | |||
SES Global unit | 1,085,903 | 17,742 | |
Mexico - 0.4% | |||
America Movil SA de CV Series L sponsored ADR | 423,900 | 15,646 | |
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR | 36,100 | 1,201 | |
Urbi, Desarrollos Urbanos, SA de CV (a) | 1,373,800 | 11,238 | |
TOTAL MEXICO | 28,085 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Netherlands - 2.6% | |||
ABN-AMRO Holding NV (d) | 1,200,100 | $35,869 | |
ASML Holding NV (NY Shares) (a) | 372,500 | 7,878 | |
EADS NV (d) | 505,400 | 19,945 | |
Fugro NV (Certificaten Van Aandelen) unit | 418,300 | 17,563 | |
ING Groep NV (Certificaten Van Aandelen) | 1,285,844 | 52,180 | |
Koninklijke Numico NV | 229,000 | 10,378 | |
Koninklijke Wessanen NV | 571,800 | 9,248 | |
Randstad Holdings NV | 198,700 | 13,211 | |
Tele Atlas NV (Netherlands) (a) | 132,400 | 3,358 | |
VNU NV | 388,575 | 13,340 | |
TOTAL NETHERLANDS | 182,970 | ||
Norway - 1.9% | |||
DnB NOR ASA (d) | 928,300 | 12,881 | |
Norsk Hydro ASA | 264,200 | 40,423 | |
ProSafe ASA | 329,200 | 19,554 | |
Statoil ASA (d) | 511,800 | 16,861 | |
TANDBERG ASA (d) | 1,789,900 | 18,228 | |
TANDBERG Television ASA (a) | 636,000 | 12,799 | |
Telenor ASA | 1,338,200 | 15,528 | |
TOTAL NORWAY | 136,274 | ||
Portugal - 0.2% | |||
Energias de Portugal SA | 4,219,400 | 16,609 | |
Russia - 0.3% | |||
Novatek JSC GDR (e) | 66,900 | 2,843 | |
OAO Gazprom sponsored ADR | 411,600 | 18,934 | |
TOTAL RUSSIA | 21,777 | ||
Singapore - 0.4% | |||
Ascendas Real Estate Investment Trust (A-REIT) | 4,630,000 | 6,678 | |
HTL International Holdings Ltd. | 7,187,500 | 5,956 | |
Keppel Corp. Ltd. | 1,166,000 | 11,285 | |
STATS ChipPAC Ltd. (a) | 4,624,000 | 3,949 | |
TOTAL SINGAPORE | 27,868 | ||
South Africa - 1.8% | |||
African Bank Investments Ltd. | 1,707,000 | 9,539 | |
FirstRand Ltd. | 7,320,900 | 24,109 | |
Foschini Ltd. | 1,374,300 | 13,920 | |
Gold Fields Ltd. | 405,500 | 10,304 | |
MTN Group Ltd. | 2,089,100 | 20,848 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
South Africa - continued | |||
Naspers Ltd. Class N | 399,800 | $8,777 | |
Nedbank Group Ltd. | 410,444 | 8,571 | |
Standard Bank Group Ltd. | 522,700 | 7,459 | |
Steinhoff International Holdings Ltd. | 6,519,266 | 25,839 | |
TOTAL SOUTH AFRICA | 129,366 | ||
Spain - 1.9% | |||
Antena 3 Television SA (d) | 554,756 | 14,614 | |
Banco Bilbao Vizcaya Argentaria SA | 3,093,800 | 68,249 | |
Banco Santander Central Hispano SA | 1,902,500 | 29,500 | |
Gestevision Telecinco SA | 256,800 | 6,561 | |
Inditex SA | 337,900 | 13,749 | |
TOTAL SPAIN | 132,673 | ||
Sweden - 1.1% | |||
Atlas Copco AB (B Shares) (d) | 1,378,700 | 37,660 | |
Eniro AB | 1,035,700 | 11,365 | |
Hennes & Mauritz AB (H&M) (B Shares) (d) | 194,400 | 7,384 | |
Modern Times Group AB (MTG) (B Shares) (a) | 160,900 | 8,834 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 366,300 | 12,993 | |
TOTAL SWEDEN | 78,236 | ||
Switzerland - 8.5% | |||
ABB Ltd. sponsored ADR | 1,647,100 | 23,422 | |
Actelion Ltd. (Reg.) (a) | 123,336 | 13,942 | |
Compagnie Financiere Richemont unit | 783,838 | 40,604 | |
Credit Suisse Group sponsored ADR | 220,100 | 13,380 | |
Credit Suisse Group (Reg.) (d) | 704,294 | 44,235 | |
Lindt & Spruengli AG (participation certificate) | 10,132 | 20,668 | |
Nestle SA (Reg.) | 199,565 | 60,861 | |
Nobel Biocare Holding AG (Switzerland) (d) | 68,513 | 16,931 | |
Novartis AG (Reg.) | 1,440,008 | 82,815 | |
Pargesa Holding SA | 141,700 | 14,395 | |
Roche Holding AG (participation certificate) | 592,565 | 91,109 | |
Societe Generale de Surveillance Holding SA (SGS) (Reg.) | 12,915 | 12,777 | |
Swiss Life Holding | 95,400 | 21,979 | |
Syngenta AG: | |||
warrants 5/22/06 (a) | 177,108 | 284 | |
(Switzerland) | 194,108 | 26,962 | |
The Swatch Group AG (Reg.) | 389,573 | 14,291 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Switzerland - continued | |||
UBS AG (NY Shares) | 681,550 | $79,639 | |
Zurich Financial Services AG | 105,040 | 25,555 | |
TOTAL SWITZERLAND | 603,849 | ||
Taiwan - 0.7% | |||
Holtek Semiconductor, Inc. | 2,780,371 | 5,568 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 2,625,742 | 17,817 | |
Merry Electronics Co. Ltd. | 3,021,000 | 10,652 | |
Phoenix Precision Technology Corp. | 4,827,400 | 11,000 | |
Powertech Technology, Inc. | 2,086,000 | 7,159 | |
TOTAL TAIWAN | 52,196 | ||
Thailand - 0.2% | |||
Kasikornbank PCL (For. Reg.) | 6,171,500 | 11,182 | |
Turkey - 0.6% | |||
Finansbank AS | 4,168,014 | 21,746 | |
Tupras-Turkiye Petrol Rafinerileri AS | 844,000 | 17,869 | |
TOTAL TURKEY | 39,615 | ||
United Arab Emirates - 0.2% | |||
Investcom LLC GDR | 1,055,300 | 15,988 | |
United Kingdom - 13.7% | |||
Anglo American PLC (United Kingdom) | 880,600 | 37,500 | |
AstraZeneca PLC sponsored ADR | 266,300 | 14,681 | |
BAE Systems PLC | 4,917,309 | 37,441 | |
Benfield Group PLC | 2,792,700 | 19,787 | |
BG Group PLC | 1,368,000 | 18,387 | |
BG Group PLC sponsored ADR | 200,000 | 13,432 | |
BHP Billiton PLC | 1,346,800 | 27,731 | |
BP PLC sponsored ADR | 1,377,900 | 101,572 | |
British American Tobacco PLC | 623,100 | 15,920 | |
British American Tobacco PLC sponsored ADR | 388,200 | 19,837 | |
British Land Co. PLC | 627,900 | 14,383 | |
Capita Group PLC | 1,106,900 | 9,402 | |
Carnival PLC | 212,200 | 10,500 | |
CLS Holdings PLC (a) | 623,893 | 6,269 | |
CSR PLC (a) | 300,100 | 6,617 | |
EMI Group PLC | 1,826,400 | 9,393 | |
Enterprise Inns PLC | 505,225 | 8,597 | |
GlaxoSmithKline PLC sponsored ADR | 1,727,200 | 98,243 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United Kingdom - continued | |||
HSBC Holdings PLC: | |||
(Hong Kong) (Reg.) | 2,694,477 | $46,711 | |
(United Kingdom) (Reg.) | 700,000 | 12,135 | |
Imperial Tobacco Group PLC | 76,000 | 2,362 | |
Imperial Tobacco Group PLC sponsored ADR | 175,100 | 10,975 | |
Informa PLC | 1,379,400 | 12,302 | |
International Power PLC | 3,077,300 | 16,710 | |
Ladbrokes PLC | 11 | 0 | |
Man Group PLC | 273,700 | 12,614 | |
Marks & Spencer Group PLC | 2,138,400 | 22,834 | |
NDS Group PLC sponsored ADR (a) | 83,800 | 4,224 | |
Prudential PLC | 1,167,482 | 13,701 | |
Reckitt Benckiser PLC | 538,900 | 19,647 | |
Renovo Group PLC | 2,788,400 | 5,772 | |
Reuters Group PLC sponsored ADR | 315,700 | 13,411 | |
Rio Tinto PLC sponsored ADR | 137,100 | 30,532 | |
Rolls-Royce Group PLC | 3,597,561 | 31,263 | |
Royal Bank of Scotland Group PLC | 732,071 | 23,912 | |
Royal Dutch Shell PLC Class B | 1,927,259 | 68,813 | |
Scottish & Southern Energy PLC | 1,021,200 | 20,952 | |
SIG PLC | 536,100 | 8,848 | |
Smiths Group PLC | 913,000 | 16,976 | |
Tesco PLC | 2,092,100 | 12,190 | |
Vedanta Resources PLC | 464,600 | 13,371 | |
Virgin Mobile Holdings (UK) PLC | 1,141,000 | 7,762 | |
Vodafone Group PLC | 22,088,212 | 52,349 | |
VT Group PLC | 1,218,600 | 10,223 | |
Whatman PLC | 735,900 | 4,211 | |
Yell Group PLC | 614,365 | 5,759 | |
TOTAL UNITED KINGDOM | 970,251 | ||
United States of America - 0.8% | |||
Macquarie Infrastructure Co. Trust | 131,000 | 3,825 | |
NTL, Inc. (a) | 934,000 | 25,666 | |
Synthes, Inc. | 244,488 | 30,356 | |
TOTAL UNITED STATES OF AMERICA | 59,847 | ||
TOTAL COMMON STOCKS (Cost $5,213,229) | 6,721,415 | ||
Nonconvertible Preferred Stocks - 1.2% | |||
Shares | Value (Note 1) | ||
Germany - 0.8% | |||
Fresenius AG (non-vtg.) | 94,600 | $16,369 | |
Hugo Boss AG (non-vtg.) (d) | 332,800 | 15,745 | |
Porsche AG (non-vtg.) | 20,595 | 20,540 | |
TOTAL GERMANY | 52,654 | ||
Italy - 0.4% | |||
Banca Intesa Spa (Risp) (d) | 5,637,502 | 31,331 | |
United Kingdom - 0.0% | |||
Rolls-Royce Group PLC Series B | 193,548,781 | 376 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $58,570) | 84,361 |
Government Obligations - 0.1% | ||||
Principal | ||||
United States of America - 0.1% | ||||
U.S. Treasury Bills, yield at date of purchase 4.44% to 4.72% 5/11/06 to 7/27/06 (f) | $4,610 | 4,570 |
Money Market Funds - 13.6% | |||
Shares | |||
Fidelity Cash Central Fund, 4.8% (b) | 371,284,488 | 371,284 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 595,888,669 | 595,889 | |
TOTAL MONEY MARKET FUNDS (Cost $967,173) | 967,173 | ||
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $6,243,542) | 7,777,519 | ||
NET OTHER ASSETS - (9.6)% | (681,315) | ||
NET ASSETS - 100% | $7,096,204 |
Futures Contracts | |||||
Expiration | Underlying | Unrealized | |||
Purchased | |||||
Equity Index Contracts | |||||
1,157 Nikkei 225 Index Contracts (Japan) | June 2006 | $97,969 | $3,906 |
The face value of futures purchased as a percentage of net assets - 1.4% |
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. |
(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 period end, the value of these securities amounted to $22,526,000 or 0.3% of net assets. |
(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 $4,570,000. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $4,313 |
Fidelity Securities Lending Cash Central Fund | 2,139 |
Total | $6,452 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2006 (Unaudited) | |
Assets | ||
Investment in securities, at value (including securities loaned of $568,605) - See accompanying schedule: Unaffiliated issuers (cost $5,276,369) | $6,810,346 | |
Affiliated Central Funds (cost $967,173) | 967,173 | |
Total Investments (cost $6,243,542) | $7,777,519 | |
Receivable for investments sold | 65,191 | |
Receivable for fund shares sold | 26,813 | |
Dividends receivable | 16,631 | |
Interest receivable | 1,027 | |
Prepaid expenses | 10 | |
Other affiliated receivables | 2 | |
Other receivables | 2,293 | |
Total assets | 7,889,486 | |
Liabilities | ||
Payable to custodian bank | $9,553 | |
Payable for investments purchased | 173,462 | |
Payable for fund shares redeemed | 5,561 | |
Accrued management fee | 4,525 | |
Distribution fees payable | 22 | |
Payable for daily variation on futures contracts | 636 | |
Other affiliated payables | 1,281 | |
Other payables and accrued expenses | 2,353 | |
Collateral on securities loaned, at value | 595,889 | |
Total liabilities | 793,282 | |
Net Assets | $7,096,204 | |
Net Assets consist of: | ||
Paid in capital | $5,350,578 | |
Undistributed net investment income | 31,688 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 177,429 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 1,536,509 | |
Net Assets | $7,096,204 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2006 (Unaudited) | |
Calculation of Maximum Offering Price | $36.14 | |
Maximum offering price per share (100/94.25 of $36.14) | $38.34 | |
Class T: | $36.06 | |
Maximum offering price per share (100/96.50 of $36.06) | $37.37 | |
Class B: | $35.97 | |
Class C: | $36.03 | |
International Discovery Fund: | $36.31 | |
Institutional Class: | $36.34 |
ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended April 30, 2006 (Unaudited) | |
Investment Income | ||
Dividends | $63,039 | |
Interest | 95 | |
Income from affiliated Central Funds | 6,452 | |
69,586 | ||
Less foreign taxes withheld | (4,653) | |
Total income | 64,933 | |
Expenses | ||
Management fee | $19,251 | |
Performance adjustment | 2,616 | |
Transfer agent fees | 5,958 | |
Distribution fees | 72 | |
Accounting and security lending fees | 821 | |
Independent trustees' compensation | 10 | |
Custodian fees and expenses | 927 | |
Registration fees | 470 | |
Audit | 60 | |
Legal | 17 | |
Interest | 2 | |
Miscellaneous | 22 | |
Total expenses before reductions | 30,226 | |
Expense reductions | (2,053) | 28,173 |
Net investment income (loss) | 36,760 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 186,748 | |
Foreign currency transactions | (545) | |
Futures contracts | 9,715 | |
Total net realized gain (loss) | 195,918 | |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $1,490) | 940,125 | |
Assets and liabilities in foreign currencies | 618 | |
Futures contracts | 435 | |
Total change in net unrealized appreciation (depreciation) | 941,178 | |
Net gain (loss) | 1,137,096 | |
Net increase (decrease) in net assets resulting from operations | $1,173,856 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2006 | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $36,760 | $41,777 |
Net realized gain (loss) | 195,918 | 194,174 |
Change in net unrealized appreciation (depreciation) | 941,178 | 324,844 |
Net increase (decrease) in net assets resulting | 1,173,856 | 560,795 |
Distributions to shareholders from net investment income | (41,324) | (12,813) |
Distributions to shareholders from net realized gain | (189,744) | (10,250) |
Total distributions | (231,068) | (23,063) |
Share transactions - net increase (decrease) | 2,188,556 | 1,234,164 |
Redemption fees | 109 | 193 |
Total increase (decrease) in net assets | 3,131,453 | 1,772,089 |
Net Assets | ||
Beginning of period | 3,964,751 | 2,192,662 |
End of period (including undistributed net investment income of $31,688 and undistributed net investment income of $40,185, respectively) | $7,096,204 | $3,964,751 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class A
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $30.57 | $27.41 |
Income from Investment Operations | ||
Net investment income (loss) E | .19 | .28 |
Net realized and unrealized gain (loss) | 7.09 | 2.88 |
Total from investment operations | 7.28 | 3.16 |
Distributions from net investment income | (.31) | - |
Distributions from net realized gain | (1.40) | - |
Total distributions | (1.71) | - |
Redemption fees added to paid in capital E | - H | - H |
Net asset value, end of period | $36.14 | $30.57 |
Total Return B, C, D | 24.87% | 11.53% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 1.35% A | 1.42% A |
Expenses net of fee waivers, if any | 1.35% A | 1.42% A |
Expenses net of all reductions | 1.27% A | 1.36% A |
Net investment income (loss) | 1.15% A | 1.15% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $84 | $2 |
Portfolio turnover rate | 57% A | 75% |
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class T
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $30.49 | $27.41 |
Income from Investment Operations | ||
Net investment income (loss) E | .12 | .20 |
Net realized and unrealized gain (loss) | 7.09 | 2.88 |
Total from investment operations | 7.21 | 3.08 |
Distributions from net investment income | (.24) | - |
Distributions from net realized gain | (1.40) | - |
Total distributions | (1.64) | - |
Redemption fees added to paid in capital E | - H | - H |
Net asset value, end of period | $36.06 | $30.49 |
Total Return B, C, D | 24.67% | 11.24% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 1.78% A | 1.75% A |
Expenses net of fee waivers, if any | 1.75% A | 1.75% A |
Expenses net of all reductions | 1.67% A | 1.69% A |
Net investment income (loss) | .75% A | .83% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $5 | $2 |
Portfolio turnover rate | 57% A | 75% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class B
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $30.36 | $27.41 |
Income from Investment Operations | ||
Net investment income (loss) E | .04 | .08 |
Net realized and unrealized gain (loss) | 7.08 | 2.87 |
Total from investment operations | 7.12 | 2.95 |
Distributions from net investment income | (.11) | - |
Distributions from net realized gain | (1.40) | - |
Total distributions | (1.51) | - |
Redemption fees added to paid in capital E | - H | - H |
Net asset value, end of period | $35.97 | $30.36 |
Total Return B, C, D | 24.39% | 10.76% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 2.33% A | 2.24% A |
Expenses net of fee waivers, if any | 2.25% A | 2.24% A |
Expenses net of all reductions | 2.17% A | 2.18% A |
Net investment income (loss) | .25% A | .33% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $2 | $1 |
Portfolio turnover rate | 57% A | 75% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class C
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $30.41 | $27.41 |
Income from Investment Operations | ||
Net investment income (loss) E | .06 | .13 |
Net realized and unrealized gain (loss) | 7.08 | 2.87 |
Total from investment operations | 7.14 | 3.00 |
Distributions from net investment income | (.12) | - |
Distributions from net realized gain | (1.40) | - |
Total distributions | (1.52) | - |
Redemption fees added to paid in capital E | - H | - H |
Net asset value, end of period | $36.03 | $30.41 |
Total Return B, C, D | 24.41% | 10.94% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 2.16% A | 2.04% A |
Expenses net of fee waivers, if any | 2.16% A | 2.04% A |
Expenses net of all reductions | 2.09% A | 1.98% A |
Net investment income (loss) | .34% A | .53% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $3 | $2 |
Portfolio turnover rate | 57% A | 75% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - International Discovery Fund
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2005 | 2004 | 2003 | 2002 | 2001 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $30.65 | $25.31 | $21.87 | $16.66 | $17.61 | $26.70 |
Income from Investment Operations | ||||||
Net investment income (loss) E | .23 | .37 | .22 | .19 | .11 | .19 F |
Net realized and unrealized gain (loss) | 7.14 | 5.24 | 3.40 | 5.11 | (1.06) | (6.11) |
Total from investment operations | 7.37 | 5.61 | 3.62 | 5.30 | (.95) | (5.92) |
Distributions from net investment income | (.31) | (.15) | (.18) | (.09) | - | (.51) |
Distributions from net realized gain | (1.40) | (.12) | - | - | - | (2.66) |
Total distributions | (1.71) | (.27) | (.18) | (.09) | - | (3.17) |
Redemption fees added to paid in capital E | - D | - D | - D | - D | - D | - D |
Net asset value, end of period | $36.31 | $30.65 | $25.31 | $21.87 | $16.66 | $17.61 |
Total Return B, C | 25.10% | 22.29% | 16.65% | 31.97% | (5.39)% | (24.91)% |
Ratios to Average Net Assets G | ||||||
Expenses before reductions | 1.13% A | 1.08% | 1.10% | 1.14% | 1.14% | 1.14% |
Expenses net of fee waivers, if any | 1.12% A | 1.07% | 1.10% | 1.14% | 1.14% | 1.14% |
Expenses net of all reductions | 1.05% A | 1.01% | 1.06% | 1.11% | 1.12% | 1.09% |
Net investment income (loss) | 1.37% A | 1.35% | .92% | 1.08% | .59% | .91% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $6,979 | $3,949 | $2,193 | $1,243 | $890 | $882 |
Portfolio turnover rate | 57% A | 75% | 87% | 81% | 63% | 81% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DAmount represents less than $.01 per share.
ECalculated based on average shares outstanding during the period.
FInvestment income per share reflects a special dividend which amounted to $.04 per share.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Institutional Class
Six months ended | Year ended | |
(Unaudited) | 2005 E | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $30.68 | $27.41 |
Income from Investment Operations | ||
Net investment income (loss) D | .24 | .38 |
Net realized and unrealized gain (loss) | 7.15 | 2.89 |
Total from investment operations | 7.39 | 3.27 |
Distributions from net investment income | (.33) | - |
Distributions from net realized gain | (1.40) | - |
Total distributions | (1.73) | - |
Redemption fees added to paid in capital D | - G | - G |
Net asset value, end of period | $36.34 | $30.68 |
Total Return B, C | 25.18% | 11.93% |
Ratios to Average Net Assets F | ||
Expenses before reductions | 1.05% A | .97% A |
Expenses net of fee waivers, if any | 1.05% A | .97% A |
Expenses net of all reductions | .98% A | .90% A |
Net investment income (loss) | 1.44% A | 1.60% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $23 | $10 |
Portfolio turnover rate | 57% A | 75% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DCalculated based on average shares outstanding during the period.
EFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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.
GAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2006 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
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 B, Class C, International Discovery Fund 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. 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 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. The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.
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. 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. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Security Valuation - continued
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.
Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost 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 is 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.
Semiannual Report
1. Significant Accounting Policies - continued
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. 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 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 generally accepted accounting principles. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. 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) and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $1,559,876 | |
Unrealized depreciation | (28,627) | |
Net unrealized appreciation (depreciation) | $1,531,249 | |
Cost for federal income tax purposes | $6,246,270 |
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a redemption fee equal to 1.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the fund and accounted for as an addition to paid in capital.
2. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The fund may also invest directly with
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Operating Policies - continued
Repurchase Agreements - continued
institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Futures Contracts. The fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any 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. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
Restricted Securities. 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.
Semiannual Report
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $3,279,645 and $1,491,856, respectively.
4. 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 a group fee rate that averaged .27% 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 investment performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .82% of the fund's average net assets.
Distribution and Service Plan. 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 and the total amounts paid to and retained by FDC were as follows:
Distribution | Service | Paid to | Retained | |
Class A | 0% | .25% | $44 | $- |
Class T | .25% | .25% | 9 | 1 |
Class B | .75% | .25% | 7 | 5 |
Class C | .75% | .25% | 12 | 9 |
$72 | $15 |
Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $14 |
Class T | 3 |
Class B * | - |
Class C * | - |
$17 |
*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, except for International Discovery Fund. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Discovery Fund shares. FIIOC and FSC receive 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 and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period the total transfer agent fees paid by each class to FIIOC or FSC, were as follows:
Amount | % of | |
Class A | $30 | .17 * |
Class T | 6 | .37 * |
Class B | 3 | .42 * |
Class C | 3 | .26 * |
International Discovery Fund | 5,904 | .22 * |
Institutional Class | 12 | .14 * |
$5,958 |
*Annualized
Accounting and Security Lending Fees. FSC maintains the fund's accounting records. The accounting fee is based on the level of average net assets for the 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
4. Fees and Other Transactions with Affiliates - continued
Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
The Money Market Central Funds do not pay a management fee.
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 for the period.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 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 amounts to $7 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
6. Bank Borrowings.
The fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $6,674. The weighted average interest rate was 4.78%. At period end, there were no bank borrowings outstanding.
7. Security Lending.
The fund lends portfolio securities from time to time in order to earn additional income. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
7. Security Lending - continued
disclosed on the fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Net income from lending portfolio securities during the period amounted to $2,139.
8. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Fidelity International Discovery Fund's operating expenses. During the period, this reimbursement reduced the class expenses by $38.
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, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
Expense | Reimbursement | |
Class T | 1.75% | 1 |
Class B | 2.25% | 1 |
$2 |
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 $1,935 for the period. In addition, through arrangements with the fund's custodian and ach class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, credits reduced each class' transfer agent expense as noted in the table below.
Transfer Agent | ||
International Discovery Fund | $78 | |
Semiannual Report
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.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income | ||
Class A | $38 | $- |
Class T | 18 | - |
Class B | 3 | - |
Class C | 8 | - |
International Discovery Fund | 41,152 | 12,813 |
Institutional Class | 105 | - |
Total | $41,324 | $12,813 |
From net realized gain | ||
Class A | $173 | $- |
Class T | 102 | - |
Class B | 40 | - |
Class C | 94 | - |
International Discovery Fund | 188,890 | 10,250 |
Institutional Class | 445 | - |
Total | $189,744 | $10,250 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
11. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended | Year ended | Six months ended | Year ended | |
Class A | ||||
Shares sold | 2,274 | 62 | $75,461 | $1,786 |
Reinvestment of distributions | 5 | - | 160 | - |
Shares redeemed | (20) | (1) | (687) | (30) |
Net increase (decrease) | 2,259 | 61 | $74,934 | $1,756 |
Class T | ||||
Shares sold | 97 | 63 | $3,258 | $1,829 |
Reinvestment of distributions | 4 | - | 112 | - |
Shares redeemed | (10) | (2) | (354) | (58) |
Net increase (decrease) | 91 | 61 | $3,016 | $1,771 |
Class B | ||||
Shares sold | 40 | 27 | $1,324 | $759 |
Reinvestment of distributions | 1 | - | 37 | - |
Shares redeemed | (5) | (2) | (159) | (53) |
Net increase (decrease) | 36 | 25 | $1,202 | $706 |
Class C | ||||
Shares sold | 48 | 63 | $1,559 | $1,805 |
Reinvestment of distributions | 1 | - | 41 | - |
Shares redeemed | (20) | - | (660) | (1) |
Net increase (decrease) | 29 | 63 | $940 | $1,804 |
International Discovery Fund | ||||
Shares sold | 69,363 | 73,475 | $2,314,644 | $2,106,762 |
Reinvestment of distributions | 7,089 | 781 | 215,944 | 21,434 |
Shares redeemed | (13,064) | (32,072) | (432,403) | (909,132) |
Net increase (decrease) | 63,388 | 42,184 | $2,098,185 | $1,219,064 |
Institutional Class | ||||
Shares sold | 337 | 365 | $11,189 | $10,479 |
Reinvestment of distributions | 4 | - | 121 | - |
Shares redeemed | (31) | (48) | (1,031) | (1,416) |
Net increase (decrease) | 310 | 317 | $10,279 | $9,063 |
AShare transactions for Class A, T, B, C and Institutional Class are for the period January 6, 2005 (commencement of sale of shares) to April 30, 2006.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Discovery Fund
On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.
The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.
Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.
In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including 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; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.
Semiannual Report
Semiannual Report
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company (formerly Fidelity Management & Research (Far East) Inc.)
Fidelity International
Investment Advisors
Fidelity Investments Japan Limited
Fidelity International 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
JPMorgan Chase Bank
New York, NY
(Fidelity Investment logo)(registered trademark)
AID-USAN-0606
1.806663.101
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Discovery
Fund - Institutional Class
Semiannual Report
April 30, 2006
(2_fidelity_logos) (Registered_Trademark)
Institutional Class is
a class of Fidelity®
International Discovery Fund
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at 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 Corp. 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 quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d.
Edward C. Johnson 3d
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 redemptions of shares purchased prior to October 12, 1990, and 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, 2005 to April 30, 2006).
Actual Expenses
The first line of the table below 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.
Hypothetical Example for Comparison Purposes
The second line of the table below 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.
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.
Beginning | Ending | Expenses Paid | |
Class A | |||
Actual | $1,000.00 | $1,248.70 | $7.53 |
HypotheticalA | $1,000.00 | $1,018.10 | $6.76 |
Class T | |||
Actual | $1,000.00 | $1,246.70 | $9.75 |
HypotheticalA | $1,000.00 | $1,016.12 | $8.75 |
Class B | |||
Actual | $1,000.00 | $1,243.90 | $12.52 |
HypotheticalA | $1,000.00 | $1,013.64 | $11.23 |
Class C | |||
Actual | $1,000.00 | $1,244.10 | $12.02 |
HypotheticalA | $1,000.00 | $1,014.08 | $10.79 |
International Discovery Fund | |||
Actual | $1,000.00 | $1,251.00 | $6.25 |
HypotheticalA | $1,000.00 | $1,019.24 | $5.61 |
Institutional Class | |||
Actual | $1,000.00 | $1,251.80 | $5.86 |
HypotheticalA | $1,000.00 | $1,019.59 | $5.26 |
A5% return per year before expenses
*Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Annualized | |
Class A | 1.35% |
Class T | 1.75% |
Class B | 2.25% |
Class C | 2.16% |
International Discovery Fund | 1.12% |
Institutional Class | 1.05% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Japan21.7% | |||
United Kingdom13.7% | |||
France11.1% | |||
Germany10.0% | |||
Switzerland8.5% | |||
Australia3.8% | |||
United States of America3.5% | |||
Italy3.2% | |||
Korea (South)2.6% | |||
Other21.9% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Japan23.0% | |||
United Kingdom17.8% | |||
Germany9.1% | |||
Switzerland8.8% | |||
France7.5% | |||
Australia4.3% | |||
Netherlands3.0% | |||
Italy2.8% | |||
Spain2.5% | |||
Other21.2% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks and Equity Futures | 97.3 | 99.4 |
Short-Term Investments and Net Other Assets | 2.7 | 0.6 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
BP PLC sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 1.4 | 2.1 |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 1.4 | 1.7 |
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals) | 1.4 | 1.5 |
Toyota Motor Corp. (Japan, Automobiles) | 1.3 | 1.4 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.3 | 1.8 |
Novartis AG (Reg.) (Switzerland, Pharmaceuticals) | 1.2 | 1.8 |
UBS AG (NY Shares) (Switzerland, Capital Markets) | 1.1 | 0.5 |
E.ON AG (Germany, Electric Utilities) | 1.1 | 0.9 |
Allianz AG (Reg.) (Germany, Insurance) | 1.0 | 1.2 |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 1.0 | 1.5 |
12.2 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Financials | 25.7 | 24.5 |
Consumer Discretionary | 15.5 | 15.6 |
Industrials | 11.3 | 11.0 |
Information Technology | 9.3 | 7.6 |
Energy | 8.7 | 8.4 |
Health Care | 7.5 | 10.0 |
Materials | 5.9 | 5.7 |
Consumer Staples | 5.7 | 8.9 |
Utilities | 4.2 | 2.0 |
Telecommunication Services | 2.1 | 4.4 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.7% | |||
Shares | Value (Note 1) | ||
Australia - 3.8% | |||
ABC Learning Centres Ltd. | 17,451 | $104 | |
AMP Ltd. | 699,000 | 4,784 | |
Aristocrat Leisure Ltd. | 484,123 | 5,417 | |
Babcock & Brown Japan Property Trust | 8,156,000 | 11,090 | |
BHP Billiton Ltd. | 2,560,200 | 58,321 | |
Billabong International Ltd. | 1,664,428 | 19,497 | |
Commonwealth Bank of Australia | 296,000 | 10,568 | |
Computershare Ltd. | 2,543,600 | 15,226 | |
CSL Ltd. | 345,050 | 15,124 | |
Downer EDI Ltd. | 3,129,097 | 20,633 | |
Dyno Nobel Ltd. | 1,156,300 | 2,301 | |
Macquarie Airports unit | 2,050,236 | 5,108 | |
Macquarie Bank Ltd. | 404,800 | 21,956 | |
Macquarie Communications Infrastructure Group unit | 1,632,940 | 6,823 | |
Macquarie Infrastructure Group unit | 1,680,541 | 4,558 | |
Mortgage Choice Ltd. | 1,123,400 | 2,219 | |
National Australia Bank Ltd. | 582,700 | 16,642 | |
QBE Insurance Group Ltd. | 1,186,267 | 20,168 | |
Seek Ltd. | 2,000,000 | 6,032 | |
Transurban Group unit | 952,767 | 4,777 | |
Zinifex Ltd. | 2,388,800 | 18,782 | |
TOTAL AUSTRALIA | 270,130 | ||
Austria - 1.1% | |||
Austriamicrosystems AG (a) | 111,000 | 7,155 | |
Erste Bank der Oesterreichischen Sparkassen AG | 208,400 | 12,647 | |
Oesterreichische Elektrizitaetswirtschafts AG (Verbund) | 39,800 | 18,919 | |
OMV AG | 365,800 | 25,434 | |
Telekom Austria AG | 472,700 | 11,600 | |
TOTAL AUSTRIA | 75,755 | ||
Bermuda - 0.1% | |||
Catlin Group Ltd. | 486,300 | 4,297 | |
Ports Design Ltd. | 2,005,000 | 3,168 | |
TOTAL BERMUDA | 7,465 | ||
Brazil - 0.5% | |||
Banco Bradesco SA (PN) sponsored ADR (non-vtg.) | 234,400 | 8,924 | |
Banco Itau Holding Financeira SA (PN) (non-vtg.) | 108,170 | 3,470 | |
Banco Nossa Caixa SA | 256,500 | 5,789 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Brazil - continued | |||
CSU Cardsystem SA sponsored ADR (a)(e) | 158,000 | $4,037 | |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 171,900 | 13,640 | |
TOTAL BRAZIL | 35,860 | ||
Cayman Islands - 0.6% | |||
Foxconn International Holdings Ltd. (a) | 5,711,000 | 12,301 | |
GlobalSantaFe Corp. | 283,300 | 17,341 | |
Himax Technologies, Inc. sponsored ADR | 158,800 | 1,413 | |
Suntech Power Holdings Co. Ltd. sponsored ADR | 187,900 | 6,443 | |
Xinao Gas Holdings Ltd. | 5,392,000 | 4,972 | |
TOTAL CAYMAN ISLANDS | 42,470 | ||
China - 0.5% | |||
China Shenhua Energy Co. Ltd. (H Shares) | 5,943,500 | 10,770 | |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR | 238,791 | 3,250 | |
Dalian Port (PDA) Co. Ltd. (H Shares) | 692,000 | 386 | |
Focus Media Holding Ltd. ADR | 162,000 | 9,783 | |
Li Ning Co. Ltd. | 7,030,000 | 7,888 | |
Shanghai Prime Machinery Co. Ltd. (H Shares) | 1,552,000 | 581 | |
TOTAL CHINA | 32,658 | ||
Denmark - 0.3% | |||
Vestas Wind Systems AS (a) | 670,200 | 18,192 | |
Finland - 2.0% | |||
Citycon Oyj | 576,935 | 2,700 | |
Citycon Oyj New | 115,387 | 540 | |
Fortum Oyj | 929,700 | 23,483 | |
Metso Corp. | 481,500 | 19,136 | |
Neste Oil Oyj | 640,550 | 22,353 | |
Nokia Corp. sponsored ADR | 2,586,400 | 58,608 | |
Sampo Oyj (A Shares) | 695,900 | 14,364 | |
TOTAL FINLAND | 141,184 | ||
France - 11.1% | |||
Accor SA | 314,900 | 19,821 | |
Alcatel SA (RFD) (a) | 1,089,900 | 15,716 | |
Alstom SA (a) | 211,000 | 19,114 | |
April Group (d) | 286,900 | 15,257 | |
AXA SA | 1,049,400 | 38,419 | |
BNP Paribas SA | 381,127 | 36,016 | |
BNP Paribas SA New | 38,112 | 3,479 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
France - continued | |||
Carrefour SA (d) | 578,000 | $33,530 | |
Compagnie Generale de Geophysique SA (a) | 205,999 | 33,293 | |
Financiere Marc de Lacharriere SA (Fimalac) | 105,900 | 10,054 | |
Groupe Danone | 88,500 | 11,043 | |
L'Oreal SA | 296,700 | 27,513 | |
Legrand SA | 35,600 | 1,042 | |
Louis Vuitton Moet Hennessy (LVMH) | 325,800 | 34,302 | |
Neopost SA | 280,900 | 31,772 | |
Nexity | 467,000 | 32,641 | |
Orpea (a) | 269,064 | 19,961 | |
Pernod Ricard SA | 171,500 | 33,257 | |
Renault SA | 383,100 | 44,467 | |
Sanofi-Aventis sponsored ADR | 976,500 | 45,935 | |
Schneider Electric SA | 190,000 | 21,514 | |
Silicon On Insulator Technologies SA (SOITEC) (a) | 283,425 | 9,251 | |
Societe Generale Series A | 291,500 | 44,537 | |
Suez SA (France) (d) | 1,105,800 | 43,514 | |
Total SA Series B | 363,844 | 100,435 | |
Veolia Environnement | 159,700 | 9,542 | |
Vinci SA | 263,500 | 26,180 | |
Vivendi Universal SA sponsored ADR (d) | 816,500 | 29,827 | |
TOTAL FRANCE | 791,432 | ||
Germany - 9.2% | |||
ADVA AG Optical Networking (a) | 279,500 | 3,315 | |
Allianz AG (Reg.) (d) | 425,830 | 71,241 | |
Bayer AG sponsored ADR (d) | 470,300 | 21,234 | |
Bilfinger Berger AG | 148,500 | 9,460 | |
Continental AG | 93,400 | 11,120 | |
Deutsche Boerse AG | 234,900 | 33,972 | |
Deutsche Postbank AG (d) | 267,100 | 20,421 | |
E.ON AG (d) | 613,300 | 74,682 | |
GFK AG | 288,897 | 13,238 | |
Heidelberger Druckmaschinen AG | 707,500 | 35,705 | |
Hugo Boss AG | 43,200 | 2,041 | |
Hypo Real Estate Holding AG | 179,368 | 12,542 | |
Infineon Technologies AG sponsored ADR (a) | 2,040,100 | 24,930 | |
KarstadtQuelle AG (a)(d) | 775,000 | 23,300 | |
Linde AG (d) | 177,200 | 15,864 | |
Merck KGaA | 118,800 | 12,590 | |
MPC Muenchmeyer Petersen Capital AG (d) | 50,500 | 4,243 | |
MTU Aero Engines Holding AG | 337,500 | 12,246 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Germany - continued | |||
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 178,400 | $25,281 | |
Pfleiderer AG | 1,058,096 | 31,919 | |
Premiere AG (a)(d) | 907,900 | 14,891 | |
Q-Cells AG | 149,200 | 13,770 | |
RWE AG | 398,119 | 34,517 | |
SAP AG | 99,900 | 21,830 | |
SGL Carbon AG (a) | 632,300 | 13,282 | |
Siemens AG sponsored ADR | 359,600 | 34,033 | |
SolarWorld AG | 59,700 | 18,604 | |
United Internet AG | 368,778 | 24,194 | |
Wacker Chemie AG | 22,300 | 2,926 | |
Wincor Nixdorf AG | 117,800 | 16,943 | |
TOTAL GERMANY | 654,334 | ||
Greece - 0.4% | |||
EFG Eurobank Ergasias SA | 311,750 | 12,421 | |
Greek Organization of Football Prognostics SA | 359,130 | 13,276 | |
TOTAL GREECE | 25,697 | ||
Hong Kong - 1.0% | |||
Chaoda Modern Agriculture (Holdings) Ltd. | 12,600,000 | 8,776 | |
CNOOC Ltd. | 21,546,300 | 17,369 | |
Esprit Holdings Ltd. | 3,610,500 | 28,825 | |
Li & Fung Ltd. | 4,172,000 | 9,901 | |
Wharf Holdings Ltd. | 1,509,000 | 6,053 | |
TOTAL HONG KONG | 70,924 | ||
India - 1.0% | |||
Cipla Ltd. | 1,277,912 | 7,246 | |
Infosys Technologies Ltd. | 342,896 | 23,977 | |
Pfizer Ltd. | 218,539 | 5,004 | |
Punj Lloyd Ltd. | 13,941 | 317 | |
State Bank of India | 721,022 | 16,256 | |
Sun TV Ltd. | 10,986 | 312 | |
Suzlon Energy Ltd. | 714,804 | 20,054 | |
TOTAL INDIA | 73,166 | ||
Indonesia - 0.3% | |||
PT Bank Rakyat Indonesia Tbk | 14,168,800 | 7,459 | |
PT Perusahaan Gas Negara Tbk Series B | 9,993,500 | 14,106 | |
TOTAL INDONESIA | 21,565 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Ireland - 0.9% | |||
AgCert International | 1,462,000 | $6,706 | |
Allied Irish Banks PLC | 880,600 | 21,099 | |
C&C Group PLC | 2,070,005 | 16,061 | |
Paddy Power PLC (Ireland) | 623,197 | 11,086 | |
Ryanair Holdings PLC sponsored ADR (a) | 128,600 | 6,054 | |
TOTAL IRELAND | 61,006 | ||
Israel - 0.7% | |||
Bank Hapoalim BM (Reg.) | 2,497,200 | 12,584 | |
Ormat Industries Ltd. | 1,771,900 | 16,849 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 459,700 | 18,618 | |
TOTAL ISRAEL | 48,051 | ||
Italy - 2.8% | |||
Azimut Holdings Spa | 864,500 | 10,634 | |
Banca Credit Firenze | 2,248,700 | 7,964 | |
Banca Monte dei Paschi di Siena Spa (d) | 2,684,000 | 15,922 | |
ENI Spa | 288,800 | 8,839 | |
ENI Spa sponsored ADR | 387,450 | 23,716 | |
FASTWEB Spa | 262,300 | 13,178 | |
Fiat Spa (a) | 1,623,400 | 22,874 | |
Geox Spa | 802,030 | 11,442 | |
Lottomatica Spa (d) | 227,400 | 10,495 | |
Mediobanca Spa | 391,500 | 8,486 | |
Pirelli & C. Real Estate Spa | 235,100 | 17,254 | |
Unicredito Italiano Spa | 6,648,800 | 50,104 | |
TOTAL ITALY | 200,908 | ||
Japan - 20.3% | |||
Aeon Co. Ltd. | 1,445,200 | 35,979 | |
Aeon Fantasy Co. Ltd. | 19,400 | 814 | |
Asics Corp. | 1,396,000 | 17,028 | |
Canon, Inc. | 603,100 | 45,715 | |
Credit Saison Co. Ltd. | 188,700 | 9,893 | |
Daikin Industries Ltd. | 350,000 | 12,202 | |
Daiwa House Industry Co. Ltd. | 939,000 | 16,005 | |
Daiwa Securities Group, Inc. | 944,000 | 13,090 | |
East Japan Railway Co. | 2,017 | 15,746 | |
FamilyMart Co. Ltd. | 42,100 | 1,220 | |
Fanuc Ltd. | 278,500 | 26,340 | |
Fast Retailing Co. Ltd. | 149,500 | 14,205 | |
Fujitsu Ltd. | 1,724,000 | 14,367 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
Fullcast Co. Ltd. | 1,334 | $5,400 | |
Hokuhoku Financial Group, Inc. | 1,567,000 | 6,385 | |
Hoya Corp. | 771,100 | 31,216 | |
Ibiden Co. Ltd. | 413,300 | 19,635 | |
JAFCO Co. Ltd. | 116,400 | 7,748 | |
Japan Tobacco, Inc. | 4,245 | 17,073 | |
JGC Corp. | 1,030,400 | 18,052 | |
JSR Corp. | 784,100 | 24,169 | |
JTEKT Corp. | 659,000 | 14,207 | |
Kahma Co. Ltd. (d) | 215,800 | 5,875 | |
Kansai Urban Banking Corp. | 1,288,000 | 6,074 | |
Keyence Corp. | 79,600 | 20,886 | |
Kose Corp. | 181,700 | 6,622 | |
Kurita Water Industries Ltd. | 150,900 | 3,074 | |
Matsushita Electric Industrial Co. Ltd. | 2,105,000 | 50,962 | |
Mitsubishi Estate Co. Ltd. | 826,000 | 18,061 | |
Mitsubishi UFJ Financial Group, Inc. | 3,272 | 51,240 | |
Mitsui & Co. Ltd. | 2,077,000 | 31,390 | |
Mitsui Fudosan Co. Ltd. | 1,335,000 | 29,895 | |
Mizuho Financial Group, Inc. | 6,623 | 56,474 | |
Nidec Corp. | 131,900 | 10,170 | |
Nikko Cordial Corp. | 2,117,500 | 34,270 | |
Nintendo Co. Ltd. | 202,100 | 30,171 | |
Nippon Electric Glass Co. Ltd. | 956,000 | 21,576 | |
Nippon Oil Corp. | 1,544,000 | 12,216 | |
Nishimatsuya Chain Co. Ltd. | 141,800 | 3,182 | |
Nissan Motor Co. Ltd. | 1,373,400 | 18,081 | |
Nitto Denko Corp. | 341,900 | 28,673 | |
Nomura Holdings, Inc. | 433,500 | 9,832 | |
NSK Ltd. | 1,893,000 | 17,122 | |
Omron Corp. | 555,800 | 15,521 | |
ORIX Corp. | 173,920 | 52,233 | |
SHIMIZU Corp. | 2,444,000 | 16,912 | |
Shin-Etsu Chemical Co. Ltd. | 190,300 | 10,996 | |
Sompo Japan Insurance, Inc. | 1,930,000 | 27,965 | |
Sony Corp. sponsored ADR | 711,800 | 34,835 | |
St. Marc Holdings Co. Ltd. | 83,900 | 5,784 | |
Sugi Pharmacy Co. Ltd. | 546,800 | 12,821 | |
Sumco Corp. | 479,700 | 28,687 | |
Sumitomo Electric Industries Ltd. | 1,721,600 | 27,334 | |
Sumitomo Metal Industries Ltd. | 4,099,000 | 17,278 | |
Sumitomo Mitsui Financial Group, Inc. | 5,327 | 58,474 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
Sumitomo Titanium Corp. | 74,900 | $14,747 | |
Sumitomo Trust & Banking Co. Ltd. | 1,452,000 | 15,454 | |
T&D Holdings, Inc. | 364,400 | 27,936 | |
Takeda Pharamaceutical Co. Ltd. | 457,000 | 27,932 | |
Teijin Ltd. | 3,129,200 | 21,461 | |
The Daimaru, Inc. | 1,171,000 | 17,050 | |
The Sumitomo Warehouse Co. Ltd. | 338,000 | 2,627 | |
Toho Titanium Co. Ltd. | 194,000 | 14,464 | |
Token Corp. | 78,400 | 5,115 | |
Tokuyama Corp. | 1,177,000 | 19,421 | |
Tokyo Tomin Bank Ltd. | 40,700 | 2,034 | |
Toyota Motor Corp. | 1,616,400 | 94,664 | |
Valor Co. Ltd. | 147,400 | 3,003 | |
Yahoo! Japan Corp. | 15,360 | 8,956 | |
Yamada Denki Co. Ltd. | 246,200 | 26,831 | |
TOTAL JAPAN | 1,442,870 | ||
Korea (South) - 2.6% | |||
Daegu Bank Co. Ltd. | 766,440 | 14,384 | |
Hyundai Department Store Co. Ltd. | 120,820 | 11,593 | |
Hyundai Engineering & Construction Co. Ltd. (a) | 102,900 | 6,404 | |
Hyundai Motor Co. | 79,150 | 6,957 | |
Kookmin Bank | 287,570 | 25,764 | |
Korean Reinsurance Co. | 1,154,385 | 13,831 | |
LG Household & Health Care Ltd. | 177,780 | 14,194 | |
Macquarie Korea Infrastructure Fund GDR (e) | 1,163,300 | 8,469 | |
NHN Corp. (a) | 79,108 | 28,099 | |
Samsung Electronics Co. Ltd. | 23,165 | 15,817 | |
Shinhan Financial Group Co. Ltd. | 456,710 | 22,759 | |
Shinsegae Co. Ltd. | 15,900 | 7,772 | |
Woongjin Coway Co. Ltd. unit (a)(e) | 483,500 | 7,177 | |
TOTAL KOREA (SOUTH) | 183,220 | ||
Luxembourg - 0.2% | |||
SES Global unit | 1,085,903 | 17,742 | |
Mexico - 0.4% | |||
America Movil SA de CV Series L sponsored ADR | 423,900 | 15,646 | |
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR | 36,100 | 1,201 | |
Urbi, Desarrollos Urbanos, SA de CV (a) | 1,373,800 | 11,238 | |
TOTAL MEXICO | 28,085 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Netherlands - 2.6% | |||
ABN-AMRO Holding NV (d) | 1,200,100 | $35,869 | |
ASML Holding NV (NY Shares) (a) | 372,500 | 7,878 | |
EADS NV (d) | 505,400 | 19,945 | |
Fugro NV (Certificaten Van Aandelen) unit | 418,300 | 17,563 | |
ING Groep NV (Certificaten Van Aandelen) | 1,285,844 | 52,180 | |
Koninklijke Numico NV | 229,000 | 10,378 | |
Koninklijke Wessanen NV | 571,800 | 9,248 | |
Randstad Holdings NV | 198,700 | 13,211 | |
Tele Atlas NV (Netherlands) (a) | 132,400 | 3,358 | |
VNU NV | 388,575 | 13,340 | |
TOTAL NETHERLANDS | 182,970 | ||
Norway - 1.9% | |||
DnB NOR ASA (d) | 928,300 | 12,881 | |
Norsk Hydro ASA | 264,200 | 40,423 | |
ProSafe ASA | 329,200 | 19,554 | |
Statoil ASA (d) | 511,800 | 16,861 | |
TANDBERG ASA (d) | 1,789,900 | 18,228 | |
TANDBERG Television ASA (a) | 636,000 | 12,799 | |
Telenor ASA | 1,338,200 | 15,528 | |
TOTAL NORWAY | 136,274 | ||
Portugal - 0.2% | |||
Energias de Portugal SA | 4,219,400 | 16,609 | |
Russia - 0.3% | |||
Novatek JSC GDR (e) | 66,900 | 2,843 | |
OAO Gazprom sponsored ADR | 411,600 | 18,934 | |
TOTAL RUSSIA | 21,777 | ||
Singapore - 0.4% | |||
Ascendas Real Estate Investment Trust (A-REIT) | 4,630,000 | 6,678 | |
HTL International Holdings Ltd. | 7,187,500 | 5,956 | |
Keppel Corp. Ltd. | 1,166,000 | 11,285 | |
STATS ChipPAC Ltd. (a) | 4,624,000 | 3,949 | |
TOTAL SINGAPORE | 27,868 | ||
South Africa - 1.8% | |||
African Bank Investments Ltd. | 1,707,000 | 9,539 | |
FirstRand Ltd. | 7,320,900 | 24,109 | |
Foschini Ltd. | 1,374,300 | 13,920 | |
Gold Fields Ltd. | 405,500 | 10,304 | |
MTN Group Ltd. | 2,089,100 | 20,848 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
South Africa - continued | |||
Naspers Ltd. Class N | 399,800 | $8,777 | |
Nedbank Group Ltd. | 410,444 | 8,571 | |
Standard Bank Group Ltd. | 522,700 | 7,459 | |
Steinhoff International Holdings Ltd. | 6,519,266 | 25,839 | |
TOTAL SOUTH AFRICA | 129,366 | ||
Spain - 1.9% | |||
Antena 3 Television SA (d) | 554,756 | 14,614 | |
Banco Bilbao Vizcaya Argentaria SA | 3,093,800 | 68,249 | |
Banco Santander Central Hispano SA | 1,902,500 | 29,500 | |
Gestevision Telecinco SA | 256,800 | 6,561 | |
Inditex SA | 337,900 | 13,749 | |
TOTAL SPAIN | 132,673 | ||
Sweden - 1.1% | |||
Atlas Copco AB (B Shares) (d) | 1,378,700 | 37,660 | |
Eniro AB | 1,035,700 | 11,365 | |
Hennes & Mauritz AB (H&M) (B Shares) (d) | 194,400 | 7,384 | |
Modern Times Group AB (MTG) (B Shares) (a) | 160,900 | 8,834 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 366,300 | 12,993 | |
TOTAL SWEDEN | 78,236 | ||
Switzerland - 8.5% | |||
ABB Ltd. sponsored ADR | 1,647,100 | 23,422 | |
Actelion Ltd. (Reg.) (a) | 123,336 | 13,942 | |
Compagnie Financiere Richemont unit | 783,838 | 40,604 | |
Credit Suisse Group sponsored ADR | 220,100 | 13,380 | |
Credit Suisse Group (Reg.) (d) | 704,294 | 44,235 | |
Lindt & Spruengli AG (participation certificate) | 10,132 | 20,668 | |
Nestle SA (Reg.) | 199,565 | 60,861 | |
Nobel Biocare Holding AG (Switzerland) (d) | 68,513 | 16,931 | |
Novartis AG (Reg.) | 1,440,008 | 82,815 | |
Pargesa Holding SA | 141,700 | 14,395 | |
Roche Holding AG (participation certificate) | 592,565 | 91,109 | |
Societe Generale de Surveillance Holding SA (SGS) (Reg.) | 12,915 | 12,777 | |
Swiss Life Holding | 95,400 | 21,979 | |
Syngenta AG: | |||
warrants 5/22/06 (a) | 177,108 | 284 | |
(Switzerland) | 194,108 | 26,962 | |
The Swatch Group AG (Reg.) | 389,573 | 14,291 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Switzerland - continued | |||
UBS AG (NY Shares) | 681,550 | $79,639 | |
Zurich Financial Services AG | 105,040 | 25,555 | |
TOTAL SWITZERLAND | 603,849 | ||
Taiwan - 0.7% | |||
Holtek Semiconductor, Inc. | 2,780,371 | 5,568 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 2,625,742 | 17,817 | |
Merry Electronics Co. Ltd. | 3,021,000 | 10,652 | |
Phoenix Precision Technology Corp. | 4,827,400 | 11,000 | |
Powertech Technology, Inc. | 2,086,000 | 7,159 | |
TOTAL TAIWAN | 52,196 | ||
Thailand - 0.2% | |||
Kasikornbank PCL (For. Reg.) | 6,171,500 | 11,182 | |
Turkey - 0.6% | |||
Finansbank AS | 4,168,014 | 21,746 | |
Tupras-Turkiye Petrol Rafinerileri AS | 844,000 | 17,869 | |
TOTAL TURKEY | 39,615 | ||
United Arab Emirates - 0.2% | |||
Investcom LLC GDR | 1,055,300 | 15,988 | |
United Kingdom - 13.7% | |||
Anglo American PLC (United Kingdom) | 880,600 | 37,500 | |
AstraZeneca PLC sponsored ADR | 266,300 | 14,681 | |
BAE Systems PLC | 4,917,309 | 37,441 | |
Benfield Group PLC | 2,792,700 | 19,787 | |
BG Group PLC | 1,368,000 | 18,387 | |
BG Group PLC sponsored ADR | 200,000 | 13,432 | |
BHP Billiton PLC | 1,346,800 | 27,731 | |
BP PLC sponsored ADR | 1,377,900 | 101,572 | |
British American Tobacco PLC | 623,100 | 15,920 | |
British American Tobacco PLC sponsored ADR | 388,200 | 19,837 | |
British Land Co. PLC | 627,900 | 14,383 | |
Capita Group PLC | 1,106,900 | 9,402 | |
Carnival PLC | 212,200 | 10,500 | |
CLS Holdings PLC (a) | 623,893 | 6,269 | |
CSR PLC (a) | 300,100 | 6,617 | |
EMI Group PLC | 1,826,400 | 9,393 | |
Enterprise Inns PLC | 505,225 | 8,597 | |
GlaxoSmithKline PLC sponsored ADR | 1,727,200 | 98,243 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
United Kingdom - continued | |||
HSBC Holdings PLC: | |||
(Hong Kong) (Reg.) | 2,694,477 | $46,711 | |
(United Kingdom) (Reg.) | 700,000 | 12,135 | |
Imperial Tobacco Group PLC | 76,000 | 2,362 | |
Imperial Tobacco Group PLC sponsored ADR | 175,100 | 10,975 | |
Informa PLC | 1,379,400 | 12,302 | |
International Power PLC | 3,077,300 | 16,710 | |
Ladbrokes PLC | 11 | 0 | |
Man Group PLC | 273,700 | 12,614 | |
Marks & Spencer Group PLC | 2,138,400 | 22,834 | |
NDS Group PLC sponsored ADR (a) | 83,800 | 4,224 | |
Prudential PLC | 1,167,482 | 13,701 | |
Reckitt Benckiser PLC | 538,900 | 19,647 | |
Renovo Group PLC | 2,788,400 | 5,772 | |
Reuters Group PLC sponsored ADR | 315,700 | 13,411 | |
Rio Tinto PLC sponsored ADR | 137,100 | 30,532 | |
Rolls-Royce Group PLC | 3,597,561 | 31,263 | |
Royal Bank of Scotland Group PLC | 732,071 | 23,912 | |
Royal Dutch Shell PLC Class B | 1,927,259 | 68,813 | |
Scottish & Southern Energy PLC | 1,021,200 | 20,952 | |
SIG PLC | 536,100 | 8,848 | |
Smiths Group PLC | 913,000 | 16,976 | |
Tesco PLC | 2,092,100 | 12,190 | |
Vedanta Resources PLC | 464,600 | 13,371 | |
Virgin Mobile Holdings (UK) PLC | 1,141,000 | 7,762 | |
Vodafone Group PLC | 22,088,212 | 52,349 | |
VT Group PLC | 1,218,600 | 10,223 | |
Whatman PLC | 735,900 | 4,211 | |
Yell Group PLC | 614,365 | 5,759 | |
TOTAL UNITED KINGDOM | 970,251 | ||
United States of America - 0.8% | |||
Macquarie Infrastructure Co. Trust | 131,000 | 3,825 | |
NTL, Inc. (a) | 934,000 | 25,666 | |
Synthes, Inc. | 244,488 | 30,356 | |
TOTAL UNITED STATES OF AMERICA | 59,847 | ||
TOTAL COMMON STOCKS (Cost $5,213,229) | 6,721,415 | ||
Nonconvertible Preferred Stocks - 1.2% | |||
Shares | Value (Note 1) | ||
Germany - 0.8% | |||
Fresenius AG (non-vtg.) | 94,600 | $16,369 | |
Hugo Boss AG (non-vtg.) (d) | 332,800 | 15,745 | |
Porsche AG (non-vtg.) | 20,595 | 20,540 | |
TOTAL GERMANY | 52,654 | ||
Italy - 0.4% | |||
Banca Intesa Spa (Risp) (d) | 5,637,502 | 31,331 | |
United Kingdom - 0.0% | |||
Rolls-Royce Group PLC Series B | 193,548,781 | 376 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $58,570) | 84,361 |
Government Obligations - 0.1% | ||||
Principal | ||||
United States of America - 0.1% | ||||
U.S. Treasury Bills, yield at date of purchase 4.44% to 4.72% 5/11/06 to 7/27/06 (f) | $4,610 | 4,570 |
Money Market Funds - 13.6% | |||
Shares | |||
Fidelity Cash Central Fund, 4.8% (b) | 371,284,488 | 371,284 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 595,888,669 | 595,889 | |
TOTAL MONEY MARKET FUNDS (Cost $967,173) | 967,173 | ||
TOTAL INVESTMENT PORTFOLIO - 109.6% (Cost $6,243,542) | 7,777,519 | ||
NET OTHER ASSETS - (9.6)% | (681,315) | ||
NET ASSETS - 100% | $7,096,204 |
Futures Contracts | |||||
Expiration | Underlying | Unrealized | |||
Purchased | |||||
Equity Index Contracts | |||||
1,157 Nikkei 225 Index Contracts (Japan) | June 2006 | $97,969 | $3,906 |
The face value of futures purchased as a percentage of net assets - 1.4% |
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. |
(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 period end, the value of these securities amounted to $22,526,000 or 0.3% of net assets. |
(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 $4,570,000. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $4,313 |
Fidelity Securities Lending Cash Central Fund | 2,139 |
Total | $6,452 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2006 (Unaudited) | |
Assets | ||
Investment in securities, at value (including securities loaned of $568,605) - See accompanying schedule: Unaffiliated issuers (cost $5,276,369) | $6,810,346 | |
Affiliated Central Funds (cost $967,173) | 967,173 | |
Total Investments (cost $6,243,542) | $7,777,519 | |
Receivable for investments sold | 65,191 | |
Receivable for fund shares sold | 26,813 | |
Dividends receivable | 16,631 | |
Interest receivable | 1,027 | |
Prepaid expenses | 10 | |
Other affiliated receivables | 2 | |
Other receivables | 2,293 | |
Total assets | 7,889,486 | |
Liabilities | ||
Payable to custodian bank | $9,553 | |
Payable for investments purchased | 173,462 | |
Payable for fund shares redeemed | 5,561 | |
Accrued management fee | 4,525 | |
Distribution fees payable | 22 | |
Payable for daily variation on futures contracts | 636 | |
Other affiliated payables | 1,281 | |
Other payables and accrued expenses | 2,353 | |
Collateral on securities loaned, at value | 595,889 | |
Total liabilities | 793,282 | |
Net Assets | $7,096,204 | |
Net Assets consist of: | ||
Paid in capital | $5,350,578 | |
Undistributed net investment income | 31,688 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 177,429 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 1,536,509 | |
Net Assets | $7,096,204 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2006 (Unaudited) | |
Calculation of Maximum Offering Price | $36.14 | |
Maximum offering price per share (100/94.25 of $36.14) | $38.34 | |
Class T: | $36.06 | |
Maximum offering price per share (100/96.50 of $36.06) | $37.37 | |
Class B: | $35.97 | |
Class C: | $36.03 | |
International Discovery Fund: | $36.31 | |
Institutional Class: | $36.34 |
ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended April 30, 2006 (Unaudited) | |
Investment Income | ||
Dividends | $63,039 | |
Interest | 95 | |
Income from affiliated Central Funds | 6,452 | |
69,586 | ||
Less foreign taxes withheld | (4,653) | |
Total income | 64,933 | |
Expenses | ||
Management fee | $19,251 | |
Performance adjustment | 2,616 | |
Transfer agent fees | 5,958 | |
Distribution fees | 72 | |
Accounting and security lending fees | 821 | |
Independent trustees' compensation | 10 | |
Custodian fees and expenses | 927 | |
Registration fees | 470 | |
Audit | 60 | |
Legal | 17 | |
Interest | 2 | |
Miscellaneous | 22 | |
Total expenses before reductions | 30,226 | |
Expense reductions | (2,053) | 28,173 |
Net investment income (loss) | 36,760 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 186,748 | |
Foreign currency transactions | (545) | |
Futures contracts | 9,715 | |
Total net realized gain (loss) | 195,918 | |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $1,490) | 940,125 | |
Assets and liabilities in foreign currencies | 618 | |
Futures contracts | 435 | |
Total change in net unrealized appreciation (depreciation) | 941,178 | |
Net gain (loss) | 1,137,096 | |
Net increase (decrease) in net assets resulting from operations | $1,173,856 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2006 | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $36,760 | $41,777 |
Net realized gain (loss) | 195,918 | 194,174 |
Change in net unrealized appreciation (depreciation) | 941,178 | 324,844 |
Net increase (decrease) in net assets resulting | 1,173,856 | 560,795 |
Distributions to shareholders from net investment income | (41,324) | (12,813) |
Distributions to shareholders from net realized gain | (189,744) | (10,250) |
Total distributions | (231,068) | (23,063) |
Share transactions - net increase (decrease) | 2,188,556 | 1,234,164 |
Redemption fees | 109 | 193 |
Total increase (decrease) in net assets | 3,131,453 | 1,772,089 |
Net Assets | ||
Beginning of period | 3,964,751 | 2,192,662 |
End of period (including undistributed net investment income of $31,688 and undistributed net investment income of $40,185, respectively) | $7,096,204 | $3,964,751 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class A
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $30.57 | $27.41 |
Income from Investment Operations | ||
Net investment income (loss) E | .19 | .28 |
Net realized and unrealized gain (loss) | 7.09 | 2.88 |
Total from investment operations | 7.28 | 3.16 |
Distributions from net investment income | (.31) | - |
Distributions from net realized gain | (1.40) | - |
Total distributions | (1.71) | - |
Redemption fees added to paid in capital E | - H | - H |
Net asset value, end of period | $36.14 | $30.57 |
Total Return B, C, D | 24.87% | 11.53% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 1.35% A | 1.42% A |
Expenses net of fee waivers, if any | 1.35% A | 1.42% A |
Expenses net of all reductions | 1.27% A | 1.36% A |
Net investment income (loss) | 1.15% A | 1.15% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $84 | $2 |
Portfolio turnover rate | 57% A | 75% |
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class T
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $30.49 | $27.41 |
Income from Investment Operations | ||
Net investment income (loss) E | .12 | .20 |
Net realized and unrealized gain (loss) | 7.09 | 2.88 |
Total from investment operations | 7.21 | 3.08 |
Distributions from net investment income | (.24) | - |
Distributions from net realized gain | (1.40) | - |
Total distributions | (1.64) | - |
Redemption fees added to paid in capital E | - H | - H |
Net asset value, end of period | $36.06 | $30.49 |
Total Return B, C, D | 24.67% | 11.24% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 1.78% A | 1.75% A |
Expenses net of fee waivers, if any | 1.75% A | 1.75% A |
Expenses net of all reductions | 1.67% A | 1.69% A |
Net investment income (loss) | .75% A | .83% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $5 | $2 |
Portfolio turnover rate | 57% A | 75% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class B
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $30.36 | $27.41 |
Income from Investment Operations | ||
Net investment income (loss) E | .04 | .08 |
Net realized and unrealized gain (loss) | 7.08 | 2.87 |
Total from investment operations | 7.12 | 2.95 |
Distributions from net investment income | (.11) | - |
Distributions from net realized gain | (1.40) | - |
Total distributions | (1.51) | - |
Redemption fees added to paid in capital E | - H | - H |
Net asset value, end of period | $35.97 | $30.36 |
Total Return B, C, D | 24.39% | 10.76% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 2.33% A | 2.24% A |
Expenses net of fee waivers, if any | 2.25% A | 2.24% A |
Expenses net of all reductions | 2.17% A | 2.18% A |
Net investment income (loss) | .25% A | .33% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $2 | $1 |
Portfolio turnover rate | 57% A | 75% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class C
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $30.41 | $27.41 |
Income from Investment Operations | ||
Net investment income (loss) E | .06 | .13 |
Net realized and unrealized gain (loss) | 7.08 | 2.87 |
Total from investment operations | 7.14 | 3.00 |
Distributions from net investment income | (.12) | - |
Distributions from net realized gain | (1.40) | - |
Total distributions | (1.52) | - |
Redemption fees added to paid in capital E | - H | - H |
Net asset value, end of period | $36.03 | $30.41 |
Total Return B, C, D | 24.41% | 10.94% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 2.16% A | 2.04% A |
Expenses net of fee waivers, if any | 2.16% A | 2.04% A |
Expenses net of all reductions | 2.09% A | 1.98% A |
Net investment income (loss) | .34% A | .53% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $3 | $2 |
Portfolio turnover rate | 57% A | 75% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - International Discovery Fund
Six months ended | Years ended October 31, | |||||
(Unaudited) | 2005 | 2004 | 2003 | 2002 | 2001 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $30.65 | $25.31 | $21.87 | $16.66 | $17.61 | $26.70 |
Income from Investment Operations | ||||||
Net investment income (loss) E | .23 | .37 | .22 | .19 | .11 | .19 F |
Net realized and unrealized gain (loss) | 7.14 | 5.24 | 3.40 | 5.11 | (1.06) | (6.11) |
Total from investment operations | 7.37 | 5.61 | 3.62 | 5.30 | (.95) | (5.92) |
Distributions from net investment income | (.31) | (.15) | (.18) | (.09) | - | (.51) |
Distributions from net realized gain | (1.40) | (.12) | - | - | - | (2.66) |
Total distributions | (1.71) | (.27) | (.18) | (.09) | - | (3.17) |
Redemption fees added to paid in capital E | - D | - D | - D | - D | - D | - D |
Net asset value, end of period | $36.31 | $30.65 | $25.31 | $21.87 | $16.66 | $17.61 |
Total Return B, C | 25.10% | 22.29% | 16.65% | 31.97% | (5.39)% | (24.91)% |
Ratios to Average Net Assets G | ||||||
Expenses before reductions | 1.13% A | 1.08% | 1.10% | 1.14% | 1.14% | 1.14% |
Expenses net of fee waivers, if any | 1.12% A | 1.07% | 1.10% | 1.14% | 1.14% | 1.14% |
Expenses net of all reductions | 1.05% A | 1.01% | 1.06% | 1.11% | 1.12% | 1.09% |
Net investment income (loss) | 1.37% A | 1.35% | .92% | 1.08% | .59% | .91% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $6,979 | $3,949 | $2,193 | $1,243 | $890 | $882 |
Portfolio turnover rate | 57% A | 75% | 87% | 81% | 63% | 81% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DAmount represents less than $.01 per share.
ECalculated based on average shares outstanding during the period.
FInvestment income per share reflects a special dividend which amounted to $.04 per share.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Institutional Class
Six months ended | Year ended | |
(Unaudited) | 2005 E | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $30.68 | $27.41 |
Income from Investment Operations | ||
Net investment income (loss) D | .24 | .38 |
Net realized and unrealized gain (loss) | 7.15 | 2.89 |
Total from investment operations | 7.39 | 3.27 |
Distributions from net investment income | (.33) | - |
Distributions from net realized gain | (1.40) | - |
Total distributions | (1.73) | - |
Redemption fees added to paid in capital D | - G | - G |
Net asset value, end of period | $36.34 | $30.68 |
Total Return B, C | 25.18% | 11.93% |
Ratios to Average Net Assets F | ||
Expenses before reductions | 1.05% A | .97% A |
Expenses net of fee waivers, if any | 1.05% A | .97% A |
Expenses net of all reductions | .98% A | .90% A |
Net investment income (loss) | 1.44% A | 1.60% A |
Supplemental Data | ||
Net assets, end of period (in millions) | $23 | $10 |
Portfolio turnover rate | 57% A | 75% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DCalculated based on average shares outstanding during the period.
EFor the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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.
GAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2006 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
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 B, Class C, International Discovery Fund 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. 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 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. The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.
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. 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. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Security Valuation - continued
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.
Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost 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 is 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.
Semiannual Report
1. Significant Accounting Policies - continued
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. 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 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 generally accepted accounting principles. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. 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) and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $1,559,876 | |
Unrealized depreciation | (28,627) | |
Net unrealized appreciation (depreciation) | $1,531,249 | |
Cost for federal income tax purposes | $6,246,270 |
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a redemption fee equal to 1.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the fund and accounted for as an addition to paid in capital.
2. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The fund may also invest directly with
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Operating Policies - continued
Repurchase Agreements - continued
institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Futures Contracts. The fund may use futures contracts to manage its exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in the Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in the Statement of Assets and Liabilities. The underlying face amount at value of any 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. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
Restricted Securities. 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.
Semiannual Report
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $3,279,645 and $1,491,856, respectively.
4. 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 a group fee rate that averaged .27% 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 investment performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .82% of the fund's average net assets.
Distribution and Service Plan. 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 and the total amounts paid to and retained by FDC were as follows:
Distribution | Service | Paid to | Retained | |
Class A | 0% | .25% | $44 | $- |
Class T | .25% | .25% | 9 | 1 |
Class B | .75% | .25% | 7 | 5 |
Class C | .75% | .25% | 12 | 9 |
$72 | $15 |
Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $14 |
Class T | 3 |
Class B * | - |
Class C * | - |
$17 |
*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, except for International Discovery Fund. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Discovery Fund shares. FIIOC and FSC receive 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 and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period the total transfer agent fees paid by each class to FIIOC or FSC, were as follows:
Amount | % of | |
Class A | $30 | .17 * |
Class T | 6 | .37 * |
Class B | 3 | .42 * |
Class C | 3 | .26 * |
International Discovery Fund | 5,904 | .22 * |
Institutional Class | 12 | .14 * |
$5,958 |
*Annualized
Accounting and Security Lending Fees. FSC maintains the fund's accounting records. The accounting fee is based on the level of average net assets for the 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
4. Fees and Other Transactions with Affiliates - continued
Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
The Money Market Central Funds do not pay a management fee.
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 for the period.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 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 amounts to $7 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
6. Bank Borrowings.
The fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $6,674. The weighted average interest rate was 4.78%. At period end, there were no bank borrowings outstanding.
7. Security Lending.
The fund lends portfolio securities from time to time in order to earn additional income. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
7. Security Lending - continued
disclosed on the fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Net income from lending portfolio securities during the period amounted to $2,139.
8. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Fidelity International Discovery Fund's operating expenses. During the period, this reimbursement reduced the class expenses by $38.
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, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
Expense | Reimbursement | |
Class T | 1.75% | 1 |
Class B | 2.25% | 1 |
$2 |
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 $1,935 for the period. In addition, through arrangements with the fund's custodian and ach class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, credits reduced each class' transfer agent expense as noted in the table below.
Transfer Agent | ||
International Discovery Fund | $78 | |
Semiannual Report
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.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income | ||
Class A | $38 | $- |
Class T | 18 | - |
Class B | 3 | - |
Class C | 8 | - |
International Discovery Fund | 41,152 | 12,813 |
Institutional Class | 105 | - |
Total | $41,324 | $12,813 |
From net realized gain | ||
Class A | $173 | $- |
Class T | 102 | - |
Class B | 40 | - |
Class C | 94 | - |
International Discovery Fund | 188,890 | 10,250 |
Institutional Class | 445 | - |
Total | $189,744 | $10,250 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
11. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended | Year ended | Six months ended | Year ended | |
Class A | ||||
Shares sold | 2,274 | 62 | $75,461 | $1,786 |
Reinvestment of distributions | 5 | - | 160 | - |
Shares redeemed | (20) | (1) | (687) | (30) |
Net increase (decrease) | 2,259 | 61 | $74,934 | $1,756 |
Class T | ||||
Shares sold | 97 | 63 | $3,258 | $1,829 |
Reinvestment of distributions | 4 | - | 112 | - |
Shares redeemed | (10) | (2) | (354) | (58) |
Net increase (decrease) | 91 | 61 | $3,016 | $1,771 |
Class B | ||||
Shares sold | 40 | 27 | $1,324 | $759 |
Reinvestment of distributions | 1 | - | 37 | - |
Shares redeemed | (5) | (2) | (159) | (53) |
Net increase (decrease) | 36 | 25 | $1,202 | $706 |
Class C | ||||
Shares sold | 48 | 63 | $1,559 | $1,805 |
Reinvestment of distributions | 1 | - | 41 | - |
Shares redeemed | (20) | - | (660) | (1) |
Net increase (decrease) | 29 | 63 | $940 | $1,804 |
International Discovery Fund | ||||
Shares sold | 69,363 | 73,475 | $2,314,644 | $2,106,762 |
Reinvestment of distributions | 7,089 | 781 | 215,944 | 21,434 |
Shares redeemed | (13,064) | (32,072) | (432,403) | (909,132) |
Net increase (decrease) | 63,388 | 42,184 | $2,098,185 | $1,219,064 |
Institutional Class | ||||
Shares sold | 337 | 365 | $11,189 | $10,479 |
Reinvestment of distributions | 4 | - | 121 | - |
Shares redeemed | (31) | (48) | (1,031) | (1,416) |
Net increase (decrease) | 310 | 317 | $10,279 | $9,063 |
AShare transactions for Class A, T, B, C and Institutional Class are for the period January 6, 2005 (commencement of sale of shares) to April 30, 2006.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Discovery Fund
On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.
The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.
Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.
In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including 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; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.
Semiannual Report
Semiannual Report
Semiannual Report
Semiannual Report
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company (formerly Fidelity Management & Research (Far East) Inc.)
Fidelity International
Investment Advisors
Fidelity Investments Japan Limited
Fidelity International 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
JPMorgan Chase Bank
New York, NY
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
AIDI-USAN-0606
1.806664.101
Fidelity®
International Small Cap
Fund
Semiannual Report
April 30, 2006
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
Report of Independent Registered Public Accounting Firm | ||
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at 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 Corp. 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 quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com/holdings.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d.
Edward C. Johnson 3d
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, 2005 to April 30, 2006).
Actual Expenses
The first line of the table below 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.
Hypothetical Example for Comparison Purposes
The second line of the table below 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.
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.
Beginning | Ending | Expenses Paid | |
Class A | |||
Actual | $1,000.00 | $1,350.10 | $9.50 |
HypotheticalA | $1,000.00 | $1,016.71 | $8.15 |
Class T | |||
Actual | $1,000.00 | $1,348.30 | $10.95 |
HypotheticalA | $1,000.00 | $1,015.47 | $9.39 |
Class B | |||
Actual | $1,000.00 | $1,344.30 | $13.95 |
HypotheticalA | $1,000.00 | $1,012.89 | $11.98 |
Class C | |||
Actual | $1,000.00 | $1,345.00 | $13.78 |
HypotheticalA | $1,000.00 | $1,013.04 | $11.83 |
International Small Cap | |||
Actual | $1,000.00 | $1,351.90 | $7.41 |
HypotheticalA | $1,000.00 | $1,018.50 | $6.36 |
Institutional Class | |||
Actual | $1,000.00 | $1,352.10 | $7.52 |
HypotheticalA | $1,000.00 | $1,018.40 | $6.46 |
A5% return per year before expenses
*Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Annualized | |
Class A | 1.63% |
Class T | 1.88% |
Class B | 2.40% |
Class C | 2.37% |
International Small Cap | 1.27% |
Institutional Class | 1.29% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Japan32.2% | |||
United Kingdom18.1% | |||
Australia9.6% | |||
Canada3.9% | |||
South Africa3.8% | |||
United States of America2.8% | |||
Italy2.8% | |||
Bermuda2.4% | |||
Germany2.2% | |||
Other22.2% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Japan32.9% | |||
United Kingdom15.4% | |||
Australia10.4% | |||
United States of America3.8% | |||
South Africa3.7% | |||
Germany3.4% | |||
Singapore2.5% | |||
Canada2.3% | |||
Norway2.1% | |||
Other23.5% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks and Investment Companies | 98.7 | 97.8 |
Bonds | 0.3 | 0.1 |
Short-Term Investments and Net Other Assets | 1.0 | 2.1 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Banca Italease Spa (Italy, Diversified Financial Services) | 1.9 | 1.0 |
Steinhoff International Holdings Ltd. (South Africa, Household Durables) | 1.5 | 1.5 |
Central African Mining & Exploration Co. PLC (United Kingdom, Metals & Mining) | 1.2 | 0.2 |
Hitachi Construction Machinery Co. Ltd. (Japan, Machinery) | 1.1 | 0.1 |
Max Petroleum PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 1.0 | 0.0 |
Konica Minolta Holdings, Inc. (Japan, Office Electronics) | 0.9 | 0.0 |
Nissin Kogyo Co. Ltd. (Japan, Auto Components) | 0.9 | 1.2 |
Fujikura Ltd. (Japan, Electrical Equipment) | 0.8 | 0.4 |
Hitachi Chemical Co. Ltd. (Japan, Chemicals) | 0.8 | 0.0 |
OMV AG (Austria, Oil, Gas & Consumable Fuels) | 0.8 | 0.3 |
10.9 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Materials | 18.7 | 14.8 |
Consumer Discretionary | 16.5 | 18.7 |
Industrials | 15.7 | 15.5 |
Energy | 14.5 | 13.0 |
Information Technology | 12.8 | 12.9 |
Financials | 9.8 | 9.5 |
Health Care | 5.0 | 5.8 |
Consumer Staples | 3.7 | 4.3 |
Utilities | 1.2 | 0.6 |
Telecommunication Services | 1.1 | 2.8 |
Semiannual Report
Investments April 30, 2006
Showing Percentage of Net Assets
Common Stocks - 98.2% | |||
Shares | Value (Note 1) (000s) | ||
Australia - 9.6% | |||
Allied Gold Ltd. (a) | 8,145,000 | $3,279 | |
Aristocrat Leisure Ltd. | 41,200 | 461 | |
Austbrokers Holdings Ltd. | 509,053 | 1,118 | |
Australian Stock Exchange Ltd. | 76,339 | 1,905 | |
Australian Wealth Management Ltd. (a) | 937,387 | 1,752 | |
Billabong International Ltd. | 546,600 | 6,403 | |
Boom Logistics Ltd. | 1,065,600 | 3,756 | |
Bradken Ltd. | 2,677,195 | 11,409 | |
Capital-XX Ltd. | 2,262,572 | 3,941 | |
Centamin Egypt Ltd. (a) | 7,128,303 | 4,648 | |
Coates Hire Ltd. | 768,400 | 3,596 | |
Cochlear Ltd. | 239,200 | 9,594 | |
Colorado Group Ltd. | 436,600 | 1,254 | |
Computershare Ltd. | 968,472 | 5,797 | |
CSR Ltd. | 550,600 | 1,694 | |
David Jones Ltd. (e) | 1,901,800 | 3,872 | |
Dominos Pizza Australia New Zealand Ltd. | 1,993,100 | 5,799 | |
Downer EDI Ltd. | 2,031,557 | 13,396 | |
Dwyka Diamonds Ltd. (a) | 7,549,000 | 4,715 | |
Dyno Nobel Ltd. | 494,900 | 985 | |
Elixir Petroleum Ltd. (a) | 2,227,040 | 741 | |
Elkedra Diamonds NL (a) | 6,153,671 | 3,002 | |
Energy Developments Ltd. | 14,945 | 49 | |
European Gas Ltd. (a) | 3,307,100 | 1,457 | |
Finders Resources Ltd. | 1,281,400 | 613 | |
Fox Resources Ltd. (a) | 4,514,836 | 2,915 | |
Fox Resources Ltd. warrants 6/30/07 (a) | 342,636 | 52 | |
Hastie Group Ltd. | 1,038,000 | 1,335 | |
International Ferro Metals (f) | 27,299,526 | 18,919 | |
JB Hi-Fi Ltd. | 619,200 | 2,352 | |
Kimberley Diamond Co. NL (a) | 871,100 | 1,141 | |
Metcash Ltd. | 3,551,900 | 12,412 | |
Millers Retail Ltd. (a) | 923,300 | 1,203 | |
Mineral Deposits Ltd. (a) | 4,920,000 | 6,485 | |
Mineral Securities Ltd. (a) | 650,000 | 790 | |
Mintails Ltd. (a)(f) | 7,455,000 | 1,841 | |
Mortgage Choice Ltd. | 5,879,638 | 11,613 | |
National Australia Bank Ltd. | 143,900 | 4,110 | |
Novera Energy Ltd. (a) | 856,600 | 1,062 | |
Origin Energy Ltd. | 410,900 | 2,201 | |
Oxiana Ltd. | 5,035,384 | 13,044 | |
Paladin Resources Ltd. (a)(e) | 1,613,900 | 5,566 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Australia - continued | |||
QBE Insurance Group Ltd. | 257,323 | $4,375 | |
Roc Oil Co. Ltd. (a) | 6,408,992 | 16,247 | |
Seek Ltd. | 2,980,839 | 8,990 | |
Select Managed Funds Ltd. | 298,900 | 1,907 | |
SFE Corp. Ltd. | 939,600 | 11,734 | |
Sims Group Ltd. | 169,553 | 2,454 | |
Sphere Investments Ltd. (a) | 4,877,121 | 4,075 | |
Stockland unit | 408 | 2 | |
Sylvania Resources Ltd. (a)(f) | 7,537,250 | 5,067 | |
Tanami Gold NL (a) | 17,920,400 | 4,220 | |
Tutt Bryant Group Ltd. | 149,064 | 186 | |
United Group Ltd. | 1,100,021 | 11,039 | |
Virotec International Ltd. (United Kingdom) (a) | 6,788,332 | 2,197 | |
Woolworths Ltd. | 170,218 | 2,413 | |
WorleyParsons Ltd. (e) | 712,800 | 10,559 | |
Zinifex Ltd. | 2,301,500 | 18,095 | |
TOTAL AUSTRALIA | 285,837 | ||
Austria - 0.8% | |||
OMV AG | 325,200 | 22,611 | |
Belgium - 0.3% | |||
Melexis NV | 93,199 | 1,487 | |
Punch International NV (a) | 29,700 | 3,638 | |
Recticel SA (e) | 242,344 | 2,905 | |
TOTAL BELGIUM | 8,030 | ||
Bermuda - 2.4% | |||
Aquarius Platinum Ltd. (United Kingdom) | 498,805 | 7,341 | |
Asia Aluminum Holdings Ltd. (a) | 628,000 | 114 | |
Pacific Andes (Holdings) Ltd. | 1,824,000 | 946 | |
Peace Mark Holdings Ltd. | 7,470,000 | 3,782 | |
Petra Diamonds Ltd. (a) | 3,010,606 | 5,065 | |
Ports Design Ltd. | 2,659,000 | 4,201 | |
RC Group (Holdings) Ltd. | 2,493,279 | 2,865 | |
REXCAPITAL Financial Holdings Ltd. (a) | 5,975,000 | 316 | |
SeaDrill Ltd. (a) | 793,721 | 13,461 | |
Sinochem Hong Kong Holding Ltd. | 9,740,000 | 4,146 | |
Tanzanite One Ltd. (f) | 5,891,201 | 17,889 | |
Trefoil Ltd. (a) | 750,000 | 6,329 | |
Xceldiam Ltd. (f) | 3,318,255 | 2,965 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Bermuda - continued | |||
Xceldiam Ltd. warrants 11/16/07 (a) | 1,659,127 | $363 | |
Xiwang Sugar Holdings Co. Ltd. | 368,000 | 254 | |
TOTAL BERMUDA | 70,037 | ||
British Virgin Islands - 0.3% | |||
Albidon Ltd. unit (a) | 1,000,000 | 711 | |
BDI Mining Corp. (a)(f) | 8,728,890 | 4,298 | |
CIC Energy Corp. (a) | 330,000 | 1,963 | |
Titanium Resources Group Ltd. | 1,890,000 | 2,637 | |
TOTAL BRITISH VIRGIN ISLANDS | 9,609 | ||
Canada - 3.7% | |||
Adastra Minerals, Inc.: | |||
(Canada) (a) | 266,300 | 846 | |
(United Kingdom) (a) | 2,254,100 | 7,235 | |
Altius Minerals Corp. (a) | 757,506 | 4,133 | |
Artumas Group, Inc. | 473,800 | 2,576 | |
Bankers Petroleum Ltd. (a) | 3,767,000 | 3,639 | |
Banro Corp. (a) | 277,700 | 3,353 | |
Brazilian Diamonds Ltd. (a) | 1,300,000 | 395 | |
Falcon Oil & Gas Ltd. (a) | 4,775,500 | 14,651 | |
First Quantum Minerals Ltd. | 55,700 | 2,692 | |
Grove Energy Ltd. (a) | 2,324,240 | 1,950 | |
La Mancha Resources, Inc. (a) | 458,200 | 574 | |
Lionore Mining International Ltd. (a) | 296,800 | 1,505 | |
MagIndustries Corp. (a) | 4,865,600 | 6,963 | |
MagIndustries Corp. (a)(h) | 7,233,600 | 9,317 | |
Oilexco, Inc. (a) | 3,980,525 | 16,022 | |
Platinum Group Metals Ltd. (a) | 250,000 | 467 | |
Rock Well Petroleum, Inc. (h) | 770,400 | 1,034 | |
Shore Gold, Inc. (a) | 311,500 | 1,783 | |
Starfield Resources, Inc. (a)(f) | 9,026,531 | 4,279 | |
Starfield Resources, Inc. (a)(f)(h) | 1,678,100 | 689 | |
Starfield Resources, Inc. warrants 1/21/08 (a) | 1,678,100 | 144 | |
StrataGold Corp. (a) | 2,229,000 | 2,193 | |
StrataGold Corp. (a)(h) | 1,078,111 | 955 | |
SXR Uranium One, Inc. (a) | 475,740 | 4,668 | |
Tenke Mining Corp. (a) | 160,000 | 2,291 | |
Uruguay Mineral Exploration, Inc. (a) | 430,400 | 1,963 | |
Valkyries Petroleum Corp. (a) | 334,400 | 4,262 | |
Visual Defence, Inc. (f) | 5,963,100 | 3,045 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Canada - continued | |||
Western Canadian Coal Corp. (a) | 2,161,418 | $5,104 | |
Western Canadian Coal Corp. (United Kingdom) (a) | 548,286 | 1,360 | |
TOTAL CANADA | 110,088 | ||
Cayman Islands - 0.6% | |||
AAC Acoustic Technology Holdings, Inc. | 5,094,000 | 5,782 | |
China Rare Earth Holdings Ltd. | 6,418,000 | 1,449 | |
Ctrip.com International Ltd. sponsored ADR | 52,800 | 2,376 | |
Foxconn International Holdings Ltd. (a) | 1,320,000 | 2,843 | |
New World China Land Ltd. | 2,100,000 | 1,009 | |
Prime Success International Group Ltd. | 2,958,000 | 1,965 | |
Sincere Watch (Hong Kong) Ltd. | 2,642,000 | 259 | |
The9 Ltd. sponsored ADR (a) | 73,500 | 2,204 | |
Wasion Meters Group Ltd. | 3,544,000 | 1,588 | |
TOTAL CAYMAN ISLANDS | 19,475 | ||
China - 0.7% | |||
Century Sunshine Ecological Technology Holdings Ltd. | 2,630,000 | 1,577 | |
China Oilfield Services Ltd. (H Shares) | 2,592,000 | 1,429 | |
China Shenhua Energy Co. Ltd. (H Shares) | 1,325,500 | 2,402 | |
Dalian Port (PDA) Co. Ltd. (H Shares) | 292,000 | 163 | |
Focus Media Holding Ltd. ADR | 73,700 | 4,451 | |
Lianhua Supermarket Holdings Co. (H Shares) | 639,000 | 746 | |
Nine Dragons Paper (Holdings) Ltd. | 494,000 | 430 | |
Parkson Retail Group Ltd. | 155,500 | 509 | |
Shenzhou International Group Holdings Ltd. | 6,594,000 | 2,849 | |
Sina Corp. (a) | 75,300 | 1,992 | |
Tencent Holdings Ltd. | 1,812,000 | 3,669 | |
Yantai Changyu Pioneer Wine Co. (B Shares) | 251,700 | 831 | |
TOTAL CHINA | 21,048 | ||
Denmark - 0.2% | |||
Rockwool International AS Series A (e) | 40,200 | 5,024 | |
Egypt - 0.0% | |||
Commercial International Bank Ltd. sponsored GDR | 100,900 | 1,313 | |
Estonia - 0.1% | |||
Tallinna Vesi AS | 127,000 | 2,312 | |
Finland - 1.6% | |||
Aldata Solutions Oyj (a) | 2,065,976 | 6,542 | |
Capman Oyj (B Shares) | 349,437 | 1,318 | |
Fortum Oyj | 135,400 | 3,420 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Finland - continued | |||
Inion OY (a)(f) | 3,740,300 | $4,604 | |
Metso Corp. | 57,600 | 2,289 | |
Neste Oil Oyj | 526,900 | 18,387 | |
Nokian Tyres Ltd. (e) | 435,890 | 7,457 | |
Tekla Oyj (A Shares) | 389,780 | 2,951 | |
TOTAL FINLAND | 46,968 | ||
France - 1.7% | |||
Altamir et Compagnie SA | 6,100 | 1,465 | |
Bourbon SA | 15,638 | 1,997 | |
BVRP Software SA (a) | 144,796 | 4,149 | |
Constructions Industrielles dela Mediterranee SA | 11,500 | 1,451 | |
Electricite de France | 146,200 | 8,549 | |
Groupe Open SA (e) | 52,500 | 1,057 | |
Groupe Open SA warrants 10/21/06 (a) | 14,809 | 17 | |
Groupe Promeo (a) | 62,625 | 2,734 | |
Guerbet SA | 8,400 | 1,484 | |
Icade SA | 58,100 | 2,499 | |
Ipsos SA | 515 | 76 | |
Maisons France Confort | 31,494 | 2,368 | |
Orpea (a) | 25,207 | 1,870 | |
Sechilienne-Sidec | 5,246 | 4,170 | |
Signaux Girod | 15,575 | 1,611 | |
Silicon On Insulator Technologies SA (SOITEC) (a) | 282,200 | 9,211 | |
Sucriere de Pithivier Le Vieil | 3,345 | 3,372 | |
Tessi SA | 24,066 | 1,606 | |
The Lisi Group | 22,500 | 1,641 | |
TOTAL FRANCE | 51,327 | ||
Germany - 1.8% | |||
ADVA AG Optical Networking (a) | 104,375 | 1,238 | |
Articon-Integralis AG (Reg.) (a) | 495,185 | 2,243 | |
Deutz AG (a)(e) | 1,142,500 | 10,465 | |
E.ON AG | 30,800 | 3,751 | |
ElringKlinger AG | 18,284 | 996 | |
Fresenius AG | 31,271 | 5,224 | |
Grenkeleasing AG | 25,918 | 1,978 | |
Kontron AG | 154,264 | 1,752 | |
Merck KGaA | 26,441 | 2,802 | |
Parsytec AG (a) | 307,671 | 1,471 | |
Pfleiderer AG | 202,159 | 6,098 | |
PSI AG (a)(f) | 689,200 | 5,748 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Germany - continued | |||
Pulsion Medical Systems AG (a) | 98,511 | $749 | |
SGL Carbon AG (a) | 219,300 | 4,607 | |
Suedzucker AG (Bearer) | 61,775 | 1,694 | |
United Internet AG | 40,352 | 2,647 | |
TOTAL GERMANY | 53,463 | ||
Greece - 0.9% | |||
Autohellas SA | 363,100 | 2,034 | |
Fourlis Holdings SA | 200,700 | 3,115 | |
Greek Organization of Football Prognostics SA | 59,042 | 2,183 | |
Hyatt Regency SA (Reg.) | 175,282 | 2,477 | |
Intralot SA | 69,400 | 2,241 | |
Marfin Financial Group Holdings SA | 100 | 3 | |
Sarantis SA (Reg.) | 1,409,518 | 15,649 | |
TOTAL GREECE | 27,702 | ||
Hong Kong - 1.0% | |||
Cafe de Coral Holdings Ltd. | 2,304,000 | 3,477 | |
Chen Hsong Holdings Ltd. | 1,660,000 | 1,006 | |
Fong's Industries Co. Ltd. | 1,156,000 | 887 | |
Giordano International Ltd. | 6,220,000 | 3,670 | |
Hong Kong Aircraft & Engineering Co. | 152,400 | 1,483 | |
Hong Kong Land Holdings Ltd. | 205,000 | 804 | |
Integrated Distribution Services Group Ltd. (IDS) | 2,488,000 | 3,690 | |
Lifestyle International Holdings Ltd. | 933,000 | 1,570 | |
Midland Holdings Ltd. | 2,506,000 | 1,454 | |
Singamas Container Holdings Ltd. | 1,370,000 | 1,034 | |
Solomon Systech International Ltd. | 13,166,000 | 5,858 | |
Tai Cheung Holdings Ltd. | 1,414,000 | 798 | |
Tingyi (Cayman Island) Holding Corp. | 100,000 | 64 | |
Tom.com Ltd. (a) | 3,814,000 | 856 | |
Vtech Holdings Ltd. | 844,000 | 4,011 | |
TOTAL HONG KONG | 30,662 | ||
Hungary - 0.2% | |||
MOL Magyar Olay-es Gazipari RT Series A (For. Reg.) | 44,200 | 5,259 | |
India - 0.6% | |||
Financial Technology (India) Ltd. | 97,591 | 4,006 | |
Great Eastern Energy Corp. Ltd. GDR | 1,444,600 | 4,479 | |
HT Media Ltd. | 89,341 | 1,027 | |
McDowell & Co. Ltd. | 209,179 | 3,639 | |
McDowell & Co. Ltd. GDR (a) | 108,021 | 940 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
India - continued | |||
Noida Toll Bridge Co. Ltd. GDR (a) | 454,051 | $2,770 | |
Royal Orchid Hotels Ltd. | 283,396 | 1,193 | |
TOTAL INDIA | 18,054 | ||
Indonesia - 0.3% | |||
PT Bank Rakyat Indonesia Tbk | 4,528,000 | 2,384 | |
PT Perusahaan Gas Negara Tbk Series B | 4,487,500 | 6,334 | |
TOTAL INDONESIA | 8,718 | ||
Ireland - 0.9% | |||
Adwalker PLC (a)(f) | 9,125,000 | 999 | |
Aminex PLC (a) | 1,430,219 | 1,206 | |
Glanbia PLC | 1,342,400 | 4,403 | |
Kenmare Resources PLC (a) | 3,621,000 | 3,087 | |
Kenmare Resources PLC warrants 7/23/09 (a) | 1,712,500 | 851 | |
Minco PLC (a) | 2,727,271 | 746 | |
Paddy Power PLC (Ireland) | 241,011 | 4,287 | |
Petroceltic International PLC (a)(e) | 14,094,734 | 5,784 | |
Providence Resources PLC (a) | 20,744,500 | 2,617 | |
Trinity Biotech PLC sponsored ADR (a) | 227,325 | 1,955 | |
Vimio PLC | 867,300 | 2,033 | |
TOTAL IRELAND | 27,968 | ||
Israel - 0.6% | |||
Advanced Vision Technology Ltd. (a) | 165,400 | 2,129 | |
Israel Chemicals Ltd. | 1,354,000 | 5,357 | |
Leadcom Integrated Solutions | 3,766,400 | 5,924 | |
Metal-Tech Ltd. | 640,200 | 2,610 | |
MTI Wireless Edge Ltd. | 705,128 | 678 | |
TOTAL ISRAEL | 16,698 | ||
Italy - 2.8% | |||
Amplifon Spa (e) | 38,350 | 3,528 | |
Banca Credit Firenze | 2,942,982 | 10,422 | |
Banca Italease Spa (e) | 918,200 | 55,913 | |
Bastogi Spa (a)(e) | 3,714,300 | 1,214 | |
Brembo Spa (e) | 124,700 | 1,283 | |
Lottomatica Spa (e) | 112,000 | 5,169 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Italy - continued | |||
Saipem Spa | 62,000 | $1,556 | |
Teleunit Spa (f) | 12,719,158 | 2,958 | |
TOTAL ITALY | 82,043 | ||
Japan - 32.2% | |||
Abc-Mart, Inc. | 145,900 | 3,414 | |
Access Co. Ltd. | 161 | 346 | |
Access Co. Ltd. (a)(e) | 326 | 2,920 | |
Advance Create Co. Ltd. (e) | 243 | 758 | |
Advanced Media, Inc. Japan (e) | 70 | 384 | |
Aeon Fantasy Co. Ltd. (e) | 76,900 | 3,228 | |
Aichi Steel Corp. (e) | 1,570,000 | 13,649 | |
Ain Pharmaciez, Inc. | 44,900 | 934 | |
Alpen Co. Ltd. | 3,600 | 146 | |
AOC Holdings, Inc. | 89,100 | 1,878 | |
Ariake Japan Co. Ltd. (e) | 154,500 | 4,464 | |
ARRK Corp. | 91,400 | 3,283 | |
Asahi Denka Co. Ltd. | 184,000 | 2,818 | |
Asahi Diamond Industrial Co. Ltd. | 310,000 | 2,916 | |
Asset Managers Co. Ltd. (e) | 3,966 | 11,598 | |
Atrium Co. Ltd. | 58,400 | 6,052 | |
Avex Group Holdings, Inc. (e) | 111,400 | 3,326 | |
Axell Corp. | 646 | 2,445 | |
Bookoff Corp. | 150,000 | 3,069 | |
Canon Finetech, Inc. | 140,500 | 2,782 | |
Casio Micronics Co. Ltd. (e) | 190,300 | 3,961 | |
Chiba Bank Ltd. | 384,000 | 3,477 | |
Chiyoda Co. Ltd. | 68,500 | 1,919 | |
Chiyoda Corp. | 94,000 | 2,113 | |
Chugoku Marine Paints Ltd. (e) | 60,000 | 386 | |
Chuo Denki Kogyo Co. Ltd. | 35,000 | 147 | |
CMIC Co. Ltd. (e) | 2,520 | 738 | |
Create SD Co. Ltd. | 32,900 | 1,075 | |
cyber communications, Inc. (a)(e) | 153 | 496 | |
CyberAgent, Inc. (e) | 1,141 | 2,365 | |
Daido Steel Co. Ltd. | 1,685,000 | 15,463 | |
Daifuku Co. Ltd. | 110,500 | 1,795 | |
Daiwa Securities Group, Inc. | 212,000 | 2,940 | |
Daiwabo Information System Ltd. | 375,500 | 6,743 | |
Ebara Corp. | 873,000 | 4,998 | |
Elpida Memory, Inc. (a)(e) | 106,300 | 4,873 | |
Endo Lighting Corp. | 207,000 | 2,454 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Japan - continued | |||
EPS Co. Ltd. (e) | 604 | $2,005 | |
Excite Japan Co. Ltd. | 11 | 78 | |
Faith, Inc. | 1,619 | 636 | |
FamilyMart Co. Ltd. | 85,800 | 2,486 | |
FCC Co. Ltd. | 127,000 | 2,816 | |
FinTech Global, Inc. (e) | 503 | 3,114 | |
Fujikura Ltd. | 2,116,000 | 24,472 | |
Fullcast Co. Ltd. | 588 | 2,380 | |
Furukawa Co. Ltd. (a) | 376,000 | 961 | |
Futaba Industrial Co. Ltd. (e) | 319,900 | 8,343 | |
Gentosha, Inc. | 100 | 720 | |
Hamamatsu Photonics KK (e) | 186,800 | 5,840 | |
Haseko Corp. (a) | 1,175,000 | 4,458 | |
Heiwa Real Estate Co. Ltd. | 355,000 | 2,556 | |
Hikari Tsushin, Inc. | 237,800 | 14,701 | |
Hioki EE Corp. (e) | 29,200 | 1,113 | |
Hiroshima Bank Ltd. | 738,000 | 4,724 | |
Hitachi Chemical Co. Ltd. | 785,800 | 22,910 | |
Hitachi Construction Machinery Co. Ltd. | 1,210,200 | 33,051 | |
Hitachi Koki Co. Ltd. | 341,000 | 6,034 | |
Hogy Medical Co. | 28,400 | 1,501 | |
Hokuto Corp. (e) | 239,800 | 4,115 | |
Ibiden Co. Ltd. | 68,700 | 3,264 | |
Ikyu Corp. (e) | 366 | 877 | |
Index Corp. (e) | 1,628 | 2,187 | |
Intelligence Ltd. | 2,200 | 6,511 | |
Intertrade Co. Ltd. (a) | 270 | 908 | |
Iriso Electronics Co. Ltd. | 86,700 | 3,327 | |
Ishihara Chemical Co. Ltd. | 48,000 | 1,096 | |
Ishikawajima-Harima Heavy Industries Co. Ltd. (a) | 1,042,000 | 3,715 | |
Itochu Corp. | 1,087,000 | 9,870 | |
Japan Communications, Inc. | 394 | 349 | |
Japan Digital Contents Trust, Inc. (a)(e) | 877 | 549 | |
Jastec Co. Ltd. | 70,400 | 1,750 | |
JGC Corp. | 154,000 | 2,698 | |
Joint Corp. | 98,400 | 3,232 | |
JSR Corp. | 151,700 | 4,676 | |
Juroku Bank Ltd. | 197,000 | 1,320 | |
Kakaku.com, Inc. (e) | 332 | 1,327 | |
Kansai Urban Banking Corp. (e) | 464,000 | 2,188 | |
Kanto Denka Kogyo Co. Ltd. | 283,000 | 2,321 | |
Kawasaki Heavy Industries Ltd. (e) | 978,000 | 3,547 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Japan - continued | |||
Kenedix, Inc. | 875 | $4,510 | |
Kibun Food Chemifa Co. Ltd. (e) | 89,900 | 1,682 | |
Kobayashi Pharmaceutical Co. Ltd. | 100,000 | 3,539 | |
Kobe Steel Ltd. | 1,530,000 | 5,200 | |
KOEI Co. Ltd. | 96,390 | 1,803 | |
Koito Manufacturing Co. Ltd. | 124,000 | 1,786 | |
Konami Corp. | 208,800 | 5,345 | |
Konica Minolta Holdings, Inc. | 2,047,500 | 26,970 | |
Kubota Corp. | 74,000 | 836 | |
Kura Corp. Ltd. (f) | 6,084 | 19,554 | |
Kurita Water Industries Ltd. | 111,800 | 2,278 | |
Link Theory Holdings Co. Ltd. (e) | 145 | 842 | |
Lopro Corp. (e) | 414,500 | 1,966 | |
LTT Bio-Pharma Co. Ltd. (a)(e) | 112 | 157 | |
Meganesuper Co. Ltd. | 20 | 0 | |
Meiko Electronics Co. Ltd. | 140,200 | 10,711 | |
Micronics Japan Co. Ltd. | 50,400 | 2,284 | |
Mitsuba Corp. (e) | 263,000 | 3,545 | |
Mitsubishi Gas Chemical Co., Inc. | 1,634,000 | 21,710 | |
Mitsubishi Materials Corp. (e) | 1,730,000 | 9,343 | |
Mitsui O.S.K. Lines Ltd. | 478,000 | 3,421 | |
Mitsui Trust Holdings, Inc. | 191,000 | 2,638 | |
Murata Manufacturing Co. Ltd. | 214,500 | 15,615 | |
Nachi-Fujikoshi Corp. | 1,133,000 | 7,601 | |
Namco Bandai Holdings, Inc. (a) | 132,100 | 1,904 | |
NEC Leasing Ltd. | 77,400 | 1,845 | |
NEOMAX Co. Ltd. | 172,000 | 4,939 | |
Net One Systems Co. Ltd. (e) | 2,511 | 5,513 | |
NGK Spark Plug Co. Ltd. | 864,000 | 18,968 | |
NIC Corp. | 184,000 | 1,858 | |
Nidec Copal Electronics Corp. (e) | 248,600 | 1,971 | |
Nidec Corp. | 36,200 | 2,791 | |
Nidec Tosok Corp. (e) | 169,800 | 2,365 | |
Nihon Ceratec Co. Ltd. (e) | 358 | 1,559 | |
Nihon Dempa Kogyo Co. Ltd. (e) | 417,200 | 17,842 | |
Nihon Micro Coating Co. Ltd. | 147,500 | 1,082 | |
Nihon Trim Co. Ltd. (e) | 192,500 | 9,399 | |
Nihon Unicom Corp. | 100,900 | 1,790 | |
Nikko Cordial Corp. | 164,000 | 2,654 | |
Nippon Chemi-con Corp. | 964,000 | 7,213 | |
Nippon Denko Co. Ltd. (e) | 1,993,000 | 7,018 | |
Nippon Electric Glass Co. Ltd. | 66,000 | 1,490 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Japan - continued | |||
Nippon Mining Holdings, Inc. | 103,500 | $957 | |
Nippon Oil Corp. | 259,000 | 2,049 | |
Nippon Seiki Co. Ltd. (e) | 889,000 | 19,322 | |
Nippon Soda Co. Ltd. | 558,000 | 2,715 | |
Nippon Suisan Kaisha Co. Ltd. | 568,600 | 2,796 | |
Nishimatsu Construction Co. Ltd. (e) | 650,000 | 2,717 | |
Nissei Corp. | 128,000 | 1,754 | |
Nissin Co. Ltd. (e) | 1,045,760 | 1,001 | |
Nissin Kogyo Co. Ltd. | 1,222,300 | 25,654 | |
Nissin Servicer Co. Ltd. (e) | 1,593 | 1,098 | |
Nittetsu Mining Co. Ltd. | 106,000 | 884 | |
NOK Corp. | 82,900 | 2,519 | |
Noritake Co. Ltd. | 387,000 | 2,590 | |
NS Solutions Corp. | 112,100 | 2,909 | |
NTN Corp. | 404,000 | 3,335 | |
Obara Corp. | 1,100 | 41 | |
Opt, Inc. (a) | 150 | 767 | |
Optex Co. Ltd. | 76,000 | 2,102 | |
Optoelectronics Co. Ltd. | 6,700 | 241 | |
Otaki Gas Co. Ltd. | 16,000 | 96 | |
Otsuka Corp. | 30,800 | 3,703 | |
Pacific Metals Co. Ltd. (e) | 898,000 | 5,820 | |
Parker Corp. | 48,000 | 755 | |
Phoenix Electric Co. Ltd. (e) | 201,600 | 2,050 | |
Pigeon Corp. (e) | 180,000 | 2,742 | |
Produce Co. Ltd. | 339 | 4,078 | |
Ray Corp. | 61,000 | 241 | |
Relo Holdings Corp. | 105,000 | 2,010 | |
Rex Holdings Co. Ltd. | 2,255 | 7,426 | |
Royal Holdings Co. Ltd. | 107,000 | 1,803 | |
Ryobi Ltd. | 359,000 | 2,673 | |
Saison Information Systems Co. Ltd. | 76,300 | 1,156 | |
Sammy NetWorks Co. Ltd. | 750 | 5,664 | |
Sankyo Co. Ltd. (Gunma) | 53,600 | 3,803 | |
Sapporo Hokuyo Holdings, Inc. | 133 | 1,495 | |
Sato Corp. | 196,400 | 4,769 | |
SBI Holdings, Inc. | 7,710 | 3,927 | |
SBS Co. Ltd. (e) | 748 | 3,186 | |
Sega Sammy Holdings, Inc. | 90,000 | 3,588 | |
Sekisui Plastics Co. Ltd. | 160,000 | 648 | |
Senshukai Co. Ltd. | 138,000 | 1,874 | |
Seria Co. Ltd. | 200 | 527 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Japan - continued | |||
Shaddy Co. Ltd. | 153,300 | $2,719 | |
Shibaura Electronics Co. Ltd. | 67,300 | 951 | |
Shikoku Chemicals Corp. | 134,000 | 988 | |
Shinohara Systems of Construction Co. Ltd. (e) | 1,052 | 2,661 | |
Shizuki Electric Co., Inc. | 96,000 | 455 | |
Showa Denko KK | 2,661,000 | 11,777 | |
Silex Technology, Inc. | 233 | 554 | |
Simplex Investment Advisors, Inc. (e) | 236 | 327 | |
Softbrain Co. Ltd. (e) | 880 | 563 | |
St. Marc Holdings Co. Ltd. | 38,100 | 2,626 | |
Star Micronics Co. Ltd. | 557,000 | 12,033 | |
Sumco Corp. | 33,200 | 1,985 | |
Sumitomo Bakelite Co. Ltd. (e) | 101,000 | 943 | |
Sumitomo Corp. | 1,505,000 | 22,547 | |
Sumitomo Metal Industries Ltd. | 2,055,000 | 8,662 | |
Sumitomo Metal Mining Co. Ltd. | 646,000 | 9,389 | |
Sumitomo Rubber Industries Ltd. | 204,400 | 2,922 | |
Sumitomo Titanium Corp. (e) | 10,400 | 2,048 | |
Sun Frontier Fudousan Co. Ltd. | 345 | 830 | |
Sunx Ltd. | 187,100 | 4,929 | |
Taisei Corp. | 358,000 | 1,600 | |
Taiyo Ink Manufacturing Co. Ltd. | 54,700 | 3,050 | |
Taiyo Kagaku (e) | 89,700 | 1,194 | |
Taiyo Nippon Sanso Corp. Tokyo | 361,000 | 2,850 | |
Telewave, Inc. (e) | 1,915 | 5,550 | |
The First Energy Service Co. Ltd. (a)(e) | 191 | 295 | |
The Keiyo Bank Ltd. | 332,000 | 2,152 | |
Toagosei Co. Ltd. (e) | 533,000 | 2,270 | |
Toc Co. Ltd. | 104,000 | 621 | |
Tohcello Co. Ltd. | 150,000 | 1,535 | |
Tohoku Electric Power Co., Inc. | 170,400 | 3,928 | |
Tokai Carbon Co. Ltd. (e) | 643,000 | 4,003 | |
Token Corp. | 210,400 | 13,728 | |
Tokuyama Corp. | 162,000 | 2,673 | |
Tokyo Gas Co. Ltd. | 376,000 | 1,819 | |
Tokyo Leasing Co. Ltd. | 214,500 | 3,485 | |
Tokyo Seimitsu Co. Ltd. | 70,900 | 4,215 | |
Tomen Devices Corp. | 85,600 | 1,981 | |
Tomoe Engineering Co. Ltd. | 123,200 | 2,472 | |
TonenGeneral Sekiyu KK (e) | 189,000 | 2,053 | |
Toppan Printing Co. Ltd. | 278,000 | 3,713 | |
Toray Industries, Inc. | 2,147,000 | 20,117 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Japan - continued | |||
Toyo Ink Manufacturing Co. Ltd. | 158,000 | $808 | |
Toyo Suisan Kaisha Ltd. | 59,000 | 899 | |
Trancom Co. Ltd. | 116,300 | 2,727 | |
Trend Micro, Inc. | 126,000 | 4,880 | |
Tyo Productions, Inc. (e) | 128,000 | 808 | |
Usen Corp. (e) | 275,760 | 5,037 | |
Wacom Co. Ltd. | 825 | 1,724 | |
Wiz Co. Ltd. | 404 | 2,707 | |
Works Applications Co. Ltd. (a) | 850 | 467 | |
Yachiyo Industry Co. Ltd. | 118,500 | 3,226 | |
Yahoo! Japan Corp. | 3,802 | 2,217 | |
Yamada Denki Co. Ltd. | 149,600 | 16,303 | |
Yamaha Motor Co. Ltd. | 67,000 | 1,847 | |
Yaskawa Electric Corp. (a)(e) | 361,000 | 4,441 | |
Yasuragi Co. Ltd. | 40,300 | 1,292 | |
Yokogawa Electric Corp. | 170,700 | 2,704 | |
Yoshimoto Kogyo Co. Ltd. | 106,800 | 3,057 | |
Zecs Co. Ltd. (e) | 181 | 950 | |
Zensho Co. Ltd. (e) | 194,500 | 6,320 | |
TOTAL JAPAN | 953,728 | ||
Korea (South) - 1.1% | |||
CDNetworks Co. Ltd. | 18,400 | 642 | |
Cheil Industries, Inc. | 64,030 | 2,325 | |
Daegu Bank Co. Ltd. | 91,490 | 1,717 | |
Daishin Securities Co. Ltd. | 37,330 | 873 | |
Hyundai Engineering & Construction Co. Ltd. (a) | 30,970 | 1,928 | |
Hyundai Mipo Dockyard Co. Ltd. | 23,770 | 2,228 | |
Industrial Bank of Korea | 68,320 | 1,376 | |
Korean Reinsurance Co. | 158,576 | 1,900 | |
Kyeryong Construction Industrial Co. Ltd. | 44,760 | 2,107 | |
LG Household & Health Care Ltd. | 28,330 | 2,262 | |
NHN Corp. (a) | 6,394 | 2,271 | |
Orion Corp. | 3,120 | 817 | |
Samho International Co. | 9,720 | 170 | |
Samsung Corp. | 70,720 | 2,204 | |
Samsung Engineering Co. Ltd. | 37,830 | 1,618 | |
Samsung Techwin Co. Ltd. | 29,780 | 995 | |
SFA Engineering Corp. | 79,802 | 2,657 | |
SSCP Co. Ltd. | 14,095 | 275 | |
STX Shipbuilding Co. Ltd. | 125,840 | 1,414 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Korea (South) - continued | |||
Taewoong Co. Ltd. | 22,066 | $481 | |
YBM Sisa.com, Inc. | 57,582 | 1,606 | |
TOTAL KOREA (SOUTH) | 31,866 | ||
Luxembourg - 0.2% | |||
RTL Group (a) | 54,156 | 4,909 | |
Malaysia - 0.2% | |||
Green Packet BHD | 1,800,000 | 1,301 | |
Steppe Cement Ltd. (a) | 847,900 | 3,054 | |
Uchi Technologies BHD | 437,300 | 386 | |
TOTAL MALAYSIA | 4,741 | ||
Netherlands - 0.5% | |||
Bateman Engineering NV | 528,957 | 3,729 | |
Engel East Europe NV | 2,027,612 | 5,824 | |
Nutreco Holding NV | 74,700 | 4,428 | |
TOTAL NETHERLANDS | 13,981 | ||
New Zealand - 0.6% | |||
Fisher & Paykel Healthcare Corp. | 1,926,273 | 5,192 | |
Freightways Ltd. | 35,066 | 86 | |
Sky City Entertainment Group Ltd. | 1,704,323 | 5,911 | |
Sky Network Television Ltd. | 409,053 | 1,612 | |
Tower Ltd. (a) | 2,569,173 | 4,447 | |
TOTAL NEW ZEALAND | 17,248 | ||
Norway - 1.4% | |||
ABG Sundal Collier ASA (e) | 966,000 | 1,975 | |
Aker Kvaerner ASA | 32,000 | 3,116 | |
Camillo Eitzen & Co. ASA | 280,800 | 3,144 | |
Deep Ocean ASA (a) | 373,747 | 1,316 | |
Mamut ASA (a) | 309,100 | 697 | |
P4 Radio Hele Norge ASA (e) | 141,400 | 597 | |
Pertra Midt-Norges AS (h) | 60,000 | 974 | |
Schibsted ASA (B Shares) (e) | 54,100 | 1,589 | |
Solstad Offshore ASA | 114,000 | 2,072 | |
Songa Offshore ASA (a) | 693,608 | 7,767 | |
Songa Offshore ASA warrants 6/8/08 (a)(h) | 177,778 | 1,760 | |
Statoil ASA (e) | 147,600 | 4,863 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Norway - continued | |||
Stepstone ASA (a) | 4,710,000 | $8,103 | |
TANDBERG ASA (e) | 263,700 | 2,685 | |
TOTAL NORWAY | 40,658 | ||
Poland - 0.8% | |||
Polski Koncern Naftowy Orlen SA unit | 459,300 | 18,716 | |
TVN SA (a) | 149,254 | 4,668 | |
TOTAL POLAND | 23,384 | ||
Portugal - 0.1% | |||
Impresa SGPS (a) | 583,653 | 3,741 | |
Russia - 0.2% | |||
Sistema JSFC sponsored GDR | 135,400 | 3,317 | |
Vimpel Communications sponsored ADR (a) | 68,100 | 3,170 | |
TOTAL RUSSIA | 6,487 | ||
Singapore - 2.1% | |||
Advent Air Ltd. (a) | 2,331,000 | 446 | |
Advent Air Ltd. (a)(h) | 8,918,299 | 1,342 | |
Cosco Investment (Singapore) Ltd. | 3,422,000 | 3,095 | |
GES International Ltd. | 5,357,000 | 3,355 | |
Goodpack Ltd. | 1,033,000 | 1,242 | |
Guocoland Ltd. | 505,000 | 786 | |
HTL International Holdings Ltd. | 1,244,375 | 1,031 | |
K-REIT Asia (a) | 235,000 | 221 | |
Keppel Land Ltd. | 1,175,000 | 3,523 | |
Midas Holdings Ltd. | 2,510,000 | 1,397 | |
Olam International Ltd. | 2,539,000 | 2,602 | |
Parkway Holdings Ltd. | 3,746,000 | 6,185 | |
Raffles Education Corp. Ltd. | 927,000 | 1,466 | |
SIA Engineering Co. Ltd. | 3,364,000 | 7,278 | |
Singapore Exchange Ltd. | 3,769,000 | 10,252 | |
Singapore Petroleum Co. Ltd. | 452,000 | 1,644 | |
Singapore Post Ltd. | 15,136,000 | 10,819 | |
The Ascott Group Ltd. | 1,298,000 | 903 | |
United Overseas Land Ltd. | 803,000 | 1,554 | |
Wing Tai Holdings Ltd. | 1,928,000 | 2,134 | |
TOTAL SINGAPORE | 61,275 | ||
South Africa - 3.8% | |||
African Bank Investments Ltd. | 3,130,751 | 17,496 | |
Barnard Jacobs Mellet Holdings Ltd. | 3,499,100 | 3,492 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
South Africa - continued | |||
Discovery Holdings Ltd. (a) | 1,329,819 | $5,408 | |
FirstRand Ltd. | 3,181,100 | 10,476 | |
Foschini Ltd. | 429,200 | 4,347 | |
Gold Reef Casino Resorts Ltd. | 697,000 | 1,739 | |
JD Group Ltd. | 153,100 | 2,367 | |
Lewis Group Ltd. | 299,200 | 3,018 | |
MTN Group Ltd. | 825,302 | 8,236 | |
Nedbank Group Ltd. | 86,656 | 1,810 | |
Steinhoff International Holdings Ltd. | 11,294,432 | 44,764 | |
Telkom SA Ltd. | 263,800 | 6,283 | |
Wilson Bayly Holmes-Ovcon Ltd. | 446,856 | 4,459 | |
TOTAL SOUTH AFRICA | 113,895 | ||
Spain - 0.0% | |||
Construcciones y Auxiliar de Ferrocarriles | 6,807 | 946 | |
Sweden - 1.9% | |||
Consafe Offshore AB (A Shares) (a) | 984,272 | 18,849 | |
Eniro AB | 400,228 | 4,392 | |
Gambro AB (A Shares) | 405,000 | 6,082 | |
Hexagon AB (B Shares) (e) | 266,411 | 9,884 | |
Intrum Justitia AB (e) | 298,000 | 2,815 | |
Modern Times Group AB (MTG) (B Shares) (a) | 240,350 | 13,196 | |
Observer AB | 463,290 | 2,160 | |
VBG AB (B Shares) | 6,710 | 357 | |
TOTAL SWEDEN | 57,735 | ||
Switzerland - 1.1% | |||
Actelion Ltd. (Reg.) (a) | 32,849 | 3,713 | |
Amazys Holding AG (a) | 39,138 | 3,468 | |
Bucher Holding AG (e) | 31,439 | 3,067 | |
Escor Casino & Entertainment SA | 19,770 | 426 | |
Mobilezone Holding AG | 331,524 | 1,804 | |
Novartis AG (Reg.) | 73,343 | 4,218 | |
Pargesa Holding SA | 14,130 | 1,435 | |
Roche Holding AG (participation certificate) | 52,195 | 8,025 | |
Sulzer AG (Reg.) (e) | 2,648 | 2,233 | |
Swissquote Group Holding SA | 11,717 | 3,354 | |
TOTAL SWITZERLAND | 31,743 | ||
Taiwan - 0.5% | |||
Ardentec Corp. | 1,066,000 | 1,245 | |
Catcher Technology Co. Ltd. | 134,000 | 1,495 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Taiwan - continued | |||
Chi Mei Optoelectronics Corp. | 499,000 | $709 | |
Delta Electronics, Inc. | 167,000 | 520 | |
Greatek Electronics, Inc. | 975,000 | 1,345 | |
Holtek Semiconductor, Inc. | 466,000 | 933 | |
MediaTek, Inc. | 71,000 | 829 | |
Mirle Automation Corp. | 266,000 | 301 | |
MJC Probe, Inc. | 384,000 | 1,402 | |
Nan Ya Printed Circuit Board Corp. | 210,000 | 2,258 | |
Novatek Microelectronics Corp. | 142,000 | 846 | |
Phoenix Precision Technology Corp. | 924,000 | 2,105 | |
Unimicron Technology Corp. | 539,000 | 899 | |
TOTAL TAIWAN | 14,887 | ||
Thailand - 0.1% | |||
Bumrungrad Hospital PCL: | |||
NVDR | 371,700 | 364 | |
(For. Reg.) | 2,908,400 | 2,876 | |
TOTAL THAILAND | 3,240 | ||
Turkey - 0.6% | |||
Atakule Gayrimenkul Yatirim Ortakligi AS | 688,000 | 1,061 | |
Dogan Gazetecilik AS (a) | 2,749,955 | 8,816 | |
Tupras-Turkiye Petrol Rafinerileri AS | 395,600 | 8,376 | |
TOTAL TURKEY | 18,253 | ||
United Arab Emirates - 0.0% | |||
Investcom LLC GDR | 45,600 | 691 | |
United Kingdom - 17.9% | |||
Accuma Group PLC (a) | 418,063 | 2,059 | |
Advanced Technology (UK) PLC (a)(f) | 7,355,000 | 0 | |
AeroBox PLC (a) | 5,694,657 | 610 | |
Afren PLC (a)(f) | 13,838,800 | 20,696 | |
African Copper PLC (a) | 1,742,884 | 2,718 | |
Air Partner PLC | 45,000 | 589 | |
Alba PLC | 298,892 | 1,156 | |
Alizyme PLC (a) | 176,127 | 514 | |
Alliance Pharma PLC (a)(f) | 7,984,200 | 2,730 | |
Alterian PLC (a) | 1,486,000 | 3,347 | |
Amlin PLC | 206,973 | 1,063 | |
Andor Technology Ltd. (a) | 444,444 | 782 | |
Anglo Asian Mining PLC | 4,278,000 | 4,506 | |
Angus & Ross PLC (a) | 5,553,700 | 1,722 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
United Kingdom - continued | |||
Appian Technology PLC (a) | 5,416,178 | $938 | |
Appian Technology PLC warrants 2/28/08 (a)(h) | 479,045 | 22 | |
Ascent Resources PLC (a)(f) | 13,698,300 | 2,873 | |
Ascent Resources PLC warrants 12/22/07 (a) | 1,500,000 | 84 | |
Asia Energy PLC (a) | 1,360,038 | 10,294 | |
Atrium Underwriting PLC | 257,060 | 966 | |
Autoclenz Holdings PLC (f) | 560,000 | 1,328 | |
Avanti Screenmedia Group PLC (a)(f) | 1,737,000 | 8,870 | |
Baltic Oil Terminals PLC | 1,913,000 | 5,757 | |
Belitung Zinc Corp. PLC (h) | 7,435,490 | 1,356 | |
BG Group PLC | 217,200 | 2,919 | |
Bioprogress PLC (a)(f) | 9,567,839 | 7,765 | |
Blackstar Investors PLC (f) | 2,870,000 | 6,124 | |
Block Shield Corp. PLC (a) | 1,121,700 | 3,253 | |
BowLeven PLC (a)(f) | 1,815,700 | 5,762 | |
Caffe Nero Group PLC (a) | 455,278 | 1,810 | |
Cambrian Mining PLC (f) | 7,535,000 | 22,056 | |
Camco International Ltd. | 868,900 | 1,252 | |
Cardpoint PLC (a) | 345,300 | 671 | |
Central African Mining & Exploration Co. PLC (a) | 23,396,219 | 34,988 | |
Centurion Electronics PLC (f) | 44,001,239 | 903 | |
Ceres Power Holding PLC (a) | 1,039,400 | 6,085 | |
Chaco Resources PLC (a) | 11,189,600 | 3,214 | |
Chaucer Holdings PLC | 3,529,713 | 4,442 | |
Clapham House Group PLC (a) | 607,050 | 2,375 | |
Cobra Biomanufacturing PLC (a) | 701,900 | 560 | |
Coffeeheaven International PLC (a)(f) | 6,715,909 | 2,970 | |
Corac Group PLC (a)(f) | 5,349,104 | 4,756 | |
Corin Group PLC | 1,210,314 | 6,721 | |
Countermine PLC (h) | 4,939 | 465 | |
Countermine PLC warrants 7/26/06 (a)(h) | 4,939 | 0 | |
CustomVis PLC (a) | 1,558,936 | 142 | |
DA Group PLC (a)(f) | 1,800,165 | 1,986 | |
Domino's Pizza UK & IRL PLC | 1 | 0 | |
Dream Direct Group PLC (a) | 145,000 | 116 | |
Eclipse Energy Co. Ltd. (h) | 102,000 | 1,395 | |
Econergy International PLC | 675,000 | 1,219 | |
EnCore Oil PLC (a) | 7,777,985 | 4,291 | |
Eureka Mining PLC (a) | 381,700 | 940 | |
Europa Oil & Gas Holdings PLC (a) | 1,000,000 | 602 | |
Europa Oil & Gas Holdings PLC warrants 11/11/07 (a) | 500,000 | 78 | |
European Diamonds PLC (a) | 499,300 | 225 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
United Kingdom - continued | |||
Faroe Petroleum PLC (a) | 1,288,906 | $4,149 | |
Firestone Diamonds PLC (a) | 1,718,100 | 4,261 | |
Flomerics Group PLC | 449,658 | 865 | |
Forum Energy PLC (f) | 1,694,770 | 3,292 | |
Future PLC | 1,717,169 | 1,315 | |
Gemfields Resources PLC (e)(f) | 6,859,200 | 5,066 | |
GMA Resources PLC (a)(f) | 24,646,083 | 5,506 | |
Goals Soccer Centres PLC | 827,000 | 4,027 | |
Golden Prospect PLC | 1,931,500 | 2,272 | |
Goldshield Group PLC | 416,400 | 2,314 | |
GTL Resources PLC (a) | 13,669,072 | 910 | |
Gyrus Group PLC (a) | 538,800 | 3,729 | |
Hallin Marine Subsea International PLC | 1,047,700 | 1,529 | |
Hambledon Mining PLC (a) | 7,127,200 | 2,210 | |
Hardide Ltd. (f) | 12,301,000 | 3,365 | |
Healthcare Enterprise Group PLC (a)(f) | 16,540,108 | 3,921 | |
Highbury House Communications PLC (a) | 713,914 | 9 | |
Hot Tuna International PLC (f) | 2,359,400 | 1,743 | |
Hot Tuna International PLC warrants 2/25/08 (a)(h) | 1,179,700 | 188 | |
Hydrodec Group PLC (a)(f) | 16,486,086 | 10,523 | |
ID Data PLC (a)(f) | 84,350,500 | 1,185 | |
Ideal Shopping Direct PLC | 827,209 | 5,559 | |
Imperial College Innovations Ltd. (h) | 19,300 | 2,816 | |
Indago Petroleum Ltd. | 3,219,846 | 3,435 | |
Interbulk Investments PLC (a)(f) | 5,650,000 | 2,731 | |
International Con Minerals Ltd. (h) | 2,659,964 | 798 | |
International Con Minerals Ltd. warrants 10/31/07 (a)(h) | 1,329,982 | 0 | |
Intertek Group PLC | 116,310 | 1,749 | |
iomart Group PLC | 2,235,000 | 3,587 | |
IPSA Group PLC (f) | 3,246,075 | 2,871 | |
iSoft Group PLC | 974,600 | 2,088 | |
ITE Group PLC | 4,156,817 | 9,476 | |
ITM Power PLC (a)(e) | 3,307,600 | 19,514 | |
Jubilee Platinum PLC (a)(f) | 7,171,303 | 11,248 | |
Kalahari Minerals PLC | 3,563,200 | 1,332 | |
Kazakhgold Group Ltd. GDR | 56,700 | 1,579 | |
KimCor Diamonds PLC (f) | 4,370,000 | 1,215 | |
KimCor Diamonds PLC warrants 3/15/08 (a) | 2,185,000 | 219 | |
Lambert Howarth Group PLC | 252,392 | 774 | |
Landround PLC (f) | 358,600 | 350 | |
Lansdowne Oil & Gas PLC (a) | 917,620 | 1,456 | |
Lawrence PLC | 1,073,124 | 6,008 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
United Kingdom - continued | |||
London Asia Chinese Private Equity Fund Ltd. (a) | 527,000 | $1,074 | |
London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a) | 105,400 | 55 | |
LTG Technologies PLC (a)(f) | 19,549,772 | 3,209 | |
Manpower Software PLC (a) | 258,824 | 111 | |
Max Petroleum PLC (e) | 13,318,752 | 30,059 | |
Metals Exploration PLC (a)(f) | 2,820,077 | 1,787 | |
Metals Exploration PLC warrants 9/14/07 (a) | 1,410,039 | 379 | |
Mice Group PLC | 2,663,824 | 1,749 | |
Michelmersh Brick Holdings PLC | 528,900 | 945 | |
Monstermob Group PLC (a) | 226,461 | 1,285 | |
Motivcom PLC (f) | 2,035,000 | 3,804 | |
NDS Group PLC sponsored ADR (a) | 105,154 | 5,300 | |
NeuTec Pharma PLC (a) | 174,136 | 1,581 | |
NeutraHealth PLC (a)(f) | 7,328,100 | 1,570 | |
Oystertec PLC (a) | 7,009,687 | 0 | |
Pan African Resources PLC (a) | 3,955,600 | 631 | |
Peninsular Gold Ltd. (a) | 350,000 | 335 | |
Pilat Media Global PLC (a)(f) | 2,880,000 | 2,758 | |
Platinum Mining Corp. of India PLC (f) | 12,520,800 | 3,026 | |
Plethora Solutions Holdings PLC (a) | 431,818 | 1,709 | |
PlusNet Technologies Ltd. (a)(f) | 1,711,604 | 8,428 | |
Premier Oil PLC (a) | 159,291 | 2,984 | |
Proteome Sciences PLC (a) | 475,842 | 369 | |
Pureprofile Media PLC (h) | 1,108,572 | 1,011 | |
Pureprofile Media PLC warrants 7/31/06 (a)(h) | 251,428 | 0 | |
Pursuit Dynamics PLC (a) | 666,667 | 1,833 | |
QA PLC (a) | 13,554,656 | 328 | |
Rambler Metals & Mining PLC | 1,300,000 | 936 | |
Retail Decisions PLC (a) | 210,316 | 522 | |
Rheochem PLC (a)(f) | 8,728,300 | 3,144 | |
Rheochem PLC warrants 12/21/07 (a) | 4,364,150 | 0 | |
Ridge Mining PLC (a) | 235,000 | 235 | |
Royalblue Group PLC | 45,073 | 741 | |
Sarantel Group PLC Class A (a) | 536,700 | 372 | |
Scapa Group PLC (a) | 3,010,400 | 1,139 | |
SDL PLC (a) | 1,023,600 | 3,776 | |
Serabi Mining PLC | 1,690,800 | 1,364 | |
Sibir Energy PLC (a) | 84,580 | 845 | |
Sinclair Pharma PLC (a) | 2,238,696 | 4,899 | |
Sinosoft Technology PLC | 6,688,500 | 4,086 | |
Solomon Gold PLC (f) | 1,824,300 | 1,164 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
United Kingdom - continued | |||
SPI Lasers PLC | 658,000 | $3,270 | |
Spice Holdings PLC | 771,200 | 3,896 | |
Stem Cell Sciences PLC | 716,649 | 869 | |
Sterling Energy PLC (a) | 5,469,067 | 2,917 | |
Stratex International PLC | 5,300,000 | 846 | |
SubSea Resources PLC (a)(f) | 8,729,100 | 6,169 | |
SubSea Resources PLC warrants 11/4/09 (a) | 1,805,625 | 477 | |
Synchronica PLC (a) | 1,806,000 | 856 | |
Synergy Healthcare PLC | 314,553 | 2,799 | |
Taghmen Energy PLC (a)(f) | 4,645,755 | 3,897 | |
Taghmen Energy PLC warrants 4/30/07 (a) | 2,279,573 | 294 | |
Tanfield Group PLC (a)(f) | 14,582,131 | 6,183 | |
Teesland PLC | 517,000 | 915 | |
Tersus Energy PLC (a) | 1,420,122 | 1,036 | |
Theratase PLC | 1,725,000 | 1,479 | |
Third Advance Value Realisation Co. Uk Ltd. (a) | 507,108 | 962 | |
Tikit Group PLC (f) | 695,362 | 2,555 | |
TMO Biotec (h) | 10,000 | 547 | |
Toledo Mining Corp. PLC (a) | 921,144 | 2,024 | |
Triple Plate Junction PLC (a) | 3,638,000 | 1,327 | |
Triple Plate Junction PLC warrants 5/9/07 (a) | 1,818,750 | 0 | |
Tristel PLC | 274,418 | 328 | |
UK Coal PLC | 1,087,069 | 3,232 | |
Unibet Group PLC unit | 232,256 | 5,997 | |
Vectura Group PLC (a) | 2,859,400 | 6,388 | |
Victoria Oil & Gas PLC (a) | 2,533,500 | 11,597 | |
Whatman PLC | 280,100 | 1,603 | |
White Nile Ltd. (a) | 200,000 | 658 | |
William Ransom & Son PLC | 3,629,500 | 3,078 | |
Windsor PLC | 700,000 | 629 | |
World Gaming PLC (a) | 1,170,500 | 3,501 | |
ZincOx Resources PLC (a) | 970,000 | 4,865 | |
TOTAL UNITED KINGDOM | 530,986 | ||
United States of America - 1.8% | |||
121Media, Inc. (a)(f) | 718,205 | 3,929 | |
Central European Distribution Corp. (a)(e) | 42,800 | 1,757 | |
Chindex International, Inc. (a)(e) | 138,900 | 1,733 | |
Cyberscan Technology, Inc. (f) | 996,527 | 6,815 | |
Frontera Resources Corp. (a) | 2,300,000 | 5,055 | |
Frontier Mining Ltd. (a) | 6,115,691 | 3,346 | |
Marathon Oil Corp. | 39,900 | 3,166 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
United States of America - continued | |||
NTL, Inc. (a) | 94,100 | $2,586 | |
Solar Integrated Technologies, Inc. (a) | 1,534,773 | 9,069 | |
Trico Marine Services, Inc. (a) | 57,800 | 1,931 | |
Uramin, Inc. warrants 7/26/08 (a)(h) | 666,666 | 376 | |
UTEK Corp. (Reg. S) | 25,000 | 400 | |
Valero Energy Corp. | 70,900 | 4,590 | |
XL TechGroup, Inc. (a) | 1,442,680 | 8,551 | |
TOTAL UNITED STATES OF AMERICA | 53,304 | ||
TOTAL COMMON STOCKS (Cost $2,067,358) | 2,911,944 | ||
Nonconvertible Preferred Stocks - 0.5% | |||
Germany - 0.4% | |||
Fresenius AG (non-vtg.) | 70,528 | 12,204 | |
United Kingdom - 0.1% | |||
Third Advance Value Realisation Co. Uk Ltd. (a) | 1,183,252 | 2,126 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $7,326) | 14,330 | ||
Investment Companies - 0.0% | |||
United Kingdom - 0.0% | |||
The Greenhouse Fund Ltd. (a) | 1,750,000 | 431 |
Corporate Bonds - 0.3% | ||||
Principal Amount (000s)(d) | ||||
Convertible Bonds - 0.3% | ||||
Canada - 0.2% | ||||
Western Canadian Coal Corp. 7.5% 3/24/11 | CAD | 7,400 | 6,487 | |
United Kingdom - 0.1% | ||||
BioCare Solutions Ltd. 1% 12/31/06 (h) | GBP | 54,768 | 999 | |
TOTAL CONVERTIBLE BONDS | 7,486 | |||
Corporate Bonds - continued | ||||
Principal Amount (000s)(d) | Value (Note 1) (000s) | |||
Nonconvertible Bonds - 0.0% | ||||
Norway - 0.0% | ||||
Songa Offshore ASA 9% 9/8/10 (g) | $600 | $599 | ||
TOTAL CORPORATE BONDS (Cost $7,949) | 8,085 |
Money Market Funds - 8.2% | |||
Shares | |||
Fidelity Cash Central Fund, 4.8% (b) | 29,429,119 | 29,429 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 212,629,515 | 212,630 | |
TOTAL MONEY MARKET FUNDS (Cost $242,059) | 242,059 | ||
TOTAL INVESTMENT PORTFOLIO - 107.2% (Cost $2,324,999) | 3,176,849 | ||
NET OTHER ASSETS - (7.2)% | (212,831) | ||
NET ASSETS - 100% | $2,964,018 |
Currency Abbreviations | ||
CAD | - | Canadian dollar |
GBP | - | British pound |
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. |
(c)Investment made with cash collateral received from securities on loan. |
(d)Principal amount is stated in United States dollars unless otherwise noted. |
(e)Security or a portion of the security is on loan at period end. |
(f)Affiliated company |
(g)Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $599,000 or 0.0% of net assets. |
(h)Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $26,044,000 or 0.9% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Advent Air Ltd. | 4/18/06 | $1,310 |
Appian Technology PLC warrants 2/28/08 | 2/18/05 | $- |
Belitung Zinc Corp. PLC | 1/12/06 | $1,308 |
BioCare Solutions Ltd. 1% 12/31/06 | 8/3/05 | $974 |
Countermine PLC | 12/22/05 | $443 |
Countermine PLC warrants 7/26/06 | 12/22/05 | $- |
Eclipse Energy Co. Ltd. | 4/28/05 | $1,459 |
Hot Tuna International PLC warrants 2/25/08 | 2/14/06 | $- |
Imperial College Innovations Ltd. | 4/27/05 | $2,942 |
International Con Minerals Ltd. | 1/30/06 | $798 |
International Con Minerals Ltd. warrants 10/31/07 | 1/30/06 | $- |
MagIndustries Corp. | 3/16/06 | $7,686 |
Pertra Midt-Norges AS | 6/28/05 | $911 |
Pureprofile Media PLC | 5/3/05 - 1/11/06 | $1,173 |
Pureprofile Media PLC warrants 7/31/06 | 5/3/05 | $- |
Rock Well Petroleum, Inc. | 4/13/06 | $1,004 |
Songa Offshore ASA warrants 6/8/08 | 6/8/05 | $- |
Starfield Resources, Inc. | 1/17/06 | $577 |
StrataGold Corp. | 4/6/06 | $842 |
TMO Biotec | 10/27/05 | $535 |
Uramin, Inc. warrants 7/26/08 | 8/24/05 | $- |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $735 |
Fidelity Securities Lending Cash Central Fund | 1,396 |
Total | $2,131 |
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: |
Affiliates | Value, | Purchases | Sales Proceeds | Dividend Income | Value, |
121Media, Inc. | $1,832 | $307 | $- | $- | $3,929 |
Advanced Technology (UK) PLC | - | - | - | - | - |
Adwalker PLC | 1,292 | - | - | - | 999 |
Afren PLC | 12,040 | 2,657 | 2,876 | - | 20,696 |
Alliance Pharma PLC | 2,924 | - | 318 | - | 2,730 |
Ascent Resources PLC | 2,603 | 526 | 753 | - | 2,873 |
Autoclenz Holdings PLC | - | 1,213 | - | - | 1,328 |
Avanti Screenmedia Group PLC | - | 7,564 | - | - | 8,870 |
BDI Mining Corp. | 4,646 | 494 | - | - | 4,298 |
Bioprogress PLC | 2,479 | 4,451 | - | - | 7,765 |
Blackstar Investors PLC | - | 5,074 | - | - | 6,124 |
BowLeven PLC | 9,158 | 1,215 | - | - | 5,762 |
Cambrian Mining PLC | 15,024 | 3,024 | - | 156 | 22,056 |
Centurion Electronics PLC | 574 | 366 | - | - | 903 |
Coffeeheaven International PLC | 1,580 | 1,537 | 577 | - | 2,970 |
Corac Group PLC | 2,146 | 283 | - | - | 4,756 |
Cyberscan Technology, Inc. | 1,725 | 8,966 | - | - | 6,815 |
DA Group PLC | 2,490 | - | 64 | - | 1,986 |
EnCore Oil PLC (formerly, Oil Quest Resources PLC) | 596 | - | - | - | - |
Forum Energy PLC | 2,505 | 1,207 | - | - | 3,292 |
Fox Resources Ltd. | 844 | - | - | - | - |
Frontier Mining Ltd. | 2,220 | - | - | - | - |
Affiliates | Value, | Purchases | Sales Proceeds | Dividend Income | Value, |
Gemfields Resources PLC | $- | $5,312 | $- | $- | $5,066 |
GMA Resources PLC | 3,026 | - | - | - | 5,506 |
Hardide Ltd. | 2,909 | - | 27 | - | 3,365 |
Healthcare Enterprise Group PLC | 10,604 | 2,028 | - | - | 3,921 |
Hot Tuna International PLC | - | 2,049 | - | - | 1,743 |
Hydrodec Group PLC | 2,730 | 5,558 | - | - | 10,523 |
ID Data PLC | 1,344 | - | - | - | 1,185 |
Inion OY | 3,466 | 2,117 | - | - | 4,604 |
Interbulk Investments PLC | - | 2,006 | 48 | - | 2,731 |
International Ferro Metals | 15,854 | 600 | 26 | - | 18,919 |
IPSA Group PLC | 2,128 | - | 434 | - | 2,871 |
Jubilee Platinum PLC | 3,339 | 4,414 | 791 | - | 11,248 |
KimCor Diamonds PLC | - | 1,147 | - | - | 1,215 |
Kura Corp. Ltd. | 18,905 | 588 | - | - | 19,554 |
Lambert Howarth Group PLC | 6,291 | - | 4,755 | 96 | - |
Landround PLC | 582 | 54 | - | - | 350 |
Leadcom Integrated Solutions | 4,705 | - | 1,258 | 57 | - |
LTG Technologies PLC | 2,294 | 1,300 | - | - | 3,209 |
Metals Exploration PLC | 624 | - | - | - | 1,787 |
Mintails Ltd. | - | 1,466 | - | - | 1,841 |
Motivcom PLC (formerly, P&MM Group PLC) | 3,423 | - | - | 27 | 3,804 |
NeutraHealth PLC | 1,719 | - | - | - | 1,570 |
Pilat Media Global PLC | 2,244 | - | - | - | 2,758 |
Platinum Mining Corp. of India PLC | 3,602 | - | - | - | 3,026 |
PlusNet Technologies Ltd. | 7,340 | 720 | - | - | 8,428 |
PSI AG | 3,396 | - | - | - | 5,748 |
Rheochem PLC | 1,854 | - | - | - | 3,144 |
Solomon Gold PLC | - | 1,588 | - | - | 1,164 |
Sphere Investments Ltd. | 2,552 | - | 249 | - | - |
Starfield Resources, Inc. | 3,741 | - | 967 | - | 4,279 |
Starfield Resources, Inc. (restricted) | - | 577 | - | - | 689 |
Stepstone ASA | 5,719 | - | - | - | - |
SubSea Resources PLC | 4,362 | 52 | - | - | 6,169 |
Sylvania Resources Ltd. | 2,738 | 472 | - | - | 5,067 |
Affiliates | Value, | Purchases | Sales Proceeds | Dividend Income | Value, |
Synchronica PLC (formerly, Dat Group PLC) | $$1,263 | $- | $- | $- | $- |
Taghmen Energy PLC | 5,671 | - | 102 | - | 3,897 |
Tanfield Group PLC | 2,911 | 2,114 | - | - | 6,183 |
Tanzanite One Ltd. | 4,936 | 10,260 | - | - | 17,889 |
Teleunit Spa | 3,683 | 710 | 28 | 94 | 2,958 |
Tikit Group PLC | 2,436 | - | 92 | 22 | 2,555 |
Visual Defence, Inc. | 1,379 | 1,024 | - | - | 3,045 |
Xceldiam Ltd. | 2,643 | - | - | - | 2,965 |
Total | $213,091 | $85,040 | $13,365 | $452 | $293,128 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2006 | |
Assets | ||
Investment in securities, at value (including securities loaned of $201,539) - See accompanying schedule: Unaffiliated issuers (cost $1,832,224) | $2,641,662 | |
Affiliated Central Funds (cost $242,059) | 242,059 | |
Other affiliated issuers (cost $250,716) | 293,128 | |
Total Investments (cost $2,324,999) | $3,176,849 | |
Cash | 84 | |
Foreign currency held at value (cost $4,379) | 4,405 | |
Receivable for investments sold | 24,577 | |
Receivable for fund shares sold | 4,375 | |
Dividends receivable | 5,617 | |
Interest receivable | 201 | |
Prepaid expenses | 6 | |
Receivable from investment adviser for expense reductions | 1 | |
Other receivables | 634 | |
Total assets | 3,216,749 | |
Liabilities | ||
Payable for investments purchased | $34,762 | |
Payable for fund shares redeemed | 2,138 | |
Accrued management fee | 2,303 | |
Distribution fees payable | 72 | |
Other affiliated payables | 554 | |
Other payables and accrued expenses | 272 | |
Collateral on securities loaned, at value | 212,630 | |
Total liabilities | 252,731 | |
Net Assets | $2,964,018 | |
Net Assets consist of: | ||
Paid in capital | $1,874,712 | |
Undistributed net investment income | 1,257 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 236,148 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 851,901 | |
Net Assets | $2,964,018 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2006 | |
Calculation of Maximum Offering Price | $32.33 | |
Maximum offering price per share (100/94.25 of $32.33) | $34.30 | |
Class T: | $32.20 | |
Maximum offering price per share (100/96.50 of $32.20) | $33.37 | |
Class B: | $31.85 | |
Class C: | $31.93 | |
International Small Cap: | $32.53 | |
Institutional Class: | $32.49 |
ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended April 30, 2006 | |
Investment Income | ||
Dividends (including $452 received from other affiliated issuers) | $16,516 | |
Interest | 151 | |
Income from affiliated Central Funds (including $1,396 from security lending) | 2,131 | |
18,798 | ||
Less foreign taxes withheld | (852) | |
Total income | 17,946 | |
Expenses | ||
Management fee | $11,067 | |
Performance adjustment | 1,257 | |
Transfer agent fees | 2,546 | |
Distribution fees | 386 | |
Accounting and security lending fees | 604 | |
Independent trustees' compensation | 5 | |
Custodian fees and expenses | 564 | |
Registration fees | 77 | |
Audit | 53 | |
Legal | 10 | |
Miscellaneous | 12 | |
Total expenses before reductions | 16,581 | |
Expense reductions | (933) | 15,648 |
Net investment income (loss) | 2,298 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $424) | 256,131 | |
Other affiliated issuers | 1,423 | |
Foreign currency transactions | (210) | |
Total net realized gain (loss) | 257,344 | |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $297) | 505,088 | |
Assets and liabilities in foreign currencies | 92 | |
Total change in net unrealized appreciation (depreciation) | 505,180 | |
Net gain (loss) | 762,524 | |
Net increase (decrease) in net assets resulting from operations | $764,822 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $2,298 | $10,862 |
Net realized gain (loss) | 257,344 | 242,238 |
Change in net unrealized appreciation (depreciation) | 505,180 | 169,248 |
Net increase (decrease) in net assets resulting | 764,822 | 422,348 |
Distributions to shareholders from net investment income | (10,829) | (3,406) |
Distributions to shareholders from net realized gain | (234,438) | (45,235) |
Total distributions | (245,267) | (48,641) |
Share transactions - net increase (decrease) | 231,934 | 701,403 |
Redemption fees | 169 | 1,213 |
Total increase (decrease) in net assets | 751,658 | 1,076,323 |
Net Assets | ||
Beginning of period | 2,212,360 | 1,136,037 |
End of period (including undistributed net investment income of $1,257 and undistributed net investment income of $10,862, respectively) | $2,964,018 | $2,212,360 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class A
Six months ended | Years ended October 31, | |||
2006 | 2005 | 2004 | 2003 G | |
Selected Per-Share Data | ||||
Net asset value, beginning of period | $26.69 | $21.25 | $17.69 | $12.35 |
Income from Investment Operations | ||||
Net investment income (loss) E | (.02) | .05 | .02 | .02 F |
Net realized and unrealized gain (loss) | 8.60 | 6.16 | 3.83 | 5.30 |
Total from investment operations | 8.58 | 6.21 | 3.85 | 5.32 |
Distributions from net investment income | (.05) | (.02) | (.02) | - |
Distributions from net realized gain | (2.89) | (.77) | (.31) | - |
Total distributions | (2.94) | (.79) | (.33) | - |
Redemption fees added to paid in capital E | - I | .02 | .04 | .02 |
Net asset value, end of period | $32.33 | $26.69 | $21.25 | $17.71 |
Total Return B, C, D | 35.01% | 30.16% | 22.36% | 43.24% |
Ratios to Average Net Assets H | ||||
Expenses before reductions | 1.63% A | 1.66% | 1.71% | 1.77% A |
Expenses net of fee waivers, if any | 1.63% A | 1.66% | 1.71% | 1.77% A |
Expenses net of all reductions | 1.56% A | 1.63% | 1.69% | 1.74% A |
Net investment income (loss) | (.15)% A | .21% | .09% | .28% A |
Supplemental Data | ||||
Net assets, end of period (in millions) | $47 | $35 | $13 | $5 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% A |
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FInvestment income per share reflects a special dividend which amounted to $.01 per share.
GFor the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class T
Six months ended | Years ended October 31, | |||
2006 | 2005 | 2004 | 2003 G | |
Selected Per-Share Data | ||||
Net asset value, beginning of period | $26.57 | $21.20 | $17.68 | $12.35 |
Income from Investment Operations | ||||
Net investment income (loss) E | (.06) | (.01) | (.03) | - F, I |
Net realized and unrealized gain (loss) | 8.57 | 6.12 | 3.83 | 5.31 |
Total from investment operations | 8.51 | 6.11 | 3.80 | 5.31 |
Distributions from net investment income | - | - | (.01) | - |
Distributions from net realized gain | (2.88) | (.76) | (.31) | - |
Total distributions | (2.88) | (.76) | (.32) | - |
Redemption fees added to paid in capital E | - I | .02 | .04 | .02 |
Net asset value, end of period | $32.20 | $26.57 | $21.20 | $17.65 |
Total Return B, C, D | 34.83% | 29.72% | 22.07% | 43.16% |
Ratios to Average Net Assets H | ||||
Expenses before reductions | 1.88% A | 1.92% | 1.94% | 2.12% A |
Expenses net of fee waivers, if any | 1.88% A | 1.91% | 1.94% | 2.12% A |
Expenses net of all reductions | 1.81% A | 1.88% | 1.92% | 2.09% A |
Net investment income (loss) | (.40)% A | (.04)% | (.14)% | (.07)% A |
Supplemental Data | ||||
Net assets, end of period (in millions) | $56 | $42 | $15 | $4 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% A |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FInvestment income per share reflects a special dividend which amounted to $.01 per share.
GFor the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class B
Six months ended | Years ended October 31, | |||
2006 | 2005 | 2004 | 2003 G | |
Selected Per-Share Data | ||||
Net asset value, beginning of period | $26.24 | $20.99 | $17.62 | $12.35 |
Income from Investment Operations | ||||
Net investment income (loss) E | (.13) | (.14) | (.16) | (.05) F |
Net realized and unrealized gain (loss) | 8.47 | 6.08 | 3.80 | 5.30 |
Total from investment operations | 8.34 | 5.94 | 3.64 | 5.25 |
Distributions from net realized gain | (2.73) | (.71) | (.31) | - |
Redemption fees added to paid in capital E | - I | .02 | .04 | .02 |
Net asset value, end of period | $31.85 | $26.24 | $20.99 | $17.52 |
Total Return B, C, D | 34.43% | 29.13% | 21.21% | 42.67% |
Ratios to Average Net Assets H | ||||
Expenses before reductions | 2.47% A | 2.49% | 2.63% | 2.76% A |
Expenses net of fee waivers, if any | 2.40% A | 2.43% | 2.63% | 2.76% A |
Expenses net of all reductions | 2.33% A | 2.40% | 2.60% | 2.73% A |
Net investment income (loss) | (.92)% A | (.56)% | (.83)% | (.71)% A |
Supplemental Data | ||||
Net assets, end of period (in millions) | $16 | $13 | $5 | $1 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% A |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FInvestment income per share reflects a special dividend which amounted to $.01 per share.
GFor the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class C
Six months ended | Years ended October 31, | |||
2006 | 2005 | 2004 | 2003 G | |
Selected Per-Share Data | ||||
Net asset value, beginning of period | $26.31 | $21.04 | $17.64 | $12.35 |
Income from Investment Operations | ||||
Net investment income (loss) E | (.13) | (.13) | (.12) | (.04) F |
Net realized and unrealized gain (loss) | 8.50 | 6.10 | 3.80 | 5.31 |
Total from investment operations | 8.37 | 5.97 | 3.68 | 5.27 |
Distributions from net investment income | - | - | (.01) | - |
Distributions from net realized gain | (2.75) | (.72) | (.31) | - |
Total distributions | (2.75) | (.72) | (.32) | - |
Redemption fees added to paid in capital E | - I | .02 | .04 | .02 |
Net asset value, end of period | $31.93 | $26.31 | $21.04 | $17.73 |
Total Return B, C, D | 34.50% | 29.22% | 21.43% | 42.83% |
Ratios to Average Net Assets H | ||||
Expenses before reductions | 2.37% A | 2.41% | 2.43% | 2.57% A |
Expenses net of fee waivers, if any | 2.37% A | 2.41% | 2.43% | 2.57% A |
Expenses net of all reductions | 2.30% A | 2.38% | 2.40% | 2.55% A |
Net investment income (loss) | (.89)% A | (.54)% | (.62)% | (.52)% A |
Supplemental Data | ||||
Net assets, end of period (in millions) | $32 | $25 | $9 | $1 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% A |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FInvestment income per share reflects a special dividend which amounted to $.01 per share.
GFor the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - International Small Cap
Six months ended | Years ended October 31, | ||||
2006 | 2005 | 2004 | 2003 | 2002 F | |
Selected Per-Share Data | |||||
Net asset value, beginning of period | $26.89 | $21.36 | $17.71 | $9.87 | $10.00 |
Income from Investment Operations | |||||
Net investment income (loss) D | .03 | .15 | .10 | .07 E | (.01) |
Net realized and unrealized gain (loss) | 8.64 | 6.19 | 3.84 | 7.75 | (.12) |
Total from investment operations | 8.67 | 6.34 | 3.94 | 7.82 | (.13) |
Distributions from net investment income | (.14) | (.06) | (.02) | - | - |
Distributions from net realized gain | (2.89) | (.77) | (.31) | (.02) | - |
Total distributions | (3.03) | (.83) | (.33) | (.02) | - |
Redemption fees added to paid in capital D | - H | .02 | .04 | .04 | - H |
Net asset value, end of period | $32.53 | $26.89 | $21.36 | $17.71 | $9.87 |
Total Return B, C | 35.19% | 30.67% | 22.84% | 79.78% | (1.30)% |
Ratios to Average Net Assets G | |||||
Expenses before reductions | 1.27% A | 1.28% | 1.30% | 1.54% | 13.70% A |
Expenses net of fee waivers, if any | 1.27% A | 1.28% | 1.30% | 1.54% | 1.80% A |
Expenses net of all reductions | 1.19% A | 1.25% | 1.28% | 1.51% | 1.80% A |
Net investment income (loss) | .22% A | .59% | .50% | .46% | (.56)% A |
Supplemental Data | |||||
Net assets, end of period (in millions) | $2,801 | $2,090 | $1,091 | $547 | $3 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% | 85% A |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DCalculated based on average shares outstanding during the period.
EInvestment income per share reflects a special dividend which amounted to $.03 per share.
FFor the period September 18, 2002 (commencement of operations) to October 31, 2002.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Institutional Class
Six months ended | Years ended October 31, | |||
2006 | 2005 | 2004 | 2003 F | |
Selected Per-Share Data | ||||
Net asset value, beginning of period | $26.86 | $21.36 | $17.72 | $12.35 |
Income from Investment Operations | ||||
Net investment income (loss) D | .03 | .14 | .10 | .04 E |
Net realized and unrealized gain (loss) | 8.63 | 6.18 | 3.84 | 5.31 |
Total from investment operations | 8.66 | 6.32 | 3.94 | 5.35 |
Distributions from net investment income | (.14) | (.07) | (.03) | - |
Distributions from net realized gain | (2.89) | (.77) | (.31) | - |
Total distributions | (3.03) | (.84) | (.34) | - |
Redemption fees added to paid in capital D | - H | .02 | .04 | .02 |
Net asset value, end of period | $32.49 | $26.86 | $21.36 | $17.72 |
Total Return B, C | 35.21% | 30.59% | 22.84% | 43.48% |
Ratios to Average Net Assets G | ||||
Expenses before reductions | 1.29% A | 1.30% | 1.32% | 1.51% A |
Expenses net of fee waivers, if any | 1.29% A | 1.30% | 1.32% | 1.51% A |
Expenses net of all reductions | 1.21% A | 1.27% | 1.29% | 1.48% A |
Net investment income (loss) | .20% A | .57% | .49% | .54% A |
Supplemental Data | ||||
Net assets, end of period (in millions) | $11 | $7 | $3 | $.4 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% A |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DCalculated based on average shares outstanding during the period.
EInvestment income per share reflects a special dividend which amounted to $.01 per share.
FFor the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2006
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
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 fund is currently closed to most new accounts. 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 B, Class C, International Small Cap 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. 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 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.
The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.
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. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Security Valuation - continued
days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.
Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Semiannual Report
1. Significant Accounting Policies - continued
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. 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 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 generally accepted accounting principles. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. 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)and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $925,779 | |
Unrealized depreciation | (92,898) | |
Net unrealized appreciation (depreciation) | $832,881 | |
Cost for federal income tax purposes | $2,343,968 |
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 90 days are subject to a redemption fee equal to 2.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the fund and accounted for as an addition to paid in capital.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
2. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
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.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,264,205 and $1,257,674, respectively.
4. 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 a group fee rate that averaged .27% 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 investment performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .97% of the fund's average net assets.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. 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 and the total amounts paid to and retained by FDC were as follows:
Distribution | Service | Paid to | Retained | |
Class A | 0% | .25% | $50 | $1 |
Class T | .25% | .25% | 122 | - |
Class B | .75% | .25% | 72 | 54 |
Class C | .75% | .25% | 142 | 31 |
$386 | $86 |
Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $5 |
Class T | 4 |
Class B* | 25 |
Class C* | 1 |
$35 |
*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, except for International Small Cap. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Small Cap shares. FIIOC and FSC receive 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
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
the fund. FIIOC and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period the total transfer agent fees paid by each class to FIIOC or FSC, were as follows:
Amount | % of | |
Class A | $62 | .31* |
Class T | 76 | .31* |
Class B | 29 | .40* |
Class C | 42 | .30* |
International Small Cap | 2,327 | .19* |
Institutional Class | 10 | .21* |
$2,546 |
*Annualized
Accounting and Security Lending Fees. FSC maintains the fund's accounting records. The accounting fee is based on the level of average net assets for the 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.
Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
The Money Market Central Funds do not pay a management fee.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 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 amounts to $4 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
6. Security Lending.
The fund lends portfolio securities from time to time in order to earn additional income. 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 fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities.
7. 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, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
Expense | Reimbursement | |
Class B | 2.40% | $5 |
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 $918 for the period. In addition, through arrangements with the fund's custodian and each class' transfer agent, 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 $1. During the period, credits reduced each class' transfer agent expense as noted in the table below.
Transfer Agent | ||
International Small Cap | $9 |
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
8. 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.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income | ||
Class A | $62 | $14 |
International Small Cap | 10,725 | 3,381 |
Institutional Class | 42 | 11 |
Total | $10,829 | $3,406 |
From net realized gain | ||
Class A | $3,713 | $542 |
Class T | 4,531 | 602 |
Class B | 1,340 | 221 |
Class C | 2,559 | 359 |
International Small Cap | 221,459 | 43,388 |
Institutional Class | 836 | 123 |
Total | $234,438 | $45,235 |
10. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended April 30, | Year ended | Six months ended | Year ended | |
Class A | ||||
Shares sold | 216 | 915 | $6,256 | $22,252 |
Reinvestment of distributions | 125 | 20 | 3,194 | 427 |
Shares redeemed | (189) | (255) | (5,362) | (6,421) |
Net increase (decrease) | 152 | 680 | $4,088 | $16,258 |
Semiannual Report
10. Share Transactions - continued
Shares | Dollars | |||
Six months ended April 30, | Year ended | Six months ended | Year ended | |
Class T | ||||
Shares sold | 267 | 1,286 | $7,656 | $31,179 |
Reinvestment of distributions | 165 | 24 | 4,209 | 531 |
Shares redeemed | (251) | (457) | (7,195) | (11,453) |
Net increase (decrease) | 181 | 853 | $4,670 | $20,257 |
Class B | ||||
Shares sold | 55 | 415 | $1,537 | $9,882 |
Reinvestment of distributions | 48 | 9 | 1,212 | 199 |
Shares redeemed | (88) | (178) | (2,467) | (4,336) |
Net increase (decrease) | 15 | 246 | $282 | $5,745 |
Class C | ||||
Shares sold | 85 | 680 | $2,369 | $16,301 |
Reinvestment of distributions | 80 | 13 | 2,032 | 272 |
Shares redeemed | (106) | (147) | (3,002) | (3,591) |
Net increase (decrease) | 59 | 546 | $1,399 | $12,982 |
International Small Cap | ||||
Shares sold | 12,076 | 51,579 | $347,010 | $1,266,283 |
Reinvestment of distributions | 8,379 | 2,008 | 216,010 | 43,867 |
Shares redeemed | (12,099) | (26,924) | (343,047) | (667,826) |
Net increase (decrease) | 8,356 | 26,663 | $219,973 | $642,324 |
Institutional Class | ||||
Shares sold | 65 | 259 | $1,894 | $6,323 |
Reinvestment of distributions | 20 | 3 | 506 | 59 |
Shares redeemed | (30) | (105) | (878) | (2,545) |
Net increase (decrease) | 55 | 157 | $1,522 | $3,837 |
Semiannual Report
Report of Independent Registered Public Accounting Firm
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, 2006, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months ended April 30, 2006 and for the year ended October 31, 2005, and the financial highlights for the six months ended April 30, 2006 and for the periods from September 18, 2002 (commencement of operations) to October 31, 2005. 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 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, 2006, 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, 2006, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2006 and for the year ended October 31, 2005, and its financial highlights for the six months ended April 30, 2006 and for the periods from September 18, 2002 (commencement of operations) to October 31, 2005, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
Semiannual Report
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 23, 2006
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Small Cap Fund
On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.
The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.
Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.
In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including 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; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
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Semiannual Report
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
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Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)Making Changes
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(such as changing name, address, bank, etc.)
Fidelity Investments
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Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
Semiannual Report
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis
Company (formerly Fidelity
Management & Research (Far East) Inc.)
Fidelity International Investment
Advisors
Fidelity Investments Japan Limited
Fidelity International Investment
Advisors (U.K.) Limited
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Boston, MA
Transfer and Service Agent
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Boston, MA
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Pittsburgh, PA
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(automated graphic) Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
ISC-USAN-0606
1.800661.102
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Small Cap
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2006
(2_fidelity_logos) (Registered_Trademark)
Class A, Class T, Class B, and Class C are classes of Fidelity®
International Small Cap Fund
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
Report of Independent Registered Public Accounting Firm | ||
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at 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 Corp. 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 quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d.
Edward C. Johnson 3d
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, 2005 to April 30, 2006).
Actual Expenses
The first line of the table below 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.
Hypothetical Example for Comparison Purposes
The second line of the table below 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.
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.
Beginning | Ending | Expenses Paid | |
Class A | |||
Actual | $1,000.00 | $1,350.10 | $9.50 |
HypotheticalA | $1,000.00 | $1,016.71 | $8.15 |
Class T | |||
Actual | $1,000.00 | $1,348.30 | $10.95 |
HypotheticalA | $1,000.00 | $1,015.47 | $9.39 |
Class B | |||
Actual | $1,000.00 | $1,344.30 | $13.95 |
HypotheticalA | $1,000.00 | $1,012.89 | $11.98 |
Class C | |||
Actual | $1,000.00 | $1,345.00 | $13.78 |
HypotheticalA | $1,000.00 | $1,013.04 | $11.83 |
International Small Cap | |||
Actual | $1,000.00 | $1,351.90 | $7.41 |
HypotheticalA | $1,000.00 | $1,018.50 | $6.36 |
Institutional Class | |||
Actual | $1,000.00 | $1,352.10 | $7.52 |
HypotheticalA | $1,000.00 | $1,018.40 | $6.46 |
A5% return per year before expenses
*Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Annualized | |
Class A | 1.63% |
Class T | 1.88% |
Class B | 2.40% |
Class C | 2.37% |
International Small Cap | 1.27% |
Institutional Class | 1.29% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Japan32.2% | |||
United Kingdom18.1% | |||
Australia9.6% | |||
Canada3.9% | |||
South Africa3.8% | |||
United States of America2.8% | |||
Italy2.8% | |||
Bermuda2.4% | |||
Germany2.2% | |||
Other22.2% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Japan32.9% | |||
United Kingdom15.4% | |||
Australia10.4% | |||
United States of America3.8% | |||
South Africa3.7% | |||
Germany3.4% | |||
Singapore2.5% | |||
Canada2.3% | |||
Norway2.1% | |||
Other23.5% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks and Investment Companies | 98.7 | 97.8 |
Bonds | 0.3 | 0.1 |
Short-Term Investments and Net Other Assets | 1.0 | 2.1 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Banca Italease Spa (Italy, Diversified Financial Services) | 1.9 | 1.0 |
Steinhoff International Holdings Ltd. (South Africa, Household Durables) | 1.5 | 1.5 |
Central African Mining & Exploration Co. PLC (United Kingdom, Metals & Mining) | 1.2 | 0.2 |
Hitachi Construction Machinery Co. Ltd. (Japan, Machinery) | 1.1 | 0.1 |
Max Petroleum PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 1.0 | 0.0 |
Konica Minolta Holdings, Inc. (Japan, Office Electronics) | 0.9 | 0.0 |
Nissin Kogyo Co. Ltd. (Japan, Auto Components) | 0.9 | 1.2 |
Fujikura Ltd. (Japan, Electrical Equipment) | 0.8 | 0.4 |
Hitachi Chemical Co. Ltd. (Japan, Chemicals) | 0.8 | 0.0 |
OMV AG (Austria, Oil, Gas & Consumable Fuels) | 0.8 | 0.3 |
10.9 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Materials | 18.7 | 14.8 |
Consumer Discretionary | 16.5 | 18.7 |
Industrials | 15.7 | 15.5 |
Energy | 14.5 | 13.0 |
Information Technology | 12.8 | 12.9 |
Financials | 9.8 | 9.5 |
Health Care | 5.0 | 5.8 |
Consumer Staples | 3.7 | 4.3 |
Utilities | 1.2 | 0.6 |
Telecommunication Services | 1.1 | 2.8 |
Semiannual Report
Investments April 30, 2006
Showing Percentage of Net Assets
Common Stocks - 98.2% | |||
Shares | Value (Note 1) (000s) | ||
Australia - 9.6% | |||
Allied Gold Ltd. (a) | 8,145,000 | $3,279 | |
Aristocrat Leisure Ltd. | 41,200 | 461 | |
Austbrokers Holdings Ltd. | 509,053 | 1,118 | |
Australian Stock Exchange Ltd. | 76,339 | 1,905 | |
Australian Wealth Management Ltd. (a) | 937,387 | 1,752 | |
Billabong International Ltd. | 546,600 | 6,403 | |
Boom Logistics Ltd. | 1,065,600 | 3,756 | |
Bradken Ltd. | 2,677,195 | 11,409 | |
Capital-XX Ltd. | 2,262,572 | 3,941 | |
Centamin Egypt Ltd. (a) | 7,128,303 | 4,648 | |
Coates Hire Ltd. | 768,400 | 3,596 | |
Cochlear Ltd. | 239,200 | 9,594 | |
Colorado Group Ltd. | 436,600 | 1,254 | |
Computershare Ltd. | 968,472 | 5,797 | |
CSR Ltd. | 550,600 | 1,694 | |
David Jones Ltd. (e) | 1,901,800 | 3,872 | |
Dominos Pizza Australia New Zealand Ltd. | 1,993,100 | 5,799 | |
Downer EDI Ltd. | 2,031,557 | 13,396 | |
Dwyka Diamonds Ltd. (a) | 7,549,000 | 4,715 | |
Dyno Nobel Ltd. | 494,900 | 985 | |
Elixir Petroleum Ltd. (a) | 2,227,040 | 741 | |
Elkedra Diamonds NL (a) | 6,153,671 | 3,002 | |
Energy Developments Ltd. | 14,945 | 49 | |
European Gas Ltd. (a) | 3,307,100 | 1,457 | |
Finders Resources Ltd. | 1,281,400 | 613 | |
Fox Resources Ltd. (a) | 4,514,836 | 2,915 | |
Fox Resources Ltd. warrants 6/30/07 (a) | 342,636 | 52 | |
Hastie Group Ltd. | 1,038,000 | 1,335 | |
International Ferro Metals (f) | 27,299,526 | 18,919 | |
JB Hi-Fi Ltd. | 619,200 | 2,352 | |
Kimberley Diamond Co. NL (a) | 871,100 | 1,141 | |
Metcash Ltd. | 3,551,900 | 12,412 | |
Millers Retail Ltd. (a) | 923,300 | 1,203 | |
Mineral Deposits Ltd. (a) | 4,920,000 | 6,485 | |
Mineral Securities Ltd. (a) | 650,000 | 790 | |
Mintails Ltd. (a)(f) | 7,455,000 | 1,841 | |
Mortgage Choice Ltd. | 5,879,638 | 11,613 | |
National Australia Bank Ltd. | 143,900 | 4,110 | |
Novera Energy Ltd. (a) | 856,600 | 1,062 | |
Origin Energy Ltd. | 410,900 | 2,201 | |
Oxiana Ltd. | 5,035,384 | 13,044 | |
Paladin Resources Ltd. (a)(e) | 1,613,900 | 5,566 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Australia - continued | |||
QBE Insurance Group Ltd. | 257,323 | $4,375 | |
Roc Oil Co. Ltd. (a) | 6,408,992 | 16,247 | |
Seek Ltd. | 2,980,839 | 8,990 | |
Select Managed Funds Ltd. | 298,900 | 1,907 | |
SFE Corp. Ltd. | 939,600 | 11,734 | |
Sims Group Ltd. | 169,553 | 2,454 | |
Sphere Investments Ltd. (a) | 4,877,121 | 4,075 | |
Stockland unit | 408 | 2 | |
Sylvania Resources Ltd. (a)(f) | 7,537,250 | 5,067 | |
Tanami Gold NL (a) | 17,920,400 | 4,220 | |
Tutt Bryant Group Ltd. | 149,064 | 186 | |
United Group Ltd. | 1,100,021 | 11,039 | |
Virotec International Ltd. (United Kingdom) (a) | 6,788,332 | 2,197 | |
Woolworths Ltd. | 170,218 | 2,413 | |
WorleyParsons Ltd. (e) | 712,800 | 10,559 | |
Zinifex Ltd. | 2,301,500 | 18,095 | |
TOTAL AUSTRALIA | 285,837 | ||
Austria - 0.8% | |||
OMV AG | 325,200 | 22,611 | |
Belgium - 0.3% | |||
Melexis NV | 93,199 | 1,487 | |
Punch International NV (a) | 29,700 | 3,638 | |
Recticel SA (e) | 242,344 | 2,905 | |
TOTAL BELGIUM | 8,030 | ||
Bermuda - 2.4% | |||
Aquarius Platinum Ltd. (United Kingdom) | 498,805 | 7,341 | |
Asia Aluminum Holdings Ltd. (a) | 628,000 | 114 | |
Pacific Andes (Holdings) Ltd. | 1,824,000 | 946 | |
Peace Mark Holdings Ltd. | 7,470,000 | 3,782 | |
Petra Diamonds Ltd. (a) | 3,010,606 | 5,065 | |
Ports Design Ltd. | 2,659,000 | 4,201 | |
RC Group (Holdings) Ltd. | 2,493,279 | 2,865 | |
REXCAPITAL Financial Holdings Ltd. (a) | 5,975,000 | 316 | |
SeaDrill Ltd. (a) | 793,721 | 13,461 | |
Sinochem Hong Kong Holding Ltd. | 9,740,000 | 4,146 | |
Tanzanite One Ltd. (f) | 5,891,201 | 17,889 | |
Trefoil Ltd. (a) | 750,000 | 6,329 | |
Xceldiam Ltd. (f) | 3,318,255 | 2,965 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Bermuda - continued | |||
Xceldiam Ltd. warrants 11/16/07 (a) | 1,659,127 | $363 | |
Xiwang Sugar Holdings Co. Ltd. | 368,000 | 254 | |
TOTAL BERMUDA | 70,037 | ||
British Virgin Islands - 0.3% | |||
Albidon Ltd. unit (a) | 1,000,000 | 711 | |
BDI Mining Corp. (a)(f) | 8,728,890 | 4,298 | |
CIC Energy Corp. (a) | 330,000 | 1,963 | |
Titanium Resources Group Ltd. | 1,890,000 | 2,637 | |
TOTAL BRITISH VIRGIN ISLANDS | 9,609 | ||
Canada - 3.7% | |||
Adastra Minerals, Inc.: | |||
(Canada) (a) | 266,300 | 846 | |
(United Kingdom) (a) | 2,254,100 | 7,235 | |
Altius Minerals Corp. (a) | 757,506 | 4,133 | |
Artumas Group, Inc. | 473,800 | 2,576 | |
Bankers Petroleum Ltd. (a) | 3,767,000 | 3,639 | |
Banro Corp. (a) | 277,700 | 3,353 | |
Brazilian Diamonds Ltd. (a) | 1,300,000 | 395 | |
Falcon Oil & Gas Ltd. (a) | 4,775,500 | 14,651 | |
First Quantum Minerals Ltd. | 55,700 | 2,692 | |
Grove Energy Ltd. (a) | 2,324,240 | 1,950 | |
La Mancha Resources, Inc. (a) | 458,200 | 574 | |
Lionore Mining International Ltd. (a) | 296,800 | 1,505 | |
MagIndustries Corp. (a) | 4,865,600 | 6,963 | |
MagIndustries Corp. (a)(h) | 7,233,600 | 9,317 | |
Oilexco, Inc. (a) | 3,980,525 | 16,022 | |
Platinum Group Metals Ltd. (a) | 250,000 | 467 | |
Rock Well Petroleum, Inc. (h) | 770,400 | 1,034 | |
Shore Gold, Inc. (a) | 311,500 | 1,783 | |
Starfield Resources, Inc. (a)(f) | 9,026,531 | 4,279 | |
Starfield Resources, Inc. (a)(f)(h) | 1,678,100 | 689 | |
Starfield Resources, Inc. warrants 1/21/08 (a) | 1,678,100 | 144 | |
StrataGold Corp. (a) | 2,229,000 | 2,193 | |
StrataGold Corp. (a)(h) | 1,078,111 | 955 | |
SXR Uranium One, Inc. (a) | 475,740 | 4,668 | |
Tenke Mining Corp. (a) | 160,000 | 2,291 | |
Uruguay Mineral Exploration, Inc. (a) | 430,400 | 1,963 | |
Valkyries Petroleum Corp. (a) | 334,400 | 4,262 | |
Visual Defence, Inc. (f) | 5,963,100 | 3,045 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Canada - continued | |||
Western Canadian Coal Corp. (a) | 2,161,418 | $5,104 | |
Western Canadian Coal Corp. (United Kingdom) (a) | 548,286 | 1,360 | |
TOTAL CANADA | 110,088 | ||
Cayman Islands - 0.6% | |||
AAC Acoustic Technology Holdings, Inc. | 5,094,000 | 5,782 | |
China Rare Earth Holdings Ltd. | 6,418,000 | 1,449 | |
Ctrip.com International Ltd. sponsored ADR | 52,800 | 2,376 | |
Foxconn International Holdings Ltd. (a) | 1,320,000 | 2,843 | |
New World China Land Ltd. | 2,100,000 | 1,009 | |
Prime Success International Group Ltd. | 2,958,000 | 1,965 | |
Sincere Watch (Hong Kong) Ltd. | 2,642,000 | 259 | |
The9 Ltd. sponsored ADR (a) | 73,500 | 2,204 | |
Wasion Meters Group Ltd. | 3,544,000 | 1,588 | |
TOTAL CAYMAN ISLANDS | 19,475 | ||
China - 0.7% | |||
Century Sunshine Ecological Technology Holdings Ltd. | 2,630,000 | 1,577 | |
China Oilfield Services Ltd. (H Shares) | 2,592,000 | 1,429 | |
China Shenhua Energy Co. Ltd. (H Shares) | 1,325,500 | 2,402 | |
Dalian Port (PDA) Co. Ltd. (H Shares) | 292,000 | 163 | |
Focus Media Holding Ltd. ADR | 73,700 | 4,451 | |
Lianhua Supermarket Holdings Co. (H Shares) | 639,000 | 746 | |
Nine Dragons Paper (Holdings) Ltd. | 494,000 | 430 | |
Parkson Retail Group Ltd. | 155,500 | 509 | |
Shenzhou International Group Holdings Ltd. | 6,594,000 | 2,849 | |
Sina Corp. (a) | 75,300 | 1,992 | |
Tencent Holdings Ltd. | 1,812,000 | 3,669 | |
Yantai Changyu Pioneer Wine Co. (B Shares) | 251,700 | 831 | |
TOTAL CHINA | 21,048 | ||
Denmark - 0.2% | |||
Rockwool International AS Series A (e) | 40,200 | 5,024 | |
Egypt - 0.0% | |||
Commercial International Bank Ltd. sponsored GDR | 100,900 | 1,313 | |
Estonia - 0.1% | |||
Tallinna Vesi AS | 127,000 | 2,312 | |
Finland - 1.6% | |||
Aldata Solutions Oyj (a) | 2,065,976 | 6,542 | |
Capman Oyj (B Shares) | 349,437 | 1,318 | |
Fortum Oyj | 135,400 | 3,420 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Finland - continued | |||
Inion OY (a)(f) | 3,740,300 | $4,604 | |
Metso Corp. | 57,600 | 2,289 | |
Neste Oil Oyj | 526,900 | 18,387 | |
Nokian Tyres Ltd. (e) | 435,890 | 7,457 | |
Tekla Oyj (A Shares) | 389,780 | 2,951 | |
TOTAL FINLAND | 46,968 | ||
France - 1.7% | |||
Altamir et Compagnie SA | 6,100 | 1,465 | |
Bourbon SA | 15,638 | 1,997 | |
BVRP Software SA (a) | 144,796 | 4,149 | |
Constructions Industrielles dela Mediterranee SA | 11,500 | 1,451 | |
Electricite de France | 146,200 | 8,549 | |
Groupe Open SA (e) | 52,500 | 1,057 | |
Groupe Open SA warrants 10/21/06 (a) | 14,809 | 17 | |
Groupe Promeo (a) | 62,625 | 2,734 | |
Guerbet SA | 8,400 | 1,484 | |
Icade SA | 58,100 | 2,499 | |
Ipsos SA | 515 | 76 | |
Maisons France Confort | 31,494 | 2,368 | |
Orpea (a) | 25,207 | 1,870 | |
Sechilienne-Sidec | 5,246 | 4,170 | |
Signaux Girod | 15,575 | 1,611 | |
Silicon On Insulator Technologies SA (SOITEC) (a) | 282,200 | 9,211 | |
Sucriere de Pithivier Le Vieil | 3,345 | 3,372 | |
Tessi SA | 24,066 | 1,606 | |
The Lisi Group | 22,500 | 1,641 | |
TOTAL FRANCE | 51,327 | ||
Germany - 1.8% | |||
ADVA AG Optical Networking (a) | 104,375 | 1,238 | |
Articon-Integralis AG (Reg.) (a) | 495,185 | 2,243 | |
Deutz AG (a)(e) | 1,142,500 | 10,465 | |
E.ON AG | 30,800 | 3,751 | |
ElringKlinger AG | 18,284 | 996 | |
Fresenius AG | 31,271 | 5,224 | |
Grenkeleasing AG | 25,918 | 1,978 | |
Kontron AG | 154,264 | 1,752 | |
Merck KGaA | 26,441 | 2,802 | |
Parsytec AG (a) | 307,671 | 1,471 | |
Pfleiderer AG | 202,159 | 6,098 | |
PSI AG (a)(f) | 689,200 | 5,748 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Germany - continued | |||
Pulsion Medical Systems AG (a) | 98,511 | $749 | |
SGL Carbon AG (a) | 219,300 | 4,607 | |
Suedzucker AG (Bearer) | 61,775 | 1,694 | |
United Internet AG | 40,352 | 2,647 | |
TOTAL GERMANY | 53,463 | ||
Greece - 0.9% | |||
Autohellas SA | 363,100 | 2,034 | |
Fourlis Holdings SA | 200,700 | 3,115 | |
Greek Organization of Football Prognostics SA | 59,042 | 2,183 | |
Hyatt Regency SA (Reg.) | 175,282 | 2,477 | |
Intralot SA | 69,400 | 2,241 | |
Marfin Financial Group Holdings SA | 100 | 3 | |
Sarantis SA (Reg.) | 1,409,518 | 15,649 | |
TOTAL GREECE | 27,702 | ||
Hong Kong - 1.0% | |||
Cafe de Coral Holdings Ltd. | 2,304,000 | 3,477 | |
Chen Hsong Holdings Ltd. | 1,660,000 | 1,006 | |
Fong's Industries Co. Ltd. | 1,156,000 | 887 | |
Giordano International Ltd. | 6,220,000 | 3,670 | |
Hong Kong Aircraft & Engineering Co. | 152,400 | 1,483 | |
Hong Kong Land Holdings Ltd. | 205,000 | 804 | |
Integrated Distribution Services Group Ltd. (IDS) | 2,488,000 | 3,690 | |
Lifestyle International Holdings Ltd. | 933,000 | 1,570 | |
Midland Holdings Ltd. | 2,506,000 | 1,454 | |
Singamas Container Holdings Ltd. | 1,370,000 | 1,034 | |
Solomon Systech International Ltd. | 13,166,000 | 5,858 | |
Tai Cheung Holdings Ltd. | 1,414,000 | 798 | |
Tingyi (Cayman Island) Holding Corp. | 100,000 | 64 | |
Tom.com Ltd. (a) | 3,814,000 | 856 | |
Vtech Holdings Ltd. | 844,000 | 4,011 | |
TOTAL HONG KONG | 30,662 | ||
Hungary - 0.2% | |||
MOL Magyar Olay-es Gazipari RT Series A (For. Reg.) | 44,200 | 5,259 | |
India - 0.6% | |||
Financial Technology (India) Ltd. | 97,591 | 4,006 | |
Great Eastern Energy Corp. Ltd. GDR | 1,444,600 | 4,479 | |
HT Media Ltd. | 89,341 | 1,027 | |
McDowell & Co. Ltd. | 209,179 | 3,639 | |
McDowell & Co. Ltd. GDR (a) | 108,021 | 940 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
India - continued | |||
Noida Toll Bridge Co. Ltd. GDR (a) | 454,051 | $2,770 | |
Royal Orchid Hotels Ltd. | 283,396 | 1,193 | |
TOTAL INDIA | 18,054 | ||
Indonesia - 0.3% | |||
PT Bank Rakyat Indonesia Tbk | 4,528,000 | 2,384 | |
PT Perusahaan Gas Negara Tbk Series B | 4,487,500 | 6,334 | |
TOTAL INDONESIA | 8,718 | ||
Ireland - 0.9% | |||
Adwalker PLC (a)(f) | 9,125,000 | 999 | |
Aminex PLC (a) | 1,430,219 | 1,206 | |
Glanbia PLC | 1,342,400 | 4,403 | |
Kenmare Resources PLC (a) | 3,621,000 | 3,087 | |
Kenmare Resources PLC warrants 7/23/09 (a) | 1,712,500 | 851 | |
Minco PLC (a) | 2,727,271 | 746 | |
Paddy Power PLC (Ireland) | 241,011 | 4,287 | |
Petroceltic International PLC (a)(e) | 14,094,734 | 5,784 | |
Providence Resources PLC (a) | 20,744,500 | 2,617 | |
Trinity Biotech PLC sponsored ADR (a) | 227,325 | 1,955 | |
Vimio PLC | 867,300 | 2,033 | |
TOTAL IRELAND | 27,968 | ||
Israel - 0.6% | |||
Advanced Vision Technology Ltd. (a) | 165,400 | 2,129 | |
Israel Chemicals Ltd. | 1,354,000 | 5,357 | |
Leadcom Integrated Solutions | 3,766,400 | 5,924 | |
Metal-Tech Ltd. | 640,200 | 2,610 | |
MTI Wireless Edge Ltd. | 705,128 | 678 | |
TOTAL ISRAEL | 16,698 | ||
Italy - 2.8% | |||
Amplifon Spa (e) | 38,350 | 3,528 | |
Banca Credit Firenze | 2,942,982 | 10,422 | |
Banca Italease Spa (e) | 918,200 | 55,913 | |
Bastogi Spa (a)(e) | 3,714,300 | 1,214 | |
Brembo Spa (e) | 124,700 | 1,283 | |
Lottomatica Spa (e) | 112,000 | 5,169 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Italy - continued | |||
Saipem Spa | 62,000 | $1,556 | |
Teleunit Spa (f) | 12,719,158 | 2,958 | |
TOTAL ITALY | 82,043 | ||
Japan - 32.2% | |||
Abc-Mart, Inc. | 145,900 | 3,414 | |
Access Co. Ltd. | 161 | 346 | |
Access Co. Ltd. (a)(e) | 326 | 2,920 | |
Advance Create Co. Ltd. (e) | 243 | 758 | |
Advanced Media, Inc. Japan (e) | 70 | 384 | |
Aeon Fantasy Co. Ltd. (e) | 76,900 | 3,228 | |
Aichi Steel Corp. (e) | 1,570,000 | 13,649 | |
Ain Pharmaciez, Inc. | 44,900 | 934 | |
Alpen Co. Ltd. | 3,600 | 146 | |
AOC Holdings, Inc. | 89,100 | 1,878 | |
Ariake Japan Co. Ltd. (e) | 154,500 | 4,464 | |
ARRK Corp. | 91,400 | 3,283 | |
Asahi Denka Co. Ltd. | 184,000 | 2,818 | |
Asahi Diamond Industrial Co. Ltd. | 310,000 | 2,916 | |
Asset Managers Co. Ltd. (e) | 3,966 | 11,598 | |
Atrium Co. Ltd. | 58,400 | 6,052 | |
Avex Group Holdings, Inc. (e) | 111,400 | 3,326 | |
Axell Corp. | 646 | 2,445 | |
Bookoff Corp. | 150,000 | 3,069 | |
Canon Finetech, Inc. | 140,500 | 2,782 | |
Casio Micronics Co. Ltd. (e) | 190,300 | 3,961 | |
Chiba Bank Ltd. | 384,000 | 3,477 | |
Chiyoda Co. Ltd. | 68,500 | 1,919 | |
Chiyoda Corp. | 94,000 | 2,113 | |
Chugoku Marine Paints Ltd. (e) | 60,000 | 386 | |
Chuo Denki Kogyo Co. Ltd. | 35,000 | 147 | |
CMIC Co. Ltd. (e) | 2,520 | 738 | |
Create SD Co. Ltd. | 32,900 | 1,075 | |
cyber communications, Inc. (a)(e) | 153 | 496 | |
CyberAgent, Inc. (e) | 1,141 | 2,365 | |
Daido Steel Co. Ltd. | 1,685,000 | 15,463 | |
Daifuku Co. Ltd. | 110,500 | 1,795 | |
Daiwa Securities Group, Inc. | 212,000 | 2,940 | |
Daiwabo Information System Ltd. | 375,500 | 6,743 | |
Ebara Corp. | 873,000 | 4,998 | |
Elpida Memory, Inc. (a)(e) | 106,300 | 4,873 | |
Endo Lighting Corp. | 207,000 | 2,454 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Japan - continued | |||
EPS Co. Ltd. (e) | 604 | $2,005 | |
Excite Japan Co. Ltd. | 11 | 78 | |
Faith, Inc. | 1,619 | 636 | |
FamilyMart Co. Ltd. | 85,800 | 2,486 | |
FCC Co. Ltd. | 127,000 | 2,816 | |
FinTech Global, Inc. (e) | 503 | 3,114 | |
Fujikura Ltd. | 2,116,000 | 24,472 | |
Fullcast Co. Ltd. | 588 | 2,380 | |
Furukawa Co. Ltd. (a) | 376,000 | 961 | |
Futaba Industrial Co. Ltd. (e) | 319,900 | 8,343 | |
Gentosha, Inc. | 100 | 720 | |
Hamamatsu Photonics KK (e) | 186,800 | 5,840 | |
Haseko Corp. (a) | 1,175,000 | 4,458 | |
Heiwa Real Estate Co. Ltd. | 355,000 | 2,556 | |
Hikari Tsushin, Inc. | 237,800 | 14,701 | |
Hioki EE Corp. (e) | 29,200 | 1,113 | |
Hiroshima Bank Ltd. | 738,000 | 4,724 | |
Hitachi Chemical Co. Ltd. | 785,800 | 22,910 | |
Hitachi Construction Machinery Co. Ltd. | 1,210,200 | 33,051 | |
Hitachi Koki Co. Ltd. | 341,000 | 6,034 | |
Hogy Medical Co. | 28,400 | 1,501 | |
Hokuto Corp. (e) | 239,800 | 4,115 | |
Ibiden Co. Ltd. | 68,700 | 3,264 | |
Ikyu Corp. (e) | 366 | 877 | |
Index Corp. (e) | 1,628 | 2,187 | |
Intelligence Ltd. | 2,200 | 6,511 | |
Intertrade Co. Ltd. (a) | 270 | 908 | |
Iriso Electronics Co. Ltd. | 86,700 | 3,327 | |
Ishihara Chemical Co. Ltd. | 48,000 | 1,096 | |
Ishikawajima-Harima Heavy Industries Co. Ltd. (a) | 1,042,000 | 3,715 | |
Itochu Corp. | 1,087,000 | 9,870 | |
Japan Communications, Inc. | 394 | 349 | |
Japan Digital Contents Trust, Inc. (a)(e) | 877 | 549 | |
Jastec Co. Ltd. | 70,400 | 1,750 | |
JGC Corp. | 154,000 | 2,698 | |
Joint Corp. | 98,400 | 3,232 | |
JSR Corp. | 151,700 | 4,676 | |
Juroku Bank Ltd. | 197,000 | 1,320 | |
Kakaku.com, Inc. (e) | 332 | 1,327 | |
Kansai Urban Banking Corp. (e) | 464,000 | 2,188 | |
Kanto Denka Kogyo Co. Ltd. | 283,000 | 2,321 | |
Kawasaki Heavy Industries Ltd. (e) | 978,000 | 3,547 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Japan - continued | |||
Kenedix, Inc. | 875 | $4,510 | |
Kibun Food Chemifa Co. Ltd. (e) | 89,900 | 1,682 | |
Kobayashi Pharmaceutical Co. Ltd. | 100,000 | 3,539 | |
Kobe Steel Ltd. | 1,530,000 | 5,200 | |
KOEI Co. Ltd. | 96,390 | 1,803 | |
Koito Manufacturing Co. Ltd. | 124,000 | 1,786 | |
Konami Corp. | 208,800 | 5,345 | |
Konica Minolta Holdings, Inc. | 2,047,500 | 26,970 | |
Kubota Corp. | 74,000 | 836 | |
Kura Corp. Ltd. (f) | 6,084 | 19,554 | |
Kurita Water Industries Ltd. | 111,800 | 2,278 | |
Link Theory Holdings Co. Ltd. (e) | 145 | 842 | |
Lopro Corp. (e) | 414,500 | 1,966 | |
LTT Bio-Pharma Co. Ltd. (a)(e) | 112 | 157 | |
Meganesuper Co. Ltd. | 20 | 0 | |
Meiko Electronics Co. Ltd. | 140,200 | 10,711 | |
Micronics Japan Co. Ltd. | 50,400 | 2,284 | |
Mitsuba Corp. (e) | 263,000 | 3,545 | |
Mitsubishi Gas Chemical Co., Inc. | 1,634,000 | 21,710 | |
Mitsubishi Materials Corp. (e) | 1,730,000 | 9,343 | |
Mitsui O.S.K. Lines Ltd. | 478,000 | 3,421 | |
Mitsui Trust Holdings, Inc. | 191,000 | 2,638 | |
Murata Manufacturing Co. Ltd. | 214,500 | 15,615 | |
Nachi-Fujikoshi Corp. | 1,133,000 | 7,601 | |
Namco Bandai Holdings, Inc. (a) | 132,100 | 1,904 | |
NEC Leasing Ltd. | 77,400 | 1,845 | |
NEOMAX Co. Ltd. | 172,000 | 4,939 | |
Net One Systems Co. Ltd. (e) | 2,511 | 5,513 | |
NGK Spark Plug Co. Ltd. | 864,000 | 18,968 | |
NIC Corp. | 184,000 | 1,858 | |
Nidec Copal Electronics Corp. (e) | 248,600 | 1,971 | |
Nidec Corp. | 36,200 | 2,791 | |
Nidec Tosok Corp. (e) | 169,800 | 2,365 | |
Nihon Ceratec Co. Ltd. (e) | 358 | 1,559 | |
Nihon Dempa Kogyo Co. Ltd. (e) | 417,200 | 17,842 | |
Nihon Micro Coating Co. Ltd. | 147,500 | 1,082 | |
Nihon Trim Co. Ltd. (e) | 192,500 | 9,399 | |
Nihon Unicom Corp. | 100,900 | 1,790 | |
Nikko Cordial Corp. | 164,000 | 2,654 | |
Nippon Chemi-con Corp. | 964,000 | 7,213 | |
Nippon Denko Co. Ltd. (e) | 1,993,000 | 7,018 | |
Nippon Electric Glass Co. Ltd. | 66,000 | 1,490 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Japan - continued | |||
Nippon Mining Holdings, Inc. | 103,500 | $957 | |
Nippon Oil Corp. | 259,000 | 2,049 | |
Nippon Seiki Co. Ltd. (e) | 889,000 | 19,322 | |
Nippon Soda Co. Ltd. | 558,000 | 2,715 | |
Nippon Suisan Kaisha Co. Ltd. | 568,600 | 2,796 | |
Nishimatsu Construction Co. Ltd. (e) | 650,000 | 2,717 | |
Nissei Corp. | 128,000 | 1,754 | |
Nissin Co. Ltd. (e) | 1,045,760 | 1,001 | |
Nissin Kogyo Co. Ltd. | 1,222,300 | 25,654 | |
Nissin Servicer Co. Ltd. (e) | 1,593 | 1,098 | |
Nittetsu Mining Co. Ltd. | 106,000 | 884 | |
NOK Corp. | 82,900 | 2,519 | |
Noritake Co. Ltd. | 387,000 | 2,590 | |
NS Solutions Corp. | 112,100 | 2,909 | |
NTN Corp. | 404,000 | 3,335 | |
Obara Corp. | 1,100 | 41 | |
Opt, Inc. (a) | 150 | 767 | |
Optex Co. Ltd. | 76,000 | 2,102 | |
Optoelectronics Co. Ltd. | 6,700 | 241 | |
Otaki Gas Co. Ltd. | 16,000 | 96 | |
Otsuka Corp. | 30,800 | 3,703 | |
Pacific Metals Co. Ltd. (e) | 898,000 | 5,820 | |
Parker Corp. | 48,000 | 755 | |
Phoenix Electric Co. Ltd. (e) | 201,600 | 2,050 | |
Pigeon Corp. (e) | 180,000 | 2,742 | |
Produce Co. Ltd. | 339 | 4,078 | |
Ray Corp. | 61,000 | 241 | |
Relo Holdings Corp. | 105,000 | 2,010 | |
Rex Holdings Co. Ltd. | 2,255 | 7,426 | |
Royal Holdings Co. Ltd. | 107,000 | 1,803 | |
Ryobi Ltd. | 359,000 | 2,673 | |
Saison Information Systems Co. Ltd. | 76,300 | 1,156 | |
Sammy NetWorks Co. Ltd. | 750 | 5,664 | |
Sankyo Co. Ltd. (Gunma) | 53,600 | 3,803 | |
Sapporo Hokuyo Holdings, Inc. | 133 | 1,495 | |
Sato Corp. | 196,400 | 4,769 | |
SBI Holdings, Inc. | 7,710 | 3,927 | |
SBS Co. Ltd. (e) | 748 | 3,186 | |
Sega Sammy Holdings, Inc. | 90,000 | 3,588 | |
Sekisui Plastics Co. Ltd. | 160,000 | 648 | |
Senshukai Co. Ltd. | 138,000 | 1,874 | |
Seria Co. Ltd. | 200 | 527 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Japan - continued | |||
Shaddy Co. Ltd. | 153,300 | $2,719 | |
Shibaura Electronics Co. Ltd. | 67,300 | 951 | |
Shikoku Chemicals Corp. | 134,000 | 988 | |
Shinohara Systems of Construction Co. Ltd. (e) | 1,052 | 2,661 | |
Shizuki Electric Co., Inc. | 96,000 | 455 | |
Showa Denko KK | 2,661,000 | 11,777 | |
Silex Technology, Inc. | 233 | 554 | |
Simplex Investment Advisors, Inc. (e) | 236 | 327 | |
Softbrain Co. Ltd. (e) | 880 | 563 | |
St. Marc Holdings Co. Ltd. | 38,100 | 2,626 | |
Star Micronics Co. Ltd. | 557,000 | 12,033 | |
Sumco Corp. | 33,200 | 1,985 | |
Sumitomo Bakelite Co. Ltd. (e) | 101,000 | 943 | |
Sumitomo Corp. | 1,505,000 | 22,547 | |
Sumitomo Metal Industries Ltd. | 2,055,000 | 8,662 | |
Sumitomo Metal Mining Co. Ltd. | 646,000 | 9,389 | |
Sumitomo Rubber Industries Ltd. | 204,400 | 2,922 | |
Sumitomo Titanium Corp. (e) | 10,400 | 2,048 | |
Sun Frontier Fudousan Co. Ltd. | 345 | 830 | |
Sunx Ltd. | 187,100 | 4,929 | |
Taisei Corp. | 358,000 | 1,600 | |
Taiyo Ink Manufacturing Co. Ltd. | 54,700 | 3,050 | |
Taiyo Kagaku (e) | 89,700 | 1,194 | |
Taiyo Nippon Sanso Corp. Tokyo | 361,000 | 2,850 | |
Telewave, Inc. (e) | 1,915 | 5,550 | |
The First Energy Service Co. Ltd. (a)(e) | 191 | 295 | |
The Keiyo Bank Ltd. | 332,000 | 2,152 | |
Toagosei Co. Ltd. (e) | 533,000 | 2,270 | |
Toc Co. Ltd. | 104,000 | 621 | |
Tohcello Co. Ltd. | 150,000 | 1,535 | |
Tohoku Electric Power Co., Inc. | 170,400 | 3,928 | |
Tokai Carbon Co. Ltd. (e) | 643,000 | 4,003 | |
Token Corp. | 210,400 | 13,728 | |
Tokuyama Corp. | 162,000 | 2,673 | |
Tokyo Gas Co. Ltd. | 376,000 | 1,819 | |
Tokyo Leasing Co. Ltd. | 214,500 | 3,485 | |
Tokyo Seimitsu Co. Ltd. | 70,900 | 4,215 | |
Tomen Devices Corp. | 85,600 | 1,981 | |
Tomoe Engineering Co. Ltd. | 123,200 | 2,472 | |
TonenGeneral Sekiyu KK (e) | 189,000 | 2,053 | |
Toppan Printing Co. Ltd. | 278,000 | 3,713 | |
Toray Industries, Inc. | 2,147,000 | 20,117 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Japan - continued | |||
Toyo Ink Manufacturing Co. Ltd. | 158,000 | $808 | |
Toyo Suisan Kaisha Ltd. | 59,000 | 899 | |
Trancom Co. Ltd. | 116,300 | 2,727 | |
Trend Micro, Inc. | 126,000 | 4,880 | |
Tyo Productions, Inc. (e) | 128,000 | 808 | |
Usen Corp. (e) | 275,760 | 5,037 | |
Wacom Co. Ltd. | 825 | 1,724 | |
Wiz Co. Ltd. | 404 | 2,707 | |
Works Applications Co. Ltd. (a) | 850 | 467 | |
Yachiyo Industry Co. Ltd. | 118,500 | 3,226 | |
Yahoo! Japan Corp. | 3,802 | 2,217 | |
Yamada Denki Co. Ltd. | 149,600 | 16,303 | |
Yamaha Motor Co. Ltd. | 67,000 | 1,847 | |
Yaskawa Electric Corp. (a)(e) | 361,000 | 4,441 | |
Yasuragi Co. Ltd. | 40,300 | 1,292 | |
Yokogawa Electric Corp. | 170,700 | 2,704 | |
Yoshimoto Kogyo Co. Ltd. | 106,800 | 3,057 | |
Zecs Co. Ltd. (e) | 181 | 950 | |
Zensho Co. Ltd. (e) | 194,500 | 6,320 | |
TOTAL JAPAN | 953,728 | ||
Korea (South) - 1.1% | |||
CDNetworks Co. Ltd. | 18,400 | 642 | |
Cheil Industries, Inc. | 64,030 | 2,325 | |
Daegu Bank Co. Ltd. | 91,490 | 1,717 | |
Daishin Securities Co. Ltd. | 37,330 | 873 | |
Hyundai Engineering & Construction Co. Ltd. (a) | 30,970 | 1,928 | |
Hyundai Mipo Dockyard Co. Ltd. | 23,770 | 2,228 | |
Industrial Bank of Korea | 68,320 | 1,376 | |
Korean Reinsurance Co. | 158,576 | 1,900 | |
Kyeryong Construction Industrial Co. Ltd. | 44,760 | 2,107 | |
LG Household & Health Care Ltd. | 28,330 | 2,262 | |
NHN Corp. (a) | 6,394 | 2,271 | |
Orion Corp. | 3,120 | 817 | |
Samho International Co. | 9,720 | 170 | |
Samsung Corp. | 70,720 | 2,204 | |
Samsung Engineering Co. Ltd. | 37,830 | 1,618 | |
Samsung Techwin Co. Ltd. | 29,780 | 995 | |
SFA Engineering Corp. | 79,802 | 2,657 | |
SSCP Co. Ltd. | 14,095 | 275 | |
STX Shipbuilding Co. Ltd. | 125,840 | 1,414 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Korea (South) - continued | |||
Taewoong Co. Ltd. | 22,066 | $481 | |
YBM Sisa.com, Inc. | 57,582 | 1,606 | |
TOTAL KOREA (SOUTH) | 31,866 | ||
Luxembourg - 0.2% | |||
RTL Group (a) | 54,156 | 4,909 | |
Malaysia - 0.2% | |||
Green Packet BHD | 1,800,000 | 1,301 | |
Steppe Cement Ltd. (a) | 847,900 | 3,054 | |
Uchi Technologies BHD | 437,300 | 386 | |
TOTAL MALAYSIA | 4,741 | ||
Netherlands - 0.5% | |||
Bateman Engineering NV | 528,957 | 3,729 | |
Engel East Europe NV | 2,027,612 | 5,824 | |
Nutreco Holding NV | 74,700 | 4,428 | |
TOTAL NETHERLANDS | 13,981 | ||
New Zealand - 0.6% | |||
Fisher & Paykel Healthcare Corp. | 1,926,273 | 5,192 | |
Freightways Ltd. | 35,066 | 86 | |
Sky City Entertainment Group Ltd. | 1,704,323 | 5,911 | |
Sky Network Television Ltd. | 409,053 | 1,612 | |
Tower Ltd. (a) | 2,569,173 | 4,447 | |
TOTAL NEW ZEALAND | 17,248 | ||
Norway - 1.4% | |||
ABG Sundal Collier ASA (e) | 966,000 | 1,975 | |
Aker Kvaerner ASA | 32,000 | 3,116 | |
Camillo Eitzen & Co. ASA | 280,800 | 3,144 | |
Deep Ocean ASA (a) | 373,747 | 1,316 | |
Mamut ASA (a) | 309,100 | 697 | |
P4 Radio Hele Norge ASA (e) | 141,400 | 597 | |
Pertra Midt-Norges AS (h) | 60,000 | 974 | |
Schibsted ASA (B Shares) (e) | 54,100 | 1,589 | |
Solstad Offshore ASA | 114,000 | 2,072 | |
Songa Offshore ASA (a) | 693,608 | 7,767 | |
Songa Offshore ASA warrants 6/8/08 (a)(h) | 177,778 | 1,760 | |
Statoil ASA (e) | 147,600 | 4,863 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Norway - continued | |||
Stepstone ASA (a) | 4,710,000 | $8,103 | |
TANDBERG ASA (e) | 263,700 | 2,685 | |
TOTAL NORWAY | 40,658 | ||
Poland - 0.8% | |||
Polski Koncern Naftowy Orlen SA unit | 459,300 | 18,716 | |
TVN SA (a) | 149,254 | 4,668 | |
TOTAL POLAND | 23,384 | ||
Portugal - 0.1% | |||
Impresa SGPS (a) | 583,653 | 3,741 | |
Russia - 0.2% | |||
Sistema JSFC sponsored GDR | 135,400 | 3,317 | |
Vimpel Communications sponsored ADR (a) | 68,100 | 3,170 | |
TOTAL RUSSIA | 6,487 | ||
Singapore - 2.1% | |||
Advent Air Ltd. (a) | 2,331,000 | 446 | |
Advent Air Ltd. (a)(h) | 8,918,299 | 1,342 | |
Cosco Investment (Singapore) Ltd. | 3,422,000 | 3,095 | |
GES International Ltd. | 5,357,000 | 3,355 | |
Goodpack Ltd. | 1,033,000 | 1,242 | |
Guocoland Ltd. | 505,000 | 786 | |
HTL International Holdings Ltd. | 1,244,375 | 1,031 | |
K-REIT Asia (a) | 235,000 | 221 | |
Keppel Land Ltd. | 1,175,000 | 3,523 | |
Midas Holdings Ltd. | 2,510,000 | 1,397 | |
Olam International Ltd. | 2,539,000 | 2,602 | |
Parkway Holdings Ltd. | 3,746,000 | 6,185 | |
Raffles Education Corp. Ltd. | 927,000 | 1,466 | |
SIA Engineering Co. Ltd. | 3,364,000 | 7,278 | |
Singapore Exchange Ltd. | 3,769,000 | 10,252 | |
Singapore Petroleum Co. Ltd. | 452,000 | 1,644 | |
Singapore Post Ltd. | 15,136,000 | 10,819 | |
The Ascott Group Ltd. | 1,298,000 | 903 | |
United Overseas Land Ltd. | 803,000 | 1,554 | |
Wing Tai Holdings Ltd. | 1,928,000 | 2,134 | |
TOTAL SINGAPORE | 61,275 | ||
South Africa - 3.8% | |||
African Bank Investments Ltd. | 3,130,751 | 17,496 | |
Barnard Jacobs Mellet Holdings Ltd. | 3,499,100 | 3,492 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
South Africa - continued | |||
Discovery Holdings Ltd. (a) | 1,329,819 | $5,408 | |
FirstRand Ltd. | 3,181,100 | 10,476 | |
Foschini Ltd. | 429,200 | 4,347 | |
Gold Reef Casino Resorts Ltd. | 697,000 | 1,739 | |
JD Group Ltd. | 153,100 | 2,367 | |
Lewis Group Ltd. | 299,200 | 3,018 | |
MTN Group Ltd. | 825,302 | 8,236 | |
Nedbank Group Ltd. | 86,656 | 1,810 | |
Steinhoff International Holdings Ltd. | 11,294,432 | 44,764 | |
Telkom SA Ltd. | 263,800 | 6,283 | |
Wilson Bayly Holmes-Ovcon Ltd. | 446,856 | 4,459 | |
TOTAL SOUTH AFRICA | 113,895 | ||
Spain - 0.0% | |||
Construcciones y Auxiliar de Ferrocarriles | 6,807 | 946 | |
Sweden - 1.9% | |||
Consafe Offshore AB (A Shares) (a) | 984,272 | 18,849 | |
Eniro AB | 400,228 | 4,392 | |
Gambro AB (A Shares) | 405,000 | 6,082 | |
Hexagon AB (B Shares) (e) | 266,411 | 9,884 | |
Intrum Justitia AB (e) | 298,000 | 2,815 | |
Modern Times Group AB (MTG) (B Shares) (a) | 240,350 | 13,196 | |
Observer AB | 463,290 | 2,160 | |
VBG AB (B Shares) | 6,710 | 357 | |
TOTAL SWEDEN | 57,735 | ||
Switzerland - 1.1% | |||
Actelion Ltd. (Reg.) (a) | 32,849 | 3,713 | |
Amazys Holding AG (a) | 39,138 | 3,468 | |
Bucher Holding AG (e) | 31,439 | 3,067 | |
Escor Casino & Entertainment SA | 19,770 | 426 | |
Mobilezone Holding AG | 331,524 | 1,804 | |
Novartis AG (Reg.) | 73,343 | 4,218 | |
Pargesa Holding SA | 14,130 | 1,435 | |
Roche Holding AG (participation certificate) | 52,195 | 8,025 | |
Sulzer AG (Reg.) (e) | 2,648 | 2,233 | |
Swissquote Group Holding SA | 11,717 | 3,354 | |
TOTAL SWITZERLAND | 31,743 | ||
Taiwan - 0.5% | |||
Ardentec Corp. | 1,066,000 | 1,245 | |
Catcher Technology Co. Ltd. | 134,000 | 1,495 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Taiwan - continued | |||
Chi Mei Optoelectronics Corp. | 499,000 | $709 | |
Delta Electronics, Inc. | 167,000 | 520 | |
Greatek Electronics, Inc. | 975,000 | 1,345 | |
Holtek Semiconductor, Inc. | 466,000 | 933 | |
MediaTek, Inc. | 71,000 | 829 | |
Mirle Automation Corp. | 266,000 | 301 | |
MJC Probe, Inc. | 384,000 | 1,402 | |
Nan Ya Printed Circuit Board Corp. | 210,000 | 2,258 | |
Novatek Microelectronics Corp. | 142,000 | 846 | |
Phoenix Precision Technology Corp. | 924,000 | 2,105 | |
Unimicron Technology Corp. | 539,000 | 899 | |
TOTAL TAIWAN | 14,887 | ||
Thailand - 0.1% | |||
Bumrungrad Hospital PCL: | |||
NVDR | 371,700 | 364 | |
(For. Reg.) | 2,908,400 | 2,876 | |
TOTAL THAILAND | 3,240 | ||
Turkey - 0.6% | |||
Atakule Gayrimenkul Yatirim Ortakligi AS | 688,000 | 1,061 | |
Dogan Gazetecilik AS (a) | 2,749,955 | 8,816 | |
Tupras-Turkiye Petrol Rafinerileri AS | 395,600 | 8,376 | |
TOTAL TURKEY | 18,253 | ||
United Arab Emirates - 0.0% | |||
Investcom LLC GDR | 45,600 | 691 | |
United Kingdom - 17.9% | |||
Accuma Group PLC (a) | 418,063 | 2,059 | |
Advanced Technology (UK) PLC (a)(f) | 7,355,000 | 0 | |
AeroBox PLC (a) | 5,694,657 | 610 | |
Afren PLC (a)(f) | 13,838,800 | 20,696 | |
African Copper PLC (a) | 1,742,884 | 2,718 | |
Air Partner PLC | 45,000 | 589 | |
Alba PLC | 298,892 | 1,156 | |
Alizyme PLC (a) | 176,127 | 514 | |
Alliance Pharma PLC (a)(f) | 7,984,200 | 2,730 | |
Alterian PLC (a) | 1,486,000 | 3,347 | |
Amlin PLC | 206,973 | 1,063 | |
Andor Technology Ltd. (a) | 444,444 | 782 | |
Anglo Asian Mining PLC | 4,278,000 | 4,506 | |
Angus & Ross PLC (a) | 5,553,700 | 1,722 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
United Kingdom - continued | |||
Appian Technology PLC (a) | 5,416,178 | $938 | |
Appian Technology PLC warrants 2/28/08 (a)(h) | 479,045 | 22 | |
Ascent Resources PLC (a)(f) | 13,698,300 | 2,873 | |
Ascent Resources PLC warrants 12/22/07 (a) | 1,500,000 | 84 | |
Asia Energy PLC (a) | 1,360,038 | 10,294 | |
Atrium Underwriting PLC | 257,060 | 966 | |
Autoclenz Holdings PLC (f) | 560,000 | 1,328 | |
Avanti Screenmedia Group PLC (a)(f) | 1,737,000 | 8,870 | |
Baltic Oil Terminals PLC | 1,913,000 | 5,757 | |
Belitung Zinc Corp. PLC (h) | 7,435,490 | 1,356 | |
BG Group PLC | 217,200 | 2,919 | |
Bioprogress PLC (a)(f) | 9,567,839 | 7,765 | |
Blackstar Investors PLC (f) | 2,870,000 | 6,124 | |
Block Shield Corp. PLC (a) | 1,121,700 | 3,253 | |
BowLeven PLC (a)(f) | 1,815,700 | 5,762 | |
Caffe Nero Group PLC (a) | 455,278 | 1,810 | |
Cambrian Mining PLC (f) | 7,535,000 | 22,056 | |
Camco International Ltd. | 868,900 | 1,252 | |
Cardpoint PLC (a) | 345,300 | 671 | |
Central African Mining & Exploration Co. PLC (a) | 23,396,219 | 34,988 | |
Centurion Electronics PLC (f) | 44,001,239 | 903 | |
Ceres Power Holding PLC (a) | 1,039,400 | 6,085 | |
Chaco Resources PLC (a) | 11,189,600 | 3,214 | |
Chaucer Holdings PLC | 3,529,713 | 4,442 | |
Clapham House Group PLC (a) | 607,050 | 2,375 | |
Cobra Biomanufacturing PLC (a) | 701,900 | 560 | |
Coffeeheaven International PLC (a)(f) | 6,715,909 | 2,970 | |
Corac Group PLC (a)(f) | 5,349,104 | 4,756 | |
Corin Group PLC | 1,210,314 | 6,721 | |
Countermine PLC (h) | 4,939 | 465 | |
Countermine PLC warrants 7/26/06 (a)(h) | 4,939 | 0 | |
CustomVis PLC (a) | 1,558,936 | 142 | |
DA Group PLC (a)(f) | 1,800,165 | 1,986 | |
Domino's Pizza UK & IRL PLC | 1 | 0 | |
Dream Direct Group PLC (a) | 145,000 | 116 | |
Eclipse Energy Co. Ltd. (h) | 102,000 | 1,395 | |
Econergy International PLC | 675,000 | 1,219 | |
EnCore Oil PLC (a) | 7,777,985 | 4,291 | |
Eureka Mining PLC (a) | 381,700 | 940 | |
Europa Oil & Gas Holdings PLC (a) | 1,000,000 | 602 | |
Europa Oil & Gas Holdings PLC warrants 11/11/07 (a) | 500,000 | 78 | |
European Diamonds PLC (a) | 499,300 | 225 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
United Kingdom - continued | |||
Faroe Petroleum PLC (a) | 1,288,906 | $4,149 | |
Firestone Diamonds PLC (a) | 1,718,100 | 4,261 | |
Flomerics Group PLC | 449,658 | 865 | |
Forum Energy PLC (f) | 1,694,770 | 3,292 | |
Future PLC | 1,717,169 | 1,315 | |
Gemfields Resources PLC (e)(f) | 6,859,200 | 5,066 | |
GMA Resources PLC (a)(f) | 24,646,083 | 5,506 | |
Goals Soccer Centres PLC | 827,000 | 4,027 | |
Golden Prospect PLC | 1,931,500 | 2,272 | |
Goldshield Group PLC | 416,400 | 2,314 | |
GTL Resources PLC (a) | 13,669,072 | 910 | |
Gyrus Group PLC (a) | 538,800 | 3,729 | |
Hallin Marine Subsea International PLC | 1,047,700 | 1,529 | |
Hambledon Mining PLC (a) | 7,127,200 | 2,210 | |
Hardide Ltd. (f) | 12,301,000 | 3,365 | |
Healthcare Enterprise Group PLC (a)(f) | 16,540,108 | 3,921 | |
Highbury House Communications PLC (a) | 713,914 | 9 | |
Hot Tuna International PLC (f) | 2,359,400 | 1,743 | |
Hot Tuna International PLC warrants 2/25/08 (a)(h) | 1,179,700 | 188 | |
Hydrodec Group PLC (a)(f) | 16,486,086 | 10,523 | |
ID Data PLC (a)(f) | 84,350,500 | 1,185 | |
Ideal Shopping Direct PLC | 827,209 | 5,559 | |
Imperial College Innovations Ltd. (h) | 19,300 | 2,816 | |
Indago Petroleum Ltd. | 3,219,846 | 3,435 | |
Interbulk Investments PLC (a)(f) | 5,650,000 | 2,731 | |
International Con Minerals Ltd. (h) | 2,659,964 | 798 | |
International Con Minerals Ltd. warrants 10/31/07 (a)(h) | 1,329,982 | 0 | |
Intertek Group PLC | 116,310 | 1,749 | |
iomart Group PLC | 2,235,000 | 3,587 | |
IPSA Group PLC (f) | 3,246,075 | 2,871 | |
iSoft Group PLC | 974,600 | 2,088 | |
ITE Group PLC | 4,156,817 | 9,476 | |
ITM Power PLC (a)(e) | 3,307,600 | 19,514 | |
Jubilee Platinum PLC (a)(f) | 7,171,303 | 11,248 | |
Kalahari Minerals PLC | 3,563,200 | 1,332 | |
Kazakhgold Group Ltd. GDR | 56,700 | 1,579 | |
KimCor Diamonds PLC (f) | 4,370,000 | 1,215 | |
KimCor Diamonds PLC warrants 3/15/08 (a) | 2,185,000 | 219 | |
Lambert Howarth Group PLC | 252,392 | 774 | |
Landround PLC (f) | 358,600 | 350 | |
Lansdowne Oil & Gas PLC (a) | 917,620 | 1,456 | |
Lawrence PLC | 1,073,124 | 6,008 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
United Kingdom - continued | |||
London Asia Chinese Private Equity Fund Ltd. (a) | 527,000 | $1,074 | |
London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a) | 105,400 | 55 | |
LTG Technologies PLC (a)(f) | 19,549,772 | 3,209 | |
Manpower Software PLC (a) | 258,824 | 111 | |
Max Petroleum PLC (e) | 13,318,752 | 30,059 | |
Metals Exploration PLC (a)(f) | 2,820,077 | 1,787 | |
Metals Exploration PLC warrants 9/14/07 (a) | 1,410,039 | 379 | |
Mice Group PLC | 2,663,824 | 1,749 | |
Michelmersh Brick Holdings PLC | 528,900 | 945 | |
Monstermob Group PLC (a) | 226,461 | 1,285 | |
Motivcom PLC (f) | 2,035,000 | 3,804 | |
NDS Group PLC sponsored ADR (a) | 105,154 | 5,300 | |
NeuTec Pharma PLC (a) | 174,136 | 1,581 | |
NeutraHealth PLC (a)(f) | 7,328,100 | 1,570 | |
Oystertec PLC (a) | 7,009,687 | 0 | |
Pan African Resources PLC (a) | 3,955,600 | 631 | |
Peninsular Gold Ltd. (a) | 350,000 | 335 | |
Pilat Media Global PLC (a)(f) | 2,880,000 | 2,758 | |
Platinum Mining Corp. of India PLC (f) | 12,520,800 | 3,026 | |
Plethora Solutions Holdings PLC (a) | 431,818 | 1,709 | |
PlusNet Technologies Ltd. (a)(f) | 1,711,604 | 8,428 | |
Premier Oil PLC (a) | 159,291 | 2,984 | |
Proteome Sciences PLC (a) | 475,842 | 369 | |
Pureprofile Media PLC (h) | 1,108,572 | 1,011 | |
Pureprofile Media PLC warrants 7/31/06 (a)(h) | 251,428 | 0 | |
Pursuit Dynamics PLC (a) | 666,667 | 1,833 | |
QA PLC (a) | 13,554,656 | 328 | |
Rambler Metals & Mining PLC | 1,300,000 | 936 | |
Retail Decisions PLC (a) | 210,316 | 522 | |
Rheochem PLC (a)(f) | 8,728,300 | 3,144 | |
Rheochem PLC warrants 12/21/07 (a) | 4,364,150 | 0 | |
Ridge Mining PLC (a) | 235,000 | 235 | |
Royalblue Group PLC | 45,073 | 741 | |
Sarantel Group PLC Class A (a) | 536,700 | 372 | |
Scapa Group PLC (a) | 3,010,400 | 1,139 | |
SDL PLC (a) | 1,023,600 | 3,776 | |
Serabi Mining PLC | 1,690,800 | 1,364 | |
Sibir Energy PLC (a) | 84,580 | 845 | |
Sinclair Pharma PLC (a) | 2,238,696 | 4,899 | |
Sinosoft Technology PLC | 6,688,500 | 4,086 | |
Solomon Gold PLC (f) | 1,824,300 | 1,164 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
United Kingdom - continued | |||
SPI Lasers PLC | 658,000 | $3,270 | |
Spice Holdings PLC | 771,200 | 3,896 | |
Stem Cell Sciences PLC | 716,649 | 869 | |
Sterling Energy PLC (a) | 5,469,067 | 2,917 | |
Stratex International PLC | 5,300,000 | 846 | |
SubSea Resources PLC (a)(f) | 8,729,100 | 6,169 | |
SubSea Resources PLC warrants 11/4/09 (a) | 1,805,625 | 477 | |
Synchronica PLC (a) | 1,806,000 | 856 | |
Synergy Healthcare PLC | 314,553 | 2,799 | |
Taghmen Energy PLC (a)(f) | 4,645,755 | 3,897 | |
Taghmen Energy PLC warrants 4/30/07 (a) | 2,279,573 | 294 | |
Tanfield Group PLC (a)(f) | 14,582,131 | 6,183 | |
Teesland PLC | 517,000 | 915 | |
Tersus Energy PLC (a) | 1,420,122 | 1,036 | |
Theratase PLC | 1,725,000 | 1,479 | |
Third Advance Value Realisation Co. Uk Ltd. (a) | 507,108 | 962 | |
Tikit Group PLC (f) | 695,362 | 2,555 | |
TMO Biotec (h) | 10,000 | 547 | |
Toledo Mining Corp. PLC (a) | 921,144 | 2,024 | |
Triple Plate Junction PLC (a) | 3,638,000 | 1,327 | |
Triple Plate Junction PLC warrants 5/9/07 (a) | 1,818,750 | 0 | |
Tristel PLC | 274,418 | 328 | |
UK Coal PLC | 1,087,069 | 3,232 | |
Unibet Group PLC unit | 232,256 | 5,997 | |
Vectura Group PLC (a) | 2,859,400 | 6,388 | |
Victoria Oil & Gas PLC (a) | 2,533,500 | 11,597 | |
Whatman PLC | 280,100 | 1,603 | |
White Nile Ltd. (a) | 200,000 | 658 | |
William Ransom & Son PLC | 3,629,500 | 3,078 | |
Windsor PLC | 700,000 | 629 | |
World Gaming PLC (a) | 1,170,500 | 3,501 | |
ZincOx Resources PLC (a) | 970,000 | 4,865 | |
TOTAL UNITED KINGDOM | 530,986 | ||
United States of America - 1.8% | |||
121Media, Inc. (a)(f) | 718,205 | 3,929 | |
Central European Distribution Corp. (a)(e) | 42,800 | 1,757 | |
Chindex International, Inc. (a)(e) | 138,900 | 1,733 | |
Cyberscan Technology, Inc. (f) | 996,527 | 6,815 | |
Frontera Resources Corp. (a) | 2,300,000 | 5,055 | |
Frontier Mining Ltd. (a) | 6,115,691 | 3,346 | |
Marathon Oil Corp. | 39,900 | 3,166 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
United States of America - continued | |||
NTL, Inc. (a) | 94,100 | $2,586 | |
Solar Integrated Technologies, Inc. (a) | 1,534,773 | 9,069 | |
Trico Marine Services, Inc. (a) | 57,800 | 1,931 | |
Uramin, Inc. warrants 7/26/08 (a)(h) | 666,666 | 376 | |
UTEK Corp. (Reg. S) | 25,000 | 400 | |
Valero Energy Corp. | 70,900 | 4,590 | |
XL TechGroup, Inc. (a) | 1,442,680 | 8,551 | |
TOTAL UNITED STATES OF AMERICA | 53,304 | ||
TOTAL COMMON STOCKS (Cost $2,067,358) | 2,911,944 | ||
Nonconvertible Preferred Stocks - 0.5% | |||
Germany - 0.4% | |||
Fresenius AG (non-vtg.) | 70,528 | 12,204 | |
United Kingdom - 0.1% | |||
Third Advance Value Realisation Co. Uk Ltd. (a) | 1,183,252 | 2,126 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $7,326) | 14,330 | ||
Investment Companies - 0.0% | |||
United Kingdom - 0.0% | |||
The Greenhouse Fund Ltd. (a) | 1,750,000 | 431 |
Corporate Bonds - 0.3% | ||||
Principal Amount (000s)(d) | ||||
Convertible Bonds - 0.3% | ||||
Canada - 0.2% | ||||
Western Canadian Coal Corp. 7.5% 3/24/11 | CAD | 7,400 | 6,487 | |
United Kingdom - 0.1% | ||||
BioCare Solutions Ltd. 1% 12/31/06 (h) | GBP | 54,768 | 999 | |
TOTAL CONVERTIBLE BONDS | 7,486 | |||
Corporate Bonds - continued | ||||
Principal Amount (000s)(d) | Value (Note 1) (000s) | |||
Nonconvertible Bonds - 0.0% | ||||
Norway - 0.0% | ||||
Songa Offshore ASA 9% 9/8/10 (g) | $600 | $599 | ||
TOTAL CORPORATE BONDS (Cost $7,949) | 8,085 |
Money Market Funds - 8.2% | |||
Shares | |||
Fidelity Cash Central Fund, 4.8% (b) | 29,429,119 | 29,429 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 212,629,515 | 212,630 | |
TOTAL MONEY MARKET FUNDS (Cost $242,059) | 242,059 | ||
TOTAL INVESTMENT PORTFOLIO - 107.2% (Cost $2,324,999) | 3,176,849 | ||
NET OTHER ASSETS - (7.2)% | (212,831) | ||
NET ASSETS - 100% | $2,964,018 |
Currency Abbreviations | ||
CAD | - | Canadian dollar |
GBP | - | British pound |
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. |
(c)Investment made with cash collateral received from securities on loan. |
(d)Principal amount is stated in United States dollars unless otherwise noted. |
(e)Security or a portion of the security is on loan at period end. |
(f)Affiliated company |
(g)Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $599,000 or 0.0% of net assets. |
(h)Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $26,044,000 or 0.9% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Advent Air Ltd. | 4/18/06 | $1,310 |
Appian Technology PLC warrants 2/28/08 | 2/18/05 | $- |
Belitung Zinc Corp. PLC | 1/12/06 | $1,308 |
BioCare Solutions Ltd. 1% 12/31/06 | 8/3/05 | $974 |
Countermine PLC | 12/22/05 | $443 |
Countermine PLC warrants 7/26/06 | 12/22/05 | $- |
Eclipse Energy Co. Ltd. | 4/28/05 | $1,459 |
Hot Tuna International PLC warrants 2/25/08 | 2/14/06 | $- |
Imperial College Innovations Ltd. | 4/27/05 | $2,942 |
International Con Minerals Ltd. | 1/30/06 | $798 |
International Con Minerals Ltd. warrants 10/31/07 | 1/30/06 | $- |
MagIndustries Corp. | 3/16/06 | $7,686 |
Pertra Midt-Norges AS | 6/28/05 | $911 |
Pureprofile Media PLC | 5/3/05 - 1/11/06 | $1,173 |
Pureprofile Media PLC warrants 7/31/06 | 5/3/05 | $- |
Rock Well Petroleum, Inc. | 4/13/06 | $1,004 |
Songa Offshore ASA warrants 6/8/08 | 6/8/05 | $- |
Starfield Resources, Inc. | 1/17/06 | $577 |
StrataGold Corp. | 4/6/06 | $842 |
TMO Biotec | 10/27/05 | $535 |
Uramin, Inc. warrants 7/26/08 | 8/24/05 | $- |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $735 |
Fidelity Securities Lending Cash Central Fund | 1,396 |
Total | $2,131 |
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: |
Affiliates | Value, | Purchases | Sales Proceeds | Dividend Income | Value, |
121Media, Inc. | $1,832 | $307 | $- | $- | $3,929 |
Advanced Technology (UK) PLC | - | - | - | - | - |
Adwalker PLC | 1,292 | - | - | - | 999 |
Afren PLC | 12,040 | 2,657 | 2,876 | - | 20,696 |
Alliance Pharma PLC | 2,924 | - | 318 | - | 2,730 |
Ascent Resources PLC | 2,603 | 526 | 753 | - | 2,873 |
Autoclenz Holdings PLC | - | 1,213 | - | - | 1,328 |
Avanti Screenmedia Group PLC | - | 7,564 | - | - | 8,870 |
BDI Mining Corp. | 4,646 | 494 | - | - | 4,298 |
Bioprogress PLC | 2,479 | 4,451 | - | - | 7,765 |
Blackstar Investors PLC | - | 5,074 | - | - | 6,124 |
BowLeven PLC | 9,158 | 1,215 | - | - | 5,762 |
Cambrian Mining PLC | 15,024 | 3,024 | - | 156 | 22,056 |
Centurion Electronics PLC | 574 | 366 | - | - | 903 |
Coffeeheaven International PLC | 1,580 | 1,537 | 577 | - | 2,970 |
Corac Group PLC | 2,146 | 283 | - | - | 4,756 |
Cyberscan Technology, Inc. | 1,725 | 8,966 | - | - | 6,815 |
DA Group PLC | 2,490 | - | 64 | - | 1,986 |
EnCore Oil PLC (formerly, Oil Quest Resources PLC) | 596 | - | - | - | - |
Forum Energy PLC | 2,505 | 1,207 | - | - | 3,292 |
Fox Resources Ltd. | 844 | - | - | - | - |
Frontier Mining Ltd. | 2,220 | - | - | - | - |
Affiliates | Value, | Purchases | Sales Proceeds | Dividend Income | Value, |
Gemfields Resources PLC | $- | $5,312 | $- | $- | $5,066 |
GMA Resources PLC | 3,026 | - | - | - | 5,506 |
Hardide Ltd. | 2,909 | - | 27 | - | 3,365 |
Healthcare Enterprise Group PLC | 10,604 | 2,028 | - | - | 3,921 |
Hot Tuna International PLC | - | 2,049 | - | - | 1,743 |
Hydrodec Group PLC | 2,730 | 5,558 | - | - | 10,523 |
ID Data PLC | 1,344 | - | - | - | 1,185 |
Inion OY | 3,466 | 2,117 | - | - | 4,604 |
Interbulk Investments PLC | - | 2,006 | 48 | - | 2,731 |
International Ferro Metals | 15,854 | 600 | 26 | - | 18,919 |
IPSA Group PLC | 2,128 | - | 434 | - | 2,871 |
Jubilee Platinum PLC | 3,339 | 4,414 | 791 | - | 11,248 |
KimCor Diamonds PLC | - | 1,147 | - | - | 1,215 |
Kura Corp. Ltd. | 18,905 | 588 | - | - | 19,554 |
Lambert Howarth Group PLC | 6,291 | - | 4,755 | 96 | - |
Landround PLC | 582 | 54 | - | - | 350 |
Leadcom Integrated Solutions | 4,705 | - | 1,258 | 57 | - |
LTG Technologies PLC | 2,294 | 1,300 | - | - | 3,209 |
Metals Exploration PLC | 624 | - | - | - | 1,787 |
Mintails Ltd. | - | 1,466 | - | - | 1,841 |
Motivcom PLC (formerly, P&MM Group PLC) | 3,423 | - | - | 27 | 3,804 |
NeutraHealth PLC | 1,719 | - | - | - | 1,570 |
Pilat Media Global PLC | 2,244 | - | - | - | 2,758 |
Platinum Mining Corp. of India PLC | 3,602 | - | - | - | 3,026 |
PlusNet Technologies Ltd. | 7,340 | 720 | - | - | 8,428 |
PSI AG | 3,396 | - | - | - | 5,748 |
Rheochem PLC | 1,854 | - | - | - | 3,144 |
Solomon Gold PLC | - | 1,588 | - | - | 1,164 |
Sphere Investments Ltd. | 2,552 | - | 249 | - | - |
Starfield Resources, Inc. | 3,741 | - | 967 | - | 4,279 |
Starfield Resources, Inc. (restricted) | - | 577 | - | - | 689 |
Stepstone ASA | 5,719 | - | - | - | - |
SubSea Resources PLC | 4,362 | 52 | - | - | 6,169 |
Sylvania Resources Ltd. | 2,738 | 472 | - | - | 5,067 |
Affiliates | Value, | Purchases | Sales Proceeds | Dividend Income | Value, |
Synchronica PLC (formerly, Dat Group PLC) | $$1,263 | $- | $- | $- | $- |
Taghmen Energy PLC | 5,671 | - | 102 | - | 3,897 |
Tanfield Group PLC | 2,911 | 2,114 | - | - | 6,183 |
Tanzanite One Ltd. | 4,936 | 10,260 | - | - | 17,889 |
Teleunit Spa | 3,683 | 710 | 28 | 94 | 2,958 |
Tikit Group PLC | 2,436 | - | 92 | 22 | 2,555 |
Visual Defence, Inc. | 1,379 | 1,024 | - | - | 3,045 |
Xceldiam Ltd. | 2,643 | - | - | - | 2,965 |
Total | $213,091 | $85,040 | $13,365 | $452 | $293,128 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2006 | |
Assets | ||
Investment in securities, at value (including securities loaned of $201,539) - See accompanying schedule: Unaffiliated issuers (cost $1,832,224) | $2,641,662 | |
Affiliated Central Funds (cost $242,059) | 242,059 | |
Other affiliated issuers (cost $250,716) | 293,128 | |
Total Investments (cost $2,324,999) | $3,176,849 | |
Cash | 84 | |
Foreign currency held at value (cost $4,379) | 4,405 | |
Receivable for investments sold | 24,577 | |
Receivable for fund shares sold | 4,375 | |
Dividends receivable | 5,617 | |
Interest receivable | 201 | |
Prepaid expenses | 6 | |
Receivable from investment adviser for expense reductions | 1 | |
Other receivables | 634 | |
Total assets | 3,216,749 | |
Liabilities | ||
Payable for investments purchased | $34,762 | |
Payable for fund shares redeemed | 2,138 | |
Accrued management fee | 2,303 | |
Distribution fees payable | 72 | |
Other affiliated payables | 554 | |
Other payables and accrued expenses | 272 | |
Collateral on securities loaned, at value | 212,630 | |
Total liabilities | 252,731 | |
Net Assets | $2,964,018 | |
Net Assets consist of: | ||
Paid in capital | $1,874,712 | |
Undistributed net investment income | 1,257 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 236,148 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 851,901 | |
Net Assets | $2,964,018 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2006 | |
Calculation of Maximum Offering Price | $32.33 | |
Maximum offering price per share (100/94.25 of $32.33) | $34.30 | |
Class T: | $32.20 | |
Maximum offering price per share (100/96.50 of $32.20) | $33.37 | |
Class B: | $31.85 | |
Class C: | $31.93 | |
International Small Cap: | $32.53 | |
Institutional Class: | $32.49 |
ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended April 30, 2006 | |
Investment Income | ||
Dividends (including $452 received from other affiliated issuers) | $16,516 | |
Interest | 151 | |
Income from affiliated Central Funds (including $1,396 from security lending) | 2,131 | |
18,798 | ||
Less foreign taxes withheld | (852) | |
Total income | 17,946 | |
Expenses | ||
Management fee | $11,067 | |
Performance adjustment | 1,257 | |
Transfer agent fees | 2,546 | |
Distribution fees | 386 | |
Accounting and security lending fees | 604 | |
Independent trustees' compensation | 5 | |
Custodian fees and expenses | 564 | |
Registration fees | 77 | |
Audit | 53 | |
Legal | 10 | |
Miscellaneous | 12 | |
Total expenses before reductions | 16,581 | |
Expense reductions | (933) | 15,648 |
Net investment income (loss) | 2,298 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $424) | 256,131 | |
Other affiliated issuers | 1,423 | |
Foreign currency transactions | (210) | |
Total net realized gain (loss) | 257,344 | |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $297) | 505,088 | |
Assets and liabilities in foreign currencies | 92 | |
Total change in net unrealized appreciation (depreciation) | 505,180 | |
Net gain (loss) | 762,524 | |
Net increase (decrease) in net assets resulting from operations | $764,822 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $2,298 | $10,862 |
Net realized gain (loss) | 257,344 | 242,238 |
Change in net unrealized appreciation (depreciation) | 505,180 | 169,248 |
Net increase (decrease) in net assets resulting | 764,822 | 422,348 |
Distributions to shareholders from net investment income | (10,829) | (3,406) |
Distributions to shareholders from net realized gain | (234,438) | (45,235) |
Total distributions | (245,267) | (48,641) |
Share transactions - net increase (decrease) | 231,934 | 701,403 |
Redemption fees | 169 | 1,213 |
Total increase (decrease) in net assets | 751,658 | 1,076,323 |
Net Assets | ||
Beginning of period | 2,212,360 | 1,136,037 |
End of period (including undistributed net investment income of $1,257 and undistributed net investment income of $10,862, respectively) | $2,964,018 | $2,212,360 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class A
Six months ended | Years ended October 31, | |||
2006 | 2005 | 2004 | 2003 G | |
Selected Per-Share Data | ||||
Net asset value, beginning of period | $26.69 | $21.25 | $17.69 | $12.35 |
Income from Investment Operations | ||||
Net investment income (loss) E | (.02) | .05 | .02 | .02 F |
Net realized and unrealized gain (loss) | 8.60 | 6.16 | 3.83 | 5.30 |
Total from investment operations | 8.58 | 6.21 | 3.85 | 5.32 |
Distributions from net investment income | (.05) | (.02) | (.02) | - |
Distributions from net realized gain | (2.89) | (.77) | (.31) | - |
Total distributions | (2.94) | (.79) | (.33) | - |
Redemption fees added to paid in capital E | - I | .02 | .04 | .02 |
Net asset value, end of period | $32.33 | $26.69 | $21.25 | $17.71 |
Total Return B, C, D | 35.01% | 30.16% | 22.36% | 43.24% |
Ratios to Average Net Assets H | ||||
Expenses before reductions | 1.63% A | 1.66% | 1.71% | 1.77% A |
Expenses net of fee waivers, if any | 1.63% A | 1.66% | 1.71% | 1.77% A |
Expenses net of all reductions | 1.56% A | 1.63% | 1.69% | 1.74% A |
Net investment income (loss) | (.15)% A | .21% | .09% | .28% A |
Supplemental Data | ||||
Net assets, end of period (in millions) | $47 | $35 | $13 | $5 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% A |
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FInvestment income per share reflects a special dividend which amounted to $.01 per share.
GFor the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class T
Six months ended | Years ended October 31, | |||
2006 | 2005 | 2004 | 2003 G | |
Selected Per-Share Data | ||||
Net asset value, beginning of period | $26.57 | $21.20 | $17.68 | $12.35 |
Income from Investment Operations | ||||
Net investment income (loss) E | (.06) | (.01) | (.03) | - F, I |
Net realized and unrealized gain (loss) | 8.57 | 6.12 | 3.83 | 5.31 |
Total from investment operations | 8.51 | 6.11 | 3.80 | 5.31 |
Distributions from net investment income | - | - | (.01) | - |
Distributions from net realized gain | (2.88) | (.76) | (.31) | - |
Total distributions | (2.88) | (.76) | (.32) | - |
Redemption fees added to paid in capital E | - I | .02 | .04 | .02 |
Net asset value, end of period | $32.20 | $26.57 | $21.20 | $17.65 |
Total Return B, C, D | 34.83% | 29.72% | 22.07% | 43.16% |
Ratios to Average Net Assets H | ||||
Expenses before reductions | 1.88% A | 1.92% | 1.94% | 2.12% A |
Expenses net of fee waivers, if any | 1.88% A | 1.91% | 1.94% | 2.12% A |
Expenses net of all reductions | 1.81% A | 1.88% | 1.92% | 2.09% A |
Net investment income (loss) | (.40)% A | (.04)% | (.14)% | (.07)% A |
Supplemental Data | ||||
Net assets, end of period (in millions) | $56 | $42 | $15 | $4 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% A |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FInvestment income per share reflects a special dividend which amounted to $.01 per share.
GFor the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class B
Six months ended | Years ended October 31, | |||
2006 | 2005 | 2004 | 2003 G | |
Selected Per-Share Data | ||||
Net asset value, beginning of period | $26.24 | $20.99 | $17.62 | $12.35 |
Income from Investment Operations | ||||
Net investment income (loss) E | (.13) | (.14) | (.16) | (.05) F |
Net realized and unrealized gain (loss) | 8.47 | 6.08 | 3.80 | 5.30 |
Total from investment operations | 8.34 | 5.94 | 3.64 | 5.25 |
Distributions from net realized gain | (2.73) | (.71) | (.31) | - |
Redemption fees added to paid in capital E | - I | .02 | .04 | .02 |
Net asset value, end of period | $31.85 | $26.24 | $20.99 | $17.52 |
Total Return B, C, D | 34.43% | 29.13% | 21.21% | 42.67% |
Ratios to Average Net Assets H | ||||
Expenses before reductions | 2.47% A | 2.49% | 2.63% | 2.76% A |
Expenses net of fee waivers, if any | 2.40% A | 2.43% | 2.63% | 2.76% A |
Expenses net of all reductions | 2.33% A | 2.40% | 2.60% | 2.73% A |
Net investment income (loss) | (.92)% A | (.56)% | (.83)% | (.71)% A |
Supplemental Data | ||||
Net assets, end of period (in millions) | $16 | $13 | $5 | $1 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% A |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FInvestment income per share reflects a special dividend which amounted to $.01 per share.
GFor the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class C
Six months ended | Years ended October 31, | |||
2006 | 2005 | 2004 | 2003 G | |
Selected Per-Share Data | ||||
Net asset value, beginning of period | $26.31 | $21.04 | $17.64 | $12.35 |
Income from Investment Operations | ||||
Net investment income (loss) E | (.13) | (.13) | (.12) | (.04) F |
Net realized and unrealized gain (loss) | 8.50 | 6.10 | 3.80 | 5.31 |
Total from investment operations | 8.37 | 5.97 | 3.68 | 5.27 |
Distributions from net investment income | - | - | (.01) | - |
Distributions from net realized gain | (2.75) | (.72) | (.31) | - |
Total distributions | (2.75) | (.72) | (.32) | - |
Redemption fees added to paid in capital E | - I | .02 | .04 | .02 |
Net asset value, end of period | $31.93 | $26.31 | $21.04 | $17.73 |
Total Return B, C, D | 34.50% | 29.22% | 21.43% | 42.83% |
Ratios to Average Net Assets H | ||||
Expenses before reductions | 2.37% A | 2.41% | 2.43% | 2.57% A |
Expenses net of fee waivers, if any | 2.37% A | 2.41% | 2.43% | 2.57% A |
Expenses net of all reductions | 2.30% A | 2.38% | 2.40% | 2.55% A |
Net investment income (loss) | (.89)% A | (.54)% | (.62)% | (.52)% A |
Supplemental Data | ||||
Net assets, end of period (in millions) | $32 | $25 | $9 | $1 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% A |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FInvestment income per share reflects a special dividend which amounted to $.01 per share.
GFor the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - International Small Cap
Six months ended | Years ended October 31, | ||||
2006 | 2005 | 2004 | 2003 | 2002 F | |
Selected Per-Share Data | |||||
Net asset value, beginning of period | $26.89 | $21.36 | $17.71 | $9.87 | $10.00 |
Income from Investment Operations | |||||
Net investment income (loss) D | .03 | .15 | .10 | .07 E | (.01) |
Net realized and unrealized gain (loss) | 8.64 | 6.19 | 3.84 | 7.75 | (.12) |
Total from investment operations | 8.67 | 6.34 | 3.94 | 7.82 | (.13) |
Distributions from net investment income | (.14) | (.06) | (.02) | - | - |
Distributions from net realized gain | (2.89) | (.77) | (.31) | (.02) | - |
Total distributions | (3.03) | (.83) | (.33) | (.02) | - |
Redemption fees added to paid in capital D | - H | .02 | .04 | .04 | - H |
Net asset value, end of period | $32.53 | $26.89 | $21.36 | $17.71 | $9.87 |
Total Return B, C | 35.19% | 30.67% | 22.84% | 79.78% | (1.30)% |
Ratios to Average Net Assets G | |||||
Expenses before reductions | 1.27% A | 1.28% | 1.30% | 1.54% | 13.70% A |
Expenses net of fee waivers, if any | 1.27% A | 1.28% | 1.30% | 1.54% | 1.80% A |
Expenses net of all reductions | 1.19% A | 1.25% | 1.28% | 1.51% | 1.80% A |
Net investment income (loss) | .22% A | .59% | .50% | .46% | (.56)% A |
Supplemental Data | |||||
Net assets, end of period (in millions) | $2,801 | $2,090 | $1,091 | $547 | $3 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% | 85% A |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DCalculated based on average shares outstanding during the period.
EInvestment income per share reflects a special dividend which amounted to $.03 per share.
FFor the period September 18, 2002 (commencement of operations) to October 31, 2002.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Institutional Class
Six months ended | Years ended October 31, | |||
2006 | 2005 | 2004 | 2003 F | |
Selected Per-Share Data | ||||
Net asset value, beginning of period | $26.86 | $21.36 | $17.72 | $12.35 |
Income from Investment Operations | ||||
Net investment income (loss) D | .03 | .14 | .10 | .04 E |
Net realized and unrealized gain (loss) | 8.63 | 6.18 | 3.84 | 5.31 |
Total from investment operations | 8.66 | 6.32 | 3.94 | 5.35 |
Distributions from net investment income | (.14) | (.07) | (.03) | - |
Distributions from net realized gain | (2.89) | (.77) | (.31) | - |
Total distributions | (3.03) | (.84) | (.34) | - |
Redemption fees added to paid in capital D | - H | .02 | .04 | .02 |
Net asset value, end of period | $32.49 | $26.86 | $21.36 | $17.72 |
Total Return B, C | 35.21% | 30.59% | 22.84% | 43.48% |
Ratios to Average Net Assets G | ||||
Expenses before reductions | 1.29% A | 1.30% | 1.32% | 1.51% A |
Expenses net of fee waivers, if any | 1.29% A | 1.30% | 1.32% | 1.51% A |
Expenses net of all reductions | 1.21% A | 1.27% | 1.29% | 1.48% A |
Net investment income (loss) | .20% A | .57% | .49% | .54% A |
Supplemental Data | ||||
Net assets, end of period (in millions) | $11 | $7 | $3 | $.4 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% A |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DCalculated based on average shares outstanding during the period.
EInvestment income per share reflects a special dividend which amounted to $.01 per share.
FFor the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2006
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
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 fund is currently closed to most new accounts. 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 B, Class C, International Small Cap 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. 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 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.
The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.
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. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Security Valuation - continued
days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.
Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Semiannual Report
1. Significant Accounting Policies - continued
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. 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 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 generally accepted accounting principles. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. 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)and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $925,779 | |
Unrealized depreciation | (92,898) | |
Net unrealized appreciation (depreciation) | $832,881 | |
Cost for federal income tax purposes | $2,343,968 |
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 90 days are subject to a redemption fee equal to 2.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the fund and accounted for as an addition to paid in capital.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
2. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
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.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,264,205 and $1,257,674, respectively.
4. 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 a group fee rate that averaged .27% 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 investment performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .97% of the fund's average net assets.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. 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 and the total amounts paid to and retained by FDC were as follows:
Distribution | Service | Paid to | Retained | |
Class A | 0% | .25% | $50 | $1 |
Class T | .25% | .25% | 122 | - |
Class B | .75% | .25% | 72 | 54 |
Class C | .75% | .25% | 142 | 31 |
$386 | $86 |
Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $5 |
Class T | 4 |
Class B* | 25 |
Class C* | 1 |
$35 |
*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, except for International Small Cap. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Small Cap shares. FIIOC and FSC receive 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
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
the fund. FIIOC and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period the total transfer agent fees paid by each class to FIIOC or FSC, were as follows:
Amount | % of | |
Class A | $62 | .31* |
Class T | 76 | .31* |
Class B | 29 | .40* |
Class C | 42 | .30* |
International Small Cap | 2,327 | .19* |
Institutional Class | 10 | .21* |
$2,546 |
*Annualized
Accounting and Security Lending Fees. FSC maintains the fund's accounting records. The accounting fee is based on the level of average net assets for the 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.
Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
The Money Market Central Funds do not pay a management fee.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 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 amounts to $4 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
6. Security Lending.
The fund lends portfolio securities from time to time in order to earn additional income. 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 fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities.
7. 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, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
Expense | Reimbursement | |
Class B | 2.40% | $5 |
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 $918 for the period. In addition, through arrangements with the fund's custodian and each class' transfer agent, 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 $1. During the period, credits reduced each class' transfer agent expense as noted in the table below.
Transfer Agent | ||
International Small Cap | $9 |
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
8. 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.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income | ||
Class A | $62 | $14 |
International Small Cap | 10,725 | 3,381 |
Institutional Class | 42 | 11 |
Total | $10,829 | $3,406 |
From net realized gain | ||
Class A | $3,713 | $542 |
Class T | 4,531 | 602 |
Class B | 1,340 | 221 |
Class C | 2,559 | 359 |
International Small Cap | 221,459 | 43,388 |
Institutional Class | 836 | 123 |
Total | $234,438 | $45,235 |
10. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended April 30, | Year ended | Six months ended | Year ended | |
Class A | ||||
Shares sold | 216 | 915 | $6,256 | $22,252 |
Reinvestment of distributions | 125 | 20 | 3,194 | 427 |
Shares redeemed | (189) | (255) | (5,362) | (6,421) |
Net increase (decrease) | 152 | 680 | $4,088 | $16,258 |
Semiannual Report
10. Share Transactions - continued
Shares | Dollars | |||
Six months ended April 30, | Year ended | Six months ended | Year ended | |
Class T | ||||
Shares sold | 267 | 1,286 | $7,656 | $31,179 |
Reinvestment of distributions | 165 | 24 | 4,209 | 531 |
Shares redeemed | (251) | (457) | (7,195) | (11,453) |
Net increase (decrease) | 181 | 853 | $4,670 | $20,257 |
Class B | ||||
Shares sold | 55 | 415 | $1,537 | $9,882 |
Reinvestment of distributions | 48 | 9 | 1,212 | 199 |
Shares redeemed | (88) | (178) | (2,467) | (4,336) |
Net increase (decrease) | 15 | 246 | $282 | $5,745 |
Class C | ||||
Shares sold | 85 | 680 | $2,369 | $16,301 |
Reinvestment of distributions | 80 | 13 | 2,032 | 272 |
Shares redeemed | (106) | (147) | (3,002) | (3,591) |
Net increase (decrease) | 59 | 546 | $1,399 | $12,982 |
International Small Cap | ||||
Shares sold | 12,076 | 51,579 | $347,010 | $1,266,283 |
Reinvestment of distributions | 8,379 | 2,008 | 216,010 | 43,867 |
Shares redeemed | (12,099) | (26,924) | (343,047) | (667,826) |
Net increase (decrease) | 8,356 | 26,663 | $219,973 | $642,324 |
Institutional Class | ||||
Shares sold | 65 | 259 | $1,894 | $6,323 |
Reinvestment of distributions | 20 | 3 | 506 | 59 |
Shares redeemed | (30) | (105) | (878) | (2,545) |
Net increase (decrease) | 55 | 157 | $1,522 | $3,837 |
Semiannual Report
Report of Independent Registered Public Accounting Firm
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, 2006, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months ended April 30, 2006 and for the year ended October 31, 2005, and the financial highlights for the six months ended April 30, 2006 and for the periods from September 18, 2002 (commencement of operations) to October 31, 2005. 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 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, 2006, 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, 2006, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2006 and for the year ended October 31, 2005, and its financial highlights for the six months ended April 30, 2006 and for the periods from September 18, 2002 (commencement of operations) to October 31, 2005, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
Semiannual Report
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 23, 2006
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Small Cap Fund
On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.
The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.
Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.
In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including 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; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.
Semiannual Report
Semiannual Report
Semiannual Report
Semiannual Report
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis
Company (formerly Fidelity
Management & Research (Far East) Inc.)
Fidelity International
Investment Advisors
Fidelity Investments Japan Limited
Fidelity International 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
Mellon Bank
Pittsburgh, PA
(Fidelity Investment logo)(registered trademark)
AISC-USAN-0606
1.800643.102
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Small Cap
Fund - Institutional Class
Semiannual Report
April 30, 2006
(2_fidelity_logos) (Registered_Trademark)
Institutional Class is a class of
Fidelity® International Small Cap Fund
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
Report of Independent Registered Public Accounting Firm | ||
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at 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 Corp. 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 quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d.
Edward C. Johnson 3d
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, 2005 to April 30, 2006).
Actual Expenses
The first line of the table below 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.
Hypothetical Example for Comparison Purposes
The second line of the table below 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.
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.
Beginning | Ending | Expenses Paid | |
Class A | |||
Actual | $1,000.00 | $1,350.10 | $9.50 |
HypotheticalA | $1,000.00 | $1,016.71 | $8.15 |
Class T | |||
Actual | $1,000.00 | $1,348.30 | $10.95 |
HypotheticalA | $1,000.00 | $1,015.47 | $9.39 |
Class B | |||
Actual | $1,000.00 | $1,344.30 | $13.95 |
HypotheticalA | $1,000.00 | $1,012.89 | $11.98 |
Class C | |||
Actual | $1,000.00 | $1,345.00 | $13.78 |
HypotheticalA | $1,000.00 | $1,013.04 | $11.83 |
International Small Cap | |||
Actual | $1,000.00 | $1,351.90 | $7.41 |
HypotheticalA | $1,000.00 | $1,018.50 | $6.36 |
Institutional Class | |||
Actual | $1,000.00 | $1,352.10 | $7.52 |
HypotheticalA | $1,000.00 | $1,018.40 | $6.46 |
A5% return per year before expenses
*Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Annualized | |
Class A | 1.63% |
Class T | 1.88% |
Class B | 2.40% |
Class C | 2.37% |
International Small Cap | 1.27% |
Institutional Class | 1.29% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Japan32.2% | |||
United Kingdom18.1% | |||
Australia9.6% | |||
Canada3.9% | |||
South Africa3.8% | |||
United States of America2.8% | |||
Italy2.8% | |||
Bermuda2.4% | |||
Germany2.2% | |||
Other22.2% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Japan32.9% | |||
United Kingdom15.4% | |||
Australia10.4% | |||
United States of America3.8% | |||
South Africa3.7% | |||
Germany3.4% | |||
Singapore2.5% | |||
Canada2.3% | |||
Norway2.1% | |||
Other23.5% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks and Investment Companies | 98.7 | 97.8 |
Bonds | 0.3 | 0.1 |
Short-Term Investments and Net Other Assets | 1.0 | 2.1 |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Banca Italease Spa (Italy, Diversified Financial Services) | 1.9 | 1.0 |
Steinhoff International Holdings Ltd. (South Africa, Household Durables) | 1.5 | 1.5 |
Central African Mining & Exploration Co. PLC (United Kingdom, Metals & Mining) | 1.2 | 0.2 |
Hitachi Construction Machinery Co. Ltd. (Japan, Machinery) | 1.1 | 0.1 |
Max Petroleum PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 1.0 | 0.0 |
Konica Minolta Holdings, Inc. (Japan, Office Electronics) | 0.9 | 0.0 |
Nissin Kogyo Co. Ltd. (Japan, Auto Components) | 0.9 | 1.2 |
Fujikura Ltd. (Japan, Electrical Equipment) | 0.8 | 0.4 |
Hitachi Chemical Co. Ltd. (Japan, Chemicals) | 0.8 | 0.0 |
OMV AG (Austria, Oil, Gas & Consumable Fuels) | 0.8 | 0.3 |
10.9 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Materials | 18.7 | 14.8 |
Consumer Discretionary | 16.5 | 18.7 |
Industrials | 15.7 | 15.5 |
Energy | 14.5 | 13.0 |
Information Technology | 12.8 | 12.9 |
Financials | 9.8 | 9.5 |
Health Care | 5.0 | 5.8 |
Consumer Staples | 3.7 | 4.3 |
Utilities | 1.2 | 0.6 |
Telecommunication Services | 1.1 | 2.8 |
Semiannual Report
Investments April 30, 2006
Showing Percentage of Net Assets
Common Stocks - 98.2% | |||
Shares | Value (Note 1) (000s) | ||
Australia - 9.6% | |||
Allied Gold Ltd. (a) | 8,145,000 | $3,279 | |
Aristocrat Leisure Ltd. | 41,200 | 461 | |
Austbrokers Holdings Ltd. | 509,053 | 1,118 | |
Australian Stock Exchange Ltd. | 76,339 | 1,905 | |
Australian Wealth Management Ltd. (a) | 937,387 | 1,752 | |
Billabong International Ltd. | 546,600 | 6,403 | |
Boom Logistics Ltd. | 1,065,600 | 3,756 | |
Bradken Ltd. | 2,677,195 | 11,409 | |
Capital-XX Ltd. | 2,262,572 | 3,941 | |
Centamin Egypt Ltd. (a) | 7,128,303 | 4,648 | |
Coates Hire Ltd. | 768,400 | 3,596 | |
Cochlear Ltd. | 239,200 | 9,594 | |
Colorado Group Ltd. | 436,600 | 1,254 | |
Computershare Ltd. | 968,472 | 5,797 | |
CSR Ltd. | 550,600 | 1,694 | |
David Jones Ltd. (e) | 1,901,800 | 3,872 | |
Dominos Pizza Australia New Zealand Ltd. | 1,993,100 | 5,799 | |
Downer EDI Ltd. | 2,031,557 | 13,396 | |
Dwyka Diamonds Ltd. (a) | 7,549,000 | 4,715 | |
Dyno Nobel Ltd. | 494,900 | 985 | |
Elixir Petroleum Ltd. (a) | 2,227,040 | 741 | |
Elkedra Diamonds NL (a) | 6,153,671 | 3,002 | |
Energy Developments Ltd. | 14,945 | 49 | |
European Gas Ltd. (a) | 3,307,100 | 1,457 | |
Finders Resources Ltd. | 1,281,400 | 613 | |
Fox Resources Ltd. (a) | 4,514,836 | 2,915 | |
Fox Resources Ltd. warrants 6/30/07 (a) | 342,636 | 52 | |
Hastie Group Ltd. | 1,038,000 | 1,335 | |
International Ferro Metals (f) | 27,299,526 | 18,919 | |
JB Hi-Fi Ltd. | 619,200 | 2,352 | |
Kimberley Diamond Co. NL (a) | 871,100 | 1,141 | |
Metcash Ltd. | 3,551,900 | 12,412 | |
Millers Retail Ltd. (a) | 923,300 | 1,203 | |
Mineral Deposits Ltd. (a) | 4,920,000 | 6,485 | |
Mineral Securities Ltd. (a) | 650,000 | 790 | |
Mintails Ltd. (a)(f) | 7,455,000 | 1,841 | |
Mortgage Choice Ltd. | 5,879,638 | 11,613 | |
National Australia Bank Ltd. | 143,900 | 4,110 | |
Novera Energy Ltd. (a) | 856,600 | 1,062 | |
Origin Energy Ltd. | 410,900 | 2,201 | |
Oxiana Ltd. | 5,035,384 | 13,044 | |
Paladin Resources Ltd. (a)(e) | 1,613,900 | 5,566 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Australia - continued | |||
QBE Insurance Group Ltd. | 257,323 | $4,375 | |
Roc Oil Co. Ltd. (a) | 6,408,992 | 16,247 | |
Seek Ltd. | 2,980,839 | 8,990 | |
Select Managed Funds Ltd. | 298,900 | 1,907 | |
SFE Corp. Ltd. | 939,600 | 11,734 | |
Sims Group Ltd. | 169,553 | 2,454 | |
Sphere Investments Ltd. (a) | 4,877,121 | 4,075 | |
Stockland unit | 408 | 2 | |
Sylvania Resources Ltd. (a)(f) | 7,537,250 | 5,067 | |
Tanami Gold NL (a) | 17,920,400 | 4,220 | |
Tutt Bryant Group Ltd. | 149,064 | 186 | |
United Group Ltd. | 1,100,021 | 11,039 | |
Virotec International Ltd. (United Kingdom) (a) | 6,788,332 | 2,197 | |
Woolworths Ltd. | 170,218 | 2,413 | |
WorleyParsons Ltd. (e) | 712,800 | 10,559 | |
Zinifex Ltd. | 2,301,500 | 18,095 | |
TOTAL AUSTRALIA | 285,837 | ||
Austria - 0.8% | |||
OMV AG | 325,200 | 22,611 | |
Belgium - 0.3% | |||
Melexis NV | 93,199 | 1,487 | |
Punch International NV (a) | 29,700 | 3,638 | |
Recticel SA (e) | 242,344 | 2,905 | |
TOTAL BELGIUM | 8,030 | ||
Bermuda - 2.4% | |||
Aquarius Platinum Ltd. (United Kingdom) | 498,805 | 7,341 | |
Asia Aluminum Holdings Ltd. (a) | 628,000 | 114 | |
Pacific Andes (Holdings) Ltd. | 1,824,000 | 946 | |
Peace Mark Holdings Ltd. | 7,470,000 | 3,782 | |
Petra Diamonds Ltd. (a) | 3,010,606 | 5,065 | |
Ports Design Ltd. | 2,659,000 | 4,201 | |
RC Group (Holdings) Ltd. | 2,493,279 | 2,865 | |
REXCAPITAL Financial Holdings Ltd. (a) | 5,975,000 | 316 | |
SeaDrill Ltd. (a) | 793,721 | 13,461 | |
Sinochem Hong Kong Holding Ltd. | 9,740,000 | 4,146 | |
Tanzanite One Ltd. (f) | 5,891,201 | 17,889 | |
Trefoil Ltd. (a) | 750,000 | 6,329 | |
Xceldiam Ltd. (f) | 3,318,255 | 2,965 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Bermuda - continued | |||
Xceldiam Ltd. warrants 11/16/07 (a) | 1,659,127 | $363 | |
Xiwang Sugar Holdings Co. Ltd. | 368,000 | 254 | |
TOTAL BERMUDA | 70,037 | ||
British Virgin Islands - 0.3% | |||
Albidon Ltd. unit (a) | 1,000,000 | 711 | |
BDI Mining Corp. (a)(f) | 8,728,890 | 4,298 | |
CIC Energy Corp. (a) | 330,000 | 1,963 | |
Titanium Resources Group Ltd. | 1,890,000 | 2,637 | |
TOTAL BRITISH VIRGIN ISLANDS | 9,609 | ||
Canada - 3.7% | |||
Adastra Minerals, Inc.: | |||
(Canada) (a) | 266,300 | 846 | |
(United Kingdom) (a) | 2,254,100 | 7,235 | |
Altius Minerals Corp. (a) | 757,506 | 4,133 | |
Artumas Group, Inc. | 473,800 | 2,576 | |
Bankers Petroleum Ltd. (a) | 3,767,000 | 3,639 | |
Banro Corp. (a) | 277,700 | 3,353 | |
Brazilian Diamonds Ltd. (a) | 1,300,000 | 395 | |
Falcon Oil & Gas Ltd. (a) | 4,775,500 | 14,651 | |
First Quantum Minerals Ltd. | 55,700 | 2,692 | |
Grove Energy Ltd. (a) | 2,324,240 | 1,950 | |
La Mancha Resources, Inc. (a) | 458,200 | 574 | |
Lionore Mining International Ltd. (a) | 296,800 | 1,505 | |
MagIndustries Corp. (a) | 4,865,600 | 6,963 | |
MagIndustries Corp. (a)(h) | 7,233,600 | 9,317 | |
Oilexco, Inc. (a) | 3,980,525 | 16,022 | |
Platinum Group Metals Ltd. (a) | 250,000 | 467 | |
Rock Well Petroleum, Inc. (h) | 770,400 | 1,034 | |
Shore Gold, Inc. (a) | 311,500 | 1,783 | |
Starfield Resources, Inc. (a)(f) | 9,026,531 | 4,279 | |
Starfield Resources, Inc. (a)(f)(h) | 1,678,100 | 689 | |
Starfield Resources, Inc. warrants 1/21/08 (a) | 1,678,100 | 144 | |
StrataGold Corp. (a) | 2,229,000 | 2,193 | |
StrataGold Corp. (a)(h) | 1,078,111 | 955 | |
SXR Uranium One, Inc. (a) | 475,740 | 4,668 | |
Tenke Mining Corp. (a) | 160,000 | 2,291 | |
Uruguay Mineral Exploration, Inc. (a) | 430,400 | 1,963 | |
Valkyries Petroleum Corp. (a) | 334,400 | 4,262 | |
Visual Defence, Inc. (f) | 5,963,100 | 3,045 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Canada - continued | |||
Western Canadian Coal Corp. (a) | 2,161,418 | $5,104 | |
Western Canadian Coal Corp. (United Kingdom) (a) | 548,286 | 1,360 | |
TOTAL CANADA | 110,088 | ||
Cayman Islands - 0.6% | |||
AAC Acoustic Technology Holdings, Inc. | 5,094,000 | 5,782 | |
China Rare Earth Holdings Ltd. | 6,418,000 | 1,449 | |
Ctrip.com International Ltd. sponsored ADR | 52,800 | 2,376 | |
Foxconn International Holdings Ltd. (a) | 1,320,000 | 2,843 | |
New World China Land Ltd. | 2,100,000 | 1,009 | |
Prime Success International Group Ltd. | 2,958,000 | 1,965 | |
Sincere Watch (Hong Kong) Ltd. | 2,642,000 | 259 | |
The9 Ltd. sponsored ADR (a) | 73,500 | 2,204 | |
Wasion Meters Group Ltd. | 3,544,000 | 1,588 | |
TOTAL CAYMAN ISLANDS | 19,475 | ||
China - 0.7% | |||
Century Sunshine Ecological Technology Holdings Ltd. | 2,630,000 | 1,577 | |
China Oilfield Services Ltd. (H Shares) | 2,592,000 | 1,429 | |
China Shenhua Energy Co. Ltd. (H Shares) | 1,325,500 | 2,402 | |
Dalian Port (PDA) Co. Ltd. (H Shares) | 292,000 | 163 | |
Focus Media Holding Ltd. ADR | 73,700 | 4,451 | |
Lianhua Supermarket Holdings Co. (H Shares) | 639,000 | 746 | |
Nine Dragons Paper (Holdings) Ltd. | 494,000 | 430 | |
Parkson Retail Group Ltd. | 155,500 | 509 | |
Shenzhou International Group Holdings Ltd. | 6,594,000 | 2,849 | |
Sina Corp. (a) | 75,300 | 1,992 | |
Tencent Holdings Ltd. | 1,812,000 | 3,669 | |
Yantai Changyu Pioneer Wine Co. (B Shares) | 251,700 | 831 | |
TOTAL CHINA | 21,048 | ||
Denmark - 0.2% | |||
Rockwool International AS Series A (e) | 40,200 | 5,024 | |
Egypt - 0.0% | |||
Commercial International Bank Ltd. sponsored GDR | 100,900 | 1,313 | |
Estonia - 0.1% | |||
Tallinna Vesi AS | 127,000 | 2,312 | |
Finland - 1.6% | |||
Aldata Solutions Oyj (a) | 2,065,976 | 6,542 | |
Capman Oyj (B Shares) | 349,437 | 1,318 | |
Fortum Oyj | 135,400 | 3,420 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Finland - continued | |||
Inion OY (a)(f) | 3,740,300 | $4,604 | |
Metso Corp. | 57,600 | 2,289 | |
Neste Oil Oyj | 526,900 | 18,387 | |
Nokian Tyres Ltd. (e) | 435,890 | 7,457 | |
Tekla Oyj (A Shares) | 389,780 | 2,951 | |
TOTAL FINLAND | 46,968 | ||
France - 1.7% | |||
Altamir et Compagnie SA | 6,100 | 1,465 | |
Bourbon SA | 15,638 | 1,997 | |
BVRP Software SA (a) | 144,796 | 4,149 | |
Constructions Industrielles dela Mediterranee SA | 11,500 | 1,451 | |
Electricite de France | 146,200 | 8,549 | |
Groupe Open SA (e) | 52,500 | 1,057 | |
Groupe Open SA warrants 10/21/06 (a) | 14,809 | 17 | |
Groupe Promeo (a) | 62,625 | 2,734 | |
Guerbet SA | 8,400 | 1,484 | |
Icade SA | 58,100 | 2,499 | |
Ipsos SA | 515 | 76 | |
Maisons France Confort | 31,494 | 2,368 | |
Orpea (a) | 25,207 | 1,870 | |
Sechilienne-Sidec | 5,246 | 4,170 | |
Signaux Girod | 15,575 | 1,611 | |
Silicon On Insulator Technologies SA (SOITEC) (a) | 282,200 | 9,211 | |
Sucriere de Pithivier Le Vieil | 3,345 | 3,372 | |
Tessi SA | 24,066 | 1,606 | |
The Lisi Group | 22,500 | 1,641 | |
TOTAL FRANCE | 51,327 | ||
Germany - 1.8% | |||
ADVA AG Optical Networking (a) | 104,375 | 1,238 | |
Articon-Integralis AG (Reg.) (a) | 495,185 | 2,243 | |
Deutz AG (a)(e) | 1,142,500 | 10,465 | |
E.ON AG | 30,800 | 3,751 | |
ElringKlinger AG | 18,284 | 996 | |
Fresenius AG | 31,271 | 5,224 | |
Grenkeleasing AG | 25,918 | 1,978 | |
Kontron AG | 154,264 | 1,752 | |
Merck KGaA | 26,441 | 2,802 | |
Parsytec AG (a) | 307,671 | 1,471 | |
Pfleiderer AG | 202,159 | 6,098 | |
PSI AG (a)(f) | 689,200 | 5,748 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Germany - continued | |||
Pulsion Medical Systems AG (a) | 98,511 | $749 | |
SGL Carbon AG (a) | 219,300 | 4,607 | |
Suedzucker AG (Bearer) | 61,775 | 1,694 | |
United Internet AG | 40,352 | 2,647 | |
TOTAL GERMANY | 53,463 | ||
Greece - 0.9% | |||
Autohellas SA | 363,100 | 2,034 | |
Fourlis Holdings SA | 200,700 | 3,115 | |
Greek Organization of Football Prognostics SA | 59,042 | 2,183 | |
Hyatt Regency SA (Reg.) | 175,282 | 2,477 | |
Intralot SA | 69,400 | 2,241 | |
Marfin Financial Group Holdings SA | 100 | 3 | |
Sarantis SA (Reg.) | 1,409,518 | 15,649 | |
TOTAL GREECE | 27,702 | ||
Hong Kong - 1.0% | |||
Cafe de Coral Holdings Ltd. | 2,304,000 | 3,477 | |
Chen Hsong Holdings Ltd. | 1,660,000 | 1,006 | |
Fong's Industries Co. Ltd. | 1,156,000 | 887 | |
Giordano International Ltd. | 6,220,000 | 3,670 | |
Hong Kong Aircraft & Engineering Co. | 152,400 | 1,483 | |
Hong Kong Land Holdings Ltd. | 205,000 | 804 | |
Integrated Distribution Services Group Ltd. (IDS) | 2,488,000 | 3,690 | |
Lifestyle International Holdings Ltd. | 933,000 | 1,570 | |
Midland Holdings Ltd. | 2,506,000 | 1,454 | |
Singamas Container Holdings Ltd. | 1,370,000 | 1,034 | |
Solomon Systech International Ltd. | 13,166,000 | 5,858 | |
Tai Cheung Holdings Ltd. | 1,414,000 | 798 | |
Tingyi (Cayman Island) Holding Corp. | 100,000 | 64 | |
Tom.com Ltd. (a) | 3,814,000 | 856 | |
Vtech Holdings Ltd. | 844,000 | 4,011 | |
TOTAL HONG KONG | 30,662 | ||
Hungary - 0.2% | |||
MOL Magyar Olay-es Gazipari RT Series A (For. Reg.) | 44,200 | 5,259 | |
India - 0.6% | |||
Financial Technology (India) Ltd. | 97,591 | 4,006 | |
Great Eastern Energy Corp. Ltd. GDR | 1,444,600 | 4,479 | |
HT Media Ltd. | 89,341 | 1,027 | |
McDowell & Co. Ltd. | 209,179 | 3,639 | |
McDowell & Co. Ltd. GDR (a) | 108,021 | 940 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
India - continued | |||
Noida Toll Bridge Co. Ltd. GDR (a) | 454,051 | $2,770 | |
Royal Orchid Hotels Ltd. | 283,396 | 1,193 | |
TOTAL INDIA | 18,054 | ||
Indonesia - 0.3% | |||
PT Bank Rakyat Indonesia Tbk | 4,528,000 | 2,384 | |
PT Perusahaan Gas Negara Tbk Series B | 4,487,500 | 6,334 | |
TOTAL INDONESIA | 8,718 | ||
Ireland - 0.9% | |||
Adwalker PLC (a)(f) | 9,125,000 | 999 | |
Aminex PLC (a) | 1,430,219 | 1,206 | |
Glanbia PLC | 1,342,400 | 4,403 | |
Kenmare Resources PLC (a) | 3,621,000 | 3,087 | |
Kenmare Resources PLC warrants 7/23/09 (a) | 1,712,500 | 851 | |
Minco PLC (a) | 2,727,271 | 746 | |
Paddy Power PLC (Ireland) | 241,011 | 4,287 | |
Petroceltic International PLC (a)(e) | 14,094,734 | 5,784 | |
Providence Resources PLC (a) | 20,744,500 | 2,617 | |
Trinity Biotech PLC sponsored ADR (a) | 227,325 | 1,955 | |
Vimio PLC | 867,300 | 2,033 | |
TOTAL IRELAND | 27,968 | ||
Israel - 0.6% | |||
Advanced Vision Technology Ltd. (a) | 165,400 | 2,129 | |
Israel Chemicals Ltd. | 1,354,000 | 5,357 | |
Leadcom Integrated Solutions | 3,766,400 | 5,924 | |
Metal-Tech Ltd. | 640,200 | 2,610 | |
MTI Wireless Edge Ltd. | 705,128 | 678 | |
TOTAL ISRAEL | 16,698 | ||
Italy - 2.8% | |||
Amplifon Spa (e) | 38,350 | 3,528 | |
Banca Credit Firenze | 2,942,982 | 10,422 | |
Banca Italease Spa (e) | 918,200 | 55,913 | |
Bastogi Spa (a)(e) | 3,714,300 | 1,214 | |
Brembo Spa (e) | 124,700 | 1,283 | |
Lottomatica Spa (e) | 112,000 | 5,169 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Italy - continued | |||
Saipem Spa | 62,000 | $1,556 | |
Teleunit Spa (f) | 12,719,158 | 2,958 | |
TOTAL ITALY | 82,043 | ||
Japan - 32.2% | |||
Abc-Mart, Inc. | 145,900 | 3,414 | |
Access Co. Ltd. | 161 | 346 | |
Access Co. Ltd. (a)(e) | 326 | 2,920 | |
Advance Create Co. Ltd. (e) | 243 | 758 | |
Advanced Media, Inc. Japan (e) | 70 | 384 | |
Aeon Fantasy Co. Ltd. (e) | 76,900 | 3,228 | |
Aichi Steel Corp. (e) | 1,570,000 | 13,649 | |
Ain Pharmaciez, Inc. | 44,900 | 934 | |
Alpen Co. Ltd. | 3,600 | 146 | |
AOC Holdings, Inc. | 89,100 | 1,878 | |
Ariake Japan Co. Ltd. (e) | 154,500 | 4,464 | |
ARRK Corp. | 91,400 | 3,283 | |
Asahi Denka Co. Ltd. | 184,000 | 2,818 | |
Asahi Diamond Industrial Co. Ltd. | 310,000 | 2,916 | |
Asset Managers Co. Ltd. (e) | 3,966 | 11,598 | |
Atrium Co. Ltd. | 58,400 | 6,052 | |
Avex Group Holdings, Inc. (e) | 111,400 | 3,326 | |
Axell Corp. | 646 | 2,445 | |
Bookoff Corp. | 150,000 | 3,069 | |
Canon Finetech, Inc. | 140,500 | 2,782 | |
Casio Micronics Co. Ltd. (e) | 190,300 | 3,961 | |
Chiba Bank Ltd. | 384,000 | 3,477 | |
Chiyoda Co. Ltd. | 68,500 | 1,919 | |
Chiyoda Corp. | 94,000 | 2,113 | |
Chugoku Marine Paints Ltd. (e) | 60,000 | 386 | |
Chuo Denki Kogyo Co. Ltd. | 35,000 | 147 | |
CMIC Co. Ltd. (e) | 2,520 | 738 | |
Create SD Co. Ltd. | 32,900 | 1,075 | |
cyber communications, Inc. (a)(e) | 153 | 496 | |
CyberAgent, Inc. (e) | 1,141 | 2,365 | |
Daido Steel Co. Ltd. | 1,685,000 | 15,463 | |
Daifuku Co. Ltd. | 110,500 | 1,795 | |
Daiwa Securities Group, Inc. | 212,000 | 2,940 | |
Daiwabo Information System Ltd. | 375,500 | 6,743 | |
Ebara Corp. | 873,000 | 4,998 | |
Elpida Memory, Inc. (a)(e) | 106,300 | 4,873 | |
Endo Lighting Corp. | 207,000 | 2,454 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Japan - continued | |||
EPS Co. Ltd. (e) | 604 | $2,005 | |
Excite Japan Co. Ltd. | 11 | 78 | |
Faith, Inc. | 1,619 | 636 | |
FamilyMart Co. Ltd. | 85,800 | 2,486 | |
FCC Co. Ltd. | 127,000 | 2,816 | |
FinTech Global, Inc. (e) | 503 | 3,114 | |
Fujikura Ltd. | 2,116,000 | 24,472 | |
Fullcast Co. Ltd. | 588 | 2,380 | |
Furukawa Co. Ltd. (a) | 376,000 | 961 | |
Futaba Industrial Co. Ltd. (e) | 319,900 | 8,343 | |
Gentosha, Inc. | 100 | 720 | |
Hamamatsu Photonics KK (e) | 186,800 | 5,840 | |
Haseko Corp. (a) | 1,175,000 | 4,458 | |
Heiwa Real Estate Co. Ltd. | 355,000 | 2,556 | |
Hikari Tsushin, Inc. | 237,800 | 14,701 | |
Hioki EE Corp. (e) | 29,200 | 1,113 | |
Hiroshima Bank Ltd. | 738,000 | 4,724 | |
Hitachi Chemical Co. Ltd. | 785,800 | 22,910 | |
Hitachi Construction Machinery Co. Ltd. | 1,210,200 | 33,051 | |
Hitachi Koki Co. Ltd. | 341,000 | 6,034 | |
Hogy Medical Co. | 28,400 | 1,501 | |
Hokuto Corp. (e) | 239,800 | 4,115 | |
Ibiden Co. Ltd. | 68,700 | 3,264 | |
Ikyu Corp. (e) | 366 | 877 | |
Index Corp. (e) | 1,628 | 2,187 | |
Intelligence Ltd. | 2,200 | 6,511 | |
Intertrade Co. Ltd. (a) | 270 | 908 | |
Iriso Electronics Co. Ltd. | 86,700 | 3,327 | |
Ishihara Chemical Co. Ltd. | 48,000 | 1,096 | |
Ishikawajima-Harima Heavy Industries Co. Ltd. (a) | 1,042,000 | 3,715 | |
Itochu Corp. | 1,087,000 | 9,870 | |
Japan Communications, Inc. | 394 | 349 | |
Japan Digital Contents Trust, Inc. (a)(e) | 877 | 549 | |
Jastec Co. Ltd. | 70,400 | 1,750 | |
JGC Corp. | 154,000 | 2,698 | |
Joint Corp. | 98,400 | 3,232 | |
JSR Corp. | 151,700 | 4,676 | |
Juroku Bank Ltd. | 197,000 | 1,320 | |
Kakaku.com, Inc. (e) | 332 | 1,327 | |
Kansai Urban Banking Corp. (e) | 464,000 | 2,188 | |
Kanto Denka Kogyo Co. Ltd. | 283,000 | 2,321 | |
Kawasaki Heavy Industries Ltd. (e) | 978,000 | 3,547 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Japan - continued | |||
Kenedix, Inc. | 875 | $4,510 | |
Kibun Food Chemifa Co. Ltd. (e) | 89,900 | 1,682 | |
Kobayashi Pharmaceutical Co. Ltd. | 100,000 | 3,539 | |
Kobe Steel Ltd. | 1,530,000 | 5,200 | |
KOEI Co. Ltd. | 96,390 | 1,803 | |
Koito Manufacturing Co. Ltd. | 124,000 | 1,786 | |
Konami Corp. | 208,800 | 5,345 | |
Konica Minolta Holdings, Inc. | 2,047,500 | 26,970 | |
Kubota Corp. | 74,000 | 836 | |
Kura Corp. Ltd. (f) | 6,084 | 19,554 | |
Kurita Water Industries Ltd. | 111,800 | 2,278 | |
Link Theory Holdings Co. Ltd. (e) | 145 | 842 | |
Lopro Corp. (e) | 414,500 | 1,966 | |
LTT Bio-Pharma Co. Ltd. (a)(e) | 112 | 157 | |
Meganesuper Co. Ltd. | 20 | 0 | |
Meiko Electronics Co. Ltd. | 140,200 | 10,711 | |
Micronics Japan Co. Ltd. | 50,400 | 2,284 | |
Mitsuba Corp. (e) | 263,000 | 3,545 | |
Mitsubishi Gas Chemical Co., Inc. | 1,634,000 | 21,710 | |
Mitsubishi Materials Corp. (e) | 1,730,000 | 9,343 | |
Mitsui O.S.K. Lines Ltd. | 478,000 | 3,421 | |
Mitsui Trust Holdings, Inc. | 191,000 | 2,638 | |
Murata Manufacturing Co. Ltd. | 214,500 | 15,615 | |
Nachi-Fujikoshi Corp. | 1,133,000 | 7,601 | |
Namco Bandai Holdings, Inc. (a) | 132,100 | 1,904 | |
NEC Leasing Ltd. | 77,400 | 1,845 | |
NEOMAX Co. Ltd. | 172,000 | 4,939 | |
Net One Systems Co. Ltd. (e) | 2,511 | 5,513 | |
NGK Spark Plug Co. Ltd. | 864,000 | 18,968 | |
NIC Corp. | 184,000 | 1,858 | |
Nidec Copal Electronics Corp. (e) | 248,600 | 1,971 | |
Nidec Corp. | 36,200 | 2,791 | |
Nidec Tosok Corp. (e) | 169,800 | 2,365 | |
Nihon Ceratec Co. Ltd. (e) | 358 | 1,559 | |
Nihon Dempa Kogyo Co. Ltd. (e) | 417,200 | 17,842 | |
Nihon Micro Coating Co. Ltd. | 147,500 | 1,082 | |
Nihon Trim Co. Ltd. (e) | 192,500 | 9,399 | |
Nihon Unicom Corp. | 100,900 | 1,790 | |
Nikko Cordial Corp. | 164,000 | 2,654 | |
Nippon Chemi-con Corp. | 964,000 | 7,213 | |
Nippon Denko Co. Ltd. (e) | 1,993,000 | 7,018 | |
Nippon Electric Glass Co. Ltd. | 66,000 | 1,490 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Japan - continued | |||
Nippon Mining Holdings, Inc. | 103,500 | $957 | |
Nippon Oil Corp. | 259,000 | 2,049 | |
Nippon Seiki Co. Ltd. (e) | 889,000 | 19,322 | |
Nippon Soda Co. Ltd. | 558,000 | 2,715 | |
Nippon Suisan Kaisha Co. Ltd. | 568,600 | 2,796 | |
Nishimatsu Construction Co. Ltd. (e) | 650,000 | 2,717 | |
Nissei Corp. | 128,000 | 1,754 | |
Nissin Co. Ltd. (e) | 1,045,760 | 1,001 | |
Nissin Kogyo Co. Ltd. | 1,222,300 | 25,654 | |
Nissin Servicer Co. Ltd. (e) | 1,593 | 1,098 | |
Nittetsu Mining Co. Ltd. | 106,000 | 884 | |
NOK Corp. | 82,900 | 2,519 | |
Noritake Co. Ltd. | 387,000 | 2,590 | |
NS Solutions Corp. | 112,100 | 2,909 | |
NTN Corp. | 404,000 | 3,335 | |
Obara Corp. | 1,100 | 41 | |
Opt, Inc. (a) | 150 | 767 | |
Optex Co. Ltd. | 76,000 | 2,102 | |
Optoelectronics Co. Ltd. | 6,700 | 241 | |
Otaki Gas Co. Ltd. | 16,000 | 96 | |
Otsuka Corp. | 30,800 | 3,703 | |
Pacific Metals Co. Ltd. (e) | 898,000 | 5,820 | |
Parker Corp. | 48,000 | 755 | |
Phoenix Electric Co. Ltd. (e) | 201,600 | 2,050 | |
Pigeon Corp. (e) | 180,000 | 2,742 | |
Produce Co. Ltd. | 339 | 4,078 | |
Ray Corp. | 61,000 | 241 | |
Relo Holdings Corp. | 105,000 | 2,010 | |
Rex Holdings Co. Ltd. | 2,255 | 7,426 | |
Royal Holdings Co. Ltd. | 107,000 | 1,803 | |
Ryobi Ltd. | 359,000 | 2,673 | |
Saison Information Systems Co. Ltd. | 76,300 | 1,156 | |
Sammy NetWorks Co. Ltd. | 750 | 5,664 | |
Sankyo Co. Ltd. (Gunma) | 53,600 | 3,803 | |
Sapporo Hokuyo Holdings, Inc. | 133 | 1,495 | |
Sato Corp. | 196,400 | 4,769 | |
SBI Holdings, Inc. | 7,710 | 3,927 | |
SBS Co. Ltd. (e) | 748 | 3,186 | |
Sega Sammy Holdings, Inc. | 90,000 | 3,588 | |
Sekisui Plastics Co. Ltd. | 160,000 | 648 | |
Senshukai Co. Ltd. | 138,000 | 1,874 | |
Seria Co. Ltd. | 200 | 527 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Japan - continued | |||
Shaddy Co. Ltd. | 153,300 | $2,719 | |
Shibaura Electronics Co. Ltd. | 67,300 | 951 | |
Shikoku Chemicals Corp. | 134,000 | 988 | |
Shinohara Systems of Construction Co. Ltd. (e) | 1,052 | 2,661 | |
Shizuki Electric Co., Inc. | 96,000 | 455 | |
Showa Denko KK | 2,661,000 | 11,777 | |
Silex Technology, Inc. | 233 | 554 | |
Simplex Investment Advisors, Inc. (e) | 236 | 327 | |
Softbrain Co. Ltd. (e) | 880 | 563 | |
St. Marc Holdings Co. Ltd. | 38,100 | 2,626 | |
Star Micronics Co. Ltd. | 557,000 | 12,033 | |
Sumco Corp. | 33,200 | 1,985 | |
Sumitomo Bakelite Co. Ltd. (e) | 101,000 | 943 | |
Sumitomo Corp. | 1,505,000 | 22,547 | |
Sumitomo Metal Industries Ltd. | 2,055,000 | 8,662 | |
Sumitomo Metal Mining Co. Ltd. | 646,000 | 9,389 | |
Sumitomo Rubber Industries Ltd. | 204,400 | 2,922 | |
Sumitomo Titanium Corp. (e) | 10,400 | 2,048 | |
Sun Frontier Fudousan Co. Ltd. | 345 | 830 | |
Sunx Ltd. | 187,100 | 4,929 | |
Taisei Corp. | 358,000 | 1,600 | |
Taiyo Ink Manufacturing Co. Ltd. | 54,700 | 3,050 | |
Taiyo Kagaku (e) | 89,700 | 1,194 | |
Taiyo Nippon Sanso Corp. Tokyo | 361,000 | 2,850 | |
Telewave, Inc. (e) | 1,915 | 5,550 | |
The First Energy Service Co. Ltd. (a)(e) | 191 | 295 | |
The Keiyo Bank Ltd. | 332,000 | 2,152 | |
Toagosei Co. Ltd. (e) | 533,000 | 2,270 | |
Toc Co. Ltd. | 104,000 | 621 | |
Tohcello Co. Ltd. | 150,000 | 1,535 | |
Tohoku Electric Power Co., Inc. | 170,400 | 3,928 | |
Tokai Carbon Co. Ltd. (e) | 643,000 | 4,003 | |
Token Corp. | 210,400 | 13,728 | |
Tokuyama Corp. | 162,000 | 2,673 | |
Tokyo Gas Co. Ltd. | 376,000 | 1,819 | |
Tokyo Leasing Co. Ltd. | 214,500 | 3,485 | |
Tokyo Seimitsu Co. Ltd. | 70,900 | 4,215 | |
Tomen Devices Corp. | 85,600 | 1,981 | |
Tomoe Engineering Co. Ltd. | 123,200 | 2,472 | |
TonenGeneral Sekiyu KK (e) | 189,000 | 2,053 | |
Toppan Printing Co. Ltd. | 278,000 | 3,713 | |
Toray Industries, Inc. | 2,147,000 | 20,117 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Japan - continued | |||
Toyo Ink Manufacturing Co. Ltd. | 158,000 | $808 | |
Toyo Suisan Kaisha Ltd. | 59,000 | 899 | |
Trancom Co. Ltd. | 116,300 | 2,727 | |
Trend Micro, Inc. | 126,000 | 4,880 | |
Tyo Productions, Inc. (e) | 128,000 | 808 | |
Usen Corp. (e) | 275,760 | 5,037 | |
Wacom Co. Ltd. | 825 | 1,724 | |
Wiz Co. Ltd. | 404 | 2,707 | |
Works Applications Co. Ltd. (a) | 850 | 467 | |
Yachiyo Industry Co. Ltd. | 118,500 | 3,226 | |
Yahoo! Japan Corp. | 3,802 | 2,217 | |
Yamada Denki Co. Ltd. | 149,600 | 16,303 | |
Yamaha Motor Co. Ltd. | 67,000 | 1,847 | |
Yaskawa Electric Corp. (a)(e) | 361,000 | 4,441 | |
Yasuragi Co. Ltd. | 40,300 | 1,292 | |
Yokogawa Electric Corp. | 170,700 | 2,704 | |
Yoshimoto Kogyo Co. Ltd. | 106,800 | 3,057 | |
Zecs Co. Ltd. (e) | 181 | 950 | |
Zensho Co. Ltd. (e) | 194,500 | 6,320 | |
TOTAL JAPAN | 953,728 | ||
Korea (South) - 1.1% | |||
CDNetworks Co. Ltd. | 18,400 | 642 | |
Cheil Industries, Inc. | 64,030 | 2,325 | |
Daegu Bank Co. Ltd. | 91,490 | 1,717 | |
Daishin Securities Co. Ltd. | 37,330 | 873 | |
Hyundai Engineering & Construction Co. Ltd. (a) | 30,970 | 1,928 | |
Hyundai Mipo Dockyard Co. Ltd. | 23,770 | 2,228 | |
Industrial Bank of Korea | 68,320 | 1,376 | |
Korean Reinsurance Co. | 158,576 | 1,900 | |
Kyeryong Construction Industrial Co. Ltd. | 44,760 | 2,107 | |
LG Household & Health Care Ltd. | 28,330 | 2,262 | |
NHN Corp. (a) | 6,394 | 2,271 | |
Orion Corp. | 3,120 | 817 | |
Samho International Co. | 9,720 | 170 | |
Samsung Corp. | 70,720 | 2,204 | |
Samsung Engineering Co. Ltd. | 37,830 | 1,618 | |
Samsung Techwin Co. Ltd. | 29,780 | 995 | |
SFA Engineering Corp. | 79,802 | 2,657 | |
SSCP Co. Ltd. | 14,095 | 275 | |
STX Shipbuilding Co. Ltd. | 125,840 | 1,414 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Korea (South) - continued | |||
Taewoong Co. Ltd. | 22,066 | $481 | |
YBM Sisa.com, Inc. | 57,582 | 1,606 | |
TOTAL KOREA (SOUTH) | 31,866 | ||
Luxembourg - 0.2% | |||
RTL Group (a) | 54,156 | 4,909 | |
Malaysia - 0.2% | |||
Green Packet BHD | 1,800,000 | 1,301 | |
Steppe Cement Ltd. (a) | 847,900 | 3,054 | |
Uchi Technologies BHD | 437,300 | 386 | |
TOTAL MALAYSIA | 4,741 | ||
Netherlands - 0.5% | |||
Bateman Engineering NV | 528,957 | 3,729 | |
Engel East Europe NV | 2,027,612 | 5,824 | |
Nutreco Holding NV | 74,700 | 4,428 | |
TOTAL NETHERLANDS | 13,981 | ||
New Zealand - 0.6% | |||
Fisher & Paykel Healthcare Corp. | 1,926,273 | 5,192 | |
Freightways Ltd. | 35,066 | 86 | |
Sky City Entertainment Group Ltd. | 1,704,323 | 5,911 | |
Sky Network Television Ltd. | 409,053 | 1,612 | |
Tower Ltd. (a) | 2,569,173 | 4,447 | |
TOTAL NEW ZEALAND | 17,248 | ||
Norway - 1.4% | |||
ABG Sundal Collier ASA (e) | 966,000 | 1,975 | |
Aker Kvaerner ASA | 32,000 | 3,116 | |
Camillo Eitzen & Co. ASA | 280,800 | 3,144 | |
Deep Ocean ASA (a) | 373,747 | 1,316 | |
Mamut ASA (a) | 309,100 | 697 | |
P4 Radio Hele Norge ASA (e) | 141,400 | 597 | |
Pertra Midt-Norges AS (h) | 60,000 | 974 | |
Schibsted ASA (B Shares) (e) | 54,100 | 1,589 | |
Solstad Offshore ASA | 114,000 | 2,072 | |
Songa Offshore ASA (a) | 693,608 | 7,767 | |
Songa Offshore ASA warrants 6/8/08 (a)(h) | 177,778 | 1,760 | |
Statoil ASA (e) | 147,600 | 4,863 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Norway - continued | |||
Stepstone ASA (a) | 4,710,000 | $8,103 | |
TANDBERG ASA (e) | 263,700 | 2,685 | |
TOTAL NORWAY | 40,658 | ||
Poland - 0.8% | |||
Polski Koncern Naftowy Orlen SA unit | 459,300 | 18,716 | |
TVN SA (a) | 149,254 | 4,668 | |
TOTAL POLAND | 23,384 | ||
Portugal - 0.1% | |||
Impresa SGPS (a) | 583,653 | 3,741 | |
Russia - 0.2% | |||
Sistema JSFC sponsored GDR | 135,400 | 3,317 | |
Vimpel Communications sponsored ADR (a) | 68,100 | 3,170 | |
TOTAL RUSSIA | 6,487 | ||
Singapore - 2.1% | |||
Advent Air Ltd. (a) | 2,331,000 | 446 | |
Advent Air Ltd. (a)(h) | 8,918,299 | 1,342 | |
Cosco Investment (Singapore) Ltd. | 3,422,000 | 3,095 | |
GES International Ltd. | 5,357,000 | 3,355 | |
Goodpack Ltd. | 1,033,000 | 1,242 | |
Guocoland Ltd. | 505,000 | 786 | |
HTL International Holdings Ltd. | 1,244,375 | 1,031 | |
K-REIT Asia (a) | 235,000 | 221 | |
Keppel Land Ltd. | 1,175,000 | 3,523 | |
Midas Holdings Ltd. | 2,510,000 | 1,397 | |
Olam International Ltd. | 2,539,000 | 2,602 | |
Parkway Holdings Ltd. | 3,746,000 | 6,185 | |
Raffles Education Corp. Ltd. | 927,000 | 1,466 | |
SIA Engineering Co. Ltd. | 3,364,000 | 7,278 | |
Singapore Exchange Ltd. | 3,769,000 | 10,252 | |
Singapore Petroleum Co. Ltd. | 452,000 | 1,644 | |
Singapore Post Ltd. | 15,136,000 | 10,819 | |
The Ascott Group Ltd. | 1,298,000 | 903 | |
United Overseas Land Ltd. | 803,000 | 1,554 | |
Wing Tai Holdings Ltd. | 1,928,000 | 2,134 | |
TOTAL SINGAPORE | 61,275 | ||
South Africa - 3.8% | |||
African Bank Investments Ltd. | 3,130,751 | 17,496 | |
Barnard Jacobs Mellet Holdings Ltd. | 3,499,100 | 3,492 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
South Africa - continued | |||
Discovery Holdings Ltd. (a) | 1,329,819 | $5,408 | |
FirstRand Ltd. | 3,181,100 | 10,476 | |
Foschini Ltd. | 429,200 | 4,347 | |
Gold Reef Casino Resorts Ltd. | 697,000 | 1,739 | |
JD Group Ltd. | 153,100 | 2,367 | |
Lewis Group Ltd. | 299,200 | 3,018 | |
MTN Group Ltd. | 825,302 | 8,236 | |
Nedbank Group Ltd. | 86,656 | 1,810 | |
Steinhoff International Holdings Ltd. | 11,294,432 | 44,764 | |
Telkom SA Ltd. | 263,800 | 6,283 | |
Wilson Bayly Holmes-Ovcon Ltd. | 446,856 | 4,459 | |
TOTAL SOUTH AFRICA | 113,895 | ||
Spain - 0.0% | |||
Construcciones y Auxiliar de Ferrocarriles | 6,807 | 946 | |
Sweden - 1.9% | |||
Consafe Offshore AB (A Shares) (a) | 984,272 | 18,849 | |
Eniro AB | 400,228 | 4,392 | |
Gambro AB (A Shares) | 405,000 | 6,082 | |
Hexagon AB (B Shares) (e) | 266,411 | 9,884 | |
Intrum Justitia AB (e) | 298,000 | 2,815 | |
Modern Times Group AB (MTG) (B Shares) (a) | 240,350 | 13,196 | |
Observer AB | 463,290 | 2,160 | |
VBG AB (B Shares) | 6,710 | 357 | |
TOTAL SWEDEN | 57,735 | ||
Switzerland - 1.1% | |||
Actelion Ltd. (Reg.) (a) | 32,849 | 3,713 | |
Amazys Holding AG (a) | 39,138 | 3,468 | |
Bucher Holding AG (e) | 31,439 | 3,067 | |
Escor Casino & Entertainment SA | 19,770 | 426 | |
Mobilezone Holding AG | 331,524 | 1,804 | |
Novartis AG (Reg.) | 73,343 | 4,218 | |
Pargesa Holding SA | 14,130 | 1,435 | |
Roche Holding AG (participation certificate) | 52,195 | 8,025 | |
Sulzer AG (Reg.) (e) | 2,648 | 2,233 | |
Swissquote Group Holding SA | 11,717 | 3,354 | |
TOTAL SWITZERLAND | 31,743 | ||
Taiwan - 0.5% | |||
Ardentec Corp. | 1,066,000 | 1,245 | |
Catcher Technology Co. Ltd. | 134,000 | 1,495 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
Taiwan - continued | |||
Chi Mei Optoelectronics Corp. | 499,000 | $709 | |
Delta Electronics, Inc. | 167,000 | 520 | |
Greatek Electronics, Inc. | 975,000 | 1,345 | |
Holtek Semiconductor, Inc. | 466,000 | 933 | |
MediaTek, Inc. | 71,000 | 829 | |
Mirle Automation Corp. | 266,000 | 301 | |
MJC Probe, Inc. | 384,000 | 1,402 | |
Nan Ya Printed Circuit Board Corp. | 210,000 | 2,258 | |
Novatek Microelectronics Corp. | 142,000 | 846 | |
Phoenix Precision Technology Corp. | 924,000 | 2,105 | |
Unimicron Technology Corp. | 539,000 | 899 | |
TOTAL TAIWAN | 14,887 | ||
Thailand - 0.1% | |||
Bumrungrad Hospital PCL: | |||
NVDR | 371,700 | 364 | |
(For. Reg.) | 2,908,400 | 2,876 | |
TOTAL THAILAND | 3,240 | ||
Turkey - 0.6% | |||
Atakule Gayrimenkul Yatirim Ortakligi AS | 688,000 | 1,061 | |
Dogan Gazetecilik AS (a) | 2,749,955 | 8,816 | |
Tupras-Turkiye Petrol Rafinerileri AS | 395,600 | 8,376 | |
TOTAL TURKEY | 18,253 | ||
United Arab Emirates - 0.0% | |||
Investcom LLC GDR | 45,600 | 691 | |
United Kingdom - 17.9% | |||
Accuma Group PLC (a) | 418,063 | 2,059 | |
Advanced Technology (UK) PLC (a)(f) | 7,355,000 | 0 | |
AeroBox PLC (a) | 5,694,657 | 610 | |
Afren PLC (a)(f) | 13,838,800 | 20,696 | |
African Copper PLC (a) | 1,742,884 | 2,718 | |
Air Partner PLC | 45,000 | 589 | |
Alba PLC | 298,892 | 1,156 | |
Alizyme PLC (a) | 176,127 | 514 | |
Alliance Pharma PLC (a)(f) | 7,984,200 | 2,730 | |
Alterian PLC (a) | 1,486,000 | 3,347 | |
Amlin PLC | 206,973 | 1,063 | |
Andor Technology Ltd. (a) | 444,444 | 782 | |
Anglo Asian Mining PLC | 4,278,000 | 4,506 | |
Angus & Ross PLC (a) | 5,553,700 | 1,722 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
United Kingdom - continued | |||
Appian Technology PLC (a) | 5,416,178 | $938 | |
Appian Technology PLC warrants 2/28/08 (a)(h) | 479,045 | 22 | |
Ascent Resources PLC (a)(f) | 13,698,300 | 2,873 | |
Ascent Resources PLC warrants 12/22/07 (a) | 1,500,000 | 84 | |
Asia Energy PLC (a) | 1,360,038 | 10,294 | |
Atrium Underwriting PLC | 257,060 | 966 | |
Autoclenz Holdings PLC (f) | 560,000 | 1,328 | |
Avanti Screenmedia Group PLC (a)(f) | 1,737,000 | 8,870 | |
Baltic Oil Terminals PLC | 1,913,000 | 5,757 | |
Belitung Zinc Corp. PLC (h) | 7,435,490 | 1,356 | |
BG Group PLC | 217,200 | 2,919 | |
Bioprogress PLC (a)(f) | 9,567,839 | 7,765 | |
Blackstar Investors PLC (f) | 2,870,000 | 6,124 | |
Block Shield Corp. PLC (a) | 1,121,700 | 3,253 | |
BowLeven PLC (a)(f) | 1,815,700 | 5,762 | |
Caffe Nero Group PLC (a) | 455,278 | 1,810 | |
Cambrian Mining PLC (f) | 7,535,000 | 22,056 | |
Camco International Ltd. | 868,900 | 1,252 | |
Cardpoint PLC (a) | 345,300 | 671 | |
Central African Mining & Exploration Co. PLC (a) | 23,396,219 | 34,988 | |
Centurion Electronics PLC (f) | 44,001,239 | 903 | |
Ceres Power Holding PLC (a) | 1,039,400 | 6,085 | |
Chaco Resources PLC (a) | 11,189,600 | 3,214 | |
Chaucer Holdings PLC | 3,529,713 | 4,442 | |
Clapham House Group PLC (a) | 607,050 | 2,375 | |
Cobra Biomanufacturing PLC (a) | 701,900 | 560 | |
Coffeeheaven International PLC (a)(f) | 6,715,909 | 2,970 | |
Corac Group PLC (a)(f) | 5,349,104 | 4,756 | |
Corin Group PLC | 1,210,314 | 6,721 | |
Countermine PLC (h) | 4,939 | 465 | |
Countermine PLC warrants 7/26/06 (a)(h) | 4,939 | 0 | |
CustomVis PLC (a) | 1,558,936 | 142 | |
DA Group PLC (a)(f) | 1,800,165 | 1,986 | |
Domino's Pizza UK & IRL PLC | 1 | 0 | |
Dream Direct Group PLC (a) | 145,000 | 116 | |
Eclipse Energy Co. Ltd. (h) | 102,000 | 1,395 | |
Econergy International PLC | 675,000 | 1,219 | |
EnCore Oil PLC (a) | 7,777,985 | 4,291 | |
Eureka Mining PLC (a) | 381,700 | 940 | |
Europa Oil & Gas Holdings PLC (a) | 1,000,000 | 602 | |
Europa Oil & Gas Holdings PLC warrants 11/11/07 (a) | 500,000 | 78 | |
European Diamonds PLC (a) | 499,300 | 225 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
United Kingdom - continued | |||
Faroe Petroleum PLC (a) | 1,288,906 | $4,149 | |
Firestone Diamonds PLC (a) | 1,718,100 | 4,261 | |
Flomerics Group PLC | 449,658 | 865 | |
Forum Energy PLC (f) | 1,694,770 | 3,292 | |
Future PLC | 1,717,169 | 1,315 | |
Gemfields Resources PLC (e)(f) | 6,859,200 | 5,066 | |
GMA Resources PLC (a)(f) | 24,646,083 | 5,506 | |
Goals Soccer Centres PLC | 827,000 | 4,027 | |
Golden Prospect PLC | 1,931,500 | 2,272 | |
Goldshield Group PLC | 416,400 | 2,314 | |
GTL Resources PLC (a) | 13,669,072 | 910 | |
Gyrus Group PLC (a) | 538,800 | 3,729 | |
Hallin Marine Subsea International PLC | 1,047,700 | 1,529 | |
Hambledon Mining PLC (a) | 7,127,200 | 2,210 | |
Hardide Ltd. (f) | 12,301,000 | 3,365 | |
Healthcare Enterprise Group PLC (a)(f) | 16,540,108 | 3,921 | |
Highbury House Communications PLC (a) | 713,914 | 9 | |
Hot Tuna International PLC (f) | 2,359,400 | 1,743 | |
Hot Tuna International PLC warrants 2/25/08 (a)(h) | 1,179,700 | 188 | |
Hydrodec Group PLC (a)(f) | 16,486,086 | 10,523 | |
ID Data PLC (a)(f) | 84,350,500 | 1,185 | |
Ideal Shopping Direct PLC | 827,209 | 5,559 | |
Imperial College Innovations Ltd. (h) | 19,300 | 2,816 | |
Indago Petroleum Ltd. | 3,219,846 | 3,435 | |
Interbulk Investments PLC (a)(f) | 5,650,000 | 2,731 | |
International Con Minerals Ltd. (h) | 2,659,964 | 798 | |
International Con Minerals Ltd. warrants 10/31/07 (a)(h) | 1,329,982 | 0 | |
Intertek Group PLC | 116,310 | 1,749 | |
iomart Group PLC | 2,235,000 | 3,587 | |
IPSA Group PLC (f) | 3,246,075 | 2,871 | |
iSoft Group PLC | 974,600 | 2,088 | |
ITE Group PLC | 4,156,817 | 9,476 | |
ITM Power PLC (a)(e) | 3,307,600 | 19,514 | |
Jubilee Platinum PLC (a)(f) | 7,171,303 | 11,248 | |
Kalahari Minerals PLC | 3,563,200 | 1,332 | |
Kazakhgold Group Ltd. GDR | 56,700 | 1,579 | |
KimCor Diamonds PLC (f) | 4,370,000 | 1,215 | |
KimCor Diamonds PLC warrants 3/15/08 (a) | 2,185,000 | 219 | |
Lambert Howarth Group PLC | 252,392 | 774 | |
Landround PLC (f) | 358,600 | 350 | |
Lansdowne Oil & Gas PLC (a) | 917,620 | 1,456 | |
Lawrence PLC | 1,073,124 | 6,008 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
United Kingdom - continued | |||
London Asia Chinese Private Equity Fund Ltd. (a) | 527,000 | $1,074 | |
London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a) | 105,400 | 55 | |
LTG Technologies PLC (a)(f) | 19,549,772 | 3,209 | |
Manpower Software PLC (a) | 258,824 | 111 | |
Max Petroleum PLC (e) | 13,318,752 | 30,059 | |
Metals Exploration PLC (a)(f) | 2,820,077 | 1,787 | |
Metals Exploration PLC warrants 9/14/07 (a) | 1,410,039 | 379 | |
Mice Group PLC | 2,663,824 | 1,749 | |
Michelmersh Brick Holdings PLC | 528,900 | 945 | |
Monstermob Group PLC (a) | 226,461 | 1,285 | |
Motivcom PLC (f) | 2,035,000 | 3,804 | |
NDS Group PLC sponsored ADR (a) | 105,154 | 5,300 | |
NeuTec Pharma PLC (a) | 174,136 | 1,581 | |
NeutraHealth PLC (a)(f) | 7,328,100 | 1,570 | |
Oystertec PLC (a) | 7,009,687 | 0 | |
Pan African Resources PLC (a) | 3,955,600 | 631 | |
Peninsular Gold Ltd. (a) | 350,000 | 335 | |
Pilat Media Global PLC (a)(f) | 2,880,000 | 2,758 | |
Platinum Mining Corp. of India PLC (f) | 12,520,800 | 3,026 | |
Plethora Solutions Holdings PLC (a) | 431,818 | 1,709 | |
PlusNet Technologies Ltd. (a)(f) | 1,711,604 | 8,428 | |
Premier Oil PLC (a) | 159,291 | 2,984 | |
Proteome Sciences PLC (a) | 475,842 | 369 | |
Pureprofile Media PLC (h) | 1,108,572 | 1,011 | |
Pureprofile Media PLC warrants 7/31/06 (a)(h) | 251,428 | 0 | |
Pursuit Dynamics PLC (a) | 666,667 | 1,833 | |
QA PLC (a) | 13,554,656 | 328 | |
Rambler Metals & Mining PLC | 1,300,000 | 936 | |
Retail Decisions PLC (a) | 210,316 | 522 | |
Rheochem PLC (a)(f) | 8,728,300 | 3,144 | |
Rheochem PLC warrants 12/21/07 (a) | 4,364,150 | 0 | |
Ridge Mining PLC (a) | 235,000 | 235 | |
Royalblue Group PLC | 45,073 | 741 | |
Sarantel Group PLC Class A (a) | 536,700 | 372 | |
Scapa Group PLC (a) | 3,010,400 | 1,139 | |
SDL PLC (a) | 1,023,600 | 3,776 | |
Serabi Mining PLC | 1,690,800 | 1,364 | |
Sibir Energy PLC (a) | 84,580 | 845 | |
Sinclair Pharma PLC (a) | 2,238,696 | 4,899 | |
Sinosoft Technology PLC | 6,688,500 | 4,086 | |
Solomon Gold PLC (f) | 1,824,300 | 1,164 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
United Kingdom - continued | |||
SPI Lasers PLC | 658,000 | $3,270 | |
Spice Holdings PLC | 771,200 | 3,896 | |
Stem Cell Sciences PLC | 716,649 | 869 | |
Sterling Energy PLC (a) | 5,469,067 | 2,917 | |
Stratex International PLC | 5,300,000 | 846 | |
SubSea Resources PLC (a)(f) | 8,729,100 | 6,169 | |
SubSea Resources PLC warrants 11/4/09 (a) | 1,805,625 | 477 | |
Synchronica PLC (a) | 1,806,000 | 856 | |
Synergy Healthcare PLC | 314,553 | 2,799 | |
Taghmen Energy PLC (a)(f) | 4,645,755 | 3,897 | |
Taghmen Energy PLC warrants 4/30/07 (a) | 2,279,573 | 294 | |
Tanfield Group PLC (a)(f) | 14,582,131 | 6,183 | |
Teesland PLC | 517,000 | 915 | |
Tersus Energy PLC (a) | 1,420,122 | 1,036 | |
Theratase PLC | 1,725,000 | 1,479 | |
Third Advance Value Realisation Co. Uk Ltd. (a) | 507,108 | 962 | |
Tikit Group PLC (f) | 695,362 | 2,555 | |
TMO Biotec (h) | 10,000 | 547 | |
Toledo Mining Corp. PLC (a) | 921,144 | 2,024 | |
Triple Plate Junction PLC (a) | 3,638,000 | 1,327 | |
Triple Plate Junction PLC warrants 5/9/07 (a) | 1,818,750 | 0 | |
Tristel PLC | 274,418 | 328 | |
UK Coal PLC | 1,087,069 | 3,232 | |
Unibet Group PLC unit | 232,256 | 5,997 | |
Vectura Group PLC (a) | 2,859,400 | 6,388 | |
Victoria Oil & Gas PLC (a) | 2,533,500 | 11,597 | |
Whatman PLC | 280,100 | 1,603 | |
White Nile Ltd. (a) | 200,000 | 658 | |
William Ransom & Son PLC | 3,629,500 | 3,078 | |
Windsor PLC | 700,000 | 629 | |
World Gaming PLC (a) | 1,170,500 | 3,501 | |
ZincOx Resources PLC (a) | 970,000 | 4,865 | |
TOTAL UNITED KINGDOM | 530,986 | ||
United States of America - 1.8% | |||
121Media, Inc. (a)(f) | 718,205 | 3,929 | |
Central European Distribution Corp. (a)(e) | 42,800 | 1,757 | |
Chindex International, Inc. (a)(e) | 138,900 | 1,733 | |
Cyberscan Technology, Inc. (f) | 996,527 | 6,815 | |
Frontera Resources Corp. (a) | 2,300,000 | 5,055 | |
Frontier Mining Ltd. (a) | 6,115,691 | 3,346 | |
Marathon Oil Corp. | 39,900 | 3,166 | |
Common Stocks - continued | |||
Shares | Value (Note 1) (000s) | ||
United States of America - continued | |||
NTL, Inc. (a) | 94,100 | $2,586 | |
Solar Integrated Technologies, Inc. (a) | 1,534,773 | 9,069 | |
Trico Marine Services, Inc. (a) | 57,800 | 1,931 | |
Uramin, Inc. warrants 7/26/08 (a)(h) | 666,666 | 376 | |
UTEK Corp. (Reg. S) | 25,000 | 400 | |
Valero Energy Corp. | 70,900 | 4,590 | |
XL TechGroup, Inc. (a) | 1,442,680 | 8,551 | |
TOTAL UNITED STATES OF AMERICA | 53,304 | ||
TOTAL COMMON STOCKS (Cost $2,067,358) | 2,911,944 | ||
Nonconvertible Preferred Stocks - 0.5% | |||
Germany - 0.4% | |||
Fresenius AG (non-vtg.) | 70,528 | 12,204 | |
United Kingdom - 0.1% | |||
Third Advance Value Realisation Co. Uk Ltd. (a) | 1,183,252 | 2,126 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $7,326) | 14,330 | ||
Investment Companies - 0.0% | |||
United Kingdom - 0.0% | |||
The Greenhouse Fund Ltd. (a) | 1,750,000 | 431 |
Corporate Bonds - 0.3% | ||||
Principal Amount (000s)(d) | ||||
Convertible Bonds - 0.3% | ||||
Canada - 0.2% | ||||
Western Canadian Coal Corp. 7.5% 3/24/11 | CAD | 7,400 | 6,487 | |
United Kingdom - 0.1% | ||||
BioCare Solutions Ltd. 1% 12/31/06 (h) | GBP | 54,768 | 999 | |
TOTAL CONVERTIBLE BONDS | 7,486 | |||
Corporate Bonds - continued | ||||
Principal Amount (000s)(d) | Value (Note 1) (000s) | |||
Nonconvertible Bonds - 0.0% | ||||
Norway - 0.0% | ||||
Songa Offshore ASA 9% 9/8/10 (g) | $600 | $599 | ||
TOTAL CORPORATE BONDS (Cost $7,949) | 8,085 |
Money Market Funds - 8.2% | |||
Shares | |||
Fidelity Cash Central Fund, 4.8% (b) | 29,429,119 | 29,429 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 212,629,515 | 212,630 | |
TOTAL MONEY MARKET FUNDS (Cost $242,059) | 242,059 | ||
TOTAL INVESTMENT PORTFOLIO - 107.2% (Cost $2,324,999) | 3,176,849 | ||
NET OTHER ASSETS - (7.2)% | (212,831) | ||
NET ASSETS - 100% | $2,964,018 |
Currency Abbreviations | ||
CAD | - | Canadian dollar |
GBP | - | British pound |
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. |
(c)Investment made with cash collateral received from securities on loan. |
(d)Principal amount is stated in United States dollars unless otherwise noted. |
(e)Security or a portion of the security is on loan at period end. |
(f)Affiliated company |
(g)Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $599,000 or 0.0% of net assets. |
(h)Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $26,044,000 or 0.9% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Advent Air Ltd. | 4/18/06 | $1,310 |
Appian Technology PLC warrants 2/28/08 | 2/18/05 | $- |
Belitung Zinc Corp. PLC | 1/12/06 | $1,308 |
BioCare Solutions Ltd. 1% 12/31/06 | 8/3/05 | $974 |
Countermine PLC | 12/22/05 | $443 |
Countermine PLC warrants 7/26/06 | 12/22/05 | $- |
Eclipse Energy Co. Ltd. | 4/28/05 | $1,459 |
Hot Tuna International PLC warrants 2/25/08 | 2/14/06 | $- |
Imperial College Innovations Ltd. | 4/27/05 | $2,942 |
International Con Minerals Ltd. | 1/30/06 | $798 |
International Con Minerals Ltd. warrants 10/31/07 | 1/30/06 | $- |
MagIndustries Corp. | 3/16/06 | $7,686 |
Pertra Midt-Norges AS | 6/28/05 | $911 |
Pureprofile Media PLC | 5/3/05 - 1/11/06 | $1,173 |
Pureprofile Media PLC warrants 7/31/06 | 5/3/05 | $- |
Rock Well Petroleum, Inc. | 4/13/06 | $1,004 |
Songa Offshore ASA warrants 6/8/08 | 6/8/05 | $- |
Starfield Resources, Inc. | 1/17/06 | $577 |
StrataGold Corp. | 4/6/06 | $842 |
TMO Biotec | 10/27/05 | $535 |
Uramin, Inc. warrants 7/26/08 | 8/24/05 | $- |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $735 |
Fidelity Securities Lending Cash Central Fund | 1,396 |
Total | $2,131 |
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: |
Affiliates | Value, | Purchases | Sales Proceeds | Dividend Income | Value, |
121Media, Inc. | $1,832 | $307 | $- | $- | $3,929 |
Advanced Technology (UK) PLC | - | - | - | - | - |
Adwalker PLC | 1,292 | - | - | - | 999 |
Afren PLC | 12,040 | 2,657 | 2,876 | - | 20,696 |
Alliance Pharma PLC | 2,924 | - | 318 | - | 2,730 |
Ascent Resources PLC | 2,603 | 526 | 753 | - | 2,873 |
Autoclenz Holdings PLC | - | 1,213 | - | - | 1,328 |
Avanti Screenmedia Group PLC | - | 7,564 | - | - | 8,870 |
BDI Mining Corp. | 4,646 | 494 | - | - | 4,298 |
Bioprogress PLC | 2,479 | 4,451 | - | - | 7,765 |
Blackstar Investors PLC | - | 5,074 | - | - | 6,124 |
BowLeven PLC | 9,158 | 1,215 | - | - | 5,762 |
Cambrian Mining PLC | 15,024 | 3,024 | - | 156 | 22,056 |
Centurion Electronics PLC | 574 | 366 | - | - | 903 |
Coffeeheaven International PLC | 1,580 | 1,537 | 577 | - | 2,970 |
Corac Group PLC | 2,146 | 283 | - | - | 4,756 |
Cyberscan Technology, Inc. | 1,725 | 8,966 | - | - | 6,815 |
DA Group PLC | 2,490 | - | 64 | - | 1,986 |
EnCore Oil PLC (formerly, Oil Quest Resources PLC) | 596 | - | - | - | - |
Forum Energy PLC | 2,505 | 1,207 | - | - | 3,292 |
Fox Resources Ltd. | 844 | - | - | - | - |
Frontier Mining Ltd. | 2,220 | - | - | - | - |
Affiliates | Value, | Purchases | Sales Proceeds | Dividend Income | Value, |
Gemfields Resources PLC | $- | $5,312 | $- | $- | $5,066 |
GMA Resources PLC | 3,026 | - | - | - | 5,506 |
Hardide Ltd. | 2,909 | - | 27 | - | 3,365 |
Healthcare Enterprise Group PLC | 10,604 | 2,028 | - | - | 3,921 |
Hot Tuna International PLC | - | 2,049 | - | - | 1,743 |
Hydrodec Group PLC | 2,730 | 5,558 | - | - | 10,523 |
ID Data PLC | 1,344 | - | - | - | 1,185 |
Inion OY | 3,466 | 2,117 | - | - | 4,604 |
Interbulk Investments PLC | - | 2,006 | 48 | - | 2,731 |
International Ferro Metals | 15,854 | 600 | 26 | - | 18,919 |
IPSA Group PLC | 2,128 | - | 434 | - | 2,871 |
Jubilee Platinum PLC | 3,339 | 4,414 | 791 | - | 11,248 |
KimCor Diamonds PLC | - | 1,147 | - | - | 1,215 |
Kura Corp. Ltd. | 18,905 | 588 | - | - | 19,554 |
Lambert Howarth Group PLC | 6,291 | - | 4,755 | 96 | - |
Landround PLC | 582 | 54 | - | - | 350 |
Leadcom Integrated Solutions | 4,705 | - | 1,258 | 57 | - |
LTG Technologies PLC | 2,294 | 1,300 | - | - | 3,209 |
Metals Exploration PLC | 624 | - | - | - | 1,787 |
Mintails Ltd. | - | 1,466 | - | - | 1,841 |
Motivcom PLC (formerly, P&MM Group PLC) | 3,423 | - | - | 27 | 3,804 |
NeutraHealth PLC | 1,719 | - | - | - | 1,570 |
Pilat Media Global PLC | 2,244 | - | - | - | 2,758 |
Platinum Mining Corp. of India PLC | 3,602 | - | - | - | 3,026 |
PlusNet Technologies Ltd. | 7,340 | 720 | - | - | 8,428 |
PSI AG | 3,396 | - | - | - | 5,748 |
Rheochem PLC | 1,854 | - | - | - | 3,144 |
Solomon Gold PLC | - | 1,588 | - | - | 1,164 |
Sphere Investments Ltd. | 2,552 | - | 249 | - | - |
Starfield Resources, Inc. | 3,741 | - | 967 | - | 4,279 |
Starfield Resources, Inc. (restricted) | - | 577 | - | - | 689 |
Stepstone ASA | 5,719 | - | - | - | - |
SubSea Resources PLC | 4,362 | 52 | - | - | 6,169 |
Sylvania Resources Ltd. | 2,738 | 472 | - | - | 5,067 |
Affiliates | Value, | Purchases | Sales Proceeds | Dividend Income | Value, |
Synchronica PLC (formerly, Dat Group PLC) | $$1,263 | $- | $- | $- | $- |
Taghmen Energy PLC | 5,671 | - | 102 | - | 3,897 |
Tanfield Group PLC | 2,911 | 2,114 | - | - | 6,183 |
Tanzanite One Ltd. | 4,936 | 10,260 | - | - | 17,889 |
Teleunit Spa | 3,683 | 710 | 28 | 94 | 2,958 |
Tikit Group PLC | 2,436 | - | 92 | 22 | 2,555 |
Visual Defence, Inc. | 1,379 | 1,024 | - | - | 3,045 |
Xceldiam Ltd. | 2,643 | - | - | - | 2,965 |
Total | $213,091 | $85,040 | $13,365 | $452 | $293,128 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2006 | |
Assets | ||
Investment in securities, at value (including securities loaned of $201,539) - See accompanying schedule: Unaffiliated issuers (cost $1,832,224) | $2,641,662 | |
Affiliated Central Funds (cost $242,059) | 242,059 | |
Other affiliated issuers (cost $250,716) | 293,128 | |
Total Investments (cost $2,324,999) | $3,176,849 | |
Cash | 84 | |
Foreign currency held at value (cost $4,379) | 4,405 | |
Receivable for investments sold | 24,577 | |
Receivable for fund shares sold | 4,375 | |
Dividends receivable | 5,617 | |
Interest receivable | 201 | |
Prepaid expenses | 6 | |
Receivable from investment adviser for expense reductions | 1 | |
Other receivables | 634 | |
Total assets | 3,216,749 | |
Liabilities | ||
Payable for investments purchased | $34,762 | |
Payable for fund shares redeemed | 2,138 | |
Accrued management fee | 2,303 | |
Distribution fees payable | 72 | |
Other affiliated payables | 554 | |
Other payables and accrued expenses | 272 | |
Collateral on securities loaned, at value | 212,630 | |
Total liabilities | 252,731 | |
Net Assets | $2,964,018 | |
Net Assets consist of: | ||
Paid in capital | $1,874,712 | |
Undistributed net investment income | 1,257 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 236,148 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 851,901 | |
Net Assets | $2,964,018 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2006 | |
Calculation of Maximum Offering Price | $32.33 | |
Maximum offering price per share (100/94.25 of $32.33) | $34.30 | |
Class T: | $32.20 | |
Maximum offering price per share (100/96.50 of $32.20) | $33.37 | |
Class B: | $31.85 | |
Class C: | $31.93 | |
International Small Cap: | $32.53 | |
Institutional Class: | $32.49 |
ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Six months ended April 30, 2006 | |
Investment Income | ||
Dividends (including $452 received from other affiliated issuers) | $16,516 | |
Interest | 151 | |
Income from affiliated Central Funds (including $1,396 from security lending) | 2,131 | |
18,798 | ||
Less foreign taxes withheld | (852) | |
Total income | 17,946 | |
Expenses | ||
Management fee | $11,067 | |
Performance adjustment | 1,257 | |
Transfer agent fees | 2,546 | |
Distribution fees | 386 | |
Accounting and security lending fees | 604 | |
Independent trustees' compensation | 5 | |
Custodian fees and expenses | 564 | |
Registration fees | 77 | |
Audit | 53 | |
Legal | 10 | |
Miscellaneous | 12 | |
Total expenses before reductions | 16,581 | |
Expense reductions | (933) | 15,648 |
Net investment income (loss) | 2,298 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $424) | 256,131 | |
Other affiliated issuers | 1,423 | |
Foreign currency transactions | (210) | |
Total net realized gain (loss) | 257,344 | |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $297) | 505,088 | |
Assets and liabilities in foreign currencies | 92 | |
Total change in net unrealized appreciation (depreciation) | 505,180 | |
Net gain (loss) | 762,524 | |
Net increase (decrease) in net assets resulting from operations | $764,822 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $2,298 | $10,862 |
Net realized gain (loss) | 257,344 | 242,238 |
Change in net unrealized appreciation (depreciation) | 505,180 | 169,248 |
Net increase (decrease) in net assets resulting | 764,822 | 422,348 |
Distributions to shareholders from net investment income | (10,829) | (3,406) |
Distributions to shareholders from net realized gain | (234,438) | (45,235) |
Total distributions | (245,267) | (48,641) |
Share transactions - net increase (decrease) | 231,934 | 701,403 |
Redemption fees | 169 | 1,213 |
Total increase (decrease) in net assets | 751,658 | 1,076,323 |
Net Assets | ||
Beginning of period | 2,212,360 | 1,136,037 |
End of period (including undistributed net investment income of $1,257 and undistributed net investment income of $10,862, respectively) | $2,964,018 | $2,212,360 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class A
Six months ended | Years ended October 31, | |||
2006 | 2005 | 2004 | 2003 G | |
Selected Per-Share Data | ||||
Net asset value, beginning of period | $26.69 | $21.25 | $17.69 | $12.35 |
Income from Investment Operations | ||||
Net investment income (loss) E | (.02) | .05 | .02 | .02 F |
Net realized and unrealized gain (loss) | 8.60 | 6.16 | 3.83 | 5.30 |
Total from investment operations | 8.58 | 6.21 | 3.85 | 5.32 |
Distributions from net investment income | (.05) | (.02) | (.02) | - |
Distributions from net realized gain | (2.89) | (.77) | (.31) | - |
Total distributions | (2.94) | (.79) | (.33) | - |
Redemption fees added to paid in capital E | - I | .02 | .04 | .02 |
Net asset value, end of period | $32.33 | $26.69 | $21.25 | $17.71 |
Total Return B, C, D | 35.01% | 30.16% | 22.36% | 43.24% |
Ratios to Average Net Assets H | ||||
Expenses before reductions | 1.63% A | 1.66% | 1.71% | 1.77% A |
Expenses net of fee waivers, if any | 1.63% A | 1.66% | 1.71% | 1.77% A |
Expenses net of all reductions | 1.56% A | 1.63% | 1.69% | 1.74% A |
Net investment income (loss) | (.15)% A | .21% | .09% | .28% A |
Supplemental Data | ||||
Net assets, end of period (in millions) | $47 | $35 | $13 | $5 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% A |
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FInvestment income per share reflects a special dividend which amounted to $.01 per share.
GFor the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class T
Six months ended | Years ended October 31, | |||
2006 | 2005 | 2004 | 2003 G | |
Selected Per-Share Data | ||||
Net asset value, beginning of period | $26.57 | $21.20 | $17.68 | $12.35 |
Income from Investment Operations | ||||
Net investment income (loss) E | (.06) | (.01) | (.03) | - F, I |
Net realized and unrealized gain (loss) | 8.57 | 6.12 | 3.83 | 5.31 |
Total from investment operations | 8.51 | 6.11 | 3.80 | 5.31 |
Distributions from net investment income | - | - | (.01) | - |
Distributions from net realized gain | (2.88) | (.76) | (.31) | - |
Total distributions | (2.88) | (.76) | (.32) | - |
Redemption fees added to paid in capital E | - I | .02 | .04 | .02 |
Net asset value, end of period | $32.20 | $26.57 | $21.20 | $17.65 |
Total Return B, C, D | 34.83% | 29.72% | 22.07% | 43.16% |
Ratios to Average Net Assets H | ||||
Expenses before reductions | 1.88% A | 1.92% | 1.94% | 2.12% A |
Expenses net of fee waivers, if any | 1.88% A | 1.91% | 1.94% | 2.12% A |
Expenses net of all reductions | 1.81% A | 1.88% | 1.92% | 2.09% A |
Net investment income (loss) | (.40)% A | (.04)% | (.14)% | (.07)% A |
Supplemental Data | ||||
Net assets, end of period (in millions) | $56 | $42 | $15 | $4 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% A |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FInvestment income per share reflects a special dividend which amounted to $.01 per share.
GFor the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class B
Six months ended | Years ended October 31, | |||
2006 | 2005 | 2004 | 2003 G | |
Selected Per-Share Data | ||||
Net asset value, beginning of period | $26.24 | $20.99 | $17.62 | $12.35 |
Income from Investment Operations | ||||
Net investment income (loss) E | (.13) | (.14) | (.16) | (.05) F |
Net realized and unrealized gain (loss) | 8.47 | 6.08 | 3.80 | 5.30 |
Total from investment operations | 8.34 | 5.94 | 3.64 | 5.25 |
Distributions from net realized gain | (2.73) | (.71) | (.31) | - |
Redemption fees added to paid in capital E | - I | .02 | .04 | .02 |
Net asset value, end of period | $31.85 | $26.24 | $20.99 | $17.52 |
Total Return B, C, D | 34.43% | 29.13% | 21.21% | 42.67% |
Ratios to Average Net Assets H | ||||
Expenses before reductions | 2.47% A | 2.49% | 2.63% | 2.76% A |
Expenses net of fee waivers, if any | 2.40% A | 2.43% | 2.63% | 2.76% A |
Expenses net of all reductions | 2.33% A | 2.40% | 2.60% | 2.73% A |
Net investment income (loss) | (.92)% A | (.56)% | (.83)% | (.71)% A |
Supplemental Data | ||||
Net assets, end of period (in millions) | $16 | $13 | $5 | $1 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% A |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FInvestment income per share reflects a special dividend which amounted to $.01 per share.
GFor the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class C
Six months ended | Years ended October 31, | |||
2006 | 2005 | 2004 | 2003 G | |
Selected Per-Share Data | ||||
Net asset value, beginning of period | $26.31 | $21.04 | $17.64 | $12.35 |
Income from Investment Operations | ||||
Net investment income (loss) E | (.13) | (.13) | (.12) | (.04) F |
Net realized and unrealized gain (loss) | 8.50 | 6.10 | 3.80 | 5.31 |
Total from investment operations | 8.37 | 5.97 | 3.68 | 5.27 |
Distributions from net investment income | - | - | (.01) | - |
Distributions from net realized gain | (2.75) | (.72) | (.31) | - |
Total distributions | (2.75) | (.72) | (.32) | - |
Redemption fees added to paid in capital E | - I | .02 | .04 | .02 |
Net asset value, end of period | $31.93 | $26.31 | $21.04 | $17.73 |
Total Return B, C, D | 34.50% | 29.22% | 21.43% | 42.83% |
Ratios to Average Net Assets H | ||||
Expenses before reductions | 2.37% A | 2.41% | 2.43% | 2.57% A |
Expenses net of fee waivers, if any | 2.37% A | 2.41% | 2.43% | 2.57% A |
Expenses net of all reductions | 2.30% A | 2.38% | 2.40% | 2.55% A |
Net investment income (loss) | (.89)% A | (.54)% | (.62)% | (.52)% A |
Supplemental Data | ||||
Net assets, end of period (in millions) | $32 | $25 | $9 | $1 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% A |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FInvestment income per share reflects a special dividend which amounted to $.01 per share.
GFor the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - International Small Cap
Six months ended | Years ended October 31, | ||||
2006 | 2005 | 2004 | 2003 | 2002 F | |
Selected Per-Share Data | |||||
Net asset value, beginning of period | $26.89 | $21.36 | $17.71 | $9.87 | $10.00 |
Income from Investment Operations | |||||
Net investment income (loss) D | .03 | .15 | .10 | .07 E | (.01) |
Net realized and unrealized gain (loss) | 8.64 | 6.19 | 3.84 | 7.75 | (.12) |
Total from investment operations | 8.67 | 6.34 | 3.94 | 7.82 | (.13) |
Distributions from net investment income | (.14) | (.06) | (.02) | - | - |
Distributions from net realized gain | (2.89) | (.77) | (.31) | (.02) | - |
Total distributions | (3.03) | (.83) | (.33) | (.02) | - |
Redemption fees added to paid in capital D | - H | .02 | .04 | .04 | - H |
Net asset value, end of period | $32.53 | $26.89 | $21.36 | $17.71 | $9.87 |
Total Return B, C | 35.19% | 30.67% | 22.84% | 79.78% | (1.30)% |
Ratios to Average Net Assets G | |||||
Expenses before reductions | 1.27% A | 1.28% | 1.30% | 1.54% | 13.70% A |
Expenses net of fee waivers, if any | 1.27% A | 1.28% | 1.30% | 1.54% | 1.80% A |
Expenses net of all reductions | 1.19% A | 1.25% | 1.28% | 1.51% | 1.80% A |
Net investment income (loss) | .22% A | .59% | .50% | .46% | (.56)% A |
Supplemental Data | |||||
Net assets, end of period (in millions) | $2,801 | $2,090 | $1,091 | $547 | $3 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% | 85% A |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DCalculated based on average shares outstanding during the period.
EInvestment income per share reflects a special dividend which amounted to $.03 per share.
FFor the period September 18, 2002 (commencement of operations) to October 31, 2002.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Institutional Class
Six months ended | Years ended October 31, | |||
2006 | 2005 | 2004 | 2003 F | |
Selected Per-Share Data | ||||
Net asset value, beginning of period | $26.86 | $21.36 | $17.72 | $12.35 |
Income from Investment Operations | ||||
Net investment income (loss) D | .03 | .14 | .10 | .04 E |
Net realized and unrealized gain (loss) | 8.63 | 6.18 | 3.84 | 5.31 |
Total from investment operations | 8.66 | 6.32 | 3.94 | 5.35 |
Distributions from net investment income | (.14) | (.07) | (.03) | - |
Distributions from net realized gain | (2.89) | (.77) | (.31) | - |
Total distributions | (3.03) | (.84) | (.34) | - |
Redemption fees added to paid in capital D | - H | .02 | .04 | .02 |
Net asset value, end of period | $32.49 | $26.86 | $21.36 | $17.72 |
Total Return B, C | 35.21% | 30.59% | 22.84% | 43.48% |
Ratios to Average Net Assets G | ||||
Expenses before reductions | 1.29% A | 1.30% | 1.32% | 1.51% A |
Expenses net of fee waivers, if any | 1.29% A | 1.30% | 1.32% | 1.51% A |
Expenses net of all reductions | 1.21% A | 1.27% | 1.29% | 1.48% A |
Net investment income (loss) | .20% A | .57% | .49% | .54% A |
Supplemental Data | ||||
Net assets, end of period (in millions) | $11 | $7 | $3 | $.4 |
Portfolio turnover rate | 99% A | 79% | 77% | 84% A |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DCalculated based on average shares outstanding during the period.
EInvestment income per share reflects a special dividend which amounted to $.01 per share.
FFor the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2006
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
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 fund is currently closed to most new accounts. 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 B, Class C, International Small Cap 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. 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 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.
The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.
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. 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. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Security Valuation - continued
days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.
Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Semiannual Report
1. Significant Accounting Policies - continued
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. 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 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 generally accepted accounting principles. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. 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)and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $925,779 | |
Unrealized depreciation | (92,898) | |
Net unrealized appreciation (depreciation) | $832,881 | |
Cost for federal income tax purposes | $2,343,968 |
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 90 days are subject to a redemption fee equal to 2.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the fund and accounted for as an addition to paid in capital.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
2. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
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.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,264,205 and $1,257,674, respectively.
4. 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 a group fee rate that averaged .27% 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 investment performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .97% of the fund's average net assets.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. 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 and the total amounts paid to and retained by FDC were as follows:
Distribution | Service | Paid to | Retained | |
Class A | 0% | .25% | $50 | $1 |
Class T | .25% | .25% | 122 | - |
Class B | .75% | .25% | 72 | 54 |
Class C | .75% | .25% | 142 | 31 |
$386 | $86 |
Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $5 |
Class T | 4 |
Class B* | 25 |
Class C* | 1 |
$35 |
*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, except for International Small Cap. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Small Cap shares. FIIOC and FSC receive 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
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
the fund. FIIOC and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period the total transfer agent fees paid by each class to FIIOC or FSC, were as follows:
Amount | % of | |
Class A | $62 | .31* |
Class T | 76 | .31* |
Class B | 29 | .40* |
Class C | 42 | .30* |
International Small Cap | 2,327 | .19* |
Institutional Class | 10 | .21* |
$2,546 |
*Annualized
Accounting and Security Lending Fees. FSC maintains the fund's accounting records. The accounting fee is based on the level of average net assets for the 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.
Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
The Money Market Central Funds do not pay a management fee.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 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 amounts to $4 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
6. Security Lending.
The fund lends portfolio securities from time to time in order to earn additional income. 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 fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities.
7. 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, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
Expense | Reimbursement | |
Class B | 2.40% | $5 |
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 $918 for the period. In addition, through arrangements with the fund's custodian and each class' transfer agent, 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 $1. During the period, credits reduced each class' transfer agent expense as noted in the table below.
Transfer Agent | ||
International Small Cap | $9 |
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
8. 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.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income | ||
Class A | $62 | $14 |
International Small Cap | 10,725 | 3,381 |
Institutional Class | 42 | 11 |
Total | $10,829 | $3,406 |
From net realized gain | ||
Class A | $3,713 | $542 |
Class T | 4,531 | 602 |
Class B | 1,340 | 221 |
Class C | 2,559 | 359 |
International Small Cap | 221,459 | 43,388 |
Institutional Class | 836 | 123 |
Total | $234,438 | $45,235 |
10. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended April 30, | Year ended | Six months ended | Year ended | |
Class A | ||||
Shares sold | 216 | 915 | $6,256 | $22,252 |
Reinvestment of distributions | 125 | 20 | 3,194 | 427 |
Shares redeemed | (189) | (255) | (5,362) | (6,421) |
Net increase (decrease) | 152 | 680 | $4,088 | $16,258 |
Semiannual Report
10. Share Transactions - continued
Shares | Dollars | |||
Six months ended April 30, | Year ended | Six months ended | Year ended | |
Class T | ||||
Shares sold | 267 | 1,286 | $7,656 | $31,179 |
Reinvestment of distributions | 165 | 24 | 4,209 | 531 |
Shares redeemed | (251) | (457) | (7,195) | (11,453) |
Net increase (decrease) | 181 | 853 | $4,670 | $20,257 |
Class B | ||||
Shares sold | 55 | 415 | $1,537 | $9,882 |
Reinvestment of distributions | 48 | 9 | 1,212 | 199 |
Shares redeemed | (88) | (178) | (2,467) | (4,336) |
Net increase (decrease) | 15 | 246 | $282 | $5,745 |
Class C | ||||
Shares sold | 85 | 680 | $2,369 | $16,301 |
Reinvestment of distributions | 80 | 13 | 2,032 | 272 |
Shares redeemed | (106) | (147) | (3,002) | (3,591) |
Net increase (decrease) | 59 | 546 | $1,399 | $12,982 |
International Small Cap | ||||
Shares sold | 12,076 | 51,579 | $347,010 | $1,266,283 |
Reinvestment of distributions | 8,379 | 2,008 | 216,010 | 43,867 |
Shares redeemed | (12,099) | (26,924) | (343,047) | (667,826) |
Net increase (decrease) | 8,356 | 26,663 | $219,973 | $642,324 |
Institutional Class | ||||
Shares sold | 65 | 259 | $1,894 | $6,323 |
Reinvestment of distributions | 20 | 3 | 506 | 59 |
Shares redeemed | (30) | (105) | (878) | (2,545) |
Net increase (decrease) | 55 | 157 | $1,522 | $3,837 |
Semiannual Report
Report of Independent Registered Public Accounting Firm
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, 2006, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months ended April 30, 2006 and for the year ended October 31, 2005, and the financial highlights for the six months ended April 30, 2006 and for the periods from September 18, 2002 (commencement of operations) to October 31, 2005. 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 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, 2006, 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, 2006, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2006 and for the year ended October 31, 2005, and its financial highlights for the six months ended April 30, 2006 and for the periods from September 18, 2002 (commencement of operations) to October 31, 2005, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
Semiannual Report
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 23, 2006
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Small Cap Fund
On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.
The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.
Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.
In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including 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; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.
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Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis
Company (formerly Fidelity
Management & Research (Far East) Inc.)
Fidelity International
Investment Advisors
Fidelity Investments Japan Limited
Fidelity International 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
Mellon Bank
Pittsburgh, PA
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
AISCI-USAN-0606
1.800646.102
Fidelity®
International Small Cap Opportunities
Fund
Semiannual Report
April 30, 2006
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at 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 Corp. 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 quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com/holdings.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d.
Edward C. Johnson 3d
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, 2005 to April 30, 2006).
Actual Expenses
The first line of the table below 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.
Hypothetical Example for Comparison Purposes
The second line of the table below 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.
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.
Beginning | Ending | Expenses Paid | |
Class A | |||
Actual | $1,000.00 | $1,472.00 | $9.75 |
HypotheticalA | $1,000.00 | $1,016.91 | $7.95 |
Class T | |||
Actual | $1,000.00 | $1,471.10 | $11.27 |
HypotheticalA | $1,000.00 | $1,015.67 | $9.20 |
Class B | |||
Actual | $1,000.00 | $1,467.70 | $14.68 |
HypotheticalA | $1,000.00 | $1,012.89 | $11.98 |
Class C | |||
Actual | $1,000.00 | $1,467.70 | $14.44 |
HypotheticalA | $1,000.00 | $1,013.09 | $11.78 |
International Small Cap Opportunities | |||
Actual | $1,000.00 | $1,475.40 | $7.79 |
HypotheticalA | $1,000.00 | $1,018.50 | $6.36 |
Institutional Class | |||
Actual | $1,000.00 | $1,475.40 | $7.49 |
HypotheticalA | $1,000.00 | $1,018.74 | $6.11 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Annualized | |
Class A | 1.59% |
Class T | 1.84% |
Class B | 2.40% |
Class C | 2.36% |
International Small Cap Opportunities | 1.27% |
Institutional Class | 1.22% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Japan38.9% | |||
Germany10.6% | |||
France8.0% | |||
United States of America6.6% | |||
United Kingdom5.5% | |||
Korea (South)5.4% | |||
Australia4.1% | |||
Sweden3.2% | |||
Norway2.2% | |||
Other15.5% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Japan35.3% | |||
France8.9% | |||
Korea (South)8.1% | |||
United Kingdom7.3% | |||
United States of America7.3% | |||
Germany6.7% | |||
Australia5.7% | |||
Norway3.1% | |||
Finland3.1% | |||
Other14.5% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 97.9 | 100.6 |
Short-Term Investments and Net Other Assets | 2.1 | (0.6) |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Titanium Metals Corp. (United States of America, Metals & Mining) | 2.1 | 1.4 |
Neopost SA (France, Office Electronics) | 1.4 | 2.0 |
Silicon On Insulator Technologies SA (SOITEC) (France, Semiconductors & Semiconductor Equipment) | 1.4 | 1.0 |
Techem AG (Germany, Commercial Services & Supplies) | 1.4 | 0.5 |
JGC Corp. (Japan, Construction & Engineering) | 1.3 | 1.1 |
SolarWorld AG (Germany, Electrical Equipment) | 1.3 | 1.3 |
GigaMedia Ltd. (Singapore, Internet Software & Services) | 1.2 | 0.0 |
Alstom SA (France, Electrical Equipment) | 1.2 | 1.7 |
Deutz AG (Germany, Machinery) | 1.2 | 0.0 |
KK daVinci Advisors (Japan, Real Estate) | 1.2 | 0.0 |
13.7 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Industrials | 28.1 | 26.5 |
Information Technology | 16.6 | 12.1 |
Materials | 16.1 | 12.4 |
Financials | 15.6 | 12.0 |
Consumer Discretionary | 11.2 | 17.0 |
Energy | 4.7 | 10.5 |
Health Care | 3.2 | 3.8 |
Consumer Staples | 2.4 | 5.9 |
Telecommunication Services | 0.0 | 0.4 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% | |||
Shares | Value (Note 1) | ||
Australia - 4.1% | |||
Coates Hire Ltd. | 1,015,059 | $4,749,912 | |
CSL Ltd. | 266,300 | 11,672,410 | |
Downer EDI Ltd. | 2,014,438 | 13,282,725 | |
Dyno Nobel Ltd. | 6,209,400 | 12,358,463 | |
PMP Ltd. (a) | 1,422,610 | 1,588,608 | |
United Group Ltd. | 500,000 | 5,017,488 | |
Zinifex Ltd. | 950,000 | 7,469,259 | |
TOTAL AUSTRALIA | 56,138,865 | ||
Austria - 1.0% | |||
Andritz AG | 76,474 | 13,409,266 | |
Bermuda - 1.3% | |||
Aquarius Platinum Ltd.: | |||
(Australia) | 316,310 | 4,550,996 | |
(United Kingdom) | 552,600 | 8,132,980 | |
SeaDrill Ltd. (a)(d) | 344,900 | 5,849,273 | |
TOTAL BERMUDA | 18,533,249 | ||
Cayman Islands - 1.3% | |||
Kingboard Chemical Holdings Ltd. | 3,599,000 | 9,492,674 | |
Suntech Power Holdings Co. Ltd. sponsored ADR | 251,600 | 8,627,364 | |
TOTAL CAYMAN ISLANDS | 18,120,038 | ||
China - 1.2% | |||
Advanced Semiconductor Manufacturing Corp. Ltd. (H Shares) | 1,686,000 | 419,690 | |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (d) | 488,600 | 6,649,846 | |
Global Bio-Chem Technology Group Co. Ltd. | 16,723,300 | 8,735,553 | |
TOTAL CHINA | 15,805,089 | ||
Finland - 2.1% | |||
KCI Konecranes Oyj | 734,000 | 13,603,691 | |
Metso Corp. | 389,900 | 15,495,396 | |
TOTAL FINLAND | 29,099,087 | ||
France - 8.0% | |||
Alstom SA (a) | 187,662 | 16,999,638 | |
ALTEN (a) | 282,691 | 10,699,713 | |
Compagnie Generale de Geophysique SA (a)(d) | 82,902 | 13,398,403 | |
Ingenico SA | 195,700 | 4,449,226 | |
Legrand SA | 217,300 | 6,360,432 | |
Neopost SA | 178,400 | 20,178,275 | |
Silicon On Insulator Technologies SA (SOITEC) (a) | 588,235 | 19,199,335 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
France - continued | |||
Vallourec SA | 7,500 | $9,746,246 | |
Zodiac SA | 150,000 | 9,708,397 | |
TOTAL FRANCE | 110,739,665 | ||
Germany - 10.6% | |||
Deutz AG (a)(d) | 1,836,700 | 16,823,399 | |
Fluxx AG (a)(d) | 200,000 | 2,636,848 | |
Grenkeleasing AG | 3,024 | 230,821 | |
Lanxess AG (a) | 255,000 | 10,430,187 | |
MG Technologies AG (d) | 699,100 | 13,230,293 | |
MLP AG | 229,400 | 5,629,268 | |
MPC Muenchmeyer Petersen Capital AG (d) | 95,957 | 8,062,872 | |
MTU Aero Engines Holding AG | 119,850 | 4,348,764 | |
Pfleiderer AG | 233,312 | 7,038,102 | |
Q-Cells AG | 56,900 | 5,251,284 | |
SolarWorld AG | 57,600 | 17,949,747 | |
Techem AG | 426,400 | 19,103,228 | |
United Internet AG | 131,400 | 8,620,602 | |
Wacker Chemie AG | 90,200 | 11,835,286 | |
Wincor Nixdorf AG | 110,900 | 15,950,536 | |
TOTAL GERMANY | 147,141,237 | ||
Hong Kong - 1.1% | |||
Guangzhou Investment Co. Ltd. | 17,376,000 | 3,473,721 | |
Hanny Holdings Ltd. | 3,088,018 | 1,891,851 | |
PYI Corp. Ltd. | 15,387,508 | 6,350,847 | |
SIM Technology Group | 7,242,000 | 3,362,594 | |
TOTAL HONG KONG | 15,079,013 | ||
Italy - 0.8% | |||
Banca Italease Spa (d) | 190,000 | 11,568,573 | |
Japan - 38.9% | |||
Access Co. Ltd. (a) | 1,233 | 11,044,215 | |
Air Water, Inc. (d) | 941,000 | 9,626,916 | |
Alpen Co. Ltd. | 140,000 | 5,692,207 | |
ARRK Corp. | 128,000 | 4,597,322 | |
Asahi Glass Co. Ltd. (d) | 480,000 | 6,777,958 | |
Asics Corp. | 470,000 | 5,732,865 | |
Asset Managers Co. Ltd. (d) | 3,916 | 11,451,399 | |
Atrium Co. Ltd. | 50,000 | 5,181,120 | |
Chiyoda Corp. | 186,000 | 4,181,427 | |
Credit Saison Co. Ltd. | 135,200 | 7,087,983 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
Daiei, Inc. (a)(d) | 255,000 | $7,613,612 | |
Dainippon Screen Manufacturing Co. Ltd. (d) | 533,000 | 5,569,879 | |
Diamond Lease Co. Ltd. (d) | 33,000 | 1,767,728 | |
Don Quijote Co. Ltd. (d) | 96,200 | 8,202,872 | |
EDION Corp. (d) | 439,800 | 10,640,167 | |
Elpida Memory, Inc. (a)(d) | 133,000 | 6,096,685 | |
Fujikura Ltd. | 675,000 | 7,806,586 | |
Furukawa Co. Ltd. (a)(d) | 1,000,000 | 2,555,434 | |
Furukawa Electric Co. Ltd. (a) | 866,000 | 6,912,791 | |
Haseko Corp. (a)(d) | 1,500,000 | 5,690,450 | |
Hisamitsu Pharmaceutical Co., Inc. | 300,000 | 9,246,982 | |
Hitachi Construction Machinery Co. Ltd. | 200,000 | 5,462,130 | |
Hitachi Metals Ltd. | 708,000 | 7,908,461 | |
Hokuhoku Financial Group, Inc. | 2,081,000 | 8,479,333 | |
Ichiyoshi Securities Co. Ltd. (d) | 384,900 | 7,047,346 | |
Intelligence Ltd. | 2,143 | 6,341,963 | |
Intelligent Wave, Inc. (d) | 3,737 | 9,484,022 | |
Izumiya Co. Ltd. (d) | 492,000 | 4,653,208 | |
Japan Asia Investment Co. Ltd. | 2,000 | 15,473 | |
Japan General Estate Co. Ltd. | 446,500 | 8,371,263 | |
Japan Steel Works Ltd. (d) | 700,000 | 4,905,379 | |
JGC Corp. | 1,063,000 | 18,622,920 | |
Joint Corp. | 315,000 | 10,345,555 | |
Kanto Tsukuba Bank Ltd. (a)(d) | 453,000 | 7,427,012 | |
Kenedix, Inc. | 2,000 | 10,309,550 | |
KK daVinci Advisors (a)(d) | 14,621 | 16,306,187 | |
Konaka Co. Ltd. | 250,000 | 5,301,866 | |
Kyushu-Shinwa Holdings, Inc. (a)(d) | 1,255,000 | 2,700,110 | |
Leopalace21 Corp. | 100,000 | 3,899,012 | |
Meiko Electronics Co. Ltd. | 95,000 | 7,257,959 | |
Meisei Industrial Co. Ltd. (a) | 683,000 | 4,978,178 | |
Miraial Co. Ltd. | 56,200 | 5,305,379 | |
Mitsubishi Logistics Corp. | 300,000 | 4,573,436 | |
Mitsui Engineering & Shipbuilding Co. | 1,599,000 | 5,111,183 | |
Nabtesco Corp. | 607,000 | 7,691,776 | |
NEOMAX Co. Ltd. (d) | 114,000 | 3,273,590 | |
NGK Insulators Ltd. | 400,000 | 5,729,089 | |
NGK Spark Plug Co. Ltd. | 199,000 | 4,368,826 | |
Nifco, Inc. (d) | 125,000 | 2,590,560 | |
Nippon Electric Glass Co. Ltd. | 188,000 | 4,242,898 | |
Nissan Chemical Industries Co. Ltd. | 280,000 | 4,745,554 | |
Nisshin Fudosan Co. Ltd. (d) | 119,900 | 1,756,252 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
OMC Card, Inc. | 855,500 | $13,545,261 | |
Organo Corp. | 460,000 | 4,508,101 | |
ORIX Corp. | 38,110 | 11,445,550 | |
OSG Corp. | 90,600 | 1,921,396 | |
Pal Co. Ltd. (d) | 40,000 | 2,933,041 | |
Promise Co. Ltd. | 86,250 | 5,317,014 | |
Ryohin Keikaku Co. Ltd. | 95,200 | 8,543,965 | |
Sankyo Seiki Manufacturing Co. Ltd. | 327,000 | 4,005,840 | |
Sojitz Corp. (a)(d) | 500,000 | 3,192,097 | |
Sugi Pharmacy Co. Ltd. | 197,000 | 4,619,012 | |
Sumco Corp. | 228,600 | 13,670,832 | |
Sumisho Lease Co. Ltd. | 20,100 | 1,152,606 | |
Sumitomo Titanium Corp. (d) | 56,800 | 11,182,929 | |
Sysmex Corp. | 50,000 | 2,243,688 | |
Take & Give Needs Co. Ltd. (a) | 5,034 | 7,647,702 | |
Teijin Ltd. | 1,155,000 | 7,921,449 | |
The Daimaru, Inc. | 472,000 | 6,872,237 | |
THK Co. Ltd. | 149,000 | 4,867,443 | |
Toho Tenax Co. Ltd. (a)(d) | 1,305,000 | 12,136,071 | |
Toho Titanium Co. Ltd. (d) | 66,000 | 4,920,659 | |
Tokai Carbon Co. Ltd. | 500,000 | 3,113,063 | |
Tokuyama Corp. | 715,000 | 11,797,893 | |
Tokyo Seimitsu Co. Ltd. | 53,400 | 3,174,692 | |
Tokyo Tomin Bank Ltd. | 25,600 | 1,279,157 | |
Tokyu Land Corp. | 265,000 | 2,254,973 | |
Toray Industries, Inc. | 1,220,000 | 11,431,307 | |
UFJ Central Leasing Co. Ltd. | 39,800 | 2,474,503 | |
Urban Corp. (d) | 466,700 | 6,926,218 | |
Valor Co. Ltd. | 44,000 | 896,422 | |
Venture Link Co. Ltd. (a)(d) | 1,548,200 | 6,553,084 | |
Yamada Denki Co. Ltd. | 50,000 | 5,448,957 | |
Yaskawa Electric Corp. (a) | 231,000 | 2,841,985 | |
Zeon Corp. | 400,000 | 5,434,029 | |
TOTAL JAPAN | 538,955,244 | ||
Korea (South) - 5.4% | |||
China Lotsynergy Holding Ltd. (a) | 11,890,000 | 2,453,665 | |
Daegu Bank Co. Ltd. | 304,900 | 5,722,029 | |
Daewoo Securities Co. Ltd. (a) | 413,920 | 7,504,675 | |
Daishin Securities Co. Ltd. | 235,210 | 5,499,000 | |
Hyundai Department Store Co. Ltd. | 86,410 | 8,291,477 | |
Hyundai Engineering & Construction Co. Ltd. (a) | 100,000 | 6,223,826 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Korea (South) - continued | |||
Korea Investment Holdings Co. Ltd. | 218,460 | $9,357,776 | |
LG Card Co. Ltd. (a) | 113,800 | 6,093,306 | |
NHN Corp. (a) | 23,867 | 8,477,386 | |
Samsung Securities Co. Ltd. | 107,760 | 6,763,923 | |
Shinhan Financial Group Co. Ltd. | 156,130 | 7,780,429 | |
TOTAL KOREA (SOUTH) | 74,167,492 | ||
Luxembourg - 0.5% | |||
Acergy SA (a) | 434,600 | 7,062,250 | |
Netherlands - 0.2% | |||
Fugro NV (Certificaten Van Aandelen) unit | 77,700 | 3,262,445 | |
Norway - 2.2% | |||
Deep Ocean ASA (a)(d) | 522,500 | 1,840,087 | |
Fred Olsen Energy ASA (a) | 98,900 | 4,678,722 | |
Petroleum Geo-Services ASA (a)(d) | 216,550 | 12,194,951 | |
ProSafe ASA | 50,000 | 2,969,911 | |
TANDBERG Television ASA (a) | 400,000 | 8,049,596 | |
TOTAL NORWAY | 29,733,267 | ||
Singapore - 1.2% | |||
GigaMedia Ltd. (a) | 2,063,020 | 17,061,175 | |
South Africa - 1.9% | |||
African Bank Investments Ltd. | 500,000 | 2,794,179 | |
Anglogold Ashanti Ltd. sponsored ADR (d) | 229,900 | 12,570,932 | |
Steinhoff International Holdings Ltd. | 2,821,000 | 11,180,778 | |
TOTAL SOUTH AFRICA | 26,545,889 | ||
Spain - 1.8% | |||
Abengoa SA | 200,000 | 6,240,121 | |
Azucarera Ebro Agricolas SA | 700,000 | 13,847,870 | |
Banco Pastor SA | 90,000 | 5,301,579 | |
TOTAL SPAIN | 25,389,570 | ||
Sweden - 3.2% | |||
Bergman & Beving AB (B Shares) | 300,000 | 6,359,992 | |
Boliden AB (d) | 545,000 | 11,072,569 | |
HIQ International AB (d) | 584,400 | 3,534,117 | |
Lindex AB (a) | 1,000,000 | 14,812,802 | |
Modern Times Group AB (MTG) (B Shares) (a) | 143,100 | 7,856,547 | |
TOTAL SWEDEN | 43,636,027 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Switzerland - 0.7% | |||
SEZ Holding AG (a) | 200,000 | $5,079,416 | |
Sulzer AG (Reg.) (d) | 6,000 | 5,060,066 | |
TOTAL SWITZERLAND | 10,139,482 | ||
Thailand - 0.4% | |||
Krung Thai Bank Public Co. Ltd. | 3,449,200 | 1,130,433 | |
Siam City Bank PLC (For. Reg.) | 6,816,200 | 4,322,557 | |
TOTAL THAILAND | 5,452,990 | ||
United Kingdom - 5.5% | |||
AMEC PLC | 1,054,600 | 7,568,291 | |
CSR PLC (a) | 194,246 | 4,282,957 | |
EMI Group PLC | 1,999,000 | 10,280,807 | |
Expro International Group PLC | 400,846 | 5,424,338 | |
Hunting PLC | 1,204,280 | 8,774,241 | |
Meggitt PLC | 2,634,431 | 16,167,289 | |
Optos PLC | 2,000,000 | 8,881,662 | |
Renovo Group PLC | 5,837,663 | 12,083,707 | |
Xansa PLC | 1,500,000 | 2,544,131 | |
TOTAL UNITED KINGDOM | 76,007,423 | ||
United States of America - 4.5% | |||
Allegheny Technologies, Inc. | 70,000 | 4,853,800 | |
Allied Waste Industries, Inc. (a) | 800,000 | 11,328,000 | |
Hexcel Corp. (a) | 612,700 | 13,534,543 | |
RTI International Metals, Inc. (a) | 53,300 | 3,205,462 | |
Titanium Metals Corp. (a)(d) | 414,800 | 29,720,417 | |
TOTAL UNITED STATES OF AMERICA | 62,642,222 | ||
TOTAL COMMON STOCKS (Cost $1,145,711,728) | 1,355,689,558 | ||
Money Market Funds - 16.9% | |||
Shares | Value (Note 1) | ||
Fidelity Cash Central Fund, 4.8% (b) | 57,411,887 | $57,411,887 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 176,482,087 | 176,482,087 | |
TOTAL MONEY MARKET FUNDS (Cost $233,893,974) | 233,893,974 | ||
TOTAL INVESTMENT PORTFOLIO - 114.8% (Cost $1,379,605,702) | 1,589,583,532 | ||
NET OTHER ASSETS - (14.8)% | (204,615,946) | ||
NET ASSETS - 100% | $1,384,967,586 |
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. |
(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 the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $576,679 |
Fidelity Securities Lending Cash Central Fund | 770,742 |
Total | $1,347,421 |
Income Tax Information |
At October 31, 2005, the fund had a capital loss carryforward of approximately $3,072,229 all of which will expire on October 31, 2013. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $170,005,450) - See accompanying schedule: Unaffiliated issuers (cost $1,145,711,728) | $1,355,689,558 | |
Affiliated Central Funds (cost $233,893,974) | 233,893,974 | |
Total Investments (cost $1,379,605,702) | $1,589,583,532 | |
Foreign currency held at value (cost $3,477,123) | 3,533,510 | |
Receivable for investments sold | 38,767,460 | |
Receivable for fund shares sold | 13,534,016 | |
Dividends receivable | 2,147,065 | |
Interest receivable | 89,129 | |
Prepaid expenses | 22,523 | |
Other affiliated receivables | 1,087 | |
Other receivables | 686,313 | |
Total assets | 1,648,364,635 | |
Liabilities | ||
Payable for investments purchased | $84,772,234 | |
Payable for fund shares redeemed | 754,796 | |
Accrued management fee | 916,819 | |
Distribution fees payable | 32,000 | |
Other affiliated payables | 242,391 | |
Other payables and accrued expenses | 196,722 | |
Collateral on securities loaned, at value | 176,482,087 | |
Total liabilities | 263,397,049 | |
Net Assets | $1,384,967,586 | |
Net Assets consist of: | ||
Paid in capital | $1,140,045,448 | |
Undistributed net investment income | 1,489,708 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 33,318,004 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 210,114,426 | |
Net Assets | $1,384,967,586 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Assets and Liabilities - continued
April 30, 2006 (Unaudited) | ||
Calculation of Maximum Offering Price | $15.32 | |
Maximum offering price per share (100/94.25 of $15.32) | $16.25 | |
Class T: | $15.27 | |
Maximum offering price per share (100/96.50 of $15.27) | $15.82 | |
Class B: | $15.22 | |
Class C: | $15.22 | |
International Small Cap Opportunities: | $15.34 | |
Institutional Class: | $15.34 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $4,832,856 | |
Interest | 3,266 | |
Income from affiliated Central Funds (including $770,742 from security lending) | 1,347,421 | |
6,183,543 | ||
Less foreign taxes withheld | (420,276) | |
Total income | 5,763,267 | |
Expenses | ||
Management fee | $3,283,284 | |
Transfer agent fees | 835,303 | |
Distribution fees | 107,042 | |
Accounting and security lending fees | 196,072 | |
Independent trustees' compensation | 1,093 | |
Custodian fees and expenses | 192,953 | |
Registration fees | 231,992 | |
Audit | 33,047 | |
Legal | 822 | |
Miscellaneous | 2,579 | |
Total expenses before reductions | 4,884,187 | |
Expense reductions | (586,748) | 4,297,439 |
Net investment income (loss) | 1,465,828 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 36,888,818 | |
Investment not meeting investment restrictions | 35,982 | |
Foreign currency transactions | (207,383) | |
Total net realized gain (loss) | 36,717,417 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 208,779,811 | |
Assets and liabilities in foreign currencies | 139,595 | |
Total change in net unrealized appreciation (depreciation) | 208,919,406 | |
Net gain (loss) | 245,636,823 | |
Net increase (decrease) in net assets resulting from operations | $247,102,651 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | August 2, 2005 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,465,828 | $25,230 |
Net realized gain (loss) | 36,717,417 | (3,306,632) |
Change in net unrealized appreciation (depreciation) | 208,919,406 | 1,195,020 |
Net increase (decrease) in net assets resulting | 247,102,651 | (2,086,382) |
Distributions to shareholders from net realized gain | (90,957) | - |
Share transactions - net increase (decrease) | 924,037,827 | 215,410,790 |
Redemption fees | 461,578 | 132,079 |
Total increase (decrease) in net assets | 1,171,511,099 | 213,456,487 |
Net Assets | ||
Beginning of period | 213,456,487 | - |
End of period (including undistributed net investment income of $1,489,708 and undistributed net investment income of $25,213, respectively) | $1,384,967,586 | $213,456,487 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class A
Six months ended | Year ended | |
(Unaudited) | 2005 G | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.41 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | .01 | - I |
Net realized and unrealized gain (loss) | 4.89 | .40 F |
Total from investment operations | 4.90 | .40 |
Distributions from net realized gain | -I | - |
Redemption fees added to paid in capital E | .01 | .01 |
Net asset value, end of period | $15.32 | $10.41 |
Total Return B, C, D | 47.20% | 4.10% |
Ratios to Average Net Assets H | ||
Expenses before reductions | 1.59% A | 2.67% A |
Expenses net of fee waivers, if any | 1.59% A | 1.65% A |
Expenses net of all reductions | 1.44% A | 1.54% A |
Net investment income (loss) | .10% A | (.09)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $32,427 | $5,533 |
Portfolio turnover rate | 144% A | 46% |
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FThe 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.
GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class T
Six months ended | Year ended | |
(Unaudited) | 2005 G | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.38 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.01) | (.01) |
Net realized and unrealized gain (loss) | 4.89 | .38 F |
Total from investment operations | 4.88 | .37 |
Redemption fees added to paid in capital E | .01 | .01 |
Net asset value, end of period | $15.27 | $10.38 |
Total Return B, C, D | 47.11% | 3.80% |
Ratios to Average Net Assets H | ||
Expenses before reductions | 1.84% A | 2.92% A |
Expenses net of fee waivers, if any | 1.84% A | 1.90% A |
Expenses net of all reductions | 1.68% A | 1.78% A |
Net investment income (loss) | (.15)% A | (.33)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $21,521 | $2,704 |
Portfolio turnover rate | 144% A | 46% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FThe 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.
GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class B
Six months ended | Year ended | |
(Unaudited) | 2005 G | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.37 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.05) | (.02) |
Net realized and unrealized gain (loss) | 4.89 | .38 F |
Total from investment operations | 4.84 | .36 |
Redemption fees added to paid in capital E | .01 | .01 |
Net asset value, end of period | $15.22 | $10.37 |
Total Return B, C, D | 46.77% | 3.70% |
Ratios to Average Net Assets H | ||
Expenses before reductions | 2.42% A | 3.43% A |
Expenses net of fee waivers, if any | 2.40% A | 2.40% A |
Expenses net of all reductions | 2.25% A | 2.27% A |
Net investment income (loss) | (.72)% A | (.82)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $7,232 | $1,705 |
Portfolio turnover rate | 144% A | 46% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FThe 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.
GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class C
Six months ended | Year ended | |
(Unaudited) | 2005 G | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.37 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.04) | (.02) |
Net realized and unrealized gain (loss) | 4.88 | .38 F |
Total from investment operations | 4.84 | .36 |
Redemption fees added to paid in capital E | .01 | .01 |
Net asset value, end of period | $15.22 | $10.37 |
Total Return B, C, D | 46.77% | 3.70% |
Ratios to Average Net Assets H | ||
Expenses before reductions | 2.36% A | 3.32% A |
Expenses net of fee waivers, if any | 2.36% A | 2.40% A |
Expenses net of all reductions | 2.20% A | 2.29% A |
Net investment income (loss) | (.67)% A | (.84)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $17,784 | $3,317 |
Portfolio turnover rate | 144% A | 46% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FThe 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.
GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Institutional Class
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.40 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)D | .03 | - H |
Net realized and unrealized gain (loss) | 4.90 | .39 E |
Total from investment operations | 4.93 | .39 |
Distributions from net realized gain | -H | - |
Redemption fees added to paid in capital D | .01 | .01 |
Net asset value, end of period | $15.34 | $10.40 |
Total Return B, C | 47.54% | 4.00% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 1.22% A | 2.25% A |
Expenses net of fee waivers, if any | 1.22% A | 1.40% A |
Expenses net of all reductions | 1.07% A | 1.29% A |
Net investment income (loss) | .47% A | .16% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $19,285 | $2,849 |
Portfolio turnover rate | 144% A | 46% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DCalculated based on average shares outstanding during the period.
EThe 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.
FFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - International Small Cap Opportunities
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.40 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss) D | .03 | - H |
Net realized and unrealized gain (loss) | 4.90 | .39 E |
Total from investment operations | 4.93 | .39 |
Distributions from net realized gain | -H | - |
Redemption fees added to paid in capital D | .01 | .01 |
Net asset value, end of period | $15.34 | $10.40 |
Total Return B, C | 47.54% | 4.00% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 1.27% A | 2.25% A |
Expenses net of fee waivers, if any | 1.27% A | 1.40% A |
Expenses net of all reductions | 1.11% A | 1.31% A |
Net investment income (loss) | .42% A | .14% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $1,286,718 | $197,349 |
Portfolio turnover rate | 144% A | 46% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DCalculated based on average shares outstanding during the period.
EThe 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.
FFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2006 (Unaudited)
1. Significant Accounting Policies.
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 B, Class C, International Small Cap Opportunities 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. 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 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.
The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.
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. 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. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Security Valuation - continued
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.
Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is 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.
Semiannual Report
1. Significant Accounting Policies - continued
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. 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 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 generally accepted accounting principles. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. 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), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $232,601,339 | |
Unrealized depreciation | (23,448,893) | |
Net unrealized appreciation (depreciation) | $209,152,446 | |
Cost for federal income tax purposes | $1,380,431,086 |
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 90 days are subject to a redemption fee equal to 2.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the fund and accounted for as an addition to paid in capital.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,433,629,476 and $538,440,813, respectively.
The fund realized a gain on the sale of an investment not meeting the investment restrictions of the fund.
4. 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 a group fee rate that averaged .27% 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 investment performance of the International Small Cap Opportunities class as compared to an appropriate benchmark index. The fund's performance adjustment will not take effect until August 2006. Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate was ..87% of the fund's average net assets.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. 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 and the total amounts paid to and retained by FDC were as follows:
Distribution | Service | Paid to | Retained | |
Class A | 0% | .25% | $19,991 | $1,891 |
Class T | .25% | .25% | 24,356 | 5,194 |
Class B | .75% | .25% | 19,980 | 16,296 |
Class C | .75% | .25% | 42,715 | 37,285 |
$107,042 | $60,666 |
Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $55,970 |
Class T | 10,067 |
Class B* | 1,478 |
Class C* | 455 |
$67,970 |
*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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. 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, except for International Small Cap Opportunities. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Small Cap Opportunities shares. FIIOC and FSC receive 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 and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period the total transfer agent fees paid by each class to FIIOC or FSC, were as follows:
Amount | % of | |
Class A | $23,247 | .29* |
Class T | 13,991 | .29* |
Class B | 7,360 | .37* |
Class C | 12,941 | .30* |
International Small Cap Opportunities | 769,405 | .22* |
Institutional Class | 8,359 | .17* |
$835,303 |
* Annualized
Accounting and Security Lending Fees. FSC maintains the fund's accounting records. The accounting fee is based on the level of average net assets for the 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.
Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
The Money Market Central Funds do not pay a management fee.
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 $1,889 for the period.
Semiannual Report
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 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 amounts to $199 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
6. Security Lending.
The fund lends portfolio securities from time to time in order to earn additional income. 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 fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from affiliated central funds.
7. 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, are excluded from this reimbursement.
The following class was in reimbursement during the period:
Expense | Reimbursement | |
Class B | 2.40% | $413 |
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 $586,335 for the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. 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.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net realized gain | ||
Class A | $2,067 | $- |
International Small Cap Opportunities | 87,898 | - |
Institutional Class | 992 | - |
Total | $90,957 | $- |
Semiannual Report
10. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended | Year ended | Six months ended | Year ended | |
Class A | ||||
Shares sold | 1,638,678 | 533,911 | $22,157,859 | $5,543,122 |
Reinvestment of distributions | 162 | - | 1,916 | - |
Shares redeemed | (54,015) | (2,302) | (726,385) | (24,252) |
Net increase (decrease) | 1,584,825 | 531,609 | $21,433,390 | $5,518,870 |
Class T | ||||
Shares sold | 1,158,045 | 262,396 | $15,649,175 | $2,707,886 |
Shares redeemed | (9,581) | (1,961) | (129,336) | (19,686) |
Net increase (decrease) | 1,148,464 | 260,435 | $15,519,839 | $2,688,200 |
Class B | ||||
Shares sold | 332,078 | 169,923 | $4,448,783 | $1,745,697 |
Shares redeemed | (21,168) | (5,585) | (291,516) | (57,751) |
Net increase (decrease) | 310,910 | 164,338 | $4,157,267 | $1,687,946 |
Class C | ||||
Shares sold | 856,991 | 322,125 | $11,676,554 | $3,329,826 |
Shares redeemed | (8,143) | (2,373) | (116,183) | (24,472) |
Net increase (decrease) | 848,848 | 319,752 | $11,560,371 | $3,305,354 |
International Small Cap Opportunities | ||||
Shares sold | 70,832,543 | 19,620,455 | $938,098,273 | $205,992,728 |
Reinvestment of distributions | 6,974 | - | 82,435 | - |
Shares redeemed | (5,936,304) | (646,558) | (80,212,069) | (6,587,124) |
Net increase (decrease) | 64,903,213 | 18,973,897 | $857,968,639 | $199,405,604 |
Institutional Class | ||||
Shares sold | 995,115 | 274,003 | $13,557,660 | 2,804,816 |
Reinvestment of distributions | 83 | - | 980 | - |
Shares redeemed | (11,819) | - | (160,319) | - |
Net increase (decrease) | 983,379 | 274,003 | $13,398,321 | $2,804,816 |
AFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Small Cap Opportunities Fund
On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.
The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.
Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.
In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including 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; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
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General Correspondence
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(letter_graphic)For Retirement
Accounts
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Selling shares
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Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
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Merrimack, NH 03054-0500
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
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Semiannual Report
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Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Research & Analysis Company
(formerly Fidelity Management &
Research (Far East) Inc.)
Fidelity Management & Research
(U.K.) Inc.
Fidelity Investments Japan Limited
Fidelity International Investment
Advisors
Fidelity International Investment
Advisors (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agent
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Northern Trust Company
Chicago, IL
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
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and Account Assistance1-800-544-6666
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(8 a.m. - 9 p.m.)
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for the deaf and hearing impaired
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Telephone (FAST®) (automated graphic) 1-800-544-5555
(automated graphic) Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
ILS-USAN-0606
1.815077.100
(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, 2006
(2_fidelity_logos) (Registered_Trademark)
Class A, Class T, Class B
and Class C are classes of
Fidelity® International
Small Cap Opportunities Fund
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at 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 Corp. 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 quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d.
Edward C. Johnson 3d
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, 2005 to April 30, 2006).
Actual Expenses
The first line of the table below 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.
Hypothetical Example for Comparison Purposes
The second line of the table below 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.
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.
Beginning | Ending | Expenses Paid | |
Class A | |||
Actual | $1,000.00 | $1,472.00 | $9.75 |
HypotheticalA | $1,000.00 | $1,016.91 | $7.95 |
Class T | |||
Actual | $1,000.00 | $1,471.10 | $11.27 |
HypotheticalA | $1,000.00 | $1,015.67 | $9.20 |
Class B | |||
Actual | $1,000.00 | $1,467.70 | $14.68 |
HypotheticalA | $1,000.00 | $1,012.89 | $11.98 |
Class C | |||
Actual | $1,000.00 | $1,467.70 | $14.44 |
HypotheticalA | $1,000.00 | $1,013.09 | $11.78 |
International Small Cap Opportunities | |||
Actual | $1,000.00 | $1,475.40 | $7.79 |
HypotheticalA | $1,000.00 | $1,018.50 | $6.36 |
Institutional Class | |||
Actual | $1,000.00 | $1,475.40 | $7.49 |
HypotheticalA | $1,000.00 | $1,018.74 | $6.11 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Annualized | |
Class A | 1.59% |
Class T | 1.84% |
Class B | 2.40% |
Class C | 2.36% |
International Small Cap Opportunities | 1.27% |
Institutional Class | 1.22% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Japan38.9% | |||
Germany10.6% | |||
France8.0% | |||
United States of America6.6% | |||
United Kingdom5.5% | |||
Korea (South)5.4% | |||
Australia4.1% | |||
Sweden3.2% | |||
Norway2.2% | |||
Other15.5% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Japan35.3% | |||
France8.9% | |||
Korea (South)8.1% | |||
United Kingdom7.3% | |||
United States of America7.3% | |||
Germany6.7% | |||
Australia5.7% | |||
Norway3.1% | |||
Finland3.1% | |||
Other14.5% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 97.9 | 100.6 |
Short-Term Investments and Net Other Assets | 2.1 | (0.6) |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Titanium Metals Corp. (United States of America, Metals & Mining) | 2.1 | 1.4 |
Neopost SA (France, Office Electronics) | 1.4 | 2.0 |
Silicon On Insulator Technologies SA (SOITEC) (France, Semiconductors & Semiconductor Equipment) | 1.4 | 1.0 |
Techem AG (Germany, Commercial Services & Supplies) | 1.4 | 0.5 |
JGC Corp. (Japan, Construction & Engineering) | 1.3 | 1.1 |
SolarWorld AG (Germany, Electrical Equipment) | 1.3 | 1.3 |
GigaMedia Ltd. (Singapore, Internet Software & Services) | 1.2 | 0.0 |
Alstom SA (France, Electrical Equipment) | 1.2 | 1.7 |
Deutz AG (Germany, Machinery) | 1.2 | 0.0 |
KK daVinci Advisors (Japan, Real Estate) | 1.2 | 0.0 |
13.7 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Industrials | 28.1 | 26.5 |
Information Technology | 16.6 | 12.1 |
Materials | 16.1 | 12.4 |
Financials | 15.6 | 12.0 |
Consumer Discretionary | 11.2 | 17.0 |
Energy | 4.7 | 10.5 |
Health Care | 3.2 | 3.8 |
Consumer Staples | 2.4 | 5.9 |
Telecommunication Services | 0.0 | 0.4 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% | |||
Shares | Value (Note 1) | ||
Australia - 4.1% | |||
Coates Hire Ltd. | 1,015,059 | $4,749,912 | |
CSL Ltd. | 266,300 | 11,672,410 | |
Downer EDI Ltd. | 2,014,438 | 13,282,725 | |
Dyno Nobel Ltd. | 6,209,400 | 12,358,463 | |
PMP Ltd. (a) | 1,422,610 | 1,588,608 | |
United Group Ltd. | 500,000 | 5,017,488 | |
Zinifex Ltd. | 950,000 | 7,469,259 | |
TOTAL AUSTRALIA | 56,138,865 | ||
Austria - 1.0% | |||
Andritz AG | 76,474 | 13,409,266 | |
Bermuda - 1.3% | |||
Aquarius Platinum Ltd.: | |||
(Australia) | 316,310 | 4,550,996 | |
(United Kingdom) | 552,600 | 8,132,980 | |
SeaDrill Ltd. (a)(d) | 344,900 | 5,849,273 | |
TOTAL BERMUDA | 18,533,249 | ||
Cayman Islands - 1.3% | |||
Kingboard Chemical Holdings Ltd. | 3,599,000 | 9,492,674 | |
Suntech Power Holdings Co. Ltd. sponsored ADR | 251,600 | 8,627,364 | |
TOTAL CAYMAN ISLANDS | 18,120,038 | ||
China - 1.2% | |||
Advanced Semiconductor Manufacturing Corp. Ltd. (H Shares) | 1,686,000 | 419,690 | |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (d) | 488,600 | 6,649,846 | |
Global Bio-Chem Technology Group Co. Ltd. | 16,723,300 | 8,735,553 | |
TOTAL CHINA | 15,805,089 | ||
Finland - 2.1% | |||
KCI Konecranes Oyj | 734,000 | 13,603,691 | |
Metso Corp. | 389,900 | 15,495,396 | |
TOTAL FINLAND | 29,099,087 | ||
France - 8.0% | |||
Alstom SA (a) | 187,662 | 16,999,638 | |
ALTEN (a) | 282,691 | 10,699,713 | |
Compagnie Generale de Geophysique SA (a)(d) | 82,902 | 13,398,403 | |
Ingenico SA | 195,700 | 4,449,226 | |
Legrand SA | 217,300 | 6,360,432 | |
Neopost SA | 178,400 | 20,178,275 | |
Silicon On Insulator Technologies SA (SOITEC) (a) | 588,235 | 19,199,335 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
France - continued | |||
Vallourec SA | 7,500 | $9,746,246 | |
Zodiac SA | 150,000 | 9,708,397 | |
TOTAL FRANCE | 110,739,665 | ||
Germany - 10.6% | |||
Deutz AG (a)(d) | 1,836,700 | 16,823,399 | |
Fluxx AG (a)(d) | 200,000 | 2,636,848 | |
Grenkeleasing AG | 3,024 | 230,821 | |
Lanxess AG (a) | 255,000 | 10,430,187 | |
MG Technologies AG (d) | 699,100 | 13,230,293 | |
MLP AG | 229,400 | 5,629,268 | |
MPC Muenchmeyer Petersen Capital AG (d) | 95,957 | 8,062,872 | |
MTU Aero Engines Holding AG | 119,850 | 4,348,764 | |
Pfleiderer AG | 233,312 | 7,038,102 | |
Q-Cells AG | 56,900 | 5,251,284 | |
SolarWorld AG | 57,600 | 17,949,747 | |
Techem AG | 426,400 | 19,103,228 | |
United Internet AG | 131,400 | 8,620,602 | |
Wacker Chemie AG | 90,200 | 11,835,286 | |
Wincor Nixdorf AG | 110,900 | 15,950,536 | |
TOTAL GERMANY | 147,141,237 | ||
Hong Kong - 1.1% | |||
Guangzhou Investment Co. Ltd. | 17,376,000 | 3,473,721 | |
Hanny Holdings Ltd. | 3,088,018 | 1,891,851 | |
PYI Corp. Ltd. | 15,387,508 | 6,350,847 | |
SIM Technology Group | 7,242,000 | 3,362,594 | |
TOTAL HONG KONG | 15,079,013 | ||
Italy - 0.8% | |||
Banca Italease Spa (d) | 190,000 | 11,568,573 | |
Japan - 38.9% | |||
Access Co. Ltd. (a) | 1,233 | 11,044,215 | |
Air Water, Inc. (d) | 941,000 | 9,626,916 | |
Alpen Co. Ltd. | 140,000 | 5,692,207 | |
ARRK Corp. | 128,000 | 4,597,322 | |
Asahi Glass Co. Ltd. (d) | 480,000 | 6,777,958 | |
Asics Corp. | 470,000 | 5,732,865 | |
Asset Managers Co. Ltd. (d) | 3,916 | 11,451,399 | |
Atrium Co. Ltd. | 50,000 | 5,181,120 | |
Chiyoda Corp. | 186,000 | 4,181,427 | |
Credit Saison Co. Ltd. | 135,200 | 7,087,983 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
Daiei, Inc. (a)(d) | 255,000 | $7,613,612 | |
Dainippon Screen Manufacturing Co. Ltd. (d) | 533,000 | 5,569,879 | |
Diamond Lease Co. Ltd. (d) | 33,000 | 1,767,728 | |
Don Quijote Co. Ltd. (d) | 96,200 | 8,202,872 | |
EDION Corp. (d) | 439,800 | 10,640,167 | |
Elpida Memory, Inc. (a)(d) | 133,000 | 6,096,685 | |
Fujikura Ltd. | 675,000 | 7,806,586 | |
Furukawa Co. Ltd. (a)(d) | 1,000,000 | 2,555,434 | |
Furukawa Electric Co. Ltd. (a) | 866,000 | 6,912,791 | |
Haseko Corp. (a)(d) | 1,500,000 | 5,690,450 | |
Hisamitsu Pharmaceutical Co., Inc. | 300,000 | 9,246,982 | |
Hitachi Construction Machinery Co. Ltd. | 200,000 | 5,462,130 | |
Hitachi Metals Ltd. | 708,000 | 7,908,461 | |
Hokuhoku Financial Group, Inc. | 2,081,000 | 8,479,333 | |
Ichiyoshi Securities Co. Ltd. (d) | 384,900 | 7,047,346 | |
Intelligence Ltd. | 2,143 | 6,341,963 | |
Intelligent Wave, Inc. (d) | 3,737 | 9,484,022 | |
Izumiya Co. Ltd. (d) | 492,000 | 4,653,208 | |
Japan Asia Investment Co. Ltd. | 2,000 | 15,473 | |
Japan General Estate Co. Ltd. | 446,500 | 8,371,263 | |
Japan Steel Works Ltd. (d) | 700,000 | 4,905,379 | |
JGC Corp. | 1,063,000 | 18,622,920 | |
Joint Corp. | 315,000 | 10,345,555 | |
Kanto Tsukuba Bank Ltd. (a)(d) | 453,000 | 7,427,012 | |
Kenedix, Inc. | 2,000 | 10,309,550 | |
KK daVinci Advisors (a)(d) | 14,621 | 16,306,187 | |
Konaka Co. Ltd. | 250,000 | 5,301,866 | |
Kyushu-Shinwa Holdings, Inc. (a)(d) | 1,255,000 | 2,700,110 | |
Leopalace21 Corp. | 100,000 | 3,899,012 | |
Meiko Electronics Co. Ltd. | 95,000 | 7,257,959 | |
Meisei Industrial Co. Ltd. (a) | 683,000 | 4,978,178 | |
Miraial Co. Ltd. | 56,200 | 5,305,379 | |
Mitsubishi Logistics Corp. | 300,000 | 4,573,436 | |
Mitsui Engineering & Shipbuilding Co. | 1,599,000 | 5,111,183 | |
Nabtesco Corp. | 607,000 | 7,691,776 | |
NEOMAX Co. Ltd. (d) | 114,000 | 3,273,590 | |
NGK Insulators Ltd. | 400,000 | 5,729,089 | |
NGK Spark Plug Co. Ltd. | 199,000 | 4,368,826 | |
Nifco, Inc. (d) | 125,000 | 2,590,560 | |
Nippon Electric Glass Co. Ltd. | 188,000 | 4,242,898 | |
Nissan Chemical Industries Co. Ltd. | 280,000 | 4,745,554 | |
Nisshin Fudosan Co. Ltd. (d) | 119,900 | 1,756,252 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
OMC Card, Inc. | 855,500 | $13,545,261 | |
Organo Corp. | 460,000 | 4,508,101 | |
ORIX Corp. | 38,110 | 11,445,550 | |
OSG Corp. | 90,600 | 1,921,396 | |
Pal Co. Ltd. (d) | 40,000 | 2,933,041 | |
Promise Co. Ltd. | 86,250 | 5,317,014 | |
Ryohin Keikaku Co. Ltd. | 95,200 | 8,543,965 | |
Sankyo Seiki Manufacturing Co. Ltd. | 327,000 | 4,005,840 | |
Sojitz Corp. (a)(d) | 500,000 | 3,192,097 | |
Sugi Pharmacy Co. Ltd. | 197,000 | 4,619,012 | |
Sumco Corp. | 228,600 | 13,670,832 | |
Sumisho Lease Co. Ltd. | 20,100 | 1,152,606 | |
Sumitomo Titanium Corp. (d) | 56,800 | 11,182,929 | |
Sysmex Corp. | 50,000 | 2,243,688 | |
Take & Give Needs Co. Ltd. (a) | 5,034 | 7,647,702 | |
Teijin Ltd. | 1,155,000 | 7,921,449 | |
The Daimaru, Inc. | 472,000 | 6,872,237 | |
THK Co. Ltd. | 149,000 | 4,867,443 | |
Toho Tenax Co. Ltd. (a)(d) | 1,305,000 | 12,136,071 | |
Toho Titanium Co. Ltd. (d) | 66,000 | 4,920,659 | |
Tokai Carbon Co. Ltd. | 500,000 | 3,113,063 | |
Tokuyama Corp. | 715,000 | 11,797,893 | |
Tokyo Seimitsu Co. Ltd. | 53,400 | 3,174,692 | |
Tokyo Tomin Bank Ltd. | 25,600 | 1,279,157 | |
Tokyu Land Corp. | 265,000 | 2,254,973 | |
Toray Industries, Inc. | 1,220,000 | 11,431,307 | |
UFJ Central Leasing Co. Ltd. | 39,800 | 2,474,503 | |
Urban Corp. (d) | 466,700 | 6,926,218 | |
Valor Co. Ltd. | 44,000 | 896,422 | |
Venture Link Co. Ltd. (a)(d) | 1,548,200 | 6,553,084 | |
Yamada Denki Co. Ltd. | 50,000 | 5,448,957 | |
Yaskawa Electric Corp. (a) | 231,000 | 2,841,985 | |
Zeon Corp. | 400,000 | 5,434,029 | |
TOTAL JAPAN | 538,955,244 | ||
Korea (South) - 5.4% | |||
China Lotsynergy Holding Ltd. (a) | 11,890,000 | 2,453,665 | |
Daegu Bank Co. Ltd. | 304,900 | 5,722,029 | |
Daewoo Securities Co. Ltd. (a) | 413,920 | 7,504,675 | |
Daishin Securities Co. Ltd. | 235,210 | 5,499,000 | |
Hyundai Department Store Co. Ltd. | 86,410 | 8,291,477 | |
Hyundai Engineering & Construction Co. Ltd. (a) | 100,000 | 6,223,826 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Korea (South) - continued | |||
Korea Investment Holdings Co. Ltd. | 218,460 | $9,357,776 | |
LG Card Co. Ltd. (a) | 113,800 | 6,093,306 | |
NHN Corp. (a) | 23,867 | 8,477,386 | |
Samsung Securities Co. Ltd. | 107,760 | 6,763,923 | |
Shinhan Financial Group Co. Ltd. | 156,130 | 7,780,429 | |
TOTAL KOREA (SOUTH) | 74,167,492 | ||
Luxembourg - 0.5% | |||
Acergy SA (a) | 434,600 | 7,062,250 | |
Netherlands - 0.2% | |||
Fugro NV (Certificaten Van Aandelen) unit | 77,700 | 3,262,445 | |
Norway - 2.2% | |||
Deep Ocean ASA (a)(d) | 522,500 | 1,840,087 | |
Fred Olsen Energy ASA (a) | 98,900 | 4,678,722 | |
Petroleum Geo-Services ASA (a)(d) | 216,550 | 12,194,951 | |
ProSafe ASA | 50,000 | 2,969,911 | |
TANDBERG Television ASA (a) | 400,000 | 8,049,596 | |
TOTAL NORWAY | 29,733,267 | ||
Singapore - 1.2% | |||
GigaMedia Ltd. (a) | 2,063,020 | 17,061,175 | |
South Africa - 1.9% | |||
African Bank Investments Ltd. | 500,000 | 2,794,179 | |
Anglogold Ashanti Ltd. sponsored ADR (d) | 229,900 | 12,570,932 | |
Steinhoff International Holdings Ltd. | 2,821,000 | 11,180,778 | |
TOTAL SOUTH AFRICA | 26,545,889 | ||
Spain - 1.8% | |||
Abengoa SA | 200,000 | 6,240,121 | |
Azucarera Ebro Agricolas SA | 700,000 | 13,847,870 | |
Banco Pastor SA | 90,000 | 5,301,579 | |
TOTAL SPAIN | 25,389,570 | ||
Sweden - 3.2% | |||
Bergman & Beving AB (B Shares) | 300,000 | 6,359,992 | |
Boliden AB (d) | 545,000 | 11,072,569 | |
HIQ International AB (d) | 584,400 | 3,534,117 | |
Lindex AB (a) | 1,000,000 | 14,812,802 | |
Modern Times Group AB (MTG) (B Shares) (a) | 143,100 | 7,856,547 | |
TOTAL SWEDEN | 43,636,027 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Switzerland - 0.7% | |||
SEZ Holding AG (a) | 200,000 | $5,079,416 | |
Sulzer AG (Reg.) (d) | 6,000 | 5,060,066 | |
TOTAL SWITZERLAND | 10,139,482 | ||
Thailand - 0.4% | |||
Krung Thai Bank Public Co. Ltd. | 3,449,200 | 1,130,433 | |
Siam City Bank PLC (For. Reg.) | 6,816,200 | 4,322,557 | |
TOTAL THAILAND | 5,452,990 | ||
United Kingdom - 5.5% | |||
AMEC PLC | 1,054,600 | 7,568,291 | |
CSR PLC (a) | 194,246 | 4,282,957 | |
EMI Group PLC | 1,999,000 | 10,280,807 | |
Expro International Group PLC | 400,846 | 5,424,338 | |
Hunting PLC | 1,204,280 | 8,774,241 | |
Meggitt PLC | 2,634,431 | 16,167,289 | |
Optos PLC | 2,000,000 | 8,881,662 | |
Renovo Group PLC | 5,837,663 | 12,083,707 | |
Xansa PLC | 1,500,000 | 2,544,131 | |
TOTAL UNITED KINGDOM | 76,007,423 | ||
United States of America - 4.5% | |||
Allegheny Technologies, Inc. | 70,000 | 4,853,800 | |
Allied Waste Industries, Inc. (a) | 800,000 | 11,328,000 | |
Hexcel Corp. (a) | 612,700 | 13,534,543 | |
RTI International Metals, Inc. (a) | 53,300 | 3,205,462 | |
Titanium Metals Corp. (a)(d) | 414,800 | 29,720,417 | |
TOTAL UNITED STATES OF AMERICA | 62,642,222 | ||
TOTAL COMMON STOCKS (Cost $1,145,711,728) | 1,355,689,558 | ||
Money Market Funds - 16.9% | |||
Shares | Value (Note 1) | ||
Fidelity Cash Central Fund, 4.8% (b) | 57,411,887 | $57,411,887 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 176,482,087 | 176,482,087 | |
TOTAL MONEY MARKET FUNDS (Cost $233,893,974) | 233,893,974 | ||
TOTAL INVESTMENT PORTFOLIO - 114.8% (Cost $1,379,605,702) | 1,589,583,532 | ||
NET OTHER ASSETS - (14.8)% | (204,615,946) | ||
NET ASSETS - 100% | $1,384,967,586 |
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. |
(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 the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $576,679 |
Fidelity Securities Lending Cash Central Fund | 770,742 |
Total | $1,347,421 |
Income Tax Information |
At October 31, 2005, the fund had a capital loss carryforward of approximately $3,072,229 all of which will expire on October 31, 2013. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $170,005,450) - See accompanying schedule: Unaffiliated issuers (cost $1,145,711,728) | $1,355,689,558 | |
Affiliated Central Funds (cost $233,893,974) | 233,893,974 | |
Total Investments (cost $1,379,605,702) | $1,589,583,532 | |
Foreign currency held at value (cost $3,477,123) | 3,533,510 | |
Receivable for investments sold | 38,767,460 | |
Receivable for fund shares sold | 13,534,016 | |
Dividends receivable | 2,147,065 | |
Interest receivable | 89,129 | |
Prepaid expenses | 22,523 | |
Other affiliated receivables | 1,087 | |
Other receivables | 686,313 | |
Total assets | 1,648,364,635 | |
Liabilities | ||
Payable for investments purchased | $84,772,234 | |
Payable for fund shares redeemed | 754,796 | |
Accrued management fee | 916,819 | |
Distribution fees payable | 32,000 | |
Other affiliated payables | 242,391 | |
Other payables and accrued expenses | 196,722 | |
Collateral on securities loaned, at value | 176,482,087 | |
Total liabilities | 263,397,049 | |
Net Assets | $1,384,967,586 | |
Net Assets consist of: | ||
Paid in capital | $1,140,045,448 | |
Undistributed net investment income | 1,489,708 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 33,318,004 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 210,114,426 | |
Net Assets | $1,384,967,586 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Assets and Liabilities - continued
April 30, 2006 (Unaudited) | ||
Calculation of Maximum Offering Price | $15.32 | |
Maximum offering price per share (100/94.25 of $15.32) | $16.25 | |
Class T: | $15.27 | |
Maximum offering price per share (100/96.50 of $15.27) | $15.82 | |
Class B: | $15.22 | |
Class C: | $15.22 | |
International Small Cap Opportunities: | $15.34 | |
Institutional Class: | $15.34 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $4,832,856 | |
Interest | 3,266 | |
Income from affiliated Central Funds (including $770,742 from security lending) | 1,347,421 | |
6,183,543 | ||
Less foreign taxes withheld | (420,276) | |
Total income | 5,763,267 | |
Expenses | ||
Management fee | $3,283,284 | |
Transfer agent fees | 835,303 | |
Distribution fees | 107,042 | |
Accounting and security lending fees | 196,072 | |
Independent trustees' compensation | 1,093 | |
Custodian fees and expenses | 192,953 | |
Registration fees | 231,992 | |
Audit | 33,047 | |
Legal | 822 | |
Miscellaneous | 2,579 | |
Total expenses before reductions | 4,884,187 | |
Expense reductions | (586,748) | 4,297,439 |
Net investment income (loss) | 1,465,828 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 36,888,818 | |
Investment not meeting investment restrictions | 35,982 | |
Foreign currency transactions | (207,383) | |
Total net realized gain (loss) | 36,717,417 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 208,779,811 | |
Assets and liabilities in foreign currencies | 139,595 | |
Total change in net unrealized appreciation (depreciation) | 208,919,406 | |
Net gain (loss) | 245,636,823 | |
Net increase (decrease) in net assets resulting from operations | $247,102,651 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | August 2, 2005 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,465,828 | $25,230 |
Net realized gain (loss) | 36,717,417 | (3,306,632) |
Change in net unrealized appreciation (depreciation) | 208,919,406 | 1,195,020 |
Net increase (decrease) in net assets resulting | 247,102,651 | (2,086,382) |
Distributions to shareholders from net realized gain | (90,957) | - |
Share transactions - net increase (decrease) | 924,037,827 | 215,410,790 |
Redemption fees | 461,578 | 132,079 |
Total increase (decrease) in net assets | 1,171,511,099 | 213,456,487 |
Net Assets | ||
Beginning of period | 213,456,487 | - |
End of period (including undistributed net investment income of $1,489,708 and undistributed net investment income of $25,213, respectively) | $1,384,967,586 | $213,456,487 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class A
Six months ended | Year ended | |
(Unaudited) | 2005 G | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.41 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | .01 | - I |
Net realized and unrealized gain (loss) | 4.89 | .40 F |
Total from investment operations | 4.90 | .40 |
Distributions from net realized gain | -I | - |
Redemption fees added to paid in capital E | .01 | .01 |
Net asset value, end of period | $15.32 | $10.41 |
Total Return B, C, D | 47.20% | 4.10% |
Ratios to Average Net Assets H | ||
Expenses before reductions | 1.59% A | 2.67% A |
Expenses net of fee waivers, if any | 1.59% A | 1.65% A |
Expenses net of all reductions | 1.44% A | 1.54% A |
Net investment income (loss) | .10% A | (.09)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $32,427 | $5,533 |
Portfolio turnover rate | 144% A | 46% |
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FThe 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.
GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class T
Six months ended | Year ended | |
(Unaudited) | 2005 G | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.38 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.01) | (.01) |
Net realized and unrealized gain (loss) | 4.89 | .38 F |
Total from investment operations | 4.88 | .37 |
Redemption fees added to paid in capital E | .01 | .01 |
Net asset value, end of period | $15.27 | $10.38 |
Total Return B, C, D | 47.11% | 3.80% |
Ratios to Average Net Assets H | ||
Expenses before reductions | 1.84% A | 2.92% A |
Expenses net of fee waivers, if any | 1.84% A | 1.90% A |
Expenses net of all reductions | 1.68% A | 1.78% A |
Net investment income (loss) | (.15)% A | (.33)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $21,521 | $2,704 |
Portfolio turnover rate | 144% A | 46% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FThe 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.
GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class B
Six months ended | Year ended | |
(Unaudited) | 2005 G | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.37 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.05) | (.02) |
Net realized and unrealized gain (loss) | 4.89 | .38 F |
Total from investment operations | 4.84 | .36 |
Redemption fees added to paid in capital E | .01 | .01 |
Net asset value, end of period | $15.22 | $10.37 |
Total Return B, C, D | 46.77% | 3.70% |
Ratios to Average Net Assets H | ||
Expenses before reductions | 2.42% A | 3.43% A |
Expenses net of fee waivers, if any | 2.40% A | 2.40% A |
Expenses net of all reductions | 2.25% A | 2.27% A |
Net investment income (loss) | (.72)% A | (.82)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $7,232 | $1,705 |
Portfolio turnover rate | 144% A | 46% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FThe 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.
GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class C
Six months ended | Year ended | |
(Unaudited) | 2005 G | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.37 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.04) | (.02) |
Net realized and unrealized gain (loss) | 4.88 | .38 F |
Total from investment operations | 4.84 | .36 |
Redemption fees added to paid in capital E | .01 | .01 |
Net asset value, end of period | $15.22 | $10.37 |
Total Return B, C, D | 46.77% | 3.70% |
Ratios to Average Net Assets H | ||
Expenses before reductions | 2.36% A | 3.32% A |
Expenses net of fee waivers, if any | 2.36% A | 2.40% A |
Expenses net of all reductions | 2.20% A | 2.29% A |
Net investment income (loss) | (.67)% A | (.84)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $17,784 | $3,317 |
Portfolio turnover rate | 144% A | 46% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FThe 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.
GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Institutional Class
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.40 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)D | .03 | - H |
Net realized and unrealized gain (loss) | 4.90 | .39 E |
Total from investment operations | 4.93 | .39 |
Distributions from net realized gain | -H | - |
Redemption fees added to paid in capital D | .01 | .01 |
Net asset value, end of period | $15.34 | $10.40 |
Total Return B, C | 47.54% | 4.00% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 1.22% A | 2.25% A |
Expenses net of fee waivers, if any | 1.22% A | 1.40% A |
Expenses net of all reductions | 1.07% A | 1.29% A |
Net investment income (loss) | .47% A | .16% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $19,285 | $2,849 |
Portfolio turnover rate | 144% A | 46% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DCalculated based on average shares outstanding during the period.
EThe 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.
FFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - International Small Cap Opportunities
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.40 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss) D | .03 | - H |
Net realized and unrealized gain (loss) | 4.90 | .39 E |
Total from investment operations | 4.93 | .39 |
Distributions from net realized gain | -H | - |
Redemption fees added to paid in capital D | .01 | .01 |
Net asset value, end of period | $15.34 | $10.40 |
Total Return B, C | 47.54% | 4.00% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 1.27% A | 2.25% A |
Expenses net of fee waivers, if any | 1.27% A | 1.40% A |
Expenses net of all reductions | 1.11% A | 1.31% A |
Net investment income (loss) | .42% A | .14% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $1,286,718 | $197,349 |
Portfolio turnover rate | 144% A | 46% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DCalculated based on average shares outstanding during the period.
EThe 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.
FFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2006 (Unaudited)
1. Significant Accounting Policies.
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 B, Class C, International Small Cap Opportunities 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. 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 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.
The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.
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. 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. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Security Valuation - continued
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.
Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is 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.
Semiannual Report
1. Significant Accounting Policies - continued
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. 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 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 generally accepted accounting principles. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. 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), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $232,601,339 | |
Unrealized depreciation | (23,448,893) | |
Net unrealized appreciation (depreciation) | $209,152,446 | |
Cost for federal income tax purposes | $1,380,431,086 |
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 90 days are subject to a redemption fee equal to 2.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the fund and accounted for as an addition to paid in capital.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,433,629,476 and $538,440,813, respectively.
The fund realized a gain on the sale of an investment not meeting the investment restrictions of the fund.
4. 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 a group fee rate that averaged .27% 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 investment performance of the International Small Cap Opportunities class as compared to an appropriate benchmark index. The fund's performance adjustment will not take effect until August 2006. Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate was ..87% of the fund's average net assets.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. 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 and the total amounts paid to and retained by FDC were as follows:
Distribution | Service | Paid to | Retained | |
Class A | 0% | .25% | $19,991 | $1,891 |
Class T | .25% | .25% | 24,356 | 5,194 |
Class B | .75% | .25% | 19,980 | 16,296 |
Class C | .75% | .25% | 42,715 | 37,285 |
$107,042 | $60,666 |
Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $55,970 |
Class T | 10,067 |
Class B* | 1,478 |
Class C* | 455 |
$67,970 |
*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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. 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, except for International Small Cap Opportunities. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Small Cap Opportunities shares. FIIOC and FSC receive 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 and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period the total transfer agent fees paid by each class to FIIOC or FSC, were as follows:
Amount | % of | |
Class A | $23,247 | .29* |
Class T | 13,991 | .29* |
Class B | 7,360 | .37* |
Class C | 12,941 | .30* |
International Small Cap Opportunities | 769,405 | .22* |
Institutional Class | 8,359 | .17* |
$835,303 |
* Annualized
Accounting and Security Lending Fees. FSC maintains the fund's accounting records. The accounting fee is based on the level of average net assets for the 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.
Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
The Money Market Central Funds do not pay a management fee.
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 $1,889 for the period.
Semiannual Report
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 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 amounts to $199 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
6. Security Lending.
The fund lends portfolio securities from time to time in order to earn additional income. 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 fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from affiliated central funds.
7. 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, are excluded from this reimbursement.
The following class was in reimbursement during the period:
Expense | Reimbursement | |
Class B | 2.40% | $413 |
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 $586,335 for the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. 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.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net realized gain | ||
Class A | $2,067 | $- |
International Small Cap Opportunities | 87,898 | - |
Institutional Class | 992 | - |
Total | $90,957 | $- |
Semiannual Report
10. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended | Year ended | Six months ended | Year ended | |
Class A | ||||
Shares sold | 1,638,678 | 533,911 | $22,157,859 | $5,543,122 |
Reinvestment of distributions | 162 | - | 1,916 | - |
Shares redeemed | (54,015) | (2,302) | (726,385) | (24,252) |
Net increase (decrease) | 1,584,825 | 531,609 | $21,433,390 | $5,518,870 |
Class T | ||||
Shares sold | 1,158,045 | 262,396 | $15,649,175 | $2,707,886 |
Shares redeemed | (9,581) | (1,961) | (129,336) | (19,686) |
Net increase (decrease) | 1,148,464 | 260,435 | $15,519,839 | $2,688,200 |
Class B | ||||
Shares sold | 332,078 | 169,923 | $4,448,783 | $1,745,697 |
Shares redeemed | (21,168) | (5,585) | (291,516) | (57,751) |
Net increase (decrease) | 310,910 | 164,338 | $4,157,267 | $1,687,946 |
Class C | ||||
Shares sold | 856,991 | 322,125 | $11,676,554 | $3,329,826 |
Shares redeemed | (8,143) | (2,373) | (116,183) | (24,472) |
Net increase (decrease) | 848,848 | 319,752 | $11,560,371 | $3,305,354 |
International Small Cap Opportunities | ||||
Shares sold | 70,832,543 | 19,620,455 | $938,098,273 | $205,992,728 |
Reinvestment of distributions | 6,974 | - | 82,435 | - |
Shares redeemed | (5,936,304) | (646,558) | (80,212,069) | (6,587,124) |
Net increase (decrease) | 64,903,213 | 18,973,897 | $857,968,639 | $199,405,604 |
Institutional Class | ||||
Shares sold | 995,115 | 274,003 | $13,557,660 | 2,804,816 |
Reinvestment of distributions | 83 | - | 980 | - |
Shares redeemed | (11,819) | - | (160,319) | - |
Net increase (decrease) | 983,379 | 274,003 | $13,398,321 | $2,804,816 |
AFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Small Cap Opportunities Fund
On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.
The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.
Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.
In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including 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; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.
Semiannual Report
Semiannual Report
Semiannual Report
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
(formerly Fidelity Management &
Research (Far East) Inc.)
Fidelity International Investment Advisors
Fidelity Investments Japan Limited
Fidelity International 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-0606
1.815093.100
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Small Cap Opportunities
Fund - Institutional Class
Semiannual Report
April 30, 2006
(2_fidelity_logos) (Registered_Trademark)
Institutional Class
is a class of Fidelity®
International Small Cap
Opportunities Fund
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at 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 Corp. 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 quarterly holdings report, semiannual report, or annual report on Fidelity's web site at http://www.advisor.fidelity.com.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Although many securities markets made gains in early 2006, there is only one certainty when it comes to investing: There is no sure thing. There are, however, a number of time-tested, fundamental investment principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d.
Edward C. Johnson 3d
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, 2005 to April 30, 2006).
Actual Expenses
The first line of the table below 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.
Hypothetical Example for Comparison Purposes
The second line of the table below 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.
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.
Beginning | Ending | Expenses Paid | |
Class A | |||
Actual | $1,000.00 | $1,472.00 | $9.75 |
HypotheticalA | $1,000.00 | $1,016.91 | $7.95 |
Class T | |||
Actual | $1,000.00 | $1,471.10 | $11.27 |
HypotheticalA | $1,000.00 | $1,015.67 | $9.20 |
Class B | |||
Actual | $1,000.00 | $1,467.70 | $14.68 |
HypotheticalA | $1,000.00 | $1,012.89 | $11.98 |
Class C | |||
Actual | $1,000.00 | $1,467.70 | $14.44 |
HypotheticalA | $1,000.00 | $1,013.09 | $11.78 |
International Small Cap Opportunities | |||
Actual | $1,000.00 | $1,475.40 | $7.79 |
HypotheticalA | $1,000.00 | $1,018.50 | $6.36 |
Institutional Class | |||
Actual | $1,000.00 | $1,475.40 | $7.49 |
HypotheticalA | $1,000.00 | $1,018.74 | $6.11 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Annualized | |
Class A | 1.59% |
Class T | 1.84% |
Class B | 2.40% |
Class C | 2.36% |
International Small Cap Opportunities | 1.27% |
Institutional Class | 1.22% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) | |||
As of April 30, 2006 | |||
Japan38.9% | |||
Germany10.6% | |||
France8.0% | |||
United States of America6.6% | |||
United Kingdom5.5% | |||
Korea (South)5.4% | |||
Australia4.1% | |||
Sweden3.2% | |||
Norway2.2% | |||
Other15.5% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2005 | |||
Japan35.3% | |||
France8.9% | |||
Korea (South)8.1% | |||
United Kingdom7.3% | |||
United States of America7.3% | |||
Germany6.7% | |||
Australia5.7% | |||
Norway3.1% | |||
Finland3.1% | |||
Other14.5% |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
% of fund's | % of fund's net assets | |
Stocks | 97.9 | 100.6 |
Short-Term Investments and Net Other Assets | 2.1 | (0.6) |
Top Ten Stocks as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Titanium Metals Corp. (United States of America, Metals & Mining) | 2.1 | 1.4 |
Neopost SA (France, Office Electronics) | 1.4 | 2.0 |
Silicon On Insulator Technologies SA (SOITEC) (France, Semiconductors & Semiconductor Equipment) | 1.4 | 1.0 |
Techem AG (Germany, Commercial Services & Supplies) | 1.4 | 0.5 |
JGC Corp. (Japan, Construction & Engineering) | 1.3 | 1.1 |
SolarWorld AG (Germany, Electrical Equipment) | 1.3 | 1.3 |
GigaMedia Ltd. (Singapore, Internet Software & Services) | 1.2 | 0.0 |
Alstom SA (France, Electrical Equipment) | 1.2 | 1.7 |
Deutz AG (Germany, Machinery) | 1.2 | 0.0 |
KK daVinci Advisors (Japan, Real Estate) | 1.2 | 0.0 |
13.7 | ||
Market Sectors as of April 30, 2006 | ||
% of fund's | % of fund's net assets | |
Industrials | 28.1 | 26.5 |
Information Technology | 16.6 | 12.1 |
Materials | 16.1 | 12.4 |
Financials | 15.6 | 12.0 |
Consumer Discretionary | 11.2 | 17.0 |
Energy | 4.7 | 10.5 |
Health Care | 3.2 | 3.8 |
Consumer Staples | 2.4 | 5.9 |
Telecommunication Services | 0.0 | 0.4 |
Semiannual Report
Investments April 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% | |||
Shares | Value (Note 1) | ||
Australia - 4.1% | |||
Coates Hire Ltd. | 1,015,059 | $4,749,912 | |
CSL Ltd. | 266,300 | 11,672,410 | |
Downer EDI Ltd. | 2,014,438 | 13,282,725 | |
Dyno Nobel Ltd. | 6,209,400 | 12,358,463 | |
PMP Ltd. (a) | 1,422,610 | 1,588,608 | |
United Group Ltd. | 500,000 | 5,017,488 | |
Zinifex Ltd. | 950,000 | 7,469,259 | |
TOTAL AUSTRALIA | 56,138,865 | ||
Austria - 1.0% | |||
Andritz AG | 76,474 | 13,409,266 | |
Bermuda - 1.3% | |||
Aquarius Platinum Ltd.: | |||
(Australia) | 316,310 | 4,550,996 | |
(United Kingdom) | 552,600 | 8,132,980 | |
SeaDrill Ltd. (a)(d) | 344,900 | 5,849,273 | |
TOTAL BERMUDA | 18,533,249 | ||
Cayman Islands - 1.3% | |||
Kingboard Chemical Holdings Ltd. | 3,599,000 | 9,492,674 | |
Suntech Power Holdings Co. Ltd. sponsored ADR | 251,600 | 8,627,364 | |
TOTAL CAYMAN ISLANDS | 18,120,038 | ||
China - 1.2% | |||
Advanced Semiconductor Manufacturing Corp. Ltd. (H Shares) | 1,686,000 | 419,690 | |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (d) | 488,600 | 6,649,846 | |
Global Bio-Chem Technology Group Co. Ltd. | 16,723,300 | 8,735,553 | |
TOTAL CHINA | 15,805,089 | ||
Finland - 2.1% | |||
KCI Konecranes Oyj | 734,000 | 13,603,691 | |
Metso Corp. | 389,900 | 15,495,396 | |
TOTAL FINLAND | 29,099,087 | ||
France - 8.0% | |||
Alstom SA (a) | 187,662 | 16,999,638 | |
ALTEN (a) | 282,691 | 10,699,713 | |
Compagnie Generale de Geophysique SA (a)(d) | 82,902 | 13,398,403 | |
Ingenico SA | 195,700 | 4,449,226 | |
Legrand SA | 217,300 | 6,360,432 | |
Neopost SA | 178,400 | 20,178,275 | |
Silicon On Insulator Technologies SA (SOITEC) (a) | 588,235 | 19,199,335 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
France - continued | |||
Vallourec SA | 7,500 | $9,746,246 | |
Zodiac SA | 150,000 | 9,708,397 | |
TOTAL FRANCE | 110,739,665 | ||
Germany - 10.6% | |||
Deutz AG (a)(d) | 1,836,700 | 16,823,399 | |
Fluxx AG (a)(d) | 200,000 | 2,636,848 | |
Grenkeleasing AG | 3,024 | 230,821 | |
Lanxess AG (a) | 255,000 | 10,430,187 | |
MG Technologies AG (d) | 699,100 | 13,230,293 | |
MLP AG | 229,400 | 5,629,268 | |
MPC Muenchmeyer Petersen Capital AG (d) | 95,957 | 8,062,872 | |
MTU Aero Engines Holding AG | 119,850 | 4,348,764 | |
Pfleiderer AG | 233,312 | 7,038,102 | |
Q-Cells AG | 56,900 | 5,251,284 | |
SolarWorld AG | 57,600 | 17,949,747 | |
Techem AG | 426,400 | 19,103,228 | |
United Internet AG | 131,400 | 8,620,602 | |
Wacker Chemie AG | 90,200 | 11,835,286 | |
Wincor Nixdorf AG | 110,900 | 15,950,536 | |
TOTAL GERMANY | 147,141,237 | ||
Hong Kong - 1.1% | |||
Guangzhou Investment Co. Ltd. | 17,376,000 | 3,473,721 | |
Hanny Holdings Ltd. | 3,088,018 | 1,891,851 | |
PYI Corp. Ltd. | 15,387,508 | 6,350,847 | |
SIM Technology Group | 7,242,000 | 3,362,594 | |
TOTAL HONG KONG | 15,079,013 | ||
Italy - 0.8% | |||
Banca Italease Spa (d) | 190,000 | 11,568,573 | |
Japan - 38.9% | |||
Access Co. Ltd. (a) | 1,233 | 11,044,215 | |
Air Water, Inc. (d) | 941,000 | 9,626,916 | |
Alpen Co. Ltd. | 140,000 | 5,692,207 | |
ARRK Corp. | 128,000 | 4,597,322 | |
Asahi Glass Co. Ltd. (d) | 480,000 | 6,777,958 | |
Asics Corp. | 470,000 | 5,732,865 | |
Asset Managers Co. Ltd. (d) | 3,916 | 11,451,399 | |
Atrium Co. Ltd. | 50,000 | 5,181,120 | |
Chiyoda Corp. | 186,000 | 4,181,427 | |
Credit Saison Co. Ltd. | 135,200 | 7,087,983 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
Daiei, Inc. (a)(d) | 255,000 | $7,613,612 | |
Dainippon Screen Manufacturing Co. Ltd. (d) | 533,000 | 5,569,879 | |
Diamond Lease Co. Ltd. (d) | 33,000 | 1,767,728 | |
Don Quijote Co. Ltd. (d) | 96,200 | 8,202,872 | |
EDION Corp. (d) | 439,800 | 10,640,167 | |
Elpida Memory, Inc. (a)(d) | 133,000 | 6,096,685 | |
Fujikura Ltd. | 675,000 | 7,806,586 | |
Furukawa Co. Ltd. (a)(d) | 1,000,000 | 2,555,434 | |
Furukawa Electric Co. Ltd. (a) | 866,000 | 6,912,791 | |
Haseko Corp. (a)(d) | 1,500,000 | 5,690,450 | |
Hisamitsu Pharmaceutical Co., Inc. | 300,000 | 9,246,982 | |
Hitachi Construction Machinery Co. Ltd. | 200,000 | 5,462,130 | |
Hitachi Metals Ltd. | 708,000 | 7,908,461 | |
Hokuhoku Financial Group, Inc. | 2,081,000 | 8,479,333 | |
Ichiyoshi Securities Co. Ltd. (d) | 384,900 | 7,047,346 | |
Intelligence Ltd. | 2,143 | 6,341,963 | |
Intelligent Wave, Inc. (d) | 3,737 | 9,484,022 | |
Izumiya Co. Ltd. (d) | 492,000 | 4,653,208 | |
Japan Asia Investment Co. Ltd. | 2,000 | 15,473 | |
Japan General Estate Co. Ltd. | 446,500 | 8,371,263 | |
Japan Steel Works Ltd. (d) | 700,000 | 4,905,379 | |
JGC Corp. | 1,063,000 | 18,622,920 | |
Joint Corp. | 315,000 | 10,345,555 | |
Kanto Tsukuba Bank Ltd. (a)(d) | 453,000 | 7,427,012 | |
Kenedix, Inc. | 2,000 | 10,309,550 | |
KK daVinci Advisors (a)(d) | 14,621 | 16,306,187 | |
Konaka Co. Ltd. | 250,000 | 5,301,866 | |
Kyushu-Shinwa Holdings, Inc. (a)(d) | 1,255,000 | 2,700,110 | |
Leopalace21 Corp. | 100,000 | 3,899,012 | |
Meiko Electronics Co. Ltd. | 95,000 | 7,257,959 | |
Meisei Industrial Co. Ltd. (a) | 683,000 | 4,978,178 | |
Miraial Co. Ltd. | 56,200 | 5,305,379 | |
Mitsubishi Logistics Corp. | 300,000 | 4,573,436 | |
Mitsui Engineering & Shipbuilding Co. | 1,599,000 | 5,111,183 | |
Nabtesco Corp. | 607,000 | 7,691,776 | |
NEOMAX Co. Ltd. (d) | 114,000 | 3,273,590 | |
NGK Insulators Ltd. | 400,000 | 5,729,089 | |
NGK Spark Plug Co. Ltd. | 199,000 | 4,368,826 | |
Nifco, Inc. (d) | 125,000 | 2,590,560 | |
Nippon Electric Glass Co. Ltd. | 188,000 | 4,242,898 | |
Nissan Chemical Industries Co. Ltd. | 280,000 | 4,745,554 | |
Nisshin Fudosan Co. Ltd. (d) | 119,900 | 1,756,252 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Japan - continued | |||
OMC Card, Inc. | 855,500 | $13,545,261 | |
Organo Corp. | 460,000 | 4,508,101 | |
ORIX Corp. | 38,110 | 11,445,550 | |
OSG Corp. | 90,600 | 1,921,396 | |
Pal Co. Ltd. (d) | 40,000 | 2,933,041 | |
Promise Co. Ltd. | 86,250 | 5,317,014 | |
Ryohin Keikaku Co. Ltd. | 95,200 | 8,543,965 | |
Sankyo Seiki Manufacturing Co. Ltd. | 327,000 | 4,005,840 | |
Sojitz Corp. (a)(d) | 500,000 | 3,192,097 | |
Sugi Pharmacy Co. Ltd. | 197,000 | 4,619,012 | |
Sumco Corp. | 228,600 | 13,670,832 | |
Sumisho Lease Co. Ltd. | 20,100 | 1,152,606 | |
Sumitomo Titanium Corp. (d) | 56,800 | 11,182,929 | |
Sysmex Corp. | 50,000 | 2,243,688 | |
Take & Give Needs Co. Ltd. (a) | 5,034 | 7,647,702 | |
Teijin Ltd. | 1,155,000 | 7,921,449 | |
The Daimaru, Inc. | 472,000 | 6,872,237 | |
THK Co. Ltd. | 149,000 | 4,867,443 | |
Toho Tenax Co. Ltd. (a)(d) | 1,305,000 | 12,136,071 | |
Toho Titanium Co. Ltd. (d) | 66,000 | 4,920,659 | |
Tokai Carbon Co. Ltd. | 500,000 | 3,113,063 | |
Tokuyama Corp. | 715,000 | 11,797,893 | |
Tokyo Seimitsu Co. Ltd. | 53,400 | 3,174,692 | |
Tokyo Tomin Bank Ltd. | 25,600 | 1,279,157 | |
Tokyu Land Corp. | 265,000 | 2,254,973 | |
Toray Industries, Inc. | 1,220,000 | 11,431,307 | |
UFJ Central Leasing Co. Ltd. | 39,800 | 2,474,503 | |
Urban Corp. (d) | 466,700 | 6,926,218 | |
Valor Co. Ltd. | 44,000 | 896,422 | |
Venture Link Co. Ltd. (a)(d) | 1,548,200 | 6,553,084 | |
Yamada Denki Co. Ltd. | 50,000 | 5,448,957 | |
Yaskawa Electric Corp. (a) | 231,000 | 2,841,985 | |
Zeon Corp. | 400,000 | 5,434,029 | |
TOTAL JAPAN | 538,955,244 | ||
Korea (South) - 5.4% | |||
China Lotsynergy Holding Ltd. (a) | 11,890,000 | 2,453,665 | |
Daegu Bank Co. Ltd. | 304,900 | 5,722,029 | |
Daewoo Securities Co. Ltd. (a) | 413,920 | 7,504,675 | |
Daishin Securities Co. Ltd. | 235,210 | 5,499,000 | |
Hyundai Department Store Co. Ltd. | 86,410 | 8,291,477 | |
Hyundai Engineering & Construction Co. Ltd. (a) | 100,000 | 6,223,826 | |
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Korea (South) - continued | |||
Korea Investment Holdings Co. Ltd. | 218,460 | $9,357,776 | |
LG Card Co. Ltd. (a) | 113,800 | 6,093,306 | |
NHN Corp. (a) | 23,867 | 8,477,386 | |
Samsung Securities Co. Ltd. | 107,760 | 6,763,923 | |
Shinhan Financial Group Co. Ltd. | 156,130 | 7,780,429 | |
TOTAL KOREA (SOUTH) | 74,167,492 | ||
Luxembourg - 0.5% | |||
Acergy SA (a) | 434,600 | 7,062,250 | |
Netherlands - 0.2% | |||
Fugro NV (Certificaten Van Aandelen) unit | 77,700 | 3,262,445 | |
Norway - 2.2% | |||
Deep Ocean ASA (a)(d) | 522,500 | 1,840,087 | |
Fred Olsen Energy ASA (a) | 98,900 | 4,678,722 | |
Petroleum Geo-Services ASA (a)(d) | 216,550 | 12,194,951 | |
ProSafe ASA | 50,000 | 2,969,911 | |
TANDBERG Television ASA (a) | 400,000 | 8,049,596 | |
TOTAL NORWAY | 29,733,267 | ||
Singapore - 1.2% | |||
GigaMedia Ltd. (a) | 2,063,020 | 17,061,175 | |
South Africa - 1.9% | |||
African Bank Investments Ltd. | 500,000 | 2,794,179 | |
Anglogold Ashanti Ltd. sponsored ADR (d) | 229,900 | 12,570,932 | |
Steinhoff International Holdings Ltd. | 2,821,000 | 11,180,778 | |
TOTAL SOUTH AFRICA | 26,545,889 | ||
Spain - 1.8% | |||
Abengoa SA | 200,000 | 6,240,121 | |
Azucarera Ebro Agricolas SA | 700,000 | 13,847,870 | |
Banco Pastor SA | 90,000 | 5,301,579 | |
TOTAL SPAIN | 25,389,570 | ||
Sweden - 3.2% | |||
Bergman & Beving AB (B Shares) | 300,000 | 6,359,992 | |
Boliden AB (d) | 545,000 | 11,072,569 | |
HIQ International AB (d) | 584,400 | 3,534,117 | |
Lindex AB (a) | 1,000,000 | 14,812,802 | |
Modern Times Group AB (MTG) (B Shares) (a) | 143,100 | 7,856,547 | |
TOTAL SWEDEN | 43,636,027 | ||
Common Stocks - continued | |||
Shares | Value (Note 1) | ||
Switzerland - 0.7% | |||
SEZ Holding AG (a) | 200,000 | $5,079,416 | |
Sulzer AG (Reg.) (d) | 6,000 | 5,060,066 | |
TOTAL SWITZERLAND | 10,139,482 | ||
Thailand - 0.4% | |||
Krung Thai Bank Public Co. Ltd. | 3,449,200 | 1,130,433 | |
Siam City Bank PLC (For. Reg.) | 6,816,200 | 4,322,557 | |
TOTAL THAILAND | 5,452,990 | ||
United Kingdom - 5.5% | |||
AMEC PLC | 1,054,600 | 7,568,291 | |
CSR PLC (a) | 194,246 | 4,282,957 | |
EMI Group PLC | 1,999,000 | 10,280,807 | |
Expro International Group PLC | 400,846 | 5,424,338 | |
Hunting PLC | 1,204,280 | 8,774,241 | |
Meggitt PLC | 2,634,431 | 16,167,289 | |
Optos PLC | 2,000,000 | 8,881,662 | |
Renovo Group PLC | 5,837,663 | 12,083,707 | |
Xansa PLC | 1,500,000 | 2,544,131 | |
TOTAL UNITED KINGDOM | 76,007,423 | ||
United States of America - 4.5% | |||
Allegheny Technologies, Inc. | 70,000 | 4,853,800 | |
Allied Waste Industries, Inc. (a) | 800,000 | 11,328,000 | |
Hexcel Corp. (a) | 612,700 | 13,534,543 | |
RTI International Metals, Inc. (a) | 53,300 | 3,205,462 | |
Titanium Metals Corp. (a)(d) | 414,800 | 29,720,417 | |
TOTAL UNITED STATES OF AMERICA | 62,642,222 | ||
TOTAL COMMON STOCKS (Cost $1,145,711,728) | 1,355,689,558 | ||
Money Market Funds - 16.9% | |||
Shares | Value (Note 1) | ||
Fidelity Cash Central Fund, 4.8% (b) | 57,411,887 | $57,411,887 | |
Fidelity Securities Lending Cash Central Fund, 4.83% (b)(c) | 176,482,087 | 176,482,087 | |
TOTAL MONEY MARKET FUNDS (Cost $233,893,974) | 233,893,974 | ||
TOTAL INVESTMENT PORTFOLIO - 114.8% (Cost $1,379,605,702) | 1,589,583,532 | ||
NET OTHER ASSETS - (14.8)% | (204,615,946) | ||
NET ASSETS - 100% | $1,384,967,586 |
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. |
(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 the affiliated Central funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $576,679 |
Fidelity Securities Lending Cash Central Fund | 770,742 |
Total | $1,347,421 |
Income Tax Information |
At October 31, 2005, the fund had a capital loss carryforward of approximately $3,072,229 all of which will expire on October 31, 2013. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $170,005,450) - See accompanying schedule: Unaffiliated issuers (cost $1,145,711,728) | $1,355,689,558 | |
Affiliated Central Funds (cost $233,893,974) | 233,893,974 | |
Total Investments (cost $1,379,605,702) | $1,589,583,532 | |
Foreign currency held at value (cost $3,477,123) | 3,533,510 | |
Receivable for investments sold | 38,767,460 | |
Receivable for fund shares sold | 13,534,016 | |
Dividends receivable | 2,147,065 | |
Interest receivable | 89,129 | |
Prepaid expenses | 22,523 | |
Other affiliated receivables | 1,087 | |
Other receivables | 686,313 | |
Total assets | 1,648,364,635 | |
Liabilities | ||
Payable for investments purchased | $84,772,234 | |
Payable for fund shares redeemed | 754,796 | |
Accrued management fee | 916,819 | |
Distribution fees payable | 32,000 | |
Other affiliated payables | 242,391 | |
Other payables and accrued expenses | 196,722 | |
Collateral on securities loaned, at value | 176,482,087 | |
Total liabilities | 263,397,049 | |
Net Assets | $1,384,967,586 | |
Net Assets consist of: | ||
Paid in capital | $1,140,045,448 | |
Undistributed net investment income | 1,489,708 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 33,318,004 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 210,114,426 | |
Net Assets | $1,384,967,586 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Assets and Liabilities - continued
April 30, 2006 (Unaudited) | ||
Calculation of Maximum Offering Price | $15.32 | |
Maximum offering price per share (100/94.25 of $15.32) | $16.25 | |
Class T: | $15.27 | |
Maximum offering price per share (100/96.50 of $15.27) | $15.82 | |
Class B: | $15.22 | |
Class C: | $15.22 | |
International Small Cap Opportunities: | $15.34 | |
Institutional Class: | $15.34 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended April 30, 2006 (Unaudited) | ||
Investment Income | ||
Dividends | $4,832,856 | |
Interest | 3,266 | |
Income from affiliated Central Funds (including $770,742 from security lending) | 1,347,421 | |
6,183,543 | ||
Less foreign taxes withheld | (420,276) | |
Total income | 5,763,267 | |
Expenses | ||
Management fee | $3,283,284 | |
Transfer agent fees | 835,303 | |
Distribution fees | 107,042 | |
Accounting and security lending fees | 196,072 | |
Independent trustees' compensation | 1,093 | |
Custodian fees and expenses | 192,953 | |
Registration fees | 231,992 | |
Audit | 33,047 | |
Legal | 822 | |
Miscellaneous | 2,579 | |
Total expenses before reductions | 4,884,187 | |
Expense reductions | (586,748) | 4,297,439 |
Net investment income (loss) | 1,465,828 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 36,888,818 | |
Investment not meeting investment restrictions | 35,982 | |
Foreign currency transactions | (207,383) | |
Total net realized gain (loss) | 36,717,417 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 208,779,811 | |
Assets and liabilities in foreign currencies | 139,595 | |
Total change in net unrealized appreciation (depreciation) | 208,919,406 | |
Net gain (loss) | 245,636,823 | |
Net increase (decrease) in net assets resulting from operations | $247,102,651 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements - continued
Statement of Changes in Net Assets
Six months ended | August 2, 2005 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,465,828 | $25,230 |
Net realized gain (loss) | 36,717,417 | (3,306,632) |
Change in net unrealized appreciation (depreciation) | 208,919,406 | 1,195,020 |
Net increase (decrease) in net assets resulting | 247,102,651 | (2,086,382) |
Distributions to shareholders from net realized gain | (90,957) | - |
Share transactions - net increase (decrease) | 924,037,827 | 215,410,790 |
Redemption fees | 461,578 | 132,079 |
Total increase (decrease) in net assets | 1,171,511,099 | 213,456,487 |
Net Assets | ||
Beginning of period | 213,456,487 | - |
End of period (including undistributed net investment income of $1,489,708 and undistributed net investment income of $25,213, respectively) | $1,384,967,586 | $213,456,487 |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class A
Six months ended | Year ended | |
(Unaudited) | 2005 G | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.41 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | .01 | - I |
Net realized and unrealized gain (loss) | 4.89 | .40 F |
Total from investment operations | 4.90 | .40 |
Distributions from net realized gain | -I | - |
Redemption fees added to paid in capital E | .01 | .01 |
Net asset value, end of period | $15.32 | $10.41 |
Total Return B, C, D | 47.20% | 4.10% |
Ratios to Average Net Assets H | ||
Expenses before reductions | 1.59% A | 2.67% A |
Expenses net of fee waivers, if any | 1.59% A | 1.65% A |
Expenses net of all reductions | 1.44% A | 1.54% A |
Net investment income (loss) | .10% A | (.09)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $32,427 | $5,533 |
Portfolio turnover rate | 144% A | 46% |
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FThe 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.
GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class T
Six months ended | Year ended | |
(Unaudited) | 2005 G | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.38 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.01) | (.01) |
Net realized and unrealized gain (loss) | 4.89 | .38 F |
Total from investment operations | 4.88 | .37 |
Redemption fees added to paid in capital E | .01 | .01 |
Net asset value, end of period | $15.27 | $10.38 |
Total Return B, C, D | 47.11% | 3.80% |
Ratios to Average Net Assets H | ||
Expenses before reductions | 1.84% A | 2.92% A |
Expenses net of fee waivers, if any | 1.84% A | 1.90% A |
Expenses net of all reductions | 1.68% A | 1.78% A |
Net investment income (loss) | (.15)% A | (.33)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $21,521 | $2,704 |
Portfolio turnover rate | 144% A | 46% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the sales charges.
ECalculated based on average shares outstanding during the period.
FThe 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.
GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class B
Six months ended | Year ended | |
(Unaudited) | 2005 G | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.37 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.05) | (.02) |
Net realized and unrealized gain (loss) | 4.89 | .38 F |
Total from investment operations | 4.84 | .36 |
Redemption fees added to paid in capital E | .01 | .01 |
Net asset value, end of period | $15.22 | $10.37 |
Total Return B, C, D | 46.77% | 3.70% |
Ratios to Average Net Assets H | ||
Expenses before reductions | 2.42% A | 3.43% A |
Expenses net of fee waivers, if any | 2.40% A | 2.40% A |
Expenses net of all reductions | 2.25% A | 2.27% A |
Net investment income (loss) | (.72)% A | (.82)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $7,232 | $1,705 |
Portfolio turnover rate | 144% A | 46% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FThe 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.
GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Class C
Six months ended | Year ended | |
(Unaudited) | 2005 G | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.37 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss) E | (.04) | (.02) |
Net realized and unrealized gain (loss) | 4.88 | .38 F |
Total from investment operations | 4.84 | .36 |
Redemption fees added to paid in capital E | .01 | .01 |
Net asset value, end of period | $15.22 | $10.37 |
Total Return B, C, D | 46.77% | 3.70% |
Ratios to Average Net Assets H | ||
Expenses before reductions | 2.36% A | 3.32% A |
Expenses net of fee waivers, if any | 2.36% A | 2.40% A |
Expenses net of all reductions | 2.20% A | 2.29% A |
Net investment income (loss) | (.67)% A | (.84)% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $17,784 | $3,317 |
Portfolio turnover rate | 144% A | 46% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DTotal returns do not include the effect of the contingent deferred sales charge.
ECalculated based on average shares outstanding during the period.
FThe 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.
GFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - Institutional Class
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.40 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)D | .03 | - H |
Net realized and unrealized gain (loss) | 4.90 | .39 E |
Total from investment operations | 4.93 | .39 |
Distributions from net realized gain | -H | - |
Redemption fees added to paid in capital D | .01 | .01 |
Net asset value, end of period | $15.34 | $10.40 |
Total Return B, C | 47.54% | 4.00% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 1.22% A | 2.25% A |
Expenses net of fee waivers, if any | 1.22% A | 1.40% A |
Expenses net of all reductions | 1.07% A | 1.29% A |
Net investment income (loss) | .47% A | .16% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $19,285 | $2,849 |
Portfolio turnover rate | 144% A | 46% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DCalculated based on average shares outstanding during the period.
EThe 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.
FFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Highlights - International Small Cap Opportunities
Six months ended | Year ended | |
(Unaudited) | 2005 F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $10.40 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss) D | .03 | - H |
Net realized and unrealized gain (loss) | 4.90 | .39 E |
Total from investment operations | 4.93 | .39 |
Distributions from net realized gain | -H | - |
Redemption fees added to paid in capital D | .01 | .01 |
Net asset value, end of period | $15.34 | $10.40 |
Total Return B, C | 47.54% | 4.00% |
Ratios to Average Net Assets G | ||
Expenses before reductions | 1.27% A | 2.25% A |
Expenses net of fee waivers, if any | 1.27% A | 1.40% A |
Expenses net of all reductions | 1.11% A | 1.31% A |
Net investment income (loss) | .42% A | .14% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $1,286,718 | $197,349 |
Portfolio turnover rate | 144% A | 46% |
AAnnualized
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DCalculated based on average shares outstanding during the period.
EThe 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.
FFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
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 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.
HAmount represents less than $.01 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2006 (Unaudited)
1. Significant Accounting Policies.
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 B, Class C, International Small Cap Opportunities 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. 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 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.
The fund may invest in affiliated money market central funds (Money Market Central Funds), which are open-end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments.
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. 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. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Security Valuation - continued
When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because the fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used can not be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.
Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is 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.
Semiannual Report
1. Significant Accounting Policies - continued
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each fund in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. 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 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 generally accepted accounting principles. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. 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), capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $232,601,339 | |
Unrealized depreciation | (23,448,893) | |
Net unrealized appreciation (depreciation) | $209,152,446 | |
Cost for federal income tax purposes | $1,380,431,086 |
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 90 days are subject to a redemption fee equal to 2.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the fund and accounted for as an addition to paid in capital.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,433,629,476 and $538,440,813, respectively.
The fund realized a gain on the sale of an investment not meeting the investment restrictions of the fund.
4. 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 a group fee rate that averaged .27% 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 investment performance of the International Small Cap Opportunities class as compared to an appropriate benchmark index. The fund's performance adjustment will not take effect until August 2006. Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate was ..87% of the fund's average net assets.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. 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 and the total amounts paid to and retained by FDC were as follows:
Distribution | Service | Paid to | Retained | |
Class A | 0% | .25% | $19,991 | $1,891 |
Class T | .25% | .25% | 24,356 | 5,194 |
Class B | .75% | .25% | 19,980 | 16,296 |
Class C | .75% | .25% | 42,715 | 37,285 |
$107,042 | $60,666 |
Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares (.25% prior to February 24, 2006) and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $55,970 |
Class T | 10,067 |
Class B* | 1,478 |
Class C* | 455 |
$67,970 |
*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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. 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, except for International Small Cap Opportunities. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Small Cap Opportunities shares. FIIOC and FSC receive 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 and FSC pay for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period the total transfer agent fees paid by each class to FIIOC or FSC, were as follows:
Amount | % of | |
Class A | $23,247 | .29* |
Class T | 13,991 | .29* |
Class B | 7,360 | .37* |
Class C | 12,941 | .30* |
International Small Cap Opportunities | 769,405 | .22* |
Institutional Class | 8,359 | .17* |
$835,303 |
* Annualized
Accounting and Security Lending Fees. FSC maintains the fund's accounting records. The accounting fee is based on the level of average net assets for the 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.
Affiliated Central Funds. The fund may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
The Money Market Central Funds do not pay a management fee.
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 $1,889 for the period.
Semiannual Report
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 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 amounts to $199 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
6. Security Lending.
The fund lends portfolio securities from time to time in order to earn additional income. 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 fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from affiliated central funds.
7. 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, are excluded from this reimbursement.
The following class was in reimbursement during the period:
Expense | Reimbursement | |
Class B | 2.40% | $413 |
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 $586,335 for the period.
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Notes to Financial Statements (Unaudited) - continued
8. 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.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net realized gain | ||
Class A | $2,067 | $- |
International Small Cap Opportunities | 87,898 | - |
Institutional Class | 992 | - |
Total | $90,957 | $- |
Semiannual Report
10. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Dollars | |||
Six months ended | Year ended | Six months ended | Year ended | |
Class A | ||||
Shares sold | 1,638,678 | 533,911 | $22,157,859 | $5,543,122 |
Reinvestment of distributions | 162 | - | 1,916 | - |
Shares redeemed | (54,015) | (2,302) | (726,385) | (24,252) |
Net increase (decrease) | 1,584,825 | 531,609 | $21,433,390 | $5,518,870 |
Class T | ||||
Shares sold | 1,158,045 | 262,396 | $15,649,175 | $2,707,886 |
Shares redeemed | (9,581) | (1,961) | (129,336) | (19,686) |
Net increase (decrease) | 1,148,464 | 260,435 | $15,519,839 | $2,688,200 |
Class B | ||||
Shares sold | 332,078 | 169,923 | $4,448,783 | $1,745,697 |
Shares redeemed | (21,168) | (5,585) | (291,516) | (57,751) |
Net increase (decrease) | 310,910 | 164,338 | $4,157,267 | $1,687,946 |
Class C | ||||
Shares sold | 856,991 | 322,125 | $11,676,554 | $3,329,826 |
Shares redeemed | (8,143) | (2,373) | (116,183) | (24,472) |
Net increase (decrease) | 848,848 | 319,752 | $11,560,371 | $3,305,354 |
International Small Cap Opportunities | ||||
Shares sold | 70,832,543 | 19,620,455 | $938,098,273 | $205,992,728 |
Reinvestment of distributions | 6,974 | - | 82,435 | - |
Shares redeemed | (5,936,304) | (646,558) | (80,212,069) | (6,587,124) |
Net increase (decrease) | 64,903,213 | 18,973,897 | $857,968,639 | $199,405,604 |
Institutional Class | ||||
Shares sold | 995,115 | 274,003 | $13,557,660 | 2,804,816 |
Reinvestment of distributions | 83 | - | 980 | - |
Shares redeemed | (11,819) | - | (160,319) | - |
Net increase (decrease) | 983,379 | 274,003 | $13,398,321 | $2,804,816 |
AFor the period August 2, 2005 (commencement of operations) to October 31, 2005.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Small Cap Opportunities Fund
On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Management, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for the fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub-advisory agreements for the fund with affiliates of FMR that allow FMR to obtain research, non-discretionary advice, or discretionary portfolio management at no additional expense to the fund. The Board, assisted by the advice of fund counsel and independent Trustees' counsel, considered a broad range of information and determined that it would be beneficial for the fund to access the research and investment advisory support services supplied by FRAC at no additional expense to the fund.
The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under the fund's management contract or sub-advisory agreements; (ii) the investment process or strategies employed in the management of the fund's assets; (iii) the nature or level of services provided under the fund's management contract or sub-advisory agreements; (iv) the day-to-day management of the fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of the Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of the fund's management contract or sub-advisory agreements under the Investment Company Act of 1940.
Because the Board was approving an arrangement with FRAC under which the fund will not bear any additional management fees or expenses and under which the fund's portfolio manager would not change, it did not consider the fund's investment performance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.
In connection with its future renewal of the fund's management contract and sub-advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the fund's management fee and total expenses; (iii) the costs of the services and profitability, including 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; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.
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Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the fund's Agreement is fair and reasonable, and that the fund's Agreement should be approved.
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Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
(formerly Fidelity Management &
Research (Far East) Inc.)
Fidelity International Investment Advisors
Fidelity Investments Japan Limited
Fidelity International 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-0606
1.815084.100
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. Schedule of Investments
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/Christine Reynolds |
Christine Reynolds | |
President and Treasurer | |
Date: | June 23, 2006 |
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/Christine Reynolds |
Christine Reynolds | |
President and Treasurer | |
Date: | June 23, 2006 |
By: | /s/Paul M. Murphy |
Paul M. Murphy | |
Chief Financial Officer | |
Date: | June 23, 2006 |