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, 2007 |
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, 2007
(2_fidelity_logos) (Registered_Trademark)
Contents
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 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 funds nor Fidelity Distributors Corporation is a bank.
Annual Report
Chairman's Message
(Photograph of Edward C. Johnson 3d.)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).
Actual Expenses
The first line of the accompanying table 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. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each 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. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning
Account Value
November 1, 2006 | Ending
Account Value
April 30, 2007 | Expenses Paid
During Period*
November 1, 2006
to April 30, 2007 |
Global Balanced | | | |
Actual | $ 1,000.00 | $ 1,096.50 | $ 6.03 |
HypotheticalA | $ 1,000.00 | $ 1,019.04 | $ 5.81 |
Diversified International | | | |
Actual | $ 1,000.00 | $ 1,150.40 | $ 4.85 |
HypotheticalA | $ 1,000.00 | $ 1,020.28 | $ 4.56 |
Aggressive International | | | |
Actual | $ 1,000.00 | $ 1,168.50 | $ 4.41 |
HypotheticalA | $ 1,000.00 | $ 1,020.73 | $ 4.11 |
Overseas | | | |
Actual | $ 1,000.00 | $ 1,162.80 | $ 4.67 |
HypotheticalA | $ 1,000.00 | $ 1,020.48 | $ 4.36 |
Worldwide | | | |
Actual | $ 1,000.00 | $ 1,136.40 | $ 5.19 |
HypotheticalA | $ 1,000.00 | $ 1,019.93 | $ 4.91 |
A 5% 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
Expense Ratio |
Global Balanced | 1.16% |
Diversified International | .91% |
Aggressive International | .82% |
Overseas | .87% |
Worldwide | .98% |
Semiannual Report
Global Balanced
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
 | United States of America | 34.6% | |
 | Japan | 17.5% | |
 | Germany | 9.0% | |
 | France | 6.4% | |
 | United Kingdom | 5.7% | |
 | Switzerland | 3.9% | |
 | Australia | 3.4% | |
 | Netherlands | 3.4% | |
 | Finland | 3.0% | |
 | Other | 13.1% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| United States of America | 37.3% | |
| Japan | 18.6% | |
| France | 7.3% | |
| Germany | 6.9% | |
| United Kingdom | 4.7% | |
| Switzerland | 3.6% | |
| Finland | 3.0% | |
| Netherlands | 2.9% | |
| Austria | 2.6% | |
| Other | 13.1% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 58.8 | 56.2 |
Bonds | 36.6 | 35.7 |
Convertible Securities | 0.0 | 0.1 |
Short-Term Investments and Net Other Assets | 4.6 | 8.0 |
Top Five Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
ABB Ltd. sponsored ADR (Switzerland) | 1.1 | 0.8 |
Federated Department Stores, Inc. (United States of America) | 0.9 | 0.6 |
AT&T, Inc. (United States of America) | 0.8 | 0.0 |
Exxon Mobil Corp. (United States of America) | 0.8 | 1.1 |
Nestle SA (Switzerland) | 0.7 | 0.2 |
| 4.3 | |
Top Five Bond Issuers as of April 30, 2007 |
(with maturities greater than one year) | % of fund's
net assets | % of fund's net assets
6 months ago |
Japan Government | 8.2 | 8.6 |
German Federal Republic | 6.0 | 4.6 |
Finnish Government | 2.2 | 2.6 |
U.S. Treasury Obligations | 2.0 | 4.3 |
French Republic | 1.5 | 1.4 |
| 19.9 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 18.7 | 16.0 |
Consumer Discretionary | 9.2 | 8.1 |
Information Technology | 7.3 | 6.0 |
Industrials | 6.9 | 7.4 |
Health Care | 6.6 | 6.8 |
Consumer Staples | 5.9 | 5.6 |
Materials | 5.0 | 3.4 |
Energy | 4.6 | 4.5 |
Utilities | 2.1 | 1.6 |
Telecommunication Services | 1.9 | 1.8 |
Semiannual Report
Global Balanced
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 58.1% |
| Shares | | Value |
Argentina - 0.3% |
Cresud S.A.C.I.F. y A. sponsored ADR | 24,500 | | $ 594,370 |
Inversiones y Representaciones SA sponsored GDR (a) | 12,000 | | 251,040 |
TOTAL ARGENTINA | | 845,410 |
Australia - 3.4% |
AMP Ltd. | 90,785 | | 810,468 |
ASX Ltd. | 22,489 | | 896,448 |
Babcock & Brown Ltd. | 17,200 | | 423,513 |
BHP Billiton Ltd. | 30,734 | | 750,524 |
Computershare Ltd. | 92,100 | | 799,262 |
CSL Ltd. | 15,300 | | 1,108,970 |
Fosters Group Ltd. | 114,439 | | 607,279 |
Macquarie Bank Ltd. | 11,700 | | 845,315 |
McGuigan Simeon Wines Ltd. | 122,200 | | 253,702 |
National Australia Bank Ltd. | 34,027 | | 1,210,000 |
Publishing & Broadcasting Ltd. | 46,700 | | 795,031 |
QBE Insurance Group Ltd. | 31,600 | | 809,835 |
Rinker Group Ltd. | 25,300 | | 390,793 |
United Group Ltd. | 60,800 | | 792,714 |
Woolworths Ltd. | 36,400 | | 855,463 |
TOTAL AUSTRALIA | | 11,349,317 |
Austria - 0.5% |
Flughafen Wien AG | 15,450 | | 1,684,748 |
Bermuda - 0.6% |
Allied World Assurance Co. Holdings Ltd. | 8,700 | | 385,584 |
Endurance Specialty Holdings Ltd. | 12,000 | | 449,040 |
Lazard Ltd. Class A | 8,400 | | 454,860 |
SeaDrill Ltd. (a) | 37,500 | | 622,762 |
TOTAL BERMUDA | | 1,912,246 |
Canada - 1.1% |
Cameco Corp. | 10,500 | | 489,098 |
Canadian Natural Resources Ltd. | 9,100 | | 542,278 |
European Goldfields Ltd. (a) | 113,500 | | 567,551 |
New Flyer Industries, Inc. | 45,600 | | 443,305 |
Potash Corp. of Saskatchewan, Inc. | 3,800 | | 682,176 |
Suncor Energy, Inc. | 5,500 | | 441,279 |
Western Oil Sands, Inc. Class A (a) | 13,300 | | 432,109 |
TOTAL CANADA | | 3,597,796 |
Cayman Islands - 0.2% |
Foxconn International Holdings Ltd. (a) | 122,000 | | 369,624 |
GlobalSantaFe Corp. | 3,860 | | 246,770 |
Simcere Pharmaceutical Group sponsored ADR | 5,900 | | 97,940 |
TOTAL CAYMAN ISLANDS | | 714,334 |
|
| Shares | | Value |
Finland - 0.5% |
M-real Oyj (B Shares) | 87,877 | | $ 604,381 |
UPM-Kymmene Corp. (f) | 46,899 | | 1,156,998 |
TOTAL FINLAND | | 1,761,379 |
France - 3.2% |
Alcatel-Lucent SA | 25,400 | | 336,550 |
Alcatel-Lucent SA sponsored ADR | 100,500 | | 1,331,625 |
BIC SA | 22,729 | | 1,665,559 |
Compagnie Generale de Geophysique SA (a) | 2,800 | | 585,397 |
Eutelsat Communications | 51,700 | | 1,283,301 |
Icade SA (f) | 25,968 | | 1,993,626 |
Renault SA (f) | 15,400 | | 2,011,540 |
Sanofi-Aventis sponsored ADR | 29,915 | | 1,371,902 |
TOTAL FRANCE | | 10,579,500 |
Germany - 2.2% |
Bayer AG | 27,100 | | 1,853,098 |
E.ON AG (f) | 13,400 | | 2,015,226 |
Lanxess AG | 24,800 | | 1,361,128 |
RWE AG | 12,100 | | 1,281,470 |
Siemens AG sponsored ADR | 5,000 | | 604,850 |
TOTAL GERMANY | | 7,115,772 |
Hong Kong - 0.6% |
Hang Seng Bank Ltd. | 53,600 | | 755,774 |
Hong Kong Exchanges & Clearing Ltd. | 32,000 | | 308,237 |
Li & Fung Ltd. | 248,000 | | 779,899 |
TOTAL HONG KONG | | 1,843,910 |
India - 0.4% |
Bharat Heavy Electricals Ltd. | 4,379 | | 265,423 |
Godrej Consumer Products Ltd. | 27,664 | | 94,123 |
Jain Irrigation Systems Ltd. | 31,779 | | 335,675 |
Larsen & Toubro Ltd. | 8,001 | | 331,073 |
Nagarjuna Construction Co. Ltd. | 57,999 | | 253,644 |
TOTAL INDIA | | 1,279,938 |
Italy - 0.2% |
Ducati Motor Holding Spa (a) | 216,100 | | 425,526 |
IFIL Finanziaria di Partecipazioni Spa | 35,036 | | 387,405 |
TOTAL ITALY | | 812,931 |
Japan - 7.5% |
Abc-Mart, Inc. | 9,000 | | 200,951 |
ACOM Co. Ltd. | 2,790 | | 100,724 |
Aeon Mall Co. Ltd. | 5,400 | | 180,745 |
Asahi Glass Co. Ltd. | 15,000 | | 201,801 |
Atlus Co. Ltd. (a) | 27,800 | | 153,690 |
Canon, Inc. | 10,600 | | 595,720 |
Casio Computer Co. Ltd. | 12,300 | | 248,319 |
Chiba Bank Ltd. | 15,000 | | 123,996 |
Chubu Electric Power Co., Inc. | 19,200 | | 616,988 |
Daihen Corp. | 28,000 | | 169,231 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Daiichi Sankyo Co. Ltd. | 14,100 | | $ 420,710 |
Daiwa House Industry Co. Ltd. | 12,000 | | 188,124 |
East Japan Railway Co. | 81 | | 656,908 |
Haseko Corp. (a) | 40,000 | | 132,482 |
Hitachi Software Engineerng Co. Ltd. | 7,200 | | 171,887 |
Japan Securities Finance Co. Ltd. | 6,400 | | 90,968 |
KDDI Corp. | 26 | | 204,351 |
Komatsu Ltd. | 18,800 | | 444,933 |
Konica Minolta Holdings, Inc. | 40,500 | | 554,226 |
Kurita Water Industries Ltd. | 6,300 | | 157,285 |
Lawson, Inc. | 15,000 | | 553,227 |
Leopalace21 Corp. | 1,700 | | 55,744 |
Makita Corp. | 4,400 | | 167,435 |
Mandom Corp. | 2,900 | | 74,118 |
Marui Co. Ltd. | 18,700 | | 222,180 |
Mitsubishi Estate Co. Ltd. | 12,000 | | 372,089 |
Mitsui & Co. Ltd. | 46,000 | | 827,259 |
Mitsui Engineering & Shipbuilding Co. | 37,000 | | 165,752 |
Mitsui Fudosan Co. Ltd. | 17,000 | | 496,285 |
Mitsui O.S.K. Lines Ltd. | 83,000 | | 1,046,136 |
Mizuho Financial Group, Inc. | 137 | | 824,533 |
Murata Manufacturing Co. Ltd. | 4,900 | | 361,147 |
Namco Bandai Holdings, Inc. | 11,400 | | 185,277 |
Nintendo Co. Ltd. | 6,000 | | 1,874,473 |
Nippon Electric Glass Co. Ltd. | 50,000 | | 855,839 |
Nippon Meat Packers, Inc. | 28,000 | | 341,085 |
Nippon Oil Corp. | 49,000 | | 376,327 |
Nippon Paint Co. Ltd. | 49,000 | | 286,998 |
Nippon Suisan Kaisha Co. Ltd. | 23,700 | | 152,712 |
Nomura Holdings, Inc. | 12,500 | | 240,750 |
Nomura Real Estate Office Fund, Inc. | 6 | | 74,464 |
Nomura Real Estate Residential Fund, Inc. | 15 | | 117,770 |
NSK Ltd. | 42,000 | | 406,504 |
NTT DoCoMo, Inc. | 459 | | 780,759 |
Okinawa Cellular Telephone Co. | 54 | | 159,150 |
ORIX Corp. | 1,390 | | 370,674 |
Osaka Securities Exchange Co. Ltd. | 40 | | 200,617 |
Sankei Building Co. Ltd. | 37,200 | | 338,936 |
Sankyo Co. Ltd. (Gunma) | 2,300 | | 100,822 |
Sharp Corp. | 24,000 | | 440,486 |
Shin-Etsu Chemical Co. Ltd. | 11,000 | | 710,064 |
Sony Corp. | 5,900 | | 314,234 |
Sumco Corp. | 4,100 | | 178,185 |
Sumitomo Corp. | 19,800 | | 339,160 |
Sumitomo Electric Industries Ltd. | 12,600 | | 178,208 |
Sumitomo Metal Industries Ltd. | 132,000 | | 670,304 |
Sumitomo Trust & Banking Co. Ltd. | 18,000 | | 175,808 |
Takeda Pharamaceutical Co. Ltd. | 13,800 | | 894,731 |
The Sumitomo Warehouse Co. Ltd. | 31,000 | | 239,330 |
TIS, Inc. | 7,500 | | 171,617 |
Tohokushinsha Film Corp. | 8,300 | | 72,619 |
|
| Shares | | Value |
Tokai Carbon Co. Ltd. | 33,000 | | $ 284,134 |
Tokyo Tomin Bank Ltd. | 6,000 | | 207,424 |
Toyota Motor Corp. | 25,500 | | 1,548,105 |
Uni-Charm Corp. | 6,200 | | 365,219 |
Yamaha Motor Co. Ltd. | 2,800 | | 73,976 |
TOTAL JAPAN | | 24,506,705 |
Korea (South) - 0.1% |
LG Household & Health Care Ltd. | 3,100 | | 412,745 |
Luxembourg - 0.9% |
Acergy SA | 50,400 | | 1,079,064 |
SES SA FDR (France) unit | 98,300 | | 1,931,619 |
TOTAL LUXEMBOURG | | 3,010,683 |
Netherlands - 1.7% |
Koninklijke Numico NV | 8,400 | | 464,925 |
Koninklijke Philips Electronics NV | 47,200 | | 1,937,088 |
Nutreco Holding NV | 22,183 | | 1,647,041 |
Reed Elsevier NV | 77,400 | | 1,458,613 |
TOTAL NETHERLANDS | | 5,507,667 |
Norway - 0.4% |
Fred Olsen Energy ASA (a)(f) | 11,400 | | 571,025 |
TGS Nopec Geophysical Co. ASA (a) | 29,800 | | 691,241 |
TOTAL NORWAY | | 1,262,266 |
Singapore - 1.2% |
DBS Group Holdings Ltd. | 47,000 | | 658,965 |
Keppel Corp. Ltd. | 66,000 | | 929,700 |
Parkway Holdings Ltd. | 184,000 | | 479,621 |
Rickmers Maritime | 303,000 | | 313,132 |
Singapore Exchange Ltd. | 168,000 | | 818,325 |
Singapore Press Holdings Ltd. | 245,000 | | 703,133 |
TOTAL SINGAPORE | | 3,902,876 |
South Africa - 0.2% |
Gold Fields Ltd. sponsored ADR | 36,500 | | 655,905 |
Sweden - 0.5% |
Investor AB (B Shares) | 62,700 | | 1,698,591 |
Switzerland - 3.9% |
ABB Ltd. sponsored ADR | 172,800 | | 3,449,088 |
Actelion Ltd. (Reg.) (a) | 5,164 | | 1,231,305 |
Bellevue Group AG | 3,240 | | 260,868 |
Bucher Industries AG | 7,292 | | 1,098,766 |
Julius Baer Holding AG (Bearer) | 19,704 | | 1,384,998 |
Nestle SA: | | | |
(Reg.) | 4,959 | | 1,970,707 |
sponsored ADR | 4,200 | | 417,270 |
Pargesa Holding SA | 14,759 | | 1,606,829 |
Syngenta AG (Switzerland) | 6,540 | | 1,298,190 |
TOTAL SWITZERLAND | | 12,718,021 |
Turkey - 0.2% |
Selcuk Ecza Deposu Tic AS | 142,143 | | 612,260 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - 3.0% |
AstraZeneca PLC (United Kingdom) | 29,500 | | $ 1,602,145 |
Benfield Group PLC | 233,943 | | 1,482,791 |
Clipper Windpower PLC (a) | 9,000 | | 157,907 |
GlaxoSmithKline PLC | 67,100 | | 1,938,519 |
KKR Private Equity Investors, LP | 19,700 | | 480,680 |
Pearson PLC | 80,457 | | 1,385,893 |
Peter Hambro Mining PLC (a) | 41,631 | | 962,244 |
Tesco PLC | 194,700 | | 1,794,640 |
TOTAL UNITED KINGDOM | | 9,804,819 |
United States of America - 25.3% |
AES Corp. (a) | 36,900 | | 811,431 |
Agilent Technologies, Inc. (a) | 10,400 | | 357,448 |
Allergan, Inc. | 10,600 | | 1,284,720 |
American International Group, Inc. | 21,887 | | 1,530,120 |
American Superconductor Corp. (a)(f) | 7,700 | | 111,188 |
American Tower Corp. Class A (a) | 38,600 | | 1,466,800 |
Amphenol Corp. Class A | 14,000 | | 491,540 |
Amylin Pharmaceuticals, Inc. (a) | 12,300 | | 508,359 |
Apple, Inc. (a) | 21,500 | | 2,145,700 |
Applied Materials, Inc. | 19,500 | | 374,790 |
Astoria Financial Corp. | 8,900 | | 236,384 |
AT&T, Inc. | 70,500 | | 2,729,760 |
Avon Products, Inc. | 39,700 | | 1,580,060 |
Bank of America Corp. | 14,100 | | 717,690 |
BankUnited Financial Corp. Class A | 10,100 | | 218,665 |
BioMimetic Therapeutics, Inc. | 1,400 | | 26,236 |
Brookdale Senior Living, Inc. | 5,100 | | 231,591 |
C.R. Bard, Inc. | 17,700 | | 1,471,401 |
Casual Male Retail Group, Inc. (a) | 75,100 | | 864,401 |
Celgene Corp. (a) | 11,600 | | 709,456 |
Centex Corp. | 5,000 | | 223,850 |
Cerner Corp. (a) | 14,340 | | 763,462 |
Cisco Systems, Inc. (a) | 73,250 | | 1,958,705 |
Coach, Inc. (a) | 12,100 | | 590,843 |
Cognizant Technology Solutions Corp. Class A (a) | 26,400 | | 2,360,160 |
Collagenex Pharmaceuticals, Inc. (a) | 16,500 | | 226,215 |
Commerce Bancorp, Inc. | 14,100 | | 471,504 |
Constellation Energy Group, Inc. | 4,100 | | 365,392 |
Countrywide Financial Corp. | 7,600 | | 281,808 |
CyberSource Corp. (a) | 45,100 | | 573,221 |
DynCorp International, Inc. Class A | 29,700 | | 445,500 |
Estee Lauder Companies, Inc. Class A | 12,100 | | 622,182 |
Exelixis, Inc. (a) | 16,900 | | 181,506 |
Exxon Mobil Corp. | 32,500 | | 2,579,850 |
Federated Department Stores, Inc. | 64,050 | | 2,813,076 |
FormFactor, Inc. (a) | 17,900 | | 739,091 |
FPL Group, Inc. | 19,700 | | 1,268,089 |
Fuel Tech, Inc. (a) | 19,800 | | 497,772 |
General Dynamics Corp. | 25,600 | | 2,009,600 |
|
| Shares | | Value |
General Growth Properties, Inc. | 10,240 | | $ 653,824 |
Gilead Sciences, Inc. (a) | 8,700 | | 710,964 |
Google, Inc. Class A (sub. vtg.) (a) | 4,600 | | 2,168,348 |
Granite Construction, Inc. | 4,200 | | 253,008 |
Green Mountain Coffee Roasters, Inc. (a) | 3,400 | | 207,808 |
Greenhill & Co., Inc. | 5,400 | | 341,550 |
Health Net, Inc. (a) | 8,000 | | 432,480 |
Hittite Microwave Corp. (a) | 5,300 | | 239,454 |
Hudson City Bancorp, Inc. | 120,700 | | 1,607,724 |
Inverness Medical Innovations, Inc. (a) | 30,900 | | 1,237,545 |
Janus Capital Group, Inc. | 45,100 | | 1,128,402 |
JCPenney Co., Inc. | 17,750 | | 1,403,848 |
KB Home | 5,500 | | 242,605 |
Kroger Co. | 21,100 | | 622,661 |
Lennar Corp. Class A | 8,000 | | 341,680 |
Mastercard, Inc. Class A | 5,000 | | 558,400 |
Merck & Co., Inc. | 45,000 | | 2,314,800 |
Molson Coors Brewing Co. Class B | 6,200 | | 584,536 |
Monsanto Co. | 29,150 | | 1,719,559 |
Morgan Stanley | 16,800 | | 1,411,368 |
National Oilwell Varco, Inc. (a) | 12,500 | | 1,060,625 |
Nautilus, Inc. (f) | 50,600 | | 698,786 |
Northern Trust Corp. | 23,600 | | 1,485,620 |
Peabody Energy Corp. | 10,800 | | 518,184 |
PepsiCo, Inc. | 27,190 | | 1,796,987 |
Petrohawk Energy Corp. (a) | 30,700 | | 443,615 |
Procter & Gamble Co. | 29,800 | | 1,916,438 |
Quanta Services, Inc. (a) | 20,800 | | 571,792 |
Quicksilver Resources, Inc. (a) | 6,350 | | 265,811 |
Ralcorp Holdings, Inc. (a) | 8,500 | | 559,385 |
Raytheon Co. warrants 6/16/11 (a) | 112 | | 2,048 |
Ryland Group, Inc. | 4,500 | | 199,350 |
Safeway, Inc. | 22,700 | | 824,010 |
Service Corp. International | 75,100 | | 912,465 |
St. Jude Medical, Inc. (a) | 11,000 | | 470,690 |
State Street Corp. | 16,200 | | 1,115,694 |
Sun Microsystems, Inc. (a) | 435,900 | | 2,275,398 |
Sunpower Corp. Class A (a) | 4,600 | | 279,128 |
Synthes, Inc. | 12,879 | | 1,690,046 |
Time Warner, Inc. | 53,800 | | 1,109,894 |
Titanium Metals Corp. | 43,200 | | 1,491,696 |
Tyson Foods, Inc. Class A | 17,700 | | 370,992 |
U.S. Bancorp, Delaware | 17,600 | | 604,560 |
UDR, Inc. | 14,700 | | 441,588 |
Under Armour, Inc. Class A (sub. vtg.) (a) | 4,400 | | 222,200 |
Unisys Corp. (a) | 47,900 | | 375,536 |
URS Corp. (a) | 8,600 | | 375,820 |
Valero Energy Corp. | 21,700 | | 1,523,991 |
ValueClick, Inc. (a) | 14,660 | | 419,276 |
Virgin Media, Inc. | 54,665 | | 1,379,198 |
Wachovia Corp. | 5,600 | | 311,024 |
Washington Group International, Inc. (a) | 5,900 | | 394,828 |
Weight Watchers International, Inc. | 20,000 | | 959,800 |
Wells Fargo & Co. | 17,100 | | 613,719 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Wendy's International, Inc. | 7,400 | | $ 278,980 |
Zoltek Companies, Inc. (a) | 5,200 | | 158,288 |
TOTAL UNITED STATES OF AMERICA | | 83,137,592 |
TOTAL COMMON STOCKS (Cost $161,265,973) | 190,727,411 |
Nonconvertible Preferred Stocks - 0.7% |
| | | |
Italy - 0.7% |
Istituto Finanziario Industriale Spa (IFI) (a)
(Cost $1,244,820) | 57,200 | | 2,283,112 |
Nonconvertible Bonds - 9.3% |
| Principal Amount (d) | | |
Australia - 0.0% |
QBE Capital Funding II LP 6.797% (g)(h) | | $ 130,000 | | 131,325 |
Bermuda - 0.1% |
Sea Production Ltd. 9.61% 2/14/12 (g)(h) | | 100,000 | | 101,500 |
SeaDrill Ltd. 5.37% 1/23/08 (g)(h) | NOK | 1,500,000 | | 252,131 |
TOTAL BERMUDA | | 353,631 |
British Virgin Islands - 0.0% |
CEMEX SAB de CV 6.196% (h) | | 100,000 | | 101,055 |
Cayman Islands - 0.2% |
Finans Capital Finance Ltd. (Reg. S) 9% 10/7/14 (e) | | 160,000 | | 170,646 |
MUFG Capital Finance 5 Ltd. 6.299% (h) | GBP | 100,000 | | 199,891 |
PetroProd Ltd. 11.355% 1/12/12 (g)(h) | | 100,000 | | 102,000 |
SMFG Finance Ltd. 6.164% (h) | GBP | 75,000 | | 146,391 |
Vale Overseas Ltd. 6.875% 11/21/36 | | 200,000 | | 212,140 |
TOTAL CAYMAN ISLANDS | | 831,068 |
Cyprus - 0.0% |
Mizuho Capital Investment Europe 1 Ltd. 5.02% (h) | EUR | 100,000 | | 136,433 |
France - 1.4% |
Caisse d'Amort de la Dette Societe 4.125% 4/25/17 | EUR | 1,700,000 | | 2,290,266 |
Compagnie de St. Gobain 4.196% 4/11/12 (h) | EUR | 175,000 | | 238,460 |
|
| Principal Amount (d) | | Value |
Credit Agricole SA 3.934% 9/30/08 (h) | EUR | 1,500,000 | | $ 2,046,286 |
France Telecom SA 4.375% 2/21/12 | EUR | 100,000 | | 135,134 |
TOTAL FRANCE | | 4,710,146 |
Germany - 0.3% |
Bayer AG 4.044% 4/10/10 (h) | EUR | 200,000 | | 272,661 |
BayernLB Capital Trust I 6.2032% 3/29/49 (h) | | 250,000 | | 251,303 |
Cognis GmbH (Reg. S) 12.876% 1/15/15 pay-in-kind (h) | EUR | 100,000 | | 144,648 |
Wuerttembergische Lebens AG 5.375% 6/1/26 (h) | EUR | 100,000 | | 130,647 |
TOTAL GERMANY | | 799,259 |
Hong Kong - 0.2% |
Chong Hing Bank Ltd. 6.28% 12/16/16 (h) | | 175,000 | | 174,988 |
Dah Sing Bank Ltd. 6.0975% 6/3/16 (h) | | 250,000 | | 251,528 |
Wing Hang Bank Ltd. 6% (h) | | 260,000 | | 259,061 |
TOTAL HONG KONG | | 685,577 |
India - 0.0% |
ICICI Bank Ltd. (Reg. S) 5.895% 1/12/10 (h) | | 125,000 | | 125,075 |
Ireland - 0.7% |
Ardagh Glass Group plc 10.75% 3/1/15 pay-in-kind | EUR | 90,000 | | 120,665 |
DEPFA ACS Bank 3.875% 11/14/16 | EUR | 700,000 | | 922,265 |
JSC Vneshtorgbank 7% 4/13/09 (Issued by Dali Capital PLC for JSC Vneshtorgbank) | RUB | 7,000,000 | | 275,386 |
ROSBANK (OJSC JSCB) 8% 9/30/09 (Issued by Dali Capital PLC for ROSBANK (OJSC JSCB)) | RUB | 3,800,000 | | 149,199 |
TransCapitalInvest Ltd. (Reg. S) 5.67% 3/5/14 | | 400,000 | | 397,200 |
VTB24 Capital PLC 6.15% 12/7/09 (h) | | 270,000 | | 270,351 |
TOTAL IRELAND | | 2,135,066 |
Japan - 0.0% |
Aiful Corp. 6% 12/12/11 | | 120,000 | | 122,125 |
Kazakhstan - 0.1% |
JSC Alliance Bank 9% 6/27/08 | | 360,000 | | 364,140 |
Korea (South) - 0.2% |
Hyundai Capital Services, Inc. 5.625% 1/24/12 | | 200,000 | | 200,400 |
Woori Bank (Reg. S) 6.208% 5/2/67 (h) | | 300,000 | | 300,090 |
TOTAL KOREA (SOUTH) | | 500,490 |
Nonconvertible Bonds - continued |
| Principal Amount (d) | | Value |
Liberia - 0.1% |
Royal Caribbean Cruises Ltd. 5.625% 1/27/14 | EUR | 125,000 | | $ 169,756 |
Luxembourg - 0.7% |
BTA Finance Luxembourg 8.25% (h) | | 100,000 | | 93,094 |
Fiat Finance & Trade Ltd. 5.625% 11/15/11 | EUR | 300,000 | | 422,071 |
Glencore Finance (Europe) SA: | | | | |
5.375% 9/30/11 | EUR | 150,000 | | 208,374 |
6.5% 2/27/19 | GBP | 100,000 | | 197,756 |
8% | | 250,000 | | 257,075 |
ICB OJSC 6.2% 9/29/15 (Issued by Or-ICB for ICB OJSC) (h) | | 500,000 | | 502,560 |
Lux-Development SA 6.1% 10/31/16 (e) | EUR | 200,000 | | 277,014 |
Sitronics Finance SA 7.875% 3/2/09 | | 200,000 | | 202,420 |
TNK-BP Finance SA 7.5% 7/18/16 | | 250,000 | | 265,350 |
TOTAL LUXEMBOURG | | 2,425,714 |
Multi-National - 0.1% |
WT Finance (Aust) Pty Ltd./Westfield Europe Finance PLC/WEA Finance 3.625% 6/27/12 | EUR | 200,000 | | 259,820 |
Netherlands - 1.4% |
ALB Finance BV 8.75% 4/20/11 | | 200,000 | | 194,300 |
Asset Repackaging Trust Five BV 0% 12/21/11 pay-in-kind (h) | EUR | 100,000 | | 138,848 |
BOATS Investments (Netherlands) BV 11% 3/31/17 pay-in-kind | EUR | 260,000 | | 356,570 |
CRR BV 9% 9/21/07 | | 200,000 | | 200,480 |
Deutsche Telekom International Finance BV 4.5% 10/25/13 | EUR | 115,000 | | 154,810 |
Eureko BV 5.125% (h) | EUR | 200,000 | | 270,846 |
Media Nusantara Citra BV 10.75% 9/12/11 | | 175,000 | | 190,575 |
Rabobank Nederland 4.25% 1/16/17 | EUR | 1,700,000 | | 2,287,343 |
SABIC Europe BV 4.5% 11/28/13 | EUR | 200,000 | | 264,869 |
Siemens Financieringsmaatschap NV 6.125% 9/14/66 (h) | GBP | 150,000 | | 294,849 |
TuranAlem Finance BV 6.25% 9/27/11 | EUR | 250,000 | | 336,203 |
TOTAL NETHERLANDS | | 4,689,693 |
Norway - 0.3% |
DDI Holding AS: | | | | |
9.3% 1/19/12 (i) | | 100,000 | | 103,118 |
10.08% 3/15/12 (g)(h) | | 100,000 | | 103,000 |
DP Producer AS 11.3475% 12/5/11 (g)(h) | | 100,000 | | 101,500 |
MPF Corp. (Norway) AS 12.1% 9/20/11 (g)(h) | | 100,000 | | 99,750 |
|
| Principal Amount (d) | | Value |
OffRig Drilling ASA 9.75% 4/27/11 (g) | | $ 100,000 | | $ 104,000 |
ProdJack AS: | | | | |
11.25% 2/22/13 (g) | | 100,000 | | 100,500 |
11.25% 3/8/13 (g) | | 100,000 | | 100,250 |
Sevan Marine ASA 9.25% 12/20/11 (g) | | 100,000 | | 103,250 |
Sinvest ASA 10% 12/22/09 (g)(h) | NOK | 1,500,000 | | 262,216 |
TOTAL NORWAY | | 1,077,584 |
Russia - 0.2% |
Bank St. Petersburg 9.501% 11/25/09 (Issued by BSPB Finance PLC for Bank St. Petersburg) | | 250,000 | | 251,500 |
Promsvyazbank 8.75% 10/20/11 (Issued by PSB Finance SA for Promsvyazbank) | | 250,000 | | 252,267 |
Tyumen Oil Co. 11% 11/6/07 | | 175,000 | | 179,323 |
TOTAL RUSSIA | | 683,090 |
Spain - 0.1% |
Telefonica Emisiones SAU 5.888% 1/31/14 | GBP | 100,000 | | 196,274 |
United Arab Emirates - 0.1% |
Abu Dhabi National Energy Co. Pjsc 6.5% 10/27/36 | | 200,000 | | 205,110 |
United Kingdom - 1.0% |
Amlin PLC 6.5% 12/19/26 (h) | GBP | 125,000 | | 238,534 |
Getin Finance PLC 0% 5/13/09 (h) | EUR | 100,000 | | 136,460 |
HBOS Treasury Services PLC 5% 11/21/11 | | 1,900,000 | | 1,905,700 |
ICICI Bank UK PLC 5.98% 2/27/12 (h) | | 125,000 | | 125,021 |
Novae Group plc 8.375% 4/27/17 (h) | GBP | 50,000 | | 100,322 |
Old Mutual plc 4.5% 1/18/17 (h) | EUR | 150,000 | | 201,886 |
OTE PLC 4.625% 5/20/16 | EUR | 200,000 | | 266,643 |
Vodafone Group PLC 5.64% 2/27/12 (h) | | 160,000 | | 160,222 |
TOTAL UNITED KINGDOM | | 3,134,788 |
United States of America - 2.1% |
BA Covered Bond 4.125% 4/5/12 | EUR | 1,700,000 | | 2,297,672 |
Banca Popolare di Lodi Investor Trust III 6.742% (h) | EUR | 200,000 | | 294,126 |
BSP Finance BV 10.75% 11/1/11 | | 100,000 | | 105,500 |
DaimlerChrysler NA Holding Corp. 4.375% 3/16/10 | EUR | 250,000 | | 339,407 |
EB Holdings, Inc. (Reg. S) 10% 2/15/15 pay-in-kind | EUR | 289,406 | | 402,822 |
Embarq Corp. 7.082% 6/1/16 | | 200,000 | | 206,628 |
Goldman Sachs Group, Inc. 4.085% 2/4/13 (h) | EUR | 430,000 | | 586,719 |
Nonconvertible Bonds - continued |
| Principal Amount (d) | | Value |
United States of America - continued |
Morgan Stanley 4.279% 7/20/12 (h) | EUR | 430,000 | | $ 586,209 |
Pemex Project Funding Master Trust (Reg. S) 5.5% 2/24/25 | EUR | 500,000 | | 681,277 |
Residential Capital Corp. 6.375% 5/17/13 | GBP | 250,000 | | 479,713 |
SLM Corp.: | | | | |
4.039% 6/15/09 (h) | EUR | 100,000 | | 134,099 |
4.089% 12/15/10 (h) | EUR | 100,000 | | 131,616 |
UniCredito Italiano Capital Trust I 4.028% (h) | EUR | 420,000 | | 529,689 |
TOTAL UNITED STATES OF AMERICA | | 6,775,477 |
TOTAL NONCONVERTIBLE BONDS (Cost $29,646,574) | 30,612,696 |
Government Obligations - 27.2% |
|
Austria - 0.3% |
Austrian Republic 5.625% 7/15/07 | EUR | 775,000 | | 1,060,082 |
Canada - 0.7% |
Canadian Government 5.25% 6/1/12 | CAD | 2,250,000 | | 2,132,016 |
Finland - 2.5% |
Finnish Government: | | | | |
3.875% 9/15/17 | EUR | 5,350,000 | | 7,107,874 |
5% 7/4/07 | EUR | 775,000 | | 1,059,151 |
TOTAL FINLAND | | 8,167,025 |
France - 1.8% |
French Republic: | | | | |
OAT 5.5% 4/25/29 | EUR | 2,500,000 | | 3,961,263 |
3.75% 4/25/17 | EUR | 630,000 | | 829,058 |
3.76% 6/14/07 | EUR | 775,000 | | 1,052,829 |
TOTAL FRANCE | | 5,843,150 |
Germany - 6.6% |
German Federal Republic: | | | | |
3.7325% 6/13/07 | EUR | 775,000 | | 1,052,817 |
3.75% 12/12/08 | EUR | 12,100,000 | | 16,412,585 |
4% 4/13/12 | EUR | 1,000,000 | | 1,357,272 |
4% 7/4/16 | EUR | 1,425,000 | | 1,922,193 |
6% 7/4/07 | EUR | 775,000 | | 1,060,738 |
TOTAL GERMANY | | 21,805,605 |
Japan - 10.0% |
Japan Government: | | | | |
0.1% 6/20/07 | JPY | 600,000,000 | | 5,020,725 |
0.5702% 7/30/07 | JPY | 100,000,000 | | 835,928 |
|
| Principal
Amount (d) | | Value |
1% 11/20/20 (h) | JPY | 125,000,000 | | $ 1,006,529 |
1.3% 12/20/11 | JPY | 410,000,000 | | 3,451,670 |
1.3% 3/20/15 | JPY | 900,000,000 | | 7,437,675 |
1.5% 3/20/14 | JPY | 300,000,000 | | 2,531,581 |
1.8% 3/20/16 | JPY | 660,000,000 | | 5,640,854 |
2.5% 9/20/36 | JPY | 250,000,000 | | 2,185,088 |
Real Return Bond 1.1% 12/10/16 | JPY | 572,000,000 | | 4,743,773 |
TOTAL JAPAN | | 32,853,823 |
Netherlands - 0.3% |
Dutch Government 3% 7/15/07 | EUR | 775,000 | | 1,055,344 |
United Kingdom - 1.3% |
United Kingdom, Great Britain & Northern Ireland: | | | | |
4.25% 6/7/32 | GBP | 900,000 | | 1,709,926 |
5% 3/7/25 | GBP | 20,000 | | 40,965 |
8.75% 8/25/17 | GBP | 980,000 | | 2,541,970 |
TOTAL UNITED KINGDOM | | 4,292,861 |
United States of America - 3.7% |
U.S. Treasury Inflation-Indexed Notes 2% 7/15/14 | | 2,158,800 | | 2,140,917 |
U.S. Treasury Notes: | | | | |
3.375% 12/15/08 | | 765,000 | | 749,461 |
3.5% 5/31/07 | | 5,450,000 | | 5,443,188 |
4.25% 1/15/11 | | 1,000,000 | | 991,367 |
4.375% 8/15/12 | | 185,000 | | 184,046 |
4.625% 12/31/11 | | 375,000 | | 376,597 |
4.625% 2/29/12 | | 375,000 | | 376,699 |
4.875% 5/31/11 | | 1,375,000 | | 1,393,531 |
5.125% 6/30/11 | | 580,000 | | 593,390 |
TOTAL UNITED STATES OF AMERICA | | 12,249,196 |
TOTAL GOVERNMENT OBLIGATIONS (Cost $88,692,654) | 89,459,102 |
Asset-Backed Securities - 0.6% |
|
Affinity PLC Series 2002-A CLass C, 6.9356% 5/15/09 (h) | GBP | 110,000 | | 219,980 |
Bosphorus Financial Services Ltd. (Reg. S) 7.16% 2/15/12 (h) | | 250,000 | | 253,750 |
Clock Finance BV Series 2007-1 Class B2, 4.017% 2/25/15 (h) | EUR | 100,000 | | 136,460 |
Holmes Master Issuer PLC Series 2006-1A Class 1C, 5.5956% 7/15/40 (g)(h) | | 200,000 | | 200,000 |
Preferred Term Securities XII Ltd. 0% 12/24/33 (g)(h) | | 400,000 | | 407,040 |
Asset-Backed Securities - continued |
| Principal Amount (d) | | Value |
Preferred Term Securities XXIII Ltd. 5.5549% 12/22/36 (g)(h) | | $ 400,000 | | $ 400,000 |
Promise K 2006-1 GmbH Series I 2006-1 Class D, 4.038% 3/20/17 (h) | EUR | 100,000 | | 136,501 |
Provide Bricks Series 2007-1 Class B, 4.365% 1/30/40 (h) | EUR | 200,000 | | 272,920 |
TOTAL ASSET-BACKED SECURITIES (Cost $1,982,579) | 2,026,651 |
Collateralized Mortgage Obligations - 0.1% |
|
Private Sponsor - 0.1% |
Permanent Master Issuer PLC floater Series 2006-1 Class 2C, 5.7556% 7/17/42 (h)
(Cost $400,000) | | 400,000 | | 399,984 |
Commercial Mortgage Securities - 0.3% |
|
Ireland - 0.2% |
European Property Capital Series 4 Class C, 5.9494% 7/20/14 (h) | GBP | 62,000 | | 123,964 |
German Residential Asset Note Distributor PLC Series 1 Class A, 4.219% 7/20/16 (h) | EUR | 189,132 | | 258,838 |
Rivoli Pan Europe PLC Series 2006-1 Class B 4.065% 8/3/18 (h) | EUR | 100,000 | | 136,501 |
TOTAL IRELAND | | 519,303 |
United Kingdom - 0.1% |
Broadgate PLC 6.435% 10/5/25 (h) | GBP | 47,750 | | 94,901 |
Canary Wharf Finance II plc Series 3MUK Class C2, 6.2244% 10/22/37 (h) | GBP | 150,000 | | 299,828 |
TOTAL UNITED KINGDOM | | 394,729 |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $869,882) | 914,032 |
Commercial Paper - 0.1% |
|
Ireland - 0.1% |
GPB Finance Public Ltd. 4.4% 6/5/07
(Cost $261,798) | EUR | 200,000 | | 271,777 |
Preferred Securities - 0.1% |
|
Cayman Island - 0.1% |
MUFG Capital Finance 1 Ltd. 6.346% (h) (Cost $175,000) | | 175,000 | | 183,156 |
Money Market Funds - 5.2% |
| Shares | | Value |
Fidelity Cash Central Fund, 5.29% (b) | 10,516,532 | | $ 10,516,532 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 6,441,740 | | 6,441,740 |
TOTAL MONEY MARKET FUNDS (Cost $16,958,272) | 16,958,272 |
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $301,497,552) | | 333,836,193 |
NET OTHER ASSETS - (1.7)% | | (5,477,824) |
NET ASSETS - 100% | $ 328,358,369 |
Currency Abbreviations |
CAD | - | Canadian dollar |
EUR | - | European Monetary Unit |
GBP | - | British pound |
JPY | - | Japanese yen |
NOK | - | Norwegian krone |
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 end of the period, the value of these securities amounted to $2,568,462 or 0.8% 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 $103,118 or 0.0% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
DDI Holding AS 9.3% 1/19/12 | 3/22/07 | $ 103,375 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 321,685 |
Fidelity Securities Lending Cash Central Fund | 29,361 |
Total | $ 351,046 |
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 | 3.7% |
AAA,AA,A | 27.4% |
BBB | 2.9% |
BB | 0.6% |
B | 0.2% |
CCC,CC,C | 0.1% |
Not Rated | 1.7% |
Equities | 58.8% |
Short-Term Investments and Net Other Assets | 4.6% |
| 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Global Balanced
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $6,098,034) - See accompanying schedule: Unaffiliated issuers (cost $284,539,280) | $ 316,877,921 | |
Fidelity Central Funds
(cost $16,958,272) | 16,958,272 | |
Total Investments
(cost $301,497,552) | | $ 333,836,193 |
Cash | | 179,293 |
Foreign currency held at value
(cost $320,120) | | 320,079 |
Receivable for investments sold | | 3,609,087 |
Receivable for fund shares sold | | 991,287 |
Dividends receivable | | 510,195 |
Interest receivable | | 1,458,175 |
Distributions receivable from Fidelity Central Funds | | 42,968 |
Prepaid expenses | | 764 |
Other receivables | | 35,363 |
Total assets | | 340,983,404 |
| | |
Liabilities | | |
Payable for investments purchased | $ 5,260,931 | |
Payable for fund shares redeemed | 573,210 | |
Accrued management fee | 190,755 | |
Other affiliated payables | 75,492 | |
Other payables and accrued expenses | 82,907 | |
Collateral on securities loaned,
at value | 6,441,740 | |
Total liabilities | | 12,625,035 |
| | |
Net Assets | | $ 328,358,369 |
Net Assets consist of: | | |
Paid in capital | | $ 283,643,369 |
Undistributed net investment income | | 1,961,569 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 10,385,850 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 32,367,581 |
Net Assets, for 14,360,825 shares outstanding | | $ 328,358,369 |
Net Asset Value, offering price and redemption price per share ($328,358,369 ÷ 14,360,825 shares) | | $ 22.86 |
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
Investment Income | | |
Dividends | | $ 1,535,781 |
Interest | | 1,862,246 |
Income from Fidelity Central Funds (including $29,361 from security lending) | | 351,046 |
| | 3,749,073 |
Less foreign taxes withheld | | (96,951) |
Total income | | 3,652,122 |
| | |
Expenses | | |
Management fee | $ 1,040,403 | |
Transfer agent fees | 350,902 | |
Accounting and security lending fees | 75,139 | |
Custodian fees and expenses | 125,572 | |
Independent trustees' compensation | 454 | |
Registration fees | 44,655 | |
Audit | 46,443 | |
Legal | 10,008 | |
Miscellaneous | 896 | |
Total expenses before reductions | 1,694,472 | |
Expense reductions | (34,344) | 1,660,128 |
Net investment income (loss) | | 1,991,994 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $2,546) | 11,354,134 | |
Foreign currency transactions | 96,370 | |
Total net realized gain (loss) | | 11,450,504 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $3,759) | 13,450,894 | |
Assets and liabilities in foreign currencies | 16,903 | |
Total change in net unrealized appreciation (depreciation) | | 13,467,797 |
Net gain (loss) | | 24,918,301 |
Net increase (decrease) in net assets resulting from operations | | $ 26,910,295 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Global Balanced
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,991,994 | $ 2,891,675 |
Net realized gain (loss) | 11,450,504 | 27,388,723 |
Change in net unrealized appreciation (depreciation) | 13,467,797 | (1,208,311) |
Net increase (decrease) in net assets resulting from operations | 26,910,295 | 29,072,087 |
Distributions to shareholders from net investment income | (2,296,243) | (1,257,249) |
Distributions to shareholders from net realized gain | (24,110,533) | (15,002,921) |
Total distributions | (26,406,776) | (16,260,170) |
Share transactions
Proceeds from sales of shares | 84,110,712 | 103,989,584 |
Reinvestment of distributions | 25,322,315 | 15,532,156 |
Cost of shares redeemed | (41,729,306) | (63,446,357) |
Net increase (decrease) in net assets resulting from share transactions | 67,703,721 | 56,075,383 |
Redemption fees | 7,196 | 9,915 |
Total increase (decrease) in net assets | 68,214,436 | 68,897,215 |
| | |
Net Assets | | |
Beginning of period | 260,143,933 | 191,246,718 |
End of period (including undistributed net investment income of $1,961,569 and undistributed net investment income of $2,652,173, respectively) | $ 328,358,369 | $ 260,143,933 |
Other Information Shares | | |
Sold | 3,797,235 | 4,699,494 |
Issued in reinvestment of distributions | 1,178,330 | 741,039 |
Redeemed | (1,883,750) | (2,883,798) |
Net increase (decrease) | 3,091,815 | 2,556,735 |
Financial Highlights
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 23.08 | $ 21.95 | $ 19.69 | $ 18.06 | $ 14.84 | $ 15.36 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .15 | .28 | .17 G | .10 H | .15 | .17 |
Net realized and unrealized gain (loss) | 1.93 | 2.66 | 2.54 | 1.85 | 3.29 | (.66) |
Total from investment operations | 2.08 | 2.94 | 2.71 | 1.95 | 3.44 | (.49) |
Distributions from net investment income | (.20) | (.14) | (.13) | (.32) | (.22) | (.03) |
Distributions from net realized gain | (2.10) | (1.67) | (.32) | - | - | - |
Total distributions | (2.30) | (1.81) | (.45) | (.32) | (.22) | (.03) |
Redemption fees added to paid in capital D | - J | - J | - J | - J | - J | - J |
Net asset value, end of period | $ 22.86 | $ 23.08 | $ 21.95 | $ 19.69 | $ 18.06 | $ 14.84 |
Total Return B, C | 9.65% | 14.23% | 13.92% | 10.93% | 23.49% | (3.20)% |
Ratios to Average Net Assets E, I | | | | | | |
Expenses before reductions | 1.16% A | 1.18% | 1.17% | 1.20% | 1.29% | 1.29% |
Expenses net of fee waivers, if any | 1.16% A | 1.18% | 1.17% | 1.20% | 1.29% | 1.29% |
Expenses net of all reductions | 1.14% A | 1.14% | 1.15% | 1.19% | 1.28% | 1.27% |
Net investment income (loss) | 1.36% A | 1.27% | .80% G | .54% H | .98% | 1.07% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 328,358 | $ 260,144 | $ 191,247 | $ 137,619 | $ 115,864 | $ 88,263 |
Portfolio turnover rate F | 151% A | 208% | 95% | 94% | 113% | 126% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .66%. H Net investment income per share includes approximately $.05 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 .26%. I 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. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Diversified International
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Japan | 14.3% | |
| United Kingdom | 14.0% | |
| Switzerland | 10.6% | |
| France | 9.8% | |
| United States of America | 8.7% | |
| Germany | 7.9% | |
| Canada | 5.1% | |
| Italy | 4.0% | |
| Netherlands | 3.8% | |
| Other | 21.8% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan | 15.9% | |
| United Kingdom | 11.9% | |
| United States of America | 10.5% | |
| Switzerland | 10.1% | |
| France | 8.9% | |
| Germany | 7.5% | |
| Canada | 6.1% | |
| Spain | 3.9% | |
| Netherlands | 3.6% | |
| Other | 21.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 94.5 | 92.4 |
Bonds | 0.0 | 0.6 |
Short-Term Investments and Net Other Assets | 5.5 | 7.0 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.9 | 1.8 |
Fiat Spa (Italy, Automobiles) | 1.6 | 1.0 |
Tesco PLC (United Kingdom, Food & Staples Retailing) | 1.6 | 1.1 |
Bayer AG (Germany, Chemicals) | 1.5 | 0.9 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 1.4 | 0.6 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.3 | 1.0 |
Toyota Motor Corp. sponsored ADR (Japan, Automobiles) | 1.3 | 1.3 |
Unicredito Italiano Spa (Italy, Commercial Banks) | 1.2 | 1.0 |
Vinci SA (France, Construction & Engineering) | 1.2 | 0.8 |
Canadian Natural Resources Ltd. (Canada, Oil, Gas & Consumable Fuels) | 1.1 | 0.8 |
| 14.1 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 21.1 | 23.0 |
Industrials | 12.9 | 11.4 |
Consumer Discretionary | 11.6 | 11.7 |
Consumer Staples | 9.3 | 8.4 |
Information Technology | 8.4 | 7.9 |
Health Care | 8.4 | 7.6 |
Materials | 7.5 | 8.3 |
Energy | 6.7 | 7.7 |
Telecommunication Services | 4.8 | 3.5 |
Utilities | 3.8 | 2.9 |
Semiannual Report
Diversified International
Investments April 30, 2007 (Audited)
Showing Percentage of Net Assets
Common Stocks - 93.9% |
| Shares | | Value |
Australia - 3.1% |
Aristocrat Leisure Ltd. | 3,750,000 | | $ 51,695,512 |
Australia & New Zealand Banking Group Ltd. | 6,825,000 | | 173,435,330 |
Australia & New Zealand Banking Group Ltd. ADR | 16,000 | | 2,026,400 |
Brambles Ltd. (a) | 13,500,000 | | 147,874,079 |
Brambles Ltd. unit (a) | 7,500,000 | | 82,027,436 |
Cochlear Ltd. | 636,458 | | 33,536,278 |
Commonwealth Bank of Australia | 1,000,000 | | 43,814,542 |
Computershare Ltd. | 24,000,000 | | 208,276,859 |
CSL Ltd. | 5,000,000 | | 362,408,379 |
National Australia Bank Ltd. | 6,550,000 | | 232,918,000 |
QBE Insurance Group Ltd. | 9,500,000 | | 243,463,026 |
Toll Holdings Ltd. | 1,356,606 | | 24,841,386 |
TOTAL AUSTRALIA | | 1,606,317,227 |
Belgium - 0.5% |
InBev SA (e) | 3,038,200 | | 237,976,250 |
Bermuda - 0.2% |
Clear Media Ltd. (a)(f) | 27,000,000 | | 28,475,369 |
Genesis Lease Ltd. ADR | 269,800 | | 7,284,600 |
Willis Group Holdings Ltd. | 1,700,000 | | 69,734,000 |
TOTAL BERMUDA | | 105,493,969 |
Brazil - 0.6% |
Banco Itau Holding Financeira SA sponsored ADR (non-vtg.) | 1,000,000 | | 38,580,000 |
Banco Nossa Caixa SA | 1,650,000 | | 25,716,392 |
Companhia Siderurgica Nacional SA (CSN) sponsored ADR | 139,000 | | 5,978,390 |
Cosan SA Industria E Comercio (a) | 2,000,000 | | 40,035,377 |
Cyrela Brazil Realty SA | 2,600,000 | | 27,977,594 |
Petroleo Brasileiro SA Petrobras sponsored ADR | 38,000 | | 3,846,740 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 1,300,000 | | 126,178,000 |
Vivo Participacoes SA (PN) sponsored ADR | 12,000,000 | | 54,720,000 |
TOTAL BRAZIL | | 323,032,493 |
Canada - 5.1% |
Brookfield Asset Management, Inc. Class A (e) | 3,300,000 | | 191,952,428 |
Canadian National Railway Co. | 1,825,000 | | 91,439,094 |
Canadian Natural Resources Ltd. | 9,800,000 | | 583,991,350 |
EnCana Corp. | 6,500,000 | | 340,255,879 |
Flint Energy Services Ltd. (a) | 1,800,000 | | 44,695,919 |
Meridian Gold, Inc. (a) | 661,700 | | 16,707,928 |
Nexen, Inc. | 1,000,000 | | 59,509,866 |
Niko Resources Ltd. (f) | 3,313,600 | | 264,216,236 |
OZ Optics Ltd. unit (a)(h) | 102,000 | | 1,504,500 |
Potash Corp. of Saskatchewan, Inc. | 900,000 | | 161,568,002 |
Power Corp. of Canada (sub. vtg.) | 3,800,000 | | 129,245,878 |
|
| Shares | | Value |
Rogers Communications, Inc. Class B (non-vtg.) | 3,000,000 | | $ 115,010,361 |
Shoppers Drug Mart Corp. | 1,500,000 | | 68,371,024 |
SNC-Lavalin Group, Inc. | 202,900 | | 5,813,335 |
Suncor Energy, Inc. | 1,800,000 | | 144,418,416 |
Tenke Mining Corp. (a) | 500,000 | | 10,811,785 |
TransCanada Corp. | 5,000,000 | | 178,259,303 |
Ultra Petroleum Corp. (a) | 800,000 | | 45,376,000 |
Western Oil Sands, Inc. Class A (a) | 6,400,000 | | 207,932,246 |
TOTAL CANADA | | 2,661,079,550 |
Cayman Islands - 0.2% |
Foxconn International Holdings Ltd. (a) | 5,000,000 | | 15,148,513 |
GlobalSantaFe Corp. | 1,200,000 | | 76,716,000 |
TOTAL CAYMAN ISLANDS | | 91,864,513 |
China - 0.1% |
BYD Co. Ltd. (H Shares) (a) | 1,500,000 | | 9,338,387 |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(e) | 2,920,300 | | 23,654,430 |
Global Bio-Chem Technology Group Co. Ltd. | 49,999,600 | | 21,476,201 |
TOTAL CHINA | | 54,469,018 |
Czech Republic - 0.5% |
Ceske Energeticke Zavody AS | 5,900,000 | | 288,403,831 |
Denmark - 0.4% |
DSV de Sammensluttede Vognmaend AS | 100,000 | | 20,733,360 |
Novo Nordisk AS Series B | 34,800 | | 3,422,763 |
Novozymes AS Series B | 2,000,000 | | 210,996,740 |
TOTAL DENMARK | | 235,152,863 |
Finland - 0.7% |
Neste Oil Oyj | 700,000 | | 25,045,868 |
Nokia Corp. sponsored ADR | 14,000,000 | | 353,500,000 |
TOTAL FINLAND | | 378,545,868 |
France - 9.8% |
Accor SA | 1,100,000 | | 104,293,648 |
Air France KLM (Reg.) | 1,000,000 | | 51,281,668 |
Alcatel-Lucent SA sponsored ADR | 34,000,000 | | 450,500,000 |
Alstom SA (a) | 1,400,000 | | 210,148,399 |
AXA SA sponsored ADR | 6,681,000 | | 307,726,860 |
bioMerieux SA | 200,000 | | 16,893,748 |
BNP Paribas SA | 1,900,000 | | 222,068,180 |
Bouygues SA (e) | 3,000,000 | | 240,224,183 |
Cap Gemini SA (e) | 623,700 | | 47,525,481 |
CNP Assurances (e) | 900,000 | | 115,383,753 |
Dassault Aviation SA | 36,265 | | 34,635,610 |
Electricite de France | 2,049,500 | | 179,271,527 |
Essilor International SA (e) | 1,200,000 | | 145,084,271 |
Financiere Marc de Lacharriere SA (Fimalac) | 1,401,759 | | 151,114,386 |
Groupe Danone (e) | 661,400 | | 109,343,501 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Ipsen SA | 500,000 | | $ 26,575,585 |
Ipsos SA (f) | 2,226,664 | | 86,141,636 |
L'Oreal SA (e) | 1,200,000 | | 144,298,262 |
Louis Vuitton Moet Hennessy (LVMH) (e) | 1,400,000 | | 164,240,526 |
Neopost SA | 1,500,000 | | 218,629,388 |
Pernod Ricard SA | 1,100,000 | | 235,291,154 |
Peugeot Citroen SA | 400,000 | | 32,635,773 |
Pinault Printemps-Redoute SA | 600,000 | | 104,752,154 |
Renault SA | 1,520,900 | | 198,659,215 |
Schneider Electric SA (e) | 1,400,000 | | 198,819,490 |
Schneider Electric SA (New) | 82,352 | | 11,250,115 |
Soitec SA (a)(e) | 620,101 | | 14,706,779 |
Societe Generale Series A | 809,920 | | 172,966,434 |
Sodexho Alliance SA | 1,123,796 | | 89,726,958 |
Suez SA (France) (e) | 200,000 | | 11,457,182 |
Total SA Series B | 55,300 | | 4,075,057 |
Vallourec SA | 100,000 | | 27,564,920 |
Veolia Environnement (e) | 4,206,300 | | 349,560,943 |
Vinci SA (e) | 3,850,000 | | 622,827,318 |
TOTAL FRANCE | | 5,099,674,104 |
Germany - 7.7% |
Adidas-Salomon AG | 123,800 | | 7,407,908 |
Allianz AG: | | | |
(Reg.) | 18,960 | | 4,312,998 |
sponsored ADR (e) | 21,000,000 | | 466,620,000 |
BASF AG (e) | 25,800 | | 3,065,298 |
Bayer AG (e) | 11,563,610 | | 790,719,652 |
Bayerische Motoren Werke AG (BMW) | 2,250,000 | | 139,148,262 |
Celesio AG (e) | 1,650,000 | | 118,636,277 |
Continental AG (e) | 1,054,923 | | 147,524,871 |
DaimlerChrysler AG | 1,800,000 | | 144,918,000 |
Deutsche Postbank AG | 750,000 | | 73,596,289 |
E.ON AG | 21,080 | | 3,170,221 |
E.ON AG sponsored ADR | 10,000,000 | | 501,300,000 |
Fresenius AG | 2,300,000 | | 191,955,552 |
GEA Group AG | 2,000,000 | | 58,950,720 |
GFK AG | 1,600,000 | | 73,797,568 |
Henkel KGaA | 300,000 | | 42,207,078 |
K&S AG | 21,700 | | 2,855,172 |
KarstadtQuelle AG (a)(e) | 2,600,000 | | 100,407,268 |
Linde AG | 2,020,986 | | 227,080,339 |
MAN AG | 600,000 | | 80,590,547 |
MTU Aero Engines Holding AG (e) | 1,000,000 | | 58,677,800 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (e) | 1,171,500 | | 209,564,262 |
RWE AG | 1,650,000 | | 174,745,899 |
SAP AG sponsored ADR | 800,000 | | 38,400,000 |
Siemens AG: | | | |
(Reg.) | 29,300 | | 3,544,421 |
|
| Shares | | Value |
sponsored ADR | 2,600,000 | | $ 314,522,000 |
Wacker Chemie AG | 100,000 | | 18,299,286 |
TOTAL GERMANY | | 3,996,017,688 |
Hong Kong - 0.6% |
China Mobile (Hong Kong) Ltd. sponsored ADR | 2,000,000 | | 90,020,000 |
CNOOC Ltd. sponsored ADR (e) | 44,000 | | 3,765,080 |
Cosco Pacific Ltd. | 9,000,000 | | 21,974,931 |
Esprit Holdings Ltd. | 11,810,000 | | 144,179,967 |
Techtronic Industries Co. Ltd. | 34,000,000 | | 45,463,436 |
Television Broadcasts Ltd. | 4,281,000 | | 28,375,638 |
TOTAL HONG KONG | | 333,779,052 |
India - 2.0% |
Bajaj Auto Ltd. | 1,100,000 | | 65,591,301 |
Bharti Airtel Ltd. (a) | 3,600,000 | | 71,292,846 |
Infosys Technologies Ltd. | 4,700,000 | | 234,839,684 |
Reliance Industries Ltd. | 9,000,000 | | 342,293,817 |
Satyam Computer Services Ltd. | 15,000,000 | | 172,950,417 |
State Bank of India | 4,000,000 | | 131,725,080 |
TOTAL INDIA | | 1,018,693,145 |
Ireland - 1.5% |
CRH PLC | 4,250,000 | | 187,035,487 |
IAWS Group PLC (Ireland) | 4,000,000 | | 99,342,880 |
Ryanair Holdings PLC sponsored ADR (a)(e) | 7,984,500 | | 372,636,615 |
Smurfit Kappa Group plc | 4,475,558 | | 122,757,663 |
TOTAL IRELAND | | 781,772,645 |
Italy - 3.7% |
AEM SpA | 12,000,000 | | 47,258,827 |
Banca Popolare di Milano | 69,400 | | 1,177,919 |
Enel S.p.A. ADR | 71,000 | | 4,040,610 |
ENI Spa | 105,600 | | 3,497,472 |
Fiat Spa (e) | 28,102,400 | | 834,847,605 |
Impregilo Spa (a) | 279,000 | | 2,280,152 |
Intesa Sanpaolo Spa | 40,478,464 | | 341,364,115 |
Mediobanca Spa | 53,700 | | 1,250,873 |
Prysmian SPA | 1,542,100 | | 31,565,245 |
Unicredito Italiano Spa | 62,499,500 | | 646,474,076 |
TOTAL ITALY | | 1,913,756,894 |
Japan - 14.1% |
Aeon Co. Ltd. | 8,200,000 | | 150,002,710 |
Aeon Mall Co. Ltd. (e) | 1,000,000 | | 33,471,293 |
Aiful Corp. | 100,000 | | 2,489,776 |
Asahi Glass Co. Ltd. | 1,000,000 | | 13,453,413 |
Brother Industries Ltd. | 1,000,000 | | 13,590,646 |
Canon, Inc. sponsored ADR | 9,390,000 | | 527,718,000 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Casio Computer Co. Ltd. | 2,500,000 | | $ 50,471,293 |
Chugai Pharmaceutical Co. Ltd. | 8,000,000 | | 204,019,742 |
Credit Saison Co. Ltd. | 700,000 | | 19,904,756 |
Daiwa Securities Group, Inc. | 10,000,000 | | 111,393,831 |
East Japan Railway Co. | 17,000 | | 137,869,613 |
Fanuc Ltd. | 2,500,000 | | 244,849,371 |
Hirose Electric Co. Ltd. | 1,000,000 | | 121,513,509 |
Hitachi Ltd. | 4,000,000 | | 30,375,999 |
Honda Motor Co. Ltd. sponsored ADR | 3,700,000 | | 127,391,000 |
Hoya Corp. | 6,400,000 | | 196,691,047 |
Japan Tobacco, Inc. | 85,000 | | 415,216,644 |
JSR Corp. | 5,000,000 | | 111,860,127 |
KDDI Corp. | 11,500 | | 90,385,833 |
Keyence Corp. | 920,000 | | 204,531,963 |
Komatsu Ltd. | 4,000,000 | | 94,666,553 |
Kubota Corp. | 11,000,000 | | 103,974,473 |
Leopalace21 Corp. | 250,000 | | 8,197,656 |
Makita Corp. sponsored ADR | 125,000 | | 4,812,500 |
Mitsubishi Estate Co. Ltd. | 7,900,000 | | 244,958,469 |
Mitsubishi UFJ Financial Group, Inc. | 5,000 | | 52,249,999 |
Mitsui & Co. Ltd. | 13,000,000 | | 233,790,646 |
Mitsui Fudosan Co. Ltd. | 5,000,000 | | 145,966,268 |
Mizuho Financial Group, Inc. | 54,500 | | 328,007,673 |
Murata Manufacturing Co. Ltd. | 2,300,000 | | 169,517,966 |
Namco Bandai Holdings, Inc. | 2,000,000 | | 32,504,789 |
Nidec Corp. | 600,000 | | 37,857,862 |
Nintendo Co. Ltd. | 1,850,000 | | 577,962,406 |
Nippon Electric Glass Co. Ltd. | 3,750,000 | | 64,187,928 |
Nitto Denko Corp. | 400,300 | | 17,669,267 |
NTT DoCoMo, Inc. | 85,811 | | 145,964,508 |
ORIX Corp. | 2,000,000 | | 533,344,404 |
Shin-Etsu Chemical Co. Ltd. | 4,500,000 | | 290,480,651 |
Shinsei Bank Ltd. | 2,000,000 | | 8,625,212 |
Sony Corp. | 2,500,000 | | 133,149,997 |
Stanley Electric Co. Ltd. | 1,500,000 | | 29,799,464 |
Sumco Corp. | 2,000,000 | | 86,919,725 |
Sumitomo Metal Industries Ltd. | 5,000,000 | | 25,390,290 |
Sumitomo Mitsui Financial Group, Inc. | 16,550 | | 144,600,143 |
Sumitomo Trust & Banking Co. Ltd. | 9,000,000 | | 87,903,934 |
T&D Holdings, Inc. | 2,700,000 | | 171,016,855 |
Tokai Carbon Co. Ltd. | 2,500,000 | | 21,525,284 |
Tokuyama Corp. | 3,000,000 | | 44,983,329 |
Tokyo Tatemono Co. Ltd. | 3,000,000 | | 41,935,502 |
Toyota Motor Corp. sponsored ADR | 5,400,000 | | 655,668,000 |
TOTAL JAPAN | | 7,344,832,319 |
Korea (South) - 1.8% |
Amorepacific Corp. | 210,000 | | 135,357,602 |
Kookmin Bank sponsored ADR (e) | 2,200,000 | | 197,604,000 |
Korean Reinsurance Co. | 1,973,460 | | 25,106,801 |
LG Household & Health Care Ltd. | 519,530 | | 69,172,097 |
NHN Corp. | 800,000 | | 125,133,080 |
|
| Shares | | Value |
Samsung Fire & Marine Insurance Co. Ltd. | 400,000 | | $ 70,905,155 |
Shinhan Financial Group Co. Ltd. | 3,500,000 | | 196,279,956 |
SK Corp. | 1,000,000 | | 108,926,268 |
TOTAL KOREA (SOUTH) | | 928,484,959 |
Luxembourg - 0.3% |
SES SA FDR (France) unit | 6,916,322 | | 135,907,387 |
Mexico - 0.8% |
America Movil SA de CV Series L sponsored ADR | 5,458,000 | | 286,708,740 |
Fomento Economico Mexicano SA de CV sponsored ADR | 1,400,000 | | 150,766,000 |
TOTAL MEXICO | | 437,474,740 |
Netherlands - 3.8% |
ABN-AMRO Holding NV sponsored ADR (e) | 7,000,000 | | 339,150,000 |
Arcelor Mittal | 3,400,000 | | 181,628,000 |
Chicago Bridge & Iron Co. NV (NY Shares) | 2,000,000 | | 69,260,000 |
CNH Global NV | 700,000 | | 30,303,000 |
Heineken NV (Bearer) | 500,000 | | 26,550,000 |
ING Groep NV: | | | |
(Certificaten Van Aandelen) | 36,400 | | 1,660,204 |
sponsored ADR (e) | 5,800,000 | | 264,538,000 |
Koninklijke Ahold NV sponsored ADR (a) | 1,000,000 | | 12,710,000 |
Koninklijke Numico NV (e) | 6,224,612 | | 344,520,919 |
Koninklijke Philips Electronics NV (NY Shares) | 5,750,000 | | 235,980,000 |
Nutreco Holding NV | 244,200 | | 18,131,334 |
OPG Groep NV (A Shares)(Certificaten Van Aandelen) unit | 2,094,400 | | 76,194,766 |
Reed Elsevier NV | 101,200 | | 1,907,127 |
Reed Elsevier NV sponsored ADR | 10,000,000 | | 376,400,000 |
TOTAL NETHERLANDS | | 1,978,933,350 |
Netherlands Antilles - 0.6% |
Schlumberger Ltd. (NY Shares) | 4,100,000 | | 302,703,000 |
Norway - 0.9% |
DnB Nor ASA (e) | 10,800,000 | | 155,211,538 |
Marine Harvest ASA (a) | 40,000,000 | | 43,299,212 |
Statoil ASA sponsored ADR | 69,000 | | 1,936,830 |
Telenor ASA | 14,089,400 | | 263,467,257 |
TOTAL NORWAY | | 463,914,837 |
Russia - 0.3% |
JSC MMC 'Norilsk Nickel' sponsored ADR | 105,800 | | 20,445,850 |
Magma OJSC sponsored GDR (a)(g) | 1,900,000 | | 24,035,000 |
OAO Gazprom sponsored ADR | 2,000,000 | | 78,600,000 |
Common Stocks - continued |
| Shares | | Value |
Russia - continued |
Rostelecom sponsored ADR (e) | 91,000 | | $ 4,809,350 |
Sberbank (Savings Bank of the Russian Federation) GDR | 10,000 | | 5,267,356 |
TOTAL RUSSIA | | 133,157,556 |
South Africa - 0.7% |
Gold Fields Ltd. sponsored ADR | 12,700,000 | | 228,219,000 |
Highveld Steel & Vanadium Corp. Ltd. ADR | 378,000 | | 4,876,200 |
Impala Platinum Holdings Ltd. | 4,000,000 | | 130,620,590 |
MTN Group Ltd. | 1,000,000 | | 14,730,311 |
Sasol Ltd. sponsored ADR | 54,000 | | 1,845,180 |
TOTAL SOUTH AFRICA | | 380,291,281 |
Spain - 3.6% |
Actividades de Construccion y Servicios SA (ACS) | 4,200,000 | | 262,207,889 |
Altadis SA (Spain) | 1,022,700 | | 67,336,562 |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (e) | 23,390,000 | | 559,956,600 |
Banco Santander Central Hispano SA | 138,700 | | 2,496,472 |
Banco Santander Central Hispano SA sponsored ADR | 9,500,000 | | 168,055,000 |
Enagas SA | 4,199,649 | | 102,295,512 |
Inditex SA | 4,900,000 | | 303,435,184 |
Red Electrica de Espana SA | 1,600,000 | | 73,841,235 |
Telefonica SA | 5,143,600 | | 115,988,180 |
Telefonica SA sponsored ADR | 3,100,000 | | 209,715,000 |
TOTAL SPAIN | | 1,865,327,634 |
Sweden - 2.0% |
AB Volvo sponsored ADR | 53,000 | | 5,155,310 |
Assa Abloy AB (B Shares) (e) | 10,000,000 | | 226,129,529 |
Atlas Copco AB (A Shares) (e) | 2,400,000 | | 92,422,049 |
Modern Times Group AB (MTG) (B Shares) | 850,800 | | 50,097,855 |
Scania AB (B Shares) (e) | 1,320,300 | | 127,109,199 |
Skandinaviska Enskilda Banken AB (A Shares) (e) | 2,522,000 | | 93,355,822 |
Svenska Cellulosa AB (SCA) (B Shares) (e) | 3,300,000 | | 171,164,381 |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR | 7,000,000 | | 267,190,000 |
TOTAL SWEDEN | | 1,032,624,145 |
Switzerland - 10.6% |
ABB Ltd. (Reg.) | 24,800,000 | | 503,042,596 |
Actelion Ltd. (Reg.) (a) | 900,000 | | 214,596,183 |
Alcon, Inc. | 1,300,000 | | 175,409,000 |
Barry Callebaut AG | 17,944 | | 14,811,581 |
Compagnie Financiere Richemont unit | 3,021,195 | | 183,470,343 |
Credit Suisse Group (Reg.) (e) | 1,900,000 | | 149,150,000 |
Julius Baer Holding AG (Bearer) | 1,800,000 | | 126,522,333 |
|
| Shares | | Value |
Kuehne & Nagel International AG (e) | 1,000,000 | | $ 91,816,037 |
Lonza Group AG (e) | 915,671 | | 89,986,462 |
Nestle SA (Reg.) (e) | 1,694,060 | | 673,219,444 |
Nobel Biocare Holding AG (Switzerland) | 369,782 | | 133,940,162 |
Novartis AG sponsored ADR | 6,250,000 | | 363,062,500 |
Phonak Holding AG | 450,000 | | 40,050,503 |
Roche Holding AG (participation certificate) | 5,316,000 | | 1,002,065,987 |
Schindler Holding AG (Reg.) | 1,400,000 | | 91,219,936 |
Sika AG (Bearer) | 1,059 | | 2,074,425 |
Societe Generale de Surveillance Holding SA (SGS) (Reg.) | 212,353 | | 271,275,969 |
Swiss Life Holding | 393,358 | | 102,096,894 |
Swiss Reinsurance Co. (Reg.) (e) | 2,900,352 | | 274,222,957 |
Tecan Group AG (f) | 1,100,000 | | 81,963,820 |
The Swatch Group AG (Reg.) | 3,600,000 | | 210,572,505 |
UBS AG: | | | |
(NY Shares) | 8,975,000 | | 582,477,500 |
(Reg.) (e) | 44,648 | | 2,897,655 |
Zurich Financial Services AG (Reg.) (e) | 500,000 | | 146,127,417 |
TOTAL SWITZERLAND | | 5,526,072,209 |
Taiwan - 0.3% |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 2,000,000 | | 13,297,114 |
PixArt Imaging, Inc. | 1,000,000 | | 12,156,504 |
Siliconware Precision Industries Co. Ltd. | 20,434,000 | | 39,254,282 |
Siliconware Precision Industries Co. Ltd. sponsored ADR | 2,900,000 | | 28,130,000 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 5,000,000 | | 52,700,000 |
TOTAL TAIWAN | | 145,537,900 |
Turkey - 0.1% |
Acibadem Saglik Hizmetleri AS | 2,617,050 | | 32,098,149 |
United Kingdom - 13.4% |
Anglo American PLC (United Kingdom) | 5,900,000 | | 314,855,390 |
Associated British Foods PLC | 1,000,000 | | 18,524,904 |
AstraZeneca PLC sponsored ADR | 1,032,000 | | 56,047,920 |
Autonomy Corp. PLC (a) | 1,550,000 | | 23,414,059 |
Aviva PLC | 1,000,000 | | 15,805,652 |
BAE Systems PLC | 20,000,000 | | 182,749,729 |
Barclays PLC | 21,500,000 | | 311,965,000 |
BG Group PLC | 5,000,000 | | 72,530,048 |
BG Group PLC sponsored ADR | 27,000 | | 1,942,110 |
British American Tobacco PLC | 97,000 | | 3,019,610 |
British American Tobacco PLC sponsored ADR | 4,830,000 | | 300,715,800 |
Bunzl PLC ADR | 67,000 | | 4,850,800 |
Burberry Group PLC | 8,000,000 | | 111,169,420 |
Cadbury Schweppes PLC sponsored ADR | 41,000 | | 2,175,050 |
Capita Group PLC | 21,500,000 | | 304,356,278 |
Diageo PLC sponsored ADR | 23,000 | | 1,941,200 |
easyJet PLC (a) | 10,500,000 | | 149,373,910 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Experian Group Ltd. | 13,000,000 | | $ 147,769,352 |
Group 4 Securicor PLC (United Kingdom) | 20,000,000 | | 92,374,590 |
Hanson PLC ADR | 79,000 | | 6,705,520 |
HSBC Holdings PLC sponsored ADR | 3,100,000 | | 286,316,000 |
Imperial Tobacco Group PLC sponsored ADR | 131,500 | | 11,494,415 |
Informa PLC | 15,000,000 | | 178,150,994 |
International Power PLC | 17,736,300 | | 156,125,175 |
International Power PLC sponsored ADR | 90,000 | | 7,945,200 |
Investec PLC | 1,000,000 | | 14,286,070 |
KKR Private Equity Investors, LP | 1,000,557 | | 24,413,591 |
Man Group plc | 2,000,000 | | 22,593,785 |
Marks & Spencer Group PLC | 1,000,000 | | 14,835,919 |
National Grid PLC | 5,219,700 | | 82,083,302 |
Next PLC | 600,000 | | 28,180,248 |
Old Mutual plc | 25,000,000 | | 89,525,373 |
Pearson PLC | 10,000,000 | | 172,252,617 |
Pearson PLC sponsored ADR | 300,000 | | 5,118,000 |
Punch Taverns Ltd. | 3,500,000 | | 91,254,898 |
Reckitt Benckiser PLC | 10,437,400 | | 574,107,822 |
Reed Elsevier PLC sponsored ADR | 39,000 | | 1,971,060 |
Rexam PLC sponsored ADR | 34,000 | | 1,803,020 |
Rolls-Royce Group PLC | 20,408,708 | | 195,767,701 |
Royal Bank of Scotland Group PLC | 12,000,000 | | 463,072,618 |
Royal Dutch Shell PLC Class A sponsored ADR | 347,800 | | 24,119,930 |
Serco Group PLC | 3,000,000 | | 29,646,845 |
Shire PLC sponsored ADR | 2,500,000 | | 174,725,000 |
Smith & Nephew PLC | 6,300,000 | | 78,561,000 |
Standard Chartered PLC (United Kingdom) | 6,500,300 | | 202,363,676 |
Tesco PLC | 87,342,100 | | 805,072,703 |
United Utilities PLC sponsored ADR | 170,000 | | 5,101,700 |
Vodafone Group PLC sponsored ADR | 26,000,000 | | 746,980,000 |
Wolseley PLC ADR (e) | 170,000 | | 4,136,100 |
WPP Group plc | 3,500,000 | | 51,982,000 |
Xstrata PLC | 6,000,000 | | 316,832,846 |
TOTAL UNITED KINGDOM | | 6,983,105,950 |
United States of America - 3.9% |
Allegheny Technologies, Inc. | 1,150,000 | | 126,017,000 |
Autoliv, Inc. | 400,000 | | 23,260,000 |
C.R. Bard, Inc. | 800,000 | | 66,504,000 |
Flowserve Corp. | 2,050,000 | | 125,070,500 |
Genentech, Inc. (a) | 1,150,000 | | 91,988,500 |
Henry Schein, Inc. (a) | 1,050,000 | | 54,736,500 |
|
| Shares | | Value |
Marathon Oil Corp. | 500,000 | | $ 50,775,000 |
Merck & Co., Inc. | 3,400,000 | | 174,896,000 |
NII Holdings, Inc. (a) | 550,000 | | 42,212,500 |
Peabody Energy Corp. | 1,409,700 | | 67,637,406 |
RTI International Metals, Inc. (a)(f) | 1,300,000 | | 122,551,000 |
Synthes, Inc. | 3,000,000 | | 393,674,711 |
Tim Hortons, Inc. | 1,600,000 | | 50,448,000 |
Titanium Metals Corp. | 3,631,500 | | 125,395,695 |
Transocean, Inc. (a) | 1,550,000 | | 133,610,000 |
Valero Energy Corp. | 4,800,000 | | 337,104,000 |
Zimmer Holdings, Inc. (a) | 600,000 | | 54,288,000 |
TOTAL UNITED STATES OF AMERICA | | 2,040,168,812 |
TOTAL COMMON STOCKS (Cost $33,399,825,732) | 48,856,663,338 |
Preferred Stocks - 0.6% |
| | | |
Convertible Preferred Stocks - 0.0% |
Canada - 0.0% |
MetroPhotonics, Inc. Series 2 (a)(h) | 198,000 | | 2 |
Nonconvertible Preferred Stocks - 0.6% |
Germany - 0.2% |
Porsche AG (non-vtg.) | 54,829 | | 92,305,006 |
Italy - 0.3% |
Intesa Sanpaolo Spa | 17,859,700 | | 144,814,541 |
United Kingdom - 0.1% |
European Capital Ltd. preference shares (a)(h) | 4,900,000 | | 66,865,400 |
Rolls-Royce Group PLC Series B | 1,208,195,513 | | 2,415,727 |
TOTAL UNITED KINGDOM | | 69,281,127 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | | 306,400,674 |
TOTAL PREFERRED STOCKS (Cost $221,083,321) | 306,400,676 |
Government Obligations - 0.7% |
| Principal
Amount (d) | | |
Japan - 0.2% |
Japan Government 0.5852% to 0.5852% 5/28/07 to 6/4/07 | JPY | 11,760,000,000 | | 98,379,876 |
United Kingdom - 0.5% |
United Kingdom, Great Britain & Northern Ireland 5.33% 5/29/07 | GBP | 126,500,000 | | 251,880,813 |
TOTAL GOVERNMENT OBLIGATIONS (Cost $342,778,763) | 350,260,689 |
Money Market Funds - 15.5% |
| Shares | | Value |
Fidelity Cash Central Fund, 5.29% (b) | 2,397,244,342 | | $ 2,397,244,342 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 5,653,673,364 | | 5,653,673,364 |
TOTAL MONEY MARKET FUNDS (Cost $8,050,917,706) | 8,050,917,706 |
TOTAL INVESTMENT PORTFOLIO - 110.7% (Cost $42,014,605,522) | 57,564,242,409 |
NET OTHER ASSETS - (10.7)% | (5,540,731,482) |
NET ASSETS - 100% | $ 52,023,510,927 |
Forward Foreign Currency Contracts |
| Settlement Dates | | Value | | Unrealized Appreciation/(Depreciation) |
Contracts to Buy |
1,756,883,652 AUD | May 2007 | | $ 1,457,741,655 | | $ 7,741,655 |
154,179,362 EUR | May 2007 | | 210,672,029 | | 672,029 |
| | $ 1,668,413,684 | | $ 8,413,684 |
|
(Payable Amount $1,660,000,000) |
|
The value of contracts to buy as a percentage of net assets - 3.2% |
Currency Abbreviations |
AUD | - | Australian dollar |
EUR | - | European Monetary Unit |
GBP | - | British pound |
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 end of the period, the value of these securities amounted to $24,035,000 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 $68,369,902 or 0.1% 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 |
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 investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 69,927,780 |
Fidelity Securities Lending Cash Central Fund | 13,897,871 |
Total | $ 83,825,651 |
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 |
Acibadem Saglik Hizmetleri AS | $ 26,724,309 | $ 4,072,561 | $ 2,271,978 | $ - | $ - |
Clear Media Ltd. | 37,841,382 | - | - | - | 28,475,369 |
Ipsos SA | 84,893,943 | - | - | - | 86,141,636 |
Neopost SA | 201,760,549 | - | 19,084,386 | - | - |
Niko Resources Ltd. | 121,141,941 | 94,453,726 | - | 115,545 | 264,216,236 |
RTI International Metals, Inc. | 73,584,000 | 55,021,757 | 53,077,826 | - | 122,551,000 |
Tecan Group AG | 42,888,719 | 21,186,706 | - | 719,294 | 81,963,820 |
Techem AG | 127,767,640 | - | 144,513,953 | - | - |
Total | $ 716,602,483 | $ 174,734,750 | $ 218,948,143 | $ 834,839 | $ 583,348,061 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Diversified International
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Audited) |
Assets | | |
Investment in securities, at value (including securities loaned of $5,378,147,651) - See accompanying schedule: Unaffiliated issuers
(cost $33,573,986,871) | $ 48,929,976,642 | |
Fidelity Central Funds
(cost $8,050,917,706) | 8,050,917,706 | |
Other affiliated issuers
(cost $389,700,945) | 583,348,061 | |
Total Investments
(cost $42,014,605,522) | | $ 57,564,242,409 |
Foreign currency held at value
(cost $1,353,061) | | 1,353,273 |
Receivable for investments sold | | 330,504,034 |
Unrealized appreciation on foreign currency contracts | | 8,413,684 |
Receivable for fund shares sold | | 71,465,821 |
Dividends receivable | | 201,044,903 |
Distributions receivable from Fidelity Central Funds | | 10,100,866 |
Prepaid expenses | | 127,706 |
Other receivables | | 11,814,651 |
Total assets | | 58,199,067,347 |
| | |
Liabilities | | |
Payable for investments purchased | $ 376,580,326 | |
Payable for fund shares redeemed | 76,418,146 | |
Accrued management fee | 28,321,140 | |
Other affiliated payables | 8,696,985 | |
Other payables and accrued expenses | 31,866,459 | |
Collateral on securities loaned,
at value | 5,653,673,364 | |
Total liabilities | | 6,175,556,420 |
| | |
Net Assets | | $ 52,023,510,927 |
Net Assets consist of: | | |
Paid in capital | | $ 34,354,666,048 |
Undistributed net investment income | | 307,879,052 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 1,830,923,483 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 15,530,042,344 |
Net Assets, for 1,298,471,175 shares outstanding | | $ 52,023,510,927 |
Net Asset Value, offering price and redemption price per share ($52,023,510,927 ÷ 1,298,471,175 shares) | | $ 40.07 |
Statement of Operations
| Six months ended April 30, 2007 (Audited) |
Investment Income | | |
Dividends (including $834,839 earned from other affiliated issuers) | | $ 486,338,042 |
Interest | | 8,084,688 |
Income from Fidelity Central Funds (including $13,897,871 from security lending) | | 83,825,651 |
| | 578,248,381 |
Less foreign taxes withheld | | (47,424,571) |
Total income | | 530,823,810 |
| | |
Expenses | | |
Management fee
Basic fee | $ 170,690,629 | |
Performance adjustment | (10,668,900) | |
Transfer agent fees | 49,865,394 | |
Accounting and security lending fees | 1,483,540 | |
Custodian fees and expenses | 4,951,029 | |
Independent trustees' compensation | 69,654 | |
Appreciation in deferred trustee compensation account | 102 | |
Registration fees | 384,306 | |
Audit | 178,710 | |
Legal | 299,314 | |
Miscellaneous | 142,425 | |
Total expenses before reductions | 217,396,203 | |
Expense reductions | (7,622,804) | 209,773,399 |
Net investment income (loss) | | 321,050,411 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 2,052,883,183 | |
Other affiliated issuers | 67,944,280 | |
Investment not meeting investment restrictions | (875) | |
Foreign currency transactions | 23,926,132 | |
Payment from investment advisor for loss on investment not meeting investment restrictions | 875 | |
Total net realized gain (loss) | | 2,144,753,595 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $3,611,935) | 4,248,685,382 | |
Assets and liabilities in foreign currencies | 7,735,607 | |
Total change in net unrealized appreciation (depreciation) | | 4,256,420,989 |
Net gain (loss) | | 6,401,174,584 |
Net increase (decrease) in net assets resulting from operations | | $ 6,722,224,995 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Diversified International
Financial Statements - continued
Statement of Changes in Net Assets (Audited)
| Six months ended April 30,
2007 | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 321,050,411 | $ 502,990,237 |
Net realized gain (loss) | 2,144,753,595 | 3,136,092,270 |
Change in net unrealized appreciation (depreciation) | 4,256,420,989 | 4,490,328,944 |
Net increase (decrease) in net assets resulting from operations | 6,722,224,995 | 8,129,411,451 |
Distributions to shareholders from net investment income | (425,826,024) | (273,726,595) |
Distributions to shareholders from net realized gain | (2,968,963,794) | (713,589,701) |
Total distributions | (3,394,789,818) | (987,316,296) |
Share transactions
Proceeds from sales of shares | 6,371,123,935 | 13,118,280,110 |
Reinvestment of distributions | 3,274,077,868 | 945,934,875 |
Cost of shares redeemed | (4,914,945,768) | (6,879,921,320) |
Net increase (decrease) in net assets resulting from share transactions | 4,730,256,035 | 7,184,293,665 |
Redemption fees | 630,597 | 1,607,319 |
Total increase (decrease) in net assets | 8,058,321,809 | 14,327,996,139 |
| | |
Net Assets | | |
Beginning of period | 43,965,189,118 | 29,637,192,979 |
End of period (including undistributed net investment income of $307,879,052 and undistributed net investment
income of $447,691,136, respectively) | $ 52,023,510,927 | $ 43,965,189,118 |
Other Information Shares | | |
Sold | 169,063,960 | 376,717,133 |
Issued in reinvestment of distributions | 90,046,154 | 29,746,334 |
Redeemed | (130,603,868) | (198,599,068) |
Net increase (decrease) | 128,506,246 | 207,864,399 |
Financial Highlights (Audited)
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 37.58 | $ 30.80 | $ 26.08 | $ 22.35 | $ 16.90 | $ 18.06 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .25 | .46 | .30 | .16 | .18 | .14 |
Net realized and unrealized gain (loss) | 5.11 | 7.33 | 4.63 | 3.87 | 5.40 | (1.29) |
Total from investment operations | 5.36 | 7.79 | 4.93 | 4.03 | 5.58 | (1.15) |
Distributions from net investment income | (.36) | (.28) | (.15) | (.30) | (.13) | (.01) |
Distributions from net realized gain | (2.51) | (.73) | (.06) | - | - | - |
Total distributions | (2.87) | (1.01) | (.21) | (.30) | (.13) | (.01) |
Redemption fees added to paid in capital D | - H | - H | - H | - H | - H | - H |
Net asset value, end of period | $ 40.07 | $ 37.58 | $ 30.80 | $ 26.08 | $ 22.35 | $ 16.90 |
Total Return B ,C | 15.04% | 25.89% | 19.01% | 18.20% | 33.26% | (6.37)% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | .91% A | 1.01% | 1.10% | 1.15% | 1.24% | 1.22% |
Expenses net of fee waivers, if any | .91% A | 1.01% | 1.10% | 1.15% | 1.24% | 1.22% |
Expenses net of all reductions | .88% A | .97% | 1.07% | 1.12% | 1.22% | 1.19% |
Net investment income (loss) | 1.34% A | 1.32% | 1.02% | .66% | .96% | .77% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 52,023,511 | $ 43,965,189 | $ 29,637,193 | $ 19,902,063 | $ 11,542,386 | $ 6,735,472 |
Portfolio turnover rate F | 61% A | 59% | 41% | 55% | 51% | 55% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Aggressive International
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| United States of America | 23.0% | |
| Canada | 18.2% | |
| Japan | 17.0% | |
| Netherlands | 8.3% | |
| South Africa | 4.9% | |
| Germany | 4.7% | |
| United Kingdom | 3.9% | |
| Italy | 3.6% | |
| Argentina | 3.4% | |
| Other | 13.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| United States of America | 21.9% | |
| France | 12.8% | |
| Netherlands | 9.7% | |
| United Kingdom | 9.7% | |
| Canada | 9.3% | |
| Germany | 9.1% | |
| Italy | 5.3% | |
| Japan | 5.0% | |
| Luxembourg | 3.5% | |
| Other | 13.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 86.6 | 93.2 |
Bonds | 1.0 | 0.0 |
Short-Term Investments and Net Other Assets | 12.4 | 6.8 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Gold Fields Ltd. sponsored ADR (South Africa, Metals & Mining) | 4.3 | 2.1 |
Abitibi-Consolidated, Inc. (Canada, Paper & Forest Products) | 3.9 | 0.9 |
Fiat Spa (Italy, Automobiles) | 3.6 | 2.8 |
CNH Global NV (Netherlands, Machinery) | 3.3 | 0.0 |
Synthes, Inc. (United States of America, Health Care Equipment & Supplies) | 3.2 | 3.5 |
Renault SA (France, Automobiles) | 3.1 | 2.5 |
Deere & Co. (United States of America, Machinery) | 3.0 | 3.0 |
Koninklijke Philips Electronics NV (Netherlands, Household Durables) | 2.7 | 2.0 |
Canadian Natural Resources Ltd. (Canada, Oil, Gas & Consumable Fuels) | 2.6 | 2.7 |
Catalyst Paper Corp. (Canada, Paper & Forest Products) | 2.5 | 0.1 |
| 32.2 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Materials | 20.3 | 14.6 |
Consumer Discretionary | 13.5 | 21.9 |
Consumer Staples | 12.1 | 10.6 |
Industrials | 9.4 | 7.6 |
Financials | 9.3 | 12.8 |
Energy | 9.0 | 11.9 |
Health Care | 7.5 | 6.9 |
Information Technology | 2.9 | 4.4 |
Utilities | 2.4 | 2.5 |
Telecommunication Services | 0.2 | 0.0 |
Semiannual Report
Aggressive International
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 86.6% |
| Shares | | Value |
Argentina - 3.4% |
Cresud S.A.C.I.F. y A. sponsored ADR (e) | 326,800 | | $ 7,928,168 |
Inversiones y Representaciones SA sponsored GDR (a)(e) | 249,200 | | 5,213,264 |
Pampa Holding SA (a) | 5,314,142 | | 4,781,782 |
Pampa Holding SA unit (a)(f) | 11,400 | | 256,449 |
TOTAL ARGENTINA | | 18,179,663 |
Brazil - 0.6% |
BrasilAgro - Compania Brasileira de Propriedades Agricolas | 5,000 | | 3,191,333 |
Canada - 18.2% |
Abitibi-Consolidated, Inc. | 7,965,600 | | 20,884,671 |
Absolut Resources Corp. (a) | 936,000 | | 446,959 |
Agricore United (ltd. vtg.) | 31,000 | | 567,826 |
Aquiline Resources, Inc. (a) | 189,200 | | 1,384,182 |
Aquiline Resources, Inc. (a)(f) | 494,600 | | 3,618,481 |
Canadian Natural Resources Ltd. | 228,600 | | 13,622,492 |
Canfor Corp. New (a) | 84,200 | | 905,801 |
Catalyst Paper Corp. (a) | 4,249,900 | | 13,248,630 |
IAMGOLD Corp. | 480,300 | | 3,894,675 |
Meridian Gold, Inc. (a) | 127,800 | | 3,226,951 |
NuVista Energy Ltd. (a) | 315,300 | | 4,283,921 |
ProEx Energy Ltd. (a) | 414,700 | | 5,264,549 |
Saskatchewan Wheat Pool, Inc.: | | | |
rights 5/31/07 (a)(f) | 962,400 | | 7,023,552 |
rights 5/31/07 (a)(f) | 705,800 | | 5,125,460 |
subscription receipt: | | | |
rights 5/31/07 (a) | 10,600 | | 77,358 |
rights 5/31/07 (a)(f) | 566,000 | | 4,130,642 |
Suncor Energy, Inc. | 105,100 | | 8,432,431 |
TOTAL CANADA | | 96,138,581 |
Cayman Islands - 1.9% |
GlobalSantaFe Corp. | 160,000 | | 10,228,800 |
Czech Republic - 2.0% |
Philip Morris CR AS | 21,400 | | 10,393,427 |
France - 3.1% |
Renault SA (e) | 125,800 | | 16,431,935 |
Germany - 4.7% |
E.ON AG (e) | 85,100 | | 12,798,189 |
Lanxess AG | 220,000 | | 12,074,527 |
TOTAL GERMANY | | 24,872,716 |
Italy - 3.6% |
Fiat Spa (e) | 642,000 | | 19,072,113 |
Japan - 17.0% |
Advantest Corp. | 34,000 | | 1,505,033 |
Aiful Corp. | 194,900 | | 4,852,574 |
Canon, Inc. | 144,500 | | 8,120,900 |
Credit Saison Co. Ltd. | 29,500 | | 838,843 |
CSK Holdings Corp. | 36,500 | | 1,410,387 |
|
| Shares | | Value |
Dowa Holdings Co. Ltd. | 133,000 | | $ 1,248,401 |
Eisai Co. Ltd. | 28,100 | | 1,334,764 |
Fanuc Ltd. | 20,100 | | 1,968,589 |
Fast Retailing Co. Ltd. | 18,000 | | 1,236,598 |
Honda Motor Co. Ltd. | 43,700 | | 1,504,591 |
Kao Corp. | 51,000 | | 1,400,106 |
Kose Corp. (e) | 415,100 | | 11,568,244 |
Kubota Corp. | 1,055,400 | | 9,975,878 |
Kuraray Co. Ltd. | 222,500 | | 2,472,847 |
Kyocera Corp. | 18,400 | | 1,794,000 |
Marui Co. Ltd. | 97,300 | | 1,156,048 |
Millea Holdings, Inc. | 171,309 | | 6,348,515 |
Mitsubishi Corp. | 71,700 | | 1,528,572 |
Nissin Healthcare Food Service Co. | 6,700 | | 85,885 |
Odakyu Electric Railway Co. Ltd. | 218,000 | | 1,524,437 |
SFCG Co. Ltd. | 47,290 | | 8,317,123 |
Shin-Etsu Chemical Co. Ltd. | 23,400 | | 1,510,499 |
Softbank Corp. (e) | 49,300 | | 1,059,941 |
Sony Corp. | 24,300 | | 1,294,218 |
Sumitomo Realty & Development Co. Ltd. | 29,500 | | 1,089,012 |
Takeda Pharamaceutical Co. Ltd. | 22,300 | | 1,445,834 |
Takefuji Corp. | 226,980 | | 7,629,552 |
TDK Corp. | 18,800 | | 1,621,532 |
Tokyo Electron Ltd. | 18,500 | | 1,283,147 |
Toyota Motor Corp. | 21,000 | | 1,274,910 |
Toyota Tsusho Corp. | 46,200 | | 1,122,386 |
TOTAL JAPAN | | 89,523,366 |
Luxembourg - 1.7% |
SES SA FDR unit | 454,706 | | 8,935,082 |
Netherlands - 8.3% |
CNH Global NV | 404,900 | | 17,528,121 |
Koninklijke Philips Electronics NV | 349,000 | | 14,322,960 |
Nutreco Holding NV (e) | 162,300 | | 12,050,432 |
TOTAL NETHERLANDS | | 43,901,513 |
Philippines - 1.1% |
DMCI Holdings, Inc. | 15,608,000 | | 2,336,921 |
Semirara Mining Corp. | 5,956,400 | | 3,265,846 |
TOTAL PHILIPPINES | | 5,602,767 |
South Africa - 4.9% |
Gold Fields Ltd. | 163,900 | | 2,945,283 |
Gold Fields Ltd. sponsored ADR | 1,269,200 | | 22,807,523 |
TOTAL SOUTH AFRICA | | 25,752,806 |
Switzerland - 1.6% |
Actelion Ltd. (Reg.) (a) | 34,528 | | 8,232,863 |
United Kingdom - 3.9% |
AstraZeneca PLC (United Kingdom) | 208,300 | | 11,312,773 |
Benfield Group PLC | 1,466,100 | | 9,292,518 |
TOTAL UNITED KINGDOM | | 20,605,291 |
Common Stocks - continued |
| Shares | | Value |
United States of America - 10.6% |
Deere & Co. | 145,500 | | $ 15,917,700 |
Monsanto Co. | 173,800 | | 10,252,462 |
Newmont Mining Corp. | 158,000 | | 6,588,600 |
Synthes, Inc. | 127,776 | | 16,767,393 |
Virgin Media, Inc. | 261,400 | | 6,595,122 |
TOTAL UNITED STATES OF AMERICA | | 56,121,277 |
TOTAL COMMON STOCKS (Cost $401,827,830) | 457,183,533 |
Government Obligations - 1.0% |
| Principal Amount (d) | | |
Finland - 1.0% |
Finnish Government 0.3% 10/18/07
(Cost $5,302,791) | JPY | 634,000,000 | | 5,302,791 |
Money Market Funds - 29.8% |
| Shares | | |
Fidelity Cash Central Fund, 5.29% (b) | 87,160,737 | | 87,160,737 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 70,148,111 | | 70,148,111 |
TOTAL MONEY MARKET FUNDS (Cost $157,308,848) | 157,308,848 |
TOTAL INVESTMENT PORTFOLIO - 117.4% (Cost $564,439,469) | | 619,795,172 |
NET OTHER ASSETS - (17.4)% | | (91,883,740) |
NET ASSETS - 100% | $ 527,911,432 |
Forward Foreign Currency Contracts |
| Settlement Dates | | Value | | Unrealized Appreciation/
(Depreciation) |
Contracts to Buy |
2,663,954 AUD | May 2007 | | $ 2,211,384 | | $ 11,384 |
3,032,500 CHF | May 2007 | | 2,514,056 | | 14,056 |
10,151,306 EUR | May 2007 | | 13,861,243 | | 161,243 |
4,546,639 GBP | May 2007 | | 9,090,357 | | 90,357 |
1,030,802,100 JPY | May 2007 | | 8,646,059 | | (53,941) |
| | $ 36,323,099 | | $ 223,099 |
|
(Payable Amount $36,100,000) |
|
The value of contracts to buy as a percentage of net assets - 6.9% |
Currency Abbreviations |
AUD | - | Australian dollar |
CHF | - | Swiss franc |
EUR | - | European Monetary Unit |
GBP | - | British pound |
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) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $20,154,584 or 3.8% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 1,064,199 |
Fidelity Securities Lending Cash Central Fund | 339,009 |
Total | $ 1,403,208 |
See accompanying notes which are an integral part of the financial statements.
Aggressive International
Aggressive International
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $66,627,615) - See accompanying schedule: Unaffiliated issuers (cost $407,130,621) | $ 462,486,324 | |
Fidelity Central Funds (cost $157,308,848) | 157,308,848 | |
Total Investments (cost $564,439,469) | | $ 619,795,172 |
Foreign currency held at value (cost $76,843) | | 76,842 |
Receivable for investments sold | | 2,916,477 |
Unrealized appreciation on foreign currency contracts | | 277,040 |
Receivable for fund shares sold | | 958,322 |
Dividends receivable | | 1,748,912 |
Interest receivable | | 8,800 |
Distributions receivable from Fidelity Central Funds | | 378,805 |
Prepaid expenses | | 1,528 |
Other receivables | | 199,507 |
Total assets | | 626,361,405 |
| | |
Liabilities | | |
Payable for investments purchased | $ 26,473,356 | |
Unrealized depreciation on foreign currency contracts | 53,941 | |
Payable for fund shares redeemed | 1,386,119 | |
Accrued management fee | 203,426 | |
Other affiliated payables | 126,937 | |
Other payables and accrued expenses | 58,083 | |
Collateral on securities loaned, at value | 70,148,111 | |
Total liabilities | | 98,449,973 |
| | |
Net Assets | | $ 527,911,432 |
Net Assets consist of: | | |
Paid in capital | | $ 428,124,949 |
Undistributed net investment income | | 2,382,494 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 41,853,769 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 55,550,220 |
Net Assets, for 29,215,980 shares outstanding | | $ 527,911,432 |
Net Asset Value, offering price and redemption price per share ($527,911,432 ÷ 29,215,980 shares) | | $ 18.07 |
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 3,303,188 |
Interest | | 20,924 |
Income from Fidelity Central Funds (including $339,009 from security lending) | | 1,403,208 |
| | 4,727,320 |
Less foreign taxes withheld | | (353,647) |
Total income | | 4,373,673 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,691,717 | |
Performance adjustment | (629,116) | |
Transfer agent fees | 618,732 | |
Accounting and security lending fees | 125,073 | |
Custodian fees and expenses | 69,766 | |
Independent trustees' compensation | 707 | |
Registration fees | 24,522 | |
Audit | 42,748 | |
Legal | 11,683 | |
Miscellaneous | 1,702 | |
Total expenses before reductions | 1,957,534 | |
Expense reductions | (274,041) | 1,683,493 |
Net investment income (loss) | | 2,690,180 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 43,017,403 | |
Foreign currency transactions | 280,495 | |
Total net realized gain (loss) | | 43,297,898 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 27,568,025 | |
Assets and liabilities in foreign currencies | 190,147 | |
Total change in net unrealized appreciation (depreciation) | | 27,758,172 |
Net gain (loss) | | 71,056,070 |
Net increase (decrease) in net assets resulting from operations | | $ 73,746,250 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Aggressive International
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,690,180 | $ 7,666,044 |
Net realized gain (loss) | 43,297,898 | 96,103,715 |
Change in net unrealized appreciation (depreciation) | 27,758,172 | (5,719,610) |
Net increase (decrease) in net assets resulting from operations | 73,746,250 | 98,050,149 |
Distributions to shareholders from net investment income | (5,378,123) | (7,891,662) |
Distributions to shareholders from net realized gain | (70,991,187) | (60,750,944) |
Total distributions | (76,369,310) | (68,642,606) |
Share transactions
Proceeds from sales of shares | 145,935,896 | 173,391,281 |
Reinvestment of distributions | 73,093,150 | 62,343,713 |
Cost of shares redeemed | (164,658,630) | (484,972,865) |
Net increase (decrease) in net assets resulting from share transactions | 54,370,416 | (249,237,871) |
Redemption fees | 16,952 | 263,134 |
Total increase (decrease) in net assets | 51,764,308 | (219,567,194) |
| | |
Net Assets | | |
Beginning of period | 476,147,124 | 695,714,318 |
End of period (including undistributed net investment income of $2,382,494 and undistributed net investment income of $6,915,455, respectively) | $ 527,911,432 | $ 476,147,124 |
Other Information Shares | | |
Sold | 8,310,293 | 9,840,640 |
Issued in reinvestment of distributions | 4,454,183 | 3,762,445 |
Redeemed | (9,791,705) | (27,820,456) |
Net increase (decrease) | 2,972,771 | (14,217,371) |
Financial Highlights
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 18.14 | $ 17.19 | $ 15.21 | $ 14.36 | $ 10.78 | $ 10.78 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .10 | .24 | .20 | .04 | .06 | .02 |
Net realized and unrealized gain (loss) | 2.67 | 2.70 | 1.83 | .91 | 3.53 | .04 |
Total from investment operations | 2.77 | 2.94 | 2.03 | .95 | 3.59 | .06 |
Distributions from net investment income | (.20) | (.23) | (.05) | (.10) | (.01) | (.06) |
Distributions from net realized gain | (2.64) | (1.77) | - | - | - | - |
Total distributions | (2.84) | (2.00) | (.05) | (.10) | (.01) | (.06) |
Redemption fees added to paid in capital D | - H | .01 | -H | -H | -H | -H |
Net asset value, end of period | $ 18.07 | $ 18.14 | $ 17.19 | $ 15.21 | $ 14.36 | $ 10.78 |
Total Return B, C | 16.85% | 18.26% | 13.37% | 6.65% | 33.33% | .50% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | .82% A | .87% | .97% | 1.24% | 1.23% | 1.54% |
Expenses net of fee waivers, if any | .82% A | .87% | .97% | 1.24% | 1.23% | 1.54% |
Expenses net of all reductions | .71% A | .75% | .84% | 1.16% | 1.16% | 1.40% |
Net investment income (loss) | 1.13% A | 1.36% | 1.20% | .27% | .50% | .13% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 527,911 | $ 476,147 | $ 695,714 | $ 721,144 | $ 554,853 | $ 298,478 |
Portfolio turnover rate F | 143% A | 176% | 185% | 161% | 212% | 188% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Overseas
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| France | 14.6% | |
| Japan | 14.1% | |
| United Kingdom | 11.1% | |
| Switzerland | 9.8% | |
| Germany | 7.6% | |
| United States of America | 7.3% | |
| Australia | 4.4% | |
| Italy | 4.3% | |
| Spain | 3.4% | |
| Other | 23.4% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan | 16.3% | |
| United Kingdom | 16.1% | |
| France | 12.8% | |
| United States of America | 11.1% | |
| Germany | 5.8% | |
| Switzerland | 5.6% | |
| Italy | 5.1% | |
| Spain | 3.2% | |
| Netherlands | 2.8% | |
| Other | 21.2% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.3 | 92.3 |
Short-Term Investments and Net Other Assets | 2.7 | 7.7 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Pernod Ricard SA (France, Beverages) | 5.0 | 4.0 |
Credit Suisse Group (Reg.) (Switzerland, Capital Markets) | 2.8 | 1.5 |
Aker Kvaerner ASA (Norway, Energy Equipment & Services) | 2.6 | 1.0 |
Nintendo Co. Ltd. (Japan, Software) | 2.2 | 1.9 |
China Unicom Ltd. sponsored ADR (Hong Kong, Wireless Telecommunication Services) | 2.2 | 0.0 |
Veolia Environnement (France, Multi-Utilities) | 1.8 | 0.9 |
Fluor Corp. (United States of America, Construction & Engineering) | 1.7 | 0.0 |
Schlumberger Ltd. (NY Shares) (Netherlands Antilles, Energy Equipment & Services) | 1.6 | 1.0 |
AXA SA (France, Insurance) | 1.4 | 0.7 |
Banco Bilbao Vizcaya Argentaria SA (Spain, Commercial Banks) | 1.3 | 1.8 |
| 22.6 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 28.6 | 28.7 |
Industrials | 11.9 | 6.2 |
Consumer Discretionary | 11.0 | 11.1 |
Information Technology | 10.2 | 11.3 |
Consumer Staples | 8.0 | 6.6 |
Energy | 7.1 | 9.6 |
Materials | 6.1 | 7.0 |
Telecommunication Services | 5.6 | 2.8 |
Utilities | 4.7 | 3.6 |
Health Care | 4.1 | 5.4 |
Semiannual Report
Overseas
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.7% |
| Shares | | Value |
Australia - 4.4% |
Computershare Ltd. | 10,269,163 | | $ 89,117,876 |
CSL Ltd. | 933,100 | | 67,632,652 |
Macquarie Bank Ltd. | 1,003,200 | | 72,480,347 |
National Australia Bank Ltd. | 2,473,000 | | 87,939,880 |
Westfield Group unit | 3,000,000 | | 52,318,350 |
TOTAL AUSTRALIA | | 369,489,105 |
Brazil - 2.0% |
Banco Nossa Caixa SA | 1,078,000 | | 16,801,376 |
Petroleo Brasileiro SA Petrobras sponsored ADR | 611,000 | | 61,851,530 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 215,600 | | 20,926,136 |
Vivo Participacoes SA (PN) sponsored ADR (d) | 15,810,000 | | 72,093,600 |
TOTAL BRAZIL | | 171,672,642 |
Canada - 0.9% |
Aber Diamond Corp. | 893,200 | | 32,278,811 |
Cameco Corp. | 984,200 | | 45,844,797 |
TOTAL CANADA | | 78,123,608 |
Cayman Islands - 1.1% |
Foxconn International Holdings Ltd. (a) | 10,888,000 | | 32,987,402 |
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d) | 1,613,400 | | 58,534,152 |
TOTAL CAYMAN ISLANDS | | 91,521,554 |
China - 0.6% |
Global Bio-Chem Technology Group Co. Ltd. | 114,978,000 | | 49,386,208 |
Denmark - 1.3% |
DSV de Sammensluttede Vognmaend AS (d) | 175,450 | | 36,376,680 |
Vestas Wind Systems AS (a) | 1,049,900 | | 69,034,415 |
TOTAL DENMARK | | 105,411,095 |
Finland - 1.4% |
Neste Oil Oyj | 1,685,622 | | 60,311,238 |
Nokia Corp. sponsored ADR | 2,189,800 | | 55,292,450 |
TOTAL FINLAND | | 115,603,688 |
France - 14.6% |
Alcatel-Lucent SA sponsored ADR | 4,290,000 | | 56,842,500 |
AXA SA | 2,543,360 | | 117,147,162 |
Carrefour SA (d) | 698,700 | | 53,993,648 |
Electricite de France (d) | 982,900 | | 85,975,108 |
L'Oreal SA (d) | 480,116 | | 57,733,254 |
Pernod Ricard SA | 1,946,742 | | 416,410,151 |
Pinault Printemps-Redoute SA | 292,000 | | 50,979,382 |
Renault SA (d) | 344,400 | | 44,985,360 |
Societe Generale Series A | 446,610 | | 95,377,987 |
Sodexho Alliance SA ADR | 576,700 | | 45,674,640 |
|
| Shares | | Value |
Veolia Environnement (d) | 1,804,300 | | $ 149,944,799 |
Vinci SA (d) | 308,300 | | 49,874,717 |
TOTAL FRANCE | | 1,224,938,708 |
Germany - 7.0% |
Bayer AG (d) | 1,633,900 | | 111,726,082 |
DaimlerChrysler AG | 790,600 | | 63,651,206 |
E.ON AG (d) | 651,791 | | 98,022,848 |
Hochtief AG | 353,600 | | 37,395,498 |
Linde AG | 496,500 | | 55,787,318 |
MLP AG (d) | 2,006,200 | | 50,181,317 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d) | 383,376 | | 68,580,374 |
SAP AG sponsored ADR (d) | 590,400 | | 28,339,200 |
Siemens AG (Reg.) | 647,100 | | 78,279,687 |
TOTAL GERMANY | | 591,963,530 |
Hong Kong - 2.7% |
China Unicom Ltd. sponsored ADR | 12,674,000 | | 183,646,260 |
Shanghai Industrial Holdings Ltd. (H Shares) | 16,352,000 | | 42,957,041 |
Television Broadcasts Ltd. | 186,000 | | 1,232,859 |
TOTAL HONG KONG | | 227,836,160 |
India - 1.9% |
Allahabad Bank | 10,885,323 | | 21,226,480 |
Bank of Baroda | 3,860,000 | | 25,190,391 |
Gammon India Ltd. | 143,811 | | 1,228,586 |
Satyam Computer Services Ltd. | 5,509,009 | | 63,519,027 |
State Bank of India | 1,493,012 | | 49,166,781 |
TOTAL INDIA | | 160,331,265 |
Ireland - 0.4% |
Ryanair Holdings PLC sponsored ADR (a) | 718,600 | | 33,537,062 |
Italy - 4.3% |
Assicurazioni Generali Spa | 570,200 | | 26,400,761 |
FASTWEB Spa | 867,040 | | 55,372,018 |
Impregilo Spa (a) | 8,458,700 | | 69,129,482 |
Lottomatica Spa | 1,487,952 | | 61,360,480 |
Safilo Group Spa | 6,000,000 | | 37,474,645 |
Unicredito Italiano Spa | 10,697,100 | | 110,647,251 |
TOTAL ITALY | | 360,384,637 |
Japan - 14.1% |
Canon, Inc. | 1,197,700 | | 67,310,739 |
Chugai Pharmaceutical Co. Ltd. | 1,554,100 | | 39,633,385 |
Citizen Holdings Co. Ltd. (d) | 10,270,100 | | 91,690,274 |
Fanuc Ltd. | 534,000 | | 52,299,826 |
Honda Motor Co. Ltd. sponsored ADR (d) | 1,276,900 | | 43,963,667 |
Konica Minolta Holdings, Inc. | 4,197,000 | | 57,434,273 |
Kubota Corp. | 6,803,000 | | 64,303,486 |
Kurita Water Industries Ltd. | 1,590,500 | | 39,708,225 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Mitsubishi Estate Co. Ltd. | 2,734,000 | | $ 84,774,235 |
Mitsui Fudosan Co. Ltd. | 2,192,000 | | 63,991,612 |
Mizuho Financial Group, Inc. | 9,307 | | 56,014,081 |
Murata Manufacturing Co. Ltd. | 647,600 | | 47,730,363 |
Nidec Corp. (d) | 288,500 | | 18,203,322 |
Nintendo Co. Ltd. | 602,600 | | 188,259,538 |
Nissan Motor Co. Ltd. | 4,002,500 | | 40,345,199 |
Nomura Holdings, Inc. | 2,960,800 | | 57,025,007 |
Omron Corp. | 1,864,700 | | 49,961,753 |
Sumitomo Mitsui Financial Group, Inc. | 4,206 | | 36,748,532 |
T&D Holdings, Inc. | 677,500 | | 42,912,563 |
Tokuyama Corp. | 2,553,000 | | 38,280,813 |
TOTAL JAPAN | | 1,180,590,893 |
Luxembourg - 0.6% |
Acergy SA sponsored ADR (a) | 2,168,500 | | 46,427,585 |
Netherlands - 2.2% |
Arcelor Mittal | 1,922,200 | | 102,683,924 |
ING Groep NV (Certificaten Van Aandelen) | 1,861,114 | | 84,885,409 |
TOTAL NETHERLANDS | | 187,569,333 |
Netherlands Antilles - 1.6% |
Schlumberger Ltd. (NY Shares) | 1,834,200 | | 135,418,986 |
Norway - 2.6% |
Aker Kvaerner ASA | 9,269,800 | | 220,865,337 |
Philippines - 0.1% |
Metropolitan Bank & Trust Co. | 7,032,500 | | 9,268,900 |
South Africa - 1.5% |
Impala Platinum Holdings Ltd. | 2,139,990 | | 69,881,689 |
Steinhoff International Holdings Ltd. | 15,215,826 | | 54,116,173 |
TOTAL SOUTH AFRICA | | 123,997,862 |
Spain - 3.4% |
Banco Bilbao Vizcaya Argentaria SA | 4,714,800 | | 112,872,312 |
Banco Santander Central Hispano SA | 5,582,200 | | 100,474,431 |
Telefonica SA sponsored ADR | 1,098,900 | | 74,340,585 |
TOTAL SPAIN | | 287,687,328 |
Sweden - 1.3% |
OMX AB (d) | 4,543,500 | | 109,523,598 |
Switzerland - 9.8% |
Actelion Ltd. (Reg.) (a) | 426,531 | | 101,702,139 |
Compagnie Financiere Richemont unit | 1,620,099 | | 98,384,950 |
Credit Suisse Group (Reg.) | 2,986,035 | | 234,403,748 |
EFG International | 324,790 | | 14,655,011 |
Nestle SA (Reg.) | 224,402 | | 89,177,355 |
Novartis AG (Reg.) | 793,012 | | 46,066,067 |
|
| Shares | | Value |
Roche Holding AG (participation certificate) | 473,409 | | $ 89,237,597 |
Societe Generale de Surveillance Holding SA (SGS) (Reg.) | 27,903 | | 35,645,427 |
UBS AG (NY Shares) | 1,696,400 | | 110,096,360 |
TOTAL SWITZERLAND | | 819,368,654 |
Turkey - 1.2% |
Turkiye Garanti Bankasi AS | 12,550,000 | | 61,387,114 |
Yapi ve Kredi Bankasi AS | 17,924,711 | | 39,258,356 |
TOTAL TURKEY | | 100,645,470 |
United Kingdom - 11.1% |
3i Group plc | 2,741,800 | | 63,482,625 |
BAE Systems PLC | 7,904,300 | | 72,225,434 |
Barclays PLC | 4,599,600 | | 66,740,196 |
British Land Co. PLC | 1,297,900 | | 38,225,619 |
Burberry Group PLC | 624,412 | | 8,676,940 |
HSBC Holdings PLC sponsored ADR (d) | 593,600 | | 54,824,896 |
Land Securities Group PLC | 1,778,500 | | 69,769,148 |
Marks & Spencer Group PLC | 4,988,400 | | 74,007,498 |
Next PLC | 802,900 | | 37,709,869 |
Prudential PLC | 3,379,900 | | 50,616,978 |
Reuters Group PLC | 9,085,400 | | 86,735,286 |
Rolls-Royce Group PLC | 6,358,829 | | 60,996,185 |
Standard Chartered PLC (United Kingdom) | 957,900 | | 29,820,803 |
The Weir Group PLC | 4,760,800 | | 61,730,595 |
Vodafone Group PLC sponsored ADR | 2,682,900 | | 77,079,717 |
Xstrata PLC | 1,504,400 | | 79,440,555 |
TOTAL UNITED KINGDOM | | 932,082,344 |
United States of America - 4.6% |
AES Corp. (a) | 2,749,800 | | 60,468,102 |
Fluor Corp. | 1,518,600 | | 145,208,532 |
Global Industries Ltd. (a) | 1,723,400 | | 35,777,784 |
Starwood Hotels & Resorts Worldwide, Inc. | 826,300 | | 55,378,626 |
Titanium Metals Corp. | 924,000 | | 31,905,720 |
Zale Corp. (a) | 2,171,400 | | 60,603,774 |
TOTAL UNITED STATES OF AMERICA | | 389,342,538 |
TOTAL COMMON STOCKS (Cost $6,465,735,547) | 8,122,988,090 |
Nonconvertible Preferred Stocks - 0.6% |
| | | |
Germany - 0.6% |
Porsche AG (non-vtg.) | 27,800 | | 46,801,495 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Series B | 326,868,596 | | 653,557 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $37,128,919) | 47,455,052 |
Money Market Funds - 13.7% |
| Shares | | Value |
Fidelity Cash Central Fund, 5.29% (b) | 262,604,822 | | $ 262,604,822 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 884,119,499 | | 884,119,499 |
TOTAL MONEY MARKET FUNDS (Cost $1,146,724,321) | 1,146,724,321 |
TOTAL INVESTMENT PORTFOLIO - 111.0% (Cost $7,649,588,787) | | 9,317,167,463 |
NET OTHER ASSETS - (11.0)% | | (919,871,437) |
NET ASSETS - 100% | $ 8,397,296,026 |
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 investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 10,881,759 |
Fidelity Securities Lending Cash Central Fund | 3,552,087 |
Total | $ 14,433,846 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Overseas
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $842,877,630) - See accompanying schedule: Unaffiliated issuers (cost $6,502,864,466) | $ 8,170,443,142 | |
Fidelity Central Funds (cost $1,146,724,321) | 1,146,724,321 | |
Total Investments (cost $7,649,588,787) | | $ 9,317,167,463 |
Receivable for investments sold | | 107,477,780 |
Receivable for fund shares sold | | 12,488,545 |
Dividends receivable | | 20,508,706 |
Distributions receivable from Fidelity Central Funds | | 1,587,282 |
Prepaid expenses | | 20,776 |
Other receivables | | 3,550,536 |
Total assets | | 9,462,801,088 |
| | |
Liabilities | | |
Payable for investments purchased | $ 72,957,340 | |
Payable for fund shares redeemed | 99,713,027 | |
Accrued management fee | 4,172,127 | |
Other affiliated payables | 1,682,425 | |
Other payables and accrued expenses | 2,860,644 | |
Collateral on securities loaned, at value | 884,119,499 | |
Total liabilities | | 1,065,505,062 |
| | |
Net Assets | | $ 8,397,296,026 |
Net Assets consist of: | | |
Paid in capital | | $ 6,289,003,899 |
Undistributed net investment income | | 38,887,893 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 403,905,759 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,665,498,475 |
Net Assets, for 171,667,052 shares outstanding | | $ 8,397,296,026 |
Net Asset Value, offering price and redemption price per share ($8,397,296,026 ÷ 171,667,052 shares) | | $ 48.92 |
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
Investment Income | | |
Dividends | | $ 76,770,638 |
Interest | | 95,496 |
Income from Fidelity Central Funds (including $3,552,087 from
security lending) | | 14,433,846 |
| | 91,299,980 |
Less foreign taxes withheld | | (8,293,620) |
Total income | | 83,006,360 |
| | |
Expenses | | |
Management fee
Basic fee | $ 27,729,151 | |
Performance adjustment | (5,156,889) | |
Transfer agent fees | 9,079,892 | |
Accounting and security lending fees | 852,554 | |
Custodian fees and expenses | 1,081,176 | |
Independent trustees' compensation | 11,323 | |
Appreciation in deferred trustee compensation account | 846 | |
Registration fees | 87,936 | |
Audit | 62,473 | |
Legal | 55,704 | |
Miscellaneous | 23,194 | |
Total expenses before reductions | 33,827,360 | |
Expense reductions | (2,474,252) | 31,353,108 |
Net investment income (loss) | | 51,653,252 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $5,834) | 426,054,541 | |
Foreign currency transactions | (1,752,953) | |
Total net realized gain (loss) | | 424,301,588 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $402,856) | 708,985,376 | |
Assets and liabilities in foreign currencies | (212,714) | |
Total change in net unrealized appreciation (depreciation) | | 708,772,662 |
Net gain (loss) | | 1,133,074,250 |
Net increase (decrease) in net assets resulting from operations | | $ 1,184,727,502 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Overseas
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 51,653,252 | $ 88,135,211 |
Net realized gain (loss) | 424,301,588 | 865,971,702 |
Change in net unrealized appreciation (depreciation) | 708,772,662 | 392,508,226 |
Net increase (decrease) in net assets resulting from operations | 1,184,727,502 | 1,346,615,139 |
Distributions to shareholders from net investment income | (85,344,408) | (51,835,782) |
Distributions to shareholders from net realized gain | (719,995,848) | (20,228,519) |
Total distributions | (805,340,256) | (72,064,301) |
Share transactions
Proceeds from sales of shares | 966,971,229 | 2,352,534,453 |
Reinvestment of distributions | 797,168,085 | 71,154,819 |
Cost of shares redeemed | (963,625,364) | (1,215,037,539) |
Net increase (decrease) in net assets resulting from share transactions | 800,513,950 | 1,208,651,733 |
Redemption fees | 108,121 | 287,325 |
Total increase (decrease) in net assets | 1,180,009,317 | 2,483,489,896 |
| | |
Net Assets | | |
Beginning of period | 7,217,286,709 | 4,733,796,813 |
End of period (including undistributed net investment income of $38,887,893 and undistributed net investment income of $82,749,519, respectively) | $ 8,397,296,026 | $ 7,217,286,709 |
Other Information Shares | | |
Sold | 21,069,784 | 53,641,186 |
Issued in reinvestment of distributions | 18,292,063 | 1,782,435 |
Redeemed | (20,993,177) | (27,857,412) |
Net increase (decrease) | 18,368,670 | 27,566,209 |
Financial Highlights
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 47.08 | $ 37.65 | $ 32.21 | $ 29.19 | $ 22.34 | $ 25.98 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .30 | .63 | .39 | .17 G | .18 | .11 |
Net realized and unrealized gain (loss) | 6.73 | 9.37 | 5.35 | 3.15 | 6.76 | (3.75) |
Total from investment operations | 7.03 | 10.00 | 5.74 | 3.32 | 6.94 | (3.64) |
Distributions from net investment income | (.55) | (.41) | (.19) | (.30) | (.09) | - |
Distributions from net realized gain | (4.64) | (.16) | (.11) | - | - | - |
Total distributions | (5.19) | (.57) | (.30) | (.30) | (.09) | - |
Redemption fees added to paid in capital D | - I | -I | -I | -I | -I | -I |
Net asset value, end of period | $ 48.92 | $ 47.08 | $ 37.65 | $ 32.21 | $ 29.19 | $ 22.34 |
Total Return B, C | 16.28% | 26.83% | 17.90% | 11.45% | 31.18% | (14.01)% |
Ratios to Average Net Assets E, H | | | | | | |
Expenses before reductions | .87% A | 1.00% | .93% | 1.05% | 1.04% | 1.21% |
Expenses net of fee waivers, if any | .87% A | 1.00% | .93% | 1.05% | 1.04% | 1.21% |
Expenses net of all reductions | .81% A | .90% | .86% | 1.01% | 1.00% | 1.16% |
Net investment income (loss) | 1.33% A | 1.43% | 1.11% | .55% G | .75% | .42% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 8,397,296 | $ 7,217,287 | $ 4,733,797 | $ 4,182,103 | $ 3,500,394 | $ 2,862,101 |
Portfolio turnover rate F | 90% A | 132% | 87% | 79% | 104% | 72% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G 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%. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannnual Report
Worldwide
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| United States of America | 42.1% | |
| Japan | 8.7% | |
| United Kingdom | 8.4% | |
| Switzerland | 7.8% | |
| Germany | 5.7% | |
| France | 5.6% | |
| Australia | 3.8% | |
| Netherlands | 1.9% | |
| Canada | 1.8% | |
| Other | 14.2% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| United States of America | 44.8% | |
| Japan | 10.1% | |
| United Kingdom | 8.4% | |
| Switzerland | 6.9% | |
| France | 6.5% | |
| Germany | 5.2% | |
| Australia | 2.8% | |
| Italy | 1.7% | |
| Spain | 1.6% | |
| Other | 12.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 99.5 | 97.7 |
Short-Term Investments and Net Other Assets | 0.5 | 2.3 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
ABB Ltd. (Switzerland, Electrical Equipment) | 2.2 | 1.8 |
Exxon Mobil Corp. (United States of America, Oil, Gas & Consumable Fuels) | 1.5 | 2.0 |
Federated Department Stores, Inc. (United States of America, Multiline Retail) | 1.5 | 0.9 |
AT&T, Inc. (United States of America, Diversified Telecommunication Services) | 1.5 | 0.0 |
Cognizant Technology Solutions Corp. Class A (United States of America, IT Services) | 1.3 | 0.7 |
Merck & Co., Inc. (United States of America, Pharmaceuticals) | 1.2 | 1.4 |
Apple, Inc. (United States of America, Computers & Peripherals) | 1.2 | 1.2 |
Sun Microsystems, Inc. (United States of America, Computers & Peripherals) | 1.1 | 0.0 |
Google, Inc. Class A (sub. vtg.) (United States of America, Internet Software & Services) | 1.1 | 1.2 |
General Dynamics Corp. (United States of America, Aerospace & Defense) | 1.1 | 1.1 |
| 13.7 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 20.5 | 23.8 |
Consumer Discretionary | 13.5 | 12.2 |
Industrials | 12.8 | 9.8 |
Information Technology | 12.7 | 12.0 |
Health Care | 9.8 | 10.1 |
Consumer Staples | 8.8 | 10.6 |
Energy | 7.6 | 7.1 |
Materials | 5.5 | 3.8 |
Utilities | 4.4 | 4.3 |
Telecommunication Services | 3.9 | 4.0 |
Semiannual Report
Worldwide
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.7% |
| Shares | | Value |
Argentina - 0.1% |
Inversiones y Representaciones SA sponsored GDR (a) | 92,200 | | $ 1,928,824 |
Australia - 3.8% |
AMP Ltd. | 146,900 | | 1,311,426 |
Aristocrat Leisure Ltd. | 169,300 | | 2,333,880 |
AXA Asia Pacific Holdings Ltd. | 251,900 | | 1,545,917 |
Babcock & Brown Japan Property Trust | 987,600 | | 1,599,297 |
Babcock & Brown Ltd. | 118,200 | | 2,910,420 |
Billabong International Ltd. | 19,100 | | 261,716 |
Brambles Ltd. (a) | 239,100 | | 2,619,014 |
Cochlear Ltd. | 48,300 | | 2,545,026 |
Computershare Ltd. | 412,100 | | 3,576,287 |
CSL Ltd. | 176,000 | | 12,756,775 |
Downer EDI Ltd. | 265,479 | | 1,651,298 |
Energy Resources of Australia Ltd. | 91,200 | | 1,910,088 |
Macquarie Bank Ltd. | 26,600 | | 1,921,827 |
Macquarie Goodman Group unit | 314,600 | | 1,857,556 |
Mortgage Choice Ltd. | 216,600 | | 566,608 |
National Australia Bank Ltd. | 143,800 | | 5,113,528 |
Oxiana Ltd. | 431,474 | | 1,089,285 |
QBE Insurance Group Ltd. | 127,400 | | 3,264,967 |
Seek Ltd. | 131,500 | | 807,019 |
Woolworths Ltd. | 153,603 | | 3,609,937 |
WorleyParsons Ltd. | 80,800 | | 1,845,260 |
TOTAL AUSTRALIA | | 55,097,131 |
Austria - 0.1% |
Austriamicrosystems AG (a) | 11,400 | | 781,016 |
Belgium - 0.1% |
InBev SA | 23,800 | | 1,864,207 |
Bermuda - 1.1% |
Allied World Assurance Co. Holdings Ltd. | 71,100 | | 3,151,152 |
Aquarius Platinum Ltd. (United Kingdom) | 96,600 | | 2,897,203 |
Endurance Specialty Holdings Ltd. | 118,100 | | 4,419,302 |
Lazard Ltd. Class A | 70,400 | | 3,812,160 |
Ports Design Ltd. | 445,000 | | 1,251,510 |
TOTAL BERMUDA | | 15,531,327 |
Brazil - 0.2% |
Submarino SA | 100,500 | | 3,638,878 |
Canada - 1.8% |
Cameco Corp. | 88,200 | | 4,108,424 |
Canadian Natural Resources Ltd. | 78,200 | | 4,660,013 |
Niko Resources Ltd. | 14,900 | | 1,188,080 |
Potash Corp. of Saskatchewan, Inc. | 43,000 | | 7,719,360 |
Suncor Energy, Inc. | 46,800 | | 3,754,879 |
Tenke Mining Corp. (a) | 43,200 | | 934,138 |
Western Oil Sands, Inc. Class A (a) | 115,600 | | 3,755,776 |
TOTAL CANADA | | 26,120,670 |
|
| Shares | | Value |
Cayman Islands - 0.6% |
Foxconn International Holdings Ltd. (a) | 528,100 | | $ 1,599,986 |
GlobalSantaFe Corp. | 32,200 | | 2,058,546 |
Lee & Man Paper Manufacturing Ltd. | 815,500 | | 2,303,923 |
Simcere Pharmaceutical Group sponsored ADR | 13,800 | | 229,080 |
Subsea 7, Inc. (a) | 55,100 | | 1,129,914 |
Suntech Power Holdings Co. Ltd. sponsored ADR (a) | 53,300 | | 1,933,724 |
TOTAL CAYMAN ISLANDS | | 9,255,173 |
China - 0.4% |
Focus Media Holding Ltd. ADR (a) | 42,400 | | 1,568,800 |
Jiangsu Expressway Co. Ltd. (H Shares) | 1,708,000 | | 1,460,715 |
Mindray Medical International Ltd. sponsored ADR | 60,800 | | 1,399,008 |
Nine Dragons Paper (Holdings) Ltd. | 697,000 | | 1,420,276 |
TOTAL CHINA | | 5,848,799 |
Cyprus - 0.1% |
Marfin Popular Bank Public Co. | 166,249 | | 1,910,190 |
Czech Republic - 0.1% |
Ceske Energeticke Zavody AS | 38,900 | | 1,901,510 |
Denmark - 0.5% |
Novo Nordisk AS Series B | 19,100 | | 1,878,585 |
Vestas Wind Systems AS (a) | 74,000 | | 4,865,746 |
TOTAL DENMARK | | 6,744,331 |
Finland - 0.5% |
Citycon Oyj | 54,200 | | 436,372 |
Nokia Corp. sponsored ADR | 183,100 | | 4,623,275 |
Wartsila Corp. (B Shares) | 28,500 | | 1,923,943 |
TOTAL FINLAND | | 6,983,590 |
France - 5.6% |
Air France KLM (Reg.) | 37,200 | | 1,907,678 |
Alcatel-Lucent SA | 75,500 | | 1,000,375 |
Alstom SA (a) | 24,500 | | 3,677,597 |
April Group (d) | 9,400 | | 497,697 |
AXA SA | 101,100 | | 4,656,666 |
BNP Paribas SA | 26,882 | | 3,141,914 |
Business Objects SA sponsored ADR (a) | 29,300 | | 1,099,043 |
Cap Gemini SA (d) | 29,000 | | 2,209,779 |
CNP Assurances (d) | 13,900 | | 1,782,038 |
Electricite de France | 42,300 | | 3,700,017 |
Gaz de France | 51,800 | | 2,445,745 |
Geodis SA | 4,900 | | 1,124,743 |
Groupe Danone | 15,300 | | 2,529,416 |
Icade SA (d) | 37,200 | | 2,855,933 |
L'Oreal SA | 16,100 | | 1,936,002 |
Louis Vuitton Moet Hennessy (LVMH) | 22,700 | | 2,663,043 |
Neopost SA | 16,700 | | 2,434,074 |
Neuf Cegetel | 41,800 | | 1,711,208 |
Orpea (a) | 18,000 | | 1,857,930 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Pinault Printemps-Redoute SA | 10,100 | | $ 1,763,328 |
Remy Cointreau SA | 20,700 | | 1,518,288 |
Renault SA | 25,500 | | 3,330,798 |
Schneider Electric SA | 12,700 | | 1,803,577 |
Schneider Electric SA (New) | 782 | | 106,829 |
Sechilienne-Sidec | 12,200 | | 764,981 |
Societe Generale Series A | 11,985 | | 2,559,515 |
Suez SA (France) (d) | 61,300 | | 3,511,626 |
Total SA Series B | 115,796 | | 8,533,007 |
Vallourec SA | 5,500 | | 1,516,071 |
Veolia Environnement | 46,100 | | 3,831,101 |
Vinci SA | 41,400 | | 6,697,416 |
Vivendi Universal SA (d) | 70,196 | | 2,910,084 |
TOTAL FRANCE | | 82,077,519 |
GEORGIA - 0.0% |
Bank of Georgia unit (a) | 15,100 | | 520,950 |
Germany - 5.0% |
Allianz AG (Reg.) (d) | 37,900 | | 8,621,447 |
Bayer AG | 109,900 | | 7,514,962 |
Bilfinger Berger AG | 16,500 | | 1,565,080 |
Continental AG | 15,000 | | 2,097,663 |
DaimlerChrysler AG (Reg.) | 30,700 | | 2,471,657 |
Deutsche Boerse AG | 18,500 | | 4,356,042 |
E.ON AG | 64,400 | | 9,685,116 |
Hochtief AG | 28,700 | | 3,035,212 |
KarstadtQuelle AG (a)(d) | 77,400 | | 2,989,047 |
Linde AG | 25,614 | | 2,878,019 |
MAN AG | 15,000 | | 2,014,764 |
MTU Aero Engines Holding AG | 22,200 | | 1,302,647 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 23,800 | | 4,257,473 |
Q-Cells AG | 30,200 | | 2,196,542 |
SGL Carbon AG (a) | 41,600 | | 1,633,197 |
Siemens AG: | | | |
(Reg.) | 59,300 | | 7,173,521 |
sponsored ADR | 40,500 | | 4,899,285 |
SolarWorld AG | 34,400 | | 2,917,930 |
Wincor Nixdorf AG | 16,600 | | 1,635,047 |
TOTAL GERMANY | | 73,244,651 |
Greece - 0.1% |
EFG Eurobank Ergasias SA | 25,900 | | 1,085,034 |
Hong Kong - 0.7% |
Chaoda Modern Agriculture (Holdings) Ltd. | 858,000 | | 712,939 |
Esprit Holdings Ltd. | 430,600 | | 5,256,892 |
Li & Fung Ltd. | 720,100 | | 2,264,538 |
Television Broadcasts Ltd. | 214,000 | | 1,418,450 |
TOTAL HONG KONG | | 9,652,819 |
|
| Shares | | Value |
India - 1.2% |
Bharat Heavy Electricals Ltd. | 33,257 | | $ 2,015,798 |
Bharti Airtel Ltd. (a) | 82,847 | | 1,640,666 |
Infosys Technologies Ltd. | 63,538 | | 3,174,733 |
IVRCL Infrastructures & Projects Ltd. | 35,500 | | 277,418 |
Jain Irrigation Systems Ltd. | 234,810 | | 2,480,250 |
Larsen & Toubro Ltd. | 78,953 | | 3,266,994 |
Nagarjuna Construction Co. Ltd. | 439,252 | | 1,920,958 |
Pantaloon Retail India Ltd. | 33,537 | | 344,914 |
Satyam Computer Services Ltd. | 199,900 | | 2,304,853 |
TOTAL INDIA | | 17,426,584 |
Indonesia - 0.1% |
PT Perusahaan Gas Negara Tbk Series B | 1,091,000 | | 1,260,999 |
Ireland - 0.4% |
Allied Irish Banks PLC | 81,700 | | 2,479,187 |
Paddy Power PLC (Ireland) | 43,200 | | 1,206,721 |
Ryanair Holdings PLC sponsored ADR (a) | 62,500 | | 2,916,875 |
TOTAL IRELAND | | 6,602,783 |
Israel - 0.2% |
Israel Chemicals Ltd. | 260,900 | | 2,007,272 |
Nice Systems Ltd. sponsored ADR | 44,200 | | 1,619,930 |
TOTAL ISRAEL | | 3,627,202 |
Italy - 1.4% |
AEM SpA | 477,500 | | 1,880,507 |
Edison Spa | 626,500 | | 1,890,232 |
ENI Spa | 71,051 | | 2,353,209 |
Fiat Spa | 164,900 | | 4,898,741 |
Impregilo Spa (a) | 226,300 | | 1,849,457 |
Pirelli & C. Real Estate Spa | 15,000 | | 1,147,287 |
Prysmian SPA | 43,900 | | 898,589 |
Unicredito Italiano Spa | 587,300 | | 6,074,836 |
TOTAL ITALY | | 20,992,858 |
Japan - 8.7% |
Aeon Mall Co. Ltd. (d) | 54,000 | | 1,807,450 |
Asahi Glass Co. Ltd. | 128,000 | | 1,722,037 |
Asics Corp. | 154,000 | | 1,939,407 |
Bank of Yokohama Ltd. | 176,000 | | 1,288,663 |
Canon, Inc. | 141,350 | | 7,943,870 |
Casio Computer Co. Ltd. | 61,800 | | 1,247,650 |
Chiba Bank Ltd. | 150,000 | | 1,239,960 |
Chugai Pharmaceutical Co. Ltd. | 105,300 | | 2,685,410 |
East Japan Railway Co. | 205 | | 1,662,545 |
Fanuc Ltd. | 12,600 | | 1,234,041 |
Fujifilm Holdings Corp. | 53,900 | | 2,203,971 |
Honda Motor Co. Ltd. | 97,800 | | 3,367,254 |
Japan Tobacco, Inc. | 532 | | 2,598,768 |
Kawasaki Kisen Kaisha Ltd. | 149,000 | | 1,618,464 |
Keyence Corp. | 5,400 | | 1,200,514 |
Konica Minolta Holdings, Inc. | 69,000 | | 944,238 |
Kubota Corp. | 218,000 | | 2,060,585 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Leopalace21 Corp. | 22,400 | | $ 734,510 |
Mitsubishi Estate Co. Ltd. | 127,600 | | 3,956,544 |
Mitsubishi UFJ Financial Group, Inc. | 76 | | 794,200 |
Mitsui & Co. Ltd. | 167,000 | | 3,003,311 |
Mitsui Fudosan Co. Ltd. | 145,000 | | 4,233,022 |
Mizuho Financial Group, Inc. | 699 | | 4,206,924 |
Murata Manufacturing Co. Ltd. | 41,700 | | 3,073,434 |
Namco Bandai Holdings, Inc. | 119,400 | | 1,940,536 |
NGK Insulators Ltd. | 127,000 | | 2,772,235 |
Nintendo Co. Ltd. | 41,400 | | 12,933,861 |
Nippon Building Fund, Inc. | 100 | | 1,616,626 |
Nippon Electric Glass Co. Ltd. | 55,000 | | 941,423 |
Nippon Steel Corp. | 300,000 | | 1,935,728 |
Nomura Holdings, Inc. | 184,200 | | 3,547,692 |
NSK Ltd. | 245,000 | | 2,371,271 |
NTT DoCoMo, Inc. | 1,555 | | 2,645,055 |
ORIX Corp. | 28,000 | | 7,466,822 |
Sony Corp. sponsored ADR | 51,400 | | 2,737,564 |
Sumco Corp. | 56,800 | | 2,468,520 |
Sumitomo Corp. | 120,000 | | 2,055,517 |
Sumitomo Electric Industries Ltd. | 118,800 | | 1,680,245 |
Sumitomo Metal Industries Ltd. | 272,100 | | 1,381,740 |
Sumitomo Mitsui Financial Group, Inc. | 120 | | 1,048,460 |
Sumitomo Trust & Banking Co. Ltd. | 163,200 | | 1,593,991 |
T&D Holdings, Inc. | 33,200 | | 2,102,874 |
Takeda Pharamaceutical Co. Ltd. | 58,500 | | 3,792,882 |
The Sumitomo Warehouse Co. Ltd. | 27,000 | | 208,449 |
Tokuyama Corp. | 223,300 | | 3,348,259 |
Toyo Tanso Co. Ltd. (d) | 6,900 | | 732,420 |
Toyota Motor Corp. | 170,300 | | 10,338,913 |
TOTAL JAPAN | | 128,427,855 |
Korea (South) - 1.1% |
Korean Reinsurance Co. | 62,950 | | 800,864 |
LG Household & Health Care Ltd. | 61,490 | | 8,187,000 |
NHN Corp. | 17,547 | | 2,744,638 |
Samsung Fire & Marine Insurance Co. Ltd. | 13,800 | | 2,446,228 |
Shinhan Financial Group Co. Ltd. | 25,816 | | 1,447,761 |
TOTAL KOREA (SOUTH) | | 15,626,491 |
Luxembourg - 0.3% |
Acergy SA | 75,000 | | 1,605,750 |
SES SA FDR unit | 106,828 | | 2,099,196 |
TOTAL LUXEMBOURG | | 3,704,946 |
Malaysia - 0.2% |
DiGi.com BHD | 29,300 | | 174,670 |
Gamuda BHD | 827,400 | | 1,898,039 |
IJM Corp. BHD | 570,700 | | 1,450,932 |
TOTAL MALAYSIA | | 3,523,641 |
|
| Shares | | Value |
Mexico - 0.3% |
America Movil SA de CV Series L sponsored ADR | 70,000 | | $ 3,677,100 |
Urbi, Desarrollos Urbanos, SA de CV (a) | 277,300 | | 1,158,592 |
TOTAL MEXICO | | 4,835,692 |
Netherlands - 1.9% |
ABN-AMRO Holding NV | 58,600 | | 2,839,170 |
Arcelor Mittal | 41,500 | | 2,216,930 |
Arcelor Mittal (Class A) | 46,400 | | 2,512,436 |
CNH Global NV | 45,800 | | 1,982,682 |
Heineken NV (Bearer) | 52,300 | | 2,777,130 |
ING Groep NV (Certificaten Van Aandelen) | 91,100 | | 4,155,071 |
Koninklijke KPN NV | 77,900 | | 1,328,779 |
Koninklijke Numico NV | 29,400 | | 1,627,236 |
Koninklijke Philips Electronics NV | 89,900 | | 3,689,496 |
Nutreco Holding NV | 41,700 | | 3,096,137 |
SBM Offshore NV | 45,200 | | 1,632,051 |
TOTAL NETHERLANDS | | 27,857,118 |
Norway - 0.8% |
Aker Kvaerner ASA | 98,250 | | 2,340,937 |
Hafslund ASA (B Shares) | 45,400 | | 1,117,963 |
Marine Harvest ASA (a) | 2,425,500 | | 2,625,556 |
ProSafe ASA | 51,100 | | 796,223 |
Renewable Energy Corp. AS | 74,000 | | 2,139,411 |
Telenor ASA | 132,500 | | 2,477,707 |
TOTAL NORWAY | | 11,497,797 |
Russia - 0.2% |
Magma OJSC sponsored GDR (a)(e) | 87,800 | | 1,110,670 |
OAO Gazprom sponsored ADR | 44,600 | | 1,752,780 |
TOTAL RUSSIA | | 2,863,450 |
Singapore - 0.2% |
Keppel Corp. Ltd. | 76,000 | | 1,070,563 |
Singapore Exchange Ltd. | 376,000 | | 1,831,490 |
TOTAL SINGAPORE | | 2,902,053 |
Spain - 1.6% |
Banco Bilbao Vizcaya Argentaria SA | 157,800 | | 3,777,732 |
Banco Santander Central Hispano SA | 343,700 | | 6,186,282 |
Grupo Ferrovial SA | 16,500 | | 1,803,524 |
Inditex SA | 58,600 | | 3,628,837 |
Sol Melia SA | 96,600 | | 2,364,857 |
Telefonica SA | 224,600 | | 5,064,730 |
TOTAL SPAIN | | 22,825,962 |
Sweden - 0.9% |
Hennes & Mauritz AB (H&M) (B Shares) (d) | 49,400 | | 3,292,252 |
Modern Times Group AB (MTG) (B Shares) | 68,500 | | 4,033,502 |
Common Stocks - continued |
| Shares | | Value |
Sweden - continued |
Scania AB (B Shares) (d) | 38,400 | | $ 3,696,882 |
Swedbank AB (A Shares) (d) | 48,100 | | 1,873,830 |
TOTAL SWEDEN | | 12,896,466 |
Switzerland - 7.8% |
ABB Ltd.: | | | |
(Reg.) | 13,388 | | 271,562 |
sponsored ADR | 1,636,300 | | 32,660,546 |
Actelion Ltd. (Reg.) (a) | 17,472 | | 4,166,027 |
BB Biotech AG | 23,140 | | 1,933,043 |
Compagnie Financiere Richemont unit | 33,452 | | 2,031,464 |
Credit Suisse Group (Reg.) | 87,398 | | 6,860,743 |
EFG International | 25,800 | | 1,164,135 |
Julius Baer Holding AG (Bearer) | 228,170 | | 16,038,112 |
Lindt & Spruengli AG (participation certificate) | 1,255 | | 3,480,772 |
Nestle SA: | | | |
(Reg.) | 21,598 | | 8,583,045 |
sponsored ADR | 34,800 | | 3,457,380 |
Nobel Biocare Holding AG (Switzerland) | 4,389 | | 1,589,757 |
Novartis AG sponsored ADR | 46,100 | | 2,677,949 |
Phonak Holding AG | 38,927 | | 3,464,547 |
Roche Holding AG (participation certificate) | 58,892 | | 11,101,142 |
Societe Generale de Surveillance Holding SA (SGS) (Reg.) | 932 | | 1,190,608 |
Swiss Life Holding | 6,341 | | 1,645,820 |
Tecan Group AG | 18,800 | | 1,400,836 |
The Swatch Group AG (Reg.) | 79,346 | | 4,641,135 |
UBS AG (NY Shares) | 63,690 | | 4,133,481 |
Zurich Financial Services AG (Reg.) | 7,185 | | 2,099,851 |
TOTAL SWITZERLAND | | 114,591,955 |
Taiwan - 0.6% |
Gemtek Technology Corp. | 568,000 | | 1,462,815 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 459,614 | | 3,055,770 |
PixArt Imaging, Inc. | 115,000 | | 1,397,998 |
Shin Kong Financial Holding Co. Ltd. | 708,345 | | 659,113 |
Siliconware Precision Industries Co. Ltd. | 817,000 | | 1,569,480 |
Wistron Corp. | 894,000 | | 1,336,351 |
TOTAL TAIWAN | | 9,481,527 |
United Kingdom - 8.4% |
Anglo American PLC (United Kingdom) | 65,700 | | 3,506,102 |
AstraZeneca PLC sponsored ADR | 35,800 | | 1,944,298 |
Autonomy Corp. PLC (a) | 219,600 | | 3,317,244 |
Aviva PLC | 131,000 | | 2,070,540 |
BAE Systems PLC | 272,500 | | 2,489,965 |
Barclays PLC | 180,500 | | 2,619,055 |
BG Group PLC | 97,500 | | 1,414,336 |
BG Group PLC sponsored ADR | 13,800 | | 992,634 |
BHP Billiton PLC | 280,100 | | 6,322,919 |
BP PLC | 307,175 | | 3,446,504 |
|
| Shares | | Value |
BP PLC sponsored ADR | 6,500 | | $ 437,580 |
British American Tobacco PLC | 146,400 | | 4,557,432 |
British Land Co. PLC | 91,100 | | 2,683,068 |
Burberry Group PLC | 116,100 | | 1,613,346 |
Capita Group PLC | 92,400 | | 1,308,024 |
Clipper Windpower PLC (a) | 201,800 | | 3,540,616 |
GlaxoSmithKline PLC sponsored ADR | 23,000 | | 1,328,940 |
HBOS plc | 143,700 | | 3,111,686 |
HSBC Holdings PLC (Hong Kong) (Reg.) | 93,152 | | 1,720,704 |
Informa PLC | 92,800 | | 1,102,161 |
International Power PLC | 485,900 | | 4,277,173 |
Investec PLC | 196,100 | | 2,801,498 |
John Wood Group PLC | 205,000 | | 1,154,857 |
KKR Private Equity Investors, LP | 149,300 | | 3,642,920 |
Man Group plc | 204,100 | | 2,305,696 |
Marks & Spencer Group PLC | 224,300 | | 3,327,697 |
N Brown Group PLC | 283,700 | | 1,701,732 |
National Grid PLC | 102,900 | | 1,618,172 |
Next PLC | 66,200 | | 3,109,221 |
Pearson PLC | 156,100 | | 2,688,863 |
Punch Taverns Ltd. | 58,700 | | 1,530,475 |
Reckitt Benckiser PLC | 91,600 | | 5,038,446 |
Renovo Group PLC | 764,000 | | 2,749,644 |
Rio Tinto PLC sponsored ADR | 10,200 | | 2,488,800 |
Rolls-Royce Group PLC | 254,026 | | 2,436,709 |
Royal Bank of Scotland Group PLC | 130,400 | | 5,032,056 |
Royal Dutch Shell PLC Class B | 222,800 | | 7,877,094 |
Shire PLC | 137,300 | | 3,198,632 |
SSL International PLC | 143,900 | | 1,253,744 |
Tesco PLC | 772,243 | | 7,118,122 |
Vodafone Group PLC | 1,594,200 | | 4,580,137 |
Vodafone Group PLC sponsored ADR | 56,712 | | 1,629,336 |
Xstrata PLC | 42,700 | | 2,254,794 |
TOTAL UNITED KINGDOM | | 123,342,972 |
United States of America - 41.6% |
AES Corp. (a) | 313,700 | | 6,898,263 |
Agilent Technologies, Inc. (a) | 90,900 | | 3,124,233 |
Allergan, Inc. | 84,700 | | 10,265,640 |
American International Group, Inc. | 166,300 | | 11,626,033 |
American Superconductor Corp. (a)(d) | 64,700 | | 934,268 |
American Tower Corp. Class A (a) | 283,800 | | 10,784,400 |
Amphenol Corp. Class A | 107,200 | | 3,763,792 |
Amylin Pharmaceuticals, Inc. (a) | 94,200 | | 3,893,286 |
Apple, Inc. (a) | 176,000 | | 17,564,800 |
Applied Materials, Inc. | 173,400 | | 3,332,748 |
Astoria Financial Corp. | 64,700 | | 1,718,432 |
AT&T, Inc. | 556,600 | | 21,551,552 |
Avon Products, Inc. | 300,900 | | 11,975,820 |
Bank of America Corp. | 124,100 | | 6,316,690 |
BioMimetic Therapeutics, Inc. | 6,200 | | 116,188 |
Brookdale Senior Living, Inc. | 28,200 | | 1,280,562 |
C.R. Bard, Inc. | 116,800 | | 9,709,584 |
Casual Male Retail Group, Inc. (a) | 541,200 | | 6,229,212 |
Common Stocks - continued |
| Shares | | Value |
United States of America - continued |
Celgene Corp. (a) | 82,500 | | $ 5,045,700 |
Centex Corp. | 46,200 | | 2,068,374 |
Cerner Corp. (a) | 120,700 | | 6,426,068 |
Cisco Systems, Inc. (a) | 479,400 | | 12,819,156 |
Coach, Inc. (a) | 91,900 | | 4,487,477 |
Cognizant Technology Solutions Corp. Class A (a) | 208,400 | | 18,630,960 |
Commerce Bancorp, Inc. | 114,300 | | 3,822,192 |
Constellation Energy Group, Inc. | 42,600 | | 3,796,512 |
CyberSource Corp. (a) | 417,500 | | 5,306,425 |
DynCorp International, Inc. Class A | 249,600 | | 3,744,000 |
EOG Resources, Inc. | 4,800 | | 352,512 |
Estee Lauder Companies, Inc. Class A | 64,600 | | 3,321,732 |
Exelixis, Inc. (a) | 149,200 | | 1,602,408 |
Exxon Mobil Corp. | 281,900 | | 22,377,222 |
Federated Department Stores, Inc. | 497,700 | | 21,858,984 |
Fluor Corp. | 15,800 | | 1,510,796 |
FormFactor, Inc. (a) | 154,200 | | 6,366,918 |
FPL Group, Inc. | 151,400 | | 9,745,618 |
Fuel Tech, Inc. (a) | 149,800 | | 3,765,972 |
General Dynamics Corp. | 204,600 | | 16,061,100 |
General Growth Properties, Inc. | 65,500 | | 4,182,175 |
Gilead Sciences, Inc. (a) | 71,000 | | 5,802,120 |
Google, Inc. Class A (sub. vtg.) (a) | 34,500 | | 16,262,610 |
Granite Construction, Inc. | 42,000 | | 2,530,080 |
Greenhill & Co., Inc. | 45,900 | | 2,903,175 |
Health Net, Inc. (a) | 66,700 | | 3,605,802 |
Hittite Microwave Corp. (a) | 40,500 | | 1,829,790 |
Hudson City Bancorp, Inc. | 928,500 | | 12,367,620 |
Inverness Medical Innovations, Inc. (a) | 175,001 | | 7,008,790 |
Janus Capital Group, Inc. | 325,800 | | 8,151,516 |
JCPenney Co., Inc. | 156,700 | | 12,393,403 |
KB Home | 40,300 | | 1,777,633 |
Kroger Co. | 161,600 | | 4,768,816 |
Lennar Corp. Class A | 62,150 | | 2,654,427 |
Macquarie Infrastructure Co. Trust | 10,100 | | 430,058 |
Marathon Oil Corp. | 17,600 | | 1,787,280 |
Mastercard, Inc. Class A | 38,800 | | 4,333,184 |
Merck & Co., Inc. | 346,400 | | 17,818,816 |
Molson Coors Brewing Co. Class B | 43,400 | | 4,091,752 |
Monsanto Co. | 221,200 | | 13,048,588 |
Morgan Stanley | 139,800 | | 11,744,598 |
National Oilwell Varco, Inc. (a) | 94,504 | | 8,018,664 |
Nautilus, Inc. (d) | 382,900 | | 5,287,849 |
Northern Trust Corp. | 191,900 | | 12,080,105 |
Peabody Energy Corp. | 74,100 | | 3,555,318 |
PepsiCo, Inc. | 197,800 | | 13,072,602 |
Petrohawk Energy Corp. (a) | 209,500 | | 3,027,275 |
|
| Shares | | Value |
Procter & Gamble Co. | 221,800 | | $ 14,263,958 |
Quanta Services, Inc. (a) | 184,100 | | 5,060,909 |
Quicksilver Resources, Inc. (a) | 56,900 | | 2,381,834 |
Ralcorp Holdings, Inc. (a) | 73,000 | | 4,804,130 |
Ryland Group, Inc. | 36,800 | | 1,630,240 |
Safeway, Inc. | 169,200 | | 6,141,960 |
Service Corp. International | 517,500 | | 6,287,625 |
St. Jude Medical, Inc. (a) | 83,800 | | 3,585,802 |
State Street Corp. | 123,400 | | 8,498,558 |
Sun Microsystems, Inc. (a) | 3,127,600 | | 16,326,072 |
Sunoco, Inc. | 41,100 | | 3,104,283 |
Sunpower Corp. Class A (a) | 34,800 | | 2,111,664 |
Time Warner, Inc. | 363,400 | | 7,496,942 |
Titanium Metals Corp. | 341,640 | | 11,796,829 |
Tyson Foods, Inc. Class A | 86,200 | | 1,806,752 |
U.S. Bancorp, Delaware | 149,800 | | 5,145,630 |
UDR, Inc. | 124,500 | | 3,739,980 |
Under Armour, Inc. Class A (sub. vtg.) (a) | 33,300 | | 1,681,650 |
URS Corp. (a) | 65,800 | | 2,875,460 |
Valero Energy Corp. | 150,100 | | 10,541,523 |
ValueClick, Inc. (a) | 70,300 | | 2,010,580 |
Wachovia Corp. | 50,900 | | 2,826,986 |
Washington Group International, Inc. (a) | 51,600 | | 3,453,072 |
Weight Watchers International, Inc. | 153,600 | | 7,371,264 |
Wells Fargo & Co. | 142,600 | | 5,117,914 |
Wendy's International, Inc. | 55,700 | | 2,099,890 |
TOTAL UNITED STATES OF AMERICA | | 610,891,182 |
TOTAL COMMON STOCKS (Cost $1,158,777,848) | 1,449,366,152 |
Nonconvertible Preferred Stocks - 0.8% |
| | | |
Germany - 0.7% |
Fresenius AG (non-vtg.) | 36,200 | | 3,065,672 |
Hugo Boss AG (non-vtg.) | 49,000 | | 3,045,719 |
Porsche AG (non-vtg.) | 1,371 | | 2,308,088 |
ProSiebenSat.1 Media AG | 71,700 | | 2,622,161 |
TOTAL GERMANY | | 11,041,640 |
Italy - 0.1% |
Intesa Sanpaolo Spa | 109,800 | | 890,308 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Series B | 16,068,419 | | 32,128 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $8,240,647) | 11,964,076 |
Government Obligations - 0.0% |
| Principal Amount | | Value |
United States of America - 0.0% |
U.S. Treasury Bills, yield at date of purchase 5.05% to 5.11% 5/3/07
(Cost $104,956) | | $ 105,000 | | $ 104,974 |
Money Market Funds - 3.0% |
| Shares | | |
Fidelity Cash Central Fund, 5.29% (b) | 8,804,240 | | 8,804,240 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 35,354,730 | | 35,354,730 |
TOTAL MONEY MARKET FUNDS (Cost $44,158,970) | 44,158,970 |
TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $1,211,282,421) | | 1,505,594,172 |
NET OTHER ASSETS - (2.5)% | | (36,181,767) |
NET ASSETS - 100% | $ 1,469,412,405 |
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 end of the period, the value of these securities amounted to $1,110,670 or 0.1% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 339,484 |
Fidelity Securities Lending Cash Central Fund | 95,759 |
Total | $ 435,243 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Worldwide
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $33,485,685) - See accompanying schedule: Unaffiliated issuers (cost $1,167,123,451) | $ 1,461,435,202 | |
Fidelity Central Funds (cost $44,158,970) | 44,158,970 | |
Total Investments (cost $1,211,282,421) | | $ 1,505,594,172 |
Cash | | 1,806,664 |
Foreign currency held at value (cost $2,006) | | 2,006 |
Receivable for investments sold | | 30,620,229 |
Receivable for fund shares sold | | 1,721,468 |
Dividends receivable | | 3,303,986 |
Distributions receivable from Fidelity Central Funds | | 42,111 |
Prepaid expenses | | 4,107 |
Other receivables | | 320,595 |
Total assets | | 1,543,415,338 |
| | |
Liabilities | | |
Payable for investments purchased | $ 31,115,136 | |
Payable for fund shares redeemed | 6,249,475 | |
Accrued management fee | 846,577 | |
Other affiliated payables | 321,141 | |
Other payables and accrued expenses | 115,874 | |
Collateral on securities loaned, at value | 35,354,730 | |
Total liabilities | | 74,002,933 |
| | |
Net Assets | | $ 1,469,412,405 |
Net Assets consist of: | | |
Paid in capital | | $ 1,101,383,457 |
Undistributed net investment income | | 4,185,317 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 69,444,601 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 294,399,030 |
Net Assets, for 67,711,064 shares outstanding | | $ 1,469,412,405 |
Net Asset Value, offering price and redemption price per share ($1,469,412,405 ÷ 67,711,064 shares) | | $ 21.70 |
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 11,981,248 |
Interest | | 3,606 |
Income from Fidelity Central Funds (including $95,759 from security lending) | | 435,243 |
| | 12,420,097 |
Less foreign taxes withheld | | (652,761) |
Total income | | 11,767,336 |
| | |
Expenses | | |
Management fee
Basic fee | $ 4,959,271 | |
Performance adjustment | (305,788) | |
Transfer agent fees | 1,574,008 | |
Accounting and security lending fees | 312,060 | |
Custodian fees and expenses | 177,291 | |
Independent trustees' compensation | 2,189 | |
Registration fees | 24,052 | |
Audit | 46,460 | |
Legal | 17,488 | |
Miscellaneous | 4,511 | |
Total expenses before reductions | 6,811,542 | |
Expense reductions | (318,398) | 6,493,144 |
Net investment income (loss) | | 5,274,192 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 72,241,053 | |
Foreign currency transactions | 147,404 | |
Futures contracts | (187,513) | |
Total net realized gain (loss) | | 72,200,944 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $112,720) | 100,505,113 | |
Assets and liabilities in foreign currencies | 37,691 | |
Total change in net unrealized appreciation (depreciation) | | 100,542,804 |
Net gain (loss) | | 172,743,748 |
Net increase (decrease) in net assets resulting from operations | | $ 178,017,940 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Worldwide
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,274,192 | $ 11,004,832 |
Net realized gain (loss) | 72,200,944 | 190,489,131 |
Change in net unrealized appreciation (depreciation) | 100,542,804 | 41,357,609 |
Net increase (decrease) in net assets resulting from operations | 178,017,940 | 242,851,572 |
Distributions to shareholders from net investment income | (10,242,312) | (6,174,286) |
Distributions to shareholders from net realized gain | (160,260,858) | (64,208,386) |
Total distributions | (170,503,170) | (70,382,672) |
Share transactions
Proceeds from sales of shares | 121,042,719 | 204,091,203 |
Reinvestment of distributions | 166,220,804 | 68,541,602 |
Cost of shares redeemed | (153,603,074) | (297,960,894) |
Net increase (decrease) in net assets resulting from share transactions | 133,660,449 | (25,328,089) |
Redemption fees | 18,006 | 34,454 |
Total increase (decrease) in net assets | 141,193,225 | 147,175,265 |
| | |
Net Assets | | |
Beginning of period | 1,328,219,180 | 1,181,043,915 |
End of period (including undistributed net investment income of $4,185,317 and undistributed net investment income of $10,732,638, respectively) | $ 1,469,412,405 | $ 1,328,219,180 |
Other Information Shares | | |
Sold | 5,799,853 | 9,990,392 |
Issued in reinvestment of distributions | 8,382,290 | 3,551,377 |
Redeemed | (7,346,469) | (14,660,695) |
Net increase (decrease) | 6,835,674 | (1,118,926) |
Financial Highlights
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 21.82 | $ 19.05 | $ 16.72 | $ 15.30 | $ 11.91 | $ 13.48 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .08 | .17 | .15 G | .05 H | .04 | .03 |
Net realized and unrealized gain (loss) | 2.63 | 3.74 | 2.30 | 1.44 | 3.37 | (1.60) |
Total from investment operations | 2.71 | 3.91 | 2.45 | 1.49 | 3.41 | (1.57) |
Distributions from net investment income | (.17) | (.10) | (.10) | (.07) | (.02) | - |
Distributions from net realized gain | (2.66) | (1.04) | (.02) | - | - | - |
Total distributions | (2.83) | (1.14) | (.12) | (.07) | (.02) | - |
Redemption fees added to paid in capital D | - J | -J | -J | -J | - J | - J |
Net asset value, end of period | $ 21.70 | $ 21.82 | $ 19.05 | $ 16.72 | $ 15.30 | $ 11.91 |
Total Return B, C | 13.64% | 21.31% | 14.71% | 9.77% | 28.68% | (11.65)% |
Ratios to Average Net Assets E, I | | | | | | |
Expenses before reductions | .98% A | 1.08% | 1.07% | 1.23% | 1.31% | 1.24% |
Expenses net of fee waivers, if any | .98% A | 1.08% | 1.07% | 1.23% | 1.31% | 1.24% |
Expenses net of all reductions | .93% A | 1.02% | 1.01% | 1.19% | 1.28% | 1.20% |
Net investment income (loss) | .76% A | .85% | .82% G | .29% H | .28% | .19% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,469,412 | $ 1,328,219 | $ 1,181,044 | $ 1,064,162 | $ 849,087 | $ 647,789 |
Portfolio turnover rate F | 117% A | 205% | 93% | 95% | 106% | 120% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a 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%. H 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%. I 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. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2007 (Unaudited, except as indicated)
1. Organization.
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. 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 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.
2. Investments in Fidelity Central Funds.
The Funds may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedule of Investments lists each of the Fidelity Central Funds as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fidelity Diversified International Fund's Report of Independent Registered Public Accounting Firm, are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
3. Significant Accounting Policies.
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, including the Fidelity Central 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 cannot 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.
Semiannual Report
Notes to Financial Statements (Unaudited, except as indicated) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) 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 invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, 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), market discount, partnerships, 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 Income
Tax Purposes | Unrealized
Appreciation | Unrealized
Depreciation | Net Unrealized
Appreciation/
(Depreciation) |
Global Balanced | $ 301,813,642 | $ 34,857,811 | $ (2,835,260) | $ 32,022,551 |
Diversified International | 42,303,188,406 | 15,607,687,644 | (346,633,641) | 15,261,054,003 |
Aggressive International | 565,455,671 | 62,782,166 | (8,442,665) | 54,339,501 |
Overseas | 7,652,646,574 | 1,727,206,520 | (62,685,631) | 1,664,520,889 |
Worldwide | 1,212,558,269 | 304,584,783 | (11,548,880) | 293,035,903 |
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.
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Funds' net assets, results of operations and financial statement disclosures.
Semiannual Report
3. Significant Accounting Policies - continued
New Accounting Pronouncements - continued
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Funds' financial statement disclosures.
4. Operating Policies.
Forward Foreign Currency Contracts. Diversified International Fund and Aggressive International Fund generally use foreign currency contracts to facilitate transactions in foreign-denominated securities and to manage the Funds' currency exposure. Contracts to sell generally are used to hedge the Funds' investments against currency fluctuations, while contracts to buy generally are used to offset a previous contract to sell. Also, a contract to buy can be used to acquire exposure to foreign currencies and a contract to sell can be used to offset a previous contract to buy. These contracts involve market risk in excess of the unrealized gain or loss reflected in the Funds' Statement of Assets and Liabilities. The U.S. dollar value of the currencies the Funds have committed to buy or sell is shown in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." This amount represents the aggregate exposure to each currency the Funds have acquired or hedged through currency contracts at period end. Losses may arise from changes in the value of foreign currency or if the counterparties do not perform under the contracts' terms.
The U.S. dollar value of forward foreign currency contracts is determined using forward currency exchange rates supplied by a quotation service. Purchases and sales of forward foreign currency contracts having the same settlement date and broker are offset and any realized gain (loss) recognized on the date of offset: otherwise, gain (loss) is recognized on settlement date. Contracts that have been offset with different counterparties are reflected as both a contract to buy and a contract to sell in the Schedule of Investments under the caption "Forward Foreign Currency Contracts."
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.
5. 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 | 251,029,896 | 197,173,184 |
Diversified International | 15,730,180,127 | 13,795,277,007 |
Aggressive International | 313,704,850 | 370,857,303 |
Overseas | 3,672,837,912 | 3,299,736,679 |
Worldwide | 805,171,948 | 814,505,917 |
Diversified International realized a loss on the sale of an investment not meeting the investment restrictions of the fund. The loss was fully reimbursed by the Fund's investment advisor.
Semiannual Report
Notes to Financial Statements (Unaudited, except as indicated) - continued
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and 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% | .26% | .71% |
Diversified International | .45% | .26% | .67% |
Aggressive International | .45% | .26% | .45% |
Overseas | .45% | .26% | .58% |
Worldwide | .45% | .26% | .67% |
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 | .24% | |
Diversified International | .21% | |
Aggressive International | .26% | |
Overseas | .23% | |
Worldwide | .23% | |
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.
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 | $ 1,102 |
Diversified International | 4,534 |
Aggressive International | 2 |
Overseas | 1,522 |
Worldwide | 4,210 |
7. 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:
Global Balanced | $ 343 |
Diversified International | 57,116 |
Aggressive International | 577 |
Overseas | 9,288 |
Worldwide | 1,681 |
During the period, there were no borrowings on this line of credit.
Semiannual Report
8. 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 Fidelity Central Funds.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of certain Funds provided services to these Funds in addition to trade execution. These services included payments of expenses on behalf of each applicable Fund. In addition, through arrangements with each applicable Fund's custodian 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
expense
reduction | Transfer
Agent
expense
reduction |
| | | |
Global Balanced | $ 22,731 | $ - | $ 8,067 |
Diversified International | 5,233,462 | 40,215 | 1,754,454 |
Aggressive International | 255,852 | 1,215 | 8,119 |
Overseas | 2,026,569 | 3,653 | 347,699 |
Worldwide | 256,491 | 2,307 | 39,473 |
10. 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 27% of the total outstanding shares of Overseas.
The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period end no final resolution has been reached.
In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to each of the Funds is not anticipated to have a material impact on such Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.
On April 19, 2007, the Board of Trustees approved an Agreement and Plan of Reorganization whereby the Fidelity Global Balanced Fund will reorganize into Fidelity Charles Street Trust, effective on or about June 29, 2007. The reorganization will not impact the Fidelity Global Balanced Fund's investment strategies or FMR's management of the Fidelity Global Balanced Fund. All legal and other expenses associated with the reorganization will be paid by FMR.
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, 2007, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months ended April 30, 2007 and for the year ended October 31, 2006, and the financial highlights for the six months ended April 30, 2007 and for each of the five years in the period ended October 31, 2006. 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, 2007, 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, 2007, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30,2007 and for the year ended October 31, 2006, and the financial highlights for the six months ended April 30, 2007 and for each of the five years in the period ended October 31, 2006, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 15, 2007
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Global Balanced Fund
On April 19, 2007, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract and subadvisory agreements (together, the Advisory Contracts) for the fund in connection with reorganizing the fund from one Trust to another. The Board reached this determination because the contractual terms of and fees payable under the fund's Advisory Contracts are identical to those in the fund's current Advisory Contracts. The Advisory Contracts involve no changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the nature or level of services provided under the fund's Advisory Contracts; or (iii) the day-to-day management of the fund or the persons primarily responsible for such management. The Board considered that it approved the Advisory Contracts for the fund during the past year and that it will again consider renewal of the Advisory Contracts in July 2007.
Because the Board was approving Advisory Contracts with terms identical to the current Advisory Contracts, 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 Advisory Contracts, 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.
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 Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be approved, without modification, as part of the process of reorganizing the fund from one Trust to another.
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 International Investment Advisors
(U.K.) Limited
Fidelity Investments Japan Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agent
Fidelity Service Company, Inc.
Boston, MA
Custodians
Brown Brothers Harriman & Co.
Boston, MA
Global Balanced Fund
JPMorgan Chase Bank
New York, NY
Aggressive International Fund, Diversified International Fund,
Overseas Fund, Worldwide Fund
Corporate Headquarters
82 Devonshire Street
Boston, MA 02109
1-800-544-8888
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
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and Account Assistance 1-800-544-6666
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(8 a.m. - 9 p.m.)
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Fidelity's
Targeted International Equity
Funds®
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
Fidelity Southeast Asia Fund
Semiannual Report
April 30, 2007
(2_fidelity_logos) (Registered_Trademark)
Contents
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
Chairman's Message
(Photograph of Edward C. Johnson 3d.)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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
Note to Shareholders:
Europe and Nordic
The proposal to merge Fidelity Nordic Fund into Fidelity Europe Fund was not approved by shareholders at the shareholder meeting on June 20, 2007. The in-favor votes failed to exceed the 66.67% threshold required to approve the merger. Nordic Fund, which had been closed to new investors pending shareholder consideration of the merger proposal, was reopened on June 21, 2007.
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, 2006 to April 30, 2007).
Actual Expenses
The first line of the accompanying table 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. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each 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. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning
Account Value
November 1, 2006 | Ending
Account Value
April 30, 2007 | Expenses Paid
During Period*
November 1, 2006
to April 30, 2007 |
Canada | | | |
Actual | $ 1,000.00 | $ 1,107.30 | $ 5.02 |
HypotheticalA | $ 1,000.00 | $ 1,020.03 | $ 4.81 |
China Region | | | |
Actual | $ 1,000.00 | $ 1,104.70 | $ 5.74 |
HypotheticalA | $ 1,000.00 | $ 1,019.34 | $ 5.51 |
Emerging Markets | | | |
Actual | $ 1,000.00 | $ 1,215.30 | $ 5.88 |
HypotheticalA | $ 1,000.00 | $ 1,019.49 | $ 5.36 |
Europe | | | |
Actual | $ 1,000.00 | $ 1,160.80 | $ 5.79 |
HypotheticalA | $ 1,000.00 | $ 1,019.44 | $ 5.41 |
Europe Capital Appreciation | | | |
Actual | $ 1,000.00 | $ 1,192.40 | $ 5.54 |
HypotheticalA | $ 1,000.00 | $ 1,019.74 | $ 5.11 |
Japan | | | |
Actual | $ 1,000.00 | $ 1,040.90 | $ 5.26 |
HypotheticalA | $ 1,000.00 | $ 1,019.64 | $ 5.21 |
Japan Smaller Companies | | | |
Actual | $ 1,000.00 | $ 929.80 | $ 4.93 |
HypotheticalA | $ 1,000.00 | $ 1,019.69 | $ 5.16 |
Latin America | | | |
Actual | $ 1,000.00 | $ 1,219.50 | $ 5.61 |
HypotheticalA | $ 1,000.00 | $ 1,019.74 | $ 5.11 |
Nordic | | | |
Actual | $ 1,000.00 | $ 1,276.80 | $ 6.10 |
HypotheticalA | $ 1,000.00 | $ 1,019.44 | $ 5.41 |
| Beginning
Account Value
November 1, 2006 | Ending
Account Value
April 30, 2007 | Expenses Paid
During Period*
November 1, 2006
to April 30, 2007 |
Pacific Basin | | | |
Actual | $ 1,000.00 | $ 1,183.10 | $ 6.50 |
HypotheticalA | $ 1,000.00 | $ 1,018.84 | $ 6.01 |
Southeast Asia | | | |
Actual | $ 1,000.00 | $ 1,247.00 | $ 6.46 |
HypotheticalA | $ 1,000.00 | $ 1,019.04 | $ 5.81 |
A 5% 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
Expense Ratio |
Canada | .96% |
China Region | 1.10% |
Emerging Markets | 1.07% |
Europe | 1.08% |
Europe Capital Appreciation | 1.02% |
Japan | 1.04% |
Japan Smaller Companies | 1.03% |
Latin America | 1.02% |
Nordic | 1.08% |
Pacific Basin | 1.20% |
Southeast Asia | 1.16% |
Semiannual Report
Canada
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
 | Canada | 96.5% | |
 | United States of America | 3.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Canada | 96.5% | |
 | United States of America | 3.3% | |
| Switzerland | 0.2% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.7 | 96.9 |
Short-Term Investments and Net Other Assets | 2.3 | 3.1 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Manulife Financial Corp. (Insurance) | 5.0 | 4.5 |
Royal Bank of Canada (Commercial Banks) | 4.7 | 4.4 |
Toronto-Dominion Bank (Commercial Banks) | 4.5 | 4.6 |
Bank of Montreal (Commercial Banks) | 3.8 | 3.5 |
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 3.6 | 3.0 |
EnCana Corp. (Oil, Gas & Consumable Fuels) | 3.2 | 2.7 |
Rogers Communications, Inc. Class B (non-vtg.) (Wireless Telecommunication Services) | 3.1 | 2.8 |
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 3.1 | 2.7 |
TELUS Corp. (non-vtg.) (Diversified Telecommunication Services) | 3.1 | 3.6 |
Canadian Imperial Bank of Commerce (Commercial Banks) | 2.8 | 2.6 |
| 36.9 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 29.7 | 28.7 |
Energy | 26.8 | 26.7 |
Materials | 9.5 | 8.7 |
Industrials | 8.0 | 7.6 |
Consumer Discretionary | 7.6 | 7.6 |
Telecommunication Services | 6.6 | 6.4 |
Information Technology | 5.9 | 7.3 |
Consumer Staples | 3.6 | 3.7 |
Health Care | 0.0 | 0.2 |
Semiannual Report
Canada
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 7.6% |
Hotels, Restaurants & Leisure - 1.0% |
Great Canadian Gaming Corp. (a) | 750,000 | | $ 8,933,237 |
Tim Hortons, Inc. | 750,000 | | 23,647,500 |
| | 32,580,737 |
Media - 3.4% |
Aeroplan Income Fund (e) | 745,216 | | 13,092,812 |
Aeroplan Income Fund (f) | 31,800 | | 558,699 |
Astral Media, Inc. Class A (non-vtg.) | 200,000 | | 7,802,505 |
Corus Entertainment, Inc. Class B (non-vtg.) | 550,000 | | 23,052,527 |
Quebecor, Inc. Class B (sub. vtg.) | 900,000 | | 32,427,246 |
Yellow Pages Income Fund (e) | 2,600,000 | | 32,936,301 |
| | 109,870,090 |
Multiline Retail - 0.6% |
Canadian Tire Corp. Ltd. Class A (non-vtg.) | 260,000 | | 17,730,787 |
Specialty Retail - 0.2% |
RONA, Inc. (a) | 350,000 | | 7,599,784 |
Textiles, Apparel & Luxury Goods - 2.4% |
Gildan Activewear, Inc. Class A (a) | 1,200,000 | | 76,114,965 |
TOTAL CONSUMER DISCRETIONARY | | 243,896,363 |
CONSUMER STAPLES - 3.6% |
Food & Staples Retailing - 3.3% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 1,550,000 | | 33,097,576 |
Metro, Inc. Class A (sub. vtg.) | 775,000 | | 27,057,618 |
Shoppers Drug Mart Corp. | 975,000 | | 44,441,166 |
| | 104,596,360 |
Food Products - 0.3% |
Saskatchewan Wheat Pool, Inc. rights 5/31/07 (a)(f) | 1,273,500 | | 9,248,049 |
TOTAL CONSUMER STAPLES | | 113,844,409 |
ENERGY - 26.8% |
Energy Equipment & Services - 1.0% |
CCS Income Trust (e) | 540,000 | | 17,685,377 |
CCS Income Trust (f) | 135,000 | | 4,476,830 |
CHC Helicopter Corp. Class A (sub. vtg.) | 305,000 | | 6,361,609 |
Savanna Energy Services Corp. (a) | 140,000 | | 2,743,490 |
| | 31,267,306 |
Oil, Gas & Consumable Fuels - 25.8% |
AltaGas Income Trust | 600,000 | | 14,433,733 |
Cameco Corp. | 1,700,000 | | 79,187,314 |
Canadian Natural Resources Ltd. | 1,660,000 | | 98,920,984 |
Canadian Oil Sands Trust unit | 800,000 | | 21,738,895 |
Duvernay Oil Corp. (a) | 325,000 | | 11,566,357 |
EnCana Corp. | 1,930,300 | | 101,045,527 |
Galleon Energy, Inc. (a)(f) | 100,000 | | 1,459,591 |
Galleon Energy, Inc. Class A (a) | 700,000 | | 10,217,137 |
|
| Shares | | Value |
Highpine Oil & Gas Ltd. (a) | 375,000 | | $ 4,459,861 |
Husky Energy, Inc. | 700,000 | | 53,387,693 |
Keyera Facilities Income Fund (e) | 1,000,000 | | 17,163,708 |
Nexen, Inc. | 700,000 | | 41,656,906 |
Niko Resources Ltd. | 250,000 | | 19,934,228 |
Niko Resources Ltd. (f) | 20,000 | | 1,594,738 |
Petro-Canada | 550,000 | | 24,454,906 |
Suncor Energy, Inc. | 1,425,000 | | 114,331,246 |
Talisman Energy, Inc. | 3,700,000 | | 70,206,325 |
TransCanada Corp. | 2,150,000 | | 76,651,500 |
Valero Energy Corp. | 250,000 | | 17,557,500 |
Western Oil Sands, Inc. Class A (a) | 1,450,000 | | 47,109,649 |
| | 827,077,798 |
TOTAL ENERGY | | 858,345,104 |
FINANCIALS - 29.7% |
Capital Markets - 0.9% |
Addenda Capital, Inc. | 247,000 | | 5,189,693 |
CI Financial Income Fund (e) | 950,000 | | 24,394,090 |
| | 29,583,783 |
Commercial Banks - 16.8% |
Bank of Montreal | 1,925,000 | | 120,470,763 |
Canadian Imperial Bank of Commerce | 1,000,000 | | 88,025,948 |
National Bank of Canada | 600,000 | | 33,494,910 |
Royal Bank of Canada | 2,917,500 | | 151,986,530 |
Toronto-Dominion Bank | 2,375,000 | | 145,080,638 |
| | 539,058,789 |
Diversified Financial Services - 0.6% |
TSX Group, Inc. | 415,000 | | 17,648,437 |
Insurance - 9.0% |
ING Canada, Inc. | 850,000 | | 37,334,445 |
Manulife Financial Corp. | 4,470,000 | | 161,538,604 |
Power Corp. of Canada (sub. vtg.) | 1,200,000 | | 40,814,488 |
Sun Life Financial, Inc. | 1,000,000 | | 47,391,657 |
| | 287,079,194 |
Real Estate Management & Development - 2.4% |
Brookfield Asset Management, Inc. Class A | 975,000 | | 56,713,217 |
Brookfield Properties Corp. | 500,000 | | 20,535,003 |
| | 77,248,220 |
TOTAL FINANCIALS | | 950,618,423 |
INDUSTRIALS - 8.0% |
Aerospace & Defense - 2.1% |
Bombardier, Inc. Class B (sub. vtg.) | 7,307,100 | | 30,086,897 |
CAE, Inc. | 3,200,000 | | 37,163,708 |
| | 67,250,605 |
Airlines - 0.1% |
WestJet Airlines Ltd. (a) | 193,200 | | 2,894,780 |
Common Stocks - continued |
| Shares | | Value |
INDUSTRIALS - continued |
Commercial Services & Supplies - 0.3% |
Garda World Security Corp. (a) | 440,000 | | $ 8,923,687 |
Construction & Engineering - 1.3% |
SNC-Lavalin Group, Inc. | 1,538,700 | | 44,085,647 |
Road & Rail - 3.1% |
Canadian National Railway Co. | 1,750,000 | | 87,681,323 |
TransForce Income Fund (e) | 861,237 | | 10,840,149 |
| | 98,521,472 |
Trading Companies & Distributors - 1.1% |
Finning International, Inc. | 700,000 | | 34,687,810 |
TOTAL INDUSTRIALS | | 256,364,001 |
INFORMATION TECHNOLOGY - 5.9% |
Communications Equipment - 2.6% |
Research In Motion Ltd. (a) | 645,000 | | 84,869,105 |
Electronic Equipment & Instruments - 0.2% |
Miranda Technologies, Inc. (a) | 513,700 | | 4,855,134 |
Miranda Technologies, Inc. (a)(f) | 186,300 | | 1,760,778 |
| | 6,615,912 |
Internet Software & Services - 1.4% |
Google, Inc. Class A (sub. vtg.) (a) | 95,000 | | 44,781,100 |
IT Services - 0.6% |
CGI Group, Inc. Class A (sub. vtg.) (a) | 1,300,000 | | 11,595,639 |
Emergis, Inc. (a) | 1,100,000 | | 6,333,003 |
| | 17,928,642 |
Semiconductors & Semiconductor Equipment - 0.4% |
Broadcom Corp. Class A (a) | 325,000 | | 10,578,750 |
Tundra Semiconductor Corp. Ltd. (a) | 200,000 | | 1,731,688 |
Tundra Semiconductor Corp. Ltd. (a)(f) | 4,300 | | 37,231 |
| | 12,347,669 |
Software - 0.7% |
Cognos, Inc. (a) | 200,000 | | 8,622,000 |
MacDonald Dettwiler & Associates Ltd. (a) | 300,000 | | 13,384,990 |
| | 22,006,990 |
TOTAL INFORMATION TECHNOLOGY | | 188,549,418 |
MATERIALS - 9.5% |
Chemicals - 2.5% |
Potash Corp. of Saskatchewan, Inc. | 440,000 | | 78,988,801 |
Metals & Mining - 7.0% |
Aber Diamond Corp. | 400,000 | | 14,455,356 |
Alcan, Inc. | 1,300,000 | | 76,542,932 |
Eldorado Gold Corp. (a) | 1,300,000 | | 7,531,309 |
Goldcorp, Inc. | 700,000 | | 16,990,720 |
IPSCO, Inc. | 315,000 | | 46,572,751 |
Meridian Gold, Inc. (a) | 625,000 | | 15,781,253 |
Shore Gold, Inc. (a) | 2,000,000 | | 9,928,822 |
Teck Cominco Ltd. Class B (sub. vtg.) | 375,000 | | 28,411,343 |
|
| Shares | | Value |
US Gold Corp. (a) | 1,111,300 | | $ 6,556,670 |
US Gold Corp. warrants 2/22/11 (a)(g) | 200,000 | | 495,542 |
| | 223,266,698 |
TOTAL MATERIALS | | 302,255,499 |
TELECOMMUNICATION SERVICES - 6.6% |
Diversified Telecommunication Services - 3.5% |
BCE, Inc. | 384,900 | | 12,966,403 |
TELUS Corp. (non-vtg.) | 1,850,000 | | 98,842,238 |
| | 111,808,641 |
Wireless Telecommunication Services - 3.1% |
Rogers Communications, Inc. Class B (non-vtg.) | 2,600,000 | | 99,675,646 |
TOTAL TELECOMMUNICATION SERVICES | | 211,484,287 |
TOTAL COMMON STOCKS (Cost $2,166,568,244) | 3,125,357,504 |
Government Obligations - 1.9% |
| Principal Amount (d) | | |
Canadian Government Treasury Bills 4.1587% to 4.1809% 5/3/07 to 7/26/07
(Cost $57,820,148) | CAD | $ 67,900,000 | | 60,999,758 |
Money Market Funds - 5.1% |
| Shares | | |
Fidelity Cash Central Fund, 5.29% (b) | 13,450,431 | | 13,450,431 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 150,016,250 | | 150,016,250 |
TOTAL MONEY MARKET FUNDS (Cost $163,466,681) | 163,466,681 |
TOTAL INVESTMENT PORTFOLIO - 104.7% (Cost $2,387,855,073) | | 3,349,823,943 |
NET OTHER ASSETS - (4.7)% | | (149,575,227) |
NET ASSETS - 100% | $ 3,200,248,716 |
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) 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) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $19,135,916 or 0.6% of net assets. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $495,542 or 0.0% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
US Gold Corp. warrants 2/22/11 | 2/8/06 | $ 98,359 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 441,411 |
Fidelity Securities Lending Cash Central Fund | 2,119,284 |
Total | $ 2,560,695 |
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 |
WestJet Airlines Ltd. | $ 3,582,328 | $ 281,310 | $ 2,320,094 | $ - | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Canada
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $143,393,657) - See accompanying schedule: Unaffiliated issuers (cost $2,224,388,392) | $ 3,186,357,262 | |
Fidelity Central Funds (cost $163,466,681) | 163,466,681 | |
Total Investments (cost $2,387,855,073) | | $ 3,349,823,943 |
Cash | | 32,031 |
Foreign currency held at value (cost $2,242,459) | | 2,247,669 |
Receivable for investments sold
Regular delivery | | 11,568,869 |
Delayed delivery | | 278,178 |
Receivable for fund shares sold | | 9,560,018 |
Dividends receivable | | 2,378,570 |
Distributions receivable from Fidelity Central Funds | | 58,946 |
Prepaid expenses | | 9,147 |
Other receivables | | 397,786 |
Total assets | | 3,376,355,157 |
| | |
Liabilities | | |
Payable for investments purchased | $ 17,283,629 | |
Payable for fund shares redeemed | 6,357,076 | |
Accrued management fee | 1,709,770 | |
Other affiliated payables | 656,633 | |
Other payables and accrued expenses | 83,083 | |
Collateral on securities loaned,
at value | 150,016,250 | |
Total liabilities | | 176,106,441 |
| | |
Net Assets | | $ 3,200,248,716 |
Net Assets consist of: | | |
Paid in capital | | $ 2,195,927,746 |
Undistributed net investment income | | 9,046,540 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 33,284,408 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 961,990,022 |
Net Assets, for 60,071,854 shares outstanding | | $ 3,200,248,716 |
Net Asset Value, offering price and redemption price per share ($3,200,248,716 ÷ 60,071,854 shares) | | $ 53.27 |
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 30,629,714 |
Interest | | 1,208,029 |
Income from Fidelity Central Funds (including $2,119,284 from security lending) | | 2,560,695 |
| | 34,398,438 |
Less foreign taxes withheld | | (4,046,969) |
Total income | | 30,351,469 |
| | |
Expenses | | |
Management fee
Basic fee | $ 10,886,938 | |
Performance adjustment | (529,473) | |
Transfer agent fees | 3,357,276 | |
Accounting and security lending fees | 660,635 | |
Custodian fees and expenses | 192,836 | |
Independent trustees' compensation | 4,642 | |
Registration fees | 44,389 | |
Audit | 40,114 | |
Legal | 22,396 | |
Interest | 22,649 | |
Miscellaneous | 9,846 | |
Total expenses before reductions | 14,712,248 | |
Expense reductions | (260,836) | 14,451,412 |
Net investment income (loss) | | 15,900,057 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 45,803,653 | |
Other affiliated issuers | 295,894 | |
Foreign currency transactions | (292,538) | |
Total net realized gain (loss) | | 45,807,009 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 243,421,400 | |
Assets and liabilities in foreign currencies | (10,824) | |
Total change in net unrealized appreciation (depreciation) | | 243,410,576 |
Net gain (loss) | | 289,217,585 |
Net increase (decrease) in net assets resulting from operations | | $ 305,117,642 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Canada
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 15,900,057 | $ 19,732,045 |
Net realized gain (loss) | 45,807,009 | 70,228,167 |
Change in net unrealized appreciation (depreciation) | 243,410,576 | 455,286,136 |
Net increase (decrease) in net assets resulting from operations | 305,117,642 | 545,246,348 |
Distributions to shareholders from net investment income | (22,989,617) | (7,430,512) |
Distributions to shareholders from net realized gain | (65,775,828) | (464,413) |
Total distributions | (88,765,445) | (7,894,925) |
Share transactions
Proceeds from sales of shares | 457,955,424 | 1,811,356,216 |
Reinvestment of distributions | 85,654,202 | 7,617,749 |
Cost of shares redeemed | (696,989,315) | (943,205,518) |
Net increase (decrease) in net assets resulting from share transactions | (153,379,689) | 875,768,447 |
Redemption fees | 348,955 | 1,291,008 |
Total increase (decrease) in net assets | 63,321,463 | 1,414,410,878 |
| | |
Net Assets | | |
Beginning of period | 3,136,927,253 | 1,722,516,375 |
End of period (including undistributed net investment income of $9,046,540 and undistributed net investment income of $17,032,665, respectively) | $ 3,200,248,716 | $ 3,136,927,253 |
Other Information Shares | | |
Sold | 9,202,918 | 39,925,341 |
Issued in reinvestment of distributions | 1,757,370 | 181,418 |
Redeemed | (14,281,632) | (20,723,860) |
Net increase (decrease) | (3,321,344) | 19,382,899 |
Financial Highlights
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 49.48 | $ 39.14 | $ 31.87 | $ 25.13 | $ 17.52 | $ 17.23 |
Income from Investment Operations | | | | | | |
Net investment income (loss) F | .26 | .34 | .20 | .10 | .05 | .02 |
Net realized and unrealized gain (loss) | 4.91 | 10.15 | 7.12 | 6.74 | 7.58 | .28 |
Total from investment operations | 5.17 | 10.49 | 7.32 | 6.84 | 7.63 | .30 |
Distributions from net investment income | (.36) | (.16) | (.08) | (.13) | (.04) | (.03) |
Distributions from net realized gain | (1.03) | (.01) | - | - | - | - |
Total distributions | (1.39) | (.17) | (.08) | (.13) | (.04) | (.03) |
Redemption fees added to paid in capital F | .01 | .02 | .03 | .03 | .02 | .02 |
Net asset value, end of period | $ 53.27 | $ 49.48 | $ 39.14 | $ 31.87 | $ 25.13 | $ 17.52 |
Total Return B, C, D, E | 10.73% | 26.93% | 23.11% | 27.45% | 43.75% | 1.85% |
Ratios to Average Net Assets G, I | | | | | | |
Expenses before reductions | .96% A | 1.00% | 1.08% | 1.20% | 1.42% | 1.52% |
Expenses net of fee waivers, if any | .96% A | 1.00% | 1.08% | 1.20% | 1.42% | 1.52% |
Expenses net of all reductions | .95% A | .97% | 1.04% | 1.15% | 1.37% | 1.46% |
Net investment income (loss) | 1.04% A | .74% | .55% | .34% | .26% | .12% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 3,200,249 | $ 3,136,927 | $ 1,722,516 | $ 413,319 | $ 167,205 | $ 77,251 |
Portfolio turnover rate H | 24% A | 50% | 24% | 47% | 52% | 98% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. H Amount does not include the portfolio activity of any underlying Fidelity Central Funds. I 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
China Region
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Hong Kong | 47.4% | |
 | Taiwan | 31.2% | |
 | China | 8.2% | |
 | United Kingdom | 6.6% | |
| Cayman Islands | 2.9% | |
 | United States of America | 1.6% | |
 | Singapore | 1.0% | |
 | Australia | 0.6% | |
| Bermuda | 0.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Hong Kong | 37.0% | |
| Taiwan | 27.6% | |
| United States of America | 12.0% | |
| United Kingdom | 11.7% | |
| China | 6.7% | |
| Cayman Islands | 3.6% | |
| Singapore | 0.8% | |
| Australia | 0.4% | |
| Korea (South) | 0.2% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.4 | 88.0 |
Short-Term Investments and Net Other Assets | 1.6 | 12.0 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 6.4 | 5.1 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Electronic Equipment & Instruments) | 5.2 | 4.6 |
China Mobile (Hong Kong) Ltd. (Wireless Telecommunication Services) | 4.5 | 3.1 |
Li & Fung Ltd. (Distributors) | 4.4 | 3.1 |
Cheung Kong Holdings Ltd. (Real Estate Management & Development) | 3.9 | 3.5 |
Hutchison Whampoa Ltd. (Industrial Conglomerates) | 3.7 | 3.3 |
HSBC Holdings PLC (Hong Kong) (Reg.) (Commercial Banks) | 3.4 | 9.3 |
Bank of East Asia Ltd. (Commercial Banks) | 3.0 | 2.4 |
Sun Hung Kai Properties Ltd. (Real Estate Management & Development) | 2.6 | 1.1 |
China Mengniu Dairy Co. Ltd. (Food Products) | 2.6 | 1.1 |
| 39.7 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 34.3 | 31.8 |
Information Technology | 23.3 | 25.3 |
Consumer Discretionary | 12.1 | 7.7 |
Telecommunication Services | 6.5 | 4.2 |
Consumer Staples | 5.9 | 3.7 |
Materials | 4.8 | 2.4 |
Industrials | 4.6 | 3.9 |
Energy | 3.6 | 4.8 |
Utilities | 3.3 | 4.2 |
Health Care | 0.0 | 0.0 |
Semiannual Report
China Region
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.4% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 12.1% |
Auto Components - 0.4% |
Hota Industrial Manufacturing Co. Ltd. | 2,332,000 | | $ 3,289,880 |
Distributors - 5.2% |
China Resources Enterprise Ltd. | 2,146,000 | | 7,324,747 |
Li & Fung Ltd. | 13,092,600 | | 41,173,014 |
| | 48,497,761 |
Hotels, Restaurants & Leisure - 3.5% |
Cafe de Coral Holdings Ltd. | 4,574,000 | | 8,361,493 |
eLong, Inc. sponsored ADR (a) | 198,100 | | 1,927,513 |
Hong Kong & Shanghai Hotels Ltd. | 4,828,709 | | 7,395,023 |
Mandarin Oriental International Ltd. | 2,521,000 | | 5,596,620 |
Shangri-La Asia Ltd. | 4,106,000 | | 10,077,941 |
| | 33,358,590 |
Household Durables - 0.3% |
Basso Industry Corp. Ltd. | 1,813,160 | | 2,612,348 |
Leisure Equipment & Products - 0.7% |
Li Ning Co. Ltd. | 3,334,000 | | 6,563,538 |
Media - 1.5% |
Hong Kong Economic Time Holdings Ltd. | 4,572,000 | | 1,566,364 |
Television Broadcasts Ltd. | 1,921,000 | | 12,732,913 |
| | 14,299,277 |
Multiline Retail - 0.1% |
Intime Department Store Group Co. Ltd. | 1,233,000 | | 1,084,434 |
Textiles, Apparel & Luxury Goods - 0.4% |
Embry Holdings Ltd. | 3,064,000 | | 2,925,910 |
Qualipak International Holdings Ltd. | 1,849,000 | | 1,257,477 |
| | 4,183,387 |
TOTAL CONSUMER DISCRETIONARY | | 113,889,215 |
CONSUMER STAPLES - 5.9% |
Beverages - 0.6% |
Dynasty Fine Wines Group Ltd. | 1,556,000 | | 638,508 |
Yantai Changyu Pioneer Wine Co. (B Shares) | 981,963 | | 4,732,473 |
| | 5,370,981 |
Food & Staples Retailing - 2.4% |
Convenience Retail Asia Ltd. | 48,200 | | 19,964 |
Dairy Farm International Holdings Ltd. | 5,581,800 | | 22,550,472 |
Lianhua Supermarket Holdings Co. (H Shares) | 490,000 | | 630,153 |
| | 23,200,589 |
Food Products - 2.9% |
China Agri-Industries Holding Ltd. | 76,000 | | 62,082 |
China Huiyuan Juice Group Ltd. | 2,018,000 | | 2,412,040 |
China Mengniu Dairy Co. Ltd. | 8,040,000 | | 24,615,758 |
| | 27,089,880 |
TOTAL CONSUMER STAPLES | | 55,661,450 |
|
| Shares | | Value |
ENERGY - 3.6% |
Energy Equipment & Services - 0.3% |
China Oilfield Services Ltd. (H Shares) | 3,192,000 | | $ 2,725,781 |
Oil, Gas & Consumable Fuels - 3.3% |
China Shenhua Energy Co. Ltd. (H Shares) | 3,700,000 | | 9,242,255 |
CNOOC Ltd. | 10,089,500 | | 8,633,585 |
PetroChina Co. Ltd. (H Shares) | 11,702,000 | | 13,122,623 |
| | 30,998,463 |
TOTAL ENERGY | | 33,724,244 |
FINANCIALS - 34.3% |
Commercial Banks - 19.3% |
Bank of East Asia Ltd. | 4,607,707 | | 28,508,992 |
BOC Hong Kong Holdings Ltd. | 7,472,500 | | 18,474,557 |
Chang Hwa Commercial Bank (a) | 6,177,000 | | 3,634,020 |
China Merchants Bank Co. Ltd. (H Shares) | 4,687,000 | | 11,539,922 |
Dah Sing Banking Group Ltd. | 1,602,800 | | 3,622,540 |
DBS Group Holdings Ltd. | 701,000 | | 9,828,397 |
First Financial Holding Co. Ltd. | 2,202,000 | | 1,520,193 |
Hang Seng Bank Ltd. | 1,682,500 | | 23,723,690 |
HSBC Holdings PLC (Hong Kong) (Reg.) | 1,729,221 | | 31,942,170 |
Standard Chartered PLC: | | | |
(Hong Kong) | 395,370 | | 12,251,464 |
(United Kingdom) | 558,721 | | 17,393,787 |
Wing Hang Bank Ltd. | 893,000 | | 10,730,772 |
Wing Lung Bank Ltd. | 777,000 | | 8,567,059 |
| | 181,737,563 |
Diversified Financial Services - 1.7% |
First Pacific Co. Ltd. | 14,276,000 | | 9,307,400 |
Jardine Matheson Holdings Ltd. | 275,600 | | 6,449,040 |
| | 15,756,440 |
Insurance - 2.8% |
AXA Asia Pacific Holdings Ltd. | 843,950 | | 5,179,343 |
Cathay Financial Holding Co. Ltd. | 6,616,943 | | 13,466,067 |
Shin Kong Financial Holding Co. Ltd. | 8,152,980 | | 7,586,330 |
| | 26,231,740 |
Real Estate Investment Trusts - 0.3% |
Champion (REIT) | 5,029,000 | | 2,892,982 |
Real Estate Management & Development - 10.2% |
Cheung Kong Holdings Ltd. | 2,855,000 | | 37,226,991 |
Hong Kong Land Holdings Ltd. | 1,970,000 | | 9,219,600 |
Hysan Development Co. Ltd. | 575,000 | | 1,532,588 |
Sun Hung Kai Properties Ltd. | 2,098,021 | | 24,647,734 |
Swire Pacific Ltd. (A Shares) | 2,099,000 | | 24,082,332 |
| | 96,709,245 |
TOTAL FINANCIALS | | 323,327,970 |
Common Stocks - continued |
| Shares | | Value |
INDUSTRIALS - 4.6% |
Electrical Equipment - 0.0% |
Suntech Power Holdings Co. Ltd. sponsored ADR (a) | 4,200 | | $ 152,376 |
Industrial Conglomerates - 3.7% |
Hutchison Whampoa Ltd. | 3,603,500 | | 34,894,647 |
Machinery - 0.5% |
China Infrastructure Machinery Holdings Ltd. | 762,000 | | 1,455,316 |
King Slide Works Co. Ltd. | 690,400 | | 3,087,740 |
| | 4,543,056 |
Road & Rail - 0.4% |
MTR Corp. Ltd. | 1,659,500 | | 4,090,119 |
Transportation Infrastructure - 0.0% |
Yangzijiang Shipbuilding Holdings Ltd. | 259,000 | | 225,039 |
TOTAL INDUSTRIALS | | 43,905,237 |
INFORMATION TECHNOLOGY - 23.3% |
Communications Equipment - 1.8% |
D-Link Corp. | 3,165,000 | | 5,871,051 |
Foxconn International Holdings Ltd. (a) | 3,169,000 | | 9,601,127 |
ZTE Corp. (H Shares) | 319,000 | | 1,494,570 |
| | 16,966,748 |
Computers & Peripherals - 2.0% |
Catcher Technology Co. Ltd. | 1,285,789 | | 9,880,146 |
DVN Holdings Ltd. (a) | 14,029,000 | | 3,909,623 |
Foxconn Technology Co. Ltd. | 201,000 | | 1,903,483 |
Wistron Corp. | 2,314,655 | | 3,459,946 |
| | 19,153,198 |
Electronic Equipment & Instruments - 7.9% |
AU Optronics Corp. | 8,309,994 | | 13,145,133 |
Chroma ATE, Inc. | 3,755,714 | | 5,659,133 |
Everfocus Electronics Co. Ltd. | 797,280 | | 1,061,349 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 7,325,953 | | 48,707,017 |
Ju Teng International Holdings Ltd. (a) | 402,000 | | 95,071 |
Kingboard Chemical Holdings Ltd. | 1,137,800 | | 5,338,062 |
Yageo Corp. (a) | 1,157,000 | | 458,417 |
| | 74,464,182 |
Semiconductors & Semiconductor Equipment - 11.6% |
Advanced Semiconductor Engineering, Inc. (a) | 9,794,690 | | 11,381,430 |
King Yuan Electronics Co. Ltd. | 2,849,780 | | 2,176,972 |
MediaTek, Inc. | 1,231,200 | | 15,447,513 |
MJC Probe, Inc. | 550,700 | | 1,735,634 |
|
| Shares | | Value |
Siliconware Precision Industries Co. Ltd. | 9,416,756 | | $ 18,089,850 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 29,376,513 | | 60,577,405 |
| | 109,408,804 |
TOTAL INFORMATION TECHNOLOGY | | 219,992,932 |
MATERIALS - 4.8% |
Chemicals - 3.3% |
Formosa Chemicals & Fibre Corp. | 3,807,365 | | 7,085,490 |
Nan Ya Plastics Corp. | 6,728,690 | | 12,279,700 |
Taiwan Fertilizer Co. Ltd. | 6,448,000 | | 11,825,511 |
| | 31,190,701 |
Construction Materials - 0.2% |
Asia Cement Corp. | 1,305,000 | | 1,363,149 |
Containers & Packaging - 0.2% |
AMVIG Holdings Ltd. | 2,106,000 | | 1,857,630 |
Metals & Mining - 0.5% |
Gloria Material Technology Corp. | 3,426,000 | | 5,131,467 |
Paper & Forest Products - 0.6% |
Chung Hwa Pulp Corp. | 9,020,000 | | 4,372,529 |
Nine Dragons Paper (Holdings) Ltd. | 569,000 | | 1,159,451 |
| | 5,531,980 |
TOTAL MATERIALS | | 45,074,927 |
TELECOMMUNICATION SERVICES - 6.5% |
Wireless Telecommunication Services - 6.5% |
China Mobile (Hong Kong) Ltd. | 4,747,000 | | 42,732,494 |
Far EasTone Telecommunications Co. Ltd. | 10,473,685 | | 11,820,641 |
SmarTone Telecommunications Holdings Ltd. | 1,997,500 | | 2,300,717 |
Taiwan Cellular Co. Ltd. | 4,041,000 | | 4,196,803 |
| | 61,050,655 |
UTILITIES - 3.3% |
Electric Utilities - 0.7% |
Cheung Kong Infrastructure Holdings Ltd. | 1,802,000 | | 6,473,107 |
Gas Utilities - 1.8% |
Hong Kong & China Gas Co. Ltd. | 7,139,400 | | 17,030,406 |
Independent Power Producers & Energy Traders - 0.8% |
China Power International Development Ltd. | 8,388,000 | | 4,385,644 |
China Resources Power Holdings Co. Ltd. | 1,792,000 | | 3,197,975 |
| | 7,583,619 |
TOTAL UTILITIES | | 31,087,132 |
TOTAL COMMON STOCKS (Cost $714,556,371) | 927,713,762 |
Money Market Funds - 1.8% |
| Shares | | Value |
Fidelity Cash Central Fund, 5.29% (b)
(Cost $16,632,842) | 16,632,842 | | $ 16,632,842 |
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $731,189,213) | | 944,346,604 |
NET OTHER ASSETS - (0.2)% | | (1,506,960) |
NET ASSETS - 100% | $ 942,839,644 |
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 investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 2,741,134 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
China Region
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $714,556,371) | $ 927,713,762 | |
Fidelity Central Funds (cost $16,632,842) | 16,632,842 | |
Total Investments (cost $731,189,213) | | $ 944,346,604 |
Foreign currency held at value (cost $1,271,497) | | 1,270,670 |
Receivable for investments sold | | 3,231,810 |
Receivable for fund shares sold | | 1,276,469 |
Dividends receivable | | 3,344,020 |
Distributions receivable from Fidelity Central Funds | | 189,423 |
Prepaid expenses | | 1,901 |
Other receivables | | 226,648 |
Total assets | | 953,887,545 |
| | |
Liabilities | | |
Payable for investments purchased | $ 1,795,646 | |
Payable for fund shares redeemed | 8,284,880 | |
Accrued management fee | 583,675 | |
Other affiliated payables | 234,066 | |
Other payables and accrued expenses | 149,634 | |
Total liabilities | | 11,047,901 |
| | |
Net Assets | | $ 942,839,644 |
Net Assets consist of: | | |
Paid in capital | | $ 709,996,998 |
Undistributed net investment income | | 2,522,186 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 17,165,541 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 213,154,919 |
Net Assets, for 37,968,116 shares outstanding | | $ 942,839,644 |
Net Asset Value, offering price and redemption price per share ($942,839,644 ÷ 37,968,116 shares) | | $ 24.83 |
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 5,720,201 |
Interest | | 431 |
Income from Fidelity Central Funds | | 2,741,134 |
| | 8,461,766 |
Less foreign taxes withheld | | (10,037) |
Total income | | 8,451,729 |
| | |
Expenses | | |
Management fee | $ 3,361,707 | |
Transfer agent fees | 1,145,725 | |
Accounting fees and expenses | 219,517 | |
Custodian fees and expenses | 350,930 | |
Independent trustees' compensation | 1,323 | |
Registration fees | 59,289 | |
Audit | 33,755 | |
Legal | 7,568 | |
Miscellaneous | 2,394 | |
Total expenses before reductions | 5,182,208 | |
Expense reductions | (351,574) | 4,830,634 |
Net investment income (loss) | | 3,621,095 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 17,960,785 | |
Foreign currency transactions | (151,928) | |
Total net realized gain (loss) | | 17,808,857 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 57,378,994 | |
Assets and liabilities in foreign currencies | (2,161) | |
Total change in net unrealized appreciation (depreciation) | | 57,376,833 |
Net gain (loss) | | 75,185,690 |
Net increase (decrease) in net assets resulting from operations | | $ 78,806,785 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
China Region
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,621,095 | $ 11,022,425 |
Net realized gain (loss) | 17,808,857 | 17,130,560 |
Change in net unrealized appreciation (depreciation) | 57,376,833 | 105,873,701 |
Net increase (decrease) in net assets resulting from operations | 78,806,785 | 134,026,686 |
Distributions to shareholders from net investment income | (9,931,797) | (4,953,820) |
Distributions to shareholders from net realized gain | (6,849,518) | - |
Total distributions | (16,781,315) | (4,953,820) |
Share transactions
Proceeds from sales of shares | 400,486,404 | 370,937,196 |
Reinvestment of distributions | 16,027,386 | 4,673,740 |
Cost of shares redeemed | (271,085,461) | (167,183,904) |
Net increase (decrease) in net assets resulting from share transactions | 145,428,329 | 208,427,032 |
Redemption fees | 592,432 | 388,530 |
Total increase (decrease) in net assets | 208,046,231 | 337,888,428 |
| | |
Net Assets | | |
Beginning of period | 734,793,413 | 396,904,985 |
End of period (including undistributed net investment income of $2,522,186 and undistributed net investment income of $10,481,257, respectively) | $ 942,839,644 | $ 734,793,413 |
Other Information Shares | | |
Sold | 16,383,492 | 17,430,982 |
Issued in reinvestment of distributions | 675,406 | 249,399 |
Redeemed | (11,119,972) | (8,027,624) |
Net increase (decrease) | 5,938,926 | 9,652,757 |
Financial Highlights
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 22.94 | $ 17.74 | $ 15.88 | $ 15.14 | $ 11.16 | $ 11.27 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .09 | .42 | .36 | .25 | .25 | .19 |
Net realized and unrealized gain (loss) | 2.27 | 4.99 | 1.75 | .73 | 3.91 | (.15) |
Total from investment operations | 2.36 | 5.41 | 2.11 | .98 | 4.16 | .04 |
Distributions from net investment income | (.29) | (.22) | (.26) | (.26) | (.19) | (.16) |
Distributions from net realized gain | (.20) | - | - | - | - | - |
Total distributions | (.49) | (.22) | (.26) | (.26) | (.19) | (.16) |
Redemption fees added to paid in capital E | .02 | .01 | .01 | .02 | .01 | .01 |
Net asset value, end of period | $ 24.83 | $ 22.94 | $ 17.74 | $ 15.88 | $ 15.14 | $ 11.16 |
Total Return B, C, D | 10.47% | 30.83% | 13.44% | 6.71% | 37.91% | .23% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 1.10% A | 1.14% | 1.16% | 1.22% | 1.30% | 1.32% |
Expenses net of fee waivers, if any | 1.10%A | 1.14% | 1.16% | 1.22% | 1.30% | 1.32% |
Expenses net of all reductions | 1.03%A | 1.08% | 1.12% | 1.22% | 1.30% | 1.31% |
Net investment income (loss) | .77%A | 1.99% | 2.04% | 1.64% | 2.07% | 1.52% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 942,840 | $ 734,793 | $ 396,905 | $ 296,004 | $ 231,654 | $ 110,359 |
Portfolio turnover rate G | 53%A | 36% | 44% | 101% | 39% | 53% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Emerging Markets
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Korea (South) | 14.5% | |
| Brazil | 12.5% | |
 | Russia | 10.8% | |
| South Africa | 8.6% | |
| Mexico | 6.5% | |
| India | 5.6% | |
| Taiwan | 5.0% | |
| China | 3.8% | |
| Turkey | 3.4% | |
| Other | 29.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Korea (South) | 16.7% | |
| Russia | 11.8% | |
| Brazil | 11.3% | |
| South Africa | 8.4% | |
| Taiwan | 8.0% | |
| Mexico | 6.8% | |
| India | 5.1% | |
| Hong Kong | 3.2% | |
| United States of America | 2.8% | |
| Other | 25.9% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Investment Companies | 98.4 | 98.3 |
Short-Term Investments and Net Other Assets | 1.6 | 1.7 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
OAO Gazprom sponsored ADR (Russia, Oil, Gas & Consumable Fuels) | 3.3 | 3.9 |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment) | 3.2 | 4.3 |
America Movil SA de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services) | 2.9 | 3.1 |
Companhia Vale do Rio Doce (PN-A) sponsored ADR (Brazil, Metals & Mining) | 2.3 | 1.1 |
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services) | 2.0 | 1.7 |
Sberbank (Savings Bank of the Russian Federation) GDR (Russia, Commercial Banks) | 1.6 | 0.9 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Instruments) | 1.5 | 1.8 |
Lukoil Oil Co. sponsored ADR (Russia, Oil, Gas & Consumable Fuels) | 1.5 | 2.2 |
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) | 1.4 | 1.2 |
Impala Platinum Holdings Ltd. (South Africa, Metals & Mining) | 1.4 | 1.0 |
| 21.1 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 20.2 | 16.9 |
Energy | 14.9 | 18.6 |
Materials | 14.3 | 12.0 |
Information Technology | 11.3 | 15.7 |
Industrials | 11.1 | 9.4 |
Consumer Discretionary | 9.5 | 9.3 |
Telecommunication Services | 9.3 | 9.5 |
Consumer Staples | 4.6 | 3.1 |
Utilities | 2.0 | 2.1 |
Health Care | 0.9 | 1.7 |
Semiannual Report
Emerging Markets
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.8% |
| Shares | | Value |
Argentina - 0.8% |
Banco Macro SA sponsored ADR | 343,100 | | $ 12,420,220 |
Inversiones y Representaciones SA sponsored GDR (a)(d) | 847,900 | | 17,738,068 |
Pampa Holding SA (a) | 2,297,700 | | 2,067,521 |
TOTAL ARGENTINA | | 32,225,809 |
Austria - 0.6% |
Raiffeisen International Bank Holding AG | 88,000 | | 12,348,320 |
voestalpine AG | 169,100 | | 11,480,004 |
TOTAL AUSTRIA | | 23,828,324 |
Bahamas (Nassau) - 0.1% |
Ultrapetrol (Bahamas) Ltd. | 178,600 | | 3,750,600 |
Bermuda - 2.0% |
Aquarius Platinum Ltd. (Australia) | 902,700 | | 28,404,133 |
Central European Media Enterprises Ltd. Class A (a) | 192,300 | | 17,333,922 |
China Solar Energy Holding Ltd. (a) | 15,220,000 | | 1,070,111 |
ChipMOS TECHNOLOGIES (Bermuda) Ltd. (a) | 246,700 | | 1,707,164 |
Credicorp Ltd. (NY Shares) | 119,700 | | 6,245,946 |
Dufry South America Ltd. unit | 297,930 | | 5,635,960 |
Emperor Capital Group Ltd. | 4,344,800 | | 338,806 |
Emperor International Holding Ltd. | 10,862,000 | | 2,443,848 |
Ports Design Ltd. | 1,342,500 | | 3,775,623 |
Sinofert Holdings Ltd. | 14,044,900 | | 7,217,659 |
TOTAL BERMUDA | | 74,173,172 |
Brazil - 12.4% |
All America Latina Logistica SA unit | 1,030,800 | | 12,155,660 |
Banco Bradesco SA (PN) | 2,091,400 | | 44,495,686 |
Banco do Brasil SA | 106,200 | | 3,654,800 |
Bematech Industria e Comercio de Equipamentos Eletronicos SA | 547,800 | | 4,384,661 |
Brascan Residential Properties SA | 416,600 | | 3,160,527 |
BrasilAgro - Compania Brasileira de Propriedades Agricolas | 3,800 | | 2,425,413 |
Companhia de Concessoes Rodoviarias | 414,100 | | 6,439,792 |
Companhia de Saneamento de Minas Gerais | 491,800 | | 6,306,987 |
Companhia Vale do Rio Doce (PN-A) sponsored ADR | 2,529,600 | | 86,487,024 |
CSU Cardsystem SA sponsored ADR (e) | 80,000 | | 1,362,028 |
Cyrela Brazil Realty SA | 1,675,300 | | 18,027,255 |
Duratex SA (PN) | 266,000 | | 5,925,924 |
Eternit SA | 657,040 | | 2,824,833 |
Itausa-Investimentos Itau S.A. rights 6/1/07 | 7,509 | | 9,962 |
JBS SA | 1,503,100 | | 5,797,629 |
Localiza Rent a Car SA | 1,339,500 | | 13,676,695 |
Lojas Americanas SA | 176,700,900 | | 11,201,823 |
Lojas Renner SA | 638,100 | | 8,788,297 |
|
| Shares | | Value |
LPS Brasil Consultoria de Imoveis SA | 268,000 | | $ 2,762,697 |
Medial Saude SA | 303,900 | | 4,330,336 |
Net Servicos de Comunicacao SA sponsored ADR (d) | 1,158,466 | | 17,295,897 |
Obrascon Huarte Lain Brasil SA (a) | 241,800 | | 3,712,780 |
Petroleo Brasileiro SA Petrobras: | | | |
(PN) (non-vtg.) | 1,451,200 | | 32,586,399 |
(PN) sponsored ADR (non-vtg.) | 498,500 | | 44,476,170 |
sponsored ADR | 243,000 | | 24,598,890 |
Submarino SA | 375,600 | | 13,599,629 |
TAM SA: | | | |
(PN) (ltd.-vtg.) | 285,000 | | 7,388,267 |
(PN) sponsored ADR (ltd. vtg.) | 48,500 | | 1,247,905 |
Uniao de Bancos Brasileiros SA (Unibanco): | | | |
unit | 1,531,000 | | 14,932,365 |
GDR | 226,200 | | 21,954,972 |
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A) (non-vtg.) | 556,600 | | 25,981,230 |
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.) | 687,200 | | 13,730,256 |
Weg SA (PN) | 487,200 | | 4,012,123 |
TOTAL BRAZIL | | 469,734,912 |
British Virgin Islands - 0.1% |
Titanium Resources Group Ltd. (a) | 2,180,500 | | 2,812,071 |
Canada - 1.4% |
Addax Petroleum, Inc. | 152,600 | | 5,946,437 |
Addax Petroleum, Inc. (a)(e) | 20,700 | | 806,627 |
AUR Resources, Inc. | 300,000 | | 6,592,486 |
Eastern Platinum Ltd. (a) | 2,977,300 | | 6,357,511 |
First Quantum Minerals Ltd. | 140,000 | | 9,665,916 |
Frontera Copper Corp. (a) | 1,588,400 | | 7,599,247 |
Rio Narcea Gold Mines Ltd. (a) | 1,302,700 | | 5,927,232 |
SXR Uranium One, Inc. (South Africa) (a) | 564,460 | | 8,655,272 |
TOTAL CANADA | | 51,550,728 |
Cayman Islands - 1.7% |
Agile Property Holdings Ltd. | 12,450,000 | | 13,146,225 |
Foxconn International Holdings Ltd. (a) | 4,061,100 | | 12,303,925 |
Gems TV Holdings Ltd. | 2,038,000 | | 1,931,754 |
Integra Group unit | 190,000 | | 3,988,100 |
Intime Department Store Group Co. Ltd. | 403,000 | | 354,442 |
JA Solar Holdings Co. Ltd. ADR | 111,400 | | 2,717,046 |
Lee & Man Paper Manufacturing Ltd. | 6,430,000 | | 18,165,815 |
Shui On Land Ltd. | 4,312,500 | | 3,721,213 |
SinoCom Software Group Ltd. | 17,898,000 | | 3,592,161 |
Trina Solar Ltd. ADR | 51,400 | | 2,746,302 |
TOTAL CAYMAN ISLANDS | | 62,666,983 |
China - 3.8% |
Bank of China (H Shares) | 7,260,000 | | 3,600,974 |
China Coal Energy Co. Ltd. (H Shares) | 6,913,700 | | 6,867,255 |
China Construction Bank Corp. (H Shares) | 40,174,000 | | 24,548,481 |
Common Stocks - continued |
| Shares | | Value |
China - continued |
China Gas Holdings Ltd. | 13,903,100 | | $ 2,825,924 |
China Hongxing Sports Ltd. | 1,032,000 | | 2,445,498 |
China Molybdenum Co. Ltd. (H Shares) | 139,000 | | 221,759 |
China Petroleum & Chemical Corp. (H Shares) | 38,924,800 | | 33,946,318 |
China Shenhua Energy Co. Ltd. (H Shares) | 5,076,800 | | 12,681,373 |
China Ting Group Holdings Ltd. | 4,984,000 | | 1,624,688 |
Digital China Holdings Ltd. (H Shares) | 4,263,000 | | 1,738,432 |
First Tractor Co. Ltd. (H Shares) (a) | 8,104,800 | | 3,957,832 |
Guangzhou R&F Properties Co. Ltd. (H Shares) | 5,078,400 | | 12,256,897 |
Home Inns & Hotels Management, Inc. ADR (d) | 8,200 | | 281,014 |
Parkson Retail Group Ltd. | 1,124,000 | | 8,017,744 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 3,731,000 | | 19,960,544 |
Shandong Weigao Group Medical Polymer Co. Ltd. | 1,086,000 | | 1,913,069 |
Yantai Changyu Pioneer Wine Co. (B Shares) | 1,408,650 | | 6,788,848 |
TOTAL CHINA | | 143,676,650 |
Colombia - 0.2% |
BanColombia SA Sponsored ADR | 306,800 | | 8,608,808 |
Cyprus - 0.5% |
Bank of Cyprus Public Co. Ltd. | 117,800 | | 1,871,129 |
Mirland Development Corp. PLC | 554,500 | | 7,760,865 |
Urals Energy Public Co. Ltd. (a) | 484,530 | | 4,117,372 |
XXI Century Investments Public Ltd. (a) | 290,000 | | 5,073,604 |
TOTAL CYPRUS | | 18,822,970 |
Czech Republic - 0.8% |
Ceske Energeticke Zavody AS | 583,700 | | 28,532,426 |
Egypt - 1.8% |
Commercial International Bank Ltd. sponsored GDR | 897,250 | | 9,376,263 |
Eastern Tobacco Co. | 128,345 | | 9,379,909 |
Orascom Construction Industries SAE: | | | |
GDR | 124,312 | | 14,532,073 |
GDR (e) | 16,120 | | 1,884,428 |
Orascom Hotels & Development (OHD) (a) | 1,503,349 | | 12,391,721 |
Orascom Telecom Holding SAE GDR | 312,863 | | 21,055,680 |
TOTAL EGYPT | | 68,620,074 |
Estonia - 0.0% |
Olympic Entertainment Group AS | 130,400 | | 1,957,382 |
Finland - 0.2% |
YIT-Yhtyma OY (d) | 177,050 | | 6,358,976 |
|
| Shares | | Value |
GEORGIA - 0.2% |
Bank of Georgia: | | | |
ADR (a) | 81,200 | | $ 2,801,400 |
unit (a) | 190,200 | | 6,561,900 |
TOTAL GEORGIA | | 9,363,300 |
Germany - 0.1% |
Praktiker Bau- und Heimwerkermaerkte Holding AG | 50,000 | | 2,087,838 |
Hong Kong - 3.2% |
Chaoda Modern Agriculture (Holdings) Ltd. | 18,968,100 | | 15,761,184 |
China Grand Frstry Resources Group Ltd. (a) | 23,682,000 | | 2,603,565 |
China Mobile (Hong Kong) Ltd. | 8,347,400 | | 75,143,295 |
China Resources Power Holdings Co. Ltd. | 4,869,500 | | 8,690,033 |
Hopson Development Holdings Ltd. | 3,277,900 | | 7,752,095 |
Kerry Properties Ltd. | 2,160,000 | | 10,865,511 |
REXCAPITAL Financial Holdings Ltd. (a) | 24,050,000 | | 2,059,878 |
TOTAL HONG KONG | | 122,875,561 |
Hungary - 0.2% |
OTP Bank Ltd. unit | 76,800 | | 7,848,960 |
India - 5.6% |
Ambuja Cements Ltd. | 2,585,865 | | 7,430,936 |
Bharat Forge Ltd. | 841,802 | | 6,638,843 |
Bharat Heavy Electricals Ltd. | 170,518 | | 10,335,563 |
Bharti Airtel Ltd. (a) | 1,355,638 | | 26,846,470 |
Federal Bank Ltd.: | | | |
GDR | 249,942 | | 1,480,295 |
GDR (a)(e) | 337,300 | | 1,997,677 |
HCL Technologies Ltd. | 1,799,042 | | 14,650,500 |
Indian Overseas Bank | 2,102,400 | | 6,158,025 |
INFO Edge India Ltd. | 5,127 | | 97,262 |
ITC Ltd. | 1,500 | | 5,849 |
IVRCL Infrastructures & Projects Ltd. | 818,973 | | 6,399,941 |
Jaiprakash Associates Ltd. | 544,190 | | 8,142,934 |
Kalpataru Power Transmission Ltd. | 71,206 | | 1,998,348 |
LANCO Infratech Ltd. | 447,959 | | 1,738,576 |
Larsen & Toubro Ltd. | 292,798 | | 12,115,681 |
Nagarjuna Construction Co. Ltd. | 1,895,084 | | 8,287,674 |
Pantaloon Retail India Ltd. | 764,041 | | 7,857,846 |
Parsvnath Developers Ltd. | 11,522 | | 91,598 |
Reliance Industries Ltd. | 636,400 | | 24,203,976 |
Rolta India Ltd. | 678,244 | | 6,889,022 |
Rolta India Ltd. sponsored GDR (e) | 242,105 | | 2,360,524 |
Satyam Computer Services Ltd. | 1,208,815 | | 13,937,671 |
Sintex Industries Ltd. | 710,885 | | 3,530,610 |
Sobha Developers Ltd. | 105,767 | | 2,241,992 |
State Bank of India | 443,592 | | 14,608,048 |
Common Stocks - continued |
| Shares | | Value |
India - continued |
UTI Bank Ltd. | 459,600 | | $ 5,242,654 |
Wipro Ltd. | 1,124,180 | | 15,655,531 |
TOTAL INDIA | | 210,944,046 |
Indonesia - 3.0% |
PT Aneka Tambang Tbk | 13,019,900 | | 22,357,991 |
PT Astra Agro Lestari Tbk | 4,456,000 | | 7,725,494 |
PT Bakrie & Brothers Tbk (a) | 368,481,500 | | 9,734,810 |
PT Bank Mandiri Persero Tbk | 36,626,500 | | 12,397,698 |
PT Bank Niaga Tbk | 50,885,000 | | 4,705,108 |
PT Bank Rakyat Indonesia Tbk | 15,574,500 | | 9,000,652 |
PT Bumi Resources Tbk | 51,640,500 | | 7,844,586 |
PT International Nickel Indonesia Tbk | 269,000 | | 1,800,348 |
PT Medco Energi International Tbk | 22,011,000 | | 8,540,817 |
PT Perusahaan Gas Negara Tbk Series B | 17,267,300 | | 19,957,873 |
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk | 16,164,500 | | 11,654,781 |
TOTAL INDONESIA | | 115,720,158 |
Ireland - 0.1% |
Dragon Oil plc (a) | 876,000 | | 3,021,369 |
Israel - 1.7% |
Africa Israel Investments Ltd. | 16,500 | | 2,274,280 |
Bank Hapoalim BM (Reg.) | 3,679,145 | | 19,345,653 |
Israel Chemicals Ltd. | 2,508,800 | | 19,301,815 |
Ituran Location & Control Ltd. | 64,500 | | 879,135 |
Oil Refineries Ltd. | 7,748,700 | | 5,896,168 |
Orckit Communications Ltd. (a) | 369,900 | | 3,887,649 |
Ormat Industries Ltd. | 459,000 | | 5,541,502 |
Orpak Systems Ltd. | 832,800 | | 3,163,770 |
RADWARE Ltd. (a) | 338,200 | | 4,379,690 |
TOTAL ISRAEL | | 64,669,662 |
Kazakhstan - 0.4% |
JSC Halyk Bank of Kazakhstan GDR (a)(e) | 320,200 | | 7,204,500 |
Kazkommertsbank JSC: | | | |
ADR (a) | 65,346 | | 1,372,266 |
unit (a) | 284,000 | | 5,964,000 |
TOTAL KAZAKHSTAN | | 14,540,766 |
Korea (South) - 14.3% |
Asia Cement Co. Ltd. | 28,743 | | 2,202,281 |
Celrun Co. Ltd. (a) | 638,730 | | 4,552,868 |
Daegu Bank Co. Ltd. | 625,410 | | 10,276,314 |
Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 488,370 | | 19,709,495 |
Doosan Heavy Industries & Construction Co. Ltd. | 49,790 | | 3,897,286 |
Hanil Cement Co. Ltd. | 22,480 | | 2,475,039 |
Hanjin Heavy Industries & Construction Co. Ltd. | 419,810 | | 18,900,880 |
Hite Brewery Co. Ltd. | 83,955 | | 11,805,786 |
|
| Shares | | Value |
Hynix Semiconductor, Inc. (a) | 157,470 | | $ 5,366,383 |
Hyundai Department Store Co. Ltd. | 131,100 | | 13,415,789 |
Hyundai Engineering & Construction Co. Ltd. (a) | 220,120 | | 13,098,605 |
Hyundai Mipo Dockyard Co. Ltd. | 31,453 | | 6,372,775 |
Industrial Bank of Korea | 759,280 | | 15,194,637 |
Kookmin Bank | 43,090 | | 3,856,124 |
Kyeryong Construction Industrial Co. Ltd. | 338,240 | | 15,697,810 |
LG Engineering & Construction Co. Ltd. | 221,190 | | 21,931,528 |
LG Household & Health Care Ltd. | 132,240 | | 17,606,910 |
Macquarie Korea Infrastructure Fund GDR | 1,179,900 | | 9,474,597 |
MegaStudy Co. Ltd. | 91,508 | | 15,441,077 |
NHN Corp. | 159,733 | | 24,984,853 |
ON*Media Corp. | 207,200 | | 1,701,894 |
Osstem Implant Co. Ltd. | 86,500 | | 4,116,392 |
POSCO | 116,870 | | 49,011,491 |
Samsung Electronics Co. Ltd. | 200,827 | | 122,817,579 |
Samsung Heavy Industries Ltd. | 687,750 | | 22,480,056 |
Shinhan Financial Group Co. Ltd. | 606,910 | | 34,035,505 |
SK Corp. | 367,750 | | 40,057,635 |
Taewoong Co. Ltd. | 166,816 | | 7,101,309 |
Woongjin Thinkbig Co. Ltd. | 340,580 | | 6,132,392 |
Woori Finance Holdings Co. Ltd. | 626,380 | | 15,581,553 |
YBM Sisa.com, Inc. | 141,220 | | 3,010,859 |
TOTAL KOREA (SOUTH) | | 542,307,702 |
Lebanon - 0.1% |
Solidere GDR | 333,800 | | 5,233,984 |
Luxembourg - 0.8% |
Evraz Group SA: | | | |
GDR (e) | 66,100 | | 2,330,025 |
GDR | 497,300 | | 17,529,825 |
Tenaris SA sponsored ADR | 203,000 | | 9,411,080 |
TOTAL LUXEMBOURG | | 29,270,930 |
Malaysia - 0.9% |
DiGi.com BHD | 13,300 | | 79,287 |
Genting BHD | 5,183,000 | | 12,874,196 |
IJM Corp. BHD | 2,273,000 | | 5,778,814 |
Lion Diversified Holdings BHD | 2,113,700 | | 5,342,930 |
Steppe Cement Ltd. (a) | 1,058,200 | | 6,167,609 |
UEM World BHD | 3,169,000 | | 3,759,831 |
TOTAL MALAYSIA | | 34,002,667 |
Mauritius - 0.1% |
Golden Agri-Resources Ltd. | 2,171,000 | | 3,515,442 |
Mexico - 6.5% |
Alsea SAB de CV | 3,280,500 | | 5,601,139 |
America Movil SA de CV Series L sponsored ADR | 2,068,400 | | 108,653,052 |
Banco Compartamos SA de CV | 1,260,000 | | 6,358,500 |
Cemex SA de CV sponsored ADR | 264,918 | | 8,609,835 |
Common Stocks - continued |
| Shares | | Value |
Mexico - continued |
Controladora Commercial Mexicana SA unit | 1,343,645 | | $ 3,469,434 |
Fomento Economico Mexicano SA de CV sponsored ADR | 246,300 | | 26,524,047 |
Grupo Aeroportuario Norte Sab de CV ADR | 301,900 | | 8,827,556 |
Grupo Famsa SA de CV Series A | 1,566,600 | | 9,457,702 |
Grupo Financiero Banorte SA de CV Series O | 3,229,300 | | 14,023,128 |
Grupo Mexico SA de CV Series B | 1,990,538 | | 10,630,330 |
Industrias CH SA de CV (a) | 430,000 | | 1,928,508 |
Urbi, Desarrollos Urbanos, SA de CV (a) | 5,928,700 | | 24,770,807 |
Wal-Mart de Mexico SA de CV Series V | 4,556,001 | | 17,866,589 |
TOTAL MEXICO | | 246,720,627 |
Netherlands - 0.4% |
AmRest Holdings NV (a) | 59,100 | | 2,055,819 |
Plaza Centers NV | 775,400 | | 2,922,454 |
X5 Retail Group NV unit (a) | 333,700 | | 10,177,850 |
TOTAL NETHERLANDS | | 15,156,123 |
Oman - 0.4% |
BankMuscat SAOG sponsored: | | | |
GDR (e) | 406,257 | | 5,037,587 |
GDR | 693,000 | | 8,593,200 |
TOTAL OMAN | | 13,630,787 |
Pakistan - 0.3% |
MCB Bank Ltd. | 380,190 | | 1,868,348 |
MCB Bank Ltd. unit (e) | 192,395 | | 3,699,756 |
Oil & Gas Development Co. Ltd.: | | | |
ADR (e) | 134,300 | | 2,700,773 |
unit (a)(e) | 233,500 | | 4,695,685 |
TOTAL PAKISTAN | | 12,964,562 |
Panama - 0.3% |
Copa Holdings SA Class A | 190,200 | | 11,579,376 |
Philippines - 0.8% |
Ayala Corp. | 459,000 | | 5,807,676 |
International Container Terminal Services, Inc. | 5,614,000 | | 3,314,888 |
Jollibee Food Corp. | 1,648,900 | | 1,721,226 |
Megaworld Corp. | 73,379,000 | | 5,029,138 |
PNOC Energy Development Corp. | 16,937,000 | | 2,000,152 |
Robinsons Land Corp. | 14,515,000 | | 5,586,224 |
SM Investments Corp. | 953,970 | | 7,191,992 |
TOTAL PHILIPPINES | | 30,651,296 |
Poland - 0.3% |
Bank Handlowy w Warszawie SA | 60,741 | | 2,069,111 |
Globe Trade Centre SA (a) | 615,500 | | 10,960,366 |
TOTAL POLAND | | 13,029,477 |
|
| Shares | | Value |
Romania - 0.1% |
Banca Transilvania SA | 8,506,974 | | $ 3,768,780 |
Russia - 10.8% |
JSC Chelyabinsk Zinc Plant | 27,300 | | 3,385,200 |
JSC MMC 'Norilsk Nickel' sponsored ADR | 238,700 | | 46,128,775 |
Lukoil Oil Co. sponsored ADR | 719,340 | | 55,784,817 |
Magma OJSC (a) | 1,962,300 | | 1,903,431 |
Mobile TeleSystems OJSC sponsored ADR | 406,600 | | 22,403,660 |
Novolipetsk Iron & Steel Corp. sponsored GDR (e) | 574,600 | | 16,088,800 |
OAO Gazprom sponsored ADR | 3,176,206 | | 124,824,889 |
OAO TatNeft unit | 119,800 | | 11,860,200 |
OAO TMK (a) | 1,345,400 | | 12,243,140 |
OAO TMK unit | 104,100 | | 3,799,650 |
Open Investments (a) | 7,100 | | 1,988,000 |
RBC Information Systems Jsc (a) | 189,900 | | 1,804,050 |
Sberbank (Savings Bank of the Russian Federation) | 1,400 | | 5,551,000 |
Sberbank (Savings Bank of the Russian Federation) GDR | 116,100 | | 61,154,003 |
Sistema-Hals JSC | 25,221 | | 7,591,521 |
Sistema-Hals JSC unit | 87,000 | | 1,309,350 |
Vimpel Communications sponsored ADR (a) | 277,700 | | 26,870,252 |
VSMPO-Avisma Corp. | 17,100 | | 5,232,600 |
TOTAL RUSSIA | | 409,923,338 |
Singapore - 0.5% |
Keppel Corp. Ltd. | 615,900 | | 8,675,790 |
Olam International Ltd. | 2,531,000 | | 5,264,587 |
Sino-Environment Technology Group Ltd. | 1,532,000 | | 3,489,152 |
Yangzijiang Shipbuilding Holdings Ltd. | 955,000 | | 829,779 |
TOTAL SINGAPORE | | 18,259,308 |
South Africa - 8.6% |
African Bank Investments Ltd. | 3,079,026 | | 14,885,187 |
African Rainbow Minerals Ltd. (a) | 286,366 | | 4,838,294 |
Bidvest Group Ltd. | 1,020,700 | | 21,418,860 |
Ellerine Holdings Ltd. | 353,191 | | 4,813,984 |
FirstRand Ltd. | 9,614,356 | | 34,398,900 |
Impala Platinum Holdings Ltd. | 1,599,428 | | 52,229,557 |
Imperial Holdings Ltd. | 257,600 | | 5,851,802 |
Investec Ltd. | 695,260 | | 9,876,161 |
JD Group Ltd. | 611,900 | | 8,122,989 |
Lewis Group Ltd. | 1,252,973 | | 12,897,441 |
MTN Group Ltd. | 3,566,600 | | 52,537,128 |
Murray & Roberts Holdings Ltd. | 1,711,900 | | 14,789,817 |
Naspers Ltd. Class N sponsored ADR | 790,018 | | 19,545,045 |
Nedbank Group Ltd. | 805,790 | | 17,315,224 |
Network Healthcare Holdings Ltd. | 5,199,600 | | 10,999,679 |
PSG Group Ltd. | 770,437 | | 3,336,267 |
Raubex Group Ltd. | 863,400 | | 2,911,384 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
Sasol Ltd. | 323,375 | | $ 11,207,683 |
Steinhoff International Holdings Ltd. | 2,243,184 | | 7,978,044 |
Truworths International Ltd. | 2,823,573 | | 15,738,855 |
Wesizwe Platinum Ltd. (a) | 234,900 | | 416,886 |
TOTAL SOUTH AFRICA | | 326,109,187 |
Taiwan - 5.0% |
Delta Electronics, Inc. | 4,653,550 | | 14,596,689 |
Feng Tay Enterprise Co. Ltd. | 2,100,000 | | 1,727,124 |
Foxconn Technology Co. Ltd. | 812,500 | | 7,694,429 |
Gemtek Technology Corp. | 702,000 | | 1,807,915 |
High Tech Computer Corp. | 758,200 | | 11,379,088 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 8,655,024 | | 57,543,421 |
Inotera Memories, Inc. | 2,911,000 | | 3,280,997 |
Phoenix Precision Technology Corp. | 1,778,000 | | 1,910,594 |
Powertech Technology, Inc. | 3,061,400 | | 11,486,395 |
Shin Kong Financial Holding Co. Ltd. | 16,565,000 | | 15,413,697 |
Siliconware Precision Industries Co. Ltd. | 14,345,045 | | 27,557,230 |
Taiwan Chi Cheng Enterprise Co. Ltd. | 1,046,000 | | 3,390,854 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 15,595,705 | | 32,159,954 |
TOTAL TAIWAN | | 189,948,387 |
Thailand - 1.0% |
Bumrungrad Hospital PCL (For. Reg.) | 3,186,400 | | 4,398,194 |
Italian-Thai Development PCL | 8,627,000 | | 1,277,615 |
Minor International PCL (For. Reg.) | 27,175,394 | | 8,830,538 |
PTT Public Co. Ltd. (For. Reg.) | 1,750,200 | | 11,072,437 |
Robinson Department Store PCL (For. Reg.) | 11,590,900 | | 3,633,093 |
Thai Oil PCL (For. Reg.) | 5,473,000 | | 10,308,598 |
TOTAL THAILAND | | 39,520,475 |
Turkey - 3.4% |
Acibadem Saglik Hizmetleri AS | 527,125 | | 6,465,194 |
Aksigorta AS | 417,000 | | 1,963,607 |
Anadolu Efes Biracilk Ve Malt Sanyii AS | 389,829 | | 13,304,987 |
Asya Katilim Bankasi AS | 2,696,000 | | 15,745,939 |
Atakule Gayrimenkul Yatirim Ortakligi AS | 1,692,000 | | 2,137,003 |
Bagfas Bandirma Gubre Fabrikalari AS | 68,000 | | 1,824,421 |
Dogan Yayin Holding AS (a) | 2,127,739 | | 7,922,226 |
Dogus Otomotiv Servis ve Ticaret AS | 1,255,700 | | 5,912,951 |
Enka Insaat ve Sanayi AS | 1,903,163 | | 28,344,242 |
Migros Turk Ticaret AS | 145,300 | | 1,718,460 |
|
| Shares | | Value |
Tofas Turk Otomobil Fabrikasi AS | 955,433 | | $ 4,220,018 |
Tupras-Turkiye Petrol Rafinerileri AS | 760,400 | | 15,543,858 |
Turkiye Garanti Bankasi AS | 5,273,500 | | 25,794,817 |
TOTAL TURKEY | | 130,897,723 |
Ukraine - 0.2% |
Stirol sponsored ADR (a) | 168,500 | | 2,713,234 |
Ukrnafta Open JSC sponsored ADR | 10,000 | | 4,503,180 |
TOTAL UKRAINE | | 7,216,414 |
United Kingdom - 1.0% |
Aricom PLC (a) | 3,155,000 | | 5,251,630 |
COSAN SA Industria e Comercio warrants (Deutsche Bank Warrant Program) 7/25/07 (a)(e) | 216,241 | | 4,328,645 |
Hirco PLC | 343,600 | | 2,713,694 |
Imperial Energy PLC (a) | 329,700 | | 8,266,602 |
Sibir Energy PLC (a) | 1,401,486 | | 12,609,905 |
Unitech Corporate Parks PLC | 1,745,800 | | 3,132,849 |
TOTAL UNITED KINGDOM | | 36,303,325 |
United States of America - 1.1% |
Central European Distribution Corp. (a) | 149,600 | | 4,450,600 |
CTC Media, Inc. | 832,060 | | 21,700,125 |
NII Holdings, Inc. (a) | 195,800 | | 15,027,650 |
TOTAL UNITED STATES OF AMERICA | | 41,178,375 |
TOTAL COMMON STOCKS (Cost $2,598,874,828) | 3,709,579,830 |
Nonconvertible Preferred Stocks - 0.3% |
| | | |
Brazil - 0.1% |
Itausa-Investimentos Itau S.A. (PN) | 736,250 | | 4,015,514 |
Korea (South) - 0.2% |
Samsung Electronics Co. Ltd. | 14,270 | | 6,712,389 |
South Africa - 0.0% |
Allied Electronics Corp. Ltd. | 334,300 | | 2,135,860 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $10,508,845) | 12,863,763 |
Investment Companies - 0.3% |
| | | |
Romania - 0.3% |
SIF 1 Banat-Crisana Arad Fund (a) | 1,421,700 | | 1,825,384 |
SIF 3 Transilvania Brasov Fund | 3,395,800 | | 5,167,946 |
SIF 4 Muntenia Bucuresti Fund | 2,731,000 | | 2,184,531 |
SIF 5 Oltenia Craiova Fund | 1,203,500 | | 1,757,511 |
TOTAL INVESTMENT COMPANIES (Cost $9,005,292) | 10,935,372 |
Money Market Funds - 2.4% |
| Shares | | Value |
Fidelity Cash Central Fund, 5.29% (b) | 88,131,911 | | $ 88,131,911 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 4,840,650 | | 4,840,650 |
TOTAL MONEY MARKET FUNDS (Cost $92,972,561) | 92,972,561 |
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $2,711,361,526) | | 3,826,351,526 |
NET OTHER ASSETS - (0.8)% | | (32,211,619) |
NET ASSETS - 100% | $ 3,794,139,907 |
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 end of the period, the value of these securities amounted to $54,497,055 or 1.4% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 1,947,732 |
Fidelity Securities Lending Cash Central Fund | 152,670 |
Total | $ 2,100,402 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Emerging Markets
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $4,698,490) - See accompanying schedule: Unaffiliated issuers (cost $2,618,388,965) | $ 3,733,378,965 | |
Fidelity Central Funds (cost $92,972,561) | 92,972,561 | |
Total Investments (cost $2,711,361,526) | | $ 3,826,351,526 |
Foreign currency held at value (cost $8,094) | | 2,682 |
Receivable for investments sold | | 25,267,675 |
Receivable for fund shares sold | | 9,140,909 |
Dividends receivable | | 5,353,782 |
Distributions receivable from Fidelity Central Funds | | 295,587 |
Prepaid expenses | | 8,669 |
Other receivables | | 840,902 |
Total assets | | 3,867,261,732 |
| | |
Liabilities | | |
Payable for investments purchased | $ 52,505,516 | |
Payable for fund shares redeemed | 8,976,624 | |
Accrued management fee | 2,213,274 | |
Other affiliated payables | 737,670 | |
Other payables and accrued expenses | 3,848,091 | |
Collateral on securities loaned,
at value | 4,840,650 | |
Total liabilities | | 73,121,825 |
| | |
Net Assets | | $ 3,794,139,907 |
Net Assets consist of: | | |
Paid in capital | | $ 2,679,684,656 |
Undistributed net investment income | | 17,060,748 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (14,709,737) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,112,104,240 |
Net Assets, for 142,864,421 shares outstanding | | $ 3,794,139,907 |
Net Asset Value, offering price and redemption price per share ($3,794,139,907 ÷ 142,864,421 shares) | | $ 26.56 |
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 29,048,486 |
Interest | | 46,805 |
Income from Fidelity Central Funds (including $152,670 from security lending) | | 2,100,402 |
| | 31,195,693 |
Less foreign taxes withheld | | (2,813,658) |
Total income | | 28,382,035 |
| | |
Expenses | | |
Management fee | $ 12,394,779 | |
Transfer agent fees | 3,668,872 | |
Accounting and security lending fees | 728,896 | |
Custodian fees and expenses | 1,631,833 | |
Independent trustees' compensation | 5,255 | |
Registration fees | 60,605 | |
Audit | 79,644 | |
Legal | 26,879 | |
Interest | 36,401 | |
Miscellaneous | 9,905 | |
Total expenses before reductions | 18,643,069 | |
Expense reductions | (1,062,982) | 17,580,087 |
Net investment income (loss) | | 10,801,948 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $631,239) | 107,257,899 | |
Foreign currency transactions | (945,702) | |
Total net realized gain (loss) | | 106,312,197 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $333,603) | 535,163,422 | |
Assets and liabilities in foreign currencies | (33,539) | |
Total change in net unrealized appreciation (depreciation) | | 535,129,883 |
Net gain (loss) | | 641,442,080 |
Net increase (decrease) in net assets resulting from operations | | $ 652,244,028 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Emerging Markets
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30,
2007 | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | (Unaudited) | |
Operations | | |
Net investment income (loss) | $ 10,801,948 | $ 28,066,004 |
Net realized gain (loss) | 106,312,197 | 316,799,295 |
Change in net unrealized appreciation (depreciation) | 535,129,883 | 306,336,297 |
Net increase (decrease) in net assets resulting from operations | 652,244,028 | 651,201,596 |
Distributions to shareholders from net investment income | (28,224,601) | (21,238,863) |
Share transactions
Proceeds from sales of shares | 894,718,172 | 2,470,015,019 |
Reinvestment of distributions | 27,314,927 | 20,504,249 |
Cost of shares redeemed | (757,890,235) | (1,510,859,402) |
Net increase (decrease) in net assets resulting from share transactions | 164,142,864 | 979,659,866 |
Redemption fees | 832,351 | 3,299,389 |
Total increase (decrease) in net assets | 788,994,642 | 1,612,921,988 |
| | |
Net Assets | | |
Beginning of period | 3,005,145,265 | 1,392,223,277 |
End of period (including undistributed net investment income of $17,060,748 and undistributed net investment income of $34,483,401, respectively) | $ 3,794,139,907 | $ 3,005,145,265 |
Other Information Shares | | |
Sold | 36,793,504 | 121,916,389 |
Issued in reinvestment of distributions | 1,154,965 | 1,159,761 |
Redeemed | (31,432,475) | (75,344,302) |
Net increase (decrease) | 6,515,994 | 47,731,848 |
Financial Highlights
| Six months ended April 30,2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 22.04 | $ 15.71 | $ 11.30 | $ 9.81 | $ 7.03 | $ 6.52 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .08 | .21 | .21 | .14 | .10 | .06 H |
Net realized and unrealized gain (loss) | 4.63 | 6.31 | 4.30 | 1.46 | 2.73 | .47 |
Total from investment operations | 4.71 | 6.52 | 4.51 | 1.60 | 2.83 | .53 |
Distributions from net investment income | (.20) | (.21) | (.11) | (.12) | (.05) | (.03) |
Redemption fees added to paid in capital E | .01 | .02 | .01 | .01 | - J | .01 |
Net asset value, end of period | $ 26.56 | $ 22.04 | $ 15.71 | $ 11.30 | $ 9.81 | $ 7.03 |
Total Return B, C, D | 21.53% | 41.96% | 40.25% | 16.48% | 40.50% | 8.25% |
Ratios to Average Net Assets F, I | | | | | | |
Expenses before reductions | 1.07% A | 1.11% | 1.16% | 1.23% | 1.36% | 1.44% |
Expenses net of fee waivers, if any | 1.07%A | 1.11% | 1.16% | 1.23% | 1.36% | 1.44% |
Expenses net of all reductions | 1.01%A | 1.01% | 1.07% | 1.18% | 1.36% | 1.39% |
Net investment income (loss) | .62%A | 1.04% | 1.53% | 1.27% | 1.31% | .73% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 3,794,140 | $ 3,005,145 | $ 1,392,223 | $ 604,550 | $ 430,928 | $ 263,729 |
Portfolio turnover rate G | 54%A | 66% | 68% | 112% | 105% | 120% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I 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. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Europe
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Switzerland | 18.3% | |
| United Kingdom | 16.1% | |
| Germany | 15.3% | |
| Sweden | 11.8% | |
| France | 11.4% | |
| Netherlands | 9.0% | |
| Spain | 5.5% | |
| Italy | 4.9% | |
| Norway | 3.2% | |
| Other | 4.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| United Kingdom | 26.0% | |
| Switzerland | 15.4% | |
| Germany | 12.4% | |
| Spain | 10.5% | |
| France | 9.9% | |
| Netherlands | 6.3% | |
| Sweden | 5.6% | |
| Italy | 5.1% | |
| Norway | 2.8% | |
| Other | 6.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 99.2 | 98.3 |
Short-Term Investments and Net Other Assets | 0.8 | 1.7 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Hennes & Mauritz AB (H&M) (B Shares) (Sweden, Specialty Retail) | 4.3 | 1.6 |
ABB Ltd. (Reg.) (Switzerland, Electrical Equipment) | 4.0 | 1.7 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 4.0 | 2.9 |
Tesco PLC (United Kingdom, Food & Staples Retailing) | 4.0 | 3.4 |
Bayer AG (Germany, Chemicals) | 3.7 | 1.2 |
Inditex SA (Spain, Specialty Retail) | 2.6 | 1.4 |
Syngenta AG (Switzerland) (Switzerland, Chemicals) | 2.4 | 1.7 |
AXA SA (France, Insurance) | 2.4 | 1.5 |
Siemens AG (Reg.) (Germany, Industrial Conglomerates) | 2.1 | 0.6 |
ING Groep NV (Certificaten Van Aandelen) (Netherlands, Diversified Financial Services) | 2.1 | 2.3 |
| 31.6 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 19.9 | 34.5 |
Industrials | 17.9 | 7.3 |
Consumer Staples | 16.0 | 12.6 |
Consumer Discretionary | 14.1 | 12.7 |
Materials | 10.6 | 3.5 |
Health Care | 5.7 | 9.6 |
Information Technology | 5.0 | 4.8 |
Telecommunication Services | 4.9 | 2.3 |
Utilities | 3.6 | 3.8 |
Energy | 1.5 | 7.2 |
Semiannual Report
Europe
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.7% |
| Shares | | Value |
Austria - 0.7% |
Erste Bank AG | 428,300 | | $ 34,494,722 |
Belgium - 1.0% |
InBev SA | 615,200 | | 48,187,410 |
Finland - 1.7% |
Metso Corp. | 598,000 | | 33,065,568 |
Nokia Corp. (c) | 2,023,600 | | 51,095,900 |
TOTAL FINLAND | | 84,161,468 |
France - 11.4% |
AXA SA | 2,616,900 | | 120,534,414 |
Cap Gemini SA (c) | 922,000 | | 70,255,721 |
Carrefour SA (c) | 319,300 | | 24,674,641 |
Electricite de France | 136,330 | | 11,924,902 |
Essilor International SA (c) | 398,000 | | 48,119,617 |
Groupe Danone (c) | 404,100 | | 66,806,333 |
L'Oreal SA (c) | 627,300 | | 75,431,916 |
Louis Vuitton Moet Hennessy (LVMH) (c) | 319,700 | | 37,505,497 |
Veolia Environnement | 312,000 | | 25,928,492 |
Vinci SA | 547,200 | | 88,522,366 |
TOTAL FRANCE | | 569,703,899 |
Germany - 13.9% |
Allianz AG (Reg.) (c) | 320,900 | | 72,997,953 |
BASF AG | 401,200 | | 47,666,572 |
Bayer AG (c) | 2,686,000 | | 183,668,680 |
E.ON AG (c) | 347,700 | | 52,290,603 |
Hochtief AG | 680,600 | | 71,977,874 |
Linde AG | 648,400 | | 72,854,978 |
Siemens AG (Reg.) (c) | 858,500 | | 103,852,745 |
Wincor Nixdorf AG | 885,800 | | 87,248,490 |
TOTAL GERMANY | | 692,557,895 |
Greece - 0.3% |
Alpha Bank AE | 585,100 | | 17,964,618 |
Italy - 3.8% |
Banca Popolare di Milano | 1,884,480 | | 31,985,081 |
Fiat Spa | 1,496,800 | | 44,465,949 |
Tod's Spa | 412,600 | | 38,854,973 |
Unicredito Italiano Spa | 7,174,200 | | 74,207,543 |
TOTAL ITALY | | 189,513,546 |
Netherlands - 9.0% |
Arcelor Mittal Class A | 700,900 | | 37,951,862 |
Heineken NV (Bearer) | 1,333,300 | | 70,798,230 |
ING Groep NV (Certificaten Van Aandelen) | 2,272,000 | | 103,625,920 |
Koninklijke Numico NV (c) | 514,300 | | 28,465,567 |
Koninklijke Philips Electronics NV | 2,050,300 | | 84,144,312 |
Randstad Holdings NV | 730,900 | | 57,579,102 |
Rodamco Europe NV | 450,252 | | 66,713,059 |
TOTAL NETHERLANDS | | 449,278,052 |
|
| Shares | | Value |
Norway - 3.2% |
Aker Kvaerner ASA | 3,061,100 | | $ 72,934,787 |
DnB Nor ASA (c) | 2,528,000 | | 36,330,997 |
Telenor ASA | 2,630,600 | | 49,191,376 |
TOTAL NORWAY | | 158,457,160 |
Spain - 5.5% |
Banco Bilbao Vizcaya Argentaria SA | 2,045,200 | | 48,962,088 |
Banco Santander Central Hispano SA | 2,035,400 | | 36,635,315 |
Inditex SA | 2,079,000 | | 128,743,214 |
Telefonica SA | 2,575,800 | | 58,084,290 |
TOTAL SPAIN | | 272,424,907 |
Sweden - 11.8% |
Elekta AB (B Shares) | 1,915,200 | | 34,017,762 |
Hennes & Mauritz AB (H&M) (B Shares) | 3,257,300 | | 217,082,026 |
Hexagon AB (B Shares) (c) | 1,174,325 | | 53,811,033 |
Nordea Bank AB (c) | 1,455,500 | | 25,374,629 |
Scania AB (B Shares) (c) | 304,500 | | 29,315,119 |
Skandinaviska Enskilda Banken AB (A Shares) | 1,464,600 | | 54,214,487 |
SKF AB (B Shares) (c) | 3,925,100 | | 86,854,050 |
Telefonaktiebolaget LM Ericsson (B Shares) | 12,143,000 | | 46,349,831 |
TeliaSonera AB (c) | 5,336,500 | | 43,609,919 |
TOTAL SWEDEN | | 590,628,856 |
Switzerland - 18.3% |
ABB Ltd. (Reg.) | 9,935,475 | | 201,530,933 |
Baloise Holdings AG (Reg.) | 262,305 | | 28,752,893 |
Compagnie Financiere Richemont unit | 830,354 | | 50,425,521 |
Credit Suisse Group (Reg.) | 555,080 | | 43,573,780 |
Nestle SA (Reg.) | 237,920 | | 94,549,408 |
Roche Holding AG (participation certificate) | 1,058,507 | | 199,528,570 |
Schindler Holding AG (participation certificate) | 633,247 | | 40,710,046 |
Societe Generale de Surveillance Holding SA (SGS) (Reg.) | 57,478 | | 73,426,795 |
Syngenta AG (Switzerland) | 607,254 | | 120,539,919 |
UBS AG (Reg.) (c) | 918,203 | | 59,591,375 |
TOTAL SWITZERLAND | | 912,629,240 |
United Kingdom - 16.1% |
Anglo American PLC (United Kingdom) | 689,600 | | 36,800,725 |
Biffa PLC | 957,500 | | 6,269,900 |
British American Tobacco PLC | 1,588,200 | | 49,440,666 |
Capita Group PLC | 1,764,100 | | 24,972,786 |
Carnival PLC | 1,088,519 | | 55,194,501 |
Diageo PLC | 3,332,100 | | 70,307,310 |
Investec PLC | 2,601,500 | | 37,165,212 |
Man Group plc | 4,202,600 | | 47,476,320 |
National Grid PLC | 2,786,500 | | 43,819,591 |
Pearson PLC | 718,100 | | 12,369,460 |
Rio Tinto PLC (Reg.) | 408,600 | | 24,924,600 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Scottish & Southern Energy PLC | 955,100 | | $ 28,702,411 |
Serco Group PLC | 2,599,100 | | 25,685,038 |
Severn Trent PLC | 638,266 | | 19,015,096 |
Tesco PLC | 21,461,673 | | 197,822,208 |
Vodafone Group PLC | 32,024,200 | | 92,005,530 |
Yell Group PLC | 2,975,500 | | 29,062,640 |
TOTAL UNITED KINGDOM | | 801,033,994 |
TOTAL COMMON STOCKS (Cost $3,887,774,370) | 4,821,035,767 |
Nonconvertible Preferred Stocks - 2.5% |
| | | |
Germany - 1.4% |
Henkel KGaA (c) | 439,400 | | 69,314,365 |
Italy - 1.1% |
Intesa Sanpaolo Spa | 7,126,997 | | 57,788,921 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $84,592,077) | 127,103,286 |
Money Market Funds - 18.7% |
| | | |
Fidelity Cash Central Fund, 5.29% (a) | 7,999,742 | | 7,999,742 |
Fidelity Securities Lending Cash Central Fund, 5.31% (a)(b) | 924,006,250 | | 924,006,250 |
TOTAL MONEY MARKET FUNDS (Cost $932,005,992) | 932,005,992 |
Cash Equivalents - 0.0% |
| Maturity Amount | | |
Investments in repurchase agreements in a joint trading account at 5.12%, dated 4/30/07 due 5/1/07 (Collateralized by U.S. Treasury Obligations) #
(Cost $39,000) | $ 39,006 | | 39,000 |
TOTAL INVESTMENT PORTFOLIO - 117.9% (Cost $4,904,411,439) | | 5,880,184,045 |
NET OTHER ASSETS - (17.9)% | | (892,777,835) |
NET ASSETS - 100% | $ 4,987,406,210 |
Legend |
(a) 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. |
(b) Investment made with cash collateral received from securities on loan. |
(c) Security or a portion of the security is on loan at period end. |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$39,000 due 5/01/07 at 5.12% |
BNP Paribas Securities Corp. | $ 8,531 |
Bear Stearns & Co., Inc. | 2,617 |
Lehman Brothers, Inc. | 8,741 |
Merrill Lynch Government Securities, Inc. | 15,702 |
Mizuho Securities USA, Inc. | 785 |
Morgan Stanley & Co., Inc. | 2,624 |
| $ 39,000 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 2,301,956 |
Fidelity Securities Lending Cash Central Fund | 2,076,556 |
Total | $ 4,378,512 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Europe
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $882,093,886 and repurchase agreements of $39,000) - See accompanying schedule: Unaffiliated issuers (cost $3,972,405,447) | $ 4,948,178,053 | |
Fidelity Central Funds (cost $932,005,992) | 932,005,992 | |
Total Investments (cost $4,904,411,439) | | $ 5,880,184,045 |
Cash | | 881 |
Foreign currency held at value (cost $2,691,899) | | 2,691,837 |
Receivable for investments sold | | 76,336,417 |
Receivable for fund shares sold | | 4,163,586 |
Dividends receivable | | 24,694,351 |
Distributions receivable from Fidelity Central Funds | | 240,846 |
Prepaid expenses | | 11,111 |
Other receivables | | 2,951,204 |
Total assets | | 5,991,274,278 |
| | |
Liabilities | | |
Payable for investments purchased | $ 71,994,169 | |
Payable for fund shares redeemed | 3,312,785 | |
Accrued management fee | 3,261,302 | |
Other affiliated payables | 973,713 | |
Other payables and accrued expenses | 319,849 | |
Collateral on securities loaned,
at value | 924,006,250 | |
Total liabilities | | 1,003,868,068 |
| | |
Net Assets | | $ 4,987,406,210 |
Net Assets consist of: | | |
Paid in capital | | $ 3,824,530,344 |
Undistributed net investment income | | 38,962,984 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 147,893,853 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 976,019,029 |
Net Assets, for 116,180,053 shares outstanding | | $ 4,987,406,210 |
Net Asset Value, offering price and redemption price per share ($4,987,406,210 ÷ 116,180,053 shares) | | $ 42.93 |
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
Investment Income | | |
Dividends | | $ 64,332,946 |
Interest | | 54,341 |
Income from Fidelity Central Funds (including $2,076,556 from security lending) | | 4,378,512 |
| | 68,765,799 |
Less foreign taxes withheld | | (7,112,717) |
Total income | | 61,653,082 |
| | |
Expenses | | |
Management fee
Basic fee | $ 15,905,814 | |
Performance adjustment | 1,790,552 | |
Transfer agent fees | 4,915,606 | |
Accounting and security lending fees | 765,778 | |
Custodian fees and expenses | 541,740 | |
Independent trustees' compensation | 6,747 | |
Registration fees | 55,365 | |
Audit | 46,831 | |
Legal | 26,047 | |
Interest | 26,146 | |
Miscellaneous | 12,711 | |
Total expenses before reductions | 24,093,337 | |
Expense reductions | (1,737,087) | 22,356,250 |
Net investment income (loss) | | 39,296,832 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 156,079,693 | |
Foreign currency transactions | 383,382 | |
Total net realized gain (loss) | | 156,463,075 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 477,980,640 | |
Assets and liabilities in foreign currencies | 191,393 | |
Total change in net unrealized appreciation (depreciation) | | 478,172,033 |
Net gain (loss) | | 634,635,108 |
Net increase (decrease) in net assets resulting from operations | | $ 673,931,940 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Europe
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 39,296,832 | $ 48,383,095 |
Net realized gain (loss) | 156,463,075 | 528,728,812 |
Change in net unrealized appreciation (depreciation) | 478,172,033 | 164,130,628 |
Net increase (decrease) in net assets resulting from operations | 673,931,940 | 741,242,535 |
Distributions to shareholders from net investment income | (44,655,948) | (20,654,281) |
Distributions to shareholders from net realized gain | (492,200,796) | (273,319,238) |
Total distributions | (536,856,744) | (293,973,519) |
Share transactions
Proceeds from sales of shares | 535,989,178 | 1,199,680,149 |
Reinvestment of distributions | 530,000,842 | 289,349,942 |
Cost of shares redeemed | (248,944,964) | (450,913,920) |
Net increase (decrease) in net assets resulting from share transactions | 817,045,056 | 1,038,116,171 |
Redemption fees | 22,914 | 66,135 |
Total increase (decrease) in net assets | 954,143,166 | 1,485,451,322 |
| | |
Net Assets | | |
Beginning of period | 4,033,263,044 | 2,547,811,722 |
End of period (including undistributed net investment income of $38,962,984 and undistributed net investment income of $47,287,901, respectively) | $ 4,987,406,210 | $ 4,033,263,044 |
Other Information Shares | | |
Sold | 13,236,268 | 30,327,952 |
Issued in reinvestment of distributions | 13,802,106 | 8,260,061 |
Redeemed | (6,177,542) | (11,647,553) |
Net increase (decrease) | 20,860,832 | 26,940,460 |
Financial Highlights
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 42.31 | $ 37.26 | $ 30.42 | $ 24.37 | $ 18.31 | $ 22.68 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .36 | .58 | .33 | .09 | .29 | .12 H |
Net realized and unrealized gain (loss) | 5.79 | 8.74 | 6.68 | 6.25 | 5.91 | (4.25) |
Total from investment operations | 6.15 | 9.32 | 7.01 | 6.34 | 6.20 | (4.13) |
Distributions from net investment income | (.46) | (.30) | (.09) | (.29) | (.14) | (.24) |
Distributions from net realized gain | (5.07) | (3.97) | (.08) | - | - | - |
Total distributions | (5.53) | (4.27) | (.17) | (.29) | (.14) | (.24) |
Redemption fees added to paid in capital E, J | - | - | - | - | - | - |
Net asset value, end of period | $ 42.93 | $ 42.31 | $ 37.26 | $ 30.42 | $ 24.37 | $ 18.31 |
Total Return B, C, D | 16.08% | 27.40% | 23.12% | 26.20% | 34.09% | (18.49)% |
Ratios to Average Net Assets F, I | | | | | | |
Expenses before reductions | 1.08% A | 1.16% | 1.15% | 1.11% | 1.03% | 1.20% |
Expenses net of fee waivers, if any | 1.08% A | 1.16% | 1.15% | 1.11% | 1.03% | 1.20% |
Expenses net of all reductions | 1.00% A | 1.05% | 1.07% | 1.05% | .98% | 1.13% |
Net investment income (loss) | 1.76% A | 1.48% | .95% | .32% | 1.44% | .52% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,987,406 | $ 4,033,263 | $ 2,547,812 | $ 1,845,440 | $ 1,283,191 | $ 875,995 |
Portfolio turnover rate G | 90% A | 127% | 99% | 106% | 162% | 127% |
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 contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.05 per share. I 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. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Europe Capital Appreciation
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| France | 16.7% | |
| United Kingdom | 13.4% | |
| United States of America | 12.7% | |
| Germany | 12.0% | |
| Switzerland | 10.8% | |
| Netherlands | 8.6% | |
| Italy | 4.5% | |
| Luxembourg | 4.4% | |
| Finland | 3.8% | |
| Other | 13.1% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| France | 16.4% | |
| Netherlands | 12.4% | |
| United Kingdom | 12.0% | |
| United States of America | 11.9% | |
| Switzerland | 11.4% | |
| Germany | 11.0% | |
| Austria | 4.3% | |
| Italy | 4.2% | |
| Sweden | 4.1% | |
| Other | 12.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 84.6 | 83.1 |
Bonds | 4.9 | 10.2 |
Short-Term Investments
and Net Other Assets | 10.5 | 6.7 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Istituto Finanziario Industriale Spa (IFI) (Italy, Diversified Financial Services) | 3.3 | 2.8 |
E.ON AG (Germany, Electric Utilities) | 2.9 | 2.4 |
Renault SA (France, Automobiles) | 2.9 | 2.7 |
Icade SA (France, Real Estate Management & Development) | 2.9 | 3.4 |
Nestle SA (Reg.) (Switzerland, Food Products) | 2.9 | 0.0 |
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) | 2.8 | 2.7 |
Koninklijke Philips Electronics NV (Netherlands, Household Durables) | 2.8 | 1.9 |
SES SA FDR (France) unit (Luxembourg, Media) | 2.8 | 3.2 |
Bayer AG (Germany, Chemicals) | 2.7 | 0.0 |
Tesco PLC (United Kingdom, Food & Staples Retailing) | 2.6 | 3.1 |
| 28.6 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 17.3 | 18.9 |
Financials | 14.2 | 14.1 |
Materials | 12.3 | 7.0 |
Health Care | 12.3 | 14.2 |
Consumer Staples | 8.8 | 6.7 |
Industrials | 7.2 | 12.0 |
Energy | 5.2 | 5.6 |
Utilities | 4.8 | 2.4 |
Information Technology | 2.5 | 2.2 |
Semiannual Report
Europe Capital Appreciation
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 81.3% |
| Shares | | Value |
Argentina - 0.9% |
Cresud S.A.C.I.F. y A. sponsored ADR | 569,100 | | $ 13,806,366 |
Austria - 2.5% |
Flughafen Wien AG (e) | 360,477 | | 39,308,281 |
Bermuda - 0.9% |
SeaDrill Ltd. (a)(e) | 907,600 | | 15,072,509 |
Canada - 1.5% |
European Goldfields Ltd. (a) | 2,642,200 | | 13,212,190 |
New Flyer Industries, Inc. | 1,062,300 | | 10,327,252 |
TOTAL CANADA | | 23,539,442 |
Finland - 2.6% |
M-real Oyj (B Shares) | 2,044,223 | | 14,059,315 |
UPM-Kymmene Corp. | 1,091,400 | | 26,924,838 |
TOTAL FINLAND | | 40,984,153 |
France - 15.5% |
Alcatel-Lucent SA | 621,300 | | 8,232,225 |
Alcatel-Lucent SA sponsored ADR (e) | 2,428,600 | | 32,178,950 |
BIC SA | 528,283 | | 38,712,060 |
Compagnie Generale de Geophysique SA (a) | 65,400 | | 13,673,202 |
Eutelsat Communications | 1,204,364 | | 29,894,812 |
Icade SA (e) | 604,498 | | 46,408,760 |
Renault SA (e) | 359,600 | | 46,970,776 |
Sanofi-Aventis sponsored ADR | 693,945 | | 31,824,318 |
TOTAL FRANCE | | 247,895,103 |
Germany - 9.5% |
Bayer AG (e) | 631,266 | | 43,165,969 |
E.ON AG (e) | 312,900 | | 47,057,031 |
Lanxess AG | 576,200 | | 31,624,283 |
RWE AG | 280,600 | | 29,717,394 |
TOTAL GERMANY | | 151,564,677 |
Italy - 1.2% |
Ducati Motor Holding Spa (a) | 5,029,300 | | 9,903,284 |
IFIL Finanziaria di Partecipazioni Spa | 804,600 | | 8,896,747 |
TOTAL ITALY | | 18,800,031 |
Luxembourg - 4.4% |
Acergy SA | 1,158,400 | | 24,801,344 |
SES SA FDR (France) unit | 2,289,000 | | 44,979,399 |
TOTAL LUXEMBOURG | | 69,780,743 |
Netherlands - 7.4% |
Koninklijke Philips Electronics NV | 1,099,700 | | 45,131,688 |
Nutreco Holding NV (e) | 516,900 | | 38,378,732 |
Reed Elsevier NV | 1,800,800 | | 33,936,303 |
TOTAL NETHERLANDS | | 117,446,723 |
|
| Shares | | Value |
Norway - 1.8% |
Fred Olsen Energy ASA (a)(e) | 261,600 | | $ 13,103,525 |
TGS Nopec Geophysical Co. ASA (a) | 693,050 | | 16,075,992 |
TOTAL NORWAY | | 29,179,517 |
South Africa - 0.9% |
Gold Fields Ltd. sponsored ADR | 846,000 | | 15,202,620 |
Sweden - 2.5% |
Investor AB (B Shares) | 1,459,000 | | 39,525,427 |
Switzerland - 10.8% |
Actelion Ltd. (Reg.) (a) | 117,665 | | 28,056,067 |
Bellevue Group AG | 75,418 | | 6,072,278 |
Bucher Industries AG (e) | 169,801 | | 25,585,778 |
Nestle SA (Reg.) | 115,431 | | 45,872,279 |
Pargesa Holding SA | 343,517 | | 37,399,086 |
Syngenta AG (Switzerland) | 152,210 | | 30,213,685 |
TOTAL SWITZERLAND | | 173,199,173 |
Turkey - 0.9% |
Selcuk Ecza Deposu Tic AS | 3,308,007 | | 14,248,762 |
United Kingdom - 13.4% |
AstraZeneca PLC (United Kingdom) | 685,000 | | 37,202,350 |
Benfield Group PLC | 5,444,757 | | 34,510,266 |
GlaxoSmithKline PLC | 1,562,900 | | 45,152,181 |
Pearson PLC | 1,873,400 | | 32,269,805 |
Peter Hambro Mining PLC (a) | 968,958 | | 22,396,148 |
Tesco PLC | 4,530,600 | | 41,760,644 |
TOTAL UNITED KINGDOM | | 213,291,394 |
United States of America - 4.6% |
Synthes, Inc. | 299,762 | | 39,336,240 |
Virgin Media, Inc. | 1,348,800 | | 34,030,224 |
TOTAL UNITED STATES OF AMERICA | | 73,366,464 |
TOTAL COMMON STOCKS (Cost $1,065,392,400) | 1,296,211,385 |
Nonconvertible Preferred Stocks - 3.3% |
| | | |
Italy - 3.3% |
Istituto Finanziario Industriale Spa (IFI) (a)
(Cost $29,924,481) | 1,332,211 | | 53,174,603 |
Government Obligations - 7.3% |
| Principal Amount (d) | | |
Austria - 1.2% |
Austrian Republic 5.625% 7/15/07 | EUR | 14,275,000 | | 19,526,027 |
Finland - 1.2% |
Finnish Government 5% 7/4/07 | EUR | 14,275,000 | | 19,508,884 |
France - 1.2% |
French Republic 0% 6/14/07 | EUR | 14,275,000 | | 19,392,433 |
Government Obligations - continued |
| Principal Amount (d) | | Value |
Germany - 2.5% |
German Federal Republic: | | | | |
0% 6/13/07 | EUR | 14,275,000 | | $ 19,392,201 |
6% 7/4/07 | EUR | 14,275,000 | | 19,538,104 |
TOTAL GERMANY | | 38,930,305 |
Netherlands - 1.2% |
Dutch Government 3% 7/15/07 | EUR | 14,275,000 | | 19,438,758 |
TOTAL GOVERNMENT OBLIGATIONS (Cost $110,124,531) | 116,796,407 |
Money Market Funds - 24.8% |
| Shares | | |
Fidelity Cash Central Fund, 5.29% (b) | 119,999,406 | | 119,999,406 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 276,014,224 | | 276,014,224 |
TOTAL MONEY MARKET FUNDS (Cost $396,013,630) | 396,013,630 |
TOTAL INVESTMENT PORTFOLIO - 116.7% (Cost $1,601,455,042) | | 1,862,196,025 |
NET OTHER ASSETS - (16.7)% | | (266,676,756) |
NET ASSETS - 100% | $ 1,595,519,269 |
Forward Foreign Currency Contracts |
| Settlement Dates | | Value | | Unrealized Appreciation/(Depreciation) |
Contracts to Buy |
8,733,600 CHF | May 2007 | | $ 7,240,482 | | $ 40,482 |
28,749,685 EUR | May 2007 | | 39,256,659 | | 456,659 |
13,084,218 GBP | May 2007 | | 26,160,028 | | 260,028 |
| | $ 72,657,169 | | $ 757,169 |
|
(Payable Amount $71,900,000) |
|
The value of contracts to buy as a percentage of net assets - 4.6% |
Currency Abbreviations |
CHF | - | Swiss franc |
EUR | - | European Monetary Unit |
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. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 2,392,622 |
Fidelity Securities Lending Cash Central Fund | 1,384,246 |
Total | $ 3,776,868 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Europe Capital Appreciation
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $260,490,131) - See accompanying schedule: Unaffiliated issuers (cost $1,205,441,412) | $ 1,466,182,395 | |
Fidelity Central Funds (cost $396,013,630) | 396,013,630 | |
Total Investments (cost $1,601,455,042) | | $ 1,862,196,025 |
Cash | | 1,672,403 |
Foreign currency held at value (cost $186,134) | | 186,134 |
Unrealized appreciation on foreign currency contracts | | 757,169 |
Receivable for fund shares sold | | 6,303,711 |
Dividends receivable | | 3,964,952 |
Interest receivable | | 3,091,463 |
Distributions receivable from Fidelity Central Funds | | 494,665 |
Prepaid expenses | | 2,474 |
Other receivables | | 750,141 |
Total assets | | 1,879,419,137 |
| | |
Liabilities | | |
Payable for investments purchased | $ 2,460,320 | |
Payable for fund shares redeemed | 4,061,086 | |
Accrued management fee | 954,881 | |
Other affiliated payables | 304,497 | |
Other payables and accrued expenses | 104,860 | |
Collateral on securities loaned,
at value | 276,014,224 | |
Total liabilities | | 283,899,868 |
| | |
Net Assets | | $ 1,595,519,269 |
Net Assets consist of: | | |
Paid in capital | | $ 1,273,495,111 |
Undistributed net investment income | | 11,968,125 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 48,376,397 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 261,679,636 |
Net Assets, for 53,241,655 shares outstanding | | $ 1,595,519,269 |
Net Asset Value, offering price and redemption price per share ($1,595,519,269 ÷ 53,241,655 shares) | | $ 29.97 |
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 15,238,745 |
Interest | | 2,011,064 |
Income from Fidelity Central Funds (including $1,384,246 from security lending) | | 3,776,868 |
| | 21,026,677 |
Less foreign taxes withheld | | (1,708,310) |
Total income | | 19,318,367 |
| | |
Expenses | | |
Management fee
Basic fee | $ 4,848,640 | |
Performance adjustment | 117,210 | |
Transfer agent fees | 1,411,813 | |
Accounting and security lending fees | 313,699 | |
Custodian fees and expenses | 135,887 | |
Independent trustees' compensation | 1,948 | |
Registration fees | 77,126 | |
Audit | 30,960 | |
Legal | 7,966 | |
Interest | 9,396 | |
Miscellaneous | 3,215 | |
Total expenses before reductions | 6,957,860 | |
Expense reductions | (295,381) | 6,662,479 |
Net investment income (loss) | | 12,655,888 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 52,206,509 | |
Foreign currency transactions | 611,181 | |
Total net realized gain (loss) | | 52,817,690 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 167,665,189 | |
Assets and liabilities in foreign currencies | 911,636 | |
Total change in net unrealized appreciation (depreciation) | | 168,576,825 |
Net gain (loss) | | 221,394,515 |
Net increase (decrease) in net assets resulting from operations | | $ 234,050,403 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Europe Capital Appreciation
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 12,655,888 | $ 10,698,160 |
Net realized gain (loss) | 52,817,690 | 112,082,857 |
Change in net unrealized appreciation (depreciation) | 168,576,825 | 56,483,312 |
Net increase (decrease) in net assets resulting from operations | 234,050,403 | 179,264,329 |
Distributions to shareholders from net investment income | (9,391,804) | (6,124,444) |
Distributions to shareholders from net realized gain | (96,052,487) | (53,486,694) |
Total distributions | (105,444,291) | (59,611,138) |
Share transactions
Proceeds from sales of shares | 547,740,711 | 647,405,817 |
Reinvestment of distributions | 99,678,930 | 55,944,039 |
Cost of shares redeemed | (251,016,661) | (245,527,974) |
Net increase (decrease) in net assets resulting from share transactions | 396,402,980 | 457,821,882 |
Redemption fees | 45,790 | 201,750 |
Total increase (decrease) in net assets | 525,054,882 | 577,676,823 |
| | |
Net Assets | | |
Beginning of period | 1,070,464,387 | 492,787,564 |
End of period (including undistributed net investment income of $11,968,125 and undistributed net investment income of $10,571,012, respectively) | $ 1,595,519,269 | $ 1,070,464,387 |
Other Information Shares | | |
Sold | 19,585,405 | 24,922,851 |
Issued in reinvestment of distributions | 3,751,559 | 2,608,114 |
Redeemed | (9,060,749) | (9,853,075) |
Net increase (decrease) | 14,276,215 | 17,677,890 |
Financial Highlights
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 27.47 | $ 23.15 | $ 19.63 | $ 17.26 | $ 13.85 | $ 15.43 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .26 | .38 G | .37 | .13 H | .14 | .19 |
Net realized and unrealized gain (loss) | 4.71 | 6.85 | 3.38 | 2.46 | 3.46 | (1.60) |
Total from investment operations | 4.97 | 7.23 | 3.75 | 2.59 | 3.60 | (1.41) |
Distributions from net investment income | (.22) | (.30) | (.17) | (.22) | (.19) | (.17) |
Distributions from net realized gain | (2.25) | (2.62) | (.06) | - | - | - |
Total distributions | (2.47) | (2.92) | (.23) | (.22) | (.19) | (.17) |
Redemption fees added to paid in capital D | - J | .01 | - J | - J | - J | - J |
Net asset value, end of period | $ 29.97 | $ 27.47 | $ 23.15 | $ 19.63 | $ 17.26 | $ 13.85 |
Total Return B, C | 19.24% | 34.81% | 19.24% | 15.13% | 26.36% | (9.29)% |
Ratios to Average Net Assets E, I | | | | | | |
Expenses before reductions | 1.02% A | 1.09% | .95% | 1.22% | 1.39% | 1.37% |
Expenses net of fee waivers, if any | 1.02% A | 1.09% | .95% | 1.22% | 1.39% | 1.37% |
Expenses net of all reductions | .98% A | .99% | .84% | 1.15% | 1.32% | 1.32% |
Net investment income (loss) | 1.86% A | 1.51% G | 1.66% | .69% H | .94% | 1.18% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,595,519 | $ 1,070,464 | $ 492,788 | $ 407,362 | $ 394,015 | $ 424,006 |
Portfolio turnover rate F | 57% A | 143% | 133% | 119% | 184% | 121% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.11 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%. H 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%. I 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. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Japan
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Japan | 98.6% | |
| United States of America | 1.4% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan | 97.7% | |
| United States of America | 2.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.6 | 97.7 |
Short-Term Investments and Net Other Assets | 1.4 | 2.3 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Toyota Motor Corp. (Automobiles) | 5.7 | 0.2 |
Nintendo Co. Ltd. (Software) | 3.9 | 5.1 |
Canon, Inc. (Office Electronics) | 3.4 | 0.0 |
NTT DoCoMo, Inc. (Wireless Telecommunication Services) | 3.1 | 0.0 |
Mizuho Financial Group, Inc. (Commercial Banks) | 2.7 | 5.3 |
Mitsui & Co. Ltd. (Trading Companies & Distributors) | 2.5 | 0.0 |
Honda Motor Co. Ltd. (Automobiles) | 2.4 | 0.0 |
Sumitomo Mitsui Financial Group, Inc. (Commercial Banks) | 2.4 | 4.9 |
Sumitomo Corp. (Trading Companies & Distributors) | 2.3 | 0.0 |
Sumitomo Metal Industries Ltd. (Metals & Mining) | 2.2 | 3.7 |
| 30.6 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 21.5 | 10.5 |
Consumer Discretionary | 20.7 | 26.4 |
Information Technology | 18.9 | 13.6 |
Financials | 18.0 | 17.9 |
Materials | 9.2 | 11.0 |
Telecommunication Services | 4.5 | 2.3 |
Health Care | 2.7 | 6.3 |
Consumer Staples | 1.3 | 3.8 |
Utilities | 1.1 | 0.0 |
Energy | 0.7 | 5.9 |
Semiannual Report
Japan
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.6% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 20.7% |
Auto Components - 3.2% |
Bridgestone Corp. | 1,268,100 | | $ 25,720,481 |
Denso Corp. | 542,300 | | 19,176,330 |
Stanley Electric Co. Ltd. | 662,200 | | 13,155,470 |
| | 58,052,281 |
Automobiles - 8.9% |
Honda Motor Co. Ltd. | 1,258,000 | | 43,312,939 |
Isuzu Motors Ltd. | 1,366,000 | | 7,178,792 |
Toyota Motor Corp. | 1,669,700 | | 101,367,488 |
Yamaha Motor Co. Ltd. | 288,300 | | 7,616,874 |
| | 159,476,093 |
Hotels, Restaurants & Leisure - 0.1% |
Plenus Co. Ltd. | 85,900 | | 1,598,923 |
Household Durables - 4.2% |
Casio Computer Co. Ltd. (d) | 831,000 | | 16,776,658 |
Haseko Corp. (a) | 5,285,500 | | 17,505,872 |
Matsushita Electric Industrial Co. Ltd. | 458,000 | | 8,898,940 |
Sekisui House Ltd. | 307,000 | | 4,531,441 |
Sony Corp. | 530,400 | | 28,249,103 |
| | 75,962,014 |
Internet & Catalog Retail - 0.5% |
Rakuten, Inc. | 20,447 | | 8,214,680 |
Leisure Equipment & Products - 0.8% |
Fujifilm Holdings Corp. | 156,800 | | 6,411,552 |
Namco Bandai Holdings, Inc. | 244,100 | | 3,967,210 |
Sega Sammy Holdings, Inc. | 178,500 | | 4,040,190 |
| | 14,418,952 |
Media - 0.7% |
Fuji Television Network, Inc. | 5,296 | | 12,409,779 |
Multiline Retail - 0.8% |
Marui Co. Ltd. | 675,500 | | 8,025,800 |
Mitsukoshi Ltd. (d) | 1,043,000 | | 4,996,276 |
Parco Co. Ltd. | 93,200 | | 1,046,717 |
| | 14,068,793 |
Specialty Retail - 1.5% |
Nishimatsuya Chain Co. Ltd. | 170,000 | | 3,058,269 |
Yamada Denki Co. Ltd. | 252,530 | | 23,336,510 |
| | 26,394,779 |
TOTAL CONSUMER DISCRETIONARY | | 370,596,294 |
CONSUMER STAPLES - 1.3% |
Food & Staples Retailing - 1.0% |
Aeon Co. Ltd. | 935,300 | | 17,109,455 |
Household Products - 0.2% |
Uni-Charm Corp. | 58,900 | | 3,469,581 |
Personal Products - 0.1% |
Milbon Co. Ltd. (d) | 74,600 | | 2,300,345 |
TOTAL CONSUMER STAPLES | | 22,879,381 |
|
| Shares | | Value |
ENERGY - 0.7% |
Oil, Gas & Consumable Fuels - 0.7% |
Japan Petroleum Exploration Co. Ltd. | 47,700 | | $ 3,378,555 |
Nippon Oil Corp. | 1,094,000 | | 8,402,070 |
| | 11,780,625 |
FINANCIALS - 18.0% |
Capital Markets - 1.8% |
Daiwa Securities Group, Inc. | 800,000 | | 8,911,506 |
Matsui Securities Co. Ltd. | 475,200 | | 3,502,072 |
Nomura Holdings, Inc. | 982,900 | | 18,930,654 |
| | 31,344,232 |
Commercial Banks - 8.1% |
Chiba Bank Ltd. | 466,000 | | 3,852,143 |
Mitsubishi UFJ Financial Group, Inc. | 2,456 | | 25,665,200 |
Mizuho Financial Group, Inc. | 7,935 | | 47,756,713 |
Sumitomo Mitsui Financial Group, Inc. | 4,887 | | 42,698,544 |
Sumitomo Trust & Banking Co. Ltd. | 2,348,000 | | 22,933,160 |
Tokyo Tomin Bank Ltd. (d) | 76,700 | | 2,651,567 |
| | 145,557,327 |
Consumer Finance - 1.9% |
ACOM Co. Ltd. (d) | 97,390 | | 3,515,966 |
Aiful Corp. | 409,900 | | 10,205,593 |
Credit Saison Co. Ltd. | 413,700 | | 11,763,711 |
ORIX Corp. | 34,070 | | 9,085,522 |
| | 34,570,792 |
Insurance - 1.0% |
Sompo Japan Insurance, Inc. | 723,000 | | 8,831,173 |
T&D Holdings, Inc. | 134,850 | | 8,541,342 |
| | 17,372,515 |
Real Estate Management & Development - 5.2% |
Cosmos Initia Co. Ltd. (a) | 77,000 | | 489,210 |
Leopalace21 Corp. | 721,800 | | 23,668,272 |
Mitsubishi Estate Co. Ltd. | 732,000 | | 22,697,418 |
Mitsui Fudosan Co. Ltd. | 706,000 | | 20,610,437 |
Sankei Building Co. Ltd. | 139,400 | | 1,270,097 |
Sumitomo Realty & Development Co. Ltd. | 314,000 | | 11,591,522 |
Tokyo Tatemono Co. Ltd. | 421,000 | | 5,884,949 |
Tokyu Land Corp. | 569,000 | | 6,436,704 |
| | 92,648,609 |
TOTAL FINANCIALS | | 321,493,475 |
HEALTH CARE - 2.7% |
Health Care Equipment & Supplies - 0.7% |
Olympus Corp. | 362,000 | | 12,663,580 |
Sysmex Corp. | 25,400 | | 973,285 |
| | 13,636,865 |
Common Stocks - continued |
| Shares | | Value |
HEALTH CARE - continued |
Pharmaceuticals - 2.0% |
Daiichi Sankyo Co. Ltd. | 301,400 | | $ 8,993,044 |
Takeda Pharamaceutical Co. Ltd. | 405,200 | | 26,271,378 |
| | 35,264,422 |
TOTAL HEALTH CARE | | 48,901,287 |
INDUSTRIALS - 21.5% |
Building Products - 1.5% |
Asahi Glass Co. Ltd. | 2,015,000 | | 27,108,627 |
Commercial Services & Supplies - 0.4% |
Dai Nippon Printing Co. Ltd. | 478,000 | | 7,620,257 |
Construction & Engineering - 1.1% |
JGC Corp. | 1,288,000 | | 19,788,247 |
Meisei Industrial Co. Ltd. (a) | 98,000 | | 437,945 |
| | 20,226,192 |
Electrical Equipment - 2.8% |
Mitsubishi Electric Corp. | 1,919,000 | | 18,604,127 |
Sumitomo Electric Industries Ltd. | 2,201,100 | | 31,131,203 |
| | 49,735,330 |
Machinery - 9.0% |
Fanuc Ltd. | 208,100 | | 20,381,262 |
Kubota Corp. | 2,041,000 | | 19,291,991 |
Mitsubishi Heavy Industries Ltd. | 2,559,000 | | 15,752,616 |
Mitsui Engineering & Shipbuilding Co. (d) | 3,911,000 | | 17,520,429 |
Nabtesco Corp. | 737,000 | | 10,001,486 |
NGK Insulators Ltd. | 700,000 | | 15,280,036 |
NSK Ltd. | 1,798,000 | | 17,402,222 |
Sumitomo Heavy Industries Ltd. | 2,286,000 | | 23,534,289 |
THK Co. Ltd. | 553,800 | | 13,496,893 |
Toshiba Machine Co. Ltd. | 825,000 | | 8,037,530 |
| | 160,698,754 |
Road & Rail - 1.0% |
East Japan Railway Co. | 2,040 | | 16,544,354 |
Nippon Express Co. Ltd. | 285,000 | | 1,764,472 |
| | 18,308,826 |
Trading Companies & Distributors - 5.3% |
Mitsubishi Corp. | 385,900 | | 8,227,001 |
Mitsui & Co. Ltd. | 2,503,000 | | 45,013,691 |
Sumitomo Corp. | 2,448,900 | | 41,947,960 |
| | 95,188,652 |
Transportation Infrastructure - 0.4% |
Mitsui-Soko Co. Ltd. (d) | 781,000 | | 5,606,126 |
The Sumitomo Warehouse Co. Ltd. | 188,000 | | 1,451,419 |
| | 7,057,545 |
TOTAL INDUSTRIALS | | 385,944,183 |
|
| Shares | | Value |
INFORMATION TECHNOLOGY - 18.9% |
Computers & Peripherals - 0.4% |
Fujitsu Ltd. | 1,120,000 | | $ 7,040,871 |
Electronic Equipment & Instruments - 8.1% |
Citizen Holdings Co. Ltd. | 1,637,400 | | 14,618,519 |
Dainippon Screen Manufacturing Co. Ltd. (d) | 1,268,000 | | 10,673,179 |
Hoya Corp. | 348,200 | | 10,701,222 |
Kyocera Corp. | 173,200 | | 16,887,000 |
Murata Manufacturing Co. Ltd. | 307,200 | | 22,641,704 |
Nidec Corp. (d) | 151,800 | | 9,578,039 |
Nidec Sankyo Corp. (d) | 517,000 | | 3,410,809 |
Nippon Electric Glass Co. Ltd. | 1,769,000 | | 30,279,585 |
Omron Corp. | 246,800 | | 6,612,624 |
Yamatake Corp. | 306,100 | | 7,245,619 |
Yaskawa Electric Corp. (d) | 1,068,000 | | 12,206,665 |
| | 144,854,965 |
IT Services - 0.6% |
Nomura Research Institute Ltd. | 232,400 | | 6,213,169 |
TIS, Inc. | 191,600 | | 4,384,231 |
| | 10,597,400 |
Office Electronics - 4.5% |
Canon, Inc. | 1,091,300 | | 61,331,059 |
Konica Minolta Holdings, Inc. | 1,493,000 | | 20,431,110 |
| | 81,762,169 |
Semiconductors & Semiconductor Equipment - 1.0% |
Advantest Corp. | 96,500 | | 4,271,636 |
Rohm Co. Ltd. | 98,000 | | 8,852,672 |
Sumco Corp. | 114,200 | | 4,963,116 |
| | 18,087,424 |
Software - 4.3% |
Nintendo Co. Ltd. | 222,000 | | 69,355,489 |
Trend Micro, Inc. (d) | 244,500 | | 7,604,267 |
| | 76,959,756 |
TOTAL INFORMATION TECHNOLOGY | | 339,302,585 |
MATERIALS - 9.2% |
Chemicals - 5.5% |
JSR Corp. | 1,083,100 | | 24,231,141 |
Kuraray Co. Ltd. | 927,500 | | 10,308,159 |
Mitsubishi Rayon Co. Ltd. | 1,360,000 | | 9,454,260 |
Nitto Denko Corp. | 242,500 | | 10,703,965 |
Shin-Etsu Chemical Co. Ltd. | 449,300 | | 29,002,879 |
Sumitomo Chemical Co. Ltd. | 510,000 | | 3,368,852 |
Tokuyama Corp. | 250,000 | | 3,748,611 |
Tokyo Ohka Kogyo Co. Ltd. | 73,200 | | 1,773,168 |
Toray Industries, Inc. | 947,000 | | 6,495,786 |
| | 99,086,821 |
Metals & Mining - 3.7% |
JFE Holdings, Inc. | 198,700 | | 10,923,496 |
Common Stocks - continued |
| Shares | | Value |
MATERIALS - continued |
Metals & Mining - continued |
Nippon Steel Corp. | 2,488,000 | | $ 16,053,637 |
Sumitomo Metal Industries Ltd. | 7,543,000 | | 38,303,791 |
| | 65,280,924 |
TOTAL MATERIALS | | 164,367,745 |
TELECOMMUNICATION SERVICES - 4.5% |
Wireless Telecommunication Services - 4.5% |
KDDI Corp. | 3,218 | | 25,292,314 |
NTT DoCoMo, Inc. | 32,702 | | 55,626,101 |
| | 80,918,415 |
UTILITIES - 1.1% |
Electric Utilities - 1.1% |
Chubu Electric Power Co., Inc. | 219,900 | | 7,066,445 |
Kansai Electric Power Co., Inc. | 166,800 | | 4,668,723 |
Tokyo Electric Power Co. | 234,100 | | 7,781,466 |
| | 19,516,634 |
TOTAL COMMON STOCKS (Cost $1,670,552,569) | 1,765,700,624 |
Money Market Funds - 4.0% |
| Shares | | Value |
Fidelity Cash Central Fund, 5.29% (b) | 15,299,411 | | $ 15,299,411 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 56,628,833 | | 56,628,833 |
TOTAL MONEY MARKET FUNDS (Cost $71,928,244) | 71,928,244 |
TOTAL INVESTMENT PORTFOLIO - 102.6% (Cost $1,742,480,813) | | 1,837,628,868 |
NET OTHER ASSETS - (2.6)% | | (46,805,786) |
NET ASSETS - 100% | $ 1,790,823,082 |
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 investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 379,402 |
Fidelity Securities Lending Cash Central Fund | 248,394 |
Total | $ 627,796 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Japan
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $53,694,389) - See accompanying schedule: Unaffiliated issuers (cost $1,670,552,569) | $ 1,765,700,624 | |
Fidelity Central Funds (cost $71,928,244) | 71,928,244 | |
Total Investments (cost $1,742,480,813) | | $ 1,837,628,868 |
Receivable for investments sold | | 33,896,396 |
Receivable for fund shares sold | | 1,218,263 |
Dividends receivable | | 11,490,040 |
Distributions receivable from Fidelity Central Funds | | 99,641 |
Prepaid expenses | | 5,635 |
Other receivables | | 261,469 |
Total assets | | 1,884,600,312 |
| | |
Liabilities | | |
Payable for investments purchased | $ 22,195,693 | |
Payable for fund shares redeemed | 13,221,509 | |
Accrued management fee | 1,213,930 | |
Other affiliated payables | 404,429 | |
Other payables and accrued expenses | 112,836 | |
Collateral on securities loaned,
at value | 56,628,833 | |
Total liabilities | | 93,777,230 |
| | |
Net Assets | | $ 1,790,823,082 |
Net Assets consist of: | | |
Paid in capital | | $ 1,506,664,219 |
Undistributed net investment income | | 3,760,453 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 185,360,682 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 95,037,728 |
Net Assets, for 103,571,045 shares outstanding | | $ 1,790,823,082 |
Net Asset Value, offering price and redemption price per share ($1,790,823,082 ÷ 103,571,045 shares) | | $ 17.29 |
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 13,604,689 |
Interest | | 12,739 |
Income from Fidelity Central Funds (including $248,394 from security lending) | | 627,796 |
| | 14,245,224 |
Less foreign taxes withheld | | (910,608) |
Total income | | 13,334,616 |
| | |
Expenses | | |
Management fee
Basic fee | $ 6,380,054 | |
Performance adjustment | 320,220 | |
Transfer agent fees | 1,963,526 | |
Accounting and security lending fees | 399,733 | |
Custodian fees and expenses | 161,018 | |
Independent trustees' compensation | 2,709 | |
Registration fees | 27,011 | |
Audit | 37,737 | |
Miscellaneous | 2,181 | |
Total expenses before reductions | 9,294,189 | |
Expense reductions | (159,279) | 9,134,910 |
Net investment income (loss) | | 4,199,706 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 185,792,349 | |
Foreign currency transactions | 230,767 | |
Total net realized gain (loss) | | 186,023,116 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (120,679,187) | |
Assets and liabilities in foreign currencies | (60,539) | |
Total change in net unrealized appreciation (depreciation) | | (120,739,726) |
Net gain (loss) | | 65,283,390 |
Net increase (decrease) in net assets resulting from operations | | $ 69,483,096 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Japan
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 4,199,706 | $ 1,415,844 |
Net realized gain (loss) | 186,023,116 | 89,269,693 |
Change in net unrealized appreciation (depreciation) | (120,739,726) | 21,910,399 |
Net increase (decrease) in net assets resulting from operations | 69,483,096 | 112,595,936 |
Distributions to shareholders from net investment income | (1,030,851) | (1,655,031) |
Distributions to shareholders from net realized gain | (23,709,588) | (827,515) |
Total distributions | (24,740,439) | (2,482,546) |
Share transactions
Proceeds from sales of shares | 286,329,336 | 1,451,989,405 |
Reinvestment of distributions | 22,903,100 | 2,233,026 |
Cost of shares redeemed | (326,872,501) | (878,409,948) |
Net increase (decrease) in net assets resulting from share transactions | (17,640,065) | 575,812,483 |
Redemption fees | 333,363 | 2,315,810 |
Total increase (decrease) in net assets | 27,435,955 | 688,241,683 |
| | |
Net Assets | | |
Beginning of period | 1,763,387,127 | 1,075,145,444 |
End of period (including undistributed net investment income of $3,760,453 and undistributed net investment income of $1,292,579, respectively) | $ 1,790,823,082 | $ 1,763,387,127 |
Other Information Shares | | |
Sold | 16,772,633 | 83,073,775 |
Issued in reinvestment of distributions | 1,371,443 | 136,493 |
Redeemed | (19,195,065) | (50,278,685) |
Net increase (decrease) | (1,050,989) | 32,931,583 |
Financial Highlights
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 16.85 | $ 15.00 | $ 11.63 | $ 11.19 | $ 8.25 | $ 9.67 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .04 | .01 | .03 | (.01) | - I | (.07) |
Net realized and unrealized gain (loss) | .64 | 1.85 | 3.34 | .45 | 2.93 | (1.37) |
Total from investment operations | .68 | 1.86 | 3.37 | .44 | 2.93 | (1.44) |
Distributions from net investment income | (.01) | (.02) | - | (.01) | - | - |
Distributions from net realized gain | (.23) | (.01) | - | - | - | - |
Total distributions | (.24) | (.03) | - | (.01) | - | - |
Redemption fees added to paid in capital E | - I | .02 | - I | .01 | .01 | .02 |
Net asset value, end of period | $ 17.29 | $ 16.85 | $ 15.00 | $ 11.63 | $ 11.19 | $ 8.25 |
Total Return B, C, D | 4.09% | 12.54% | 28.98% | 4.03% | 35.64% | (14.68)% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 1.04% A | 1.08% | 1.03% | 1.04% | 1.03% | 1.50% |
Expenses net of fee waivers, if any | 1.04% A | 1.08% | 1.03% | 1.04% | 1.03% | 1.50% |
Expenses net of all reductions | 1.02% A | 1.05% | 1.02% | 1.04% | 1.03% | 1.50% |
Net investment income (loss) | .47% A | .08% | .20% | (.04)% | (.04)% | (.77)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,790,823 | $ 1,763,387 | $ 1,075,145 | $ 647,453 | $ 529,352 | $ 283,293 |
Portfolio turnover rate G | 238% A | 78% | 74% | 99% | 86% | 66% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Japan Smaller Companies
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Japan | 98.1% | |
| United States of America | 1.6% | |
| Bermuda | 0.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan | 95.1% | |
| United States of America | 4.9% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.4 | 95.1 |
Short-Term Investments and Net Other Assets | 1.6 | 4.9 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Hitachi Construction Machinery Co. Ltd. (Machinery) | 2.5 | 1.7 |
C. Uyemura & Co. Ltd. (Chemicals) | 2.2 | 1.8 |
Star Micronics Co. Ltd. (Electronic Equipment & Instruments) | 1.9 | 1.2 |
Hikari Tsushin, Inc. (Specialty Retail) | 1.8 | 0.8 |
Token Corp. (Household Durables) | 1.6 | 2.6 |
Hogy Medical Co. (Health Care Equipment & Supplies) | 1.6 | 1.0 |
Nippon Seiki Co. Ltd. (Auto Components) | 1.6 | 1.5 |
Murata Manufacturing Co. Ltd. (Electronic Equipment & Instruments) | 1.6 | 1.7 |
Yamada Denki Co. Ltd. (Specialty Retail) | 1.6 | 2.3 |
NGK Insulators Ltd. (Machinery) | 1.5 | 0.0 |
| 17.9 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 25.5 | 23.0 |
Consumer Discretionary | 24.0 | 22.5 |
Information Technology | 19.0 | 24.7 |
Materials | 10.4 | 7.3 |
Financials | 9.3 | 9.6 |
Health Care | 5.3 | 3.3 |
Consumer Staples | 3.9 | 3.2 |
Energy | 0.6 | 1.0 |
Utilities | 0.4 | 0.0 |
Telecommunication Services | 0.0 | 0.5 |
Semiannual Report
Japan Smaller Companies
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.4% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 24.0% |
Auto Components - 6.0% |
F-Tech, Inc. | 271,900 | | $ 5,840,119 |
Fine Sinter Co. Ltd. | 397,000 | | 1,552,603 |
Fuji Kiko Co. Ltd. (d) | 716,000 | | 1,929,489 |
H-One Co. Ltd. (d) | 326,700 | | 4,860,249 |
Keihin Corp. | 92,900 | | 1,991,057 |
Koito Manufacturing Co. Ltd. | 244,000 | | 2,852,424 |
NHK Spring Co. Ltd. | 621,000 | | 5,337,152 |
Nippon Seiki Co. Ltd. | 675,000 | | 14,472,610 |
Nissin Kogyo Co. Ltd. | 123,300 | | 3,273,591 |
Toyota Boshoku Corp. | 227,800 | | 5,245,155 |
Toyota Industries Corp. | 86,700 | | 4,085,596 |
TS tech Co. Ltd. (d) | 85,500 | | 2,748,137 |
| | 54,188,182 |
Automobiles - 0.4% |
Yachiyo Industry Co. Ltd. | 187,500 | | 3,433,319 |
Distributors - 0.1% |
Jin Co. Ltd. | 189,000 | | 624,237 |
Diversified Consumer Services - 0.6% |
Best Bridal, Inc. | 1,576 | | 3,517,339 |
Novarese, Inc. | 86 | | 124,899 |
Take & Give Needs Co. Ltd. | 3,128 | | 2,124,277 |
| | 5,766,515 |
Hotels, Restaurants & Leisure - 1.4% |
Round One Corp. | 783 | | 1,618,352 |
St. Marc Holdings Co. Ltd. | 31,500 | | 1,704,024 |
VIA Holdings, Inc. (a) | 12,700 | | 104,732 |
Zensho Co. Ltd. (d) | 978,108 | | 9,115,199 |
| | 12,542,307 |
Household Durables - 3.2% |
Casio Computer Co. Ltd. (d) | 553,700 | | 11,178,382 |
Juki Corp. | 459,000 | | 2,958,891 |
Token Corp. (d) | 294,190 | | 14,739,025 |
| | 28,876,298 |
Internet & Catalog Retail - 0.9% |
ASKUL Corp. | 98,900 | | 1,750,899 |
DeNA Co. Ltd. (a) | 579 | | 1,967,826 |
Felissimo Corp. (d) | 96,100 | | 2,292,641 |
Rakuten, Inc. | 4,145 | | 1,665,274 |
| | 7,676,640 |
Leisure Equipment & Products - 0.5% |
Endo Manufacturing Co. Ltd. | 249,800 | | 1,304,725 |
Namco Bandai Holdings, Inc. | 195,700 | | 3,180,594 |
| | 4,485,319 |
Media - 0.2% |
WOWOW INC. | 295 | | 814,824 |
Zenrin Co. Ltd. (d) | 44,000 | | 1,225,567 |
| | 2,040,391 |
|
| Shares | | Value |
Multiline Retail - 0.7% |
The Daimaru, Inc. | 532,000 | | $ 6,318,292 |
Specialty Retail - 7.5% |
Alpen Co. Ltd. | 129,600 | | 2,639,149 |
Hikari Tsushin, Inc. (d) | 407,300 | | 16,226,802 |
KOMERI Co. Ltd. | 68,200 | | 2,066,351 |
Nishimatsuya Chain Co. Ltd. | 700,900 | | 12,609,062 |
PC Depot Corp. (d) | 3,314 | | 896,496 |
Shimachu Co. Ltd. | 210,100 | | 5,699,820 |
Shimamura Co. Ltd. | 27,100 | | 2,955,626 |
United Arrows Ltd. | 195,400 | | 3,457,801 |
USS Co. Ltd. | 102,030 | | 6,437,808 |
Yamada Denki Co. Ltd. | 149,450 | | 13,810,801 |
| | 66,799,716 |
Textiles, Apparel & Luxury Goods - 2.5% |
Asics Corp. | 800,000 | | 10,074,844 |
Japan Vilene Co. Ltd. (d) | 486,000 | | 2,955,379 |
Seiren Co. Ltd. (d) | 970,800 | | 9,333,111 |
| | 22,363,334 |
TOTAL CONSUMER DISCRETIONARY | | 215,114,550 |
CONSUMER STAPLES - 3.9% |
Food & Staples Retailing - 2.5% |
Cosmos Pharmaceutical Corp. (d) | 281,100 | | 5,217,095 |
Create SD Co. Ltd. | 98,500 | | 1,658,736 |
Daikokutenbussan Co. Ltd. | 241,400 | | 2,815,925 |
Kirindo Co. Ltd. (d) | 264,600 | | 2,465,048 |
Valor Co. Ltd. (d) | 827,500 | | 9,881,995 |
| | 22,038,799 |
Food Products - 1.2% |
Ariake Japan Co. Ltd. | 60,400 | | 1,240,928 |
Frente Co. Ltd. | 179,500 | | 3,338,350 |
Hokuto Corp. (d) | 136,300 | | 2,174,159 |
Nichirei Corp. | 329,000 | | 1,967,161 |
Toyo Suisan Kaisha Ltd. | 116,000 | | 2,310,220 |
| | 11,030,818 |
Personal Products - 0.2% |
Artnature, Inc. | 40,500 | | 1,827,195 |
TOTAL CONSUMER STAPLES | | 34,896,812 |
ENERGY - 0.6% |
Energy Equipment & Services - 0.6% |
Shinko Plantech Co. Ltd. | 542,000 | | 5,395,849 |
FINANCIALS - 9.3% |
Capital Markets - 1.1% |
E*TRADE Securities Co. Ltd. (d) | 3,184 | | 3,429,822 |
Matsui Securities Co. Ltd. (d) | 318,100 | | 2,344,295 |
Risa Partners, Inc. (d) | 1,466 | | 3,943,987 |
| | 9,718,104 |
Common Stocks - continued |
| Shares | | Value |
FINANCIALS - continued |
Commercial Banks - 3.6% |
Bank of Yokohama Ltd. | 1,210,000 | | $ 8,859,560 |
Chiba Bank Ltd. | 1,025,000 | | 8,473,061 |
The Keiyo Bank Ltd. | 1,280,000 | | 7,330,035 |
Tokyo Tomin Bank Ltd. (d) | 209,300 | | 7,235,631 |
| | 31,898,287 |
Diversified Financial Services - 0.3% |
Japan Securities Finance Co. Ltd. | 184,200 | | 2,618,178 |
Real Estate Management & Development - 3.9% |
Arealink Co. Ltd. | 1,501 | | 994,129 |
Cosmos Initia Co. Ltd. (a) | 403,000 | | 2,560,409 |
Daibiru Corp. (d) | 344,900 | | 5,125,209 |
Daiwasystem Co. Ltd. | 211,700 | | 5,146,636 |
Heiwa Real Estate Co. Ltd. | 668,000 | | 4,427,795 |
Joint Corp. | 57,500 | | 1,900,249 |
Land Co. Ltd. | 291 | | 481,703 |
NTT Urban Development Co. | 1,247 | | 2,962,186 |
Sankei Building Co. Ltd. (d) | 442,500 | | 4,031,694 |
Sumitomo Realty & Development Co. Ltd. | 78,000 | | 2,879,423 |
Suruga Corp. | 91,700 | | 1,886,285 |
Tokyu Community Corp. | 24,100 | | 671,652 |
Tokyu Land Corp. | 181,000 | | 2,047,528 |
| | 35,114,898 |
Thrifts & Mortgage Finance - 0.4% |
ASAX Co. Ltd. | 554 | | 3,848,832 |
TOTAL FINANCIALS | | 83,198,299 |
HEALTH CARE - 5.3% |
Health Care Equipment & Supplies - 3.6% |
Hogy Medical Co. (d) | 308,100 | | 14,644,293 |
Nakanishi, Inc. | 25,900 | | 3,040,296 |
Nipro Corp. (d) | 161,000 | | 3,102,485 |
Sysmex Corp. (d) | 291,500 | | 11,169,791 |
| | 31,956,865 |
Life Sciences Tools & Services - 0.5% |
Shin Nippon Biomedical Laboratories Ltd. (d) | 266,700 | | 3,986,715 |
Soiken Holdings, Inc. (d) | 658 | | 501,415 |
| | 4,488,130 |
Pharmaceuticals - 1.2% |
Hisamitsu Pharmaceutical Co., Inc. | 206,700 | | 6,169,718 |
Nichi-iko Pharmaceutical Co. Ltd. | 6,000 | | 109,640 |
Sawai Pharmaceutical Co. Ltd. (d) | 89,900 | | 3,734,104 |
Towa Pharmaceutical Co. Ltd. | 32,000 | | 1,223,341 |
| | 11,236,803 |
TOTAL HEALTH CARE | | 47,681,798 |
|
| Shares | | Value |
INDUSTRIALS - 25.5% |
Air Freight & Logistics - 1.3% |
Kintetsu World Express, Inc. | 167,900 | | $ 6,057,040 |
Yusen Air & Sea Service Co. Ltd. (d) | 203,300 | | 5,375,801 |
| | 11,432,841 |
Building Products - 0.6% |
Comany, Inc. | 326,000 | | 5,183,871 |
Wavelock Holdings Co. Ltd. (d) | 52,000 | | 289,469 |
| | 5,473,340 |
Commercial Services & Supplies - 3.3% |
Asahi Pretec Corp. | 38,900 | | 974,403 |
Asia Media Co. Ltd. | 319,000 | | 2,274,948 |
Career Design Center Co. Ltd. (e) | 3,066 | | 6,270,702 |
Certo Corp. | 85,250 | | 1,831,478 |
Gakujo Co. Ltd. (d) | 325,300 | | 1,843,049 |
Intelligence Ltd. (d) | 2,968 | | 7,691,206 |
Nihonwasou Holdings, Inc. | 849 | | 472,085 |
TFP Consulting Group Co. Ltd. | 1,233 | | 3,055,016 |
The Goodwill Group, Inc. (d) | 8,643 | | 5,426,087 |
| | 29,838,974 |
Construction & Engineering - 1.6% |
Chiyoda Corp. | 326,000 | | 7,480,484 |
Kandenko Co. Ltd. | 500,000 | | 3,175,936 |
Meisei Industrial Co. Ltd. (a)(d) | 735,000 | | 3,284,585 |
| | 13,941,005 |
Electrical Equipment - 3.4% |
Aichi Electric Co. Ltd. | 25,000 | | 84,501 |
Daihen Corp. | 696,000 | | 4,206,610 |
Densei-Lambda KK (d) | 39,700 | | 561,067 |
Endo Lighting Corp. | 319,600 | | 1,860,725 |
Furukawa Electric Co. Ltd. | 1,411,000 | | 8,614,282 |
Iwabuchi Corp. | 121,000 | | 684,715 |
Nippon Carbon Co. Ltd. | 990,000 | | 3,907,522 |
Sansha Electric Manufacturing Co. Ltd. | 19,000 | | 171,706 |
Sec Carbon Ltd. | 30,000 | | 432,995 |
Sumitomo Wiring Systems Ltd. | 340,000 | | 6,339,436 |
Takaoka Electric Mfg. Co. Ltd. (d) | 232,000 | | 490,918 |
Terasaki Electric Co. Ltd. | 89,000 | | 1,303,675 |
Toyo Tanso Co. Ltd. (d) | 15,500 | | 1,645,292 |
| | 30,303,444 |
Machinery - 10.0% |
Harmonic Drive Systems, Inc. (d) | 393 | | 2,145,045 |
Hitachi Construction Machinery Co. Ltd. | 726,000 | | 22,660,166 |
Japan Steel Works Ltd. | 625,000 | | 7,369,937 |
Makino Milling Machine Co. Ltd. | 285,000 | | 3,879,605 |
Miyachi Corp. | 64,000 | | 1,121,503 |
Nabtesco Corp. | 205,000 | | 2,781,960 |
Namura Shipbuilding Co. Ltd. | 8,100 | | 100,488 |
NGK Insulators Ltd. | 626,000 | | 13,664,718 |
Nihon Trim Co. Ltd. (d) | 17,200 | | 609,755 |
NSK Ltd. | 660,000 | | 6,387,913 |
Common Stocks - continued |
| Shares | | Value |
INDUSTRIALS - continued |
Machinery - continued |
NTN Corp. | 1,256,000 | | $ 10,421,949 |
Obara Corp. | 75 | | 1,424 |
Okuma Corp. | 229,000 | | 2,735,286 |
Organo Corp. (d) | 166,000 | | 2,404,140 |
OSG Corp. (d) | 119,500 | | 1,676,161 |
Produce Co. Ltd. (a) | 99 | | 469,012 |
Sumitomo Heavy Industries Ltd. | 332,000 | | 3,417,928 |
Taiho Kogyo Co. Ltd. | 391,500 | | 5,519,851 |
TCM Corp. (d) | 833,000 | | 2,442,433 |
| | 89,809,274 |
Marine - 0.7% |
Daiichi Chuo Kisen Kaisha | 241,000 | | 803,426 |
Iino Kaiun Kaisha Ltd. | 434,800 | | 5,186,171 |
| | 5,989,597 |
Road & Rail - 0.9% |
Hamakyorex Co. Ltd. (d) | 173,800 | | 4,541,481 |
Ichinen Co. Ltd. | 411,100 | | 1,872,679 |
Keio Corp. | 70,000 | | 492,596 |
Nishi-Nippon Railroad Co. Ltd. | 247,000 | | 1,010,867 |
| | 7,917,623 |
Trading Companies & Distributors - 3.4% |
Itochu Corp. | 1,300,000 | | 12,801,177 |
Marubeni Corp. | 2,162,000 | | 12,983,649 |
Meiji Electric Industries Co. Ltd. | 65,600 | | 791,827 |
Sojitz Corp. (a) | 1,146,400 | | 4,332,749 |
| | 30,909,402 |
Transportation Infrastructure - 0.3% |
The Sumitomo Warehouse Co. Ltd. | 368,000 | | 2,841,076 |
TOTAL INDUSTRIALS | | 228,456,576 |
INFORMATION TECHNOLOGY - 19.0% |
Communications Equipment - 0.5% |
Mitsui Knowledge Industry Co. Ltd. | 15,476 | | 4,411,650 |
Electronic Equipment & Instruments - 11.3% |
A&D Co. Ltd. (d) | 271,200 | | 5,179,181 |
Canon Electronics, Inc. | 316,000 | | 10,103,657 |
Dai-ichi Seiko Co. Ltd. | 52,700 | | 1,251,688 |
Excel Co. Ltd. | 111,600 | | 1,938,581 |
Forval Corp. | 86,800 | | 261,051 |
Hamamatsu Photonics KK (d) | 370,600 | | 10,695,976 |
Honda Tsushin Kogyo Co. Ltd. (d) | 20,200 | | 77,740 |
Ibiden Co. Ltd. | 119,500 | | 6,793,397 |
Iriso Electronics Co. Ltd. | 33,400 | | 919,963 |
Meiko Electronics Co. Ltd. (d) | 433,200 | | 13,205,338 |
Murata Manufacturing Co. Ltd. | 190,700 | | 14,055,251 |
Nagano Keiki Co. Ltd. | 249,320 | | 3,809,778 |
Nidec Corp. | 46,400 | | 2,927,675 |
Nippon Electric Glass Co. Ltd. | 100,000 | | 1,711,678 |
|
| Shares | | Value |
Optoelectronics Co. Ltd. (d) | 79,900 | | $ 955,655 |
Seikoh Giken Co. Ltd. | 5,500 | | 120,078 |
Shibaura Electronics Co. Ltd. | 89,700 | | 1,617,500 |
Shizuki Electric Co., Inc. | 238,000 | | 723,016 |
Star Micronics Co. Ltd. | 716,000 | | 17,315,067 |
Sunx Ltd. (d) | 966,100 | | 7,328,438 |
Yokogawa Electric Corp. | 63,400 | | 934,855 |
| | 101,925,563 |
IT Services - 2.9% |
Bit-isle, Inc. (d) | 1,448 | | 1,523,160 |
CAC Corp. (d) | 561,800 | | 4,499,060 |
Hitachi Systems & Services Ltd. | 129,400 | | 2,751,127 |
INTEC Holdings Ltd. (a) | 448,700 | | 5,923,352 |
Otsuka Corp. (d) | 113,600 | | 10,957,596 |
| | 25,654,295 |
Office Electronics - 1.1% |
Canon Fintech, Inc. | 209,300 | | 3,728,216 |
Konica Minolta Holdings, Inc. | 447,500 | | 6,123,859 |
| | 9,852,075 |
Semiconductors & Semiconductor Equipment - 2.5% |
Axell Corp. | 1,619 | | 4,989,345 |
Disco Corp. | 41,800 | | 2,597,330 |
Elpida Memory, Inc. (a)(d) | 33,900 | | 1,428,467 |
Micronics Japan Co. Ltd. | 297,600 | | 10,293,043 |
NuFlare Technology, Inc. | 8 | | 22,031 |
Sumco Corp. | 46,600 | | 2,025,230 |
United Technology Holdings Co. Ltd. (a) | 693 | | 1,142,722 |
| | 22,498,168 |
Software - 0.7% |
Alpha Systems, Inc. (d) | 112,300 | | 3,024,818 |
AQ Interactive, Inc. | 439 | | 1,216,280 |
Cybernet Systems Co. Ltd. (d) | 2,337 | | 1,309,535 |
KOEI Co. Ltd. (d) | 58,400 | | 926,347 |
| | 6,476,980 |
TOTAL INFORMATION TECHNOLOGY | | 170,818,731 |
MATERIALS - 10.4% |
Chemicals - 6.7% |
Adeka Corp. | 265,600 | | 2,901,975 |
Air Water, Inc. | 319,000 | | 3,437,426 |
C. Uyemura & Co. Ltd. | 326,900 | | 20,077,500 |
FCM Co. Ltd. | 27,800 | | 986,624 |
Lintec Corp. | 511,700 | | 10,633,476 |
Nifco, Inc. | 43,200 | | 1,021,035 |
Sakai Chemical Industry Co. Ltd. | 537,000 | | 3,970,561 |
Soken Chemical & Engineer Co. Ltd. (d) | 41,700 | | 815,208 |
Taiyo Kagaku Co. Ltd. | 311,700 | | 2,633,339 |
The Nippon Synthetic Chemical Industry Co. Ltd. | 26,000 | | 111,186 |
Common Stocks - continued |
| Shares | | Value |
MATERIALS - continued |
Chemicals - continued |
Tohcello Co. Ltd. (d) | 567,000 | | $ 5,977,351 |
Tokai Carbon Co. Ltd. (d) | 921,000 | | 7,929,915 |
| | 60,495,596 |
Containers & Packaging - 0.2% |
Fuji Seal International, Inc. (d) | 83,100 | | 1,687,808 |
Metals & Mining - 3.5% |
Chubu Steel Plate Co. Ltd. | 109,500 | | 1,087,393 |
Chuo Denki Kogyo Co. Ltd. | 191,000 | | 1,222,938 |
Hitachi Metals Ltd. | 222,000 | | 2,377,369 |
Nippon Denko Co. Ltd. (d) | 2,105,000 | | 11,562,202 |
Nippon Yakin Kogyo Co. Ltd. (d) | 821,000 | | 8,316,037 |
Pacific Metals Co. Ltd. | 280,000 | | 4,458,488 |
Sumitomo Light Metal Industries Ltd. (d) | 375,000 | | 829,317 |
Toho Zinc Co. Ltd. | 52,000 | | 449,817 |
Yamato Kogyo Co. Ltd. | 28,600 | | 938,865 |
| | 31,242,426 |
TOTAL MATERIALS | | 93,425,830 |
UTILITIES - 0.4% |
Electric Utilities - 0.4% |
Chugokun Electric Power Co. | 41,900 | | 930,527 |
Kyushu Electric Power Co., Inc. | 33,400 | | 940,944 |
Shikoku Electric Power Co., Inc. | 38,900 | | 953,952 |
Tohoku Electric Power Co., Inc. | 37,800 | | 902,769 |
| | 3,728,192 |
TOTAL COMMON STOCKS (Cost $757,200,092) | 882,716,637 |
Money Market Funds - 12.4% |
| Shares | | Value |
Fidelity Cash Central Fund, 5.29% (b) | 12,881,409 | | $ 12,881,409 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 98,531,793 | | 98,531,793 |
TOTAL MONEY MARKET FUNDS (Cost $111,413,202) | 111,413,202 |
TOTAL INVESTMENT PORTFOLIO - 110.8% (Cost $868,613,294) | | 994,129,839 |
NET OTHER ASSETS - (10.8)% | | (96,668,751) |
NET ASSETS - 100% | $ 897,461,088 |
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 investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 506,279 |
Fidelity Securities Lending Cash Central Fund | 813,375 |
Total | $ 1,319,654 |
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 |
Career Design Center Co. Ltd. | $ 9,006,840 | $ - | $ 587,738 | $ 15,766 | $ 6,270,702 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Japan Smaller Companies
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $93,548,328) - See accompanying schedule: Unaffiliated issuers (cost $749,464,693) | $ 876,445,935 | |
Fidelity Central Funds (cost $111,413,202) | 111,413,202 | |
Other affiliated issuers (cost $7,735,399) | 6,270,702 | |
Total Investments (cost $868,613,294) | | $ 994,129,839 |
Receivable for investments sold | | 11,971,810 |
Receivable for fund shares sold | | 211,365 |
Dividends receivable | | 4,870,058 |
Distributions receivable from Fidelity Central Funds | | 65,436 |
Prepaid expenses | | 4,613 |
Other receivables | | 301,450 |
Total assets | | 1,011,554,571 |
| | |
Liabilities | | |
Payable to custodian bank | $ 1,023,748 | |
Payable for investments purchased | 9,436,379 | |
Payable for fund shares redeemed | 4,219,268 | |
Accrued management fee | 551,722 | |
Other affiliated payables | 206,382 | |
Other payables and accrued expenses | 124,191 | |
Collateral on securities loaned,
at value | 98,531,793 | |
Total liabilities | | 114,093,483 |
| | |
Net Assets | | $ 897,461,088 |
Net Assets consist of: | | |
Paid in capital | | $ 715,047,760 |
Undistributed net investment income | | 1,306,596 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 55,631,395 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 125,475,337 |
Net Assets, for 73,918,800 shares outstanding | | $ 897,461,088 |
Net Asset Value, offering price and redemption price per share ($897,461,088 ÷ 73,918,800 shares) | | $ 12.14 |
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
Investment Income | | |
Dividends (including $15,766 received from other affiliated issuers) | | $ 5,859,605 |
Interest | | 5,475 |
Income from Fidelity Central Funds (including $813,375 from security lending) | | 1,319,654 |
| | 7,184,734 |
Less foreign taxes withheld | | (410,172) |
Total income | | 6,774,562 |
| | |
Expenses | | |
Management fee | $ 3,705,376 | |
Transfer agent fees | 1,076,913 | |
Accounting and security lending fees | 249,312 | |
Custodian fees and expenses | 263,969 | |
Independent trustees' compensation | 1,664 | |
Registration fees | 20,702 | |
Audit | 31,186 | |
Miscellaneous | 1,355 | |
Total expenses before reductions | 5,350,477 | |
Expense reductions | (118,082) | 5,232,395 |
Net investment income (loss) | | 1,542,167 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 57,349,224 | |
Other affiliated issuers | (405,022) | |
Foreign currency transactions | (68,387) | |
Total net realized gain (loss) | | 56,875,815 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (133,360,562) | |
Assets and liabilities in foreign currencies | 10,271 | |
Total change in net unrealized appreciation (depreciation) | | (133,350,291) |
Net gain (loss) | | (76,474,476) |
Net increase (decrease) in net assets resulting from operations | | $ (74,932,309) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Japan Smaller Companies
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,542,167 | $ 1,483,059 |
Net realized gain (loss) | 56,875,815 | 72,603,100 |
Change in net unrealized appreciation (depreciation) | (133,350,291) | (136,387,455) |
Net increase (decrease) in net assets resulting from operations | (74,932,309) | (62,301,296) |
Distributions to shareholders from net investment income | (857,663) | (2,096,615) |
Distributions to shareholders from net realized gain | (30,875,837) | (87,009,291) |
Total distributions | (31,733,500) | (89,105,906) |
Share transactions
Proceeds from sales of shares | 43,715,291 | 937,781,955 |
Reinvestment of distributions | 27,705,531 | 81,250,595 |
Cost of shares redeemed | (284,588,192) | (1,059,732,471) |
Net increase (decrease) in net assets resulting from share transactions | (213,167,370) | (40,699,921) |
Redemption fees | 55,191 | 2,673,266 |
Total increase (decrease) in net assets | (319,777,988) | (189,433,857) |
| | |
Net Assets | | |
Beginning of period | 1,217,239,076 | 1,406,672,933 |
End of period (including undistributed net investment income of $1,306,596 and undistributed net investment income of $1,482,630, respectively) | $ 897,461,088 | $ 1,217,239,076 |
Other Information Shares | | |
Sold | 3,422,928 | 57,660,133 |
Issued in reinvestment of distributions | 2,141,076 | 5,471,421 |
Redeemed | (22,301,568) | (71,185,943) |
Net increase (decrease) | (16,737,564) | (8,054,389) |
Financial Highlights
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 13.43 | $ 14.25 | $ 11.58 | $ 10.35 | $ 6.52 | $ 6.97 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .02 | .01 | .03 | .01 | .01 | - I |
Net realized and unrealized gain (loss) | (.94) | - I | 2.69 | 1.20 | 3.81 | (.47) |
Total from investment operations | (.92) | .01 | 2.72 | 1.21 | 3.82 | (.47) |
Distributions from net investment income | (.01) | (.02) | (.01) | (.02) | - | - |
Distributions from net realized gain | (.36) | (.83) | (.05) | - | - | - |
Total distributions | (.37) | (.85) | (.06) | (.02) | - | - |
Redemption fees added to paid in capital E | - I | .02 | .01 | .04 | .01 | .02 |
Net asset value, end of period | $ 12.14 | $ 13.43 | $ 14.25 | $ 11.58 | $ 10.35 | $ 6.52 |
Total Return B, C, D | (7.02)% | (.36)% | 23.69% | 12.12% | 58.74% | (6.46)% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 1.03% A | 1.02% | 1.02% | 1.04% | 1.12% | 1.19% |
Expenses net of fee waivers, if any | 1.03% A | 1.02% | 1.02% | 1.04% | 1.12% | 1.19% |
Expenses net of all reductions | 1.01% A | 1.01% | 1.01% | 1.04% | 1.12% | 1.19% |
Net investment income (loss) | .30% A | .09% | .22% | .11% | .19% | (.06)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 897,461 | $ 1,217,239 | $ 1,406,673 | $ 1,279,091 | $ 931,728 | $ 408,611 |
Portfolio turnover rate G | 79% A | 98% | 65% | 57% | 43% | 50% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Latin America
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Brazil | 58.2% | |
| Mexico | 29.3% | |
| Chile | 7.4% | |
| United States of America | 2.6% | |
| Luxembourg | 0.9% | |
| Bermuda | 0.5% | |
| Panama | 0.4% | |
| United Kingdom | 0.4% | |
| Argentina | 0.2% | |
| Other | 0.1% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Brazil | 53.9% | |
| Mexico | 34.3% | |
| Chile | 6.4% | |
| United States of America | 3.4% | |
| Spain | 0.8% | |
 | Panama | 0.6% | |
| Cayman Islands | 0.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 98.0 | 97.3 |
Short-Term Investments and Net Other Assets | 2.0 | 2.7 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
America Movil SA de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services) | 11.9 | 11.4 |
Companhia Vale do Rio Doce (PN-A) (Brazil, Metals & Mining) | 7.0 | 2.3 |
Petroleo Brasileiro SA Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) | 6.4 | 6.0 |
Petroleo Brasileiro SA Petrobras (Brazil, Oil, Gas & Consumable Fuels) | 4.8 | 4.4 |
Companhia Vale do Rio Doce sponsored ADR (Brazil, Metals & Mining) | 4.8 | 2.7 |
Banco Itau Holding Financeira SA (non-vtg.) (Brazil, Commercial Banks) | 4.5 | 4.8 |
Banco Bradesco SA (PN) (Brazil, Commercial Banks) | 4.4 | 4.8 |
Uniao de Bancos Brasileiros SA (Unibanco) (Brazil, Commercial Banks) | 4.4 | 4.5 |
Grupo Televisa SA de CV (Mexico, Media) | 3.3 | 3.3 |
Cemex SA de CV sponsored ADR (Mexico, Construction Materials) | 2.9 | 5.4 |
| 54.4 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Materials | 24.1 | 21.9 |
Telecommunication Services | 15.6 | 14.1 |
Financials | 15.4 | 16.6 |
Energy | 11.6 | 10.4 |
Consumer Discretionary | 8.7 | 8.7 |
Industrials | 8.1 | 10.2 |
Consumer Staples | 8.1 | 9.7 |
Utilities | 4.6 | 4.5 |
Health Care | 1.0 | 0.6 |
Information Technology | 0.8 | 0.6 |
Semiannual Report
Latin America
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% |
| Shares | | Value |
Argentina - 0.2% |
Inversiones y Representaciones SA sponsored GDR (a) | 285,600 | | $ 5,974,752 |
Bahamas (Nassau) - 0.1% |
Ultrapetrol (Bahamas) Ltd. | 279,300 | | 5,865,300 |
Bermuda - 0.5% |
Credicorp Ltd. (NY Shares) | 75,700 | | 3,950,026 |
Dufry South America Ltd. unit | 781,228 | | 14,778,537 |
TOTAL BERMUDA | | 18,728,563 |
Brazil - 58.1% |
AES Tiete SA (PN) (non-vtg.) | 486,700,000 | | 16,692,050 |
All America Latina Logistica SA unit | 2,704,200 | | 31,889,151 |
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.) | 612,300 | | 33,670,377 |
Banco Bradesco SA: | | | |
(PN) | 2,439,508 | | 51,901,875 |
(PN) sponsored ADR (d) | 5,962,100 | | 126,515,762 |
Banco Itau Holding Financeira SA: | | | |
(PN) (non-vtg.) | 2,677,040 | | 103,914,190 |
sponsored ADR (non-vtg.) (d) | 1,968,400 | | 75,940,872 |
Banco Nossa Caixa SA | 889,000 | | 13,855,680 |
Brascan Residential Properties SA | 1,898,600 | | 14,403,687 |
Brasil Telecom Participacoes SA sponsored ADR (a) | 586,200 | | 31,086,186 |
Companhia de Bebidas das Americas (AmBev): | | | |
(PN) sponsored ADR (d) | 1,229,226 | | 71,811,383 |
sponsored ADR | 74,145 | | 4,235,162 |
Companhia de Saneamento de Minas Gerais | 1,379,600 | | 17,692,394 |
Companhia Siderurgica Nacional SA (CSN) sponsored ADR (d) | 537,000 | | 23,096,370 |
Companhia Vale do Rio Doce: | | | |
(PN-A) | 870,400 | | 29,915,723 |
(PN-A) sponsored ADR | 7,392,300 | | 252,742,737 |
sponsored ADR | 4,763,500 | | 193,445,735 |
Cosan SA Industria E Comercio (a) | 311,500 | | 6,235,510 |
Diagnosticos da America SA | 210,700 | | 4,555,228 |
Duratex SA (PN) | 2,454,000 | | 54,669,988 |
Eletropaulo Metropolitana SA (PN-B) | 292,450,000 | | 15,023,412 |
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR | 313,200 | | 14,692,212 |
Empresa Nacional de Comercio Redito e Participacoes SA (PN) | 11,465,310 | | 60,279 |
Gafisa SA (a) | 1,299,700 | | 18,277,031 |
Gafisa SA ADR (a) | 107,200 | | 3,001,600 |
GVT Holding SA | 1,779,700 | | 22,473,609 |
JBS SA | 4,754,000 | | 18,336,724 |
Klabin Segall SA | 943,300 | | 7,985,976 |
Localiza Rent a Car SA | 3,184,500 | | 32,514,696 |
Lojas Renner SA | 1,790,000 | | 24,652,958 |
LPS Brasil Consultoria de Imoveis SA | 514,600 | | 5,304,790 |
Medial Saude SA | 1,921,200 | | 27,375,590 |
|
| Shares | | Value |
Petroleo Brasileiro SA Petrobras: | | | |
(ON) | 192,200 | | $ 4,896,605 |
(PN) (non-vtg.) | 3,087,880 | | 69,337,714 |
(PN) sponsored ADR (non-vtg.) (d) | 2,095,300 | | 186,942,666 |
sponsored ADR (d) | 1,876,230 | | 189,930,763 |
Profarma Distribuidora de Produtos Farmaceuticos SA | 511,000 | | 7,683,078 |
Sao Carlos Empreen E Part SA | 478,500 | | 3,785,304 |
Submarino SA | 1,371,300 | | 49,651,679 |
TAM SA: | | | |
(PN) (ltd.-vtg.) | 1,223,900 | | 31,728,068 |
(PN) sponsored ADR (ltd. vtg.) (d) | 554,100 | | 14,256,993 |
Terna Participacoes SA unit | 1,248,500 | | 15,949,784 |
TIM Participacoes SA | 1,833,200,000 | | 6,584,460 |
TIM Participacoes SA sponsored ADR (non-vtg.) | 360,000 | | 12,981,600 |
Totvs SA | 1,096,900 | | 31,798,890 |
Tractebel Energia SA | 1,875,300 | | 16,447,575 |
Uniao de Bancos Brasileiros SA (Unibanco): | | | |
unit | 431,200 | | 4,205,641 |
GDR | 1,772,700 | | 172,058,262 |
Usinas Siderurgicas de Minas Gerais SA | 266,800 | | 14,813,483 |
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A) (non-vtg.) | 1,427,300 | | 66,624,165 |
Votorantim Celulose e Papel SA: | | | |
(PN) (non-vtg.) | 96,565 | | 1,935,855 |
sponsored ADR (non-vtg.) (d) | 4,326,850 | | 86,450,463 |
TOTAL BRAZIL | | 2,336,031,985 |
Chile - 7.4% |
Capital SA | 3,837,951 | | 70,836,522 |
Empresa Nacional de Electricidad SA sponsored ADR | 768,000 | | 37,271,040 |
Enersis SA sponsored ADR | 1,544,100 | | 29,245,254 |
Inversiones Aguas Metropolitanas SA ADR (e) | 1,584,700 | | 39,199,125 |
Lan Airlines SA sponsored ADR (d) | 1,394,000 | | 101,971,100 |
Masisa SA | 41,861,604 | | 10,354,885 |
Vina Concha y Toro SA sponsored ADR | 217,750 | | 7,989,248 |
TOTAL CHILE | | 296,867,174 |
Luxembourg - 0.9% |
Tenaris SA sponsored ADR | 425,400 | | 19,721,544 |
Ternium SA sponsored ADR (a)(d) | 632,600 | | 17,016,940 |
TOTAL LUXEMBOURG | | 36,738,484 |
Mexico - 29.3% |
Alsea SAB de CV | 12,220,400 | | 20,865,159 |
America Movil SA de CV Series L sponsored ADR | 9,095,200 | | 477,770,854 |
Axtel SAB de CV unit (a) | 5,595,480 | | 26,311,115 |
Banco Compartamos SA de CV | 5,127,100 | | 25,873,544 |
Common Stocks - continued |
| Shares | | Value |
Mexico - continued |
Cemex SA de CV sponsored ADR | 3,535,088 | | $ 114,890,360 |
Corporacion Geo SA de CV Series B (a) | 8,481,700 | | 46,473,053 |
Fomento Economico Mexicano SA de CV sponsored ADR | 1,036,465 | | 111,616,916 |
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR | 507,500 | | 22,949,150 |
Grupo Televisa SA de CV | 1,507,400 | | 8,464,441 |
Grupo Televisa SA de CV (CPO) sponsored ADR | 4,398,800 | | 123,386,340 |
Industrias Penoles SA de CV | 2,305,800 | | 28,444,860 |
Telefonos de Mexico SA de CV Series L sponsored ADR (d) | 1,251,500 | | 42,726,210 |
Urbi, Desarrollos Urbanos, SA de CV (a) | 9,471,900 | | 39,574,714 |
Wal-Mart de Mexico SA de CV Series V | 22,115,116 | | 86,725,549 |
TOTAL MEXICO | | 1,176,072,265 |
Panama - 0.4% |
Copa Holdings SA Class A | 281,900 | | 17,162,072 |
United Kingdom - 0.4% |
COSAN SA Industria e Comercio warrants (Deutsche Bank Warrant Program) 7/25/07 (a)(e) | 221,518 | | 4,434,278 |
SABMiller PLC | 507,800 | | 12,082,316 |
TOTAL UNITED KINGDOM | | 16,516,594 |
United States of America - 0.6% |
Southern Copper Corp. (d) | 304,742 | | 24,470,783 |
TOTAL COMMON STOCKS (Cost $2,412,287,059) | 3,934,427,972 |
Nonconvertible Preferred Stocks - 0.1% |
| | | |
Brazil - 0.1% |
Brasil Telecom Participacoes SA (PN) (a)
(Cost $3,912,287) | 379,300,000 | | 4,040,499 |
Money Market Funds - 4.8% |
| Shares | | Value |
Fidelity Cash Central Fund, 5.29% (b) | 121,756,435 | | $ 121,756,435 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 70,651,725 | | 70,651,725 |
TOTAL MONEY MARKET FUNDS (Cost $192,408,160) | 192,408,160 |
TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $2,608,607,506) | | 4,130,876,631 |
NET OTHER ASSETS - (2.8)% | | (111,705,216) |
NET ASSETS - 100% | $ 4,019,171,415 |
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 end of the period, the value of these securities amounted to $43,633,403 or 1.1% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 2,398,942 |
Fidelity Securities Lending Cash Central Fund | 147,388 |
Total | $ 2,546,330 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Latin America
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $68,009,142) - See accompanying schedule: Unaffiliated issuers (cost $2,416,199,346) | $ 3,938,468,471 | |
Fidelity Central Funds (cost $192,408,160) | 192,408,160 | |
Total Investments (cost $2,608,607,506) | | $ 4,130,876,631 |
Cash | | 285,337 |
Foreign currency held at value
(cost $226,840) | | 228,422 |
Receivable for investments sold | | 1,145,513 |
Receivable for fund shares sold | | 9,765,754 |
Dividends receivable | | 15,839,848 |
Distributions receivable from Fidelity Central Funds | | 444,199 |
Prepaid expenses | | 13,188 |
Other receivables | | 167,108 |
Total assets | | 4,158,766,000 |
| | |
Liabilities | | |
Payable for investments purchased | $ 54,543,321 | |
Payable for fund shares redeemed | 10,933,495 | |
Accrued management fee | 2,361,713 | |
Other affiliated payables | 748,763 | |
Other payables and accrued expenses | 355,568 | |
Collateral on securities loaned, at value | 70,651,725 | |
Total liabilities | | 139,594,585 |
| | |
Net Assets | | $ 4,019,171,415 |
Net Assets consist of: | | |
Paid in capital | | $ 2,433,940,343 |
Undistributed net investment income | | 19,512,206 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 43,470,905 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,522,247,961 |
Net Assets, for 82,678,993 shares outstanding | | $ 4,019,171,415 |
Net Asset Value, offering price and redemption price per share ($4,019,171,415 ÷ 82,678,993 shares) | | $ 48.61 |
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
Investment Income | | |
Dividends | | $ 50,874,950 |
Interest | | 8,047 |
Income from Fidelity Central Funds (including $147,388 from security lending) | | 2,546,330 |
| | 53,429,327 |
Less foreign taxes withheld | | (5,515,570) |
Total income | | 47,913,757 |
| | |
Expenses | | |
Management fee | $ 13,069,885 | |
Transfer agent fees | 3,702,609 | |
Accounting and security lending fees | 745,481 | |
Custodian fees and expenses | 973,036 | |
Independent trustees' compensation | 5,561 | |
Registration fees | 124,363 | |
Audit | 48,373 | |
Legal | 20,088 | |
Interest | 6,626 | |
Miscellaneous | 5,142 | |
Total expenses before reductions | 18,701,164 | |
Expense reductions | (267,129) | 18,434,035 |
Net investment income (loss) | | 29,479,722 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 88,105,108 | |
Foreign currency transactions | (326,953) | |
Total net realized gain (loss) | | 87,778,155 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 573,486,093 | |
Assets and liabilities in foreign currencies | (34,732) | |
Total change in net unrealized appreciation (depreciation) | | 573,451,361 |
Net gain (loss) | | 661,229,516 |
Net increase (decrease) in net assets resulting from operations | | $ 690,709,238 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Latin America
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 29,479,722 | $ 57,985,237 |
Net realized gain (loss) | 87,778,155 | 36,588,919 |
Change in net unrealized appreciation (depreciation) | 573,451,361 | 585,339,744 |
Net increase (decrease) in net assets resulting from operations | 690,709,238 | 679,913,900 |
Distributions to shareholders from net investment income | (48,023,908) | (25,559,551) |
Distributions to shareholders from net realized gain | (60,491,350) | (20,858,777) |
Total distributions | (108,515,258) | (46,418,328) |
Share transactions
Proceeds from sales of shares | 1,004,007,903 | 2,691,422,984 |
Reinvestment of distributions | 105,191,757 | 44,620,920 |
Cost of shares redeemed | (795,732,678) | (1,635,956,243) |
Net increase (decrease) in net assets resulting from share transactions | 313,466,982 | 1,100,087,661 |
Redemption fees | 1,037,867 | 4,806,595 |
Total increase (decrease) in net assets | 896,698,829 | 1,738,389,828 |
| | |
Net Assets | | |
Beginning of period | 3,122,472,586 | 1,384,082,758 |
End of period (including undistributed net investment income of $19,512,206 and undistributed net investment income of $48,654,473, respectively) | $ 4,019,171,415 | $ 3,122,472,586 |
Other Information Shares | | |
Sold | 22,324,899 | 73,372,373 |
Issued in reinvestment of distributions | 2,427,062 | 1,389,117 |
Redeemed | (17,987,939) | (45,918,289) |
Net increase (decrease) | 6,764,022 | 28,843,201 |
Financial Highlights
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 41.13 | $ 29.40 | $ 18.10 | $ 13.38 | $ 8.92 | $ 10.40 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .36 | .82 | .57 | .40 | .20 | .17 |
Net realized and unrealized gain (loss) | 8.49 | 11.68 | 10.98 | 4.53 | 4.42 | (1.41) |
Total from investment operations | 8.85 | 12.50 | 11.55 | 4.93 | 4.62 | (1.24) |
Distributions from net investment income | (.61) | (.46) | (.30) | (.23) | (.17) | (.25) |
Distributions from net realized gain | (.77) | (.38) | - | - | - | - |
Total distributions | (1.38) | (.84) | (.30) | (.23) | (.17) | (.25) |
Redemption fees added to paid in capital E | .01 | .07 | .05 | .02 | .01 | .01 |
Net asset value, end of period | $ 48.61 | $ 41.13 | $ 29.40 | $ 18.10 | $ 13.38 | $ 8.92 |
Total Return B, C, D | 21.95% | 43.57% | 64.94% | 37.47% | 52.83% | (12.37)% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 1.02% A | 1.05% | 1.10% | 1.19% | 1.31% | 1.44% |
Expenses net of fee waivers, if any | 1.02% A | 1.05% | 1.10% | 1.19% | 1.31% | 1.44% |
Expenses net of all reductions | 1.01% A | 1.02% | 1.04% | 1.16% | 1.31% | 1.41% |
Net investment income (loss) | 1.61% A | 2.23% | 2.38% | 2.56% | 1.89% | 1.57% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,019,171 | $ 3,122,473 | $ 1,384,083 | $ 357,335 | $ 219,519 | $ 140,399 |
Portfolio turnover rate G | 54% A | 60% | 40% | 25% | 28% | 128% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Nordic
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Sweden | 53.0% | |
| Norway | 22.7% | |
| Finland | 13.8% | |
| Denmark | 6.3% | |
| Iceland | 1.5% | |
| United States of America | 0.9% | |
| Estonia | 0.8% | |
| Canada | 0.4% | |
| Liberia | 0.4% | |
| Other | 0.2% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Sweden | 54.6% | |
| Norway | 21.6% | |
| Finland | 12.6% | |
| Denmark | 6.7% | |
| United States of America | 1.7% | |
| Iceland | 0.9% | |
| Liberia | 0.7% | |
| Luxembourg | 0.5% | |
| Estonia | 0.3% | |
| Other | 0.4% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 99.1 | 98.3 |
Short-Term Investments and Net Other Assets | 0.9 | 1.7 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nokia Corp. (Finland, Communications Equipment) | 9.2 | 8.2 |
Telefonaktiebolaget LM Ericsson (B Shares) (Sweden, Communications Equipment) | 6.9 | 10.3 |
Nordea Bank AB (Sweden, Commercial Banks) | 5.1 | 5.6 |
Hennes & Mauritz AB (H&M) (B Shares) (Sweden, Specialty Retail) | 3.6 | 4.0 |
Norsk Hydro ASA (Norway, Oil, Gas & Consumable Fuels) | 3.2 | 1.0 |
Scania AB (B Shares) (Sweden, Machinery) | 3.1 | 0.0 |
ABB Ltd. (Sweden) (Sweden, Electrical Equipment) | 3.0 | 2.5 |
Sandvik AB (Sweden, Machinery) | 2.9 | 1.0 |
Investor AB (B Shares) (Sweden, Diversified Financial Services) | 2.9 | 3.8 |
Telenor ASA (Norway, Diversified Telecommunication Services) | 2.8 | 3.1 |
| 42.7 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 24.2 | 16.3 |
Financials | 22.8 | 26.9 |
Information Technology | 17.0 | 19.6 |
Consumer Discretionary | 11.9 | 10.2 |
Energy | 7.8 | 8.5 |
Telecommunication Services | 5.9 | 7.1 |
Materials | 4.3 | 4.5 |
Health Care | 3.1 | 3.2 |
Consumer Staples | 1.6 | 1.7 |
Utilities | 0.5 | 0.3 |
Semiannual Report
Nordic
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.1% |
| Shares | | Value |
Canada - 0.4% |
Crew Gold Corp. (a) | 1,180,500 | | $ 2,996,243 |
Denmark - 6.3% |
Coloplast AS Series B | 66,950 | | 5,812,356 |
FLS Industries (d) | 76,250 | | 5,823,702 |
Novo Nordisk AS Series B | 59,195 | | 5,822,139 |
Novozymes AS Series B | 23,500 | | 2,479,212 |
Rockwool International AS Series B | 31,600 | | 7,257,848 |
Topdanmark AS (a) | 38,200 | | 7,556,321 |
Vestas Wind Systems AS (a) | 184,600 | | 12,138,064 |
TOTAL DENMARK | | 46,889,642 |
Estonia - 0.8% |
AS Eesti Ehitus | 89,100 | | 1,459,030 |
AS Merko Ehitus | 41,900 | | 1,133,243 |
Tallinna Vesi AS | 171,462 | | 3,579,849 |
TOTAL ESTONIA | | 6,172,122 |
Finland - 13.8% |
Kemira GrowHow Oyj | 253,100 | | 2,932,278 |
Kemira Oyj | 140,800 | | 3,446,914 |
Metso Corp. | 166,400 | | 9,200,854 |
Nokia Corp. (d) | 2,712,000 | | 68,477,998 |
Nokian Tyres Ltd. | 513,180 | | 15,861,465 |
Stockmann Oyj (B Shares) | 53,850 | | 2,684,360 |
TOTAL FINLAND | | 102,603,869 |
Iceland - 1.5% |
Exista ehf | 7,259,863 | | 3,542,364 |
Kaupthing Bank Hf | 383,500 | | 6,484,979 |
Ossur hf (a) | 689,370 | | 1,307,806 |
TOTAL ICELAND | | 11,335,149 |
Liberia - 0.4% |
Royal Caribbean Cruises Ltd. | 66,000 | | 2,743,620 |
Luxembourg - 0.2% |
Transcom WorldWide SA Series B | 167,300 | | 1,429,605 |
Norway - 22.7% |
Aker ASA (A Shares) | 57,140 | | 3,611,289 |
Aker Kvaerner ASA | 748,500 | | 17,834,010 |
Awilco Offshore ASA (a) | 131,300 | | 1,564,750 |
DnB Nor ASA | 1,314,800 | | 18,895,568 |
Farstad Shipping ASA | 117,400 | | 3,058,679 |
Havila Shipping ASA | 187,400 | | 2,897,954 |
Kongsberg Gruppen ASA | 3,900 | | 131,108 |
Leroy Seafood Group ASA | 216,300 | | 4,617,367 |
Marine Harvest ASA (a)(d) | 3,905,000 | | 4,227,086 |
Norsk Hydro ASA | 697,600 | | 24,102,080 |
Norwegian Air Shuttle AS (a)(d) | 461,050 | | 8,912,099 |
|
| Shares | | Value |
Norwegian Property ASA | 248,900 | | $ 2,991,335 |
Ocean RIG ASA (a)(d) | 52,200 | | 353,598 |
Orkla ASA (A Shares) | 941,750 | | 15,164,751 |
Otrum Electronics ASA (a) | 94,000 | | 244,903 |
Petroleum Geo-Services ASA (a) | 34,440 | | 960,960 |
Schibsted ASA (B Shares) | 78,500 | | 3,602,189 |
Solstad Offshore ASA | 126,200 | | 3,425,832 |
Storebrand ASA (A Shares) | 841,300 | | 14,388,630 |
TANDBERG ASA | 242,100 | | 5,178,294 |
Telenor ASA | 1,092,400 | | 20,427,529 |
Yara International ASA | 420,800 | | 12,395,610 |
TOTAL NORWAY | | 168,985,621 |
Sweden - 53.0% |
AB Volvo (B Shares) | 228,400 | | 4,482,977 |
ABB Ltd. (Sweden) | 1,106,000 | | 22,616,237 |
Alfa Laval AB | 57,400 | | 3,538,397 |
Assa Abloy AB (B Shares) | 426,002 | | 9,633,163 |
Elekta AB (B Shares) | 406,900 | | 7,227,353 |
Hennes & Mauritz AB (H&M) (B Shares) | 405,890 | | 27,050,448 |
Hexagon AB (B Shares) | 186,025 | | 8,524,214 |
HQ AB | 137,500 | | 3,868,643 |
Investor AB (B Shares) | 789,700 | | 21,393,577 |
Lbi International AB (a) | 165,600 | | 1,141,950 |
Mekonomen AB | 352,500 | | 7,786,916 |
Modern Times Group AB (MTG) (B Shares) | 211,250 | | 12,439,083 |
NCC AB Series B | 26,000 | | 737,346 |
NeoNet AB | 864,000 | | 3,778,557 |
Nordea Bank AB | 2,164,500 | | 37,735,063 |
Orexo AB (a)(d) | 107,800 | | 2,140,006 |
Ratos AB (B Shares) | 76,200 | | 2,559,070 |
rnb Retail & Brands AB | 1,204,250 | | 16,132,280 |
Sandvik AB | 1,128,800 | | 21,860,949 |
Scania AB (B Shares) | 241,200 | | 23,221,040 |
Skandinaviska Enskilda Banken AB (A Shares) | 536,800 | | 19,870,502 |
Skanska AB (B Shares) | 498,600 | | 11,684,135 |
SKF AB (B Shares) (d) | 567,500 | | 12,557,559 |
Svenska Cellulosa AB (SCA) (B Shares) | 149,200 | | 7,738,705 |
Svenska Handelsbanken AB (A Shares) (d) | 443,116 | | 13,624,774 |
Swedbank AB (A Shares) (d) | 370,400 | | 14,429,661 |
Swedish Match Co. | 151,000 | | 2,806,021 |
TELE2 AB (B Shares) | 475,500 | | 8,215,163 |
Telefonaktiebolaget LM Ericsson (B Shares) | 13,461,000 | | 51,380,637 |
TeliaSonera AB | 1,853,500 | | 15,146,816 |
TOTAL SWEDEN | | 395,321,242 |
TOTAL COMMON STOCKS (Cost $559,243,095) | 738,477,113 |
Money Market Funds - 17.1% |
| Shares | | Value |
Fidelity Cash Central Fund, 5.29% (b) | 20,658,332 | | $ 20,658,332 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 106,959,948 | | 106,959,948 |
TOTAL MONEY MARKET FUNDS (Cost $127,618,280) | 127,618,280 |
TOTAL INVESTMENT PORTFOLIO - 116.2% (Cost $686,861,375) | | 866,095,393 |
NET OTHER ASSETS - (16.2)% | | (121,015,949) |
NET ASSETS - 100% | $ 745,079,444 |
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 investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 379,486 |
Fidelity Securities Lending Cash Central Fund | 628,682 |
Total | $ 1,008,168 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Nordic
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $101,148,142) - See accompanying schedule: Unaffiliated issuers (cost $559,243,095) | $ 738,477,113 | |
Fidelity Central Funds (cost $127,618,280) | 127,618,280 | |
Total Investments (cost $686,861,375) | | $ 866,095,393 |
Receivable for investments sold | | 17,082,276 |
Receivable for fund shares sold | | 3,162,152 |
Dividends receivable | | 4,701,658 |
Distributions receivable from Fidelity Central Funds | | 67,401 |
Prepaid expenses | | 1,019 |
Other receivables | | 655,388 |
Total assets | | 891,765,287 |
| | |
Liabilities | | |
Payable for investments purchased | $ 37,909,763 | |
Payable for fund shares redeemed | 1,166,103 | |
Accrued management fee | 418,302 | |
Other affiliated payables | 157,539 | |
Other payables and accrued expenses | 74,188 | |
Collateral on securities loaned,
at value | 106,959,948 | |
Total liabilities | | 146,685,843 |
| | |
Net Assets | | $ 745,079,444 |
Net Assets consist of: | | |
Paid in capital | | $ 545,436,612 |
Undistributed net investment income | | 8,326,779 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 12,016,743 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 179,299,310 |
Net Assets, for 16,284,575 shares outstanding | | $ 745,079,444 |
Net Asset Value, offering price and redemption price per share ($745,079,444 ÷ 16,284,575 shares) | | $ 45.75 |
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
| | |
Dividends | | $ 11,940,173 |
Income from Fidelity Central Funds (including $628,682 from security lending) | | 1,008,168 |
| | 12,948,341 |
Less foreign taxes withheld | | (1,787,245) |
Total income | | 11,161,096 |
| | |
Expenses | | |
Management fee | $ 1,937,323 | |
Transfer agent fees | 664,919 | |
Accounting and security lending fees | 136,806 | |
Custodian fees and expenses | 113,649 | |
Independent trustees' compensation | 702 | |
Registration fees | 56,526 | |
Audit | 29,921 | |
Miscellaneous | 661 | |
Total expenses before reductions | 2,940,507 | |
Expense reductions | (135,420) | 2,805,087 |
Net investment income (loss) | | 8,356,009 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 12,590,491 | |
Foreign currency transactions | (183,116) | |
Total net realized gain (loss) | | 12,407,375 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 111,744,713 | |
Assets and liabilities in foreign currencies | 63,995 | |
Total change in net unrealized appreciation (depreciation) | | 111,808,708 |
Net gain (loss) | | 124,216,083 |
Net increase (decrease) in net assets resulting from operations | | $ 132,572,092 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Nordic
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 8,356,009 | $ 3,999,365 |
Net realized gain (loss) | 12,407,375 | 7,924,426 |
Change in net unrealized appreciation (depreciation) | 111,808,708 | 41,900,739 |
Net increase (decrease) in net assets resulting from operations | 132,572,092 | 53,824,530 |
Distributions to shareholders from net investment income | (3,011,989) | (2,048,598) |
Distributions to shareholders from net realized gain | (5,296,944) | (14,574,214) |
Total distributions | (8,308,933) | (16,622,812) |
Share transactions
Proceeds from sales of shares | 344,948,953 | 241,880,689 |
Reinvestment of distributions | 8,060,493 | 16,097,675 |
Cost of shares redeemed | (80,875,807) | (135,218,842) |
Net increase (decrease) in net assets resulting from share transactions | 272,133,639 | 122,759,522 |
Redemption fees | 200,291 | 509,855 |
Total increase (decrease) in net assets | 396,597,089 | 160,471,095 |
| | |
Net Assets | | |
Beginning of period | 348,482,355 | 188,011,260 |
End of period (including undistributed net investment income of $8,326,779 and undistributed net investment income of $3,970,778, respectively) | $ 745,079,444 | $ 348,482,355 |
Other Information Shares | | |
Sold | 8,556,742 | 7,006,522 |
Issued in reinvestment of distributions | 210,073 | 544,945 |
Redeemed | (2,008,053) | (4,105,858) |
Net increase (decrease) | 6,758,762 | 3,445,609 |
Financial Highlights
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 36.58 | $ 30.92 | $ 24.44 | $ 19.49 | $ 15.36 | $ 17.31 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .62 | .50 | .55 | .26 | .11 | .10 |
Net realized and unrealized gain (loss) | 9.34 | 7.94 | 6.12 | 4.80 | 4.14 | (1.99) |
Total from investment operations | 9.96 | 8.44 | 6.67 | 5.06 | 4.25 | (1.89) |
Distributions from net investment income | (.29) | (.35) | (.22) | (.15) | (.12) | (.06) |
Distributions from net realized gain | (.51) | (2.49) | - | - | - | - |
Total distributions | (.80) | (2.84) | (.22) | (.15) | (.12) | (.06) |
Redemption fees added to paid in capital E | .01 | .06 | .03 | .04 | - I | - I |
Net asset value, end of period | $ 45.75 | $ 36.58 | $ 30.92 | $ 24.44 | $ 19.49 | $ 15.36 |
Total Return B, C, D | 27.68% | 29.68% | 27.56% | 26.31% | 27.87% | (10.97)% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 1.08% A | 1.14% | 1.17% | 1.28% | 1.43% | 1.35% |
Expenses net of fee waivers, if any | 1.08% A | 1.14% | 1.17% | 1.28% | 1.43% | 1.35% |
Expenses net of all reductions | 1.03% A | 1.10% | 1.13% | 1.24% | 1.40% | 1.30% |
Net investment income (loss) | 1.54% J | 1.49% | 1.89% | 1.16% | .67% | .57% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 745,079 | $ 348,482 | $ 188,011 | $ 116,493 | $ 81,337 | $ 73,992 |
Portfolio turnover rate G | 40% A | 67% | 76% | 90% | 96% | 106% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the 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. J Ratio has not been annualized because of the uneven rate at which the Fund earns dividend income throughout the fiscal year. |
Semiannual Report
Pacific Basin
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Japan | 29.6% | |
| Australia | 13.6% | |
| Korea (South) | 11.8% | |
| Singapore | 8.7% | |
| Hong Kong | 7.4% | |
| China | 5.0% | |
| India | 4.1% | |
| Taiwan | 4.1% | |
| Malaysia | 3.9% | |
| Other | 11.8% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan | 39.7% | |
| Korea (South) | 12.6% | |
| Australia | 11.7% | |
| Taiwan | 5.8% | |
| China | 5.7% | |
| Hong Kong | 5.2% | |
| Singapore | 4.5% | |
| India | 4.4% | |
| Cayman Islands | 3.4% | |
| Other | 7.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's net assets | % of fund's net assets
6 months ago |
Stocks | 99.1 | 99.9 |
Short-Term Investments and Net Other Assets | 0.9 | 0.1 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Toyota Motor Corp. (Japan, Automobiles) | 2.4 | 2.6 |
National Australia Bank Ltd. (Australia, Commercial Banks) | 1.4 | 1.3 |
Keppel Corp. Ltd. (Singapore, Industrial Conglomerates) | 1.3 | 0.7 |
Computershare Ltd. (Australia, IT Services) | 1.1 | 1.1 |
Olam International Ltd. (Singapore, Food & Staples Retailing) | 1.0 | 0.0 |
NHN Corp. (Korea (South), Internet Software & Services) | 1.0 | 1.6 |
Mitsubishi Estate Co. Ltd. (Japan, Real Estate Management & Development) | 1.0 | 0.9 |
Parkway Holdings Ltd. (Singapore, Health Care Providers & Services) | 1.0 | 0.0 |
CSL Ltd. (Australia, Biotechnology) | 1.0 | 0.0 |
PT Perusahaan Gas Negara Tbk Series B (Indonesia, Gas Utilities) | 1.0 | 0.6 |
| 12.2 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 22.2 | 23.2 |
Industrials | 20.5 | 16.1 |
Consumer Discretionary | 19.1 | 17.7 |
Information Technology | 16.9 | 20.7 |
Consumer Staples | 6.4 | 5.6 |
Materials | 4.9 | 6.1 |
Health Care | 4.4 | 3.5 |
Energy | 2.5 | 3.8 |
Telecommunication Services | 1.1 | 1.8 |
Utilities | 1.1 | 1.4 |
Semiannual Report
Pacific Basin
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.1% |
| Shares | | Value |
Australia - 13.6% |
AMP Ltd. | 829,406 | | $ 7,404,387 |
Aristocrat Leisure Ltd. | 348,658 | | 4,806,414 |
Babcock & Brown Ltd. | 384,034 | | 9,456,009 |
Billabong International Ltd. | 328,242 | | 4,497,711 |
Cochlear Ltd. | 85,869 | | 4,524,614 |
Computershare Ltd. | 1,429,438 | | 12,404,952 |
CSL Ltd. | 147,235 | | 10,671,840 |
CSR Ltd. | 1,661,377 | | 5,063,464 |
Downer EDI Ltd. | 1,527,192 | | 9,499,242 |
Energy Resources of Australia Ltd. | 160,146 | | 3,354,090 |
Gunns Ltd. | 365,157 | | 1,046,194 |
HFA Holdings Ltd. | 1,707,074 | | 3,331,453 |
Macquarie Airports unit | 1,059,465 | | 3,501,734 |
Macquarie Bank Ltd. | 84,972 | | 6,139,155 |
Macquarie Infrastructure Group unit | 1,160,797 | | 3,653,499 |
McGuigan Simeon Wines Ltd. | 930,800 | | 1,932,457 |
National Australia Bank Ltd. | 423,234 | | 15,050,201 |
QBE Insurance Group Ltd. | 334,251 | | 8,566,080 |
Reverse Corp. Ltd. | 533,839 | | 2,172,300 |
Seek Ltd. | 869,422 | | 5,335,665 |
Sonic Healthcare Ltd. | 344,264 | | 4,085,426 |
United Group Ltd. | 586,893 | | 7,651,949 |
Woolworths Ltd. | 282,565 | | 6,640,768 |
WorleyParsons Ltd. | 277,317 | | 6,333,192 |
TOTAL AUSTRALIA | | 147,122,796 |
Bermuda - 1.9% |
Asia Media Co. Ltd. | 20,000 | | 142,630 |
DVN Holdings Ltd. (a) | 5,235,000 | | 1,458,898 |
Noble Group Ltd. | 4,095,000 | | 4,285,841 |
Peace Mark Holdings Ltd. | 4,901,750 | | 5,514,238 |
Ports Design Ltd. | 2,045,500 | | 5,752,728 |
Sinofert Holdings Ltd. | 3,390,400 | | 1,742,323 |
Sinolink Worldwide Holdings Ltd. | 4,726,085 | | 1,099,574 |
TOTAL BERMUDA | | 19,996,232 |
Cayman Islands - 3.0% |
China Shineway Pharmaceutical Group Ltd. | 1,871,237 | | 1,315,658 |
Ctrip.com International Ltd. sponsored ADR | 47,905 | | 3,397,423 |
Foxconn International Holdings Ltd. (a) | 1,476,000 | | 4,471,841 |
Himax Technologies, Inc. sponsored ADR | 366,093 | | 2,148,966 |
Kingboard Chemical Holdings Ltd. | 1,057,400 | | 4,960,861 |
Kingdee International Software Group Co. Ltd. | 2,468,232 | | 1,931,030 |
Neo-Neon Holdings Ltd. | 498,000 | | 827,607 |
New Oriental Education & Technology Group, Inc. sponsored ADR | 34,000 | | 1,487,500 |
Samson Holding Ltd. | 5,569,000 | | 2,840,546 |
SinoCom Software Group Ltd. | 19,394,000 | | 3,892,411 |
|
| Shares | | Value |
The9 Ltd. sponsored ADR (a)(d) | 81,771 | | $ 3,345,252 |
Xinhua Finance Ltd. (a)(d) | 2,696 | | 1,593,614 |
TOTAL CAYMAN ISLANDS | | 32,212,709 |
China - 5.0% |
AMVIG Holdings Ltd. | 4,392,000 | | 3,874,031 |
Baidu.com, Inc. sponsored ADR (a)(d) | 19,396 | | 2,358,166 |
Beijing Media Corp. Ltd. (H Shares) | 1,084,000 | | 1,212,520 |
Century Sunshine Ecological Technology Holdings Ltd. | 2,220,000 | | 553,400 |
China Mengniu Dairy Co. Ltd. | 1,501,362 | | 4,596,662 |
China Shenhua Energy Co. Ltd. (H Shares) | 1,213,000 | | 3,029,961 |
China Shipping Development Co. Ltd. (H Shares) | 2,616,000 | | 4,976,137 |
China Sun Bio-chem Technology Group Co. Ltd. | 3,429,000 | | 1,489,692 |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(d) | 166,724 | | 1,350,464 |
Chitaly Holdings Ltd. | 7,537,308 | | 1,281,503 |
Focus Media Holding Ltd. ADR (a) | 95,662 | | 3,539,494 |
Global Bio-Chem Technology Group Co. Ltd. | 5,722,000 | | 2,457,756 |
Jiangsu Expressway Co. Ltd. (H Shares) | 4,840,013 | | 4,139,275 |
Li Ning Co. Ltd. | 2,422,000 | | 4,768,113 |
Macau Success Ltd. | 16,700,000 | | 1,643,837 |
Pine Agritech Ltd. | 315,000 | | 133,738 |
Sina Corp. (a) | 88,149 | | 3,039,378 |
Tencent Holdings Ltd. | 648,000 | | 2,224,185 |
Weichai Power Co. Ltd. (H Shares) | 692,000 | | 3,980,799 |
Yantai Changyu Pioneer Wine Co. (B Shares) | 669,000 | | 3,224,179 |
TOTAL CHINA | | 53,873,290 |
Hong Kong - 7.4% |
Bank of East Asia Ltd. | 759,228 | | 4,697,526 |
Cafe de Coral Holdings Ltd. | 1,434,789 | | 2,622,864 |
Chaoda Modern Agriculture (Holdings) Ltd. | 3,074,000 | | 2,554,282 |
China Overseas Land & Investment Ltd. | 2,693,750 | | 3,295,497 |
China Resources Enterprise Ltd. | 1,102,000 | | 3,761,357 |
China State Construction International Holdings Ltd. | 11,592,907 | | 10,284,981 |
China Unicom Ltd. | 2,888,000 | | 4,184,712 |
Esprit Holdings Ltd. | 487,500 | | 5,951,544 |
Far East Consortium International Ltd. | 6,041,000 | | 2,455,770 |
Golden Meditech Co. Ltd. (a) | 7,660,000 | | 3,309,765 |
Guangzhou Investment Co. Ltd. | 11,290,903 | | 2,670,251 |
Hang Lung Properties Ltd. | 2,950,000 | | 8,805,632 |
IPE Group Ltd. | 18,870,000 | | 3,160,056 |
Li & Fung Ltd. | 1,294,539 | | 4,071,007 |
PYI Corp. Ltd. | 9,444,215 | | 4,189,353 |
REXCAPITAL Financial Holdings Ltd. (a) | 32,661,967 | | 2,797,492 |
Television Broadcasts Ltd. | 435,792 | | 2,888,549 |
Tian An China Investments Co. Ltd. | 4,292,000 | | 3,154,854 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - continued |
Tingyi (Cayman Island) Holding Corp. | 2,952,742 | | $ 2,929,132 |
Wing Lung Bank Ltd. | 139,600 | | 1,539,204 |
TOTAL HONG KONG | | 79,323,828 |
India - 4.1% |
Aditya Birla Nuvo Ltd. | 32,334 | | 903,926 |
Bajaj Auto Ltd. | 30,383 | | 1,811,691 |
BF Utilities Ltd. (a) | 16,439 | | 750,899 |
Educomp Solutions Ltd. | 110,930 | | 3,542,895 |
Financial Technology (India) Ltd. | 192,861 | | 9,059,228 |
Geodesic Information Systems Ltd. | 502,422 | | 2,584,636 |
HCL Infosystems Ltd. | 227,933 | | 822,158 |
INFO Edge India Ltd. | 93,293 | | 1,769,828 |
IVRCL Infrastructures & Projects Ltd. | 492,367 | | 3,847,648 |
Pantaloon Retail India Ltd. | 287,601 | | 2,957,858 |
Pfizer Ltd. | 107,366 | | 2,233,903 |
Praj Industries Ltd. | 320,124 | | 3,892,262 |
Sasken Communication Technologies Ltd. | 126,110 | | 1,521,954 |
Shopper's Stop Ltd. | 125,024 | | 2,076,017 |
State Bank of India | 131,824 | | 4,341,132 |
Suzlon Energy Ltd. | 75,624 | | 2,187,928 |
TOTAL INDIA | | 44,303,963 |
Indonesia - 1.7% |
PT Astra International Tbk | 2,361,000 | | 3,742,476 |
PT Bank Niaga Tbk | 29,692,500 | | 2,745,532 |
PT Mitra Adiperkasa Tbk | 16,186,000 | | 1,514,464 |
PT Perusahaan Gas Negara Tbk Series B | 9,214,848 | | 10,650,696 |
TOTAL INDONESIA | | 18,653,168 |
Japan - 29.6% |
Aeon Co. Ltd. | 186,700 | | 3,415,306 |
Aeon Mall Co. Ltd. (d) | 214,000 | | 7,162,857 |
Aida Engineering Ltd. | 485,000 | | 3,267,555 |
Aioi Insurance Co. Ltd. | 455,000 | | 3,082,880 |
ARRK Corp. | 199,500 | | 2,324,346 |
Aruze Corp. (d) | 127,700 | | 4,507,684 |
Asics Corp. | 300,000 | | 3,778,066 |
Asunaro Aoki Construction Co. Ltd. | 311,500 | | 2,088,281 |
Canon, Inc. | 129,600 | | 7,283,520 |
Casio Computer Co. Ltd. | 156,600 | | 3,161,522 |
Daiei, Inc. (a)(d) | 130,200 | | 1,533,929 |
Daiwa House Industry Co. Ltd. | 283,000 | | 4,436,589 |
DCM Japan Holdings Co. Ltd. | 179,740 | | 1,693,235 |
Denso Corp. | 160,500 | | 5,675,458 |
eAccess Ltd. (d) | 3,893 | | 2,412,938 |
EDION Corp. | 95,900 | | 1,329,286 |
Fuji Machine Manufacturing Co. Ltd. | 62,600 | | 1,177,713 |
Fujifilm Holdings Corp. | 141,200 | | 5,773,668 |
H.I.S. Co. Ltd. | 113,200 | | 3,501,705 |
Hamakyorex Co. Ltd. (d) | 137,200 | | 3,585,105 |
Hamamatsu Photonics KK (d) | 83,600 | | 2,412,800 |
|
| Shares | | Value |
Hikari Tsushin, Inc. | 44,300 | | $ 1,764,909 |
Hitachi Metals Ltd. | 283,000 | | 3,030,610 |
Intelligent Wave, Inc. | 2,249 | | 1,175,072 |
Ise Chemical Corp. | 527,000 | | 7,276,459 |
Japan Airport Terminal Co. Ltd. | 69,900 | | 1,280,683 |
Japan Excellent, Inc. | 482 | | 4,971,125 |
Japan Logistics Fund, Inc. | 388 | | 3,914,243 |
JSR Corp. | 223,700 | | 5,004,622 |
Kato Works Co. Ltd. | 856,000 | | 4,350,410 |
Keihanshin Real Estate Co. Ltd. | 204,000 | | 1,438,403 |
KK daVinci Advisors (a)(d) | 2,928 | | 2,950,681 |
Kobayashi Pharmaceutical Co. Ltd. | 85,500 | | 3,199,265 |
Konica Minolta Holdings, Inc. | 446,000 | | 6,103,332 |
Kyoritsu Maintenance Co. Ltd. | 173,400 | | 3,796,435 |
Leopalace21 Corp. | 134,300 | | 4,403,781 |
Lintec Corp. | 198,100 | | 4,116,653 |
Mandom Corp. | 157,300 | | 4,020,273 |
Micronics Japan Co. Ltd. | 79,900 | | 2,763,488 |
Misawa Homes Holdings, Inc. (a)(d) | 132,300 | | 2,320,284 |
Mitsubishi Estate Co. Ltd. | 360,000 | | 11,162,664 |
Mitsui & Co. Ltd. | 362,000 | | 6,510,170 |
Mizuho Financial Group, Inc. | 1,377 | | 8,287,460 |
Musashi Seimitsu Industry Co. Ltd. (d) | 128,500 | | 3,350,852 |
Nabtesco Corp. | 306,000 | | 4,152,584 |
Namco Bandai Holdings, Inc. | 302,100 | | 4,909,848 |
Nidec Sankyo Corp. (d) | 279,000 | | 1,840,649 |
Nintendo Co. Ltd. | 33,500 | | 10,465,806 |
Nippon Electric Glass Co. Ltd. | 555,000 | | 9,499,813 |
Nippon Parkerizing Co. Ltd. | 197,000 | | 3,567,289 |
Nitta Corp. | 40,700 | | 887,364 |
Nittoku Engineering Co. Ltd. | 291,400 | | 1,695,945 |
NTT Urban Development Co. | 2,305 | | 5,475,412 |
Rakuten, Inc. | 6,429 | | 2,582,882 |
Risa Partners, Inc. (d) | 1,117 | | 3,005,071 |
Sankyo Seiko Co. Ltd. | 274,800 | | 1,433,234 |
Seikoh Giken Co. Ltd. | 46,000 | | 1,004,290 |
SFCG Co. Ltd. | 20,530 | | 3,610,711 |
Shoei Co. | 101,700 | | 2,828,319 |
Sony Corp. | 116,100 | | 6,183,486 |
Stanley Electric Co. Ltd. | 220,600 | | 4,382,508 |
Sumitomo Corp. | 431,700 | | 7,394,722 |
Sumitomo Metal Industries Ltd. | 1,800,000 | | 9,140,504 |
Sysmex Corp. (d) | 53,200 | | 2,038,535 |
T&D Holdings, Inc. | 82,350 | | 5,216,014 |
Take & Give Needs Co. Ltd. (d) | 2,702 | | 1,834,973 |
Telewave, Inc. (d) | 4,555 | | 1,413,460 |
The Nippon Synthetic Chemical Industry Co. Ltd. (d) | 490,000 | | 2,095,437 |
The Sumitomo Warehouse Co. Ltd. (d) | 401,000 | | 3,095,847 |
Tohcello Co. Ltd. | 147,000 | | 1,549,684 |
Tokyo Tomin Bank Ltd. | 80,500 | | 2,782,935 |
Toyoda Gosei Co. Ltd. | 169,900 | | 4,199,573 |
Toyota Motor Corp. | 421,800 | | 25,607,472 |
Trend Micro, Inc. | 90,000 | | 2,799,117 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
UNY Co. Ltd. | 258,000 | | $ 3,085,734 |
Valor Co. Ltd. | 222,000 | | 2,651,121 |
Yamaguchi Financial Group, Inc. (a) | 210,000 | | 2,635,952 |
Yasuragi Co. Ltd. (d) | 19,300 | | 159,484 |
Zeon Corp. | 335,000 | | 3,449,009 |
TOTAL JAPAN | | 319,471,101 |
Korea (South) - 11.8% |
CDNetworks Co. Ltd. (a) | 120,643 | | 2,741,736 |
Cheil Industries, Inc. | 119,163 | | 4,495,758 |
DC Chemical Co. Ltd. | 6,108 | | 867,744 |
Doosan Heavy Industries & Construction Co. Ltd. | 93,156 | | 7,291,736 |
Duzon Digital Ware Co. Ltd. | 111,625 | | 2,190,594 |
eSang Networks Co. Ltd. | 54,991 | | 2,398,596 |
Hana Tour Service, Inc. | 32,720 | | 2,421,483 |
Hyundai Engineering & Construction Co. Ltd. (a) | 63,495 | | 3,778,375 |
Hyunjin Materials Co. Ltd. | 131,013 | | 3,696,800 |
INTOPS Co. Ltd. | 119,506 | | 3,772,188 |
Kookmin Bank | 54,720 | | 4,896,893 |
Korea Information Service, Inc. | 60,093 | | 1,407,364 |
Korean Reinsurance Co. | 356,926 | | 4,540,893 |
Kyeryong Construction Industrial Co. Ltd. | 67,780 | | 3,145,688 |
LG Dacom Corp. | 48,772 | | 1,193,750 |
LG Household & Health Care Ltd. | 51,550 | | 6,863,553 |
Lotte Chilsung Beverage Co. Ltd. | 924 | | 1,192,171 |
Mobilians Co. Ltd. | 144,281 | | 1,179,039 |
NHN Corp. | 71,649 | | 11,207,075 |
Nice e-Banking Services | 69,243 | | 2,837,039 |
S.M. Entertainment Co. Ltd. (a) | 336,955 | | 2,158,301 |
Samsung Corp. | 165,654 | | 6,967,130 |
Samsung Fire & Marine Insurance Co. Ltd. | 52,439 | | 9,295,489 |
Seoul Semiconductor Co. Ltd. | 116,061 | | 4,589,240 |
SFA Engineering Corp. | 194,361 | | 8,494,925 |
Shinhan Financial Group Co. Ltd. | 49,617 | | 2,782,521 |
TK Corp. | 372,164 | | 8,076,817 |
TSM Tech Co. Ltd. | 161,065 | | 3,275,267 |
Woongjin Coway Co. Ltd. | 124,340 | | 4,157,635 |
YBM Sisa.com, Inc. | 138,305 | | 2,948,710 |
Yuhan Corp. | 13,309 | | 2,169,367 |
TOTAL KOREA (SOUTH) | | 127,033,877 |
Malaysia - 3.9% |
Bumiputra-Commerce Holdings BHD | 1,732,900 | | 5,469,117 |
Gamuda BHD | 3,707,271 | | 8,504,406 |
IJM Corp. BHD | 1,348,100 | | 3,427,373 |
IOI Corp. BHD | 756,400 | | 5,581,268 |
Lafarge Malayan Cement BHD | 4,288,000 | | 2,205,400 |
Lion Diversified Holdings BHD | 1,455,610 | | 3,679,435 |
MMC Corp. BHD | 1,898,877 | | 3,939,809 |
Muhibbah Engineering (M) BHD | 446,300 | | 795,567 |
|
| Shares | | Value |
PPB Oil Palms BHD | 490,200 | | $ 2,105,769 |
Resorts World BHD | 3,449,700 | | 3,286,389 |
Zelan BHD | 775,700 | | 2,674,828 |
TOTAL MALAYSIA | | 41,669,361 |
New Zealand - 0.2% |
Pumpkin Patch Ltd. | 810,238 | | 2,586,967 |
Papua New Guinea - 0.5% |
Oil Search Ltd. (d) | 1,926,236 | | 5,726,721 |
Philippines - 0.2% |
Filinvest Land, Inc. | 62,513,000 | | 2,346,544 |
Singapore - 8.7% |
Ascendas Real Estate Investment Trust (A-REIT) | 2,872,550 | | 4,916,160 |
Ascott Residence Trust | 1,589,000 | | 2,039,593 |
CapitaLand Ltd. | 964,000 | | 5,393,628 |
China Petrotech Holdings Ltd. | 8,742,000 | | 2,934,716 |
Cosco Corp. Singapore Ltd. | 3,554,000 | | 6,620,471 |
CSE Global Ltd. | 3,013,000 | | 3,490,574 |
DBS Group Holdings Ltd. | 742,000 | | 10,403,239 |
Ezra Holdings Ltd. | 1,183,000 | | 4,983,676 |
Gallant Venture Ltd. | 3,052,000 | | 2,732,175 |
Goodpack Ltd. | 3,917,000 | | 4,125,329 |
Keppel Corp. Ltd. | 992,000 | | 13,973,670 |
Keppel Land Ltd. | 612,000 | | 3,565,166 |
KS Energy Services Ltd. | 858,000 | | 1,762,085 |
Olam International Ltd. | 5,490,000 | | 11,419,431 |
Parkway Holdings Ltd. | 4,171,000 | | 10,872,275 |
Pertama Holdings Ltd. | 10,644,000 | | 2,907,622 |
Rickmers Maritime | 1,715,000 | | 1,772,347 |
TOTAL SINGAPORE | | 93,912,157 |
Taiwan - 4.1% |
D-Link Corp. | 1,885,000 | | 3,496,661 |
E-Life Mall Corp. Ltd. | 636,000 | | 1,141,595 |
Everlight Electronics Co. Ltd. | 707,000 | | 2,451,066 |
Gemtek Technology Corp. | 621,000 | | 1,599,310 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 1,407,885 | | 9,360,404 |
MediaTek, Inc. | 392,040 | | 4,918,813 |
Opto Technology Corp. (a) | 4,501,000 | | 3,269,475 |
Phoenix Precision Technology Corp. | 2,654,434 | | 2,852,388 |
Shin Kong Financial Holding Co. Ltd. warrants (UBS Warrant Programme) 6/14/07 (a) | 4,817,404 | | 4,454,889 |
Siliconware Precision Industries Co. Ltd. | 1,290,000 | | 2,478,126 |
Taishin Financial Holdings Co. Ltd. (a) | 5,952,000 | | 2,912,086 |
Taiwan Cellular Co. Ltd. | 1,428,000 | | 1,483,057 |
Wistron Corp. | 2,585,981 | | 3,865,524 |
TOTAL TAIWAN | | 44,283,394 |
Thailand - 3.2% |
ACL Bank PCL (For. Reg.) (a) | 8,517,800 | | 1,009,154 |
BEC World PCL (For. Reg.) | 4,305,300 | | 2,909,405 |
Common Stocks - continued |
| Shares | | Value |
Thailand - continued |
Bumrungrad Hospital PCL: | | | |
NVDR | 1,081,400 | | $ 1,508,207 |
(For. Reg.) | 4,162,300 | | 5,745,231 |
Central Pattana PCL (For. Reg.) | 2,958,071 | | 2,232,908 |
Khon Kaen Sugar Industry PCL (For. Reg.) | 8,372,100 | | 2,251,017 |
Minor International PCL (For. Reg.) | 13,798,086 | | 4,483,634 |
Siam Commercial Bank PCL (For. Reg.) | 2,275,952 | | 4,352,288 |
Thai Oil PCL (For. Reg.) | 992,000 | | 1,868,469 |
Thai Stanley Electric PCL | 364,390 | | 1,456,512 |
Ticon Industrial Connection PCL (For. Reg.) | 8,032,800 | | 3,880,691 |
Total Access Communication PCL | 644,676 | | 3,287,848 |
True Corp. PCL (For. Reg.) rights 4/30/08 (a) | 206,113 | | 0 |
TOTAL THAILAND | | 34,985,364 |
Vietnam - 0.2% |
Luks Industrial (Group) Ltd. | 2,334,000 | | 2,568,950 |
TOTAL COMMON STOCKS (Cost $826,788,146) | 1,070,070,422 |
Money Market Funds - 3.8% |
| | | |
Fidelity Cash Central Fund, 5.29% (b) | 8,931,376 | | 8,931,376 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 32,128,670 | | 32,128,670 |
TOTAL MONEY MARKET FUNDS (Cost $41,060,046) | 41,060,046 |
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $867,848,192) | | 1,111,130,468 |
NET OTHER ASSETS - (2.9)% | | (31,613,983) |
NET ASSETS - 100% | $ 1,079,516,485 |
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 investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 152,782 |
Fidelity Securities Lending Cash Central Fund | 262,660 |
Total | $ 415,442 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Pacific Basin
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $30,546,464) - See accompanying schedule: Unaffiliated issuers (cost $826,788,146) | $ 1,070,070,422 | |
Fidelity Central Funds (cost $41,060,046) | 41,060,046 | |
Total Investments (cost $867,848,192) | | $ 1,111,130,468 |
Foreign currency held at value (cost $640,761) | | 639,812 |
Receivable for investments sold | | 8,142,201 |
Receivable for fund shares sold | | 1,868,551 |
Dividends receivable | | 3,106,058 |
Distributions receivable from Fidelity Central Funds | | 43,680 |
Prepaid expenses | | 3,428 |
Other receivables | | 276,428 |
Total assets | | 1,125,210,626 |
| | |
Liabilities | | |
Payable for investments purchased | $ 10,271,031 | |
Payable for fund shares redeemed | 1,994,771 | |
Accrued management fee | 759,287 | |
Other affiliated payables | 236,361 | |
Other payables and accrued expenses | 304,021 | |
Collateral on securities loaned,
at value | 32,128,670 | |
Total liabilities | | 45,694,141 |
| | |
Net Assets | | $ 1,079,516,485 |
Net Assets consist of: | | |
Paid in capital | | $ 758,666,308 |
Undistributed net investment income | | 2,792,674 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 74,864,812 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 243,192,691 |
Net Assets, for 36,353,962 shares outstanding | | $ 1,079,516,485 |
Net Asset Value, offering price and redemption price per share ($1,079,516,485 ÷ 36,353,962 shares) | | $ 29.69 |
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
Investment Income | | |
Dividends | | $ 8,868,844 |
Interest | | 5,158 |
Income from Fidelity Central Funds (including $262,660 from security lending) | | 415,442 |
| | 9,289,444 |
Less foreign taxes withheld | | (668,537) |
Total income | | 8,620,907 |
| | |
Expenses | | |
Management fee
Basic fee | $ 3,595,530 | |
Performance adjustment | 575,435 | |
Transfer agent fees | 1,152,621 | |
Accounting and security lending fees | 236,458 | |
Custodian fees and expenses | 367,467 | |
Independent trustees' compensation | 1,681 | |
Registration fees | 28,862 | |
Audit | 66,756 | |
Interest | 11,024 | |
Miscellaneous | 3,092 | |
Total expenses before reductions | 6,038,926 | |
Expense reductions | (397,296) | 5,641,630 |
Net investment income (loss) | | 2,979,277 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $241,580) | 85,067,845 | |
Foreign currency transactions | 396,228 | |
Total net realized gain (loss) | | 85,464,073 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $378,393) | 80,737,967 | |
Assets and liabilities in foreign currencies | (56,561) | |
Total change in net unrealized appreciation (depreciation) | | 80,681,406 |
Net gain (loss) | | 166,145,479 |
Net increase (decrease) in net assets resulting from operations | | $ 169,124,756 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Pacific Basin
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,979,277 | $ 6,138,792 |
Net realized gain (loss) | 85,464,073 | 97,497,094 |
Change in net unrealized appreciation (depreciation) | 80,681,406 | 59,273,598 |
Net increase (decrease) in net assets resulting from operations | 169,124,756 | 162,909,484 |
Distributions to shareholders from net investment income | (5,493,694) | (5,529,029) |
Distributions to shareholders from net realized gain | (76,911,706) | (9,829,319) |
Total distributions | (82,405,400) | (15,358,348) |
Share transactions
Proceeds from sales of shares | 129,892,350 | 667,355,117 |
Reinvestment of distributions | 77,891,047 | 14,211,173 |
Cost of shares redeemed | (187,901,029) | (505,973,121) |
Net increase (decrease) in net assets resulting from share transactions | 19,882,368 | 175,593,169 |
Redemption fees | 109,587 | 810,944 |
Total increase (decrease) in net assets | 106,711,311 | 323,955,249 |
| | |
Net Assets | | |
Beginning of period | 972,805,174 | 648,849,925 |
End of period (including undistributed net investment income of $2,792,674 and undistributed net investment income
of $5,642,285, respectively) | $ 1,079,516,485 | $ 972,805,174 |
Other Information Shares | | |
Sold | 4,635,740 | 25,188,605 |
Issued in reinvestment of distributions | 2,929,336 | 586,996 |
Redeemed | (6,770,196) | (19,160,860) |
Net increase (decrease) | 794,880 | 6,614,741 |
Financial Highlights
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 27.36 | $ 22.42 | $ 17.91 | $ 17.06 | $ 12.73 | $ 13.09 |
Income from Investment Operations | | | | | | |
Net investment income (loss) F | .08 | .16 | .22 I | .07 | .06 | (.02) |
Net realized and unrealized gain (loss) | 4.65 | 5.26 | 4.49 | .92 | 4.26 | (.36) |
Total from investment operations | 4.73 | 5.42 | 4.71 | .99 | 4.32 | (.38) |
Distributions from net investment income | (.16) | (.18) | (.08) | (.16) | - | - |
Distributions from net realized gain | (2.24) | (.32) | (.13) | - | - | - |
Total distributions | (2.40) | (.50) | (.21) | (.16) | - | - |
Redemption fees added to paid in capital F | - K | .02 | .01 | .02 | .01 | .02 |
Net asset value, end of period | $ 29.69 | $ 27.36 | $ 22.42 | $ 17.91 | $ 17.06 | $ 12.73 |
Total Return B, C, D, E | 18.31% | 24.55% | 26.62% | 5.98% | 34.01% | (2.75)% |
Ratios to Average Net Assets G, J | | | | | | |
Expenses before reductions | 1.20% A | 1.14% | 1.10% | 1.20% | 1.17% | 1.51% |
Expenses net of fee waivers, if any | 1.20% A | 1.14% | 1.10% | 1.20% | 1.17% | 1.51% |
Expenses net of all reductions | 1.12% A | 1.08% | 1.05% | 1.19% | 1.17% | 1.50% |
Net investment income (loss) | .59% A | .60% | 1.09% | .42% | .41% | (.15)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,079,516 | $ 972,805 | $ 648,850 | $ 445,127 | $ 419,251 | $ 306,206 |
Portfolio turnover rate H | 92% A | 75% | 78% | 145% | 97% | 98% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. H Amount does not include the portfolio activity of any underlying Fidelity Central Funds. I 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%. J 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. K Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Southeast Asia
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Korea (South) | 26.6% | |
| China | 17.3% | |
| Hong Kong | 14.6% | |
| Taiwan | 12.7% | |
| Singapore | 8.9% | |
| Malaysia | 6.3% | |
| Indonesia | 3.7% | |
| Cayman Islands | 3.4% | |
| United States of America | 2.5% | |
| Other | 4.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Korea (South) | 24.4% | |
| Hong Kong | 16.4% | |
| China | 15.8% | |
| Taiwan | 14.1% | |
| Singapore | 7.9% | |
| Indonesia | 7.8% | |
| United States of America | 2.9% | |
| Malaysia | 2.8% | |
| Cayman Islands | 2.2% | |
| Other | 5.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Investment Companies | 97.5 | 97.1 |
Short-Term Investments and Net Other Assets | 2.5 | 2.9 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services) | 3.3 | 3.4 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Instruments) | 2.6 | 3.1 |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment) | 2.6 | 3.8 |
Shinhan Financial Group Co. Ltd. (Korea (South), Commercial Banks) | 2.4 | 2.5 |
POSCO (Korea (South), Metals & Mining) | 2.4 | 1.1 |
PT Perusahaan Gas Negara Tbk Series B (Indonesia, Gas Utilities) | 1.8 | 2.8 |
Hyundai Heavy Industries Co. Ltd. (Korea (South), Machinery) | 1.8 | 1.3 |
Kookmin Bank (Korea (South), Commercial Banks) | 1.8 | 2.7 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 1.7 | 1.7 |
Cosco Corp. Singapore Ltd. (Singapore, Marine) | 1.5 | 0.9 |
| 21.9 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 30.5 | 27.0 |
Industrials | 21.8 | 14.4 |
Information Technology | 10.6 | 15.0 |
Materials | 8.5 | 7.5 |
Consumer Discretionary | 5.9 | 7.3 |
Energy | 5.5 | 9.5 |
Telecommunication Services | 4.5 | 5.6 |
Utilities | 4.0 | 7.5 |
Consumer Staples | 4.0 | 2.4 |
Health Care | 0.8 | 0.2 |
Semiannual Report
Southeast Asia
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.1% |
| Shares | | Value |
Australia - 2.0% |
Babcock & Brown Ltd. | 160,000 | | $ 3,939,655 |
CSR Ltd. | 1,400,000 | | 4,266,852 |
HFA Holdings Ltd. | 2,000,000 | | 3,903,115 |
Paladin Resources Ltd. (a)(d) | 1,337,200 | | 10,660,586 |
Rinker Group Ltd. | 280,000 | | 4,324,984 |
Seek Ltd. | 1,020,000 | | 6,259,766 |
WorleyParsons Ltd. | 692,344 | | 15,811,320 |
TOTAL AUSTRALIA | | 49,166,278 |
Bermuda - 1.0% |
China Green (Holdings) Ltd. | 7,092,000 | | 5,602,848 |
Hongguo International Holdings Ltd. | 7,000,000 | | 5,713,533 |
NWS Holdings Ltd. | 4,645,117 | | 11,905,912 |
Ports Design Ltd. | 937,000 | | 2,635,202 |
TOTAL BERMUDA | | 25,857,495 |
Cayman Islands - 3.4% |
China Infrastructure Machinery Holdings Ltd. | 7,186,000 | | 13,724,277 |
Foxconn International Holdings Ltd. (a) | 3,761,000 | | 11,394,711 |
Geely Automobile Holdings Ltd. | 37,000,000 | | 4,871,813 |
Intime Department Store Group Co. Ltd. | 2,000,000 | | 1,759,017 |
New World China Land Ltd. | 16,520,000 | | 11,636,257 |
Shimao Property Holdings Ltd. | 8,200,000 | | 17,526,766 |
Suntech Power Holdings Co. Ltd. sponsored ADR (a) | 290,000 | | 10,521,200 |
Tianjin Port Development Holdings Ltd. | 22,600,000 | | 12,683,076 |
TOTAL CAYMAN ISLANDS | | 84,117,117 |
China - 17.3% |
Angang Steel Co. Ltd. (H Shares) | 5,478,000 | | 10,588,281 |
Anhui Conch Cement Co. Ltd. (H Shares) | 3,432,000 | | 13,820,046 |
AviChina Industry & Technology Co. Ltd. | 30,000,000 | | 5,522,496 |
Baidu.com, Inc. sponsored ADR (a)(d) | 54,000 | | 6,565,320 |
Bank of China (H Shares) | 26,040,000 | | 12,915,891 |
Bank of Communications Co. Ltd. (H Shares) | 8,600,000 | | 9,102,914 |
BYD Co. Ltd. (H Shares) (a) | 560,000 | | 3,486,331 |
Changsha Zoomlion Heavy Industry Science and Technology Development Co. Ltd. (UBS Warrant Programme) 1/22/10 (a) | 1,971,513 | | 6,998,743 |
Changsha Zoomlion Heavy Industry Science and Technology Development Co. Ltd. warrants: | | | |
(Citigroup Warrant Program) 1/20/10 (a) | 480,267 | | 1,704,917 |
(JPMorgan Warrant Program) 2/13/12 (a)(e) | 398,412 | | 1,414,337 |
China Construction Bank Corp. (H Shares) | 22,200,000 | | 13,565,397 |
China Cosco Holdings Co. Ltd. (H Shares) | 20,260,000 | | 18,595,829 |
China International Marine Containers Co. Ltd. (B Shares) | 1,000,000 | | 2,523,474 |
|
| Shares | | Value |
China Life Insurance Co. Ltd. (H Shares) | 11,762,000 | | $ 36,336,739 |
China Mengniu Dairy Co. Ltd. | 6,716,000 | | 20,562,118 |
China Merchants Bank Co. Ltd. (H Shares) | 9,856,500 | | 24,267,814 |
China Oilfield Services Ltd. (H Shares) | 19,600,000 | | 16,737,253 |
China Shipping Container Lines Co. Ltd. (H Shares) | 16,400,000 | | 7,966,712 |
Dongfang Electrical Machinery Co. Ltd. (H Shares) | 2,280,000 | | 9,210,296 |
Dongfeng Motor Group Co. Ltd. (H Shares) (a) | 9,000,000 | | 4,832,184 |
Focus Media Holding Ltd. ADR (a)(d) | 284,000 | | 10,508,000 |
Guangzhou Shipyard International Co. Ltd. (a) | 1,000,000 | | 3,477,127 |
Harbin Power Equipment Co. Ltd. (H Shares) | 13,392,000 | | 15,715,919 |
Huadian Power International Corp. Ltd. (H shares) | 8,320,000 | | 3,616,212 |
Hunan Non-Ferrous Metals Corp. Ltd. (H Shares) | 15,600,000 | | 9,532,441 |
Industrial & Commercial Bank of China | 32,322,000 | | 17,725,854 |
Li Ning Co. Ltd. | 9,400,000 | | 18,505,475 |
Li Ning Co. Ltd. warrants (UBS Warrant Programme) 5/14/07 (a) | 906,000 | | 1,783,613 |
Maanshan Iron & Steel Co. Ltd. (H Shares) | 4,888,000 | | 3,405,488 |
Mindray Medical International Ltd. sponsored ADR | 210,000 | | 4,832,100 |
Nine Dragons Paper (Holdings) Ltd. | 3,011,000 | | 6,135,511 |
PetroChina Co. Ltd. (H Shares) | 28,578,000 | | 32,047,369 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 600,000 | | 3,209,951 |
Pingdingshan Tianan Coal Mining Co. Ltd. warrants (UBS Warrant Programme) 3/16/10 (a) | 231,551 | | 524,068 |
Shandong Weigao Group Medical Polymer Co. Ltd. | 3,912,000 | | 6,891,277 |
Shanghai Electric (Group) Corp. (H Shares) | 19,760,000 | | 8,588,504 |
Shanghai Prime Machinery Co. Ltd. (H Shares) (d) | 14,600,000 | | 6,140,453 |
Shanghai Zhenhua Port Machinery Co. Ltd. (B Shares) | 7,497,600 | | 12,685,939 |
Shenzhen International Holdings Ltd. | 148,000,000 | | 10,216,617 |
Sinopec Shanghai Petrochemical Co. Ltd. (H Shares) | 6,200,000 | | 3,558,686 |
Tencent Holdings Ltd. | 3,560,000 | | 12,219,289 |
Tsingtao Brewery Co. Ltd. (H Shares) | 696,000 | | 1,234,953 |
Weichai Power Co. Ltd. (H Shares) | 626,000 | | 3,601,128 |
Yantai Changyu Pioneer Wine Co. (B Shares) | 1,241,100 | | 5,981,358 |
TOTAL CHINA | | 428,854,424 |
Hong Kong - 13.2% |
Asia Financial Holdings Ltd. | 9,400,000 | | 4,650,402 |
Bank of East Asia Ltd. | 3,581,200 | | 22,157,746 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - continued |
Cheung Kong Holdings Ltd. | 2,141,000 | | $ 27,916,984 |
China Mobile (Hong Kong) Ltd. | 8,980,800 | | 80,845,163 |
China Power International Development Ltd. | 21,200,000 | | 11,084,365 |
China Resources Power Holdings Co. Ltd. | 3,800,000 | | 6,781,420 |
CLP Holdings Ltd. | 2,605,500 | | 19,135,189 |
CNOOC Ltd. | 19,200,000 | | 16,429,440 |
Cosco International Holdings Ltd. | 9,300,000 | | 5,825,466 |
Dynasty Fine Wines Group Ltd. (d) | 12,592,000 | | 5,167,154 |
Esprit Holdings Ltd. | 2,020,700 | | 24,669,302 |
Hong Kong Aircraft & Engineering Co. | 400,000 | | 6,161,674 |
Hong Kong Exchanges & Clearing Ltd. | 2,450,000 | | 23,599,402 |
Li & Fung Ltd. | 2,880,000 | | 9,056,893 |
Midland Holdings Ltd. | 10,000,000 | | 6,212,808 |
New World Development Co. Ltd. | 7,600,000 | | 18,031,972 |
Orient Overseas International Ltd. | 1,020,000 | | 8,664,566 |
PYI Corp. Ltd. | 15,569,180 | | 6,906,323 |
Shangri-La Asia Ltd. | 3,400,000 | | 8,345,105 |
Sino Land Co. | 3,000,000 | | 6,350,870 |
Sun Hung Kai Properties Ltd. | 956,000 | | 11,231,171 |
TOTAL HONG KONG | | 329,223,415 |
Indonesia - 3.7% |
Ciputra Surya Tbk PT | 40,000,000 | | 5,900,181 |
PT Apexindo Pratama Duta Tbk | 11,000,000 | | 2,288,522 |
PT Bank Niaga Tbk | 105,910,500 | | 9,793,069 |
PT Hexindo Adiperkasa Tbk | 22,500,000 | | 2,848,268 |
PT Jakarta International Hotel & Development Tbk (a) | 52,000,000 | | 4,522,004 |
PT Medco Energi International Tbk | 14,800,000 | | 5,742,769 |
PT Perusahaan Gas Negara Tbk Series B | 39,600,000 | | 45,770,432 |
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk | 2,000,000 | | 1,442,022 |
PT Summarecon Agung Tbk | 19,000,000 | | 2,467,949 |
PT Tambang Batubbara Bukit Asam Tbk | 20,200,000 | | 8,671,945 |
Tempo Scan Pacific Tbk PT | 32,798,000 | | 3,068,787 |
TOTAL INDONESIA | | 92,515,948 |
Korea (South) - 26.6% |
Amorepacific Corp. | 11,000 | | 7,090,160 |
Cheil Industries, Inc. | 264,000 | | 9,960,139 |
Daewoo Engineering & Construction Co. Ltd. | 810,000 | | 20,181,569 |
Daewoo Securities Co. Ltd. | 650,000 | | 14,030,068 |
Daishin Securities Co. Ltd. | 360,000 | | 8,709,013 |
Dongbu Securities Co. Ltd. | 204,500 | | 3,507,625 |
Dongkuk Steel Mill Co. Ltd. | 23,390 | | 638,157 |
Doosan Co. Ltd. (a) | 170,000 | | 15,662,932 |
Doosan Construction & Engineering Co. Ltd. (a) | 454,680 | | 7,783,810 |
|
| Shares | | Value |
Doosan Heavy Industries & Construction Co. Ltd. | 233,000 | | $ 18,237,951 |
Hanbit Soft, Inc. (a) | 190,000 | | 2,033,495 |
Hanwha Corp. | 253,000 | | 12,050,444 |
Hyundai Department Store Co. Ltd. | 107,606 | | 11,011,590 |
Hyundai Engineering & Construction Co. Ltd. (a) | 392,962 | | 23,383,854 |
Hyundai Heavy Industries Co. Ltd. | 180,760 | | 45,550,501 |
Hyundai Mipo Dockyard Co. Ltd. | 94,000 | | 19,045,588 |
Hyundai Securities Co. Ltd. | 665,000 | | 10,182,015 |
Kookmin Bank | 495,000 | | 44,297,547 |
Korea Investment Holdings Co. Ltd. | 366,010 | | 21,567,507 |
Korean Reinsurance Co. | 105,087 | | 1,336,940 |
Kumho Industrial Co. Ltd. | 430,000 | | 12,559,477 |
Kyobo Securities Co. Ltd. | 360,000 | | 5,172,361 |
Meritz Fire & Marine Insurance Co. Ltd. | 580,000 | | 4,897,380 |
Mirae Asset Securities Co. Ltd. | 75,000 | | 4,869,626 |
NHN Corp. | 129,978 | | 20,330,684 |
ON*Media Corp. | 200,000 | | 1,642,755 |
POSCO | 139,440 | | 58,476,618 |
Samsung Electronics Co. Ltd. | 103,085 | | 63,042,569 |
Samsung Electronics Co. Ltd. GDR | 8,200 | | 2,517,400 |
Samsung Engineering Co. Ltd. | 489,000 | | 35,904,106 |
Samsung Fire & Marine Insurance Co. Ltd. | 167,310 | | 29,657,854 |
Samsung Techwin Co. Ltd. | 313,000 | | 12,376,066 |
Seoul Securities Co. Ltd. | 9,267,099 | | 11,523,759 |
Shinhan Financial Group Co. Ltd. | 1,070,320 | | 60,023,532 |
Shinsegae Co. Ltd. | 34,132 | | 23,224,255 |
SK Corp. | 120,000 | | 13,071,152 |
SK Securities Co. Ltd. | 2,800,000 | | 4,560,194 |
TOTAL KOREA (SOUTH) | | 660,110,693 |
Malaysia - 6.3% |
Bumiputra-Commerce Holdings BHD | 3,800,000 | | 11,992,987 |
Bursa Malaysia BHD | 4,900,000 | | 16,610,169 |
Cement Industries of Malaysia BHD | 1,591,200 | | 2,720,199 |
DiGi.com BHD | 1,050,000 | | 6,259,497 |
Gamuda BHD | 960,000 | | 2,202,221 |
Golden Hope Plantation BHD | 5,980,600 | | 13,894,147 |
IGB Corp. BHD | 6,000,000 | | 4,997,078 |
IOI Corp. BHD | 850,000 | | 6,271,917 |
Kinsteel BHD | 3,200,000 | | 5,236,704 |
KLCC Property Holdings BHD | 3,000,000 | | 3,366,452 |
Lafarge Malayan Cement BHD | 17,000,000 | | 8,743,425 |
Lingkaran Transportation Kota Holdings BHD | 832,500 | | 885,535 |
Malaysian Resources Corp. BHD (a) | 8,600,000 | | 5,679,719 |
MMC Corp. BHD | 2,794,100 | | 5,797,227 |
PPB Oil Palms BHD | 2,000,000 | | 8,591,467 |
Public Bank BHD (For. Reg.) | 1,990,625 | | 5,817,139 |
Sime Darby BHD | 4,850,000 | | 13,039,158 |
Telekom Malaysia BHD | 3,100,000 | | 9,783,752 |
Common Stocks - continued |
| Shares | | Value |
Malaysia - continued |
Tenaga Nasional BHD | 4,415,400 | | $ 14,709,398 |
UEM World BHD | 8,500,000 | | 10,084,746 |
TOTAL MALAYSIA | | 156,682,937 |
Papua New Guinea - 0.4% |
Oil Search Ltd. | 3,000,000 | | 8,919,033 |
Philippines - 0.3% |
Philippine Long Distance Telephone Co. | 159,280 | | 8,531,657 |
Singapore - 8.9% |
Ascott Residence Trust | 1,731,000 | | 2,221,860 |
Banyan Tree Holdings Ltd. | 1,413,000 | | 2,176,422 |
CDL Hospitality Trusts unit | 4,400,000 | | 5,300,158 |
China Energy Ltd. | 11,300,000 | | 9,669,563 |
Cosco Corp. Singapore Ltd. | 20,400,000 | | 38,001,580 |
DBS Group Holdings Ltd. | 1,270,000 | | 17,806,082 |
Hotel Properties Ltd. | 1,172,000 | | 4,628,752 |
Keppel Corp. Ltd. | 2,181,000 | | 30,722,354 |
Keppel Land Ltd. | 510,000 | | 2,970,972 |
Mapletree Logistics Trust (REIT) | 1,836,000 | | 1,619,431 |
Raffles Medical Group Ltd. | 2,613,600 | | 2,339,716 |
Rotary Engineering Ltd. | 9,000,000 | | 5,983,412 |
SembCorp Industries Ltd. | 2,750,000 | | 8,833,597 |
Singapore Exchange Ltd. | 6,585,000 | | 32,075,434 |
Singapore Land Ltd. | 1,060,000 | | 7,326,224 |
Singapore Technologies Engineering Ltd. | 3,000,000 | | 7,109,005 |
Straits Asia Resources Ltd. | 9,000,000 | | 5,983,412 |
The Ascott Group Ltd. | 12,650,000 | | 14,571,814 |
United Overseas Bank Ltd. | 630,000 | | 8,874,408 |
Yangzijiang Shipbuilding Holdings Ltd. | 15,500,000 | | 13,467,615 |
TOTAL SINGAPORE | | 221,681,811 |
Taiwan - 12.7% |
Advanced Semiconductor Engineering, Inc. (a) | 10,600,000 | | 12,317,200 |
Ambassador Hotel | 7,300,000 | | 7,888,220 |
China Life Insurance Co. Ltd. (a) | 8,400,000 | | 3,618,136 |
China Steel Corp. | 10,100,000 | | 11,459,531 |
Chinatrust Financial Holding Co. Ltd. | 10,600,000 | | 8,351,968 |
Chinatrust Financial Holding Co. Ltd. warrants (UBS Warrant Programme) 9/28/07 (a) | 4,125,501 | | 3,230,488 |
Chong Hong Construction Co. Ltd. | 3,707,888 | | 6,989,400 |
Far EasTone Telecommunications Co. Ltd. | 5,080,000 | | 5,733,307 |
Farglory Land Developt Co. Ltd. | 4,200,000 | | 6,958,923 |
Formosa Plastics Corp. | 12,004,000 | | 22,987,955 |
Foxconn Technology Co. Ltd. | 1,307,645 | | 12,383,485 |
Fubon No 2 (REIT) | 7,000,000 | | 2,710,450 |
Fuhwa Financial Holding Co. Ltd. (a) | 20,996,500 | | 9,075,343 |
Goldsun Development & Construction Co. Ltd. | 7,432,000 | | 3,993,120 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 9,815,025 | | 65,255,754 |
|
| Shares | | Value |
Huaku Construction Co. Ltd. | 5,060,000 | | $ 10,631,688 |
Hung Poo Real Estate Development Co. Ltd. | 6,675,000 | | 6,812,145 |
KEE TAI Properties Co. Ltd. | 3,549,000 | | 3,573,981 |
Kindom Construction Co. Ltd. (a) | 9,000,000 | | 4,241,269 |
Shin Kong Financial Holding Co. Ltd. | 4,000,000 | | 3,721,991 |
Shin Kong Financial Holding Co. Ltd. warrants (UBS Warrant Programme) 6/14/07 (a) | 1,275,902 | | 1,179,889 |
Shin Kong Financial Holding Co. Ltd. warrants (UBS Warrant Programme): | | | |
7/31/07 (a) | 6,762,280 | | 6,253,411 |
9/17/07 (a) | 4,900,000 | | 4,528,993 |
Shin Kong No 1 REIT | 6,483,000 | | 2,237,832 |
Shinkong Insurance Co. Ltd. | 662,000 | | 343,762 |
Siliconware Precision Industries Co. Ltd. | 6,328,000 | | 12,156,264 |
Tainan Spinning Co. Ltd. (a) | 8,036,000 | | 3,666,378 |
Taiwan Chi Cheng Enterprise Co. Ltd. | 3,450,000 | | 11,183,984 |
Taiwan Fertilizer Co. Ltd. | 10,727,000 | | 19,673,116 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 20,903,604 | | 43,105,390 |
TOTAL TAIWAN | | 316,263,373 |
Thailand - 0.3% |
Bangkok Dusit Medical Service PCL (For. Reg.) | 2,600,000 | | 2,841,121 |
Central Pattana PCL (For. Reg.) | 5,216,600 | | 3,937,764 |
True Corp. PCL (For. Reg.) (a) | 100 | | 18 |
TOTAL THAILAND | | 6,778,903 |
TOTAL COMMON STOCKS (Cost $1,710,743,845) | 2,388,703,084 |
Investment Companies - 1.4% |
| | | |
Hong Kong - 1.4% |
iShares FTSE/Xinhua A50 China Tracker
(Cost $23,712,639) | 2,186,200 | | 35,660,893 |
Money Market Funds - 3.5% |
| | | |
Fidelity Cash Central Fund, 5.29% (b) | 65,803,109 | | 65,803,109 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 20,116,842 | | 20,116,842 |
TOTAL MONEY MARKET FUNDS (Cost $85,919,951) | 85,919,951 |
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $1,820,376,435) | 2,510,283,928 |
NET OTHER ASSETS - (1.0)% | | (24,843,050) |
NET ASSETS - 100% | $ 2,485,440,878 |
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 end of the period, the value of these securities amounted to $1,414,337 or 0.1% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 1,162,996 |
Fidelity Securities Lending Cash Central Fund | 124,934 |
Total | $ 1,287,930 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Southeast Asia
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $19,115,470) - See accompanying schedule: Unaffiliated issuers (cost $1,734,456,484) | $ 2,424,363,977 | |
Fidelity Central Funds (cost $85,919,951) | 85,919,951 | |
Total Investments (cost $1,820,376,435) | | $ 2,510,283,928 |
Foreign currency held at value (cost $305,664) | | 305,667 |
Receivable for investments sold | | 32,514,055 |
Receivable for fund shares sold | | 8,063,882 |
Dividends receivable | | 6,185,929 |
Distributions receivable from Fidelity Central Funds | | 193,744 |
Prepaid expenses | | 4,240 |
Other receivables | | 841,409 |
Total assets | | 2,558,392,854 |
| | |
Liabilities | | |
Payable for investments purchased | $ 39,785,760 | |
Payable for fund shares redeemed | 10,464,156 | |
Accrued management fee | 1,618,241 | |
Other affiliated payables | 476,781 | |
Other payables and accrued expenses | 490,196 | |
Collateral on securities loaned,
at value | 20,116,842 | |
Total liabilities | | 72,951,976 |
| | |
Net Assets | | $ 2,485,440,878 |
Net Assets consist of: | | |
Paid in capital | | $ 1,685,315,315 |
Undistributed net investment income | | 5,039,794 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 105,166,024 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 689,919,745 |
Net Assets, for 82,415,039 shares outstanding | | $ 2,485,440,878 |
Net Asset Value, offering price and redemption price per share ($2,485,440,878 ÷ 82,415,039 shares) | | $ 30.16 |
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
Investment Income | | |
Dividends | | $ 20,548,591 |
Interest | | 15,421 |
Income from Fidelity Central Funds (including $124,934 from security lending) | | 1,287,930 |
| | 21,851,942 |
Less foreign taxes withheld | | (2,199,942) |
Total income | | 19,652,000 |
| | |
Expenses | | |
Management fee
Basic fee | $ 7,485,744 | |
Performance adjustment | 926,114 | |
Transfer agent fees | 2,220,314 | |
Accounting and security lending fees | 458,411 | |
Custodian fees and expenses | 883,029 | |
Independent trustees' compensation | 3,131 | |
Registration fees | 110,049 | |
Audit | 50,116 | |
Interest | 15,700 | |
Miscellaneous | 3,371 | |
Total expenses before reductions | 12,155,979 | |
Expense reductions | (1,363,739) | 10,792,240 |
Net investment income (loss) | | 8,859,760 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 107,665,741 | |
Foreign currency transactions | (634,951) | |
Total net realized gain (loss) | | 107,030,790 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 319,327,950 | |
Assets and liabilities in foreign currencies | (12,337) | |
Total change in net unrealized appreciation (depreciation) | | 319,315,613 |
Net gain (loss) | | 426,346,403 |
Net increase (decrease) in net assets resulting from operations | | $ 435,206,163 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Southeast Asia
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 8,859,760 | $ 17,990,728 |
Net realized gain (loss) | 107,030,790 | 101,570,768 |
Change in net unrealized appreciation (depreciation) | 319,315,613 | 243,787,082 |
Net increase (decrease) in net assets resulting from operations | 435,206,163 | 363,348,578 |
Distributions to shareholders from net investment income | (15,348,089) | (11,222,484) |
Distributions to shareholders from net realized gain | (86,082,743) | (18,514,528) |
Total distributions | (101,430,832) | (29,737,012) |
Share transactions
Proceeds from sales of shares | 776,546,066 | 839,465,156 |
Reinvestment of distributions | 97,580,587 | 28,757,013 |
Cost of shares redeemed | (316,175,601) | (393,593,644) |
Net increase (decrease) in net assets resulting from share transactions | 557,951,052 | 474,628,525 |
Redemption fees | 766,808 | 942,767 |
Total increase (decrease) in net assets | 892,493,191 | 809,182,858 |
| | |
Net Assets | | |
Beginning of period | 1,592,947,687 | 783,764,829 |
End of period (including undistributed net investment income of $5,039,794 and undistributed net investment income of $13,779,108, respectively) | $ 2,485,440,878 | $ 1,592,947,687 |
Other Information Shares | | |
Sold | 27,912,868 | 36,006,623 |
Issued in reinvestment of distributions | 3,728,720 | 1,416,326 |
Redeemed | (11,481,968) | (17,069,282) |
Net increase (decrease) | 20,159,620 | 20,353,667 |
Financial Highlights
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.59 | $ 18.70 | $ 14.87 | $ 13.72 | $ 9.96 | $ 9.10 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .12 | .33 | .30 | .16 | .15 | .06 |
Net realized and unrealized gain (loss) | 5.96 | 7.23 | 3.66 | 1.10 | 3.68 | .81 |
Total from investment operations | 6.08 | 7.56 | 3.96 | 1.26 | 3.83 | .87 |
Distributions from net investment income | (.23) | (.26) | (.14) | (.13) | (.08) | (.03) |
Distributions from net realized gain | (1.29) | (.43) | - | - | - | - |
Total distributions | (1.52) | (.69) | (.14) | (.13) | (.08) | (.03) |
Redemption fees added to paid in capital D | .01 | .02 | .01 | .02 | .01 | .02 |
Net asset value, end of period | $ 30.16 | $ 25.59 | $ 18.70 | $ 14.87 | $ 13.72 | $ 9.96 |
Total Return B, C, H | 24.70% | 41.50% | 26.84% | 9.39% | 38.81% | 9.75% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | 1.16% A | 1.21% | 1.20% | 1.21% | 1.32% | 1.54% |
Expenses net of fee waivers, if any | 1.16% A | 1.21% | 1.20% | 1.21% | 1.32% | 1.54% |
Expenses net of all reductions | 1.03% A | 1.04% | 1.09% | 1.20% | 1.32% | 1.50% |
Net investment income (loss) | .84% A | 1.44% | 1.71% | 1.11% | 1.35% | .54% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 2,485,441 | $ 1,592,948 | $ 783,765 | $ 464,874 | $ 395,554 | $ 245,651 |
Portfolio turnover rate F | 83% A | 100% | 109% | 131% | 115% | 131% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the 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 Total returns do not include the effect of the former sales charges. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2007 (Unaudited)
1. Organization.
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 Latin America Fund. Each Fund is authorized to issue an unlimited number of shares. On January 18, 2007, the Board of Trustees of Fidelity Canada Fund approved the creation of additional classes of shares. The Fund will commence sale of shares of Class A, Class T, Class B, Class C and Institutional Class and the existing class will be designated Canada on May 2, 2007. The Fidelity Japan Smaller Companies Fund is currently closed to most new accounts. Fidelity Nordic Fund was closed to most new accounts effective the close of business on March 14, 2007 and was reopened on June 21, 2007. Certain Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. 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.
2. Investments in Fidelity Central Funds.
The Funds may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedule of Investments lists each of the Fidelity Central Funds as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
3. Significant Accounting Policies.
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, including the Fidelity Central 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 cannot 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Foreign Currency - continued
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the 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 and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company 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
Income Tax Purposes | Unrealized
Appreciation | Unrealized
Depreciation | Net Unrealized
Appreciation/
(Depreciation) |
Canada | $ 2,395,811,640 | $ 976,366,571 | $ (22,354,268) | $ 954,012,303 |
China Region | 732,122,083 | 222,509,874 | (10,285,353) | 212,224,521 |
Emerging Markets | 2,712,441,343 | 1,171,214,730 | (57,304,516) | 1,113,910,214 |
Europe | 4,906,580,141 | 993,624,687 | (20,020,783) | 973,603,904 |
Europe Capital Appreciation | 1,603,419,874 | 266,862,500 | (8,086,349) | 258,776,151 |
Japan | 1,748,183,447 | 143,266,480 | (53,821,059) | 89,445,421 |
Japan Smaller Companies | 869,564,371 | 184,720,484 | (60,155,016) | 124,565,468 |
Latin America | 2,625,544,768 | 1,519,228,362 | (13,896,499) | 1,505,331,863 |
Nordic | 687,813,490 | 182,433,944 | (4,152,041) | 178,281,903 |
Pacific Basin | 868,390,313 | 284,219,768 | (41,479,613) | 242,740,155 |
Southeast Asia | 1,820,876,792 | 710,220,977 | (20,813,840) | 689,407,137 |
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.
Semiannual Report
3. Significant Accounting Policies - continued
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Funds' net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Funds' financial statement disclosures.
4. Operating Policies.
Forward Foreign Currency Contracts. Europe Capital Appreciation generally uses foreign currency contracts to facilitate transactions in foreign-denominated securities and to manage the Fund's currency exposure. Contracts to sell generally are used to hedge the Fund's investments against currency fluctuations, while contracts to buy generally are used to offset a previous contract to sell. Also, a contract to buy can be used to acquire exposure to foreign currencies and a contract to sell can be used to offset a previous contract to buy. These contracts involve market risk in excess of the unrealized gain or loss reflected in the Fund's Statement of Assets and Liabilities. The U.S. dollar value of the currencies the Fund has committed to buy or sell is shown in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." This amount represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts at period end. Losses may arise from changes in the value of foreign currency or if the counterparties do not perform under the contracts' terms.
The U.S. dollar value of forward foreign currency contracts is determined using forward currency exchange rates supplied by a quotation service. Purchases and sales of forward foreign currency contracts having the same settlement date and broker are offset and any realized gain (loss) recognized on the date of offset: otherwise, gain (loss) is recognized on settlement date. Contracts that have been offset with different counterparties are reflected as both a contract to buy and a contract to sell in the Schedule of Investments under the caption "Forward Foreign Currency Contracts."
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.
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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
| Purchases ($) | Sales ($) |
Canada | 366,702,989 | 570,347,261 |
China Region | 426,667,030 | 220,831,554 |
Emerging Markets | 1,047,084,089 | 912,016,534 |
Europe | 2,331,825,869 | 1,984,052,504 |
Europe Capital Appreciation | 574,822,017 | 327,000,710 |
Japan | 2,116,039,538 | 2,139,382,141 |
Japan Smaller Companies | 401,213,549 | 599,598,033 |
Latin America | 1,189,939,741 | 952,381,357 |
Nordic | 378,328,220 | 106,709,753 |
Pacific Basin | 460,326,856 | 527,716,853 |
Southeast Asia | 1,296,824,215 | 845,582,379 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and 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% | .26% | .68% |
China Region | .45% | .26% | .71% |
Emerging Markets | .45% | .26% | .71% |
Europe | .45% | .26% | .79% |
Europe Capital Appreciation | .45% | .26% | .73% |
Japan | .45% | .26% | .75% |
Japan Smaller Companies | .45% | .26% | .71% |
Latin America | .45% | .26% | .71% |
Nordic | .45% | .26% | .71% |
Pacific Basin | .45% | .26% | .83% |
Southeast Asia | .45% | .26% | .80% |
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 | .22% | | |
China Region | .24% | | |
Emerging Markets | .21% | | |
Europe | .22% | | |
Europe Capital Appreciation | .21% | | |
Japan | .22% | | |
Japan Smaller Companies | .21% | | |
Latin America | .20% | | |
Nordic | .24% | | |
Pacific Basin | .23% | | |
Southeast Asia | .21% | | |
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.
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 | $ 41 |
Emerging Markets | 237 |
Latin America | 125 |
Pacific Basin | 2 |
Semiannual Report
6. 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 Loan Balance | Weighted Average
Interest Rate | Interest
Expense |
Canada | Borrower | $ 8,411,000 | 5.39% | $ 22,649 |
Emerging Markets | Borrower | 34,707,000 | 5.39% | 36,401 |
Europe | Borrower | 43,540,000 | 5.40% | 26,146 |
Europe Capital Appreciation | Borrower | 20,898,000 | 5.40% | 9,396 |
Latin America | Borrower | 44,260,000 | 5.39% | 6,626 |
Pacific Basin | Borrower | 4,906,200 | 5.39% | 11,024 |
Southeast Asia | Borrower | 14,969,286 | 5.39% | 15,700 |
7. 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 | $ 3,755 |
China Region | 1,093 |
Emerging Markets | 4,102 |
Europe | 5,281 |
Europe Capital Appreciation | 1,550 |
Japan | 2,181 |
Japan Smaller Companies | 1,355 |
Latin America | 4,297 |
Nordic | 576 |
Pacific Basin | 1,229 |
Southeast Asia | 2,367 |
During the period, there were no borrowings on this line of credit.
8. 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 Fidelity Central Funds.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of certain Funds provided services to these Funds in addition to trade execution. These services included payments of expenses on behalf of each applicable Fund. In addition, through arrangements with each applicable Fund's custodian
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
9. Expense Reductions - continued
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
expense
reduction | Transfer
Agent
expense
reduction |
| | | |
Canada | $ 157,646 | $ 10,153 | $ 51,962 |
China Region | 332,078 | 740 | 10,035 |
Emerging Markets | 952,252 | 2,331 | 67,593 |
Europe | 1,479,089 | 11 | 206,629 |
Europe Capital Appreciation | 273,603 | 177 | 10,308 |
Japan | 105,109 | 6 | 54,164 |
Japan Smaller Companies | 108,933 | 152 | 8,997 |
Latin America | 180,529 | 5,427 | 41,677 |
Nordic | 130,809 | 283 | 4,328 |
Pacific Basin | 375,543 | - | 21,753 |
Southeast Asia | 1,326,461 | 947 | 36,331 |
10. 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 Fund 2020 was the owner of record of approximately 19% and 14% of the total outstanding shares of Europe and Japan, respectively. Fidelity Freedom 2030 was the owner of record of approximately 15% and 11% of the total outstanding shares of Europe and Japan, respectively. The Fidelity Freedom Funds were the owners of record, in the aggregate, of approximately 65% and 47% of the total outstanding shares of Europe and Japan, respectively.
11. Other Matters Regarding Canada, China Region, Emerging Markets, Europe, Europe Capital Appreciation and Latin America.
The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.
In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to each of the Funds listed above is not anticipated to have a material impact on such Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.
12. Subsequent Event Regarding Europe and Nordic.
The proposal to merge Fidelity Nordic Fund into Fidelity Europe Fund did not receive the number of votes required for approval at the shareholder meeting on June 20, 2007. All expenses in connection with the proxy will be paid by FMR.
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.
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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.
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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
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For directions and hours,
please call 1-800-544-9797.
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Semiannual Report
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(such as changing name, address, bank, etc.)
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Semiannual Report
Semiannual Report
Semiannual Report
Investment Adviser
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Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.
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(formerly Fidelity Management & Research (Far East) Inc.)
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(U.K.) Limited
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Custodians
JPMorgan Chase Bank
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Emerging Markets Fund, Europe Capital Appreciation Fund, Japan Fund, Pacific Basin Fund, Southeast Asia Fund
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Chicago, IL
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TIF-USAN-0607
1.784917.104
Fidelity®
International Discovery
Fund
Semiannual Report
April 30, 2007
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning
Account Value
November 1, 2006 | Ending
Account Value
April 30, 2007 | Expenses Paid
During Period*
November 1, 2006
to April 30, 2007 |
Class A | | | |
Actual | $ 1,000.00 | $ 1,157.00 | $ 6.63 |
Hypothetical A | $ 1,000.00 | $ 1,018.65 | $ 6.21 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,155.00 | $ 8.76 |
Hypothetical A | $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,151.80 | $ 11.58 |
Hypothetical A | $ 1,000.00 | $ 1,014.03 | $ 10.84 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,151.70 | $ 11.36 |
Hypothetical A | $ 1,000.00 | $ 1,014.23 | $ 10.64 |
International Discovery Fund | | | |
Actual | $ 1,000.00 | $ 1,158.20 | $ 5.57 |
Hypothetical A | $ 1,000.00 | $ 1,019.64 | $ 5.21 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,158.80 | $ 5.19 |
Hypothetical A | $ 1,000.00 | $ 1,019.98 | $ 4.86 |
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
Expense Ratio |
Class A | 1.24% |
Class T | 1.64% |
Class B | 2.17% |
Class C | 2.13% |
International Discovery Fund | 1.04% |
Institutional Class | .97% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
 | Japan 16.4% | |
 | United Kingdom 15.5% | |
 | France 10.7% | |
 | Germany 10.6% | |
 | Switzerland 9.4% | |
 | Australia 6.6% | |
 | Netherlands 3.6% | |
 | United States of America 3.6% | |
 | Spain 2.9% | |
 | Other 20.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan 19.1% | |
| United Kingdom 16.5% | |
| France 12.3% | |
| Germany 10.2% | |
| Switzerland 9.5% | |
| Australia 5.5% | |
| Italy 3.6% | |
| United States of America 3.3% | |
| Spain 3.2% | |
| Other 16.8% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 97.3 | 97.1 |
Short-Term Investments and Net Other Assets | 2.7 | 2.9 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.5 | 1.5 |
Toyota Motor Corp. (Japan, Automobiles) | 1.4 | 1.3 |
E.ON AG (Germany, Electric Utilities) | 1.3 | 1.1 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.1 | 1.1 |
Allianz AG (Reg.) (Germany, Insurance) | 1.1 | 1.1 |
Siemens AG (Reg.) (Germany, Industrial Conglomerates) | 1.1 | 0.0 |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 1.1 | 1.2 |
Canon, Inc. (Japan, Office Electronics) | 1.1 | 0.8 |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 1.1 | 0.9 |
CSL Ltd. (Australia, Biotechnology) | 1.0 | 0.7 |
| 11.8 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 22.7 | 27.5 |
Consumer Discretionary | 15.1 | 15.8 |
Industrials | 14.5 | 8.3 |
Information Technology | 8.5 | 7.4 |
Health Care | 7.8 | 8.1 |
Consumer Staples | 7.5 | 9.6 |
Materials | 6.5 | 4.5 |
Energy | 5.8 | 6.6 |
Utilities | 5.2 | 5.2 |
Telecommunication Services | 3.2 | 2.7 |
Semiannual Report
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.3% |
| Shares | | Value (000s) |
Australia - 6.6% |
AMP Ltd. | 2,150,200 | | $ 19,196 |
Aristocrat Leisure Ltd. | 2,592,700 | | 35,742 |
AXA Asia Pacific Holdings Ltd. | 3,809,600 | | 23,380 |
Babcock & Brown Japan Property Trust | 14,813,600 | | 23,989 |
Babcock & Brown Ltd. | 1,739,000 | | 42,819 |
Billabong International Ltd. | 294,626 | | 4,037 |
Brambles Ltd. (a) | 3,581,600 | | 39,232 |
Cochlear Ltd. | 721,200 | | 38,002 |
Computershare Ltd. | 6,268,300 | | 54,398 |
CSL Ltd. | 1,660,850 | | 120,381 |
Downer EDI Ltd. | 3,857,181 | | 23,992 |
Energy Resources of Australia Ltd. | 1,344,200 | | 28,153 |
Macquarie Bank Ltd. | 406,900 | | 29,398 |
Macquarie Goodman Group unit | 4,632,200 | | 27,351 |
Mortgage Choice Ltd. | 2,899,300 | | 7,584 |
National Australia Bank Ltd. | 2,197,000 | | 78,125 |
Oxiana Ltd. | 6,500,731 | | 16,412 |
QBE Insurance Group Ltd. | 1,922,267 | | 49,263 |
Seek Ltd. | 2,000,000 | | 12,274 |
Woolworths Ltd. | 2,353,439 | | 55,310 |
WorleyParsons Ltd. | 1,190,900 | | 27,197 |
TOTAL AUSTRALIA | | 756,235 |
Austria - 0.1% |
Austriamicrosystems AG (a) | 111,000 | | 7,605 |
Belgium - 0.2% |
InBev SA | 365,300 | | 28,613 |
Bermuda - 0.5% |
Aquarius Platinum Ltd. (United Kingdom) | 1,434,800 | | 43,032 |
Ports Design Ltd. | 6,613,900 | | 18,601 |
TOTAL BERMUDA | | 61,633 |
Brazil - 0.5% |
Submarino SA | 1,519,400 | | 55,014 |
Canada - 0.5% |
Niko Resources Ltd. | 114,600 | | 9,138 |
Potash Corp. of Saskatchewan, Inc. | 197,100 | | 35,383 |
Tenke Mining Corp. (a) | 649,500 | | 14,045 |
TOTAL CANADA | | 58,566 |
Cayman Islands - 0.8% |
Foxconn International Holdings Ltd. (a) | 7,852,300 | | 23,790 |
Common Stocks - continued |
| Shares | | Value (000s) |
Cayman Islands - continued |
Lee & Man Paper Manufacturing Ltd. | 7,304,000 | | $ 20,635 |
Simcere Pharmaceutical Group sponsored ADR | 106,280 | | 1,764 |
Subsea 7, Inc. (a)(d) | 791,800 | | 16,237 |
Suntech Power Holdings Co. Ltd. sponsored ADR (a) | 809,100 | | 29,354 |
TOTAL CAYMAN ISLANDS | | 91,780 |
China - 0.7% |
Focus Media Holding Ltd. ADR (a) | 640,308 | | 23,691 |
Jiangsu Expressway Co. Ltd. (H Shares) | 25,464,000 | | 21,777 |
Mindray Medical International Ltd. sponsored ADR | 822,600 | | 18,928 |
Nine Dragons Paper (Holdings) Ltd. | 10,409,000 | | 21,210 |
TOTAL CHINA | | 85,606 |
Cyprus - 0.3% |
Marfin Popular Bank Public Co. | 2,494,659 | | 28,663 |
Czech Republic - 0.2% |
Ceske Energeticke Zavody AS | 584,800 | | 28,586 |
Denmark - 0.9% |
Novo Nordisk AS Series B | 288,400 | | 28,366 |
Vestas Wind Systems AS (a) | 1,117,200 | | 73,460 |
TOTAL DENMARK | | 101,826 |
Finland - 0.9% |
Citycon Oyj | 692,322 | | 5,574 |
Nokia Corp. sponsored ADR | 2,785,700 | | 70,339 |
Wartsila Corp. (B Shares) | 431,600 | | 29,136 |
TOTAL FINLAND | | 105,049 |
France - 10.7% |
Air France KLM (Reg.) | 548,400 | | 28,123 |
Alcatel-Lucent SA | 1,089,900 | | 14,441 |
Alstom SA (a) | 374,900 | | 56,275 |
April Group (d) | 142,162 | | 7,527 |
AXA SA | 1,537,666 | | 70,825 |
BNP Paribas SA | 403,139 | | 47,118 |
Business Objects SA sponsored ADR (a) | 431,100 | | 16,171 |
Cap Gemini SA (d) | 442,000 | | 33,680 |
CNP Assurances (d) | 210,300 | | 26,961 |
Electricite de France | 648,200 | | 56,699 |
Gaz de France (d) | 774,200 | | 36,554 |
Geodis SA | 73,700 | | 16,917 |
Groupe Danone | 232,200 | | 38,388 |
Common Stocks - continued |
| Shares | | Value (000s) |
France - continued |
Icade SA (d) | 558,489 | | $ 42,877 |
L'Oreal SA (d) | 247,100 | | 29,713 |
Louis Vuitton Moet Hennessy (LVMH) (d) | 343,300 | | 40,274 |
Neopost SA | 254,300 | | 37,065 |
Neuf Cegetel | 318,153 | | 13,025 |
Orpea (a)(d) | 270,464 | | 27,917 |
Pinault Printemps-Redoute SA | 155,200 | | 27,096 |
Remy Cointreau SA | 304,500 | | 22,334 |
Renault SA (d) | 388,500 | | 50,746 |
Schneider Electric SA (d) | 191,000 | | 27,125 |
Schneider Electric SA (new) | 11,235 | | 1,535 |
Sechilienne-Sidec | 174,000 | | 10,910 |
Societe Generale Series A | 181,820 | | 38,829 |
Suez SA (France) (d) | 918,900 | | 52,640 |
Total SA Series B (d) | 1,772,076 | | 130,584 |
Vallourec SA | 82,800 | | 22,824 |
Veolia Environnement | 705,800 | | 58,655 |
Vinci SA (d) | 634,600 | | 102,661 |
Vivendi Universal SA (d) | 1,055,598 | | 43,761 |
TOTAL FRANCE | | 1,230,250 |
Georgia - 0.1% |
Bank of Georgia unit (a) | 206,100 | | 7,110 |
Germany - 9.2% |
Allianz AG (Reg.) (d) | 576,530 | | 131,148 |
Bayer AG sponsored ADR (d) | 1,663,400 | | 113,743 |
Bilfinger Berger AG | 242,300 | | 22,983 |
Continental AG (d) | 228,600 | | 31,968 |
DaimlerChrysler AG (Reg.) | 433,000 | | 34,861 |
Deutsche Boerse AG | 276,700 | | 65,152 |
E.ON AG (d) | 974,300 | | 146,525 |
Hochtief AG | 440,000 | | 46,533 |
Hugo Boss AG | 43,200 | | 2,889 |
KarstadtQuelle AG (a)(d) | 1,160,400 | | 44,813 |
Linde AG | 385,128 | | 43,273 |
MAN AG | 221,900 | | 29,805 |
MTU Aero Engines Holding AG (d) | 327,000 | | 19,188 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d) | 362,300 | | 64,810 |
Q-Cells AG (d) | 390,000 | | 28,366 |
SGL Carbon AG (a) | 612,600 | | 24,050 |
Siemens AG (Reg.) | 1,081,900 | | 130,877 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
SolarWorld AG | 528,200 | | $ 44,804 |
Wincor Nixdorf AG | 247,400 | | 24,368 |
TOTAL GERMANY | | 1,050,156 |
Greece - 0.1% |
EFG Eurobank Ergasias SA | 374,100 | | 15,672 |
Hong Kong - 1.3% |
Chaoda Modern Agriculture (Holdings) Ltd. | 12,600,000 | | 10,470 |
Esprit Holdings Ltd. | 6,508,600 | | 79,459 |
Li & Fung Ltd. | 10,953,900 | | 34,447 |
Television Broadcasts Ltd. | 2,838,529 | | 18,815 |
TOTAL HONG KONG | | 143,191 |
India - 1.1% |
Bharti Airtel Ltd. (a) | 1,220,000 | | 24,160 |
Infosys Technologies Ltd. | 953,052 | | 47,620 |
IVRCL Infrastructures & Projects Ltd. | 498,800 | | 3,898 |
Larsen & Toubro Ltd. | 147,000 | | 6,083 |
Pantaloon Retail India Ltd. | 442,715 | | 4,553 |
Satyam Computer Services Ltd. | 3,024,300 | | 34,870 |
TOTAL INDIA | | 121,184 |
Indonesia - 0.2% |
PT Perusahaan Gas Negara Tbk Series B | 16,035,500 | | 18,534 |
Ireland - 0.9% |
Allied Irish Banks PLC | 1,216,400 | | 36,912 |
Paddy Power PLC (Ireland) | 623,197 | | 17,408 |
Ryanair Holdings PLC sponsored ADR (a) | 937,500 | | 43,753 |
TOTAL IRELAND | | 98,073 |
Israel - 0.5% |
Israel Chemicals Ltd. | 3,916,700 | | 30,134 |
Nice Systems Ltd. sponsored ADR | 614,000 | | 22,503 |
TOTAL ISRAEL | | 52,637 |
Italy - 2.6% |
AEM SpA | 4,072,044 | | 16,037 |
Edison Spa | 8,145,605 | | 24,576 |
ENI Spa | 288,800 | | 9,565 |
ENI Spa sponsored ADR | 389,450 | | 25,797 |
Fiat Spa | 2,508,000 | | 74,506 |
Common Stocks - continued |
| Shares | | Value (000s) |
Italy - continued |
Impregilo Spa (a) | 3,423,000 | | $ 27,975 |
Pirelli & C. Real Estate Spa (d) | 227,800 | | 17,423 |
Prysmian SPA | 338,700 | | 6,933 |
Unicredito Italiano Spa | 8,882,300 | | 91,876 |
TOTAL ITALY | | 294,688 |
Japan - 15.9% |
Aeon Mall Co. Ltd. (d) | 793,600 | | 26,563 |
Asahi Glass Co. Ltd. | 1,924,000 | | 25,884 |
Asics Corp. | 2,315,000 | | 29,154 |
Bank of Yokohama Ltd. | 2,571,000 | | 18,825 |
Canon, Inc. | 2,148,450 | | 120,743 |
Casio Computer Co. Ltd. | 908,500 | | 18,341 |
Chiba Bank Ltd. | 2,187,000 | | 18,079 |
Chugai Pharmaceutical Co. Ltd. | 1,571,700 | | 40,082 |
East Japan Railway Co. | 3,681 | | 29,853 |
Fanuc Ltd. | 192,200 | | 18,824 |
Fujifilm Holdings Corp. | 801,200 | | 32,761 |
Honda Motor Co. Ltd. | 1,470,700 | | 50,636 |
Japan Tobacco, Inc. | 8,463 | | 41,341 |
Kawasaki Kisen Kaisha Ltd. (d) | 2,253,000 | | 24,472 |
Keyence Corp. | 82,600 | | 18,363 |
Konica Minolta Holdings, Inc. | 987,500 | | 13,514 |
Kubota Corp. | 3,316,000 | | 31,344 |
Leopalace21 Corp. | 329,500 | | 10,805 |
Mitsubishi Estate Co. Ltd. | 1,926,400 | | 59,733 |
Mitsubishi UFJ Financial Group, Inc. | 1,086 | | 11,349 |
Mitsui & Co. Ltd. | 2,560,000 | | 46,039 |
Mitsui Fudosan Co. Ltd. | 2,217,000 | | 64,721 |
Mizuho Financial Group, Inc. | 11,116 | | 66,902 |
Murata Manufacturing Co. Ltd. | 627,200 | | 46,227 |
Namco Bandai Holdings, Inc. | 1,763,600 | | 28,663 |
NGK Insulators Ltd. | 1,937,000 | | 42,282 |
Nintendo Co. Ltd. | 340,100 | | 106,251 |
Nippon Building Fund, Inc. | 2,400 | | 38,799 |
Nippon Electric Glass Co. Ltd. | 855,000 | | 14,635 |
Nippon Steel Corp. | 4,566,000 | | 29,462 |
Nomura Holdings, Inc. | 2,767,200 | | 53,296 |
NSK Ltd. | 3,609,000 | | 34,930 |
NTT DoCoMo, Inc. | 23,200 | | 39,463 |
ORIX Corp. | 251,320 | | 67,020 |
Sony Corp. sponsored ADR | 776,900 | | 41,378 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Sumco Corp. | 843,600 | | $ 36,663 |
Sumitomo Corp. | 1,815,400 | | 31,097 |
Sumitomo Electric Industries Ltd. | 1,786,100 | | 25,262 |
Sumitomo Metal Industries Ltd. | 4,099,000 | | 20,815 |
Sumitomo Mitsui Financial Group, Inc. | 1,982 | | 17,317 |
Sumitomo Trust & Banking Co. Ltd. | 2,478,800 | | 24,211 |
T&D Holdings, Inc. | 495,150 | | 31,363 |
Takeda Pharamaceutical Co. Ltd. | 896,400 | | 58,119 |
The Sumitomo Warehouse Co. Ltd. | 338,000 | | 2,609 |
Tokuyama Corp. | 2,931,900 | | 43,962 |
Toyo Tanso Co. Ltd. (d) | 104,400 | | 11,082 |
Toyota Motor Corp. | 2,609,100 | | 158,398 |
TOTAL JAPAN | | 1,821,632 |
Korea (South) - 1.5% |
Korean Reinsurance Co. | 946,600 | | 12,043 |
LG Household & Health Care Ltd. | 462,880 | | 61,630 |
NHN Corp. | 261,735 | | 40,940 |
Samsung Fire & Marine Insurance Co. Ltd. | 208,660 | | 36,988 |
Shinhan Financial Group Co. Ltd. | 385,130 | | 21,598 |
TOTAL KOREA (SOUTH) | | 173,199 |
Luxembourg - 0.5% |
Acergy SA | 1,124,500 | | 24,076 |
SES SA FDR unit | 1,505,854 | | 29,590 |
TOTAL LUXEMBOURG | | 53,666 |
Malaysia - 0.5% |
DiGi.com BHD | 225,500 | | 1,344 |
Gamuda BHD | 12,673,900 | | 29,074 |
IJM Corp. BHD | 8,525,300 | | 21,674 |
TOTAL MALAYSIA | | 52,092 |
Mexico - 0.6% |
America Movil SA de CV Series L sponsored ADR | 1,057,700 | | 55,561 |
Urbi, Desarrollos Urbanos, SA de CV (a) | 4,121,400 | | 17,220 |
TOTAL MEXICO | | 72,781 |
Netherlands - 3.6% |
ABN-AMRO Holding NV (d) | 869,800 | | 42,142 |
Arcelor Mittal | 628,300 | | 33,564 |
Arcelor Mittal Class A | 702,200 | | 38,022 |
CNH Global NV | 702,000 | | 30,390 |
Common Stocks - continued |
| Shares | | Value (000s) |
Netherlands - continued |
Heineken NV (Bearer) | 791,000 | | $ 42,002 |
ING Groep NV (Certificaten Van Aandelen) | 1,385,044 | | 63,172 |
Koninklijke KPN NV | 1,139,700 | | 19,440 |
Koninklijke Numico NV (d) | 341,600 | | 18,907 |
Koninklijke Philips Electronics NV | 1,369,200 | | 56,192 |
Nutreco Holding NV | 628,000 | | 46,628 |
SBM Offshore NV | 691,900 | | 24,983 |
TOTAL NETHERLANDS | | 415,442 |
Norway - 1.5% |
Aker Kvaerner ASA | 1,494,750 | | 35,614 |
Hafslund ASA (B Shares) (d) | 674,550 | | 16,611 |
Marine Harvest ASA (a) | 36,488,200 | | 39,498 |
ProSafe ASA | 773,000 | | 12,045 |
Renewable Energy Corp. AS (d) | 1,103,800 | | 31,912 |
Telenor ASA | 1,977,400 | | 36,977 |
TOTAL NORWAY | | 172,657 |
Russia - 0.3% |
Magma OJSC sponsored GDR (a)(f) | 675,700 | | 8,548 |
OAO Gazprom sponsored ADR | 677,600 | | 26,630 |
TOTAL RUSSIA | | 35,178 |
Singapore - 0.4% |
Keppel Corp. Ltd. | 1,166,000 | | 16,425 |
Singapore Exchange Ltd. | 5,755,000 | | 28,033 |
TOTAL SINGAPORE | | 44,458 |
Spain - 2.9% |
Banco Bilbao Vizcaya Argentaria SA | 2,401,000 | | 57,480 |
Banco Santander Central Hispano SA | 5,263,900 | | 94,745 |
Grupo Ferrovial SA | 243,200 | | 26,583 |
Inditex SA | 891,300 | | 55,194 |
Sol Melia SA | 702,567 | | 17,199 |
Telefonica SA | 3,416,700 | | 77,047 |
TOTAL SPAIN | | 328,248 |
Sweden - 1.7% |
Hennes & Mauritz AB (H&M) (B Shares) (d) | 742,500 | | 49,484 |
Modern Times Group AB (MTG) (B Shares) | 1,049,300 | | 61,786 |
Common Stocks - continued |
| Shares | | Value (000s) |
Sweden - continued |
Scania AB (B Shares) | 576,700 | | $ 55,521 |
Swedbank AB (A Shares) (d) | 736,200 | | 28,680 |
TOTAL SWEDEN | | 195,471 |
Switzerland - 9.4% |
ABB Ltd. sponsored ADR | 5,171,500 | | 103,223 |
Actelion Ltd. (Reg.) (a) | 199,558 | | 47,583 |
BB Biotech AG (d) | 341,699 | | 28,544 |
Compagnie Financiere Richemont unit | 508,844 | | 30,901 |
Credit Suisse Group (Reg.) | 1,338,656 | | 105,084 |
EFG International | 332,000 | | 14,980 |
Julius Baer Holding AG (Bearer) | 1,105,364 | | 77,696 |
Lindt & Spruengli AG (participation certificate) | 15,453 | | 42,859 |
Nestle SA (Reg.) | 330,815 | | 131,466 |
Nobel Biocare Holding AG (Switzerland) | 66,378 | | 24,043 |
Novartis AG (Reg.) | 707,960 | | 41,125 |
Phonak Holding AG | 463,240 | | 41,229 |
Roche Holding AG (participation certificate) | 891,492 | | 168,039 |
Societe Generale de Surveillance Holding SA (SGS) (Reg.) | 12,915 | | 16,499 |
Swiss Life Holding | 95,891 | | 24,889 |
Tecan Group AG | 212,300 | | 15,819 |
The Swatch Group AG (Reg.) | 1,212,573 | | 70,926 |
UBS AG (NY Shares) | 969,200 | | 62,901 |
Zurich Financial Services AG (Reg.) | 109,285 | | 31,939 |
TOTAL SWITZERLAND | | 1,079,745 |
Taiwan - 1.2% |
Gemtek Technology Corp. | 8,486,000 | | 21,855 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 6,887,890 | | 45,795 |
PixArt Imaging, Inc. | 1,740,000 | | 21,152 |
Shin Kong Financial Holding Co. Ltd. | 10,227,415 | | 9,517 |
Siliconware Precision Industries Co. Ltd. | 12,187,000 | | 23,412 |
Wistron Corp. | 13,850,000 | | 20,703 |
TOTAL TAIWAN | | 142,434 |
United Kingdom - 15.5% |
Anglo American PLC (United Kingdom) | 987,700 | | 52,709 |
AstraZeneca PLC sponsored ADR | 549,000 | | 29,816 |
Autonomy Corp. PLC (a) | 3,363,000 | | 50,801 |
Aviva PLC | 1,949,300 | | 30,810 |
BAE Systems PLC | 4,145,509 | | 37,880 |
Barclays PLC | 2,701,800 | | 39,203 |
BG Group PLC | 1,454,900 | | 21,105 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
BG Group PLC sponsored ADR | 200,000 | | $ 14,386 |
BHP Billiton PLC | 4,290,500 | | 96,853 |
BP PLC sponsored ADR | 876,100 | | 58,979 |
British American Tobacco PLC | 1,459,900 | | 45,447 |
British American Tobacco PLC sponsored ADR | 390,200 | | 24,294 |
British Land Co. PLC | 1,369,800 | | 40,343 |
Burberry Group PLC | 1,777,700 | | 24,703 |
Capita Group PLC | 1,106,900 | | 15,669 |
Clipper Windpower PLC (a) | 2,006,200 | | 35,199 |
GlaxoSmithKline PLC sponsored ADR | 339,300 | | 19,605 |
HBOS plc | 2,208,200 | | 47,816 |
HSBC Holdings PLC (Hong Kong) (Reg.) | 1,403,144 | | 25,919 |
Informa PLC | 1,379,400 | | 16,383 |
International Power PLC | 7,306,600 | | 64,317 |
Investec PLC | 2,902,500 | | 41,465 |
John Wood Group PLC | 3,062,900 | | 17,255 |
Man Group plc | 3,043,000 | | 34,376 |
Marks & Spencer Group PLC | 3,391,600 | | 50,318 |
N Brown Group PLC | 4,180,000 | | 25,073 |
National Grid PLC | 1,576,100 | | 24,785 |
Next PLC | 991,700 | | 46,577 |
Pearson PLC | 2,394,300 | | 41,242 |
Punch Taverns Ltd. | 871,700 | | 22,728 |
Reckitt Benckiser PLC | 1,392,700 | | 76,605 |
Renovo Group PLC (e) | 9,727,800 | | 35,010 |
Rio Tinto PLC sponsored ADR | 155,900 | | 38,040 |
Rolls-Royce Group PLC | 3,864,403 | | 37,069 |
Royal Bank of Scotland Group PLC | 1,969,971 | | 76,020 |
Royal Dutch Shell PLC Class B | 3,412,059 | | 120,633 |
Shire PLC | 2,059,200 | | 47,972 |
SSL International PLC | 1,111,400 | | 9,683 |
Tesco PLC | 11,828,812 | | 109,032 |
Vodafone Group PLC | 33,268,435 | | 95,580 |
Xstrata PLC | 649,900 | | 34,318 |
TOTAL UNITED KINGDOM | | 1,776,018 |
United States of America - 0.9% |
Fluor Corp. | 238,100 | | 22,767 |
Macquarie Infrastructure Co. Trust | 131,000 | | 5,578 |
Common Stocks - continued |
| Shares | | Value (000s) |
United States of America - continued |
Marathon Oil Corp. | 259,900 | | $ 26,393 |
Sunoco, Inc. | 624,200 | | 47,146 |
TOTAL UNITED STATES OF AMERICA | | 101,884 |
TOTAL COMMON STOCKS (Cost $8,526,082) | 10,905,576 |
Nonconvertible Preferred Stocks - 1.5% |
| | | |
Germany - 1.4% |
Fresenius AG (non-vtg.) | 551,200 | | 46,680 |
Hugo Boss AG (non-vtg.) | 697,600 | | 43,361 |
Porsche AG (non-vtg.) | 20,695 | | 34,840 |
ProSiebenSat.1 Media AG | 887,300 | | 32,450 |
TOTAL GERMANY | | 157,331 |
Italy - 0.1% |
Intesa Sanpaolo Spa | 1,669,602 | | 13,538 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Series B | 236,131,217 | | 472 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $111,572) | 171,341 |
Government Obligations - 0.0% |
| Principal Amount (000s) | | |
United States of America - 0.0% |
U.S. Treasury Bills, yield at date of purchase 4.96% to 5.11% 5/3/07 to 6/7/07 (g)
(Cost $3,093) | | $ 3,100 | | 3,094 |
Money Market Funds - 12.6% |
| Shares | | |
Fidelity Cash Central Fund, 5.29% (b) | 301,402,870 | | 301,403 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 1,142,567,681 | | 1,142,568 |
TOTAL MONEY MARKET FUNDS (Cost $1,443,971) | 1,443,971 |
Cash Equivalents - 0.1% |
| Maturity Amount (000s) | | Value (000s) |
Investments in repurchase agreements in a joint trading account at 5.12%, dated 4/30/07 due 5/1/07 (Collateralized by U.S. Treasury Obligations) #
(Cost $13,197) | $ 13,199 | | $ 13,197 |
TOTAL INVESTMENT PORTFOLIO - 109.5% (Cost $10,097,915) | | 12,537,179 |
NET OTHER ASSETS - (9.5)% | | (1,091,615) |
NET ASSETS - 100% | $ 11,445,564 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value (000s) | | Unrealized Appreciation/
(Depreciation) (000s) |
Purchased |
Equity Index Contracts |
723 Nikkei 225 Index Contracts (Japan) | June 2007 | | $ 62,594 | | $ 2,997 |
|
The face value of futures purchased as a percentage of net assets - 0.5% |
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 end of the period, the value of these securities amounted to $8,548,000 or 0.1% of net assets. |
(g) 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 $3,094,000. |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value (000s) |
$13,197,000 due 5/1/07 at 5.12% |
Banc of America Securities LLC | $ 2,016 |
Barclays Capital, Inc. | 4,495 |
Fortis Securities LLC | 2,882 |
Lehman Brothers, Inc. | 3,804 |
| $ 13,197 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned (Amounts in thousands) |
Fidelity Cash Central Fund | $ 9,859 |
Fidelity Securities Lending Cash Central Fund | 3,199 |
Total | $ 13,058 |
Other Affiliated Issuers |
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate
(Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
Renovo Group PLC | $ 14,540 | $ 16,799 | $ 586 | $ - | $ 35,010 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2007 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $1,090,882 and repurchase agreements of $13,197) - See accompanying schedule: Unaffiliated issuers (cost $8,628,450) | $ 11,058,198 | |
Fidelity Central Funds (cost $1,443,971) | 1,443,971 | |
Other affiliated issuers (cost $25,494) | 35,010 | |
Total Investments (cost $10,097,915) | | $ 12,537,179 |
Receivable for investments sold | | 227,995 |
Receivable for fund shares sold | | 27,975 |
Dividends receivable | | 36,252 |
Distributions receivable from Fidelity Central Funds | | 1,070 |
Prepaid expenses | | 29 |
Other receivables | | 4,758 |
Total assets | | 12,835,258 |
| | |
Liabilities | | |
Payable to custodian bank | $ 2,406 | |
Payable for investments purchased | 218,054 | |
Payable for fund shares redeemed | 14,603 | |
Accrued management fee | 7,243 | |
Distribution fees payable | 71 | |
Payable for daily variation on futures contracts | 343 | |
Other affiliated payables | 2,024 | |
Other payables and accrued expenses | 2,382 | |
Collateral on securities loaned, at value | 1,142,568 | |
Total liabilities | | 1,389,694 |
| | |
Net Assets | | $ 11,445,564 |
Net Assets consist of: | | |
Paid in capital | | $ 8,522,568 |
Undistributed net investment income | | 51,320 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 430,711 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 2,440,965 |
Net Assets | | $ 11,445,564 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2007 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($225,752 ÷ 5,545.1 shares) | | $ 40.71 |
| | |
Maximum offering price per share (100/94.25 of $40.71) | | $ 43.19 |
Class T:
Net Asset Value and redemption price per share ($24,720 ÷ 609.8 shares) | | $ 40.54 |
| | |
Maximum offering price per share (100/96.50 of $40.54) | | $ 42.01 |
Class B:
Net Asset Value and offering price per share
($8,106 ÷ 201.0 shares)A | | $ 40.33 |
| | |
Class C:
Net Asset Value and offering price per share
($12,545 ÷ 310.3 shares)A | | $ 40.43 |
| | |
| | |
International Discovery Fund:
Net Asset Value, offering price and redemption price per share ($11,136,988 ÷ 271,956.5 shares) | | $ 40.95 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($37,453 ÷ 913.8 shares) | | $ 40.99 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended April 30, 2007 (Unaudited) |
Investment Income | | |
Dividends | | $ 105,916 |
Interest | | 459 |
Income from Fidelity Central Funds | | 13,058 |
| | 119,433 |
Less foreign taxes withheld | | (8,698) |
Total income | | 110,735 |
| | |
Expenses | | |
Management fee
Basic fee | $ 34,999 | |
Performance adjustment | 2,767 | |
Transfer agent fees | 10,537 | |
Distribution fees | 337 | |
Accounting and security lending fees | 916 | |
Custodian fees and expenses | 1,231 | |
Independent trustees' compensation | 14 | |
Registration fees | 412 | |
Audit | 87 | |
Legal | 71 | |
Miscellaneous | 19 | |
Total expenses before reductions | 51,390 | |
Expense reductions | (3,630) | 47,760 |
Net investment income (loss) | | 62,975 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $515) | 463,711 | |
Other affiliated issuers | 8 | |
Foreign currency transactions | (42) | |
Futures contracts | 265 | |
Total net realized gain (loss) | | 463,942 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $150) | 903,463 | |
Assets and liabilities in foreign currencies | 263 | |
Futures contracts | 1,712 | |
Total change in net unrealized appreciation (depreciation) | | 905,438 |
Net gain (loss) | | 1,369,380 |
Net increase (decrease) in net assets resulting from operations | | $ 1,432,355 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended
April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 62,975 | $ 89,022 |
Net realized gain (loss) | 463,942 | 238,999 |
Change in net unrealized appreciation (depreciation) | 905,438 | 940,196 |
Net increase (decrease) in net assets resulting
from operations | 1,432,355 | 1,268,217 |
Distributions to shareholders from net investment income | (85,862) | (41,324) |
Distributions to shareholders from net realized gain | (224,325) | (189,744) |
Total distributions | (310,187) | (231,068) |
Share transactions - net increase (decrease) | 2,081,090 | 3,239,823 |
Redemption fees | 203 | 380 |
Total increase (decrease) in net assets | 3,203,461 | 4,277,352 |
| | |
Net Assets | | |
Beginning of period | 8,242,103 | 3,964,751 |
End of period (including undistributed net investment income of $51,320 and undistributed net investment income of $83,948, respectively) | $ 11,445,564 | $ 8,242,103 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 36.47 | $ 30.57 | $ 27.41 |
Income from Investment Operations | | | |
Net investment income (loss) E | .21 | .42 | .28 |
Net realized and unrealized gain (loss) | 5.36 | 7.19 | 2.88 |
Total from investment operations | 5.57 | 7.61 | 3.16 |
Distributions from net investment income | (.35) | (.31) | - |
Distributions from net realized gain | (.98) | (1.40) | - |
Total distributions | (1.33) | (1.71) | - |
Redemption fees added to paid in capital E | - J | - J | - J |
Net asset value, end of period | $ 40.71 | $ 36.47 | $ 30.57 |
Total Return B, C, D | 15.70% | 26.01% | 11.53% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 1.24% A | 1.27% | 1.42% A |
Expenses net of fee waivers, if any | 1.24% A | 1.27% | 1.42% A |
Expenses net of all reductions | 1.17% A | 1.21% | 1.36% A |
Net investment income (loss) | 1.08% A | 1.22% | 1.15% A |
Supplemental Data | | | |
Net assets, end of period (in millions) | $ 226 | $ 140 | $ 2 |
Portfolio turnover rate G | 89% A | 56% | 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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 36.30 | $ 30.49 | $ 27.41 |
Income from Investment Operations | | | |
Net investment income (loss) E | .13 | .27 | .20 |
Net realized and unrealized gain (loss) | 5.35 | 7.18 | 2.88 |
Total from investment operations | 5.48 | 7.45 | 3.08 |
Distributions from net investment income | (.26) | (.24) | - |
Distributions from net realized gain | (.98) | (1.40) | - |
Total distributions | (1.24) | (1.64) | - |
Redemption fees added to paid in capital E | - J | - J | - J |
Net asset value, end of period | $ 40.54 | $ 36.30 | $ 30.49 |
Total Return B, C, D | 15.50% | 25.49% | 11.24% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 1.64% A | 1.71% | 1.75% A |
Expenses net of fee waivers, if any | 1.64% A | 1.71% | 1.75% A |
Expenses net of all reductions | 1.57% A | 1.65% | 1.69% A |
Net investment income (loss) | .69% A | .78% | .83% A |
Supplemental Data | | | |
Net assets, end of period (in millions) | $ 25 | $ 10 | $ 2 |
Portfolio turnover rate G | 89% A | 56% | 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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 36.12 | $ 30.36 | $ 27.41 |
Income from Investment Operations | | | |
Net investment income (loss) E | .03 | .08 | .08 |
Net realized and unrealized gain (loss) | 5.32 | 7.19 | 2.87 |
Total from investment operations | 5.35 | 7.27 | 2.95 |
Distributions from net investment income | (.16) | (.11) | - |
Distributions from net realized gain | (.98) | (1.40) | - |
Total distributions | (1.14) | (1.51) | - |
Redemption fees added to paid in capital E | - J | - J | - J |
Net asset value, end of period | $ 40.33 | $ 36.12 | $ 30.36 |
Total Return B, C, D | 15.18% | 24.91% | 10.76% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 2.17% A | 2.27% | 2.24% A |
Expenses net of fee waivers, if any | 2.17% A | 2.25% | 2.24% A |
Expenses net of all reductions | 2.10% A | 2.19% | 2.18% A |
Net investment income (loss) | .15% A | .24% | .33% A |
Supplemental Data | | | |
Net assets, end of period (in millions) | $ 8 | $ 4 | $ 1 |
Portfolio turnover rate G | 89% A | 56% | 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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 36.19 | $ 30.41 | $ 27.41 |
Income from Investment Operations | | | |
Net investment income (loss) E | .04 | .11 | .13 |
Net realized and unrealized gain (loss) | 5.32 | 7.19 | 2.87 |
Total from investment operations | 5.36 | 7.30 | 3.00 |
Distributions from net investment income | (.14) | (.12) | - |
Distributions from net realized gain | (.98) | (1.40) | - |
Total distributions | (1.12) | (1.52) | - |
Redemption fees added to paid in capital E | - J | - J | - J |
Net asset value, end of period | $ 40.43 | $ 36.19 | $ 30.41 |
Total Return B, C, D | 15.17% | 24.97% | 10.94% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 2.13% A | 2.16% | 2.04% A |
Expenses net of fee waivers, if any | 2.13% A | 2.16% | 2.04% A |
Expenses net of all reductions | 2.06% A | 2.11% | 1.98% A |
Net investment income (loss) | .19% A | .33% | .53% A |
Supplemental Data | | | |
Net assets, end of period (in millions) | $ 13 | $ 6 | $ 2 |
Portfolio turnover rate G | 89% A | 56% | 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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Discovery Fund
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 36.67 | $ 30.65 | $ 25.31 | $ 21.87 | $ 16.66 | $ 17.61 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .25 | .48 | .37 | .22 | .19 | .11 |
Net realized and unrealized gain (loss) | 5.39 | 7.25 | 5.24 | 3.40 | 5.11 | (1.06) |
Total from investment operations | 5.64 | 7.73 | 5.61 | 3.62 | 5.30 | (.95) |
Distributions from net investment income | (.38) | (.31) | (.15) | (.18) | (.09) | - |
Distributions from net realized gain | (.98) | (1.40) | (.12) | - | - | - |
Total distributions | (1.36) | (1.71) | (.27) | (.18) | (.09) | - |
Redemption fees added to paid in capital D | - H | - H | - H | - H | - H | - H |
Net asset value, end of period | $ 40.95 | $ 36.67 | $ 30.65 | $ 25.31 | $ 21.87 | $ 16.66 |
Total Return B, C | 15.82% | 26.34% | 22.29% | 16.65% | 31.97% | (5.39)% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.04% A | 1.09% | 1.08% | 1.10% | 1.14% | 1.14% |
Expenses net of fee waivers, if any | 1.04% A | 1.08% | 1.07% | 1.10% | 1.14% | 1.14% |
Expenses net of all reductions | .97% A | 1.03% | 1.01% | 1.06% | 1.11% | 1.12% |
Net investment income (loss) | 1.29% A | 1.41% | 1.35% | .92% | 1.08% | .59% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 11,137 | $ 8,054 | $ 3,949 | $ 2,193 | $ 1,243 | $ 890 |
Portfolio turnover rate F | 89% A | 56% | 75% | 87% | 81% | 63% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 36.71 | $ 30.68 | $ 27.41 |
Income from Investment Operations | | | |
Net investment income (loss) D | .26 | .51 | .38 |
Net realized and unrealized gain (loss) | 5.40 | 7.25 | 2.89 |
Total from investment operations | 5.66 | 7.76 | 3.27 |
Distributions from net investment income | (.40) | (.33) | - |
Distributions from net realized gain | (.98) | (1.40) | - |
Total distributions | (1.38) | (1.73) | - |
Redemption fees added to paid in capital D | - I | - I | - I |
Net asset value, end of period | $ 40.99 | $ 36.71 | $ 30.68 |
Total Return B, C | 15.88% | 26.45% | 11.93% |
Ratios to Average Net Assets E, H | | | |
Expenses before reductions | .97% A | 1.00% | .97% A |
Expenses net of fee waivers, if any | .97% A | 1.00% | .97% A |
Expenses net of all reductions | .90% A | .95% | .90% A |
Net investment income (loss) | 1.35% A | 1.49% | 1.60% A |
Supplemental Data | | | |
Net assets, end of period (in millions) | $ 37 | $ 28 | $ 10 |
Portfolio turnover rate F | 89% A | 56% | 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 Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2007 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity International Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, International Discovery, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. 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 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.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
3. Significant Accounting Policies.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation - continued
(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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Book-tax differences are primarily due to futures transactions, 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 | $ 2,532,048 | |
Unrealized depreciation | (98,790) | |
Net unrealized appreciation (depreciation) | $ 2,433,258 | |
Cost for federal income tax purposes | $ 10,103,921 | |
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.
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
4. 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
Semiannual Report
4. Operating Policies - continued
Repurchase Agreements - continued
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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $6,017,901 and $4,196,234, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45%
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease.
In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes relative investment performance of the retail class of the Fund, International Discovery as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .77% of the Fund's average net assets.
Distribution and Service Plan. 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
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 221 | $ 8 |
Class T | .25% | .25% | 42 | 3 |
Class B | .75% | .25% | 31 | 23 |
Class C | .75% | .25% | 43 | 21 |
| | | $ 337 | $ 55 |
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 and .25% for certain purchases of Class T shares.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 38 |
Class T | 10 |
Class B* | 5 |
Class C* | 2 |
| $ 55 |
* 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. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Discovery 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
Average
Net Assets* |
Class A | $ 145 | .16 |
Class T | 26 | .31 |
Class B | 11 | .35 |
Class C | 13 | .31 |
International Discovery Fund | 10,318 | .22 |
Institutional Class | 24 | .15 |
| $ 10,537 | |
* 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.
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
7. 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 amounted to $11 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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 Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $3,199.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $3,318 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $6. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction | |
International Discovery Fund | $ 191 | |
Semiannual Report
10. 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.
In September 2006, a transfer agent of the Fund, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.
The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.
In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2007 | Year ended
October 31,
2006 |
From net investment income | | |
Class A | $ 1,387 | $ 38 |
Class T | 80 | 18 |
Class B | 21 | 3 |
Class C | 24 | 8 |
International Discovery Fund | 84,038 | 41,152 |
Institutional Class | 312 | 105 |
Total | $ 85,862 | $ 41,324 |
From net realized gain | | |
Class A | $ 3,929 | $ 173 |
Class T | 302 | 102 |
Class B | 130 | 40 |
Class C | 170 | 94 |
International Discovery Fund | 219,032 | 188,890 |
Institutional Class | 762 | 445 |
Total | $ 224,325 | $ 189,744 |
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2007 | Year ended
October 31, 2006 | Six months ended April 30,
2007 | Year ended
October 31, 2006 |
Class A | | | | |
Shares sold | 2,006 | 3,952 | $ 76,508 | $ 133,777 |
Reinvestment of distributions | 63 | 5 | 2,271 | 160 |
Shares redeemed | (359) | (183) | (13,776) | (6,217) |
Net increase (decrease) | 1,710 | 3,774 | $ 65,003 | $ 127,720 |
Class T | | | | |
Shares sold | 371 | 248 | $ 14,048 | $ 8,469 |
Reinvestment of distributions | 10 | 4 | 371 | 112 |
Shares redeemed | (48) | (36) | (1,798) | (1,223) |
Net increase (decrease) | 333 | 216 | $ 12,621 | $ 7,358 |
Class B | | | | |
Shares sold | 97 | 112 | $ 3,685 | $ 3,875 |
Reinvestment of distributions | 4 | 1 | 136 | 37 |
Shares redeemed | (24) | (14) | (907) | (489) |
Net increase (decrease) | 77 | 99 | $ 2,914 | $ 3,423 |
Semiannual Report
12. Share Transactions - continued
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2007 | Year ended
October 31, 2006 | Six months ended April 30,
2007 | Year ended
October 31, 2006 |
Class C | | | | |
Shares sold | 167 | 130 | $ 6,392 | $ 4,409 |
Reinvestment of distributions | 4 | 1 | 139 | 41 |
Shares redeemed | (23) | (32) | (865) | (1,088) |
Net increase (decrease) | 148 | 99 | $ 5,666 | $ 3,362 |
International Discovery Fund | | | | |
Shares sold | 73,288 | 123,095 | $ 2,804,820 | $ 4,201,412 |
Reinvestment of distributions | 7,929 | 7,089 | 289,549 | 215,944 |
Shares redeemed | (28,906) | (39,365) | (1,104,895) | (1,334,783) |
Net increase (decrease) | 52,311 | 90,819 | $ 1,989,474 | $ 3,082,573 |
Institutional Class | | | | |
Shares sold | 174 | 512 | $ 6,668 | $ 17,352 |
Reinvestment of distributions | 19 | 4 | 700 | 121 |
Shares redeemed | (51) | (61) | (1,956) | (2,086) |
Net increase (decrease) | 142 | 455 | $ 5,412 | $ 15,387 |
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.
Arizona
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15445 N. Scottsdale Road
Scottsdale, AZ
California
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1411 Chapin Avenue
Burlingame, CA
851 East Hamilton Avenue
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19200 Von Karman Avenue
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601 Larkspur Landing Circle
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10100 Santa Monica Blvd.
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8880 Tamiami Trail, North
Naples, FL
3501 PGA Boulevard
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1502 N. Westshore Blvd.
Tampa, FL
2465 State Road 7
Wellington, FL
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3445 Peachtree Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
875 North Michigan Ave.
Chicago, IL
1415 West 22nd Street
Oak Brook, IL
1572 East Golf Road
Schaumburg, IL
3232 Lake Avenue
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Indiana
4729 East 82nd Street
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Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7315 Wisconsin Avenue
Bethesda, MD
One W. Pennsylvania Ave.
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
238 Main Street
Cambridge, MA
405 Cochituate Road
Framingham, MA
416 Belmont Street
Worcester, MA
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 Old N. Woodward Ave.
Birmingham, MI
43420 Grand River Avenue
Novi, MI
29155 Northwestern Hwy.
Southfield, MI
Minnesota
7600 France Avenue South
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Missouri
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Nevada
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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 Broad Street
Shrewsbury, NJ
New York
1055 Franklin Avenue
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37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
980 Madison Avenue
New York, NY
61 Broadway
New York, NY
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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
799 Central Park Avenue
Scarsdale, NY
North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
Durham, NC
Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
7493 SW Bridgeport Road
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
6560 Fannin Street
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
279 West South Temple
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
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Semiannual Report
Semiannual Report
Semiannual Report
Semiannual Report
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Fidelity Advisor
International Discovery
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2007
(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 | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning
Account Value
November 1, 2006 | Ending
Account Value
April 30, 2007 | Expenses Paid
During Period*
November 1, 2006
to April 30, 2007 |
Class A | | | |
Actual | $ 1,000.00 | $ 1,157.00 | $ 6.63 |
Hypothetical A | $ 1,000.00 | $ 1,018.65 | $ 6.21 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,155.00 | $ 8.76 |
Hypothetical A | $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,151.80 | $ 11.58 |
Hypothetical A | $ 1,000.00 | $ 1,014.03 | $ 10.84 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,151.70 | $ 11.36 |
Hypothetical A | $ 1,000.00 | $ 1,014.23 | $ 10.64 |
International Discovery Fund | | | |
Actual | $ 1,000.00 | $ 1,158.20 | $ 5.57 |
Hypothetical A | $ 1,000.00 | $ 1,019.64 | $ 5.21 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,158.80 | $ 5.19 |
Hypothetical A | $ 1,000.00 | $ 1,019.98 | $ 4.86 |
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
Expense Ratio |
Class A | 1.24% |
Class T | 1.64% |
Class B | 2.17% |
Class C | 2.13% |
International Discovery Fund | 1.04% |
Institutional Class | .97% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Japan 16.4% | |
| United Kingdom 15.5% | |
| France 10.7% | |
| Germany 10.6% | |
| Switzerland 9.4% | |
| Australia 6.6% | |
| Netherlands 3.6% | |
| United States of America 3.6% | |
| Spain 2.9% | |
| Other 20.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan 19.1% | |
| United Kingdom 16.5% | |
| France 12.3% | |
| Germany 10.2% | |
| Switzerland 9.5% | |
| Australia 5.5% | |
| Italy 3.6% | |
| United States of America 3.3% | |
| Spain 3.2% | |
| Other 16.8% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 97.3 | 97.1 |
Short-Term Investments and Net Other Assets | 2.7 | 2.9 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.5 | 1.5 |
Toyota Motor Corp. (Japan, Automobiles) | 1.4 | 1.3 |
E.ON AG (Germany, Electric Utilities) | 1.3 | 1.1 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.1 | 1.1 |
Allianz AG (Reg.) (Germany, Insurance) | 1.1 | 1.1 |
Siemens AG (Reg.) (Germany, Industrial Conglomerates) | 1.1 | 0.0 |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 1.1 | 1.2 |
Canon, Inc. (Japan, Office Electronics) | 1.1 | 0.8 |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 1.1 | 0.9 |
CSL Ltd. (Australia, Biotechnology) | 1.0 | 0.7 |
| 11.8 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 22.7 | 27.5 |
Consumer Discretionary | 15.1 | 15.8 |
Industrials | 14.5 | 8.3 |
Information Technology | 8.5 | 7.4 |
Health Care | 7.8 | 8.1 |
Consumer Staples | 7.5 | 9.6 |
Materials | 6.5 | 4.5 |
Energy | 5.8 | 6.6 |
Utilities | 5.2 | 5.2 |
Telecommunication Services | 3.2 | 2.7 |
Semiannual Report
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.3% |
| Shares | | Value (000s) |
Australia - 6.6% |
AMP Ltd. | 2,150,200 | | $ 19,196 |
Aristocrat Leisure Ltd. | 2,592,700 | | 35,742 |
AXA Asia Pacific Holdings Ltd. | 3,809,600 | | 23,380 |
Babcock & Brown Japan Property Trust | 14,813,600 | | 23,989 |
Babcock & Brown Ltd. | 1,739,000 | | 42,819 |
Billabong International Ltd. | 294,626 | | 4,037 |
Brambles Ltd. (a) | 3,581,600 | | 39,232 |
Cochlear Ltd. | 721,200 | | 38,002 |
Computershare Ltd. | 6,268,300 | | 54,398 |
CSL Ltd. | 1,660,850 | | 120,381 |
Downer EDI Ltd. | 3,857,181 | | 23,992 |
Energy Resources of Australia Ltd. | 1,344,200 | | 28,153 |
Macquarie Bank Ltd. | 406,900 | | 29,398 |
Macquarie Goodman Group unit | 4,632,200 | | 27,351 |
Mortgage Choice Ltd. | 2,899,300 | | 7,584 |
National Australia Bank Ltd. | 2,197,000 | | 78,125 |
Oxiana Ltd. | 6,500,731 | | 16,412 |
QBE Insurance Group Ltd. | 1,922,267 | | 49,263 |
Seek Ltd. | 2,000,000 | | 12,274 |
Woolworths Ltd. | 2,353,439 | | 55,310 |
WorleyParsons Ltd. | 1,190,900 | | 27,197 |
TOTAL AUSTRALIA | | 756,235 |
Austria - 0.1% |
Austriamicrosystems AG (a) | 111,000 | | 7,605 |
Belgium - 0.2% |
InBev SA | 365,300 | | 28,613 |
Bermuda - 0.5% |
Aquarius Platinum Ltd. (United Kingdom) | 1,434,800 | | 43,032 |
Ports Design Ltd. | 6,613,900 | | 18,601 |
TOTAL BERMUDA | | 61,633 |
Brazil - 0.5% |
Submarino SA | 1,519,400 | | 55,014 |
Canada - 0.5% |
Niko Resources Ltd. | 114,600 | | 9,138 |
Potash Corp. of Saskatchewan, Inc. | 197,100 | | 35,383 |
Tenke Mining Corp. (a) | 649,500 | | 14,045 |
TOTAL CANADA | | 58,566 |
Cayman Islands - 0.8% |
Foxconn International Holdings Ltd. (a) | 7,852,300 | | 23,790 |
Common Stocks - continued |
| Shares | | Value (000s) |
Cayman Islands - continued |
Lee & Man Paper Manufacturing Ltd. | 7,304,000 | | $ 20,635 |
Simcere Pharmaceutical Group sponsored ADR | 106,280 | | 1,764 |
Subsea 7, Inc. (a)(d) | 791,800 | | 16,237 |
Suntech Power Holdings Co. Ltd. sponsored ADR (a) | 809,100 | | 29,354 |
TOTAL CAYMAN ISLANDS | | 91,780 |
China - 0.7% |
Focus Media Holding Ltd. ADR (a) | 640,308 | | 23,691 |
Jiangsu Expressway Co. Ltd. (H Shares) | 25,464,000 | | 21,777 |
Mindray Medical International Ltd. sponsored ADR | 822,600 | | 18,928 |
Nine Dragons Paper (Holdings) Ltd. | 10,409,000 | | 21,210 |
TOTAL CHINA | | 85,606 |
Cyprus - 0.3% |
Marfin Popular Bank Public Co. | 2,494,659 | | 28,663 |
Czech Republic - 0.2% |
Ceske Energeticke Zavody AS | 584,800 | | 28,586 |
Denmark - 0.9% |
Novo Nordisk AS Series B | 288,400 | | 28,366 |
Vestas Wind Systems AS (a) | 1,117,200 | | 73,460 |
TOTAL DENMARK | | 101,826 |
Finland - 0.9% |
Citycon Oyj | 692,322 | | 5,574 |
Nokia Corp. sponsored ADR | 2,785,700 | | 70,339 |
Wartsila Corp. (B Shares) | 431,600 | | 29,136 |
TOTAL FINLAND | | 105,049 |
France - 10.7% |
Air France KLM (Reg.) | 548,400 | | 28,123 |
Alcatel-Lucent SA | 1,089,900 | | 14,441 |
Alstom SA (a) | 374,900 | | 56,275 |
April Group (d) | 142,162 | | 7,527 |
AXA SA | 1,537,666 | | 70,825 |
BNP Paribas SA | 403,139 | | 47,118 |
Business Objects SA sponsored ADR (a) | 431,100 | | 16,171 |
Cap Gemini SA (d) | 442,000 | | 33,680 |
CNP Assurances (d) | 210,300 | | 26,961 |
Electricite de France | 648,200 | | 56,699 |
Gaz de France (d) | 774,200 | | 36,554 |
Geodis SA | 73,700 | | 16,917 |
Groupe Danone | 232,200 | | 38,388 |
Common Stocks - continued |
| Shares | | Value (000s) |
France - continued |
Icade SA (d) | 558,489 | | $ 42,877 |
L'Oreal SA (d) | 247,100 | | 29,713 |
Louis Vuitton Moet Hennessy (LVMH) (d) | 343,300 | | 40,274 |
Neopost SA | 254,300 | | 37,065 |
Neuf Cegetel | 318,153 | | 13,025 |
Orpea (a)(d) | 270,464 | | 27,917 |
Pinault Printemps-Redoute SA | 155,200 | | 27,096 |
Remy Cointreau SA | 304,500 | | 22,334 |
Renault SA (d) | 388,500 | | 50,746 |
Schneider Electric SA (d) | 191,000 | | 27,125 |
Schneider Electric SA (new) | 11,235 | | 1,535 |
Sechilienne-Sidec | 174,000 | | 10,910 |
Societe Generale Series A | 181,820 | | 38,829 |
Suez SA (France) (d) | 918,900 | | 52,640 |
Total SA Series B (d) | 1,772,076 | | 130,584 |
Vallourec SA | 82,800 | | 22,824 |
Veolia Environnement | 705,800 | | 58,655 |
Vinci SA (d) | 634,600 | | 102,661 |
Vivendi Universal SA (d) | 1,055,598 | | 43,761 |
TOTAL FRANCE | | 1,230,250 |
Georgia - 0.1% |
Bank of Georgia unit (a) | 206,100 | | 7,110 |
Germany - 9.2% |
Allianz AG (Reg.) (d) | 576,530 | | 131,148 |
Bayer AG sponsored ADR (d) | 1,663,400 | | 113,743 |
Bilfinger Berger AG | 242,300 | | 22,983 |
Continental AG (d) | 228,600 | | 31,968 |
DaimlerChrysler AG (Reg.) | 433,000 | | 34,861 |
Deutsche Boerse AG | 276,700 | | 65,152 |
E.ON AG (d) | 974,300 | | 146,525 |
Hochtief AG | 440,000 | | 46,533 |
Hugo Boss AG | 43,200 | | 2,889 |
KarstadtQuelle AG (a)(d) | 1,160,400 | | 44,813 |
Linde AG | 385,128 | | 43,273 |
MAN AG | 221,900 | | 29,805 |
MTU Aero Engines Holding AG (d) | 327,000 | | 19,188 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d) | 362,300 | | 64,810 |
Q-Cells AG (d) | 390,000 | | 28,366 |
SGL Carbon AG (a) | 612,600 | | 24,050 |
Siemens AG (Reg.) | 1,081,900 | | 130,877 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
SolarWorld AG | 528,200 | | $ 44,804 |
Wincor Nixdorf AG | 247,400 | | 24,368 |
TOTAL GERMANY | | 1,050,156 |
Greece - 0.1% |
EFG Eurobank Ergasias SA | 374,100 | | 15,672 |
Hong Kong - 1.3% |
Chaoda Modern Agriculture (Holdings) Ltd. | 12,600,000 | | 10,470 |
Esprit Holdings Ltd. | 6,508,600 | | 79,459 |
Li & Fung Ltd. | 10,953,900 | | 34,447 |
Television Broadcasts Ltd. | 2,838,529 | | 18,815 |
TOTAL HONG KONG | | 143,191 |
India - 1.1% |
Bharti Airtel Ltd. (a) | 1,220,000 | | 24,160 |
Infosys Technologies Ltd. | 953,052 | | 47,620 |
IVRCL Infrastructures & Projects Ltd. | 498,800 | | 3,898 |
Larsen & Toubro Ltd. | 147,000 | | 6,083 |
Pantaloon Retail India Ltd. | 442,715 | | 4,553 |
Satyam Computer Services Ltd. | 3,024,300 | | 34,870 |
TOTAL INDIA | | 121,184 |
Indonesia - 0.2% |
PT Perusahaan Gas Negara Tbk Series B | 16,035,500 | | 18,534 |
Ireland - 0.9% |
Allied Irish Banks PLC | 1,216,400 | | 36,912 |
Paddy Power PLC (Ireland) | 623,197 | | 17,408 |
Ryanair Holdings PLC sponsored ADR (a) | 937,500 | | 43,753 |
TOTAL IRELAND | | 98,073 |
Israel - 0.5% |
Israel Chemicals Ltd. | 3,916,700 | | 30,134 |
Nice Systems Ltd. sponsored ADR | 614,000 | | 22,503 |
TOTAL ISRAEL | | 52,637 |
Italy - 2.6% |
AEM SpA | 4,072,044 | | 16,037 |
Edison Spa | 8,145,605 | | 24,576 |
ENI Spa | 288,800 | | 9,565 |
ENI Spa sponsored ADR | 389,450 | | 25,797 |
Fiat Spa | 2,508,000 | | 74,506 |
Common Stocks - continued |
| Shares | | Value (000s) |
Italy - continued |
Impregilo Spa (a) | 3,423,000 | | $ 27,975 |
Pirelli & C. Real Estate Spa (d) | 227,800 | | 17,423 |
Prysmian SPA | 338,700 | | 6,933 |
Unicredito Italiano Spa | 8,882,300 | | 91,876 |
TOTAL ITALY | | 294,688 |
Japan - 15.9% |
Aeon Mall Co. Ltd. (d) | 793,600 | | 26,563 |
Asahi Glass Co. Ltd. | 1,924,000 | | 25,884 |
Asics Corp. | 2,315,000 | | 29,154 |
Bank of Yokohama Ltd. | 2,571,000 | | 18,825 |
Canon, Inc. | 2,148,450 | | 120,743 |
Casio Computer Co. Ltd. | 908,500 | | 18,341 |
Chiba Bank Ltd. | 2,187,000 | | 18,079 |
Chugai Pharmaceutical Co. Ltd. | 1,571,700 | | 40,082 |
East Japan Railway Co. | 3,681 | | 29,853 |
Fanuc Ltd. | 192,200 | | 18,824 |
Fujifilm Holdings Corp. | 801,200 | | 32,761 |
Honda Motor Co. Ltd. | 1,470,700 | | 50,636 |
Japan Tobacco, Inc. | 8,463 | | 41,341 |
Kawasaki Kisen Kaisha Ltd. (d) | 2,253,000 | | 24,472 |
Keyence Corp. | 82,600 | | 18,363 |
Konica Minolta Holdings, Inc. | 987,500 | | 13,514 |
Kubota Corp. | 3,316,000 | | 31,344 |
Leopalace21 Corp. | 329,500 | | 10,805 |
Mitsubishi Estate Co. Ltd. | 1,926,400 | | 59,733 |
Mitsubishi UFJ Financial Group, Inc. | 1,086 | | 11,349 |
Mitsui & Co. Ltd. | 2,560,000 | | 46,039 |
Mitsui Fudosan Co. Ltd. | 2,217,000 | | 64,721 |
Mizuho Financial Group, Inc. | 11,116 | | 66,902 |
Murata Manufacturing Co. Ltd. | 627,200 | | 46,227 |
Namco Bandai Holdings, Inc. | 1,763,600 | | 28,663 |
NGK Insulators Ltd. | 1,937,000 | | 42,282 |
Nintendo Co. Ltd. | 340,100 | | 106,251 |
Nippon Building Fund, Inc. | 2,400 | | 38,799 |
Nippon Electric Glass Co. Ltd. | 855,000 | | 14,635 |
Nippon Steel Corp. | 4,566,000 | | 29,462 |
Nomura Holdings, Inc. | 2,767,200 | | 53,296 |
NSK Ltd. | 3,609,000 | | 34,930 |
NTT DoCoMo, Inc. | 23,200 | | 39,463 |
ORIX Corp. | 251,320 | | 67,020 |
Sony Corp. sponsored ADR | 776,900 | | 41,378 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Sumco Corp. | 843,600 | | $ 36,663 |
Sumitomo Corp. | 1,815,400 | | 31,097 |
Sumitomo Electric Industries Ltd. | 1,786,100 | | 25,262 |
Sumitomo Metal Industries Ltd. | 4,099,000 | | 20,815 |
Sumitomo Mitsui Financial Group, Inc. | 1,982 | | 17,317 |
Sumitomo Trust & Banking Co. Ltd. | 2,478,800 | | 24,211 |
T&D Holdings, Inc. | 495,150 | | 31,363 |
Takeda Pharamaceutical Co. Ltd. | 896,400 | | 58,119 |
The Sumitomo Warehouse Co. Ltd. | 338,000 | | 2,609 |
Tokuyama Corp. | 2,931,900 | | 43,962 |
Toyo Tanso Co. Ltd. (d) | 104,400 | | 11,082 |
Toyota Motor Corp. | 2,609,100 | | 158,398 |
TOTAL JAPAN | | 1,821,632 |
Korea (South) - 1.5% |
Korean Reinsurance Co. | 946,600 | | 12,043 |
LG Household & Health Care Ltd. | 462,880 | | 61,630 |
NHN Corp. | 261,735 | | 40,940 |
Samsung Fire & Marine Insurance Co. Ltd. | 208,660 | | 36,988 |
Shinhan Financial Group Co. Ltd. | 385,130 | | 21,598 |
TOTAL KOREA (SOUTH) | | 173,199 |
Luxembourg - 0.5% |
Acergy SA | 1,124,500 | | 24,076 |
SES SA FDR unit | 1,505,854 | | 29,590 |
TOTAL LUXEMBOURG | | 53,666 |
Malaysia - 0.5% |
DiGi.com BHD | 225,500 | | 1,344 |
Gamuda BHD | 12,673,900 | | 29,074 |
IJM Corp. BHD | 8,525,300 | | 21,674 |
TOTAL MALAYSIA | | 52,092 |
Mexico - 0.6% |
America Movil SA de CV Series L sponsored ADR | 1,057,700 | | 55,561 |
Urbi, Desarrollos Urbanos, SA de CV (a) | 4,121,400 | | 17,220 |
TOTAL MEXICO | | 72,781 |
Netherlands - 3.6% |
ABN-AMRO Holding NV (d) | 869,800 | | 42,142 |
Arcelor Mittal | 628,300 | | 33,564 |
Arcelor Mittal Class A | 702,200 | | 38,022 |
CNH Global NV | 702,000 | | 30,390 |
Common Stocks - continued |
| Shares | | Value (000s) |
Netherlands - continued |
Heineken NV (Bearer) | 791,000 | | $ 42,002 |
ING Groep NV (Certificaten Van Aandelen) | 1,385,044 | | 63,172 |
Koninklijke KPN NV | 1,139,700 | | 19,440 |
Koninklijke Numico NV (d) | 341,600 | | 18,907 |
Koninklijke Philips Electronics NV | 1,369,200 | | 56,192 |
Nutreco Holding NV | 628,000 | | 46,628 |
SBM Offshore NV | 691,900 | | 24,983 |
TOTAL NETHERLANDS | | 415,442 |
Norway - 1.5% |
Aker Kvaerner ASA | 1,494,750 | | 35,614 |
Hafslund ASA (B Shares) (d) | 674,550 | | 16,611 |
Marine Harvest ASA (a) | 36,488,200 | | 39,498 |
ProSafe ASA | 773,000 | | 12,045 |
Renewable Energy Corp. AS (d) | 1,103,800 | | 31,912 |
Telenor ASA | 1,977,400 | | 36,977 |
TOTAL NORWAY | | 172,657 |
Russia - 0.3% |
Magma OJSC sponsored GDR (a)(f) | 675,700 | | 8,548 |
OAO Gazprom sponsored ADR | 677,600 | | 26,630 |
TOTAL RUSSIA | | 35,178 |
Singapore - 0.4% |
Keppel Corp. Ltd. | 1,166,000 | | 16,425 |
Singapore Exchange Ltd. | 5,755,000 | | 28,033 |
TOTAL SINGAPORE | | 44,458 |
Spain - 2.9% |
Banco Bilbao Vizcaya Argentaria SA | 2,401,000 | | 57,480 |
Banco Santander Central Hispano SA | 5,263,900 | | 94,745 |
Grupo Ferrovial SA | 243,200 | | 26,583 |
Inditex SA | 891,300 | | 55,194 |
Sol Melia SA | 702,567 | | 17,199 |
Telefonica SA | 3,416,700 | | 77,047 |
TOTAL SPAIN | | 328,248 |
Sweden - 1.7% |
Hennes & Mauritz AB (H&M) (B Shares) (d) | 742,500 | | 49,484 |
Modern Times Group AB (MTG) (B Shares) | 1,049,300 | | 61,786 |
Common Stocks - continued |
| Shares | | Value (000s) |
Sweden - continued |
Scania AB (B Shares) | 576,700 | | $ 55,521 |
Swedbank AB (A Shares) (d) | 736,200 | | 28,680 |
TOTAL SWEDEN | | 195,471 |
Switzerland - 9.4% |
ABB Ltd. sponsored ADR | 5,171,500 | | 103,223 |
Actelion Ltd. (Reg.) (a) | 199,558 | | 47,583 |
BB Biotech AG (d) | 341,699 | | 28,544 |
Compagnie Financiere Richemont unit | 508,844 | | 30,901 |
Credit Suisse Group (Reg.) | 1,338,656 | | 105,084 |
EFG International | 332,000 | | 14,980 |
Julius Baer Holding AG (Bearer) | 1,105,364 | | 77,696 |
Lindt & Spruengli AG (participation certificate) | 15,453 | | 42,859 |
Nestle SA (Reg.) | 330,815 | | 131,466 |
Nobel Biocare Holding AG (Switzerland) | 66,378 | | 24,043 |
Novartis AG (Reg.) | 707,960 | | 41,125 |
Phonak Holding AG | 463,240 | | 41,229 |
Roche Holding AG (participation certificate) | 891,492 | | 168,039 |
Societe Generale de Surveillance Holding SA (SGS) (Reg.) | 12,915 | | 16,499 |
Swiss Life Holding | 95,891 | | 24,889 |
Tecan Group AG | 212,300 | | 15,819 |
The Swatch Group AG (Reg.) | 1,212,573 | | 70,926 |
UBS AG (NY Shares) | 969,200 | | 62,901 |
Zurich Financial Services AG (Reg.) | 109,285 | | 31,939 |
TOTAL SWITZERLAND | | 1,079,745 |
Taiwan - 1.2% |
Gemtek Technology Corp. | 8,486,000 | | 21,855 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 6,887,890 | | 45,795 |
PixArt Imaging, Inc. | 1,740,000 | | 21,152 |
Shin Kong Financial Holding Co. Ltd. | 10,227,415 | | 9,517 |
Siliconware Precision Industries Co. Ltd. | 12,187,000 | | 23,412 |
Wistron Corp. | 13,850,000 | | 20,703 |
TOTAL TAIWAN | | 142,434 |
United Kingdom - 15.5% |
Anglo American PLC (United Kingdom) | 987,700 | | 52,709 |
AstraZeneca PLC sponsored ADR | 549,000 | | 29,816 |
Autonomy Corp. PLC (a) | 3,363,000 | | 50,801 |
Aviva PLC | 1,949,300 | | 30,810 |
BAE Systems PLC | 4,145,509 | | 37,880 |
Barclays PLC | 2,701,800 | | 39,203 |
BG Group PLC | 1,454,900 | | 21,105 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
BG Group PLC sponsored ADR | 200,000 | | $ 14,386 |
BHP Billiton PLC | 4,290,500 | | 96,853 |
BP PLC sponsored ADR | 876,100 | | 58,979 |
British American Tobacco PLC | 1,459,900 | | 45,447 |
British American Tobacco PLC sponsored ADR | 390,200 | | 24,294 |
British Land Co. PLC | 1,369,800 | | 40,343 |
Burberry Group PLC | 1,777,700 | | 24,703 |
Capita Group PLC | 1,106,900 | | 15,669 |
Clipper Windpower PLC (a) | 2,006,200 | | 35,199 |
GlaxoSmithKline PLC sponsored ADR | 339,300 | | 19,605 |
HBOS plc | 2,208,200 | | 47,816 |
HSBC Holdings PLC (Hong Kong) (Reg.) | 1,403,144 | | 25,919 |
Informa PLC | 1,379,400 | | 16,383 |
International Power PLC | 7,306,600 | | 64,317 |
Investec PLC | 2,902,500 | | 41,465 |
John Wood Group PLC | 3,062,900 | | 17,255 |
Man Group plc | 3,043,000 | | 34,376 |
Marks & Spencer Group PLC | 3,391,600 | | 50,318 |
N Brown Group PLC | 4,180,000 | | 25,073 |
National Grid PLC | 1,576,100 | | 24,785 |
Next PLC | 991,700 | | 46,577 |
Pearson PLC | 2,394,300 | | 41,242 |
Punch Taverns Ltd. | 871,700 | | 22,728 |
Reckitt Benckiser PLC | 1,392,700 | | 76,605 |
Renovo Group PLC (e) | 9,727,800 | | 35,010 |
Rio Tinto PLC sponsored ADR | 155,900 | | 38,040 |
Rolls-Royce Group PLC | 3,864,403 | | 37,069 |
Royal Bank of Scotland Group PLC | 1,969,971 | | 76,020 |
Royal Dutch Shell PLC Class B | 3,412,059 | | 120,633 |
Shire PLC | 2,059,200 | | 47,972 |
SSL International PLC | 1,111,400 | | 9,683 |
Tesco PLC | 11,828,812 | | 109,032 |
Vodafone Group PLC | 33,268,435 | | 95,580 |
Xstrata PLC | 649,900 | | 34,318 |
TOTAL UNITED KINGDOM | | 1,776,018 |
United States of America - 0.9% |
Fluor Corp. | 238,100 | | 22,767 |
Macquarie Infrastructure Co. Trust | 131,000 | | 5,578 |
Common Stocks - continued |
| Shares | | Value (000s) |
United States of America - continued |
Marathon Oil Corp. | 259,900 | | $ 26,393 |
Sunoco, Inc. | 624,200 | | 47,146 |
TOTAL UNITED STATES OF AMERICA | | 101,884 |
TOTAL COMMON STOCKS (Cost $8,526,082) | 10,905,576 |
Nonconvertible Preferred Stocks - 1.5% |
| | | |
Germany - 1.4% |
Fresenius AG (non-vtg.) | 551,200 | | 46,680 |
Hugo Boss AG (non-vtg.) | 697,600 | | 43,361 |
Porsche AG (non-vtg.) | 20,695 | | 34,840 |
ProSiebenSat.1 Media AG | 887,300 | | 32,450 |
TOTAL GERMANY | | 157,331 |
Italy - 0.1% |
Intesa Sanpaolo Spa | 1,669,602 | | 13,538 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Series B | 236,131,217 | | 472 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $111,572) | 171,341 |
Government Obligations - 0.0% |
| Principal Amount (000s) | | |
United States of America - 0.0% |
U.S. Treasury Bills, yield at date of purchase 4.96% to 5.11% 5/3/07 to 6/7/07 (g)
(Cost $3,093) | | $ 3,100 | | 3,094 |
Money Market Funds - 12.6% |
| Shares | | |
Fidelity Cash Central Fund, 5.29% (b) | 301,402,870 | | 301,403 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 1,142,567,681 | | 1,142,568 |
TOTAL MONEY MARKET FUNDS (Cost $1,443,971) | 1,443,971 |
Cash Equivalents - 0.1% |
| Maturity Amount (000s) | | Value (000s) |
Investments in repurchase agreements in a joint trading account at 5.12%, dated 4/30/07 due 5/1/07 (Collateralized by U.S. Treasury Obligations) #
(Cost $13,197) | $ 13,199 | | $ 13,197 |
TOTAL INVESTMENT PORTFOLIO - 109.5% (Cost $10,097,915) | | 12,537,179 |
NET OTHER ASSETS - (9.5)% | | (1,091,615) |
NET ASSETS - 100% | $ 11,445,564 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value (000s) | | Unrealized Appreciation/
(Depreciation) (000s) |
Purchased |
Equity Index Contracts |
723 Nikkei 225 Index Contracts (Japan) | June 2007 | | $ 62,594 | | $ 2,997 |
|
The face value of futures purchased as a percentage of net assets - 0.5% |
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 end of the period, the value of these securities amounted to $8,548,000 or 0.1% of net assets. |
(g) 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 $3,094,000. |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value (000s) |
$13,197,000 due 5/1/07 at 5.12% |
Banc of America Securities LLC | $ 2,016 |
Barclays Capital, Inc. | 4,495 |
Fortis Securities LLC | 2,882 |
Lehman Brothers, Inc. | 3,804 |
| $ 13,197 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned (Amounts in thousands) |
Fidelity Cash Central Fund | $ 9,859 |
Fidelity Securities Lending Cash Central Fund | 3,199 |
Total | $ 13,058 |
Other Affiliated Issuers |
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate
(Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
Renovo Group PLC | $ 14,540 | $ 16,799 | $ 586 | $ - | $ 35,010 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2007 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $1,090,882 and repurchase agreements of $13,197) - See accompanying schedule: Unaffiliated issuers (cost $8,628,450) | $ 11,058,198 | |
Fidelity Central Funds (cost $1,443,971) | 1,443,971 | |
Other affiliated issuers (cost $25,494) | 35,010 | |
Total Investments (cost $10,097,915) | | $ 12,537,179 |
Receivable for investments sold | | 227,995 |
Receivable for fund shares sold | | 27,975 |
Dividends receivable | | 36,252 |
Distributions receivable from Fidelity Central Funds | | 1,070 |
Prepaid expenses | | 29 |
Other receivables | | 4,758 |
Total assets | | 12,835,258 |
| | |
Liabilities | | |
Payable to custodian bank | $ 2,406 | |
Payable for investments purchased | 218,054 | |
Payable for fund shares redeemed | 14,603 | |
Accrued management fee | 7,243 | |
Distribution fees payable | 71 | |
Payable for daily variation on futures contracts | 343 | |
Other affiliated payables | 2,024 | |
Other payables and accrued expenses | 2,382 | |
Collateral on securities loaned, at value | 1,142,568 | |
Total liabilities | | 1,389,694 |
| | |
Net Assets | | $ 11,445,564 |
Net Assets consist of: | | |
Paid in capital | | $ 8,522,568 |
Undistributed net investment income | | 51,320 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 430,711 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 2,440,965 |
Net Assets | | $ 11,445,564 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2007 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($225,752 ÷ 5,545.1 shares) | | $ 40.71 |
| | |
Maximum offering price per share (100/94.25 of $40.71) | | $ 43.19 |
Class T:
Net Asset Value and redemption price per share ($24,720 ÷ 609.8 shares) | | $ 40.54 |
| | |
Maximum offering price per share (100/96.50 of $40.54) | | $ 42.01 |
Class B:
Net Asset Value and offering price per share
($8,106 ÷ 201.0 shares)A | | $ 40.33 |
| | |
Class C:
Net Asset Value and offering price per share
($12,545 ÷ 310.3 shares)A | | $ 40.43 |
| | |
| | |
International Discovery Fund:
Net Asset Value, offering price and redemption price per share ($11,136,988 ÷ 271,956.5 shares) | | $ 40.95 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($37,453 ÷ 913.8 shares) | | $ 40.99 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended April 30, 2007 (Unaudited) |
Investment Income | | |
Dividends | | $ 105,916 |
Interest | | 459 |
Income from Fidelity Central Funds | | 13,058 |
| | 119,433 |
Less foreign taxes withheld | | (8,698) |
Total income | | 110,735 |
| | |
Expenses | | |
Management fee
Basic fee | $ 34,999 | |
Performance adjustment | 2,767 | |
Transfer agent fees | 10,537 | |
Distribution fees | 337 | |
Accounting and security lending fees | 916 | |
Custodian fees and expenses | 1,231 | |
Independent trustees' compensation | 14 | |
Registration fees | 412 | |
Audit | 87 | |
Legal | 71 | |
Miscellaneous | 19 | |
Total expenses before reductions | 51,390 | |
Expense reductions | (3,630) | 47,760 |
Net investment income (loss) | | 62,975 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $515) | 463,711 | |
Other affiliated issuers | 8 | |
Foreign currency transactions | (42) | |
Futures contracts | 265 | |
Total net realized gain (loss) | | 463,942 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $150) | 903,463 | |
Assets and liabilities in foreign currencies | 263 | |
Futures contracts | 1,712 | |
Total change in net unrealized appreciation (depreciation) | | 905,438 |
Net gain (loss) | | 1,369,380 |
Net increase (decrease) in net assets resulting from operations | | $ 1,432,355 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended
April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 62,975 | $ 89,022 |
Net realized gain (loss) | 463,942 | 238,999 |
Change in net unrealized appreciation (depreciation) | 905,438 | 940,196 |
Net increase (decrease) in net assets resulting
from operations | 1,432,355 | 1,268,217 |
Distributions to shareholders from net investment income | (85,862) | (41,324) |
Distributions to shareholders from net realized gain | (224,325) | (189,744) |
Total distributions | (310,187) | (231,068) |
Share transactions - net increase (decrease) | 2,081,090 | 3,239,823 |
Redemption fees | 203 | 380 |
Total increase (decrease) in net assets | 3,203,461 | 4,277,352 |
| | |
Net Assets | | |
Beginning of period | 8,242,103 | 3,964,751 |
End of period (including undistributed net investment income of $51,320 and undistributed net investment income of $83,948, respectively) | $ 11,445,564 | $ 8,242,103 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 36.47 | $ 30.57 | $ 27.41 |
Income from Investment Operations | | | |
Net investment income (loss) E | .21 | .42 | .28 |
Net realized and unrealized gain (loss) | 5.36 | 7.19 | 2.88 |
Total from investment operations | 5.57 | 7.61 | 3.16 |
Distributions from net investment income | (.35) | (.31) | - |
Distributions from net realized gain | (.98) | (1.40) | - |
Total distributions | (1.33) | (1.71) | - |
Redemption fees added to paid in capital E | - J | - J | - J |
Net asset value, end of period | $ 40.71 | $ 36.47 | $ 30.57 |
Total Return B, C, D | 15.70% | 26.01% | 11.53% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 1.24% A | 1.27% | 1.42% A |
Expenses net of fee waivers, if any | 1.24% A | 1.27% | 1.42% A |
Expenses net of all reductions | 1.17% A | 1.21% | 1.36% A |
Net investment income (loss) | 1.08% A | 1.22% | 1.15% A |
Supplemental Data | | | |
Net assets, end of period (in millions) | $ 226 | $ 140 | $ 2 |
Portfolio turnover rate G | 89% A | 56% | 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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 36.30 | $ 30.49 | $ 27.41 |
Income from Investment Operations | | | |
Net investment income (loss) E | .13 | .27 | .20 |
Net realized and unrealized gain (loss) | 5.35 | 7.18 | 2.88 |
Total from investment operations | 5.48 | 7.45 | 3.08 |
Distributions from net investment income | (.26) | (.24) | - |
Distributions from net realized gain | (.98) | (1.40) | - |
Total distributions | (1.24) | (1.64) | - |
Redemption fees added to paid in capital E | - J | - J | - J |
Net asset value, end of period | $ 40.54 | $ 36.30 | $ 30.49 |
Total Return B, C, D | 15.50% | 25.49% | 11.24% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 1.64% A | 1.71% | 1.75% A |
Expenses net of fee waivers, if any | 1.64% A | 1.71% | 1.75% A |
Expenses net of all reductions | 1.57% A | 1.65% | 1.69% A |
Net investment income (loss) | .69% A | .78% | .83% A |
Supplemental Data | | | |
Net assets, end of period (in millions) | $ 25 | $ 10 | $ 2 |
Portfolio turnover rate G | 89% A | 56% | 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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 36.12 | $ 30.36 | $ 27.41 |
Income from Investment Operations | | | |
Net investment income (loss) E | .03 | .08 | .08 |
Net realized and unrealized gain (loss) | 5.32 | 7.19 | 2.87 |
Total from investment operations | 5.35 | 7.27 | 2.95 |
Distributions from net investment income | (.16) | (.11) | - |
Distributions from net realized gain | (.98) | (1.40) | - |
Total distributions | (1.14) | (1.51) | - |
Redemption fees added to paid in capital E | - J | - J | - J |
Net asset value, end of period | $ 40.33 | $ 36.12 | $ 30.36 |
Total Return B, C, D | 15.18% | 24.91% | 10.76% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 2.17% A | 2.27% | 2.24% A |
Expenses net of fee waivers, if any | 2.17% A | 2.25% | 2.24% A |
Expenses net of all reductions | 2.10% A | 2.19% | 2.18% A |
Net investment income (loss) | .15% A | .24% | .33% A |
Supplemental Data | | | |
Net assets, end of period (in millions) | $ 8 | $ 4 | $ 1 |
Portfolio turnover rate G | 89% A | 56% | 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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 36.19 | $ 30.41 | $ 27.41 |
Income from Investment Operations | | | |
Net investment income (loss) E | .04 | .11 | .13 |
Net realized and unrealized gain (loss) | 5.32 | 7.19 | 2.87 |
Total from investment operations | 5.36 | 7.30 | 3.00 |
Distributions from net investment income | (.14) | (.12) | - |
Distributions from net realized gain | (.98) | (1.40) | - |
Total distributions | (1.12) | (1.52) | - |
Redemption fees added to paid in capital E | - J | - J | - J |
Net asset value, end of period | $ 40.43 | $ 36.19 | $ 30.41 |
Total Return B, C, D | 15.17% | 24.97% | 10.94% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 2.13% A | 2.16% | 2.04% A |
Expenses net of fee waivers, if any | 2.13% A | 2.16% | 2.04% A |
Expenses net of all reductions | 2.06% A | 2.11% | 1.98% A |
Net investment income (loss) | .19% A | .33% | .53% A |
Supplemental Data | | | |
Net assets, end of period (in millions) | $ 13 | $ 6 | $ 2 |
Portfolio turnover rate G | 89% A | 56% | 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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Discovery Fund
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 36.67 | $ 30.65 | $ 25.31 | $ 21.87 | $ 16.66 | $ 17.61 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .25 | .48 | .37 | .22 | .19 | .11 |
Net realized and unrealized gain (loss) | 5.39 | 7.25 | 5.24 | 3.40 | 5.11 | (1.06) |
Total from investment operations | 5.64 | 7.73 | 5.61 | 3.62 | 5.30 | (.95) |
Distributions from net investment income | (.38) | (.31) | (.15) | (.18) | (.09) | - |
Distributions from net realized gain | (.98) | (1.40) | (.12) | - | - | - |
Total distributions | (1.36) | (1.71) | (.27) | (.18) | (.09) | - |
Redemption fees added to paid in capital D | - H | - H | - H | - H | - H | - H |
Net asset value, end of period | $ 40.95 | $ 36.67 | $ 30.65 | $ 25.31 | $ 21.87 | $ 16.66 |
Total Return B, C | 15.82% | 26.34% | 22.29% | 16.65% | 31.97% | (5.39)% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.04% A | 1.09% | 1.08% | 1.10% | 1.14% | 1.14% |
Expenses net of fee waivers, if any | 1.04% A | 1.08% | 1.07% | 1.10% | 1.14% | 1.14% |
Expenses net of all reductions | .97% A | 1.03% | 1.01% | 1.06% | 1.11% | 1.12% |
Net investment income (loss) | 1.29% A | 1.41% | 1.35% | .92% | 1.08% | .59% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 11,137 | $ 8,054 | $ 3,949 | $ 2,193 | $ 1,243 | $ 890 |
Portfolio turnover rate F | 89% A | 56% | 75% | 87% | 81% | 63% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 36.71 | $ 30.68 | $ 27.41 |
Income from Investment Operations | | | |
Net investment income (loss) D | .26 | .51 | .38 |
Net realized and unrealized gain (loss) | 5.40 | 7.25 | 2.89 |
Total from investment operations | 5.66 | 7.76 | 3.27 |
Distributions from net investment income | (.40) | (.33) | - |
Distributions from net realized gain | (.98) | (1.40) | - |
Total distributions | (1.38) | (1.73) | - |
Redemption fees added to paid in capital D | - I | - I | - I |
Net asset value, end of period | $ 40.99 | $ 36.71 | $ 30.68 |
Total Return B, C | 15.88% | 26.45% | 11.93% |
Ratios to Average Net Assets E, H | | | |
Expenses before reductions | .97% A | 1.00% | .97% A |
Expenses net of fee waivers, if any | .97% A | 1.00% | .97% A |
Expenses net of all reductions | .90% A | .95% | .90% A |
Net investment income (loss) | 1.35% A | 1.49% | 1.60% A |
Supplemental Data | | | |
Net assets, end of period (in millions) | $ 37 | $ 28 | $ 10 |
Portfolio turnover rate F | 89% A | 56% | 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 Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2007 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity International Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, International Discovery, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. 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 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.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
3. Significant Accounting Policies.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation - continued
(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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Book-tax differences are primarily due to futures transactions, 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 | $ 2,532,048 | |
Unrealized depreciation | (98,790) | |
Net unrealized appreciation (depreciation) | $ 2,433,258 | |
Cost for federal income tax purposes | $ 10,103,921 | |
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.
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
4. 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
Semiannual Report
4. Operating Policies - continued
Repurchase Agreements - continued
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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $6,017,901 and $4,196,234, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45%
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease.
In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes relative investment performance of the retail class of the Fund, International Discovery as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .77% of the Fund's average net assets.
Distribution and Service Plan. 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
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 221 | $ 8 |
Class T | .25% | .25% | 42 | 3 |
Class B | .75% | .25% | 31 | 23 |
Class C | .75% | .25% | 43 | 21 |
| | | $ 337 | $ 55 |
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 and .25% for certain purchases of Class T shares.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 38 |
Class T | 10 |
Class B* | 5 |
Class C* | 2 |
| $ 55 |
* 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. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Discovery 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
Average
Net Assets* |
Class A | $ 145 | .16 |
Class T | 26 | .31 |
Class B | 11 | .35 |
Class C | 13 | .31 |
International Discovery Fund | 10,318 | .22 |
Institutional Class | 24 | .15 |
| $ 10,537 | |
* 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.
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
7. 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 amounted to $11 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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 Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $3,199.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $3,318 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $6. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction | |
International Discovery Fund | $ 191 | |
Semiannual Report
10. 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.
In September 2006, a transfer agent of the Fund, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.
The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.
In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2007 | Year ended
October 31,
2006 |
From net investment income | | |
Class A | $ 1,387 | $ 38 |
Class T | 80 | 18 |
Class B | 21 | 3 |
Class C | 24 | 8 |
International Discovery Fund | 84,038 | 41,152 |
Institutional Class | 312 | 105 |
Total | $ 85,862 | $ 41,324 |
From net realized gain | | |
Class A | $ 3,929 | $ 173 |
Class T | 302 | 102 |
Class B | 130 | 40 |
Class C | 170 | 94 |
International Discovery Fund | 219,032 | 188,890 |
Institutional Class | 762 | 445 |
Total | $ 224,325 | $ 189,744 |
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2007 | Year ended
October 31, 2006 | Six months ended April 30,
2007 | Year ended
October 31, 2006 |
Class A | | | | |
Shares sold | 2,006 | 3,952 | $ 76,508 | $ 133,777 |
Reinvestment of distributions | 63 | 5 | 2,271 | 160 |
Shares redeemed | (359) | (183) | (13,776) | (6,217) |
Net increase (decrease) | 1,710 | 3,774 | $ 65,003 | $ 127,720 |
Class T | | | | |
Shares sold | 371 | 248 | $ 14,048 | $ 8,469 |
Reinvestment of distributions | 10 | 4 | 371 | 112 |
Shares redeemed | (48) | (36) | (1,798) | (1,223) |
Net increase (decrease) | 333 | 216 | $ 12,621 | $ 7,358 |
Class B | | | | |
Shares sold | 97 | 112 | $ 3,685 | $ 3,875 |
Reinvestment of distributions | 4 | 1 | 136 | 37 |
Shares redeemed | (24) | (14) | (907) | (489) |
Net increase (decrease) | 77 | 99 | $ 2,914 | $ 3,423 |
Semiannual Report
12. Share Transactions - continued
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2007 | Year ended
October 31, 2006 | Six months ended April 30,
2007 | Year ended
October 31, 2006 |
Class C | | | | |
Shares sold | 167 | 130 | $ 6,392 | $ 4,409 |
Reinvestment of distributions | 4 | 1 | 139 | 41 |
Shares redeemed | (23) | (32) | (865) | (1,088) |
Net increase (decrease) | 148 | 99 | $ 5,666 | $ 3,362 |
International Discovery Fund | | | | |
Shares sold | 73,288 | 123,095 | $ 2,804,820 | $ 4,201,412 |
Reinvestment of distributions | 7,929 | 7,089 | 289,549 | 215,944 |
Shares redeemed | (28,906) | (39,365) | (1,104,895) | (1,334,783) |
Net increase (decrease) | 52,311 | 90,819 | $ 1,989,474 | $ 3,082,573 |
Institutional Class | | | | |
Shares sold | 174 | 512 | $ 6,668 | $ 17,352 |
Reinvestment of distributions | 19 | 4 | 700 | 121 |
Shares redeemed | (51) | (61) | (1,956) | (2,086) |
Net increase (decrease) | 142 | 455 | $ 5,412 | $ 15,387 |
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
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
AID-USAN-0607
1.806663.102
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Discovery
Fund - Institutional Class
Semiannual Report
April 30, 2007
(2_fidelity_logos) (Registered_Trademark)
Institutional Class is
a class of Fidelity®
International Discovery Fund
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning
Account Value
November 1, 2006 | Ending
Account Value
April 30, 2007 | Expenses Paid
During Period*
November 1, 2006
to April 30, 2007 |
Class A | | | |
Actual | $ 1,000.00 | $ 1,157.00 | $ 6.63 |
Hypothetical A | $ 1,000.00 | $ 1,018.65 | $ 6.21 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,155.00 | $ 8.76 |
Hypothetical A | $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,151.80 | $ 11.58 |
Hypothetical A | $ 1,000.00 | $ 1,014.03 | $ 10.84 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,151.70 | $ 11.36 |
Hypothetical A | $ 1,000.00 | $ 1,014.23 | $ 10.64 |
International Discovery Fund | | | |
Actual | $ 1,000.00 | $ 1,158.20 | $ 5.57 |
Hypothetical A | $ 1,000.00 | $ 1,019.64 | $ 5.21 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,158.80 | $ 5.19 |
Hypothetical A | $ 1,000.00 | $ 1,019.98 | $ 4.86 |
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
Expense Ratio |
Class A | 1.24% |
Class T | 1.64% |
Class B | 2.17% |
Class C | 2.13% |
International Discovery Fund | 1.04% |
Institutional Class | .97% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Japan 16.4% | |
| United Kingdom 15.5% | |
| France 10.7% | |
| Germany 10.6% | |
| Switzerland 9.4% | |
| Australia 6.6% | |
| Netherlands 3.6% | |
| United States of America 3.6% | |
| Spain 2.9% | |
| Other 20.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan 19.1% | |
| United Kingdom 16.5% | |
| France 12.3% | |
| Germany 10.2% | |
| Switzerland 9.5% | |
| Australia 5.5% | |
| Italy 3.6% | |
| United States of America 3.3% | |
| Spain 3.2% | |
| Other 16.8% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Equity Futures | 97.3 | 97.1 |
Short-Term Investments and Net Other Assets | 2.7 | 2.9 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.5 | 1.5 |
Toyota Motor Corp. (Japan, Automobiles) | 1.4 | 1.3 |
E.ON AG (Germany, Electric Utilities) | 1.3 | 1.1 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.1 | 1.1 |
Allianz AG (Reg.) (Germany, Insurance) | 1.1 | 1.1 |
Siemens AG (Reg.) (Germany, Industrial Conglomerates) | 1.1 | 0.0 |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 1.1 | 1.2 |
Canon, Inc. (Japan, Office Electronics) | 1.1 | 0.8 |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 1.1 | 0.9 |
CSL Ltd. (Australia, Biotechnology) | 1.0 | 0.7 |
| 11.8 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 22.7 | 27.5 |
Consumer Discretionary | 15.1 | 15.8 |
Industrials | 14.5 | 8.3 |
Information Technology | 8.5 | 7.4 |
Health Care | 7.8 | 8.1 |
Consumer Staples | 7.5 | 9.6 |
Materials | 6.5 | 4.5 |
Energy | 5.8 | 6.6 |
Utilities | 5.2 | 5.2 |
Telecommunication Services | 3.2 | 2.7 |
Semiannual Report
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.3% |
| Shares | | Value (000s) |
Australia - 6.6% |
AMP Ltd. | 2,150,200 | | $ 19,196 |
Aristocrat Leisure Ltd. | 2,592,700 | | 35,742 |
AXA Asia Pacific Holdings Ltd. | 3,809,600 | | 23,380 |
Babcock & Brown Japan Property Trust | 14,813,600 | | 23,989 |
Babcock & Brown Ltd. | 1,739,000 | | 42,819 |
Billabong International Ltd. | 294,626 | | 4,037 |
Brambles Ltd. (a) | 3,581,600 | | 39,232 |
Cochlear Ltd. | 721,200 | | 38,002 |
Computershare Ltd. | 6,268,300 | | 54,398 |
CSL Ltd. | 1,660,850 | | 120,381 |
Downer EDI Ltd. | 3,857,181 | | 23,992 |
Energy Resources of Australia Ltd. | 1,344,200 | | 28,153 |
Macquarie Bank Ltd. | 406,900 | | 29,398 |
Macquarie Goodman Group unit | 4,632,200 | | 27,351 |
Mortgage Choice Ltd. | 2,899,300 | | 7,584 |
National Australia Bank Ltd. | 2,197,000 | | 78,125 |
Oxiana Ltd. | 6,500,731 | | 16,412 |
QBE Insurance Group Ltd. | 1,922,267 | | 49,263 |
Seek Ltd. | 2,000,000 | | 12,274 |
Woolworths Ltd. | 2,353,439 | | 55,310 |
WorleyParsons Ltd. | 1,190,900 | | 27,197 |
TOTAL AUSTRALIA | | 756,235 |
Austria - 0.1% |
Austriamicrosystems AG (a) | 111,000 | | 7,605 |
Belgium - 0.2% |
InBev SA | 365,300 | | 28,613 |
Bermuda - 0.5% |
Aquarius Platinum Ltd. (United Kingdom) | 1,434,800 | | 43,032 |
Ports Design Ltd. | 6,613,900 | | 18,601 |
TOTAL BERMUDA | | 61,633 |
Brazil - 0.5% |
Submarino SA | 1,519,400 | | 55,014 |
Canada - 0.5% |
Niko Resources Ltd. | 114,600 | | 9,138 |
Potash Corp. of Saskatchewan, Inc. | 197,100 | | 35,383 |
Tenke Mining Corp. (a) | 649,500 | | 14,045 |
TOTAL CANADA | | 58,566 |
Cayman Islands - 0.8% |
Foxconn International Holdings Ltd. (a) | 7,852,300 | | 23,790 |
Common Stocks - continued |
| Shares | | Value (000s) |
Cayman Islands - continued |
Lee & Man Paper Manufacturing Ltd. | 7,304,000 | | $ 20,635 |
Simcere Pharmaceutical Group sponsored ADR | 106,280 | | 1,764 |
Subsea 7, Inc. (a)(d) | 791,800 | | 16,237 |
Suntech Power Holdings Co. Ltd. sponsored ADR (a) | 809,100 | | 29,354 |
TOTAL CAYMAN ISLANDS | | 91,780 |
China - 0.7% |
Focus Media Holding Ltd. ADR (a) | 640,308 | | 23,691 |
Jiangsu Expressway Co. Ltd. (H Shares) | 25,464,000 | | 21,777 |
Mindray Medical International Ltd. sponsored ADR | 822,600 | | 18,928 |
Nine Dragons Paper (Holdings) Ltd. | 10,409,000 | | 21,210 |
TOTAL CHINA | | 85,606 |
Cyprus - 0.3% |
Marfin Popular Bank Public Co. | 2,494,659 | | 28,663 |
Czech Republic - 0.2% |
Ceske Energeticke Zavody AS | 584,800 | | 28,586 |
Denmark - 0.9% |
Novo Nordisk AS Series B | 288,400 | | 28,366 |
Vestas Wind Systems AS (a) | 1,117,200 | | 73,460 |
TOTAL DENMARK | | 101,826 |
Finland - 0.9% |
Citycon Oyj | 692,322 | | 5,574 |
Nokia Corp. sponsored ADR | 2,785,700 | | 70,339 |
Wartsila Corp. (B Shares) | 431,600 | | 29,136 |
TOTAL FINLAND | | 105,049 |
France - 10.7% |
Air France KLM (Reg.) | 548,400 | | 28,123 |
Alcatel-Lucent SA | 1,089,900 | | 14,441 |
Alstom SA (a) | 374,900 | | 56,275 |
April Group (d) | 142,162 | | 7,527 |
AXA SA | 1,537,666 | | 70,825 |
BNP Paribas SA | 403,139 | | 47,118 |
Business Objects SA sponsored ADR (a) | 431,100 | | 16,171 |
Cap Gemini SA (d) | 442,000 | | 33,680 |
CNP Assurances (d) | 210,300 | | 26,961 |
Electricite de France | 648,200 | | 56,699 |
Gaz de France (d) | 774,200 | | 36,554 |
Geodis SA | 73,700 | | 16,917 |
Groupe Danone | 232,200 | | 38,388 |
Common Stocks - continued |
| Shares | | Value (000s) |
France - continued |
Icade SA (d) | 558,489 | | $ 42,877 |
L'Oreal SA (d) | 247,100 | | 29,713 |
Louis Vuitton Moet Hennessy (LVMH) (d) | 343,300 | | 40,274 |
Neopost SA | 254,300 | | 37,065 |
Neuf Cegetel | 318,153 | | 13,025 |
Orpea (a)(d) | 270,464 | | 27,917 |
Pinault Printemps-Redoute SA | 155,200 | | 27,096 |
Remy Cointreau SA | 304,500 | | 22,334 |
Renault SA (d) | 388,500 | | 50,746 |
Schneider Electric SA (d) | 191,000 | | 27,125 |
Schneider Electric SA (new) | 11,235 | | 1,535 |
Sechilienne-Sidec | 174,000 | | 10,910 |
Societe Generale Series A | 181,820 | | 38,829 |
Suez SA (France) (d) | 918,900 | | 52,640 |
Total SA Series B (d) | 1,772,076 | | 130,584 |
Vallourec SA | 82,800 | | 22,824 |
Veolia Environnement | 705,800 | | 58,655 |
Vinci SA (d) | 634,600 | | 102,661 |
Vivendi Universal SA (d) | 1,055,598 | | 43,761 |
TOTAL FRANCE | | 1,230,250 |
Georgia - 0.1% |
Bank of Georgia unit (a) | 206,100 | | 7,110 |
Germany - 9.2% |
Allianz AG (Reg.) (d) | 576,530 | | 131,148 |
Bayer AG sponsored ADR (d) | 1,663,400 | | 113,743 |
Bilfinger Berger AG | 242,300 | | 22,983 |
Continental AG (d) | 228,600 | | 31,968 |
DaimlerChrysler AG (Reg.) | 433,000 | | 34,861 |
Deutsche Boerse AG | 276,700 | | 65,152 |
E.ON AG (d) | 974,300 | | 146,525 |
Hochtief AG | 440,000 | | 46,533 |
Hugo Boss AG | 43,200 | | 2,889 |
KarstadtQuelle AG (a)(d) | 1,160,400 | | 44,813 |
Linde AG | 385,128 | | 43,273 |
MAN AG | 221,900 | | 29,805 |
MTU Aero Engines Holding AG (d) | 327,000 | | 19,188 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d) | 362,300 | | 64,810 |
Q-Cells AG (d) | 390,000 | | 28,366 |
SGL Carbon AG (a) | 612,600 | | 24,050 |
Siemens AG (Reg.) | 1,081,900 | | 130,877 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
SolarWorld AG | 528,200 | | $ 44,804 |
Wincor Nixdorf AG | 247,400 | | 24,368 |
TOTAL GERMANY | | 1,050,156 |
Greece - 0.1% |
EFG Eurobank Ergasias SA | 374,100 | | 15,672 |
Hong Kong - 1.3% |
Chaoda Modern Agriculture (Holdings) Ltd. | 12,600,000 | | 10,470 |
Esprit Holdings Ltd. | 6,508,600 | | 79,459 |
Li & Fung Ltd. | 10,953,900 | | 34,447 |
Television Broadcasts Ltd. | 2,838,529 | | 18,815 |
TOTAL HONG KONG | | 143,191 |
India - 1.1% |
Bharti Airtel Ltd. (a) | 1,220,000 | | 24,160 |
Infosys Technologies Ltd. | 953,052 | | 47,620 |
IVRCL Infrastructures & Projects Ltd. | 498,800 | | 3,898 |
Larsen & Toubro Ltd. | 147,000 | | 6,083 |
Pantaloon Retail India Ltd. | 442,715 | | 4,553 |
Satyam Computer Services Ltd. | 3,024,300 | | 34,870 |
TOTAL INDIA | | 121,184 |
Indonesia - 0.2% |
PT Perusahaan Gas Negara Tbk Series B | 16,035,500 | | 18,534 |
Ireland - 0.9% |
Allied Irish Banks PLC | 1,216,400 | | 36,912 |
Paddy Power PLC (Ireland) | 623,197 | | 17,408 |
Ryanair Holdings PLC sponsored ADR (a) | 937,500 | | 43,753 |
TOTAL IRELAND | | 98,073 |
Israel - 0.5% |
Israel Chemicals Ltd. | 3,916,700 | | 30,134 |
Nice Systems Ltd. sponsored ADR | 614,000 | | 22,503 |
TOTAL ISRAEL | | 52,637 |
Italy - 2.6% |
AEM SpA | 4,072,044 | | 16,037 |
Edison Spa | 8,145,605 | | 24,576 |
ENI Spa | 288,800 | | 9,565 |
ENI Spa sponsored ADR | 389,450 | | 25,797 |
Fiat Spa | 2,508,000 | | 74,506 |
Common Stocks - continued |
| Shares | | Value (000s) |
Italy - continued |
Impregilo Spa (a) | 3,423,000 | | $ 27,975 |
Pirelli & C. Real Estate Spa (d) | 227,800 | | 17,423 |
Prysmian SPA | 338,700 | | 6,933 |
Unicredito Italiano Spa | 8,882,300 | | 91,876 |
TOTAL ITALY | | 294,688 |
Japan - 15.9% |
Aeon Mall Co. Ltd. (d) | 793,600 | | 26,563 |
Asahi Glass Co. Ltd. | 1,924,000 | | 25,884 |
Asics Corp. | 2,315,000 | | 29,154 |
Bank of Yokohama Ltd. | 2,571,000 | | 18,825 |
Canon, Inc. | 2,148,450 | | 120,743 |
Casio Computer Co. Ltd. | 908,500 | | 18,341 |
Chiba Bank Ltd. | 2,187,000 | | 18,079 |
Chugai Pharmaceutical Co. Ltd. | 1,571,700 | | 40,082 |
East Japan Railway Co. | 3,681 | | 29,853 |
Fanuc Ltd. | 192,200 | | 18,824 |
Fujifilm Holdings Corp. | 801,200 | | 32,761 |
Honda Motor Co. Ltd. | 1,470,700 | | 50,636 |
Japan Tobacco, Inc. | 8,463 | | 41,341 |
Kawasaki Kisen Kaisha Ltd. (d) | 2,253,000 | | 24,472 |
Keyence Corp. | 82,600 | | 18,363 |
Konica Minolta Holdings, Inc. | 987,500 | | 13,514 |
Kubota Corp. | 3,316,000 | | 31,344 |
Leopalace21 Corp. | 329,500 | | 10,805 |
Mitsubishi Estate Co. Ltd. | 1,926,400 | | 59,733 |
Mitsubishi UFJ Financial Group, Inc. | 1,086 | | 11,349 |
Mitsui & Co. Ltd. | 2,560,000 | | 46,039 |
Mitsui Fudosan Co. Ltd. | 2,217,000 | | 64,721 |
Mizuho Financial Group, Inc. | 11,116 | | 66,902 |
Murata Manufacturing Co. Ltd. | 627,200 | | 46,227 |
Namco Bandai Holdings, Inc. | 1,763,600 | | 28,663 |
NGK Insulators Ltd. | 1,937,000 | | 42,282 |
Nintendo Co. Ltd. | 340,100 | | 106,251 |
Nippon Building Fund, Inc. | 2,400 | | 38,799 |
Nippon Electric Glass Co. Ltd. | 855,000 | | 14,635 |
Nippon Steel Corp. | 4,566,000 | | 29,462 |
Nomura Holdings, Inc. | 2,767,200 | | 53,296 |
NSK Ltd. | 3,609,000 | | 34,930 |
NTT DoCoMo, Inc. | 23,200 | | 39,463 |
ORIX Corp. | 251,320 | | 67,020 |
Sony Corp. sponsored ADR | 776,900 | | 41,378 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Sumco Corp. | 843,600 | | $ 36,663 |
Sumitomo Corp. | 1,815,400 | | 31,097 |
Sumitomo Electric Industries Ltd. | 1,786,100 | | 25,262 |
Sumitomo Metal Industries Ltd. | 4,099,000 | | 20,815 |
Sumitomo Mitsui Financial Group, Inc. | 1,982 | | 17,317 |
Sumitomo Trust & Banking Co. Ltd. | 2,478,800 | | 24,211 |
T&D Holdings, Inc. | 495,150 | | 31,363 |
Takeda Pharamaceutical Co. Ltd. | 896,400 | | 58,119 |
The Sumitomo Warehouse Co. Ltd. | 338,000 | | 2,609 |
Tokuyama Corp. | 2,931,900 | | 43,962 |
Toyo Tanso Co. Ltd. (d) | 104,400 | | 11,082 |
Toyota Motor Corp. | 2,609,100 | | 158,398 |
TOTAL JAPAN | | 1,821,632 |
Korea (South) - 1.5% |
Korean Reinsurance Co. | 946,600 | | 12,043 |
LG Household & Health Care Ltd. | 462,880 | | 61,630 |
NHN Corp. | 261,735 | | 40,940 |
Samsung Fire & Marine Insurance Co. Ltd. | 208,660 | | 36,988 |
Shinhan Financial Group Co. Ltd. | 385,130 | | 21,598 |
TOTAL KOREA (SOUTH) | | 173,199 |
Luxembourg - 0.5% |
Acergy SA | 1,124,500 | | 24,076 |
SES SA FDR unit | 1,505,854 | | 29,590 |
TOTAL LUXEMBOURG | | 53,666 |
Malaysia - 0.5% |
DiGi.com BHD | 225,500 | | 1,344 |
Gamuda BHD | 12,673,900 | | 29,074 |
IJM Corp. BHD | 8,525,300 | | 21,674 |
TOTAL MALAYSIA | | 52,092 |
Mexico - 0.6% |
America Movil SA de CV Series L sponsored ADR | 1,057,700 | | 55,561 |
Urbi, Desarrollos Urbanos, SA de CV (a) | 4,121,400 | | 17,220 |
TOTAL MEXICO | | 72,781 |
Netherlands - 3.6% |
ABN-AMRO Holding NV (d) | 869,800 | | 42,142 |
Arcelor Mittal | 628,300 | | 33,564 |
Arcelor Mittal Class A | 702,200 | | 38,022 |
CNH Global NV | 702,000 | | 30,390 |
Common Stocks - continued |
| Shares | | Value (000s) |
Netherlands - continued |
Heineken NV (Bearer) | 791,000 | | $ 42,002 |
ING Groep NV (Certificaten Van Aandelen) | 1,385,044 | | 63,172 |
Koninklijke KPN NV | 1,139,700 | | 19,440 |
Koninklijke Numico NV (d) | 341,600 | | 18,907 |
Koninklijke Philips Electronics NV | 1,369,200 | | 56,192 |
Nutreco Holding NV | 628,000 | | 46,628 |
SBM Offshore NV | 691,900 | | 24,983 |
TOTAL NETHERLANDS | | 415,442 |
Norway - 1.5% |
Aker Kvaerner ASA | 1,494,750 | | 35,614 |
Hafslund ASA (B Shares) (d) | 674,550 | | 16,611 |
Marine Harvest ASA (a) | 36,488,200 | | 39,498 |
ProSafe ASA | 773,000 | | 12,045 |
Renewable Energy Corp. AS (d) | 1,103,800 | | 31,912 |
Telenor ASA | 1,977,400 | | 36,977 |
TOTAL NORWAY | | 172,657 |
Russia - 0.3% |
Magma OJSC sponsored GDR (a)(f) | 675,700 | | 8,548 |
OAO Gazprom sponsored ADR | 677,600 | | 26,630 |
TOTAL RUSSIA | | 35,178 |
Singapore - 0.4% |
Keppel Corp. Ltd. | 1,166,000 | | 16,425 |
Singapore Exchange Ltd. | 5,755,000 | | 28,033 |
TOTAL SINGAPORE | | 44,458 |
Spain - 2.9% |
Banco Bilbao Vizcaya Argentaria SA | 2,401,000 | | 57,480 |
Banco Santander Central Hispano SA | 5,263,900 | | 94,745 |
Grupo Ferrovial SA | 243,200 | | 26,583 |
Inditex SA | 891,300 | | 55,194 |
Sol Melia SA | 702,567 | | 17,199 |
Telefonica SA | 3,416,700 | | 77,047 |
TOTAL SPAIN | | 328,248 |
Sweden - 1.7% |
Hennes & Mauritz AB (H&M) (B Shares) (d) | 742,500 | | 49,484 |
Modern Times Group AB (MTG) (B Shares) | 1,049,300 | | 61,786 |
Common Stocks - continued |
| Shares | | Value (000s) |
Sweden - continued |
Scania AB (B Shares) | 576,700 | | $ 55,521 |
Swedbank AB (A Shares) (d) | 736,200 | | 28,680 |
TOTAL SWEDEN | | 195,471 |
Switzerland - 9.4% |
ABB Ltd. sponsored ADR | 5,171,500 | | 103,223 |
Actelion Ltd. (Reg.) (a) | 199,558 | | 47,583 |
BB Biotech AG (d) | 341,699 | | 28,544 |
Compagnie Financiere Richemont unit | 508,844 | | 30,901 |
Credit Suisse Group (Reg.) | 1,338,656 | | 105,084 |
EFG International | 332,000 | | 14,980 |
Julius Baer Holding AG (Bearer) | 1,105,364 | | 77,696 |
Lindt & Spruengli AG (participation certificate) | 15,453 | | 42,859 |
Nestle SA (Reg.) | 330,815 | | 131,466 |
Nobel Biocare Holding AG (Switzerland) | 66,378 | | 24,043 |
Novartis AG (Reg.) | 707,960 | | 41,125 |
Phonak Holding AG | 463,240 | | 41,229 |
Roche Holding AG (participation certificate) | 891,492 | | 168,039 |
Societe Generale de Surveillance Holding SA (SGS) (Reg.) | 12,915 | | 16,499 |
Swiss Life Holding | 95,891 | | 24,889 |
Tecan Group AG | 212,300 | | 15,819 |
The Swatch Group AG (Reg.) | 1,212,573 | | 70,926 |
UBS AG (NY Shares) | 969,200 | | 62,901 |
Zurich Financial Services AG (Reg.) | 109,285 | | 31,939 |
TOTAL SWITZERLAND | | 1,079,745 |
Taiwan - 1.2% |
Gemtek Technology Corp. | 8,486,000 | | 21,855 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 6,887,890 | | 45,795 |
PixArt Imaging, Inc. | 1,740,000 | | 21,152 |
Shin Kong Financial Holding Co. Ltd. | 10,227,415 | | 9,517 |
Siliconware Precision Industries Co. Ltd. | 12,187,000 | | 23,412 |
Wistron Corp. | 13,850,000 | | 20,703 |
TOTAL TAIWAN | | 142,434 |
United Kingdom - 15.5% |
Anglo American PLC (United Kingdom) | 987,700 | | 52,709 |
AstraZeneca PLC sponsored ADR | 549,000 | | 29,816 |
Autonomy Corp. PLC (a) | 3,363,000 | | 50,801 |
Aviva PLC | 1,949,300 | | 30,810 |
BAE Systems PLC | 4,145,509 | | 37,880 |
Barclays PLC | 2,701,800 | | 39,203 |
BG Group PLC | 1,454,900 | | 21,105 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
BG Group PLC sponsored ADR | 200,000 | | $ 14,386 |
BHP Billiton PLC | 4,290,500 | | 96,853 |
BP PLC sponsored ADR | 876,100 | | 58,979 |
British American Tobacco PLC | 1,459,900 | | 45,447 |
British American Tobacco PLC sponsored ADR | 390,200 | | 24,294 |
British Land Co. PLC | 1,369,800 | | 40,343 |
Burberry Group PLC | 1,777,700 | | 24,703 |
Capita Group PLC | 1,106,900 | | 15,669 |
Clipper Windpower PLC (a) | 2,006,200 | | 35,199 |
GlaxoSmithKline PLC sponsored ADR | 339,300 | | 19,605 |
HBOS plc | 2,208,200 | | 47,816 |
HSBC Holdings PLC (Hong Kong) (Reg.) | 1,403,144 | | 25,919 |
Informa PLC | 1,379,400 | | 16,383 |
International Power PLC | 7,306,600 | | 64,317 |
Investec PLC | 2,902,500 | | 41,465 |
John Wood Group PLC | 3,062,900 | | 17,255 |
Man Group plc | 3,043,000 | | 34,376 |
Marks & Spencer Group PLC | 3,391,600 | | 50,318 |
N Brown Group PLC | 4,180,000 | | 25,073 |
National Grid PLC | 1,576,100 | | 24,785 |
Next PLC | 991,700 | | 46,577 |
Pearson PLC | 2,394,300 | | 41,242 |
Punch Taverns Ltd. | 871,700 | | 22,728 |
Reckitt Benckiser PLC | 1,392,700 | | 76,605 |
Renovo Group PLC (e) | 9,727,800 | | 35,010 |
Rio Tinto PLC sponsored ADR | 155,900 | | 38,040 |
Rolls-Royce Group PLC | 3,864,403 | | 37,069 |
Royal Bank of Scotland Group PLC | 1,969,971 | | 76,020 |
Royal Dutch Shell PLC Class B | 3,412,059 | | 120,633 |
Shire PLC | 2,059,200 | | 47,972 |
SSL International PLC | 1,111,400 | | 9,683 |
Tesco PLC | 11,828,812 | | 109,032 |
Vodafone Group PLC | 33,268,435 | | 95,580 |
Xstrata PLC | 649,900 | | 34,318 |
TOTAL UNITED KINGDOM | | 1,776,018 |
United States of America - 0.9% |
Fluor Corp. | 238,100 | | 22,767 |
Macquarie Infrastructure Co. Trust | 131,000 | | 5,578 |
Common Stocks - continued |
| Shares | | Value (000s) |
United States of America - continued |
Marathon Oil Corp. | 259,900 | | $ 26,393 |
Sunoco, Inc. | 624,200 | | 47,146 |
TOTAL UNITED STATES OF AMERICA | | 101,884 |
TOTAL COMMON STOCKS (Cost $8,526,082) | 10,905,576 |
Nonconvertible Preferred Stocks - 1.5% |
| | | |
Germany - 1.4% |
Fresenius AG (non-vtg.) | 551,200 | | 46,680 |
Hugo Boss AG (non-vtg.) | 697,600 | | 43,361 |
Porsche AG (non-vtg.) | 20,695 | | 34,840 |
ProSiebenSat.1 Media AG | 887,300 | | 32,450 |
TOTAL GERMANY | | 157,331 |
Italy - 0.1% |
Intesa Sanpaolo Spa | 1,669,602 | | 13,538 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Series B | 236,131,217 | | 472 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $111,572) | 171,341 |
Government Obligations - 0.0% |
| Principal Amount (000s) | | |
United States of America - 0.0% |
U.S. Treasury Bills, yield at date of purchase 4.96% to 5.11% 5/3/07 to 6/7/07 (g)
(Cost $3,093) | | $ 3,100 | | 3,094 |
Money Market Funds - 12.6% |
| Shares | | |
Fidelity Cash Central Fund, 5.29% (b) | 301,402,870 | | 301,403 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 1,142,567,681 | | 1,142,568 |
TOTAL MONEY MARKET FUNDS (Cost $1,443,971) | 1,443,971 |
Cash Equivalents - 0.1% |
| Maturity Amount (000s) | | Value (000s) |
Investments in repurchase agreements in a joint trading account at 5.12%, dated 4/30/07 due 5/1/07 (Collateralized by U.S. Treasury Obligations) #
(Cost $13,197) | $ 13,199 | | $ 13,197 |
TOTAL INVESTMENT PORTFOLIO - 109.5% (Cost $10,097,915) | | 12,537,179 |
NET OTHER ASSETS - (9.5)% | | (1,091,615) |
NET ASSETS - 100% | $ 11,445,564 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value (000s) | | Unrealized Appreciation/
(Depreciation) (000s) |
Purchased |
Equity Index Contracts |
723 Nikkei 225 Index Contracts (Japan) | June 2007 | | $ 62,594 | | $ 2,997 |
|
The face value of futures purchased as a percentage of net assets - 0.5% |
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 end of the period, the value of these securities amounted to $8,548,000 or 0.1% of net assets. |
(g) 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 $3,094,000. |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value (000s) |
$13,197,000 due 5/1/07 at 5.12% |
Banc of America Securities LLC | $ 2,016 |
Barclays Capital, Inc. | 4,495 |
Fortis Securities LLC | 2,882 |
Lehman Brothers, Inc. | 3,804 |
| $ 13,197 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned (Amounts in thousands) |
Fidelity Cash Central Fund | $ 9,859 |
Fidelity Securities Lending Cash Central Fund | 3,199 |
Total | $ 13,058 |
Other Affiliated Issuers |
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliate
(Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
Renovo Group PLC | $ 14,540 | $ 16,799 | $ 586 | $ - | $ 35,010 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2007 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $1,090,882 and repurchase agreements of $13,197) - See accompanying schedule: Unaffiliated issuers (cost $8,628,450) | $ 11,058,198 | |
Fidelity Central Funds (cost $1,443,971) | 1,443,971 | |
Other affiliated issuers (cost $25,494) | 35,010 | |
Total Investments (cost $10,097,915) | | $ 12,537,179 |
Receivable for investments sold | | 227,995 |
Receivable for fund shares sold | | 27,975 |
Dividends receivable | | 36,252 |
Distributions receivable from Fidelity Central Funds | | 1,070 |
Prepaid expenses | | 29 |
Other receivables | | 4,758 |
Total assets | | 12,835,258 |
| | |
Liabilities | | |
Payable to custodian bank | $ 2,406 | |
Payable for investments purchased | 218,054 | |
Payable for fund shares redeemed | 14,603 | |
Accrued management fee | 7,243 | |
Distribution fees payable | 71 | |
Payable for daily variation on futures contracts | 343 | |
Other affiliated payables | 2,024 | |
Other payables and accrued expenses | 2,382 | |
Collateral on securities loaned, at value | 1,142,568 | |
Total liabilities | | 1,389,694 |
| | |
Net Assets | | $ 11,445,564 |
Net Assets consist of: | | |
Paid in capital | | $ 8,522,568 |
Undistributed net investment income | | 51,320 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 430,711 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 2,440,965 |
Net Assets | | $ 11,445,564 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2007 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($225,752 ÷ 5,545.1 shares) | | $ 40.71 |
| | |
Maximum offering price per share (100/94.25 of $40.71) | | $ 43.19 |
Class T:
Net Asset Value and redemption price per share ($24,720 ÷ 609.8 shares) | | $ 40.54 |
| | |
Maximum offering price per share (100/96.50 of $40.54) | | $ 42.01 |
Class B:
Net Asset Value and offering price per share
($8,106 ÷ 201.0 shares)A | | $ 40.33 |
| | |
Class C:
Net Asset Value and offering price per share
($12,545 ÷ 310.3 shares)A | | $ 40.43 |
| | |
| | |
International Discovery Fund:
Net Asset Value, offering price and redemption price per share ($11,136,988 ÷ 271,956.5 shares) | | $ 40.95 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($37,453 ÷ 913.8 shares) | | $ 40.99 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended April 30, 2007 (Unaudited) |
Investment Income | | |
Dividends | | $ 105,916 |
Interest | | 459 |
Income from Fidelity Central Funds | | 13,058 |
| | 119,433 |
Less foreign taxes withheld | | (8,698) |
Total income | | 110,735 |
| | |
Expenses | | |
Management fee
Basic fee | $ 34,999 | |
Performance adjustment | 2,767 | |
Transfer agent fees | 10,537 | |
Distribution fees | 337 | |
Accounting and security lending fees | 916 | |
Custodian fees and expenses | 1,231 | |
Independent trustees' compensation | 14 | |
Registration fees | 412 | |
Audit | 87 | |
Legal | 71 | |
Miscellaneous | 19 | |
Total expenses before reductions | 51,390 | |
Expense reductions | (3,630) | 47,760 |
Net investment income (loss) | | 62,975 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $515) | 463,711 | |
Other affiliated issuers | 8 | |
Foreign currency transactions | (42) | |
Futures contracts | 265 | |
Total net realized gain (loss) | | 463,942 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $150) | 903,463 | |
Assets and liabilities in foreign currencies | 263 | |
Futures contracts | 1,712 | |
Total change in net unrealized appreciation (depreciation) | | 905,438 |
Net gain (loss) | | 1,369,380 |
Net increase (decrease) in net assets resulting from operations | | $ 1,432,355 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended
April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 62,975 | $ 89,022 |
Net realized gain (loss) | 463,942 | 238,999 |
Change in net unrealized appreciation (depreciation) | 905,438 | 940,196 |
Net increase (decrease) in net assets resulting
from operations | 1,432,355 | 1,268,217 |
Distributions to shareholders from net investment income | (85,862) | (41,324) |
Distributions to shareholders from net realized gain | (224,325) | (189,744) |
Total distributions | (310,187) | (231,068) |
Share transactions - net increase (decrease) | 2,081,090 | 3,239,823 |
Redemption fees | 203 | 380 |
Total increase (decrease) in net assets | 3,203,461 | 4,277,352 |
| | |
Net Assets | | |
Beginning of period | 8,242,103 | 3,964,751 |
End of period (including undistributed net investment income of $51,320 and undistributed net investment income of $83,948, respectively) | $ 11,445,564 | $ 8,242,103 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 36.47 | $ 30.57 | $ 27.41 |
Income from Investment Operations | | | |
Net investment income (loss) E | .21 | .42 | .28 |
Net realized and unrealized gain (loss) | 5.36 | 7.19 | 2.88 |
Total from investment operations | 5.57 | 7.61 | 3.16 |
Distributions from net investment income | (.35) | (.31) | - |
Distributions from net realized gain | (.98) | (1.40) | - |
Total distributions | (1.33) | (1.71) | - |
Redemption fees added to paid in capital E | - J | - J | - J |
Net asset value, end of period | $ 40.71 | $ 36.47 | $ 30.57 |
Total Return B, C, D | 15.70% | 26.01% | 11.53% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 1.24% A | 1.27% | 1.42% A |
Expenses net of fee waivers, if any | 1.24% A | 1.27% | 1.42% A |
Expenses net of all reductions | 1.17% A | 1.21% | 1.36% A |
Net investment income (loss) | 1.08% A | 1.22% | 1.15% A |
Supplemental Data | | | |
Net assets, end of period (in millions) | $ 226 | $ 140 | $ 2 |
Portfolio turnover rate G | 89% A | 56% | 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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 36.30 | $ 30.49 | $ 27.41 |
Income from Investment Operations | | | |
Net investment income (loss) E | .13 | .27 | .20 |
Net realized and unrealized gain (loss) | 5.35 | 7.18 | 2.88 |
Total from investment operations | 5.48 | 7.45 | 3.08 |
Distributions from net investment income | (.26) | (.24) | - |
Distributions from net realized gain | (.98) | (1.40) | - |
Total distributions | (1.24) | (1.64) | - |
Redemption fees added to paid in capital E | - J | - J | - J |
Net asset value, end of period | $ 40.54 | $ 36.30 | $ 30.49 |
Total Return B, C, D | 15.50% | 25.49% | 11.24% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 1.64% A | 1.71% | 1.75% A |
Expenses net of fee waivers, if any | 1.64% A | 1.71% | 1.75% A |
Expenses net of all reductions | 1.57% A | 1.65% | 1.69% A |
Net investment income (loss) | .69% A | .78% | .83% A |
Supplemental Data | | | |
Net assets, end of period (in millions) | $ 25 | $ 10 | $ 2 |
Portfolio turnover rate G | 89% A | 56% | 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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 36.12 | $ 30.36 | $ 27.41 |
Income from Investment Operations | | | |
Net investment income (loss) E | .03 | .08 | .08 |
Net realized and unrealized gain (loss) | 5.32 | 7.19 | 2.87 |
Total from investment operations | 5.35 | 7.27 | 2.95 |
Distributions from net investment income | (.16) | (.11) | - |
Distributions from net realized gain | (.98) | (1.40) | - |
Total distributions | (1.14) | (1.51) | - |
Redemption fees added to paid in capital E | - J | - J | - J |
Net asset value, end of period | $ 40.33 | $ 36.12 | $ 30.36 |
Total Return B, C, D | 15.18% | 24.91% | 10.76% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 2.17% A | 2.27% | 2.24% A |
Expenses net of fee waivers, if any | 2.17% A | 2.25% | 2.24% A |
Expenses net of all reductions | 2.10% A | 2.19% | 2.18% A |
Net investment income (loss) | .15% A | .24% | .33% A |
Supplemental Data | | | |
Net assets, end of period (in millions) | $ 8 | $ 4 | $ 1 |
Portfolio turnover rate G | 89% A | 56% | 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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 36.19 | $ 30.41 | $ 27.41 |
Income from Investment Operations | | | |
Net investment income (loss) E | .04 | .11 | .13 |
Net realized and unrealized gain (loss) | 5.32 | 7.19 | 2.87 |
Total from investment operations | 5.36 | 7.30 | 3.00 |
Distributions from net investment income | (.14) | (.12) | - |
Distributions from net realized gain | (.98) | (1.40) | - |
Total distributions | (1.12) | (1.52) | - |
Redemption fees added to paid in capital E | - J | - J | - J |
Net asset value, end of period | $ 40.43 | $ 36.19 | $ 30.41 |
Total Return B, C, D | 15.17% | 24.97% | 10.94% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 2.13% A | 2.16% | 2.04% A |
Expenses net of fee waivers, if any | 2.13% A | 2.16% | 2.04% A |
Expenses net of all reductions | 2.06% A | 2.11% | 1.98% A |
Net investment income (loss) | .19% A | .33% | .53% A |
Supplemental Data | | | |
Net assets, end of period (in millions) | $ 13 | $ 6 | $ 2 |
Portfolio turnover rate G | 89% A | 56% | 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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Discovery Fund
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 36.67 | $ 30.65 | $ 25.31 | $ 21.87 | $ 16.66 | $ 17.61 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .25 | .48 | .37 | .22 | .19 | .11 |
Net realized and unrealized gain (loss) | 5.39 | 7.25 | 5.24 | 3.40 | 5.11 | (1.06) |
Total from investment operations | 5.64 | 7.73 | 5.61 | 3.62 | 5.30 | (.95) |
Distributions from net investment income | (.38) | (.31) | (.15) | (.18) | (.09) | - |
Distributions from net realized gain | (.98) | (1.40) | (.12) | - | - | - |
Total distributions | (1.36) | (1.71) | (.27) | (.18) | (.09) | - |
Redemption fees added to paid in capital D | - H | - H | - H | - H | - H | - H |
Net asset value, end of period | $ 40.95 | $ 36.67 | $ 30.65 | $ 25.31 | $ 21.87 | $ 16.66 |
Total Return B, C | 15.82% | 26.34% | 22.29% | 16.65% | 31.97% | (5.39)% |
Ratios to Average Net Assets E, G | | | | | |
Expenses before reductions | 1.04% A | 1.09% | 1.08% | 1.10% | 1.14% | 1.14% |
Expenses net of fee waivers, if any | 1.04% A | 1.08% | 1.07% | 1.10% | 1.14% | 1.14% |
Expenses net of all reductions | .97% A | 1.03% | 1.01% | 1.06% | 1.11% | 1.12% |
Net investment income (loss) | 1.29% A | 1.41% | 1.35% | .92% | 1.08% | .59% |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 11,137 | $ 8,054 | $ 3,949 | $ 2,193 | $ 1,243 | $ 890 |
Portfolio turnover rate F | 89% A | 56% | 75% | 87% | 81% | 63% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 36.71 | $ 30.68 | $ 27.41 |
Income from Investment Operations | | | |
Net investment income (loss) D | .26 | .51 | .38 |
Net realized and unrealized gain (loss) | 5.40 | 7.25 | 2.89 |
Total from investment operations | 5.66 | 7.76 | 3.27 |
Distributions from net investment income | (.40) | (.33) | - |
Distributions from net realized gain | (.98) | (1.40) | - |
Total distributions | (1.38) | (1.73) | - |
Redemption fees added to paid in capital D | - I | - I | - I |
Net asset value, end of period | $ 40.99 | $ 36.71 | $ 30.68 |
Total Return B, C | 15.88% | 26.45% | 11.93% |
Ratios to Average Net Assets E, H | | | |
Expenses before reductions | .97% A | 1.00% | .97% A |
Expenses net of fee waivers, if any | .97% A | 1.00% | .97% A |
Expenses net of all reductions | .90% A | .95% | .90% A |
Net investment income (loss) | 1.35% A | 1.49% | 1.60% A |
Supplemental Data | | | |
Net assets, end of period (in millions) | $ 37 | $ 28 | $ 10 |
Portfolio turnover rate F | 89% A | 56% | 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 Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period January 6, 2005 (commencement of sale of shares) to October 31, 2005.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2007 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity International Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, International Discovery, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. 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 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.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
3. Significant Accounting Policies.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation - continued
(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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Book-tax differences are primarily due to futures transactions, 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 | $ 2,532,048 | |
Unrealized depreciation | (98,790) | |
Net unrealized appreciation (depreciation) | $ 2,433,258 | |
Cost for federal income tax purposes | $ 10,103,921 | |
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.
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
4. 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
Semiannual Report
4. Operating Policies - continued
Repurchase Agreements - continued
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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $6,017,901 and $4,196,234, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45%
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease.
In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes relative investment performance of the retail class of the Fund, International Discovery as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .77% of the Fund's average net assets.
Distribution and Service Plan. 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
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 221 | $ 8 |
Class T | .25% | .25% | 42 | 3 |
Class B | .75% | .25% | 31 | 23 |
Class C | .75% | .25% | 43 | 21 |
| | | $ 337 | $ 55 |
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 and .25% for certain purchases of Class T shares.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 38 |
Class T | 10 |
Class B* | 5 |
Class C* | 2 |
| $ 55 |
* 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. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for International Discovery 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
Average
Net Assets* |
Class A | $ 145 | .16 |
Class T | 26 | .31 |
Class B | 11 | .35 |
Class C | 13 | .31 |
International Discovery Fund | 10,318 | .22 |
Institutional Class | 24 | .15 |
| $ 10,537 | |
* 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.
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
7. 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 amounted to $11 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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 Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $3,199.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $3,318 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $6. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction | |
International Discovery Fund | $ 191 | |
Semiannual Report
10. 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.
In September 2006, a transfer agent of the Fund, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.
The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.
In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2007 | Year ended
October 31,
2006 |
From net investment income | | |
Class A | $ 1,387 | $ 38 |
Class T | 80 | 18 |
Class B | 21 | 3 |
Class C | 24 | 8 |
International Discovery Fund | 84,038 | 41,152 |
Institutional Class | 312 | 105 |
Total | $ 85,862 | $ 41,324 |
From net realized gain | | |
Class A | $ 3,929 | $ 173 |
Class T | 302 | 102 |
Class B | 130 | 40 |
Class C | 170 | 94 |
International Discovery Fund | 219,032 | 188,890 |
Institutional Class | 762 | 445 |
Total | $ 224,325 | $ 189,744 |
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2007 | Year ended
October 31, 2006 | Six months ended April 30,
2007 | Year ended
October 31, 2006 |
Class A | | | | |
Shares sold | 2,006 | 3,952 | $ 76,508 | $ 133,777 |
Reinvestment of distributions | 63 | 5 | 2,271 | 160 |
Shares redeemed | (359) | (183) | (13,776) | (6,217) |
Net increase (decrease) | 1,710 | 3,774 | $ 65,003 | $ 127,720 |
Class T | | | | |
Shares sold | 371 | 248 | $ 14,048 | $ 8,469 |
Reinvestment of distributions | 10 | 4 | 371 | 112 |
Shares redeemed | (48) | (36) | (1,798) | (1,223) |
Net increase (decrease) | 333 | 216 | $ 12,621 | $ 7,358 |
Class B | | | | |
Shares sold | 97 | 112 | $ 3,685 | $ 3,875 |
Reinvestment of distributions | 4 | 1 | 136 | 37 |
Shares redeemed | (24) | (14) | (907) | (489) |
Net increase (decrease) | 77 | 99 | $ 2,914 | $ 3,423 |
Semiannual Report
12. Share Transactions - continued
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2007 | Year ended
October 31, 2006 | Six months ended April 30,
2007 | Year ended
October 31, 2006 |
Class C | | | | |
Shares sold | 167 | 130 | $ 6,392 | $ 4,409 |
Reinvestment of distributions | 4 | 1 | 139 | 41 |
Shares redeemed | (23) | (32) | (865) | (1,088) |
Net increase (decrease) | 148 | 99 | $ 5,666 | $ 3,362 |
International Discovery Fund | | | | |
Shares sold | 73,288 | 123,095 | $ 2,804,820 | $ 4,201,412 |
Reinvestment of distributions | 7,929 | 7,089 | 289,549 | 215,944 |
Shares redeemed | (28,906) | (39,365) | (1,104,895) | (1,334,783) |
Net increase (decrease) | 52,311 | 90,819 | $ 1,989,474 | $ 3,082,573 |
Institutional Class | | | | |
Shares sold | 174 | 512 | $ 6,668 | $ 17,352 |
Reinvestment of distributions | 19 | 4 | 700 | 121 |
Shares redeemed | (51) | (61) | (1,956) | (2,086) |
Net increase (decrease) | 142 | 455 | $ 5,412 | $ 15,387 |
Semiannual Report
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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)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
AIDI-USAN-0607
1.806664.102
Fidelity®
International Small Cap
Fund
Semiannual Report
April 30, 2007
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
Report of Independent Registered Public Accounting Firm | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning
Account Value
November 1, 2006 | Ending
Account Value
April 30, 2007 | Expenses Paid
During Period*
November 1, 2006
to April 30, 2007 |
Class A | | | |
Actual | $ 1,000.00 | $ 1,175.30 | $ 7.50 |
HypotheticalA | $ 1,000.00 | $ 1,017.90 | $ 6.95 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,174.20 | $ 8.73 |
HypotheticalA | $ 1,000.00 | $ 1,016.76 | $ 8.10 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,171.00 | $ 11.63 |
HypotheticalA | $ 1,000.00 | $ 1,014.08 | $ 10.79 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,170.90 | $ 11.36 |
HypotheticalA | $ 1,000.00 | $ 1,014.33 | $ 10.54 |
International Small Cap | | | |
Actual | $ 1,000.00 | $ 1,177.30 | $ 5.61 |
HypotheticalA | $ 1,000.00 | $ 1,019.64 | $ 5.21 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,177.20 | $ 5.61 |
HypotheticalA | $ 1,000.00 | $ 1,019.64 | $ 5.21 |
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
Expense Ratio |
Class A | 1.39% |
Class T | 1.62% |
Class B | 2.16% |
Class C | 2.11% |
International Small Cap | 1.04% |
Institutional Class | 1.04% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Japan 26.8% | |
| United Kingdom 16.8% | |
| Australia 13.2% | |
| Italy 5.3% | |
| United States of America 5.3% | |
| Germany 3.4% | |
| France 3.2% | |
| Canada 3.2% | |
| South Africa 2.8% | |
| Other 20.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan 31.2% | |
| United Kingdom 19.2% | |
| Australia 10.5% | |
| United States of America 5.1% | |
| Canada 3.7% | |
| France 3.2% | |
| Germany 3.1% | |
| Italy 2.9% | |
| Bermuda 2.5% | |
| Other 18.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Investment Companies | 96.6 | 96.1 |
Bonds | 0.2 | 0.3 |
Short-Term Investments and Net Other Assets | 3.2 | 3.6 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Banca Italease Spa (Italy, Diversified Financial Services) | 2.8 | 2.3 |
Max Petroleum PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 2.0 | 1.1 |
Steinhoff International Holdings Ltd. (South Africa, Household Durables) | 1.4 | 1.1 |
121Media, Inc. (United States of America, Media) | 1.2 | 0.6 |
Nissin Kogyo Co. Ltd. (Japan, Auto Components) | 1.1 | 1.2 |
Stepstone ASA (Norway, Commercial Services & Supplies) | 1.1 | 0.4 |
International Ferro Metals (Australia, Metals & Mining) | 1.1 | 0.9 |
Ceske Energeticke Zavody AS (Czech Republic, Electric Utilities) | 0.9 | 1.1 |
E.ON AG (Germany, Electric Utilities) | 0.8 | 0.6 |
Nihon Dempa Kogyo Co. Ltd. (Japan, Electronic Equipment & Instruments) | 0.8 | 0.7 |
| 13.2 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 20.0 | 15.1 |
Consumer Discretionary | 17.1 | 16.8 |
Materials | 15.0 | 16.7 |
Financials | 13.4 | 11.3 |
Energy | 9.0 | 10.3 |
Information Technology | 8.4 | 11.4 |
Utilities | 5.2 | 4.6 |
Health Care | 4.3 | 5.4 |
Consumer Staples | 3.7 | 3.7 |
Telecommunication Services | 0.7 | 1.1 |
Semiannual Report
Investments April 30, 2007
Showing Percentage of Net Assets
Common Stocks - 96.6% |
| Shares | | Value (000s) |
Australia - 13.2% |
Allied Gold Ltd. (a) | 11,880,000 | | $ 4,045 |
AMP Ltd. | 377,100 | | 3,366 |
Aristocrat Leisure Ltd. | 109,200 | | 1,505 |
ASX Ltd. | 181,509 | | 7,235 |
Ausenco Ltd. | 344,500 | | 2,100 |
Austbrokers Holdings Ltd. | 1,102,345 | | 4,522 |
Australian Wealth Management Ltd. | 1,555,487 | | 3,165 |
Babcock & Brown Japan Property Trust | 2,892,400 | | 4,684 |
Babcock & Brown Ltd. | 37,200 | | 916 |
Billabong International Ltd. | 185,200 | | 2,538 |
Boart Longyear Ltd. | 1,402,500 | | 2,248 |
Boral Ltd. | 118,200 | | 830 |
Bradken Ltd. | 601,395 | | 4,770 |
Brambles Ltd. (a) | 291,800 | | 3,196 |
Cabcharge Australia Ltd. | 47,600 | | 460 |
Capital-XX Ltd. | 2,262,572 | | 5,089 |
Centamin Egypt Ltd. (a) | 3,589,755 | | 3,158 |
CFS Retail Property Trust | 422,200 | | 810 |
Cochlear Ltd. | 52,400 | | 2,761 |
Computershare Ltd. | 822,772 | | 7,140 |
David Jones Ltd. | 424,100 | | 1,750 |
Dominos Pizza Enterprises Ltd. | 1,671,520 | | 4,234 |
Downer EDI Ltd. | 1,286,173 | | 8,000 |
Dwyka Resources Ltd. (a) | 5,235,220 | | 3,925 |
Emeco Holdings Ltd. | 1,124,900 | | 1,756 |
European Gas Ltd. (a) | 1,673,600 | | 1,028 |
Flexigroup Ltd. | 1,723,400 | | 4,222 |
Fox Resources Ltd. warrants 6/30/07 (a) | 342,636 | | 114 |
Gunns Ltd. | 371,700 | | 1,065 |
Hastie Group Ltd. | 2,671,773 | | 8,343 |
HFA Holdings Ltd. | 2,035,100 | | 3,972 |
IBT Education Ltd. | 377,250 | | 627 |
Incitec Pivot Ltd. | 70,800 | | 2,869 |
International Ferro Metals (a) | 13,067,539 | | 18,028 |
Invocare Ltd. | 64,100 | | 294 |
Iress Market Technology Ltd. | 172,200 | | 1,177 |
JB Hi-Fi Ltd. (e) | 585,900 | | 4,048 |
Jumbuck Entertainment Ltd. (a) | 419,400 | | 557 |
McGuigan Simeon Wines Ltd. | 603,224 | | 1,252 |
Meo Australia Ltd. (a) | 5,066,100 | | 3,828 |
Mineral Deposits Ltd. (a) | 880,900 | | 973 |
Monto Minerals Ltd. (a) | 8,525,252 | | 1,726 |
Common Stocks - continued |
| Shares | | Value (000s) |
Australia - continued |
Monto Minerals Ltd. warrants 5/25/09 (a) | 1,485,934 | | $ 30 |
Mortgage Choice Ltd. | 1,851,838 | | 4,844 |
Oakton Ltd. | 184,615 | | 811 |
Paladin Resources Ltd. (a)(e) | 1,328,400 | | 10,590 |
Phosphagenics Ltd. (a) | 9,040,000 | | 2,027 |
QBE Insurance Group Ltd. | 165,423 | | 4,239 |
realestate.com.au Ltd. (a) | 134,764 | | 669 |
Reverse Corp. Ltd. | 493,100 | | 2,007 |
Roc Oil Co. Ltd. (United Kingdom) (a) | 2,864,489 | | 7,646 |
RP Data Ltd. | 1,481,800 | | 2,412 |
Rubicon Japan Trust | 3,266,600 | | 2,740 |
Seek Ltd. | 1,307,939 | | 8,027 |
SMS Management & Technology Ltd. | 315,600 | | 1,190 |
Sphere Investments Ltd. (a) | 1,305,498 | | 1,941 |
Sylvania Resources Ltd. (a)(f) | 7,878,437 | | 10,337 |
Sylvania Resources Ltd. (United Kingdom) (a)(f) | 4,923,630 | | 6,547 |
Tanami Gold NL | 19,652,484 | | 2,611 |
United Group Ltd. | 394,121 | | 5,139 |
Woolworths Ltd. | 373,526 | | 8,779 |
WorleyParsons Ltd. | 102,033 | | 2,330 |
Wotif.com Holdings Ltd. | 348,300 | | 1,238 |
TOTAL AUSTRALIA | | 224,480 |
Austria - 0.3% |
Oesterreichische Elektrizitaetswirtschafts AG (Verbund) (e) | 106,900 | | 5,530 |
Bermuda - 2.3% |
Aquarius Platinum Ltd. (United Kingdom) | 223,390 | | 6,700 |
Peace Mark Holdings Ltd. | 4,910,000 | | 5,524 |
Petra Diamonds Ltd. (a) | 2,461,491 | | 7,825 |
Ports Design Ltd. | 1,798,000 | | 5,057 |
RC Group (Holdings) Ltd. | 752,420 | | 1,677 |
Sinofert Holdings Ltd. | 1,960,000 | | 1,007 |
Tanzanite One Ltd. (f) | 5,808,701 | | 9,059 |
Trefoil Ltd. (a) | 385,100 | | 2,136 |
VODone Ltd. (a) | 2,442,000 | | 930 |
Xceldiam Ltd. warrants 11/16/07 (a) | 1,659,127 | | 66 |
TOTAL BERMUDA | | 39,981 |
British Virgin Islands - 0.3% |
Albidon Ltd. unit (a) | 1,469,000 | | 3,113 |
Kalahari Energy (h) | 1,451,000 | | 1,814 |
TOTAL BRITISH VIRGIN ISLANDS | | 4,927 |
Common Stocks - continued |
| Shares | | Value (000s) |
Canada - 3.0% |
AirSea Lines (a)(h) | 1,862,300 | | $ 1,271 |
AirSea Lines warrants 8/4/11 (a)(h) | 1,862,300 | | 0 |
Altius Minerals Corp. (a) | 374,906 | | 4,351 |
Antrim Energy, Inc. (a) | 274,340 | | 1,315 |
Antrim Energy, Inc. (a) | 800,000 | | 3,863 |
Bankers Petroleum Ltd. (a) | 3,767,000 | | 1,935 |
First Quantum Minerals Ltd. | 45,011 | | 3,108 |
MagIndustries Corp. (a) | 3,635,960 | | 4,914 |
Oilexco, Inc. (a) | 1,394,525 | | 10,969 |
Rally Energy Corp. (a) | 416,720 | | 2,452 |
Rock Well Petroleum, Inc. (h) | 770,400 | | 1,041 |
Sino-Forest Corp. (a) | 67,400 | | 820 |
Starfield Resources, Inc.: | | | |
warrants 5/23/07 (a)(h) | 1,313,025 | | 0 |
warrants 1/20/08 (a)(h) | 1,678,100 | | 78 |
Stealth Ventures Ltd. (a) | 966,500 | | 1,176 |
Stealth Ventures Ltd. warrants 3/12/08 (a)(h) | 483,250 | | 78 |
SXR Uranium One, Inc. (South Africa) (a) | 475,740 | | 7,295 |
Visual Defence, Inc. (a)(f) | 4,664,100 | | 1,539 |
Western Canadian Coal Corp. (a) | 1,554,418 | | 3,081 |
Western Canadian Coal Corp. (United Kingdom) (a) | 548,286 | | 1,096 |
TOTAL CANADA | | 50,382 |
Cayman Islands - 0.6% |
China Infrastructure Machinery Holdings Ltd. | 646,000 | | 1,234 |
EcoGreen Fine Chemical Group Ltd. | 2,588,000 | | 923 |
Embry Holdings Ltd. | 1,081,000 | | 1,032 |
Ju Teng International Holdings Ltd. (a) | 2,830,000 | | 669 |
Kingboard Chemical Holdings Ltd. | 364,500 | | 1,710 |
Kingdee International Software Group Co. Ltd. | 396,000 | | 310 |
Lee & Man Paper Manufacturing Ltd. | 570,000 | | 1,610 |
Neo-Neon Holdings Ltd. | 1,136,000 | | 1,888 |
Simcere Pharmaceutical Group sponsored ADR | 81,000 | | 1,345 |
TOTAL CAYMAN ISLANDS | | 10,721 |
China - 0.8% |
Anhui Conch Cement Co. Ltd. (H Shares) | 140,000 | | 564 |
BYD Co. Ltd. (H Shares) (a) | 108,500 | | 675 |
China Hongxing Sports Ltd. | 697,000 | | 1,652 |
China International Marine Containers Co. Ltd. (B Shares) | 751,500 | | 1,896 |
China Mengniu Dairy Co. Ltd. | 734,000 | | 2,247 |
China Merchants Bank Co. Ltd. (H Shares) | 264,000 | | 650 |
Common Stocks - continued |
| Shares | | Value (000s) |
China - continued |
China Oilfield Services Ltd. (H Shares) | 1,682,000 | | $ 1,436 |
China Shipping Development Co. Ltd. (H Shares) | 182,000 | | 346 |
Dongfang Electrical Machinery Co. Ltd. (H Shares) | 80,000 | | 323 |
Nine Dragons Paper (Holdings) Ltd. | 479,000 | | 976 |
Shandong Weigao Group Medical Polymer Co. Ltd. | 776,000 | | 1,367 |
Shenzhou International Group Holdings Ltd. | 678,000 | | 300 |
Xinjiang Tianye Water Saving Irrigation System Co. Ltd. | 806,000 | | 241 |
Yantai Changyu Pioneer Wine Co. (B Shares) | 174,010 | | 839 |
TOTAL CHINA | | 13,512 |
Cyprus - 0.2% |
Buried Hill Energy (Cyprus) PCL (h) | 1,947,000 | | 2,142 |
Marfin Popular Bank Public Co. | 173,665 | | 1,995 |
TOTAL CYPRUS | | 4,137 |
Czech Republic - 0.9% |
Ceske Energeticke Zavody AS | 319,140 | | 15,600 |
Denmark - 0.3% |
DSV de Sammensluttede Vognmaend AS (e) | 25,930 | | 5,376 |
Finland - 1.3% |
Inion OY (a) | 3,590,300 | | 2,566 |
Nokian Tyres Ltd. | 430,910 | | 13,319 |
Rakentajain Konevuokraamo Oyj (B Shares) | 152,030 | | 6,027 |
TOTAL FINLAND | | 21,912 |
France - 3.2% |
Carbone Lorraine | 27,400 | | 1,809 |
Electricite de France | 90,900 | | 7,951 |
ENTREPOSE Contracting | 13,692 | | 1,045 |
Geodis SA | 42,180 | | 9,682 |
Guerbet SA | 8,400 | | 1,639 |
Icade SA (e) | 123,018 | | 9,444 |
Laurent-Perrier Group | 31,960 | | 3,829 |
Norbert Dentressangle SA | 38,142 | | 3,628 |
Seche Environment SA | 11,560 | | 2,077 |
Veolia Environnement (e) | 166,000 | | 13,795 |
TOTAL FRANCE | | 54,899 |
Germany - 3.4% |
Deutz AG (a) | 601,600 | | 9,646 |
E.ON AG | 93,000 | | 13,986 |
ElringKlinger AG | 18,284 | | 1,569 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
Fresenius Medical Care AG | 88,370 | | $ 13,316 |
Interhyp AG | 23,450 | | 2,915 |
Kontron AG | 154,620 | | 2,882 |
MLP AG | 89,150 | | 2,230 |
SGL Carbon AG (a) | 272,200 | | 10,686 |
TOTAL GERMANY | | 57,230 |
Greece - 1.0% |
Fourlis Holdings SA | 110,000 | | 2,756 |
Hellenic Technodomiki Tev SA | 223,750 | | 3,084 |
Sarantis SA (Reg.) | 1,076,638 | | 11,900 |
TOTAL GREECE | | 17,740 |
Hong Kong - 1.0% |
Bank of East Asia Ltd. | 158,437 | | 980 |
Cafe de Coral Holdings Ltd. | 686,000 | | 1,254 |
China Overseas Land & Investment Ltd. | 1,348,000 | | 1,649 |
Esprit Holdings Ltd. | 246,000 | | 3,003 |
Fairwood Holdings Ltd. (g) | 878,500 | | 1,249 |
Hang Lung Properties Ltd. | 1,208,000 | | 3,606 |
Li & Fung Ltd. | 924,000 | | 2,906 |
Midland Holdings Ltd. | 860,000 | | 534 |
Tai Cheung Holdings Ltd. | 700,000 | | 490 |
Vtech Holdings Ltd. | 281,000 | | 2,130 |
TOTAL HONG KONG | | 17,801 |
India - 0.1% |
Deccan Chronicle Holdings Ltd. | 95,000 | | 478 |
INFO Edge India Ltd. | 66,039 | | 1,253 |
TOTAL INDIA | | 1,731 |
Indonesia - 0.1% |
PT Telkomunikasi Indonesia Tbk Series B | 1,463,500 | | 1,692 |
Ireland - 0.5% |
Adwalker PLC (a)(f) | 9,125,000 | | 388 |
Kenmare Resources PLC (a) | 2,640,000 | | 2,600 |
Kenmare Resources PLC warrants 7/23/09 (a) | 1,712,500 | | 1,036 |
Petroceltic International PLC (a) | 13,644,934 | | 3,820 |
Vimio PLC (a) | 867,300 | | 1,145 |
TOTAL IRELAND | | 8,989 |
Israel - 0.3% |
Israel Chemicals Ltd. | 611,900 | | 4,708 |
Common Stocks - continued |
| Shares | | Value (000s) |
Italy - 5.3% |
ASM Spa | 626,550 | | $ 4,222 |
Banca Italease Spa (e) | 790,700 | | 48,107 |
Enel S.p.A. | 543,800 | | 6,192 |
ERG Spa | 71,100 | | 2,013 |
Guala Closures Spa | 475,090 | | 3,697 |
Hera Spa | 1,510,160 | | 6,984 |
Impregilo Spa (a) | 447,350 | | 3,656 |
Lottomatica Spa | 58,540 | | 2,414 |
Seldovia Native Association, Inc. (SNAI) (a) | 1,081,120 | | 11,509 |
Teleunit Spa (f) | 12,719,158 | | 1,208 |
TOTAL ITALY | | 90,002 |
Japan - 26.8% |
Abc-Mart, Inc. (e) | 333,600 | | 7,449 |
Access Co. Ltd. (a) | 256 | | 385 |
Adeka Corp. | 144,000 | | 1,573 |
Aeon Fantasy Co. Ltd. | 45,120 | | 1,149 |
Airport Facilities Co. Ltd. | 19,200 | | 141 |
Anritsu Corp. (e) | 1,259,000 | | 5,836 |
AOI Electronics Co. Ltd. | 66,100 | | 1,326 |
ARDEPRO CO., Ltd. | 10,626 | | 3,554 |
Ariake Japan Co. Ltd. | 67,300 | | 1,383 |
Atlus Co. Ltd. (a) | 79,800 | | 441 |
Atrium Co. Ltd. | 64,400 | | 1,754 |
Axell Corp. | 384 | | 1,183 |
Bit-isle, Inc. | 1,190 | | 1,252 |
Bookoff Corp. | 166,100 | | 2,799 |
Brother Industries Ltd. | 342,000 | | 4,648 |
C. Uyemura & Co. Ltd. | 40,100 | | 2,463 |
Cabin Co. Ltd. (e) | 104,000 | | 448 |
CareNet, Inc. | 12 | | 30 |
Chiba Bank Ltd. | 382,000 | | 3,158 |
Chiyoda Corp. | 65,000 | | 1,492 |
CMIC Co. Ltd. (e) | 1,670 | | 443 |
Create SD Co. Ltd. | 55,300 | | 931 |
Dai-ichi Seiko Co. Ltd. | 38,200 | | 907 |
Daido Metal Co. Ltd. (e) | 495,000 | | 3,097 |
Daikokutenbussan Co. Ltd. | 52,900 | | 617 |
Daiseki Co. Ltd. (e) | 72,600 | | 1,403 |
Daito Gyorui Co. Ltd. | 252,000 | | 505 |
Daiwa Securities Group, Inc. | 132,000 | | 1,470 |
Daiwabo Information System Ltd. | 202,500 | | 2,743 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Daiwasystem Co. Ltd. | 39,800 | | $ 968 |
Denyo Co. Ltd. | 67,700 | | 716 |
E*TRADE Securities Co. Ltd. (e) | 790 | | 851 |
Ebara-Udylite Co. Ltd. | 8,700 | | 232 |
Elpida Memory, Inc. (a)(e) | 22,300 | | 940 |
Endo Lighting Corp. | 125,600 | | 731 |
EPS Co. Ltd. (e) | 1,465 | | 4,553 |
Fast Retailing Co. Ltd. (e) | 12,300 | | 845 |
FCM Co. Ltd. | 30,800 | | 1,093 |
FinTech Global, Inc. (e) | 563 | | 419 |
Fuji Heavy Industries Ltd. | 176,000 | | 871 |
Fujitsu Component Ltd. (a) | 417 | | 572 |
Futaba Industrial Co. Ltd. | 38,800 | | 938 |
H-One Co. Ltd. | 21,800 | | 324 |
H.I.S. Co. Ltd. | 37,000 | | 1,145 |
Harakosan Co. Ltd. | 1,636 | | 4,202 |
Harmonic Drive Systems, Inc. (e) | 483 | | 2,636 |
Haseko Corp. (a) | 734,500 | | 2,433 |
Heiwa Real Estate Co. Ltd. (e) | 280,000 | | 1,856 |
Hikari Tsushin, Inc. (e) | 279,700 | | 11,143 |
Hioki EE Corp. (e) | 27,000 | | 633 |
Hiroshima Bank Ltd. | 339,000 | | 1,825 |
Hitachi Construction Machinery Co. Ltd. | 407,900 | | 12,732 |
Hokuriku Electric Industry (e) | 205,000 | | 462 |
Hokuto Corp. | 160,100 | | 2,554 |
Ibiden Co. Ltd. | 28,500 | | 1,620 |
Ichiyoshi Securities Co. Ltd. | 102,800 | | 1,651 |
IDU Co. | 1,731 | | 1,860 |
Imagineer Co. Ltd. | 30,100 | | 422 |
Index Holdings (e) | 4,627 | | 1,570 |
Inpex Holdings, Inc. | 184 | | 1,553 |
Intelligence Ltd. (e) | 409 | | 1,060 |
Intelligent Wave, Inc. (e) | 926 | | 484 |
Ishihara Chemical Co. Ltd. | 32,200 | | 592 |
Ishikawajima-Harima Heavy Industries Co. Ltd. (e) | 1,145,000 | | 4,462 |
Itochu Corp. | 449,000 | | 4,421 |
ITOCHU Techno-Solutions Corp. | 29,500 | | 1,346 |
Japan Airport Terminal Co. Ltd. | 89,000 | | 1,631 |
Japan Steel Works Ltd. | 478,000 | | 5,637 |
Jastec Co. Ltd. | 238,300 | | 2,456 |
Joint Corp. | 27,200 | | 899 |
Juroku Bank Ltd. | 149,000 | | 877 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Kakaku.com, Inc. (e) | 264 | | $ 768 |
Kandenko Co. Ltd. | 245,000 | | 1,556 |
Kanematsu Corp. (a)(e) | 652,000 | | 1,240 |
Kawasaki Heavy Industries Ltd. | 518,000 | | 2,062 |
Kenedix, Inc. (e) | 217 | | 951 |
Kibun Food Chemifa Co. Ltd. (e) | 36,400 | | 425 |
Kimoto Co. Ltd. | 80,700 | | 430 |
Kitagawa Seiki Co. Ltd. | 84,000 | | 431 |
KK daVinci Advisors (a)(e) | 4,535 | | 4,570 |
Kobayashi Pharmaceutical Co. Ltd. | 62,600 | | 2,342 |
Konica Minolta Holdings, Inc. | 112,500 | | 1,540 |
Kubota Corp. | 91,000 | | 860 |
Kura Corp. Ltd. | 4,580 | | 9,844 |
Kureha Chemical Industry Co. Ltd. | 96,000 | | 470 |
Kurita Water Industries Ltd. | 72,700 | | 1,815 |
Link Theory Holdings Co. Ltd. (e) | 102 | | 120 |
Mandom Corp. | 14,700 | | 376 |
MCJ Co. Ltd. (a) | 1,279 | | 553 |
Media Global Links Co. Ltd. | 648 | | 686 |
Meiko Electronics Co. Ltd. (e) | 46,700 | | 1,424 |
Micronics Japan Co. Ltd. | 117,900 | | 4,078 |
Mitsuba Corp. | 255,000 | | 2,016 |
Mitsui Engineering & Shipbuilding Co. (e) | 262,000 | | 1,174 |
Mitsui O.S.K. Lines Ltd. | 364,000 | | 4,588 |
Mitsumi Electric Co. Ltd. | 70,100 | | 2,338 |
Miyachi Corp. | 60,600 | | 1,062 |
Miyano Machinery, Inc. | 357,000 | | 1,228 |
Mori Seiki Co. Ltd. | 188,300 | | 4,945 |
Murata Manufacturing Co. Ltd. | 59,400 | | 4,378 |
Nabtesco Corp. | 111,000 | | 1,506 |
Nachi-Fujikoshi Corp. (e) | 275,000 | | 1,469 |
Namco Bandai Holdings, Inc. | 67,800 | | 1,102 |
NIC Corp. | 57,100 | | 422 |
Nidec Corp. | 22,400 | | 1,413 |
Nidec Sankyo Corp. (e) | 245,000 | | 1,616 |
Nihon Dempa Kogyo Co. Ltd. (e) | 283,000 | | 13,874 |
Nihon Kohden Corp. | 20,100 | | 454 |
Nihon Trim Co. Ltd. (e) | 193,500 | | 6,860 |
Nihonwasou Holdings, Inc. | 782 | | 435 |
Nikon Corp. | 76,000 | | 1,744 |
Nippon Carbon Co. Ltd. | 351,000 | | 1,385 |
Nippon Denko Co. Ltd. (e) | 1,706,000 | | 9,371 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Nippon Paint Co. Ltd. | 1,258,000 | | $ 7,368 |
Nippon Seiki Co. Ltd. | 634,000 | | 13,594 |
Nippon Suisan Kaisha Co. Ltd. | 288,100 | | 1,856 |
Nippon Yakin Kogyo Co. Ltd. (e) | 783,000 | | 7,931 |
Nissin Kogyo Co. Ltd. | 737,400 | | 19,578 |
Nitto Boseki Co. Ltd. | 326,000 | | 1,237 |
NOK Corp. | 625,100 | | 11,631 |
NSK Ltd. | 350,000 | | 3,388 |
Obara Corp. | 1,650 | | 31 |
Oiles Corp. | 77,040 | | 1,655 |
Okuma Corp. | 134,000 | | 1,601 |
Optoelectronics Co. Ltd. | 27,700 | | 331 |
Otaki Gas Co. Ltd. | 15,000 | | 79 |
Otsuka Corp. (e) | 39,400 | | 3,800 |
Pacific Metals Co. Ltd. | 128,000 | | 2,038 |
Pigeon Corp. (e) | 57,700 | | 867 |
Produce Co. Ltd. (a)(e) | 496 | | 2,350 |
Properst Co. Ltd. | 665 | | 1,247 |
Round One Corp. (e) | 2,649 | | 5,475 |
Ryobi Ltd. | 226,000 | | 1,670 |
Saison Information Systems Co. Ltd. | 21,100 | | 175 |
Sakai Chemical Industry Co. Ltd. | 55,000 | | 407 |
Sammy NetWorks Co. Ltd. (e) | 1,075 | | 5,421 |
Sansha Electric Manufacturing Co. Ltd. | 56,000 | | 506 |
Sanyo Denki Co. Ltd. | 16,000 | | 116 |
Sato Corp. (e) | 178,400 | | 3,479 |
Sawai Pharmaceutical Co. Ltd. (e) | 42,200 | | 1,753 |
Sec Carbon Ltd. | 33,000 | | 476 |
Sega Sammy Holdings, Inc. | 20,200 | | 457 |
Seria Co. Ltd. | 482 | | 893 |
Shaddy Co. Ltd. (e) | 118,900 | | 1,366 |
Shibaura Electronics Co. Ltd. | 119,400 | | 2,153 |
Shikoku Chemicals Corp. (e) | 88,000 | | 517 |
Shimachu Co. Ltd. | 80,600 | | 2,187 |
Shimamura Co. Ltd. | 11,800 | | 1,287 |
Shin Nippon Biomedical Laboratories Ltd. (e) | 69,600 | | 1,040 |
Shin-Kobe Electric Machinery Co. Ltd. | 419,000 | | 2,079 |
Shinohara Systems of Construction Co. Ltd. (a) | 678 | | 1,128 |
Shizuki Electric Co., Inc. | 158,000 | | 480 |
Sojitz Corp. (a) | 585,500 | | 2,213 |
SRI Sports Ltd. | 1,294 | | 1,647 |
St. Marc Holdings Co. Ltd. | 15,500 | | 838 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Stanley Electric Co. Ltd. | 386,100 | | $ 7,670 |
Star Micronics Co. Ltd. | 214,700 | | 5,192 |
Starbucks Coffee Japan Ltd. | 2,853 | | 1,254 |
Stella Chemifa Corp. (e) | 19,600 | | 614 |
Sumco Corp. | 26,200 | | 1,139 |
Sumitomo Corp. | 356,300 | | 6,103 |
Sumitomo Metal Industries Ltd. | 578,000 | | 2,935 |
Sumitomo Titanium Corp. (e) | 12,600 | | 1,349 |
Sumitomo Trust & Banking Co. Ltd. | 160,000 | | 1,563 |
Sun Frontier Fudousan Co. Ltd. | 790 | | 1,810 |
Sunx Ltd. (e) | 125,700 | | 954 |
Suruga Corp. | 105,100 | | 2,162 |
Sysmex Corp. (e) | 65,800 | | 2,521 |
T Rad Co. Ltd. (e) | 454,000 | | 2,217 |
T&D Holdings, Inc. | 18,300 | | 1,159 |
Taiho Kogyo Co. Ltd. | 81,200 | | 1,145 |
Taiyo Ink Manufacturing Co. Ltd. | 96,800 | | 2,572 |
Taiyo Kagaku | 73,500 | | 621 |
Taiyo Nippon Sanso Corp. | 222,000 | | 1,930 |
Takara Holdings, Inc. (e) | 324,000 | | 2,400 |
Takata Corp. | 58,400 | | 2,136 |
Takeuchi Manufacturing Co. Ltd. | 10,000 | | 409 |
Takiron Co. Ltd. (e) | 282,000 | | 995 |
Takisawa Machine Tool Co. Ltd. | 524,000 | | 1,273 |
Telewave, Inc. (e) | 392 | | 122 |
TFP Consulting Group Co. Ltd. | 169 | | 419 |
The Goodwill Group, Inc. (e) | 668 | | 419 |
TOA Valve Holding, Inc. | 161 | | 602 |
Toagosei Co. Ltd. | 354,000 | | 1,354 |
Tohcello Co. Ltd. | 99,500 | | 1,049 |
Toho Zinc Co. Ltd. | 272,000 | | 2,353 |
Tohoku Electric Power Co., Inc. | 46,300 | | 1,106 |
Tokai Carbon Co. Ltd. (e) | 216,000 | | 1,860 |
Tokai Rubber Industries Ltd. | 179,700 | | 3,478 |
Token Corp. (e) | 28,110 | | 1,408 |
Tokyo Gas Co. Ltd. | 248,000 | | 1,246 |
Tokyo Radiator Manufacturing Co. Ltd. | 13,700 | | 90 |
Tokyo Seimitsu Co. Ltd. (e) | 65,400 | | 2,260 |
Tomen Devices Corp. (e) | 28,300 | | 493 |
TonenGeneral Sekiyu KK (e) | 122,000 | | 1,313 |
Topcon Corp. | 32,500 | | 489 |
Toray Industries, Inc. | 157,000 | | 1,077 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Torishima Pump Manufacturing Co. Ltd. | 55,600 | | $ 605 |
Toshiba Machine Co. Ltd. (e) | 479,000 | | 4,667 |
Trancom Co. Ltd. | 70,200 | | 1,152 |
Tyo Productions, Inc. (e) | 85,500 | | 145 |
Ulvac, Inc. (e) | 32,000 | | 1,043 |
Unicom Group Holdings, Inc. | 135,600 | | 1,287 |
Usen Corp. (e) | 185,990 | | 1,560 |
Village Vanguard Co. Ltd. (e) | 136 | | 722 |
Wacom Co. Ltd. (e) | 173 | | 423 |
Yachiyo Industry Co. Ltd. | 64,200 | | 1,176 |
Yamada Denki Co. Ltd. | 49,740 | | 4,597 |
Yamaha Motor Co. Ltd. | 57,200 | | 1,511 |
Yaskawa Electric Corp. | 125,000 | | 1,429 |
Yonkyu Co. Ltd. | 135,500 | | 1,477 |
Yume No Machi Souzou Iinkai Co. Ltd. | 67 | | 160 |
TOTAL JAPAN | | 456,276 |
Kazakhstan - 0.1% |
JSC Halyk Bank of Kazakhstan unit (a) | 49,600 | | 1,116 |
Korea (South) - 0.8% |
Hyunjin Materials Co. Ltd. | 69,962 | | 1,974 |
JVM Co. Ltd. | 15,566 | | 799 |
LG Household & Health Care Ltd. | 16,790 | | 2,235 |
MegaStudy Co. Ltd. | 7,425 | | 1,253 |
NHN Corp. | 5,675 | | 888 |
Osstem Implant Co. Ltd. | 17,593 | | 837 |
SSCP Co. Ltd. (a) | 9,567 | | 269 |
Sung Kwang Bend Co. Ltd. | 178,958 | | 2,755 |
Taewoong Co. Ltd. | 16,881 | | 719 |
Woongjin Coway Co. Ltd. | 49,070 | | 1,641 |
YBM Sisa.com, Inc. | 44,849 | | 956 |
TOTAL KOREA (SOUTH) | | 14,326 |
Luxembourg - 0.2% |
SES SA FDR (France) unit | 142,650 | | 2,803 |
Malaysia - 0.3% |
DiGi.com BHD | 95,300 | | 568 |
Gamuda BHD | 495,000 | | 1,136 |
IJM Plantation BHD | 510,500 | | 300 |
KNM Group BHD | 238,600 | | 983 |
Common Stocks - continued |
| Shares | | Value (000s) |
Malaysia - continued |
MMC Corp. BHD | 357,200 | | $ 741 |
Zelan BHD | 253,400 | | 874 |
TOTAL MALAYSIA | | 4,602 |
Malta - 0.4% |
Unibet Group plc unit | 178,456 | | 5,913 |
Netherlands - 0.5% |
Engel East Europe NV | 975,032 | | 2,876 |
Koninklijke Ten Cate NV | 94,370 | | 3,834 |
Tele Atlas NV (Netherlands) (a) | 105,000 | | 2,188 |
TOTAL NETHERLANDS | | 8,898 |
Norway - 2.0% |
Aker Kvaerner ASA | 112,750 | | 2,686 |
Hafslund ASA (B Shares) (e) | 172,870 | | 4,257 |
Pertra AS (A Shares) | 175,642 | | 2,081 |
ProSafe ASA (e) | 328,950 | | 5,126 |
Schibsted ASA (B Shares) | 48,600 | | 2,230 |
Stepstone ASA (a) | 5,212,154 | | 18,398 |
TOTAL NORWAY | | 34,778 |
Oman - 0.1% |
BankMuscat SAOG sponsored GDR | 158,950 | | 1,971 |
Papua New Guinea - 0.1% |
Lihir Gold Ltd. (a) | 1,001,133 | | 2,478 |
Portugal - 0.2% |
Banif SGPS SA | 484,850 | | 3,778 |
Russia - 0.1% |
Sistema-Hals JSC unit | 91,600 | | 1,379 |
Singapore - 2.6% |
Advent Air Ltd. (f) | 14,719,299 | | 3,973 |
Ascott Residence Trust | 654,000 | | 839 |
Banyan Tree Holdings Ltd. | 2,220,000 | | 3,419 |
CapitaMall Trust | 746,000 | | 1,954 |
Cosco Corp. Singapore Ltd. | 2,157,000 | | 4,018 |
CSE Global Ltd. | 2,604,000 | | 3,017 |
Ezra Holdings Ltd. | 310,000 | | 1,306 |
F J Benjamin Holdings Ltd. | 2,892,000 | | 1,618 |
Hyflux Ltd. | 327,000 | | 581 |
Keppel Corp. Ltd. | 68,000 | | 958 |
Mapletree Logistics Trust (REIT) | 1,493,000 | | 1,317 |
Common Stocks - continued |
| Shares | | Value (000s) |
Singapore - continued |
Olam International Ltd. | 1,031,000 | | $ 2,145 |
Parkway Holdings Ltd. | 1,648,300 | | 4,297 |
Rickmers Maritime | 2,711,000 | | 2,802 |
SIA Engineering Co. Ltd. | 615,000 | | 1,862 |
Singapore Land Ltd. | 64,000 | | 442 |
Swissco International Ltd. | 1,541,000 | | 827 |
Unisteel Technology Ltd. | 533,000 | | 853 |
Uol Group Ltd. | 1,247,000 | | 3,989 |
Wing Tai Holdings Ltd. | 850,000 | | 1,880 |
Yangzijiang Shipbuilding Holdings Ltd. | 1,634,000 | | 1,420 |
Yanlord Land Group Ltd. | 838,000 | | 1,313 |
TOTAL SINGAPORE | | 44,830 |
South Africa - 2.8% |
African Rainbow Minerals Ltd. (a) | 291,610 | | 4,927 |
Illovo Sugar Ltd. | 1,385,820 | | 4,004 |
Investec Ltd. | 344,447 | | 4,893 |
Steinhoff International Holdings Ltd. | 6,659,732 | | 23,686 |
Telkom SA Ltd. | 146,300 | | 3,604 |
Wilson Bayly Holmes-Ovcon Ltd. | 446,856 | | 5,869 |
TOTAL SOUTH AFRICA | | 46,983 |
Sweden - 1.3% |
Hexagon AB (B Shares) (e) | 239,511 | | 10,975 |
Modern Times Group AB (MTG) (B Shares) | 199,460 | | 11,745 |
TOTAL SWEDEN | | 22,720 |
Switzerland - 1.1% |
Actelion Ltd. (Reg.) (a) | 16,588 | | 3,955 |
Bucher Industries AG | 15,811 | | 2,382 |
Partners Group Holding | 39,750 | | 5,045 |
Sulzer AG (Reg.) | 2,070 | | 2,740 |
Vontobel Holdings AG | 86,450 | | 4,831 |
TOTAL SWITZERLAND | | 18,953 |
Taiwan - 0.2% |
China Life Insurance Co. Ltd. (a) | 3,063,000 | | 1,319 |
Sinyi Realty, Inc. | 483,000 | | 1,377 |
TOTAL TAIWAN | | 2,696 |
United Kingdom - 16.8% |
Accsys Technologies PLC (a) | 500,000 | | 2,159 |
Accuma Group PLC (a) | 883,600 | | 1,290 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
ADVFN PLC (a) | 19,750,780 | | $ 1,037 |
AeroBox PLC (a) | 5,694,657 | | 0 |
Afren PLC (a)(e) | 4,580,710 | | 4,946 |
African Consolidated Resources PLC | 7,758,334 | | 2,172 |
African Copper PLC (a) | 1,677,884 | | 2,382 |
Air Partner PLC | 45,000 | | 1,107 |
Alfred McAlpine Group PLC | 359,600 | | 3,381 |
Alliance Pharma PLC (a) | 7,984,200 | | 1,556 |
Amlin PLC | 206,973 | | 1,284 |
Anglo Asian Mining PLC (a) | 4,169,300 | | 1,542 |
Appian Technology PLC (a) | 3,702,924 | | 851 |
Appian Technology PLC warrants 2/28/08 (a)(h) | 479,045 | | 192 |
Ascent Resources PLC warrants 12/22/07 (a) | 1,500,000 | | 172 |
Baltic Oil Terminals PLC | 1,314,300 | | 4,704 |
Belitung Zinc Corp. PLC (h) | 7,435,490 | | 1,487 |
BioCare Solutions PLC (f) | 4,849,670 | | 1,648 |
Bioprogress PLC (a) | 5,338,366 | | 6,671 |
Blackstar Investors PLC (a) | 2,735,000 | | 5,633 |
Block Shield Corp. PLC (a) | 1,103,400 | | 2,217 |
Cambrian Mining PLC | 4,026,100 | | 9,660 |
CareCapital Group PLC | 1,495,100 | | 1,016 |
Celsis International PLC (a) | 443,648 | | 1,929 |
Central African Mining & Exploration Co. PLC (a) | 4,497,509 | | 4,946 |
Centurion Electronics PLC (a)(f) | 780,024 | | 179 |
Clapham House Group PLC (a) | 278,850 | | 2,222 |
Cobra Biomanufacturing PLC (a) | 138,200 | | 128 |
Coffeeheaven International PLC (a) | 1,875,340 | | 1,594 |
Corac Group PLC (a)(f) | 5,084,104 | | 3,761 |
Countermine PLC (a)(h) | 4,939 | | 255 |
Countermine PLC warrants 7/26/06 (a)(h) | 4,939 | | 0 |
CustomVis plc (a)(f) | 8,417,536 | | 820 |
DA Group PLC (a) | 905,065 | | 480 |
Datacash Group PLC | 720,000 | | 3,588 |
Eclipse Energy Co. Ltd. (h) | 102,000 | | 1,530 |
Europa Oil & Gas Holdings PLC warrants 11/11/07 (a) | 500,000 | | 27 |
Financial Payment Systems Ltd. (a)(f) | 7,787,504 | | 467 |
Flomerics Group PLC | 449,658 | | 809 |
Forum Energy PLC (a) | 800,270 | | 888 |
Gasol PLC (a) | 7,750,800 | | 988 |
Gemfields Resources PLC (a) | 3,909,100 | | 2,384 |
Global Coal Management PLC (a) | 1,478,451 | | 4,286 |
Gyrus Group PLC (a) | 692,720 | | 6,576 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Hardide Ltd. (a) | 6,848,580 | | $ 1,335 |
Healthcare Enterprise Group PLC (a)(f) | 23,246,074 | | 2,231 |
Healthcare Enterprise Group PLC warrants 6/30/08 (a) | 1,851,769 | | 83 |
Hot Tuna International PLC (a) | 2,349,400 | | 752 |
Hot Tuna International PLC warrants 2/25/08 (a)(h) | 1,179,700 | | 0 |
Hydrodec Group PLC (a)(f) | 11,187,286 | | 5,816 |
Ideal Shopping Direct PLC | 661,592 | | 3,254 |
IG Group Holdings plc | 1,316,600 | | 8,088 |
Imagelinx PLC (a)(f) | 22,912,152 | | 916 |
Impact Holdings PLC (a)(f) | 10,414,000 | | 1,406 |
Imperial Energy PLC (a) | 70,000 | | 1,755 |
Indago Petroleum Ltd. (a) | 357,729 | | 662 |
Inova Holding PLC | 1,443,461 | | 346 |
International Con Minerals Ltd. (h) | 2,659,964 | | 798 |
International Con Minerals Ltd. warrants 4/30/07 (a)(h) | 1,329,982 | | 0 |
Intertek Group PLC | 94,110 | | 1,758 |
iomart Group PLC | 2,037,940 | | 2,160 |
Irvine Energy PLC (a) | 12,895,900 | | 774 |
ITE Group PLC | 2,116,540 | | 7,057 |
ITM Power PLC (a) | 1,780,200 | | 4,627 |
Jubilee Platinum PLC (a)(f) | 5,182,503 | | 12,383 |
Kalahari Minerals PLC | 2,351,800 | | 1,305 |
KBC Advanced Technologies PLC | 917,600 | | 871 |
Keronite PLC (a)(h) | 13,620,267 | | 1,634 |
KimCor Diamonds PLC (f) | 4,185,000 | | 816 |
KimCor Diamonds PLC warrants 3/15/08 (a) | 2,185,000 | | 186 |
Landround plc (a)(f) | 858,600 | | 240 |
Landround plc warrants 12/11/09 (a)(h) | 166,666 | | 15 |
Lansdowne Oil & Gas PLC | 907,620 | | 1,080 |
Lawrence PLC | 187,307 | | 854 |
London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a) | 105,400 | | 62 |
Max Petroleum PLC (a) | 9,611,220 | | 34,879 |
Meggitt PLC | 991,949 | | 6,099 |
MicroEmissive Displays (a)(f) | 2,365,500 | | 2,152 |
Motivcom PLC (f) | 1,820,500 | | 4,750 |
Advanced Fluid Connection PLC (a) | 7,009,687 | | 0 |
Plethora Solutions Holdings PLC (a) | 431,818 | | 1,351 |
Proteome Sciences PLC (a) | 780,842 | | 714 |
Pureprofile Media PLC (h) | 1,108,572 | | 831 |
Pursuit Dynamics PLC (a) | 666,667 | | 2,839 |
Rambler Metals & Mining PLC (a) | 1,300,000 | | 1,742 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
RGI International Ltd. | 391,550 | | $ 4,620 |
Rheochem PLC warrants 12/30/07 (a) | 4,364,150 | | 23 |
Sarantel Group PLC Class A (a)(f) | 3,385,900 | | 846 |
Scottish & Southern Energy PLC | 209,000 | | 6,281 |
SDL plc (a) | 863,350 | | 6,452 |
SDL plc | 159,777 | | 1,195 |
Sibir Energy PLC (a) | 84,580 | | 761 |
Sinclair Pharma PLC (a) | 1,128,371 | | 3,046 |
Sinosoft Technology PLC | 4,573,900 | | 1,578 |
SPI Lasers PLC (a) | 406,200 | | 1,836 |
Stem Cell Sciences PLC | 716,649 | | 695 |
SubSea Resources PLC (a) | 7,879,100 | | 1,044 |
SubSea Resources PLC warrants 11/4/09 (a) | 1,805,625 | | 72 |
Tanfield Group PLC (a) | 3,072,337 | | 8,124 |
Target Resources PLC | 1,020,000 | | 591 |
Target Resources PLC warrants 7/12/08 (a) | 1,020,000 | | 71 |
Tersus Energy PLC (a) | 1,333,622 | | 360 |
Third Advance Value Realisation Co. Ltd. | 507,108 | | 1,070 |
TMO Biotec (h) | 10,000 | | 1,389 |
Toledo Mining Corp. PLC (a)(f) | 1,764,544 | | 9,702 |
Triple Plate Junction PLC (a) | 1,539,200 | | 869 |
Triple Plate Junction PLC warrants 5/9/07 (a) | 1,818,750 | | 0 |
UK Coal PLC | 409,200 | | 4,598 |
Vanco PLC (a) | 117,600 | | 1,024 |
Vectura Group PLC (a) | 3,556,060 | | 6,186 |
Virotec International PLC (a) | 3,411,132 | | 921 |
York Pharma PLC (a) | 575,200 | | 1,599 |
Zenergy Power PLC (a) | 922,000 | | 2,728 |
ZincOx Resources PLC (a) | 693,100 | | 4,587 |
TOTAL UNITED KINGDOM | | 285,853 |
United States of America - 2.1% |
121Media, Inc. (a)(f) | 644,900 | | 20,019 |
Cyberview Technology, Inc. (a)(f) | 996,527 | | 3,238 |
Frontera Resources Corp. (a) | 1,157,200 | | 1,816 |
Frontier Mining Ltd. (a)(f) | 6,771,600 | | 2,403 |
Solar Integrated Technologies, Inc. (a) | 713,573 | | 1,769 |
Common Stocks - continued |
| Shares | | Value (000s) |
United States of America - continued |
Spacelabs Healthcare, Inc. (a) | 707,250 | | $ 997 |
XL TechGroup, Inc. (a) | 1,329,250 | | 5,289 |
TOTAL UNITED STATES OF AMERICA | | 35,531 |
TOTAL COMMON STOCKS (Cost $1,218,266) | 1,647,234 |
Investment Companies - 0.0% |
| | | |
United Kingdom - 0.0% |
The Greenhouse Fund Ltd. (a)
(Cost $404) | 2,175,000 | | 587 |
Convertible Bonds - 0.2% |
| Principal
Amount (000s) (d) | | |
Canada - 0.2% |
Western Canadian Coal Corp. 7.5% 3/24/11
(Cost $4,061) | CAD | 4,714 | | 3,674 |
Money Market Funds - 13.4% |
| Shares | | |
Fidelity Cash Central Fund, 5.29% (b) | 54,508,258 | | 54,508 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 174,330,943 | | 174,331 |
TOTAL MONEY MARKET FUNDS (Cost $228,839) | 228,839 |
TOTAL INVESTMENT PORTFOLIO - 110.2% (Cost $1,451,570) | | 1,880,334 |
NET OTHER ASSETS - (10.2)% | | (174,657) |
NET ASSETS - 100% | $ 1,705,677 |
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) 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 end of the period, the value of these securities amounted to $1,249,000 or 0.1% 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 $14,554,000 or 0.9% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
AirSea Lines | 8/4/06 | $ 1,199 |
AirSea Lines warrants 8/4/11 | 8/4/06 | $ 0 |
Appian Technology PLC warrants 2/28/08 | 2/18/05 | $ 0 |
Belitung Zinc Corp. PLC | 1/12/06 | $ 1,308 |
Buried Hill Energy (Cyprus) PCL | 8/18/06 | $ 2,142 |
Countermine PLC | 12/22/05 | $ 443 |
Countermine PLC warrants 7/26/06 | 12/22/05 | $ 0 |
Eclipse Energy Co. Ltd. | 4/28/05 | $ 1,459 |
Hot Tuna International PLC warrants 2/25/08 | 2/14/06 | $ 0 |
International Con Minerals Ltd. | 1/30/06 | $ 798 |
International Con Minerals Ltd. warrants 4/30/07 | 1/30/06 | $ 0 |
Kalahari Energy | 9/1/06 | $ 1,814 |
Keronite PLC | 8/16/06 | $ 1,549 |
Landround plc warrants 12/11/09 | 12/12/06 | $ 0 |
Pureprofile Media PLC | 5/3/05 - 1/11/06 | $ 1,173 |
Rock Well Petroleum, Inc. | 4/13/06 | $ 1,004 |
Starfield Resources, Inc. warrants 5/23/07 | 5/18/06 | $ 0 |
Starfield Resources, Inc. warrants 1/20/08 | 1/17/06 | $ 0 |
Stealth Ventures Ltd. warrants 3/12/08 | 9/21/06 | $ 0 |
TMO Biotec | 10/27/05 | $ 535 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned
(Amounts in thousands) |
Fidelity Cash Central Fund | $ 1,570 |
Fidelity Securities Lending Cash Central Fund | 667 |
Total | $ 2,237 |
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
(Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
121Media, Inc. | $ 11,748 | $ - | $ - | $ - | $ 20,019 |
Advent Air Ltd. | 2,948 | - | - | 80 | 3,973 |
Adwalker PLC | 413 | - | - | - | 388 |
Avanti Screenmedia Group PLC | 9,335 | - | 8,831 | - | - |
BDI Mining Corp. | 3,288 | - | 6,306 | - | - |
BioCare Solutions PLC | 2,270 | - | 150 | - | 1,648 |
Bioprogress PLC | 9,152 | - | 3,914 | - | - |
Cambrian Mining PLC | 15,845 | - | 5,408 | 182 | - |
Centurion Electronics PLC | 432 | - | 29 | - | 179 |
Corac Group PLC | 3,538 | - | 103 | - | 3,761 |
CustomVis plc | 134 | 715 | - | - | 820 |
Cyberview Technology, Inc. (formerly Cyberscan Technology, Inc.) | 4,562 | - | - | - | 3,238 |
DA Group PLC | 1,236 | - | 680 | - | - |
Financial Payment Systems Ltd. | 1,485 | - | - | - | 467 |
Frontier Mining Ltd. | 1,808 | - | - | - | 2,403 |
Gasol PLC | 1,257 | - | - | - | - |
Gemfields Resources PLC | 5,589 | - | 1,823 | - | - |
GMA Resources PLC | 3,939 | - | 3,863 | - | - |
Hardide Ltd. | 1,711 | - | 233 | - | - |
Healthcare Enterprise Group PLC | 1,010 | 431 | 77 | - | 2,231 |
Hydrodec Group PLC | 8,231 | - | 1,056 | - | 5,816 |
ID Data PLC | 925 | - | 1,169 | - | - |
Imagelinx PLC (formerly LTG Technologies PLC) | 1,948 | 340 | - | - | 916 |
Other Affiliated Issuers - continued |
Affiliates
(Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
Impact Holdings PLC | $ 2,086 | $ - | $ - | $ - | $ 1,406 |
Inion OY | 1,677 | - | 111 | - | - |
Interbulk Investments PLC | 1,682 | - | 1,528 | - | - |
International Ferro Metals | 17,682 | 1,265 | 12,943 | - | - |
Jubilee Platinum PLC | 8,789 | 1,994 | 4,138 | - | 12,383 |
KimCor Diamonds PLC | 1,185 | - | 25 | - | 816 |
Landround plc | 188 | 197 | - | - | 240 |
Metals Exploration PLC | 2,126 | - | 2,280 | - | - |
MicroEmissive Displays | 1,672 | - | 685 | - | 2,152 |
Mineral Commodities Ltd. | 948 | - | 730 | - | - |
Motivcom PLC | 3,085 | - | 186 | 32 | 4,750 |
Platinum Mining Corp. of India PLC | 2,418 | - | 2,829 | - | - |
Rheochem PLC | 2,034 | - | 2,015 | - | - |
Sarantel Group PLC Class A | 677 | 463 | 24 | - | 846 |
Solomon Gold PLC | 905 | - | 502 | - | - |
Starfield Resources, Inc. | 3,247 | - | 2,924 | - | - |
SubSea Resources PLC | 2,630 | - | - | - | - |
Sylvania Resources Ltd. | 5,331 | 557 | - | - | 10,337 |
Sylvania Resources Ltd. (United Kingdom) | 3,616 | - | - | - | 6,547 |
Tanzanite One Ltd. | 9,086 | - | - | 350 | 9,059 |
Teleunit Spa | 1,122 | - | - | - | 1,208 |
Toledo Mining Corp. PLC | 3,742 | 412 | - | - | 9,702 |
Visual Defence, Inc. | 2,673 | - | 430 | - | 1,539 |
Xceldiam Ltd. | 1,946 | - | 65 | 3,815 | - |
Total | $ 173,351 | $ 6,374 | $ 65,057 | $ 4,459 | $ 106,844 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2007 |
Assets | | |
Investment in securities, at value (including securities loaned of $165,030) - See accompanying schedule: Unaffiliated issuers (cost $1,132,476) | $ 1,544,651 | |
Fidelity Central Funds (cost $228,839) | 228,839 | |
Other affiliated issuers (cost $90,255) | 106,844 | |
Total Investments (cost $1,451,570) | | $ 1,880,334 |
Cash | | 10 |
Foreign currency held at value (cost $2,263) | | 2,267 |
Receivable for investments sold | | 15,921 |
Receivable for fund shares sold | | 1,194 |
Dividends receivable | | 3,977 |
Interest receivable | | 32 |
Distributions receivable from Fidelity Central Funds | | 273 |
Prepaid expenses | | 7 |
Other receivables | | 419 |
Total assets | | 1,904,434 |
| | |
Liabilities | | |
Payable for investments purchased | $ 19,244 | |
Payable for fund shares redeemed | 3,455 | |
Accrued management fee | 1,093 | |
Distribution fees payable | 48 | |
Other affiliated payables | 362 | |
Other payables and accrued expenses | 224 | |
Collateral on securities loaned, at value | 174,331 | |
Total liabilities | | 198,757 |
| | |
Net Assets | | $ 1,705,677 |
Net Assets consist of: | | |
Paid in capital | | $ 1,156,699 |
Undistributed net investment income | | 6,154 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 114,042 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 428,782 |
Net Assets | | $ 1,705,677 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2007 |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($35,916 ÷ 1,309.1 shares) | | $ 27.43 |
| | |
Maximum offering price per share (100/94.25 of $27.43) | | $ 29.10 |
Class T:
Net Asset Value and redemption price per share ($38,073 ÷ 1,393.5 shares) | | $ 27.32 |
| | |
Maximum offering price per share (100/96.50 of $27.32) | | $ 28.31 |
Class B:
Net Asset Value and offering price per share
($10,725 ÷ 397.6 shares)A | | $ 26.97 |
| | |
Class C:
Net Asset Value and offering price per share
($19,292 ÷ 712.3 shares)A | | $ 27.08 |
| | |
International Small Cap:
Net Asset Value, offering price and redemption price per share ($1,594,350 ÷ 57,644.2 shares) | | $ 27.66 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($7,321 ÷ 265.3 shares) | | $ 27.60 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended April 30, 2007 |
Investment Income | | |
Dividends (including $4,459 earned from other affiliated issuers) | | $ 13,620 |
Interest | | 223 |
Income from Fidelity Central Funds | | 2,237 |
| | 16,080 |
Less foreign taxes withheld | | (946) |
Total income | | 15,134 |
| | |
Expenses | | |
Management fee
Basic fee | $ 7,515 | |
Performance adjustment | (1,187) | |
Transfer agent fees | 1,870 | |
Distribution fees | 296 | |
Accounting and security lending fees | 405 | |
Custodian fees and expenses | 357 | |
Independent trustees' compensation | 3 | |
Registration fees | 63 | |
Audit | 56 | |
Legal | 25 | |
Miscellaneous | 7 | |
Total expenses before reductions | 9,410 | |
Expense reductions | (447) | 8,963 |
Net investment income (loss) | | 6,171 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $1) | 158,074 | |
Other affiliated issuers | (6,348) | |
Foreign currency transactions | (51) | |
Total net realized gain (loss) | | 151,675 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $4) | 124,308 | |
Assets and liabilities in foreign currencies | 91 | |
Total change in net unrealized appreciation (depreciation) | | 124,399 |
Net gain (loss) | | 276,074 |
Net increase (decrease) in net assets resulting from operations | | $ 282,245 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended
April 30,
2007 | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 6,171 | $ 6,181 |
Net realized gain (loss) | 151,675 | 461,201 |
Change in net unrealized appreciation (depreciation) | 124,399 | (42,338) |
Net increase (decrease) in net assets resulting
from operations | 282,245 | 425,044 |
Distributions to shareholders from net investment income | (3,787) | (10,829) |
Distributions to shareholders from net realized gain | (351,004) | (234,438) |
Total distributions | (354,791) | (245,267) |
Share transactions - net increase (decrease) | (158,379) | (456,221) |
Redemption fees | 121 | 565 |
Total increase (decrease) in net assets | (230,804) | (275,879) |
| | |
Net Assets | | |
Beginning of period | 1,936,481 | 2,212,360 |
End of period (including undistributed net investment income of $6,154 and undistributed net investment income of $5,133, respectively) | $ 1,705,677 | $ 1,936,481 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 28.79 | $ 26.69 | $ 21.25 | $ 17.69 | $ 12.35 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .05 | (.02) | .05 | .02 | .02 H |
Net realized and unrealized gain (loss) | 4.24 | 5.05 | 6.16 | 3.83 | 5.30 |
Total from investment operations | 4.29 | 5.03 | 6.21 | 3.85 | 5.32 |
Distributions from net investment income | - | (.05) | (.02) | (.02) | - |
Distributions from net realized gain | (5.65) | (2.89) | (.77) | (.31) | - |
Total distributions | (5.65) | (2.94) | (.79) | (.33) | - |
Redemption fees added to paid in capital E | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 27.43 | $ 28.79 | $ 26.69 | $ 21.25 | $ 17.69 |
Total Return B, C, D | 17.53% | 20.22% | 30.16% | 22.36% | 43.24% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 1.39% A | 1.64% | 1.66% | 1.71% | 1.77% A |
Expenses net of fee waivers, if any | 1.39% A | 1.64% | 1.66% | 1.71% | 1.77% A |
Expenses net of all reductions | 1.34% A | 1.58% | 1.63% | 1.69% | 1.74% A |
Net investment income (loss) | .40% A | (.08)% | .21% | .09% | .28% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 36 | $ 37 | $ 35 | $ 13 | $ 5 |
Portfolio turnover rate G | 63% A | 84% | 79% | 77% | 84% A |
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 sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. K Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 28.64 | $ 26.57 | $ 21.20 | $ 17.68 | $ 12.35 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .02 | (.09) | (.01) | (.03) | - H, K |
Net realized and unrealized gain (loss) | 4.23 | 5.03 | 6.12 | 3.83 | 5.31 |
Total from investment operations | 4.25 | 4.94 | 6.11 | 3.80 | 5.31 |
Distributions from net investment income | - | - | - | (.01) | - |
Distributions from net realized gain | (5.57) | (2.88) | (.76) | (.31) | - |
Total distributions | (5.57) | (2.88) | (.76) | (.32) | - |
Redemption fees added to paid in capital E | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 27.32 | $ 28.64 | $ 26.57 | $ 21.20 | $ 17.68 |
Total Return B, C, D | 17.42% | 19.93% | 29.72% | 22.07% | 43.16% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 1.62% A | 1.89% | 1.92% | 1.94% | 2.12% A |
Expenses net of fee waivers, if any | 1.62% A | 1.89% | 1.91% | 1.94% | 2.12% A |
Expenses net of all reductions | 1.58% A | 1.83% | 1.88% | 1.92% | 2.09% A |
Net investment income (loss) | .16% A | (.32)% | (.04)% | (.14)% | (.07)% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 38 | $ 42 | $ 42 | $ 15 | $ 4 |
Portfolio turnover rate G | 63% A | 84% | 79% | 77% | 84% A |
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 sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. K Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 28.26 | $ 26.24 | $ 20.99 | $ 17.62 | $ 12.35 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | (.05) | (.24) | (.14) | (.16) | (.05) H |
Net realized and unrealized gain (loss) | 4.17 | 4.98 | 6.08 | 3.80 | 5.30 |
Total from investment operations | 4.12 | 4.74 | 5.94 | 3.64 | 5.25 |
Distributions from net realized gain | (5.41) | (2.73) | (.71) | (.31) | - |
Redemption fees added to paid in capital E | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 26.97 | $ 28.26 | $ 26.24 | $ 20.99 | $ 17.62 |
Total Return B, C, D | 17.10% | 19.28% | 29.13% | 21.21% | 42.67% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 2.16% A | 2.48% | 2.49% | 2.63% | 2.76% A |
Expenses net of fee waivers, if any | 2.16% A | 2.40% | 2.43% | 2.63% | 2.76% A |
Expenses net of all reductions | 2.11% A | 2.34% | 2.40% | 2.60% | 2.73% A |
Net investment income (loss) | (.38)% A | (.84)% | (.56)% | (.83)% | (.71)% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 11 | $ 11 | $ 13 | $ 5 | $ 1 |
Portfolio turnover rate G | 63% A | 84% | 79% | 77% | 84% A |
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 contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. K Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 28.33 | $ 26.31 | $ 21.04 | $ 17.64 | $ 12.35 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | (.04) | (.23) | (.13) | (.12) | (.04) H |
Net realized and unrealized gain (loss) | 4.18 | 4.99 | 6.10 | 3.80 | 5.31 |
Total from investment operations | 4.14 | 4.76 | 5.97 | 3.68 | 5.27 |
Distributions from net investment income | - | - | - | (.01) | - |
Distributions from net realized gain | (5.39) | (2.75) | (.72) | (.31) | - |
Total distributions | (5.39) | (2.75) | (.72) | (.32) | - |
Redemption fees added to paid in capital E | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 27.08 | $ 28.33 | $ 26.31 | $ 21.04 | $ 17.64 |
Total Return B, C, D | 17.09% | 19.34% | 29.22% | 21.43% | 42.83% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 2.11% A | 2.38% | 2.41% | 2.43% | 2.57% A |
Expenses net of fee waivers, if any | 2.11% A | 2.38% | 2.41% | 2.43% | 2.57% A |
Expenses net of all reductions | 2.06% A | 2.32% | 2.38% | 2.40% | 2.55% A |
Net investment income (loss) | (.32)% A | (.81)% | (.54)% | (.62)% | (.52)% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 19 | $ 21 | $ 25 | $ 9 | $ 1 |
Portfolio turnover rate G | 63% A | 84% | 79% | 77% | 84% A |
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 contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. K Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Small Cap
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 | 2002 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.03 | $ 26.89 | $ 21.36 | $ 17.71 | $ 9.87 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .10 | .08 | .15 | .10 | .07 G | (.01) |
Net realized and unrealized gain (loss) | 4.27 | 5.08 | 6.19 | 3.84 | 7.75 | (.12) |
Total from investment operations | 4.37 | 5.16 | 6.34 | 3.94 | 7.82 | (.13) |
Distributions from net investment income | (.07) | (.14) | (.06) | (.02) | - | - |
Distributions from net realized gain | (5.67) | (2.89) | (.77) | (.31) | (.02) | - |
Total distributions | (5.74) | (3.03) | (.83) | (.33) | (.02) | - |
Redemption fees added to paid in capital D | - J | .01 | .02 | .04 | .04 | - J |
Net asset value, end of period | $ 27.66 | $ 29.03 | $ 26.89 | $ 21.36 | $ 17.71 | $ 9.87 |
Total Return B, C | 17.73% | 20.65% | 30.67% | 22.84% | 79.78% | (1.30)% |
Ratios to Average Net Assets E, I | | | | | |
Expenses before reductions | 1.04% A | 1.28% | 1.28% | 1.30% | 1.54% | 13.70% A |
Expenses net of fee waivers, if any | 1.04% A | 1.28% | 1.28% | 1.30% | 1.54% | 1.80% A |
Expenses net of all reductions | .99% A | 1.22% | 1.25% | 1.28% | 1.51% | 1.80% A |
Net investment income (loss) | .75% A | .29% | .59% | .50% | .46% | (.56)% A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 1,594 | $ 1,816 | $ 2,090 | $ 1,091 | $ 547 | $ 3 |
Portfolio turnover rate F | 63% A | 84% | 79% | 77% | 84% | 85% A |
A Annualized 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. EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.03 per share. H For the period September 18, 2002 (commencement of operations) to October 31, 2002. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 28.99 | $ 26.86 | $ 21.36 | $ 17.72 | $ 12.35 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .10 | .08 | .14 | .10 | .04 G |
Net realized and unrealized gain (loss) | 4.26 | 5.07 | 6.18 | 3.84 | 5.31 |
Total from investment operations | 4.36 | 5.15 | 6.32 | 3.94 | 5.35 |
Distributions from net investment income | (.07) | (.14) | (.07) | (.03) | - |
Distributions from net realized gain | (5.67) | (2.89) | (.77) | (.31) | - |
Total distributions | (5.75) | (3.03) | (.84) | (.34) | - |
Redemption fees added to paid in capital D | - J | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 27.60 | $ 28.99 | $ 26.86 | $ 21.36 | $ 17.72 |
Total Return B, C | 17.72% | 20.65% | 30.59% | 22.84% | 43.48% |
Ratios to Average Net Assets E, I | | | | | |
Expenses before reductions | 1.04% A | 1.29% | 1.30% | 1.32% | 1.51% A |
Expenses net of fee waivers, if any | 1.04% A | 1.29% | 1.30% | 1.32% | 1.51% A |
Expenses net of all reductions | .99% A | 1.23% | 1.27% | 1.29% | 1.48% A |
Net investment income (loss) | .75% A | .28% | .57% | .49% | .54% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 7 | $ 9 | $ 7 | $ 3 | $ .4 |
Portfolio turnover rate F | 63% A | 84% | 79% | 77% | 84% A |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.01 per share. H For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2007
(Amounts in thousands except ratios)
1. Organization.
Fidelity International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The 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 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.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies.
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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and income distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 will claim 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 | $ 538,409 | |
Unrealized depreciation | (129,743) | |
Net unrealized appreciation (depreciation) | $ 408,666 | |
Cost for federal income tax purposes | $ 1,471,668 | |
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.
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
Semiannual Report
4. 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $528,824 and $1,014,952, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease.
In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, International Small Cap, as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .73% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
6. 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
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 44 | $ 3 |
Class T | .25% | .25% | 98 | - |
Class B | .75% | .25% | 54 | 41 |
Class C | .75% | .25% | 100 | 17 |
| | | $ 296 | $ 61 |
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 and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2 |
Class T | 2 |
Class B* | 13 |
Class C* | 2 |
| $ 19 |
* 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
6. 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
Average
Net Assets* |
Class A | $ 54 | .30 |
Class T | 58 | .29 |
Class B | 18 | .33 |
Class C | 27 | .28 |
International Small Cap | 1,705 | .21 |
Institutional Class | 8 | .20 |
| $ 1,870 | |
* 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.
7. 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 amounted to $2 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
8. Security Lending - continued
experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less 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 Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $667.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $387 for the period. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction | |
International Small Cap | $ 18 | |
10. 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.
In September 2006, the Fund's transfer agent, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.
Semiannual Report
10. Other - continued
The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.
In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2007 | Year ended
October 31,
2006 |
From net investment income | | |
Class A | $ - | $ 62 |
International Small Cap | 3,765 | 10,726 |
Institutional Class | 22 | 42 |
Total | $ 3,787 | $ 10,829 |
From net realized gain | | |
Class A | $ 6,864 | $ 3,713 |
Class T | 7,706 | 4,531 |
Class B | 2,092 | 1,339 |
Class C | 3,882 | 2,560 |
International Small Cap | 328,782 | 221,459 |
Institutional Class | 1,678 | 836 |
Total | $ 351,004 | $ 234,438 |
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2007 | Year ended
October 31,
2006 | Six months ended
April 30,
2007 | Year ended
October 31,
2006 |
Class A | | | | |
Shares sold | 131 | 335 | $ 3,392 | $ 9,788 |
Reinvestment of distributions | 252 | 125 | 6,096 | 3,194 |
Shares redeemed | (349) | (490) | (9,083) | (14,008) |
Net increase (decrease) | 34 | (30) | $ 405 | $ (1,026) |
Class T | | | | |
Shares sold | 118 | 413 | $ 3,025 | $ 11,877 |
Reinvestment of distributions | 297 | 165 | 7,166 | 4,209 |
Shares redeemed | (487) | (679) | (12,651) | (19,325) |
Net increase (decrease) | (72) | (101) | $ (2,460) | $ (3,239) |
Class B | | | | |
Shares sold | 12 | 69 | $ 285 | $ 1,926 |
Reinvestment of distributions | 79 | 48 | 1,892 | 1,211 |
Shares redeemed | (95) | (202) | (2,417) | (5,665) |
Net increase (decrease) | (4) | (85) | $ (240) | $ (2,528) |
Class C | | | | |
Shares sold | 36 | 146 | $ 896 | $ 4,106 |
Reinvestment of distributions | 124 | 80 | 2,967 | 2,033 |
Shares redeemed | (201) | (431) | (5,148) | (11,929) |
Net increase (decrease) | (41) | (205) | $ (1,285) | $ (5,790) |
International Small Cap | | | | |
Shares sold | 3,551 | 17,580 | $ 93,299 | $ 512,573 |
Reinvestment of distributions | 12,767 | 8,379 | 311,000 | 216,010 |
Shares redeemed | (21,236) | (41,151) | (557,775) | (1,173,251) |
Net increase (decrease) | (4,918) | (15,192) | $ (153,476) | $ (444,668) |
Institutional Class | | | | |
Shares sold | 31 | 124 | $ 789 | $ 3,656 |
Reinvestment of distributions | 39 | 20 | 938 | 506 |
Shares redeemed | (117) | (109) | (3,050) | (3,132) |
Net increase (decrease) | (47) | 35 | $ (1,323) | $ 1,030 |
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, 2007, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months ended April 30, 2007 and for the year ended October 31, 2006, and the financial highlights for the periods presented. 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, 2007, 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, 2007, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2007 and for the year ended October 31, 2006, and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 20, 2007
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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Indiana
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Kansas
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Maine
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Maryland
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Massachusetts
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Boston, MA
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238 Main Street
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Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Michigan
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Ann Arbor, MI
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799 Central Park Avenue
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North Carolina
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Ohio
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Oregon
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Pennsylvania
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Utah
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Virginia
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Washington
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Washington, DC
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595 North Barker Road
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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
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
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
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
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
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 Agent
Fidelity Service Company, Inc.
Boston, MA
Custodian
Mellon Bank
Pittsburgh, PA
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) (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
ISC-USAN-0607
1.800661.103
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Small Cap
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2007
(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 | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
Report of Independent Registered Public Accounting Firm | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning
Account Value
November 1, 2006 | Ending
Account Value
April 30, 2007 | Expenses Paid
During Period*
November 1, 2006
to April 30, 2007 |
Class A | | | |
Actual | $ 1,000.00 | $ 1,175.30 | $ 7.50 |
HypotheticalA | $ 1,000.00 | $ 1,017.90 | $ 6.95 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,174.20 | $ 8.73 |
HypotheticalA | $ 1,000.00 | $ 1,016.76 | $ 8.10 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,171.00 | $ 11.63 |
HypotheticalA | $ 1,000.00 | $ 1,014.08 | $ 10.79 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,170.90 | $ 11.36 |
HypotheticalA | $ 1,000.00 | $ 1,014.33 | $ 10.54 |
International Small Cap | | | |
Actual | $ 1,000.00 | $ 1,177.30 | $ 5.61 |
HypotheticalA | $ 1,000.00 | $ 1,019.64 | $ 5.21 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,177.20 | $ 5.61 |
HypotheticalA | $ 1,000.00 | $ 1,019.64 | $ 5.21 |
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
Expense Ratio |
Class A | 1.39% |
Class T | 1.62% |
Class B | 2.16% |
Class C | 2.11% |
International Small Cap | 1.04% |
Institutional Class | 1.04% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Japan 26.8% | |
| United Kingdom 16.8% | |
| Australia 13.2% | |
| Italy 5.3% | |
| United States of America 5.3% | |
| Germany 3.4% | |
| France 3.2% | |
| Canada 3.2% | |
| South Africa 2.8% | |
| Other 20.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan 31.2% | |
| United Kingdom 19.2% | |
| Australia 10.5% | |
| United States of America 5.1% | |
| Canada 3.7% | |
| France 3.2% | |
| Germany 3.1% | |
| Italy 2.9% | |
| Bermuda 2.5% | |
| Other 18.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Investment Companies | 96.6 | 96.1 |
Bonds | 0.2 | 0.3 |
Short-Term Investments and Net Other Assets | 3.2 | 3.6 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Banca Italease Spa (Italy, Diversified Financial Services) | 2.8 | 2.3 |
Max Petroleum PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 2.0 | 1.1 |
Steinhoff International Holdings Ltd. (South Africa, Household Durables) | 1.4 | 1.1 |
121Media, Inc. (United States of America, Media) | 1.2 | 0.6 |
Nissin Kogyo Co. Ltd. (Japan, Auto Components) | 1.1 | 1.2 |
Stepstone ASA (Norway, Commercial Services & Supplies) | 1.1 | 0.4 |
International Ferro Metals (Australia, Metals & Mining) | 1.1 | 0.9 |
Ceske Energeticke Zavody AS (Czech Republic, Electric Utilities) | 0.9 | 1.1 |
E.ON AG (Germany, Electric Utilities) | 0.8 | 0.6 |
Nihon Dempa Kogyo Co. Ltd. (Japan, Electronic Equipment & Instruments) | 0.8 | 0.7 |
| 13.2 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 20.0 | 15.1 |
Consumer Discretionary | 17.1 | 16.8 |
Materials | 15.0 | 16.7 |
Financials | 13.4 | 11.3 |
Energy | 9.0 | 10.3 |
Information Technology | 8.4 | 11.4 |
Utilities | 5.2 | 4.6 |
Health Care | 4.3 | 5.4 |
Consumer Staples | 3.7 | 3.7 |
Telecommunication Services | 0.7 | 1.1 |
Semiannual Report
Investments April 30, 2007
Showing Percentage of Net Assets
Common Stocks - 96.6% |
| Shares | | Value (000s) |
Australia - 13.2% |
Allied Gold Ltd. (a) | 11,880,000 | | $ 4,045 |
AMP Ltd. | 377,100 | | 3,366 |
Aristocrat Leisure Ltd. | 109,200 | | 1,505 |
ASX Ltd. | 181,509 | | 7,235 |
Ausenco Ltd. | 344,500 | | 2,100 |
Austbrokers Holdings Ltd. | 1,102,345 | | 4,522 |
Australian Wealth Management Ltd. | 1,555,487 | | 3,165 |
Babcock & Brown Japan Property Trust | 2,892,400 | | 4,684 |
Babcock & Brown Ltd. | 37,200 | | 916 |
Billabong International Ltd. | 185,200 | | 2,538 |
Boart Longyear Ltd. | 1,402,500 | | 2,248 |
Boral Ltd. | 118,200 | | 830 |
Bradken Ltd. | 601,395 | | 4,770 |
Brambles Ltd. (a) | 291,800 | | 3,196 |
Cabcharge Australia Ltd. | 47,600 | | 460 |
Capital-XX Ltd. | 2,262,572 | | 5,089 |
Centamin Egypt Ltd. (a) | 3,589,755 | | 3,158 |
CFS Retail Property Trust | 422,200 | | 810 |
Cochlear Ltd. | 52,400 | | 2,761 |
Computershare Ltd. | 822,772 | | 7,140 |
David Jones Ltd. | 424,100 | | 1,750 |
Dominos Pizza Enterprises Ltd. | 1,671,520 | | 4,234 |
Downer EDI Ltd. | 1,286,173 | | 8,000 |
Dwyka Resources Ltd. (a) | 5,235,220 | | 3,925 |
Emeco Holdings Ltd. | 1,124,900 | | 1,756 |
European Gas Ltd. (a) | 1,673,600 | | 1,028 |
Flexigroup Ltd. | 1,723,400 | | 4,222 |
Fox Resources Ltd. warrants 6/30/07 (a) | 342,636 | | 114 |
Gunns Ltd. | 371,700 | | 1,065 |
Hastie Group Ltd. | 2,671,773 | | 8,343 |
HFA Holdings Ltd. | 2,035,100 | | 3,972 |
IBT Education Ltd. | 377,250 | | 627 |
Incitec Pivot Ltd. | 70,800 | | 2,869 |
International Ferro Metals (a) | 13,067,539 | | 18,028 |
Invocare Ltd. | 64,100 | | 294 |
Iress Market Technology Ltd. | 172,200 | | 1,177 |
JB Hi-Fi Ltd. (e) | 585,900 | | 4,048 |
Jumbuck Entertainment Ltd. (a) | 419,400 | | 557 |
McGuigan Simeon Wines Ltd. | 603,224 | | 1,252 |
Meo Australia Ltd. (a) | 5,066,100 | | 3,828 |
Mineral Deposits Ltd. (a) | 880,900 | | 973 |
Monto Minerals Ltd. (a) | 8,525,252 | | 1,726 |
Common Stocks - continued |
| Shares | | Value (000s) |
Australia - continued |
Monto Minerals Ltd. warrants 5/25/09 (a) | 1,485,934 | | $ 30 |
Mortgage Choice Ltd. | 1,851,838 | | 4,844 |
Oakton Ltd. | 184,615 | | 811 |
Paladin Resources Ltd. (a)(e) | 1,328,400 | | 10,590 |
Phosphagenics Ltd. (a) | 9,040,000 | | 2,027 |
QBE Insurance Group Ltd. | 165,423 | | 4,239 |
realestate.com.au Ltd. (a) | 134,764 | | 669 |
Reverse Corp. Ltd. | 493,100 | | 2,007 |
Roc Oil Co. Ltd. (United Kingdom) (a) | 2,864,489 | | 7,646 |
RP Data Ltd. | 1,481,800 | | 2,412 |
Rubicon Japan Trust | 3,266,600 | | 2,740 |
Seek Ltd. | 1,307,939 | | 8,027 |
SMS Management & Technology Ltd. | 315,600 | | 1,190 |
Sphere Investments Ltd. (a) | 1,305,498 | | 1,941 |
Sylvania Resources Ltd. (a)(f) | 7,878,437 | | 10,337 |
Sylvania Resources Ltd. (United Kingdom) (a)(f) | 4,923,630 | | 6,547 |
Tanami Gold NL | 19,652,484 | | 2,611 |
United Group Ltd. | 394,121 | | 5,139 |
Woolworths Ltd. | 373,526 | | 8,779 |
WorleyParsons Ltd. | 102,033 | | 2,330 |
Wotif.com Holdings Ltd. | 348,300 | | 1,238 |
TOTAL AUSTRALIA | | 224,480 |
Austria - 0.3% |
Oesterreichische Elektrizitaetswirtschafts AG (Verbund) (e) | 106,900 | | 5,530 |
Bermuda - 2.3% |
Aquarius Platinum Ltd. (United Kingdom) | 223,390 | | 6,700 |
Peace Mark Holdings Ltd. | 4,910,000 | | 5,524 |
Petra Diamonds Ltd. (a) | 2,461,491 | | 7,825 |
Ports Design Ltd. | 1,798,000 | | 5,057 |
RC Group (Holdings) Ltd. | 752,420 | | 1,677 |
Sinofert Holdings Ltd. | 1,960,000 | | 1,007 |
Tanzanite One Ltd. (f) | 5,808,701 | | 9,059 |
Trefoil Ltd. (a) | 385,100 | | 2,136 |
VODone Ltd. (a) | 2,442,000 | | 930 |
Xceldiam Ltd. warrants 11/16/07 (a) | 1,659,127 | | 66 |
TOTAL BERMUDA | | 39,981 |
British Virgin Islands - 0.3% |
Albidon Ltd. unit (a) | 1,469,000 | | 3,113 |
Kalahari Energy (h) | 1,451,000 | | 1,814 |
TOTAL BRITISH VIRGIN ISLANDS | | 4,927 |
Common Stocks - continued |
| Shares | | Value (000s) |
Canada - 3.0% |
AirSea Lines (a)(h) | 1,862,300 | | $ 1,271 |
AirSea Lines warrants 8/4/11 (a)(h) | 1,862,300 | | 0 |
Altius Minerals Corp. (a) | 374,906 | | 4,351 |
Antrim Energy, Inc. (a) | 274,340 | | 1,315 |
Antrim Energy, Inc. (a) | 800,000 | | 3,863 |
Bankers Petroleum Ltd. (a) | 3,767,000 | | 1,935 |
First Quantum Minerals Ltd. | 45,011 | | 3,108 |
MagIndustries Corp. (a) | 3,635,960 | | 4,914 |
Oilexco, Inc. (a) | 1,394,525 | | 10,969 |
Rally Energy Corp. (a) | 416,720 | | 2,452 |
Rock Well Petroleum, Inc. (h) | 770,400 | | 1,041 |
Sino-Forest Corp. (a) | 67,400 | | 820 |
Starfield Resources, Inc.: | | | |
warrants 5/23/07 (a)(h) | 1,313,025 | | 0 |
warrants 1/20/08 (a)(h) | 1,678,100 | | 78 |
Stealth Ventures Ltd. (a) | 966,500 | | 1,176 |
Stealth Ventures Ltd. warrants 3/12/08 (a)(h) | 483,250 | | 78 |
SXR Uranium One, Inc. (South Africa) (a) | 475,740 | | 7,295 |
Visual Defence, Inc. (a)(f) | 4,664,100 | | 1,539 |
Western Canadian Coal Corp. (a) | 1,554,418 | | 3,081 |
Western Canadian Coal Corp. (United Kingdom) (a) | 548,286 | | 1,096 |
TOTAL CANADA | | 50,382 |
Cayman Islands - 0.6% |
China Infrastructure Machinery Holdings Ltd. | 646,000 | | 1,234 |
EcoGreen Fine Chemical Group Ltd. | 2,588,000 | | 923 |
Embry Holdings Ltd. | 1,081,000 | | 1,032 |
Ju Teng International Holdings Ltd. (a) | 2,830,000 | | 669 |
Kingboard Chemical Holdings Ltd. | 364,500 | | 1,710 |
Kingdee International Software Group Co. Ltd. | 396,000 | | 310 |
Lee & Man Paper Manufacturing Ltd. | 570,000 | | 1,610 |
Neo-Neon Holdings Ltd. | 1,136,000 | | 1,888 |
Simcere Pharmaceutical Group sponsored ADR | 81,000 | | 1,345 |
TOTAL CAYMAN ISLANDS | | 10,721 |
China - 0.8% |
Anhui Conch Cement Co. Ltd. (H Shares) | 140,000 | | 564 |
BYD Co. Ltd. (H Shares) (a) | 108,500 | | 675 |
China Hongxing Sports Ltd. | 697,000 | | 1,652 |
China International Marine Containers Co. Ltd. (B Shares) | 751,500 | | 1,896 |
China Mengniu Dairy Co. Ltd. | 734,000 | | 2,247 |
China Merchants Bank Co. Ltd. (H Shares) | 264,000 | | 650 |
Common Stocks - continued |
| Shares | | Value (000s) |
China - continued |
China Oilfield Services Ltd. (H Shares) | 1,682,000 | | $ 1,436 |
China Shipping Development Co. Ltd. (H Shares) | 182,000 | | 346 |
Dongfang Electrical Machinery Co. Ltd. (H Shares) | 80,000 | | 323 |
Nine Dragons Paper (Holdings) Ltd. | 479,000 | | 976 |
Shandong Weigao Group Medical Polymer Co. Ltd. | 776,000 | | 1,367 |
Shenzhou International Group Holdings Ltd. | 678,000 | | 300 |
Xinjiang Tianye Water Saving Irrigation System Co. Ltd. | 806,000 | | 241 |
Yantai Changyu Pioneer Wine Co. (B Shares) | 174,010 | | 839 |
TOTAL CHINA | | 13,512 |
Cyprus - 0.2% |
Buried Hill Energy (Cyprus) PCL (h) | 1,947,000 | | 2,142 |
Marfin Popular Bank Public Co. | 173,665 | | 1,995 |
TOTAL CYPRUS | | 4,137 |
Czech Republic - 0.9% |
Ceske Energeticke Zavody AS | 319,140 | | 15,600 |
Denmark - 0.3% |
DSV de Sammensluttede Vognmaend AS (e) | 25,930 | | 5,376 |
Finland - 1.3% |
Inion OY (a) | 3,590,300 | | 2,566 |
Nokian Tyres Ltd. | 430,910 | | 13,319 |
Rakentajain Konevuokraamo Oyj (B Shares) | 152,030 | | 6,027 |
TOTAL FINLAND | | 21,912 |
France - 3.2% |
Carbone Lorraine | 27,400 | | 1,809 |
Electricite de France | 90,900 | | 7,951 |
ENTREPOSE Contracting | 13,692 | | 1,045 |
Geodis SA | 42,180 | | 9,682 |
Guerbet SA | 8,400 | | 1,639 |
Icade SA (e) | 123,018 | | 9,444 |
Laurent-Perrier Group | 31,960 | | 3,829 |
Norbert Dentressangle SA | 38,142 | | 3,628 |
Seche Environment SA | 11,560 | | 2,077 |
Veolia Environnement (e) | 166,000 | | 13,795 |
TOTAL FRANCE | | 54,899 |
Germany - 3.4% |
Deutz AG (a) | 601,600 | | 9,646 |
E.ON AG | 93,000 | | 13,986 |
ElringKlinger AG | 18,284 | | 1,569 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
Fresenius Medical Care AG | 88,370 | | $ 13,316 |
Interhyp AG | 23,450 | | 2,915 |
Kontron AG | 154,620 | | 2,882 |
MLP AG | 89,150 | | 2,230 |
SGL Carbon AG (a) | 272,200 | | 10,686 |
TOTAL GERMANY | | 57,230 |
Greece - 1.0% |
Fourlis Holdings SA | 110,000 | | 2,756 |
Hellenic Technodomiki Tev SA | 223,750 | | 3,084 |
Sarantis SA (Reg.) | 1,076,638 | | 11,900 |
TOTAL GREECE | | 17,740 |
Hong Kong - 1.0% |
Bank of East Asia Ltd. | 158,437 | | 980 |
Cafe de Coral Holdings Ltd. | 686,000 | | 1,254 |
China Overseas Land & Investment Ltd. | 1,348,000 | | 1,649 |
Esprit Holdings Ltd. | 246,000 | | 3,003 |
Fairwood Holdings Ltd. (g) | 878,500 | | 1,249 |
Hang Lung Properties Ltd. | 1,208,000 | | 3,606 |
Li & Fung Ltd. | 924,000 | | 2,906 |
Midland Holdings Ltd. | 860,000 | | 534 |
Tai Cheung Holdings Ltd. | 700,000 | | 490 |
Vtech Holdings Ltd. | 281,000 | | 2,130 |
TOTAL HONG KONG | | 17,801 |
India - 0.1% |
Deccan Chronicle Holdings Ltd. | 95,000 | | 478 |
INFO Edge India Ltd. | 66,039 | | 1,253 |
TOTAL INDIA | | 1,731 |
Indonesia - 0.1% |
PT Telkomunikasi Indonesia Tbk Series B | 1,463,500 | | 1,692 |
Ireland - 0.5% |
Adwalker PLC (a)(f) | 9,125,000 | | 388 |
Kenmare Resources PLC (a) | 2,640,000 | | 2,600 |
Kenmare Resources PLC warrants 7/23/09 (a) | 1,712,500 | | 1,036 |
Petroceltic International PLC (a) | 13,644,934 | | 3,820 |
Vimio PLC (a) | 867,300 | | 1,145 |
TOTAL IRELAND | | 8,989 |
Israel - 0.3% |
Israel Chemicals Ltd. | 611,900 | | 4,708 |
Common Stocks - continued |
| Shares | | Value (000s) |
Italy - 5.3% |
ASM Spa | 626,550 | | $ 4,222 |
Banca Italease Spa (e) | 790,700 | | 48,107 |
Enel S.p.A. | 543,800 | | 6,192 |
ERG Spa | 71,100 | | 2,013 |
Guala Closures Spa | 475,090 | | 3,697 |
Hera Spa | 1,510,160 | | 6,984 |
Impregilo Spa (a) | 447,350 | | 3,656 |
Lottomatica Spa | 58,540 | | 2,414 |
Seldovia Native Association, Inc. (SNAI) (a) | 1,081,120 | | 11,509 |
Teleunit Spa (f) | 12,719,158 | | 1,208 |
TOTAL ITALY | | 90,002 |
Japan - 26.8% |
Abc-Mart, Inc. (e) | 333,600 | | 7,449 |
Access Co. Ltd. (a) | 256 | | 385 |
Adeka Corp. | 144,000 | | 1,573 |
Aeon Fantasy Co. Ltd. | 45,120 | | 1,149 |
Airport Facilities Co. Ltd. | 19,200 | | 141 |
Anritsu Corp. (e) | 1,259,000 | | 5,836 |
AOI Electronics Co. Ltd. | 66,100 | | 1,326 |
ARDEPRO CO., Ltd. | 10,626 | | 3,554 |
Ariake Japan Co. Ltd. | 67,300 | | 1,383 |
Atlus Co. Ltd. (a) | 79,800 | | 441 |
Atrium Co. Ltd. | 64,400 | | 1,754 |
Axell Corp. | 384 | | 1,183 |
Bit-isle, Inc. | 1,190 | | 1,252 |
Bookoff Corp. | 166,100 | | 2,799 |
Brother Industries Ltd. | 342,000 | | 4,648 |
C. Uyemura & Co. Ltd. | 40,100 | | 2,463 |
Cabin Co. Ltd. (e) | 104,000 | | 448 |
CareNet, Inc. | 12 | | 30 |
Chiba Bank Ltd. | 382,000 | | 3,158 |
Chiyoda Corp. | 65,000 | | 1,492 |
CMIC Co. Ltd. (e) | 1,670 | | 443 |
Create SD Co. Ltd. | 55,300 | | 931 |
Dai-ichi Seiko Co. Ltd. | 38,200 | | 907 |
Daido Metal Co. Ltd. (e) | 495,000 | | 3,097 |
Daikokutenbussan Co. Ltd. | 52,900 | | 617 |
Daiseki Co. Ltd. (e) | 72,600 | | 1,403 |
Daito Gyorui Co. Ltd. | 252,000 | | 505 |
Daiwa Securities Group, Inc. | 132,000 | | 1,470 |
Daiwabo Information System Ltd. | 202,500 | | 2,743 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Daiwasystem Co. Ltd. | 39,800 | | $ 968 |
Denyo Co. Ltd. | 67,700 | | 716 |
E*TRADE Securities Co. Ltd. (e) | 790 | | 851 |
Ebara-Udylite Co. Ltd. | 8,700 | | 232 |
Elpida Memory, Inc. (a)(e) | 22,300 | | 940 |
Endo Lighting Corp. | 125,600 | | 731 |
EPS Co. Ltd. (e) | 1,465 | | 4,553 |
Fast Retailing Co. Ltd. (e) | 12,300 | | 845 |
FCM Co. Ltd. | 30,800 | | 1,093 |
FinTech Global, Inc. (e) | 563 | | 419 |
Fuji Heavy Industries Ltd. | 176,000 | | 871 |
Fujitsu Component Ltd. (a) | 417 | | 572 |
Futaba Industrial Co. Ltd. | 38,800 | | 938 |
H-One Co. Ltd. | 21,800 | | 324 |
H.I.S. Co. Ltd. | 37,000 | | 1,145 |
Harakosan Co. Ltd. | 1,636 | | 4,202 |
Harmonic Drive Systems, Inc. (e) | 483 | | 2,636 |
Haseko Corp. (a) | 734,500 | | 2,433 |
Heiwa Real Estate Co. Ltd. (e) | 280,000 | | 1,856 |
Hikari Tsushin, Inc. (e) | 279,700 | | 11,143 |
Hioki EE Corp. (e) | 27,000 | | 633 |
Hiroshima Bank Ltd. | 339,000 | | 1,825 |
Hitachi Construction Machinery Co. Ltd. | 407,900 | | 12,732 |
Hokuriku Electric Industry (e) | 205,000 | | 462 |
Hokuto Corp. | 160,100 | | 2,554 |
Ibiden Co. Ltd. | 28,500 | | 1,620 |
Ichiyoshi Securities Co. Ltd. | 102,800 | | 1,651 |
IDU Co. | 1,731 | | 1,860 |
Imagineer Co. Ltd. | 30,100 | | 422 |
Index Holdings (e) | 4,627 | | 1,570 |
Inpex Holdings, Inc. | 184 | | 1,553 |
Intelligence Ltd. (e) | 409 | | 1,060 |
Intelligent Wave, Inc. (e) | 926 | | 484 |
Ishihara Chemical Co. Ltd. | 32,200 | | 592 |
Ishikawajima-Harima Heavy Industries Co. Ltd. (e) | 1,145,000 | | 4,462 |
Itochu Corp. | 449,000 | | 4,421 |
ITOCHU Techno-Solutions Corp. | 29,500 | | 1,346 |
Japan Airport Terminal Co. Ltd. | 89,000 | | 1,631 |
Japan Steel Works Ltd. | 478,000 | | 5,637 |
Jastec Co. Ltd. | 238,300 | | 2,456 |
Joint Corp. | 27,200 | | 899 |
Juroku Bank Ltd. | 149,000 | | 877 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Kakaku.com, Inc. (e) | 264 | | $ 768 |
Kandenko Co. Ltd. | 245,000 | | 1,556 |
Kanematsu Corp. (a)(e) | 652,000 | | 1,240 |
Kawasaki Heavy Industries Ltd. | 518,000 | | 2,062 |
Kenedix, Inc. (e) | 217 | | 951 |
Kibun Food Chemifa Co. Ltd. (e) | 36,400 | | 425 |
Kimoto Co. Ltd. | 80,700 | | 430 |
Kitagawa Seiki Co. Ltd. | 84,000 | | 431 |
KK daVinci Advisors (a)(e) | 4,535 | | 4,570 |
Kobayashi Pharmaceutical Co. Ltd. | 62,600 | | 2,342 |
Konica Minolta Holdings, Inc. | 112,500 | | 1,540 |
Kubota Corp. | 91,000 | | 860 |
Kura Corp. Ltd. | 4,580 | | 9,844 |
Kureha Chemical Industry Co. Ltd. | 96,000 | | 470 |
Kurita Water Industries Ltd. | 72,700 | | 1,815 |
Link Theory Holdings Co. Ltd. (e) | 102 | | 120 |
Mandom Corp. | 14,700 | | 376 |
MCJ Co. Ltd. (a) | 1,279 | | 553 |
Media Global Links Co. Ltd. | 648 | | 686 |
Meiko Electronics Co. Ltd. (e) | 46,700 | | 1,424 |
Micronics Japan Co. Ltd. | 117,900 | | 4,078 |
Mitsuba Corp. | 255,000 | | 2,016 |
Mitsui Engineering & Shipbuilding Co. (e) | 262,000 | | 1,174 |
Mitsui O.S.K. Lines Ltd. | 364,000 | | 4,588 |
Mitsumi Electric Co. Ltd. | 70,100 | | 2,338 |
Miyachi Corp. | 60,600 | | 1,062 |
Miyano Machinery, Inc. | 357,000 | | 1,228 |
Mori Seiki Co. Ltd. | 188,300 | | 4,945 |
Murata Manufacturing Co. Ltd. | 59,400 | | 4,378 |
Nabtesco Corp. | 111,000 | | 1,506 |
Nachi-Fujikoshi Corp. (e) | 275,000 | | 1,469 |
Namco Bandai Holdings, Inc. | 67,800 | | 1,102 |
NIC Corp. | 57,100 | | 422 |
Nidec Corp. | 22,400 | | 1,413 |
Nidec Sankyo Corp. (e) | 245,000 | | 1,616 |
Nihon Dempa Kogyo Co. Ltd. (e) | 283,000 | | 13,874 |
Nihon Kohden Corp. | 20,100 | | 454 |
Nihon Trim Co. Ltd. (e) | 193,500 | | 6,860 |
Nihonwasou Holdings, Inc. | 782 | | 435 |
Nikon Corp. | 76,000 | | 1,744 |
Nippon Carbon Co. Ltd. | 351,000 | | 1,385 |
Nippon Denko Co. Ltd. (e) | 1,706,000 | | 9,371 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Nippon Paint Co. Ltd. | 1,258,000 | | $ 7,368 |
Nippon Seiki Co. Ltd. | 634,000 | | 13,594 |
Nippon Suisan Kaisha Co. Ltd. | 288,100 | | 1,856 |
Nippon Yakin Kogyo Co. Ltd. (e) | 783,000 | | 7,931 |
Nissin Kogyo Co. Ltd. | 737,400 | | 19,578 |
Nitto Boseki Co. Ltd. | 326,000 | | 1,237 |
NOK Corp. | 625,100 | | 11,631 |
NSK Ltd. | 350,000 | | 3,388 |
Obara Corp. | 1,650 | | 31 |
Oiles Corp. | 77,040 | | 1,655 |
Okuma Corp. | 134,000 | | 1,601 |
Optoelectronics Co. Ltd. | 27,700 | | 331 |
Otaki Gas Co. Ltd. | 15,000 | | 79 |
Otsuka Corp. (e) | 39,400 | | 3,800 |
Pacific Metals Co. Ltd. | 128,000 | | 2,038 |
Pigeon Corp. (e) | 57,700 | | 867 |
Produce Co. Ltd. (a)(e) | 496 | | 2,350 |
Properst Co. Ltd. | 665 | | 1,247 |
Round One Corp. (e) | 2,649 | | 5,475 |
Ryobi Ltd. | 226,000 | | 1,670 |
Saison Information Systems Co. Ltd. | 21,100 | | 175 |
Sakai Chemical Industry Co. Ltd. | 55,000 | | 407 |
Sammy NetWorks Co. Ltd. (e) | 1,075 | | 5,421 |
Sansha Electric Manufacturing Co. Ltd. | 56,000 | | 506 |
Sanyo Denki Co. Ltd. | 16,000 | | 116 |
Sato Corp. (e) | 178,400 | | 3,479 |
Sawai Pharmaceutical Co. Ltd. (e) | 42,200 | | 1,753 |
Sec Carbon Ltd. | 33,000 | | 476 |
Sega Sammy Holdings, Inc. | 20,200 | | 457 |
Seria Co. Ltd. | 482 | | 893 |
Shaddy Co. Ltd. (e) | 118,900 | | 1,366 |
Shibaura Electronics Co. Ltd. | 119,400 | | 2,153 |
Shikoku Chemicals Corp. (e) | 88,000 | | 517 |
Shimachu Co. Ltd. | 80,600 | | 2,187 |
Shimamura Co. Ltd. | 11,800 | | 1,287 |
Shin Nippon Biomedical Laboratories Ltd. (e) | 69,600 | | 1,040 |
Shin-Kobe Electric Machinery Co. Ltd. | 419,000 | | 2,079 |
Shinohara Systems of Construction Co. Ltd. (a) | 678 | | 1,128 |
Shizuki Electric Co., Inc. | 158,000 | | 480 |
Sojitz Corp. (a) | 585,500 | | 2,213 |
SRI Sports Ltd. | 1,294 | | 1,647 |
St. Marc Holdings Co. Ltd. | 15,500 | | 838 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Stanley Electric Co. Ltd. | 386,100 | | $ 7,670 |
Star Micronics Co. Ltd. | 214,700 | | 5,192 |
Starbucks Coffee Japan Ltd. | 2,853 | | 1,254 |
Stella Chemifa Corp. (e) | 19,600 | | 614 |
Sumco Corp. | 26,200 | | 1,139 |
Sumitomo Corp. | 356,300 | | 6,103 |
Sumitomo Metal Industries Ltd. | 578,000 | | 2,935 |
Sumitomo Titanium Corp. (e) | 12,600 | | 1,349 |
Sumitomo Trust & Banking Co. Ltd. | 160,000 | | 1,563 |
Sun Frontier Fudousan Co. Ltd. | 790 | | 1,810 |
Sunx Ltd. (e) | 125,700 | | 954 |
Suruga Corp. | 105,100 | | 2,162 |
Sysmex Corp. (e) | 65,800 | | 2,521 |
T Rad Co. Ltd. (e) | 454,000 | | 2,217 |
T&D Holdings, Inc. | 18,300 | | 1,159 |
Taiho Kogyo Co. Ltd. | 81,200 | | 1,145 |
Taiyo Ink Manufacturing Co. Ltd. | 96,800 | | 2,572 |
Taiyo Kagaku | 73,500 | | 621 |
Taiyo Nippon Sanso Corp. | 222,000 | | 1,930 |
Takara Holdings, Inc. (e) | 324,000 | | 2,400 |
Takata Corp. | 58,400 | | 2,136 |
Takeuchi Manufacturing Co. Ltd. | 10,000 | | 409 |
Takiron Co. Ltd. (e) | 282,000 | | 995 |
Takisawa Machine Tool Co. Ltd. | 524,000 | | 1,273 |
Telewave, Inc. (e) | 392 | | 122 |
TFP Consulting Group Co. Ltd. | 169 | | 419 |
The Goodwill Group, Inc. (e) | 668 | | 419 |
TOA Valve Holding, Inc. | 161 | | 602 |
Toagosei Co. Ltd. | 354,000 | | 1,354 |
Tohcello Co. Ltd. | 99,500 | | 1,049 |
Toho Zinc Co. Ltd. | 272,000 | | 2,353 |
Tohoku Electric Power Co., Inc. | 46,300 | | 1,106 |
Tokai Carbon Co. Ltd. (e) | 216,000 | | 1,860 |
Tokai Rubber Industries Ltd. | 179,700 | | 3,478 |
Token Corp. (e) | 28,110 | | 1,408 |
Tokyo Gas Co. Ltd. | 248,000 | | 1,246 |
Tokyo Radiator Manufacturing Co. Ltd. | 13,700 | | 90 |
Tokyo Seimitsu Co. Ltd. (e) | 65,400 | | 2,260 |
Tomen Devices Corp. (e) | 28,300 | | 493 |
TonenGeneral Sekiyu KK (e) | 122,000 | | 1,313 |
Topcon Corp. | 32,500 | | 489 |
Toray Industries, Inc. | 157,000 | | 1,077 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Torishima Pump Manufacturing Co. Ltd. | 55,600 | | $ 605 |
Toshiba Machine Co. Ltd. (e) | 479,000 | | 4,667 |
Trancom Co. Ltd. | 70,200 | | 1,152 |
Tyo Productions, Inc. (e) | 85,500 | | 145 |
Ulvac, Inc. (e) | 32,000 | | 1,043 |
Unicom Group Holdings, Inc. | 135,600 | | 1,287 |
Usen Corp. (e) | 185,990 | | 1,560 |
Village Vanguard Co. Ltd. (e) | 136 | | 722 |
Wacom Co. Ltd. (e) | 173 | | 423 |
Yachiyo Industry Co. Ltd. | 64,200 | | 1,176 |
Yamada Denki Co. Ltd. | 49,740 | | 4,597 |
Yamaha Motor Co. Ltd. | 57,200 | | 1,511 |
Yaskawa Electric Corp. | 125,000 | | 1,429 |
Yonkyu Co. Ltd. | 135,500 | | 1,477 |
Yume No Machi Souzou Iinkai Co. Ltd. | 67 | | 160 |
TOTAL JAPAN | | 456,276 |
Kazakhstan - 0.1% |
JSC Halyk Bank of Kazakhstan unit (a) | 49,600 | | 1,116 |
Korea (South) - 0.8% |
Hyunjin Materials Co. Ltd. | 69,962 | | 1,974 |
JVM Co. Ltd. | 15,566 | | 799 |
LG Household & Health Care Ltd. | 16,790 | | 2,235 |
MegaStudy Co. Ltd. | 7,425 | | 1,253 |
NHN Corp. | 5,675 | | 888 |
Osstem Implant Co. Ltd. | 17,593 | | 837 |
SSCP Co. Ltd. (a) | 9,567 | | 269 |
Sung Kwang Bend Co. Ltd. | 178,958 | | 2,755 |
Taewoong Co. Ltd. | 16,881 | | 719 |
Woongjin Coway Co. Ltd. | 49,070 | | 1,641 |
YBM Sisa.com, Inc. | 44,849 | | 956 |
TOTAL KOREA (SOUTH) | | 14,326 |
Luxembourg - 0.2% |
SES SA FDR (France) unit | 142,650 | | 2,803 |
Malaysia - 0.3% |
DiGi.com BHD | 95,300 | | 568 |
Gamuda BHD | 495,000 | | 1,136 |
IJM Plantation BHD | 510,500 | | 300 |
KNM Group BHD | 238,600 | | 983 |
Common Stocks - continued |
| Shares | | Value (000s) |
Malaysia - continued |
MMC Corp. BHD | 357,200 | | $ 741 |
Zelan BHD | 253,400 | | 874 |
TOTAL MALAYSIA | | 4,602 |
Malta - 0.4% |
Unibet Group plc unit | 178,456 | | 5,913 |
Netherlands - 0.5% |
Engel East Europe NV | 975,032 | | 2,876 |
Koninklijke Ten Cate NV | 94,370 | | 3,834 |
Tele Atlas NV (Netherlands) (a) | 105,000 | | 2,188 |
TOTAL NETHERLANDS | | 8,898 |
Norway - 2.0% |
Aker Kvaerner ASA | 112,750 | | 2,686 |
Hafslund ASA (B Shares) (e) | 172,870 | | 4,257 |
Pertra AS (A Shares) | 175,642 | | 2,081 |
ProSafe ASA (e) | 328,950 | | 5,126 |
Schibsted ASA (B Shares) | 48,600 | | 2,230 |
Stepstone ASA (a) | 5,212,154 | | 18,398 |
TOTAL NORWAY | | 34,778 |
Oman - 0.1% |
BankMuscat SAOG sponsored GDR | 158,950 | | 1,971 |
Papua New Guinea - 0.1% |
Lihir Gold Ltd. (a) | 1,001,133 | | 2,478 |
Portugal - 0.2% |
Banif SGPS SA | 484,850 | | 3,778 |
Russia - 0.1% |
Sistema-Hals JSC unit | 91,600 | | 1,379 |
Singapore - 2.6% |
Advent Air Ltd. (f) | 14,719,299 | | 3,973 |
Ascott Residence Trust | 654,000 | | 839 |
Banyan Tree Holdings Ltd. | 2,220,000 | | 3,419 |
CapitaMall Trust | 746,000 | | 1,954 |
Cosco Corp. Singapore Ltd. | 2,157,000 | | 4,018 |
CSE Global Ltd. | 2,604,000 | | 3,017 |
Ezra Holdings Ltd. | 310,000 | | 1,306 |
F J Benjamin Holdings Ltd. | 2,892,000 | | 1,618 |
Hyflux Ltd. | 327,000 | | 581 |
Keppel Corp. Ltd. | 68,000 | | 958 |
Mapletree Logistics Trust (REIT) | 1,493,000 | | 1,317 |
Common Stocks - continued |
| Shares | | Value (000s) |
Singapore - continued |
Olam International Ltd. | 1,031,000 | | $ 2,145 |
Parkway Holdings Ltd. | 1,648,300 | | 4,297 |
Rickmers Maritime | 2,711,000 | | 2,802 |
SIA Engineering Co. Ltd. | 615,000 | | 1,862 |
Singapore Land Ltd. | 64,000 | | 442 |
Swissco International Ltd. | 1,541,000 | | 827 |
Unisteel Technology Ltd. | 533,000 | | 853 |
Uol Group Ltd. | 1,247,000 | | 3,989 |
Wing Tai Holdings Ltd. | 850,000 | | 1,880 |
Yangzijiang Shipbuilding Holdings Ltd. | 1,634,000 | | 1,420 |
Yanlord Land Group Ltd. | 838,000 | | 1,313 |
TOTAL SINGAPORE | | 44,830 |
South Africa - 2.8% |
African Rainbow Minerals Ltd. (a) | 291,610 | | 4,927 |
Illovo Sugar Ltd. | 1,385,820 | | 4,004 |
Investec Ltd. | 344,447 | | 4,893 |
Steinhoff International Holdings Ltd. | 6,659,732 | | 23,686 |
Telkom SA Ltd. | 146,300 | | 3,604 |
Wilson Bayly Holmes-Ovcon Ltd. | 446,856 | | 5,869 |
TOTAL SOUTH AFRICA | | 46,983 |
Sweden - 1.3% |
Hexagon AB (B Shares) (e) | 239,511 | | 10,975 |
Modern Times Group AB (MTG) (B Shares) | 199,460 | | 11,745 |
TOTAL SWEDEN | | 22,720 |
Switzerland - 1.1% |
Actelion Ltd. (Reg.) (a) | 16,588 | | 3,955 |
Bucher Industries AG | 15,811 | | 2,382 |
Partners Group Holding | 39,750 | | 5,045 |
Sulzer AG (Reg.) | 2,070 | | 2,740 |
Vontobel Holdings AG | 86,450 | | 4,831 |
TOTAL SWITZERLAND | | 18,953 |
Taiwan - 0.2% |
China Life Insurance Co. Ltd. (a) | 3,063,000 | | 1,319 |
Sinyi Realty, Inc. | 483,000 | | 1,377 |
TOTAL TAIWAN | | 2,696 |
United Kingdom - 16.8% |
Accsys Technologies PLC (a) | 500,000 | | 2,159 |
Accuma Group PLC (a) | 883,600 | | 1,290 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
ADVFN PLC (a) | 19,750,780 | | $ 1,037 |
AeroBox PLC (a) | 5,694,657 | | 0 |
Afren PLC (a)(e) | 4,580,710 | | 4,946 |
African Consolidated Resources PLC | 7,758,334 | | 2,172 |
African Copper PLC (a) | 1,677,884 | | 2,382 |
Air Partner PLC | 45,000 | | 1,107 |
Alfred McAlpine Group PLC | 359,600 | | 3,381 |
Alliance Pharma PLC (a) | 7,984,200 | | 1,556 |
Amlin PLC | 206,973 | | 1,284 |
Anglo Asian Mining PLC (a) | 4,169,300 | | 1,542 |
Appian Technology PLC (a) | 3,702,924 | | 851 |
Appian Technology PLC warrants 2/28/08 (a)(h) | 479,045 | | 192 |
Ascent Resources PLC warrants 12/22/07 (a) | 1,500,000 | | 172 |
Baltic Oil Terminals PLC | 1,314,300 | | 4,704 |
Belitung Zinc Corp. PLC (h) | 7,435,490 | | 1,487 |
BioCare Solutions PLC (f) | 4,849,670 | | 1,648 |
Bioprogress PLC (a) | 5,338,366 | | 6,671 |
Blackstar Investors PLC (a) | 2,735,000 | | 5,633 |
Block Shield Corp. PLC (a) | 1,103,400 | | 2,217 |
Cambrian Mining PLC | 4,026,100 | | 9,660 |
CareCapital Group PLC | 1,495,100 | | 1,016 |
Celsis International PLC (a) | 443,648 | | 1,929 |
Central African Mining & Exploration Co. PLC (a) | 4,497,509 | | 4,946 |
Centurion Electronics PLC (a)(f) | 780,024 | | 179 |
Clapham House Group PLC (a) | 278,850 | | 2,222 |
Cobra Biomanufacturing PLC (a) | 138,200 | | 128 |
Coffeeheaven International PLC (a) | 1,875,340 | | 1,594 |
Corac Group PLC (a)(f) | 5,084,104 | | 3,761 |
Countermine PLC (a)(h) | 4,939 | | 255 |
Countermine PLC warrants 7/26/06 (a)(h) | 4,939 | | 0 |
CustomVis plc (a)(f) | 8,417,536 | | 820 |
DA Group PLC (a) | 905,065 | | 480 |
Datacash Group PLC | 720,000 | | 3,588 |
Eclipse Energy Co. Ltd. (h) | 102,000 | | 1,530 |
Europa Oil & Gas Holdings PLC warrants 11/11/07 (a) | 500,000 | | 27 |
Financial Payment Systems Ltd. (a)(f) | 7,787,504 | | 467 |
Flomerics Group PLC | 449,658 | | 809 |
Forum Energy PLC (a) | 800,270 | | 888 |
Gasol PLC (a) | 7,750,800 | | 988 |
Gemfields Resources PLC (a) | 3,909,100 | | 2,384 |
Global Coal Management PLC (a) | 1,478,451 | | 4,286 |
Gyrus Group PLC (a) | 692,720 | | 6,576 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Hardide Ltd. (a) | 6,848,580 | | $ 1,335 |
Healthcare Enterprise Group PLC (a)(f) | 23,246,074 | | 2,231 |
Healthcare Enterprise Group PLC warrants 6/30/08 (a) | 1,851,769 | | 83 |
Hot Tuna International PLC (a) | 2,349,400 | | 752 |
Hot Tuna International PLC warrants 2/25/08 (a)(h) | 1,179,700 | | 0 |
Hydrodec Group PLC (a)(f) | 11,187,286 | | 5,816 |
Ideal Shopping Direct PLC | 661,592 | | 3,254 |
IG Group Holdings plc | 1,316,600 | | 8,088 |
Imagelinx PLC (a)(f) | 22,912,152 | | 916 |
Impact Holdings PLC (a)(f) | 10,414,000 | | 1,406 |
Imperial Energy PLC (a) | 70,000 | | 1,755 |
Indago Petroleum Ltd. (a) | 357,729 | | 662 |
Inova Holding PLC | 1,443,461 | | 346 |
International Con Minerals Ltd. (h) | 2,659,964 | | 798 |
International Con Minerals Ltd. warrants 4/30/07 (a)(h) | 1,329,982 | | 0 |
Intertek Group PLC | 94,110 | | 1,758 |
iomart Group PLC | 2,037,940 | | 2,160 |
Irvine Energy PLC (a) | 12,895,900 | | 774 |
ITE Group PLC | 2,116,540 | | 7,057 |
ITM Power PLC (a) | 1,780,200 | | 4,627 |
Jubilee Platinum PLC (a)(f) | 5,182,503 | | 12,383 |
Kalahari Minerals PLC | 2,351,800 | | 1,305 |
KBC Advanced Technologies PLC | 917,600 | | 871 |
Keronite PLC (a)(h) | 13,620,267 | | 1,634 |
KimCor Diamonds PLC (f) | 4,185,000 | | 816 |
KimCor Diamonds PLC warrants 3/15/08 (a) | 2,185,000 | | 186 |
Landround plc (a)(f) | 858,600 | | 240 |
Landround plc warrants 12/11/09 (a)(h) | 166,666 | | 15 |
Lansdowne Oil & Gas PLC | 907,620 | | 1,080 |
Lawrence PLC | 187,307 | | 854 |
London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a) | 105,400 | | 62 |
Max Petroleum PLC (a) | 9,611,220 | | 34,879 |
Meggitt PLC | 991,949 | | 6,099 |
MicroEmissive Displays (a)(f) | 2,365,500 | | 2,152 |
Motivcom PLC (f) | 1,820,500 | | 4,750 |
Advanced Fluid Connection PLC (a) | 7,009,687 | | 0 |
Plethora Solutions Holdings PLC (a) | 431,818 | | 1,351 |
Proteome Sciences PLC (a) | 780,842 | | 714 |
Pureprofile Media PLC (h) | 1,108,572 | | 831 |
Pursuit Dynamics PLC (a) | 666,667 | | 2,839 |
Rambler Metals & Mining PLC (a) | 1,300,000 | | 1,742 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
RGI International Ltd. | 391,550 | | $ 4,620 |
Rheochem PLC warrants 12/30/07 (a) | 4,364,150 | | 23 |
Sarantel Group PLC Class A (a)(f) | 3,385,900 | | 846 |
Scottish & Southern Energy PLC | 209,000 | | 6,281 |
SDL plc (a) | 863,350 | | 6,452 |
SDL plc | 159,777 | | 1,195 |
Sibir Energy PLC (a) | 84,580 | | 761 |
Sinclair Pharma PLC (a) | 1,128,371 | | 3,046 |
Sinosoft Technology PLC | 4,573,900 | | 1,578 |
SPI Lasers PLC (a) | 406,200 | | 1,836 |
Stem Cell Sciences PLC | 716,649 | | 695 |
SubSea Resources PLC (a) | 7,879,100 | | 1,044 |
SubSea Resources PLC warrants 11/4/09 (a) | 1,805,625 | | 72 |
Tanfield Group PLC (a) | 3,072,337 | | 8,124 |
Target Resources PLC | 1,020,000 | | 591 |
Target Resources PLC warrants 7/12/08 (a) | 1,020,000 | | 71 |
Tersus Energy PLC (a) | 1,333,622 | | 360 |
Third Advance Value Realisation Co. Ltd. | 507,108 | | 1,070 |
TMO Biotec (h) | 10,000 | | 1,389 |
Toledo Mining Corp. PLC (a)(f) | 1,764,544 | | 9,702 |
Triple Plate Junction PLC (a) | 1,539,200 | | 869 |
Triple Plate Junction PLC warrants 5/9/07 (a) | 1,818,750 | | 0 |
UK Coal PLC | 409,200 | | 4,598 |
Vanco PLC (a) | 117,600 | | 1,024 |
Vectura Group PLC (a) | 3,556,060 | | 6,186 |
Virotec International PLC (a) | 3,411,132 | | 921 |
York Pharma PLC (a) | 575,200 | | 1,599 |
Zenergy Power PLC (a) | 922,000 | | 2,728 |
ZincOx Resources PLC (a) | 693,100 | | 4,587 |
TOTAL UNITED KINGDOM | | 285,853 |
United States of America - 2.1% |
121Media, Inc. (a)(f) | 644,900 | | 20,019 |
Cyberview Technology, Inc. (a)(f) | 996,527 | | 3,238 |
Frontera Resources Corp. (a) | 1,157,200 | | 1,816 |
Frontier Mining Ltd. (a)(f) | 6,771,600 | | 2,403 |
Solar Integrated Technologies, Inc. (a) | 713,573 | | 1,769 |
Common Stocks - continued |
| Shares | | Value (000s) |
United States of America - continued |
Spacelabs Healthcare, Inc. (a) | 707,250 | | $ 997 |
XL TechGroup, Inc. (a) | 1,329,250 | | 5,289 |
TOTAL UNITED STATES OF AMERICA | | 35,531 |
TOTAL COMMON STOCKS (Cost $1,218,266) | 1,647,234 |
Investment Companies - 0.0% |
| | | |
United Kingdom - 0.0% |
The Greenhouse Fund Ltd. (a)
(Cost $404) | 2,175,000 | | 587 |
Convertible Bonds - 0.2% |
| Principal
Amount (000s) (d) | | |
Canada - 0.2% |
Western Canadian Coal Corp. 7.5% 3/24/11
(Cost $4,061) | CAD | 4,714 | | 3,674 |
Money Market Funds - 13.4% |
| Shares | | |
Fidelity Cash Central Fund, 5.29% (b) | 54,508,258 | | 54,508 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 174,330,943 | | 174,331 |
TOTAL MONEY MARKET FUNDS (Cost $228,839) | 228,839 |
TOTAL INVESTMENT PORTFOLIO - 110.2% (Cost $1,451,570) | | 1,880,334 |
NET OTHER ASSETS - (10.2)% | | (174,657) |
NET ASSETS - 100% | $ 1,705,677 |
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) 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 end of the period, the value of these securities amounted to $1,249,000 or 0.1% 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 $14,554,000 or 0.9% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
AirSea Lines | 8/4/06 | $ 1,199 |
AirSea Lines warrants 8/4/11 | 8/4/06 | $ 0 |
Appian Technology PLC warrants 2/28/08 | 2/18/05 | $ 0 |
Belitung Zinc Corp. PLC | 1/12/06 | $ 1,308 |
Buried Hill Energy (Cyprus) PCL | 8/18/06 | $ 2,142 |
Countermine PLC | 12/22/05 | $ 443 |
Countermine PLC warrants 7/26/06 | 12/22/05 | $ 0 |
Eclipse Energy Co. Ltd. | 4/28/05 | $ 1,459 |
Hot Tuna International PLC warrants 2/25/08 | 2/14/06 | $ 0 |
International Con Minerals Ltd. | 1/30/06 | $ 798 |
International Con Minerals Ltd. warrants 4/30/07 | 1/30/06 | $ 0 |
Kalahari Energy | 9/1/06 | $ 1,814 |
Keronite PLC | 8/16/06 | $ 1,549 |
Landround plc warrants 12/11/09 | 12/12/06 | $ 0 |
Pureprofile Media PLC | 5/3/05 - 1/11/06 | $ 1,173 |
Rock Well Petroleum, Inc. | 4/13/06 | $ 1,004 |
Starfield Resources, Inc. warrants 5/23/07 | 5/18/06 | $ 0 |
Starfield Resources, Inc. warrants 1/20/08 | 1/17/06 | $ 0 |
Stealth Ventures Ltd. warrants 3/12/08 | 9/21/06 | $ 0 |
TMO Biotec | 10/27/05 | $ 535 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned
(Amounts in thousands) |
Fidelity Cash Central Fund | $ 1,570 |
Fidelity Securities Lending Cash Central Fund | 667 |
Total | $ 2,237 |
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
(Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
121Media, Inc. | $ 11,748 | $ - | $ - | $ - | $ 20,019 |
Advent Air Ltd. | 2,948 | - | - | 80 | 3,973 |
Adwalker PLC | 413 | - | - | - | 388 |
Avanti Screenmedia Group PLC | 9,335 | - | 8,831 | - | - |
BDI Mining Corp. | 3,288 | - | 6,306 | - | - |
BioCare Solutions PLC | 2,270 | - | 150 | - | 1,648 |
Bioprogress PLC | 9,152 | - | 3,914 | - | - |
Cambrian Mining PLC | 15,845 | - | 5,408 | 182 | - |
Centurion Electronics PLC | 432 | - | 29 | - | 179 |
Corac Group PLC | 3,538 | - | 103 | - | 3,761 |
CustomVis plc | 134 | 715 | - | - | 820 |
Cyberview Technology, Inc. (formerly Cyberscan Technology, Inc.) | 4,562 | - | - | - | 3,238 |
DA Group PLC | 1,236 | - | 680 | - | - |
Financial Payment Systems Ltd. | 1,485 | - | - | - | 467 |
Frontier Mining Ltd. | 1,808 | - | - | - | 2,403 |
Gasol PLC | 1,257 | - | - | - | - |
Gemfields Resources PLC | 5,589 | - | 1,823 | - | - |
GMA Resources PLC | 3,939 | - | 3,863 | - | - |
Hardide Ltd. | 1,711 | - | 233 | - | - |
Healthcare Enterprise Group PLC | 1,010 | 431 | 77 | - | 2,231 |
Hydrodec Group PLC | 8,231 | - | 1,056 | - | 5,816 |
ID Data PLC | 925 | - | 1,169 | - | - |
Imagelinx PLC (formerly LTG Technologies PLC) | 1,948 | 340 | - | - | 916 |
Other Affiliated Issuers - continued |
Affiliates
(Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
Impact Holdings PLC | $ 2,086 | $ - | $ - | $ - | $ 1,406 |
Inion OY | 1,677 | - | 111 | - | - |
Interbulk Investments PLC | 1,682 | - | 1,528 | - | - |
International Ferro Metals | 17,682 | 1,265 | 12,943 | - | - |
Jubilee Platinum PLC | 8,789 | 1,994 | 4,138 | - | 12,383 |
KimCor Diamonds PLC | 1,185 | - | 25 | - | 816 |
Landround plc | 188 | 197 | - | - | 240 |
Metals Exploration PLC | 2,126 | - | 2,280 | - | - |
MicroEmissive Displays | 1,672 | - | 685 | - | 2,152 |
Mineral Commodities Ltd. | 948 | - | 730 | - | - |
Motivcom PLC | 3,085 | - | 186 | 32 | 4,750 |
Platinum Mining Corp. of India PLC | 2,418 | - | 2,829 | - | - |
Rheochem PLC | 2,034 | - | 2,015 | - | - |
Sarantel Group PLC Class A | 677 | 463 | 24 | - | 846 |
Solomon Gold PLC | 905 | - | 502 | - | - |
Starfield Resources, Inc. | 3,247 | - | 2,924 | - | - |
SubSea Resources PLC | 2,630 | - | - | - | - |
Sylvania Resources Ltd. | 5,331 | 557 | - | - | 10,337 |
Sylvania Resources Ltd. (United Kingdom) | 3,616 | - | - | - | 6,547 |
Tanzanite One Ltd. | 9,086 | - | - | 350 | 9,059 |
Teleunit Spa | 1,122 | - | - | - | 1,208 |
Toledo Mining Corp. PLC | 3,742 | 412 | - | - | 9,702 |
Visual Defence, Inc. | 2,673 | - | 430 | - | 1,539 |
Xceldiam Ltd. | 1,946 | - | 65 | 3,815 | - |
Total | $ 173,351 | $ 6,374 | $ 65,057 | $ 4,459 | $ 106,844 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2007 |
Assets | | |
Investment in securities, at value (including securities loaned of $165,030) - See accompanying schedule: Unaffiliated issuers (cost $1,132,476) | $ 1,544,651 | |
Fidelity Central Funds (cost $228,839) | 228,839 | |
Other affiliated issuers (cost $90,255) | 106,844 | |
Total Investments (cost $1,451,570) | | $ 1,880,334 |
Cash | | 10 |
Foreign currency held at value (cost $2,263) | | 2,267 |
Receivable for investments sold | | 15,921 |
Receivable for fund shares sold | | 1,194 |
Dividends receivable | | 3,977 |
Interest receivable | | 32 |
Distributions receivable from Fidelity Central Funds | | 273 |
Prepaid expenses | | 7 |
Other receivables | | 419 |
Total assets | | 1,904,434 |
| | |
Liabilities | | |
Payable for investments purchased | $ 19,244 | |
Payable for fund shares redeemed | 3,455 | |
Accrued management fee | 1,093 | |
Distribution fees payable | 48 | |
Other affiliated payables | 362 | |
Other payables and accrued expenses | 224 | |
Collateral on securities loaned, at value | 174,331 | |
Total liabilities | | 198,757 |
| | |
Net Assets | | $ 1,705,677 |
Net Assets consist of: | | |
Paid in capital | | $ 1,156,699 |
Undistributed net investment income | | 6,154 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 114,042 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 428,782 |
Net Assets | | $ 1,705,677 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2007 |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($35,916 ÷ 1,309.1 shares) | | $ 27.43 |
| | |
Maximum offering price per share (100/94.25 of $27.43) | | $ 29.10 |
Class T:
Net Asset Value and redemption price per share ($38,073 ÷ 1,393.5 shares) | | $ 27.32 |
| | |
Maximum offering price per share (100/96.50 of $27.32) | | $ 28.31 |
Class B:
Net Asset Value and offering price per share
($10,725 ÷ 397.6 shares)A | | $ 26.97 |
| | |
Class C:
Net Asset Value and offering price per share
($19,292 ÷ 712.3 shares)A | | $ 27.08 |
| | |
International Small Cap:
Net Asset Value, offering price and redemption price per share ($1,594,350 ÷ 57,644.2 shares) | | $ 27.66 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($7,321 ÷ 265.3 shares) | | $ 27.60 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended April 30, 2007 |
Investment Income | | |
Dividends (including $4,459 earned from other affiliated issuers) | | $ 13,620 |
Interest | | 223 |
Income from Fidelity Central Funds | | 2,237 |
| | 16,080 |
Less foreign taxes withheld | | (946) |
Total income | | 15,134 |
| | |
Expenses | | |
Management fee
Basic fee | $ 7,515 | |
Performance adjustment | (1,187) | |
Transfer agent fees | 1,870 | |
Distribution fees | 296 | |
Accounting and security lending fees | 405 | |
Custodian fees and expenses | 357 | |
Independent trustees' compensation | 3 | |
Registration fees | 63 | |
Audit | 56 | |
Legal | 25 | |
Miscellaneous | 7 | |
Total expenses before reductions | 9,410 | |
Expense reductions | (447) | 8,963 |
Net investment income (loss) | | 6,171 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $1) | 158,074 | |
Other affiliated issuers | (6,348) | |
Foreign currency transactions | (51) | |
Total net realized gain (loss) | | 151,675 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $4) | 124,308 | |
Assets and liabilities in foreign currencies | 91 | |
Total change in net unrealized appreciation (depreciation) | | 124,399 |
Net gain (loss) | | 276,074 |
Net increase (decrease) in net assets resulting from operations | | $ 282,245 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended
April 30,
2007 | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 6,171 | $ 6,181 |
Net realized gain (loss) | 151,675 | 461,201 |
Change in net unrealized appreciation (depreciation) | 124,399 | (42,338) |
Net increase (decrease) in net assets resulting
from operations | 282,245 | 425,044 |
Distributions to shareholders from net investment income | (3,787) | (10,829) |
Distributions to shareholders from net realized gain | (351,004) | (234,438) |
Total distributions | (354,791) | (245,267) |
Share transactions - net increase (decrease) | (158,379) | (456,221) |
Redemption fees | 121 | 565 |
Total increase (decrease) in net assets | (230,804) | (275,879) |
| | |
Net Assets | | |
Beginning of period | 1,936,481 | 2,212,360 |
End of period (including undistributed net investment income of $6,154 and undistributed net investment income of $5,133, respectively) | $ 1,705,677 | $ 1,936,481 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 28.79 | $ 26.69 | $ 21.25 | $ 17.69 | $ 12.35 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .05 | (.02) | .05 | .02 | .02 H |
Net realized and unrealized gain (loss) | 4.24 | 5.05 | 6.16 | 3.83 | 5.30 |
Total from investment operations | 4.29 | 5.03 | 6.21 | 3.85 | 5.32 |
Distributions from net investment income | - | (.05) | (.02) | (.02) | - |
Distributions from net realized gain | (5.65) | (2.89) | (.77) | (.31) | - |
Total distributions | (5.65) | (2.94) | (.79) | (.33) | - |
Redemption fees added to paid in capital E | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 27.43 | $ 28.79 | $ 26.69 | $ 21.25 | $ 17.69 |
Total Return B, C, D | 17.53% | 20.22% | 30.16% | 22.36% | 43.24% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 1.39% A | 1.64% | 1.66% | 1.71% | 1.77% A |
Expenses net of fee waivers, if any | 1.39% A | 1.64% | 1.66% | 1.71% | 1.77% A |
Expenses net of all reductions | 1.34% A | 1.58% | 1.63% | 1.69% | 1.74% A |
Net investment income (loss) | .40% A | (.08)% | .21% | .09% | .28% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 36 | $ 37 | $ 35 | $ 13 | $ 5 |
Portfolio turnover rate G | 63% A | 84% | 79% | 77% | 84% A |
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 sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. K Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 28.64 | $ 26.57 | $ 21.20 | $ 17.68 | $ 12.35 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .02 | (.09) | (.01) | (.03) | - H, K |
Net realized and unrealized gain (loss) | 4.23 | 5.03 | 6.12 | 3.83 | 5.31 |
Total from investment operations | 4.25 | 4.94 | 6.11 | 3.80 | 5.31 |
Distributions from net investment income | - | - | - | (.01) | - |
Distributions from net realized gain | (5.57) | (2.88) | (.76) | (.31) | - |
Total distributions | (5.57) | (2.88) | (.76) | (.32) | - |
Redemption fees added to paid in capital E | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 27.32 | $ 28.64 | $ 26.57 | $ 21.20 | $ 17.68 |
Total Return B, C, D | 17.42% | 19.93% | 29.72% | 22.07% | 43.16% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 1.62% A | 1.89% | 1.92% | 1.94% | 2.12% A |
Expenses net of fee waivers, if any | 1.62% A | 1.89% | 1.91% | 1.94% | 2.12% A |
Expenses net of all reductions | 1.58% A | 1.83% | 1.88% | 1.92% | 2.09% A |
Net investment income (loss) | .16% A | (.32)% | (.04)% | (.14)% | (.07)% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 38 | $ 42 | $ 42 | $ 15 | $ 4 |
Portfolio turnover rate G | 63% A | 84% | 79% | 77% | 84% A |
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 sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. K Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 28.26 | $ 26.24 | $ 20.99 | $ 17.62 | $ 12.35 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | (.05) | (.24) | (.14) | (.16) | (.05) H |
Net realized and unrealized gain (loss) | 4.17 | 4.98 | 6.08 | 3.80 | 5.30 |
Total from investment operations | 4.12 | 4.74 | 5.94 | 3.64 | 5.25 |
Distributions from net realized gain | (5.41) | (2.73) | (.71) | (.31) | - |
Redemption fees added to paid in capital E | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 26.97 | $ 28.26 | $ 26.24 | $ 20.99 | $ 17.62 |
Total Return B, C, D | 17.10% | 19.28% | 29.13% | 21.21% | 42.67% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 2.16% A | 2.48% | 2.49% | 2.63% | 2.76% A |
Expenses net of fee waivers, if any | 2.16% A | 2.40% | 2.43% | 2.63% | 2.76% A |
Expenses net of all reductions | 2.11% A | 2.34% | 2.40% | 2.60% | 2.73% A |
Net investment income (loss) | (.38)% A | (.84)% | (.56)% | (.83)% | (.71)% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 11 | $ 11 | $ 13 | $ 5 | $ 1 |
Portfolio turnover rate G | 63% A | 84% | 79% | 77% | 84% A |
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 contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. K Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 28.33 | $ 26.31 | $ 21.04 | $ 17.64 | $ 12.35 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | (.04) | (.23) | (.13) | (.12) | (.04) H |
Net realized and unrealized gain (loss) | 4.18 | 4.99 | 6.10 | 3.80 | 5.31 |
Total from investment operations | 4.14 | 4.76 | 5.97 | 3.68 | 5.27 |
Distributions from net investment income | - | - | - | (.01) | - |
Distributions from net realized gain | (5.39) | (2.75) | (.72) | (.31) | - |
Total distributions | (5.39) | (2.75) | (.72) | (.32) | - |
Redemption fees added to paid in capital E | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 27.08 | $ 28.33 | $ 26.31 | $ 21.04 | $ 17.64 |
Total Return B, C, D | 17.09% | 19.34% | 29.22% | 21.43% | 42.83% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 2.11% A | 2.38% | 2.41% | 2.43% | 2.57% A |
Expenses net of fee waivers, if any | 2.11% A | 2.38% | 2.41% | 2.43% | 2.57% A |
Expenses net of all reductions | 2.06% A | 2.32% | 2.38% | 2.40% | 2.55% A |
Net investment income (loss) | (.32)% A | (.81)% | (.54)% | (.62)% | (.52)% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 19 | $ 21 | $ 25 | $ 9 | $ 1 |
Portfolio turnover rate G | 63% A | 84% | 79% | 77% | 84% A |
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 contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. K Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Small Cap
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 | 2002 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.03 | $ 26.89 | $ 21.36 | $ 17.71 | $ 9.87 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .10 | .08 | .15 | .10 | .07 G | (.01) |
Net realized and unrealized gain (loss) | 4.27 | 5.08 | 6.19 | 3.84 | 7.75 | (.12) |
Total from investment operations | 4.37 | 5.16 | 6.34 | 3.94 | 7.82 | (.13) |
Distributions from net investment income | (.07) | (.14) | (.06) | (.02) | - | - |
Distributions from net realized gain | (5.67) | (2.89) | (.77) | (.31) | (.02) | - |
Total distributions | (5.74) | (3.03) | (.83) | (.33) | (.02) | - |
Redemption fees added to paid in capital D | - J | .01 | .02 | .04 | .04 | - J |
Net asset value, end of period | $ 27.66 | $ 29.03 | $ 26.89 | $ 21.36 | $ 17.71 | $ 9.87 |
Total Return B, C | 17.73% | 20.65% | 30.67% | 22.84% | 79.78% | (1.30)% |
Ratios to Average Net Assets E, I | | | | | |
Expenses before reductions | 1.04% A | 1.28% | 1.28% | 1.30% | 1.54% | 13.70% A |
Expenses net of fee waivers, if any | 1.04% A | 1.28% | 1.28% | 1.30% | 1.54% | 1.80% A |
Expenses net of all reductions | .99% A | 1.22% | 1.25% | 1.28% | 1.51% | 1.80% A |
Net investment income (loss) | .75% A | .29% | .59% | .50% | .46% | (.56)% A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 1,594 | $ 1,816 | $ 2,090 | $ 1,091 | $ 547 | $ 3 |
Portfolio turnover rate F | 63% A | 84% | 79% | 77% | 84% | 85% A |
A Annualized 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. EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.03 per share. H For the period September 18, 2002 (commencement of operations) to October 31, 2002. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 28.99 | $ 26.86 | $ 21.36 | $ 17.72 | $ 12.35 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .10 | .08 | .14 | .10 | .04 G |
Net realized and unrealized gain (loss) | 4.26 | 5.07 | 6.18 | 3.84 | 5.31 |
Total from investment operations | 4.36 | 5.15 | 6.32 | 3.94 | 5.35 |
Distributions from net investment income | (.07) | (.14) | (.07) | (.03) | - |
Distributions from net realized gain | (5.67) | (2.89) | (.77) | (.31) | - |
Total distributions | (5.75) | (3.03) | (.84) | (.34) | - |
Redemption fees added to paid in capital D | - J | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 27.60 | $ 28.99 | $ 26.86 | $ 21.36 | $ 17.72 |
Total Return B, C | 17.72% | 20.65% | 30.59% | 22.84% | 43.48% |
Ratios to Average Net Assets E, I | | | | | |
Expenses before reductions | 1.04% A | 1.29% | 1.30% | 1.32% | 1.51% A |
Expenses net of fee waivers, if any | 1.04% A | 1.29% | 1.30% | 1.32% | 1.51% A |
Expenses net of all reductions | .99% A | 1.23% | 1.27% | 1.29% | 1.48% A |
Net investment income (loss) | .75% A | .28% | .57% | .49% | .54% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 7 | $ 9 | $ 7 | $ 3 | $ .4 |
Portfolio turnover rate F | 63% A | 84% | 79% | 77% | 84% A |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.01 per share. H For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2007
(Amounts in thousands except ratios)
1. Organization.
Fidelity International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The 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 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.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies.
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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and income distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 will claim 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 | $ 538,409 | |
Unrealized depreciation | (129,743) | |
Net unrealized appreciation (depreciation) | $ 408,666 | |
Cost for federal income tax purposes | $ 1,471,668 | |
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.
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
Semiannual Report
4. 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $528,824 and $1,014,952, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease.
In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, International Small Cap, as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .73% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
6. 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
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 44 | $ 3 |
Class T | .25% | .25% | 98 | - |
Class B | .75% | .25% | 54 | 41 |
Class C | .75% | .25% | 100 | 17 |
| | | $ 296 | $ 61 |
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 and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2 |
Class T | 2 |
Class B* | 13 |
Class C* | 2 |
| $ 19 |
* 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
6. 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
Average
Net Assets* |
Class A | $ 54 | .30 |
Class T | 58 | .29 |
Class B | 18 | .33 |
Class C | 27 | .28 |
International Small Cap | 1,705 | .21 |
Institutional Class | 8 | .20 |
| $ 1,870 | |
* 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.
7. 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 amounted to $2 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
8. Security Lending - continued
experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less 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 Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $667.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $387 for the period. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction | |
International Small Cap | $ 18 | |
10. 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.
In September 2006, the Fund's transfer agent, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.
Semiannual Report
10. Other - continued
The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.
In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2007 | Year ended
October 31,
2006 |
From net investment income | | |
Class A | $ - | $ 62 |
International Small Cap | 3,765 | 10,726 |
Institutional Class | 22 | 42 |
Total | $ 3,787 | $ 10,829 |
From net realized gain | | |
Class A | $ 6,864 | $ 3,713 |
Class T | 7,706 | 4,531 |
Class B | 2,092 | 1,339 |
Class C | 3,882 | 2,560 |
International Small Cap | 328,782 | 221,459 |
Institutional Class | 1,678 | 836 |
Total | $ 351,004 | $ 234,438 |
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2007 | Year ended
October 31,
2006 | Six months ended
April 30,
2007 | Year ended
October 31,
2006 |
Class A | | | | |
Shares sold | 131 | 335 | $ 3,392 | $ 9,788 |
Reinvestment of distributions | 252 | 125 | 6,096 | 3,194 |
Shares redeemed | (349) | (490) | (9,083) | (14,008) |
Net increase (decrease) | 34 | (30) | $ 405 | $ (1,026) |
Class T | | | | |
Shares sold | 118 | 413 | $ 3,025 | $ 11,877 |
Reinvestment of distributions | 297 | 165 | 7,166 | 4,209 |
Shares redeemed | (487) | (679) | (12,651) | (19,325) |
Net increase (decrease) | (72) | (101) | $ (2,460) | $ (3,239) |
Class B | | | | |
Shares sold | 12 | 69 | $ 285 | $ 1,926 |
Reinvestment of distributions | 79 | 48 | 1,892 | 1,211 |
Shares redeemed | (95) | (202) | (2,417) | (5,665) |
Net increase (decrease) | (4) | (85) | $ (240) | $ (2,528) |
Class C | | | | |
Shares sold | 36 | 146 | $ 896 | $ 4,106 |
Reinvestment of distributions | 124 | 80 | 2,967 | 2,033 |
Shares redeemed | (201) | (431) | (5,148) | (11,929) |
Net increase (decrease) | (41) | (205) | $ (1,285) | $ (5,790) |
International Small Cap | | | | |
Shares sold | 3,551 | 17,580 | $ 93,299 | $ 512,573 |
Reinvestment of distributions | 12,767 | 8,379 | 311,000 | 216,010 |
Shares redeemed | (21,236) | (41,151) | (557,775) | (1,173,251) |
Net increase (decrease) | (4,918) | (15,192) | $ (153,476) | $ (444,668) |
Institutional Class | | | | |
Shares sold | 31 | 124 | $ 789 | $ 3,656 |
Reinvestment of distributions | 39 | 20 | 938 | 506 |
Shares redeemed | (117) | (109) | (3,050) | (3,132) |
Net increase (decrease) | (47) | 35 | $ (1,323) | $ 1,030 |
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, 2007, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months ended April 30, 2007 and for the year ended October 31, 2006, and the financial highlights for the periods presented. 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, 2007, 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, 2007, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2007 and for the year ended October 31, 2006, and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 20, 2007
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)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
AISC-USAN-0607
1.800643.103
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Small Cap
Fund - Institutional Class
Semiannual Report
April 30, 2007
(2_fidelity_logos) (Registered_Trademark)
Institutional Class is a class of
Fidelity® International Small Cap Fund
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
Report of Independent Registered Public Accounting Firm | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning
Account Value
November 1, 2006 | Ending
Account Value
April 30, 2007 | Expenses Paid
During Period*
November 1, 2006
to April 30, 2007 |
Class A | | | |
Actual | $ 1,000.00 | $ 1,175.30 | $ 7.50 |
HypotheticalA | $ 1,000.00 | $ 1,017.90 | $ 6.95 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,174.20 | $ 8.73 |
HypotheticalA | $ 1,000.00 | $ 1,016.76 | $ 8.10 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,171.00 | $ 11.63 |
HypotheticalA | $ 1,000.00 | $ 1,014.08 | $ 10.79 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,170.90 | $ 11.36 |
HypotheticalA | $ 1,000.00 | $ 1,014.33 | $ 10.54 |
International Small Cap | | | |
Actual | $ 1,000.00 | $ 1,177.30 | $ 5.61 |
HypotheticalA | $ 1,000.00 | $ 1,019.64 | $ 5.21 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,177.20 | $ 5.61 |
HypotheticalA | $ 1,000.00 | $ 1,019.64 | $ 5.21 |
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
Expense Ratio |
Class A | 1.39% |
Class T | 1.62% |
Class B | 2.16% |
Class C | 2.11% |
International Small Cap | 1.04% |
Institutional Class | 1.04% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Japan 26.8% | |
| United Kingdom 16.8% | |
| Australia 13.2% | |
| Italy 5.3% | |
| United States of America 5.3% | |
| Germany 3.4% | |
| France 3.2% | |
| Canada 3.2% | |
| South Africa 2.8% | |
| Other 20.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan 31.2% | |
| United Kingdom 19.2% | |
| Australia 10.5% | |
| United States of America 5.1% | |
| Canada 3.7% | |
| France 3.2% | |
| Germany 3.1% | |
| Italy 2.9% | |
| Bermuda 2.5% | |
| Other 18.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks and Investment Companies | 96.6 | 96.1 |
Bonds | 0.2 | 0.3 |
Short-Term Investments and Net Other Assets | 3.2 | 3.6 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Banca Italease Spa (Italy, Diversified Financial Services) | 2.8 | 2.3 |
Max Petroleum PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 2.0 | 1.1 |
Steinhoff International Holdings Ltd. (South Africa, Household Durables) | 1.4 | 1.1 |
121Media, Inc. (United States of America, Media) | 1.2 | 0.6 |
Nissin Kogyo Co. Ltd. (Japan, Auto Components) | 1.1 | 1.2 |
Stepstone ASA (Norway, Commercial Services & Supplies) | 1.1 | 0.4 |
International Ferro Metals (Australia, Metals & Mining) | 1.1 | 0.9 |
Ceske Energeticke Zavody AS (Czech Republic, Electric Utilities) | 0.9 | 1.1 |
E.ON AG (Germany, Electric Utilities) | 0.8 | 0.6 |
Nihon Dempa Kogyo Co. Ltd. (Japan, Electronic Equipment & Instruments) | 0.8 | 0.7 |
| 13.2 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 20.0 | 15.1 |
Consumer Discretionary | 17.1 | 16.8 |
Materials | 15.0 | 16.7 |
Financials | 13.4 | 11.3 |
Energy | 9.0 | 10.3 |
Information Technology | 8.4 | 11.4 |
Utilities | 5.2 | 4.6 |
Health Care | 4.3 | 5.4 |
Consumer Staples | 3.7 | 3.7 |
Telecommunication Services | 0.7 | 1.1 |
Semiannual Report
Investments April 30, 2007
Showing Percentage of Net Assets
Common Stocks - 96.6% |
| Shares | | Value (000s) |
Australia - 13.2% |
Allied Gold Ltd. (a) | 11,880,000 | | $ 4,045 |
AMP Ltd. | 377,100 | | 3,366 |
Aristocrat Leisure Ltd. | 109,200 | | 1,505 |
ASX Ltd. | 181,509 | | 7,235 |
Ausenco Ltd. | 344,500 | | 2,100 |
Austbrokers Holdings Ltd. | 1,102,345 | | 4,522 |
Australian Wealth Management Ltd. | 1,555,487 | | 3,165 |
Babcock & Brown Japan Property Trust | 2,892,400 | | 4,684 |
Babcock & Brown Ltd. | 37,200 | | 916 |
Billabong International Ltd. | 185,200 | | 2,538 |
Boart Longyear Ltd. | 1,402,500 | | 2,248 |
Boral Ltd. | 118,200 | | 830 |
Bradken Ltd. | 601,395 | | 4,770 |
Brambles Ltd. (a) | 291,800 | | 3,196 |
Cabcharge Australia Ltd. | 47,600 | | 460 |
Capital-XX Ltd. | 2,262,572 | | 5,089 |
Centamin Egypt Ltd. (a) | 3,589,755 | | 3,158 |
CFS Retail Property Trust | 422,200 | | 810 |
Cochlear Ltd. | 52,400 | | 2,761 |
Computershare Ltd. | 822,772 | | 7,140 |
David Jones Ltd. | 424,100 | | 1,750 |
Dominos Pizza Enterprises Ltd. | 1,671,520 | | 4,234 |
Downer EDI Ltd. | 1,286,173 | | 8,000 |
Dwyka Resources Ltd. (a) | 5,235,220 | | 3,925 |
Emeco Holdings Ltd. | 1,124,900 | | 1,756 |
European Gas Ltd. (a) | 1,673,600 | | 1,028 |
Flexigroup Ltd. | 1,723,400 | | 4,222 |
Fox Resources Ltd. warrants 6/30/07 (a) | 342,636 | | 114 |
Gunns Ltd. | 371,700 | | 1,065 |
Hastie Group Ltd. | 2,671,773 | | 8,343 |
HFA Holdings Ltd. | 2,035,100 | | 3,972 |
IBT Education Ltd. | 377,250 | | 627 |
Incitec Pivot Ltd. | 70,800 | | 2,869 |
International Ferro Metals (a) | 13,067,539 | | 18,028 |
Invocare Ltd. | 64,100 | | 294 |
Iress Market Technology Ltd. | 172,200 | | 1,177 |
JB Hi-Fi Ltd. (e) | 585,900 | | 4,048 |
Jumbuck Entertainment Ltd. (a) | 419,400 | | 557 |
McGuigan Simeon Wines Ltd. | 603,224 | | 1,252 |
Meo Australia Ltd. (a) | 5,066,100 | | 3,828 |
Mineral Deposits Ltd. (a) | 880,900 | | 973 |
Monto Minerals Ltd. (a) | 8,525,252 | | 1,726 |
Common Stocks - continued |
| Shares | | Value (000s) |
Australia - continued |
Monto Minerals Ltd. warrants 5/25/09 (a) | 1,485,934 | | $ 30 |
Mortgage Choice Ltd. | 1,851,838 | | 4,844 |
Oakton Ltd. | 184,615 | | 811 |
Paladin Resources Ltd. (a)(e) | 1,328,400 | | 10,590 |
Phosphagenics Ltd. (a) | 9,040,000 | | 2,027 |
QBE Insurance Group Ltd. | 165,423 | | 4,239 |
realestate.com.au Ltd. (a) | 134,764 | | 669 |
Reverse Corp. Ltd. | 493,100 | | 2,007 |
Roc Oil Co. Ltd. (United Kingdom) (a) | 2,864,489 | | 7,646 |
RP Data Ltd. | 1,481,800 | | 2,412 |
Rubicon Japan Trust | 3,266,600 | | 2,740 |
Seek Ltd. | 1,307,939 | | 8,027 |
SMS Management & Technology Ltd. | 315,600 | | 1,190 |
Sphere Investments Ltd. (a) | 1,305,498 | | 1,941 |
Sylvania Resources Ltd. (a)(f) | 7,878,437 | | 10,337 |
Sylvania Resources Ltd. (United Kingdom) (a)(f) | 4,923,630 | | 6,547 |
Tanami Gold NL | 19,652,484 | | 2,611 |
United Group Ltd. | 394,121 | | 5,139 |
Woolworths Ltd. | 373,526 | | 8,779 |
WorleyParsons Ltd. | 102,033 | | 2,330 |
Wotif.com Holdings Ltd. | 348,300 | | 1,238 |
TOTAL AUSTRALIA | | 224,480 |
Austria - 0.3% |
Oesterreichische Elektrizitaetswirtschafts AG (Verbund) (e) | 106,900 | | 5,530 |
Bermuda - 2.3% |
Aquarius Platinum Ltd. (United Kingdom) | 223,390 | | 6,700 |
Peace Mark Holdings Ltd. | 4,910,000 | | 5,524 |
Petra Diamonds Ltd. (a) | 2,461,491 | | 7,825 |
Ports Design Ltd. | 1,798,000 | | 5,057 |
RC Group (Holdings) Ltd. | 752,420 | | 1,677 |
Sinofert Holdings Ltd. | 1,960,000 | | 1,007 |
Tanzanite One Ltd. (f) | 5,808,701 | | 9,059 |
Trefoil Ltd. (a) | 385,100 | | 2,136 |
VODone Ltd. (a) | 2,442,000 | | 930 |
Xceldiam Ltd. warrants 11/16/07 (a) | 1,659,127 | | 66 |
TOTAL BERMUDA | | 39,981 |
British Virgin Islands - 0.3% |
Albidon Ltd. unit (a) | 1,469,000 | | 3,113 |
Kalahari Energy (h) | 1,451,000 | | 1,814 |
TOTAL BRITISH VIRGIN ISLANDS | | 4,927 |
Common Stocks - continued |
| Shares | | Value (000s) |
Canada - 3.0% |
AirSea Lines (a)(h) | 1,862,300 | | $ 1,271 |
AirSea Lines warrants 8/4/11 (a)(h) | 1,862,300 | | 0 |
Altius Minerals Corp. (a) | 374,906 | | 4,351 |
Antrim Energy, Inc. (a) | 274,340 | | 1,315 |
Antrim Energy, Inc. (a) | 800,000 | | 3,863 |
Bankers Petroleum Ltd. (a) | 3,767,000 | | 1,935 |
First Quantum Minerals Ltd. | 45,011 | | 3,108 |
MagIndustries Corp. (a) | 3,635,960 | | 4,914 |
Oilexco, Inc. (a) | 1,394,525 | | 10,969 |
Rally Energy Corp. (a) | 416,720 | | 2,452 |
Rock Well Petroleum, Inc. (h) | 770,400 | | 1,041 |
Sino-Forest Corp. (a) | 67,400 | | 820 |
Starfield Resources, Inc.: | | | |
warrants 5/23/07 (a)(h) | 1,313,025 | | 0 |
warrants 1/20/08 (a)(h) | 1,678,100 | | 78 |
Stealth Ventures Ltd. (a) | 966,500 | | 1,176 |
Stealth Ventures Ltd. warrants 3/12/08 (a)(h) | 483,250 | | 78 |
SXR Uranium One, Inc. (South Africa) (a) | 475,740 | | 7,295 |
Visual Defence, Inc. (a)(f) | 4,664,100 | | 1,539 |
Western Canadian Coal Corp. (a) | 1,554,418 | | 3,081 |
Western Canadian Coal Corp. (United Kingdom) (a) | 548,286 | | 1,096 |
TOTAL CANADA | | 50,382 |
Cayman Islands - 0.6% |
China Infrastructure Machinery Holdings Ltd. | 646,000 | | 1,234 |
EcoGreen Fine Chemical Group Ltd. | 2,588,000 | | 923 |
Embry Holdings Ltd. | 1,081,000 | | 1,032 |
Ju Teng International Holdings Ltd. (a) | 2,830,000 | | 669 |
Kingboard Chemical Holdings Ltd. | 364,500 | | 1,710 |
Kingdee International Software Group Co. Ltd. | 396,000 | | 310 |
Lee & Man Paper Manufacturing Ltd. | 570,000 | | 1,610 |
Neo-Neon Holdings Ltd. | 1,136,000 | | 1,888 |
Simcere Pharmaceutical Group sponsored ADR | 81,000 | | 1,345 |
TOTAL CAYMAN ISLANDS | | 10,721 |
China - 0.8% |
Anhui Conch Cement Co. Ltd. (H Shares) | 140,000 | | 564 |
BYD Co. Ltd. (H Shares) (a) | 108,500 | | 675 |
China Hongxing Sports Ltd. | 697,000 | | 1,652 |
China International Marine Containers Co. Ltd. (B Shares) | 751,500 | | 1,896 |
China Mengniu Dairy Co. Ltd. | 734,000 | | 2,247 |
China Merchants Bank Co. Ltd. (H Shares) | 264,000 | | 650 |
Common Stocks - continued |
| Shares | | Value (000s) |
China - continued |
China Oilfield Services Ltd. (H Shares) | 1,682,000 | | $ 1,436 |
China Shipping Development Co. Ltd. (H Shares) | 182,000 | | 346 |
Dongfang Electrical Machinery Co. Ltd. (H Shares) | 80,000 | | 323 |
Nine Dragons Paper (Holdings) Ltd. | 479,000 | | 976 |
Shandong Weigao Group Medical Polymer Co. Ltd. | 776,000 | | 1,367 |
Shenzhou International Group Holdings Ltd. | 678,000 | | 300 |
Xinjiang Tianye Water Saving Irrigation System Co. Ltd. | 806,000 | | 241 |
Yantai Changyu Pioneer Wine Co. (B Shares) | 174,010 | | 839 |
TOTAL CHINA | | 13,512 |
Cyprus - 0.2% |
Buried Hill Energy (Cyprus) PCL (h) | 1,947,000 | | 2,142 |
Marfin Popular Bank Public Co. | 173,665 | | 1,995 |
TOTAL CYPRUS | | 4,137 |
Czech Republic - 0.9% |
Ceske Energeticke Zavody AS | 319,140 | | 15,600 |
Denmark - 0.3% |
DSV de Sammensluttede Vognmaend AS (e) | 25,930 | | 5,376 |
Finland - 1.3% |
Inion OY (a) | 3,590,300 | | 2,566 |
Nokian Tyres Ltd. | 430,910 | | 13,319 |
Rakentajain Konevuokraamo Oyj (B Shares) | 152,030 | | 6,027 |
TOTAL FINLAND | | 21,912 |
France - 3.2% |
Carbone Lorraine | 27,400 | | 1,809 |
Electricite de France | 90,900 | | 7,951 |
ENTREPOSE Contracting | 13,692 | | 1,045 |
Geodis SA | 42,180 | | 9,682 |
Guerbet SA | 8,400 | | 1,639 |
Icade SA (e) | 123,018 | | 9,444 |
Laurent-Perrier Group | 31,960 | | 3,829 |
Norbert Dentressangle SA | 38,142 | | 3,628 |
Seche Environment SA | 11,560 | | 2,077 |
Veolia Environnement (e) | 166,000 | | 13,795 |
TOTAL FRANCE | | 54,899 |
Germany - 3.4% |
Deutz AG (a) | 601,600 | | 9,646 |
E.ON AG | 93,000 | | 13,986 |
ElringKlinger AG | 18,284 | | 1,569 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
Fresenius Medical Care AG | 88,370 | | $ 13,316 |
Interhyp AG | 23,450 | | 2,915 |
Kontron AG | 154,620 | | 2,882 |
MLP AG | 89,150 | | 2,230 |
SGL Carbon AG (a) | 272,200 | | 10,686 |
TOTAL GERMANY | | 57,230 |
Greece - 1.0% |
Fourlis Holdings SA | 110,000 | | 2,756 |
Hellenic Technodomiki Tev SA | 223,750 | | 3,084 |
Sarantis SA (Reg.) | 1,076,638 | | 11,900 |
TOTAL GREECE | | 17,740 |
Hong Kong - 1.0% |
Bank of East Asia Ltd. | 158,437 | | 980 |
Cafe de Coral Holdings Ltd. | 686,000 | | 1,254 |
China Overseas Land & Investment Ltd. | 1,348,000 | | 1,649 |
Esprit Holdings Ltd. | 246,000 | | 3,003 |
Fairwood Holdings Ltd. (g) | 878,500 | | 1,249 |
Hang Lung Properties Ltd. | 1,208,000 | | 3,606 |
Li & Fung Ltd. | 924,000 | | 2,906 |
Midland Holdings Ltd. | 860,000 | | 534 |
Tai Cheung Holdings Ltd. | 700,000 | | 490 |
Vtech Holdings Ltd. | 281,000 | | 2,130 |
TOTAL HONG KONG | | 17,801 |
India - 0.1% |
Deccan Chronicle Holdings Ltd. | 95,000 | | 478 |
INFO Edge India Ltd. | 66,039 | | 1,253 |
TOTAL INDIA | | 1,731 |
Indonesia - 0.1% |
PT Telkomunikasi Indonesia Tbk Series B | 1,463,500 | | 1,692 |
Ireland - 0.5% |
Adwalker PLC (a)(f) | 9,125,000 | | 388 |
Kenmare Resources PLC (a) | 2,640,000 | | 2,600 |
Kenmare Resources PLC warrants 7/23/09 (a) | 1,712,500 | | 1,036 |
Petroceltic International PLC (a) | 13,644,934 | | 3,820 |
Vimio PLC (a) | 867,300 | | 1,145 |
TOTAL IRELAND | | 8,989 |
Israel - 0.3% |
Israel Chemicals Ltd. | 611,900 | | 4,708 |
Common Stocks - continued |
| Shares | | Value (000s) |
Italy - 5.3% |
ASM Spa | 626,550 | | $ 4,222 |
Banca Italease Spa (e) | 790,700 | | 48,107 |
Enel S.p.A. | 543,800 | | 6,192 |
ERG Spa | 71,100 | | 2,013 |
Guala Closures Spa | 475,090 | | 3,697 |
Hera Spa | 1,510,160 | | 6,984 |
Impregilo Spa (a) | 447,350 | | 3,656 |
Lottomatica Spa | 58,540 | | 2,414 |
Seldovia Native Association, Inc. (SNAI) (a) | 1,081,120 | | 11,509 |
Teleunit Spa (f) | 12,719,158 | | 1,208 |
TOTAL ITALY | | 90,002 |
Japan - 26.8% |
Abc-Mart, Inc. (e) | 333,600 | | 7,449 |
Access Co. Ltd. (a) | 256 | | 385 |
Adeka Corp. | 144,000 | | 1,573 |
Aeon Fantasy Co. Ltd. | 45,120 | | 1,149 |
Airport Facilities Co. Ltd. | 19,200 | | 141 |
Anritsu Corp. (e) | 1,259,000 | | 5,836 |
AOI Electronics Co. Ltd. | 66,100 | | 1,326 |
ARDEPRO CO., Ltd. | 10,626 | | 3,554 |
Ariake Japan Co. Ltd. | 67,300 | | 1,383 |
Atlus Co. Ltd. (a) | 79,800 | | 441 |
Atrium Co. Ltd. | 64,400 | | 1,754 |
Axell Corp. | 384 | | 1,183 |
Bit-isle, Inc. | 1,190 | | 1,252 |
Bookoff Corp. | 166,100 | | 2,799 |
Brother Industries Ltd. | 342,000 | | 4,648 |
C. Uyemura & Co. Ltd. | 40,100 | | 2,463 |
Cabin Co. Ltd. (e) | 104,000 | | 448 |
CareNet, Inc. | 12 | | 30 |
Chiba Bank Ltd. | 382,000 | | 3,158 |
Chiyoda Corp. | 65,000 | | 1,492 |
CMIC Co. Ltd. (e) | 1,670 | | 443 |
Create SD Co. Ltd. | 55,300 | | 931 |
Dai-ichi Seiko Co. Ltd. | 38,200 | | 907 |
Daido Metal Co. Ltd. (e) | 495,000 | | 3,097 |
Daikokutenbussan Co. Ltd. | 52,900 | | 617 |
Daiseki Co. Ltd. (e) | 72,600 | | 1,403 |
Daito Gyorui Co. Ltd. | 252,000 | | 505 |
Daiwa Securities Group, Inc. | 132,000 | | 1,470 |
Daiwabo Information System Ltd. | 202,500 | | 2,743 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Daiwasystem Co. Ltd. | 39,800 | | $ 968 |
Denyo Co. Ltd. | 67,700 | | 716 |
E*TRADE Securities Co. Ltd. (e) | 790 | | 851 |
Ebara-Udylite Co. Ltd. | 8,700 | | 232 |
Elpida Memory, Inc. (a)(e) | 22,300 | | 940 |
Endo Lighting Corp. | 125,600 | | 731 |
EPS Co. Ltd. (e) | 1,465 | | 4,553 |
Fast Retailing Co. Ltd. (e) | 12,300 | | 845 |
FCM Co. Ltd. | 30,800 | | 1,093 |
FinTech Global, Inc. (e) | 563 | | 419 |
Fuji Heavy Industries Ltd. | 176,000 | | 871 |
Fujitsu Component Ltd. (a) | 417 | | 572 |
Futaba Industrial Co. Ltd. | 38,800 | | 938 |
H-One Co. Ltd. | 21,800 | | 324 |
H.I.S. Co. Ltd. | 37,000 | | 1,145 |
Harakosan Co. Ltd. | 1,636 | | 4,202 |
Harmonic Drive Systems, Inc. (e) | 483 | | 2,636 |
Haseko Corp. (a) | 734,500 | | 2,433 |
Heiwa Real Estate Co. Ltd. (e) | 280,000 | | 1,856 |
Hikari Tsushin, Inc. (e) | 279,700 | | 11,143 |
Hioki EE Corp. (e) | 27,000 | | 633 |
Hiroshima Bank Ltd. | 339,000 | | 1,825 |
Hitachi Construction Machinery Co. Ltd. | 407,900 | | 12,732 |
Hokuriku Electric Industry (e) | 205,000 | | 462 |
Hokuto Corp. | 160,100 | | 2,554 |
Ibiden Co. Ltd. | 28,500 | | 1,620 |
Ichiyoshi Securities Co. Ltd. | 102,800 | | 1,651 |
IDU Co. | 1,731 | | 1,860 |
Imagineer Co. Ltd. | 30,100 | | 422 |
Index Holdings (e) | 4,627 | | 1,570 |
Inpex Holdings, Inc. | 184 | | 1,553 |
Intelligence Ltd. (e) | 409 | | 1,060 |
Intelligent Wave, Inc. (e) | 926 | | 484 |
Ishihara Chemical Co. Ltd. | 32,200 | | 592 |
Ishikawajima-Harima Heavy Industries Co. Ltd. (e) | 1,145,000 | | 4,462 |
Itochu Corp. | 449,000 | | 4,421 |
ITOCHU Techno-Solutions Corp. | 29,500 | | 1,346 |
Japan Airport Terminal Co. Ltd. | 89,000 | | 1,631 |
Japan Steel Works Ltd. | 478,000 | | 5,637 |
Jastec Co. Ltd. | 238,300 | | 2,456 |
Joint Corp. | 27,200 | | 899 |
Juroku Bank Ltd. | 149,000 | | 877 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Kakaku.com, Inc. (e) | 264 | | $ 768 |
Kandenko Co. Ltd. | 245,000 | | 1,556 |
Kanematsu Corp. (a)(e) | 652,000 | | 1,240 |
Kawasaki Heavy Industries Ltd. | 518,000 | | 2,062 |
Kenedix, Inc. (e) | 217 | | 951 |
Kibun Food Chemifa Co. Ltd. (e) | 36,400 | | 425 |
Kimoto Co. Ltd. | 80,700 | | 430 |
Kitagawa Seiki Co. Ltd. | 84,000 | | 431 |
KK daVinci Advisors (a)(e) | 4,535 | | 4,570 |
Kobayashi Pharmaceutical Co. Ltd. | 62,600 | | 2,342 |
Konica Minolta Holdings, Inc. | 112,500 | | 1,540 |
Kubota Corp. | 91,000 | | 860 |
Kura Corp. Ltd. | 4,580 | | 9,844 |
Kureha Chemical Industry Co. Ltd. | 96,000 | | 470 |
Kurita Water Industries Ltd. | 72,700 | | 1,815 |
Link Theory Holdings Co. Ltd. (e) | 102 | | 120 |
Mandom Corp. | 14,700 | | 376 |
MCJ Co. Ltd. (a) | 1,279 | | 553 |
Media Global Links Co. Ltd. | 648 | | 686 |
Meiko Electronics Co. Ltd. (e) | 46,700 | | 1,424 |
Micronics Japan Co. Ltd. | 117,900 | | 4,078 |
Mitsuba Corp. | 255,000 | | 2,016 |
Mitsui Engineering & Shipbuilding Co. (e) | 262,000 | | 1,174 |
Mitsui O.S.K. Lines Ltd. | 364,000 | | 4,588 |
Mitsumi Electric Co. Ltd. | 70,100 | | 2,338 |
Miyachi Corp. | 60,600 | | 1,062 |
Miyano Machinery, Inc. | 357,000 | | 1,228 |
Mori Seiki Co. Ltd. | 188,300 | | 4,945 |
Murata Manufacturing Co. Ltd. | 59,400 | | 4,378 |
Nabtesco Corp. | 111,000 | | 1,506 |
Nachi-Fujikoshi Corp. (e) | 275,000 | | 1,469 |
Namco Bandai Holdings, Inc. | 67,800 | | 1,102 |
NIC Corp. | 57,100 | | 422 |
Nidec Corp. | 22,400 | | 1,413 |
Nidec Sankyo Corp. (e) | 245,000 | | 1,616 |
Nihon Dempa Kogyo Co. Ltd. (e) | 283,000 | | 13,874 |
Nihon Kohden Corp. | 20,100 | | 454 |
Nihon Trim Co. Ltd. (e) | 193,500 | | 6,860 |
Nihonwasou Holdings, Inc. | 782 | | 435 |
Nikon Corp. | 76,000 | | 1,744 |
Nippon Carbon Co. Ltd. | 351,000 | | 1,385 |
Nippon Denko Co. Ltd. (e) | 1,706,000 | | 9,371 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Nippon Paint Co. Ltd. | 1,258,000 | | $ 7,368 |
Nippon Seiki Co. Ltd. | 634,000 | | 13,594 |
Nippon Suisan Kaisha Co. Ltd. | 288,100 | | 1,856 |
Nippon Yakin Kogyo Co. Ltd. (e) | 783,000 | | 7,931 |
Nissin Kogyo Co. Ltd. | 737,400 | | 19,578 |
Nitto Boseki Co. Ltd. | 326,000 | | 1,237 |
NOK Corp. | 625,100 | | 11,631 |
NSK Ltd. | 350,000 | | 3,388 |
Obara Corp. | 1,650 | | 31 |
Oiles Corp. | 77,040 | | 1,655 |
Okuma Corp. | 134,000 | | 1,601 |
Optoelectronics Co. Ltd. | 27,700 | | 331 |
Otaki Gas Co. Ltd. | 15,000 | | 79 |
Otsuka Corp. (e) | 39,400 | | 3,800 |
Pacific Metals Co. Ltd. | 128,000 | | 2,038 |
Pigeon Corp. (e) | 57,700 | | 867 |
Produce Co. Ltd. (a)(e) | 496 | | 2,350 |
Properst Co. Ltd. | 665 | | 1,247 |
Round One Corp. (e) | 2,649 | | 5,475 |
Ryobi Ltd. | 226,000 | | 1,670 |
Saison Information Systems Co. Ltd. | 21,100 | | 175 |
Sakai Chemical Industry Co. Ltd. | 55,000 | | 407 |
Sammy NetWorks Co. Ltd. (e) | 1,075 | | 5,421 |
Sansha Electric Manufacturing Co. Ltd. | 56,000 | | 506 |
Sanyo Denki Co. Ltd. | 16,000 | | 116 |
Sato Corp. (e) | 178,400 | | 3,479 |
Sawai Pharmaceutical Co. Ltd. (e) | 42,200 | | 1,753 |
Sec Carbon Ltd. | 33,000 | | 476 |
Sega Sammy Holdings, Inc. | 20,200 | | 457 |
Seria Co. Ltd. | 482 | | 893 |
Shaddy Co. Ltd. (e) | 118,900 | | 1,366 |
Shibaura Electronics Co. Ltd. | 119,400 | | 2,153 |
Shikoku Chemicals Corp. (e) | 88,000 | | 517 |
Shimachu Co. Ltd. | 80,600 | | 2,187 |
Shimamura Co. Ltd. | 11,800 | | 1,287 |
Shin Nippon Biomedical Laboratories Ltd. (e) | 69,600 | | 1,040 |
Shin-Kobe Electric Machinery Co. Ltd. | 419,000 | | 2,079 |
Shinohara Systems of Construction Co. Ltd. (a) | 678 | | 1,128 |
Shizuki Electric Co., Inc. | 158,000 | | 480 |
Sojitz Corp. (a) | 585,500 | | 2,213 |
SRI Sports Ltd. | 1,294 | | 1,647 |
St. Marc Holdings Co. Ltd. | 15,500 | | 838 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Stanley Electric Co. Ltd. | 386,100 | | $ 7,670 |
Star Micronics Co. Ltd. | 214,700 | | 5,192 |
Starbucks Coffee Japan Ltd. | 2,853 | | 1,254 |
Stella Chemifa Corp. (e) | 19,600 | | 614 |
Sumco Corp. | 26,200 | | 1,139 |
Sumitomo Corp. | 356,300 | | 6,103 |
Sumitomo Metal Industries Ltd. | 578,000 | | 2,935 |
Sumitomo Titanium Corp. (e) | 12,600 | | 1,349 |
Sumitomo Trust & Banking Co. Ltd. | 160,000 | | 1,563 |
Sun Frontier Fudousan Co. Ltd. | 790 | | 1,810 |
Sunx Ltd. (e) | 125,700 | | 954 |
Suruga Corp. | 105,100 | | 2,162 |
Sysmex Corp. (e) | 65,800 | | 2,521 |
T Rad Co. Ltd. (e) | 454,000 | | 2,217 |
T&D Holdings, Inc. | 18,300 | | 1,159 |
Taiho Kogyo Co. Ltd. | 81,200 | | 1,145 |
Taiyo Ink Manufacturing Co. Ltd. | 96,800 | | 2,572 |
Taiyo Kagaku | 73,500 | | 621 |
Taiyo Nippon Sanso Corp. | 222,000 | | 1,930 |
Takara Holdings, Inc. (e) | 324,000 | | 2,400 |
Takata Corp. | 58,400 | | 2,136 |
Takeuchi Manufacturing Co. Ltd. | 10,000 | | 409 |
Takiron Co. Ltd. (e) | 282,000 | | 995 |
Takisawa Machine Tool Co. Ltd. | 524,000 | | 1,273 |
Telewave, Inc. (e) | 392 | | 122 |
TFP Consulting Group Co. Ltd. | 169 | | 419 |
The Goodwill Group, Inc. (e) | 668 | | 419 |
TOA Valve Holding, Inc. | 161 | | 602 |
Toagosei Co. Ltd. | 354,000 | | 1,354 |
Tohcello Co. Ltd. | 99,500 | | 1,049 |
Toho Zinc Co. Ltd. | 272,000 | | 2,353 |
Tohoku Electric Power Co., Inc. | 46,300 | | 1,106 |
Tokai Carbon Co. Ltd. (e) | 216,000 | | 1,860 |
Tokai Rubber Industries Ltd. | 179,700 | | 3,478 |
Token Corp. (e) | 28,110 | | 1,408 |
Tokyo Gas Co. Ltd. | 248,000 | | 1,246 |
Tokyo Radiator Manufacturing Co. Ltd. | 13,700 | | 90 |
Tokyo Seimitsu Co. Ltd. (e) | 65,400 | | 2,260 |
Tomen Devices Corp. (e) | 28,300 | | 493 |
TonenGeneral Sekiyu KK (e) | 122,000 | | 1,313 |
Topcon Corp. | 32,500 | | 489 |
Toray Industries, Inc. | 157,000 | | 1,077 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Torishima Pump Manufacturing Co. Ltd. | 55,600 | | $ 605 |
Toshiba Machine Co. Ltd. (e) | 479,000 | | 4,667 |
Trancom Co. Ltd. | 70,200 | | 1,152 |
Tyo Productions, Inc. (e) | 85,500 | | 145 |
Ulvac, Inc. (e) | 32,000 | | 1,043 |
Unicom Group Holdings, Inc. | 135,600 | | 1,287 |
Usen Corp. (e) | 185,990 | | 1,560 |
Village Vanguard Co. Ltd. (e) | 136 | | 722 |
Wacom Co. Ltd. (e) | 173 | | 423 |
Yachiyo Industry Co. Ltd. | 64,200 | | 1,176 |
Yamada Denki Co. Ltd. | 49,740 | | 4,597 |
Yamaha Motor Co. Ltd. | 57,200 | | 1,511 |
Yaskawa Electric Corp. | 125,000 | | 1,429 |
Yonkyu Co. Ltd. | 135,500 | | 1,477 |
Yume No Machi Souzou Iinkai Co. Ltd. | 67 | | 160 |
TOTAL JAPAN | | 456,276 |
Kazakhstan - 0.1% |
JSC Halyk Bank of Kazakhstan unit (a) | 49,600 | | 1,116 |
Korea (South) - 0.8% |
Hyunjin Materials Co. Ltd. | 69,962 | | 1,974 |
JVM Co. Ltd. | 15,566 | | 799 |
LG Household & Health Care Ltd. | 16,790 | | 2,235 |
MegaStudy Co. Ltd. | 7,425 | | 1,253 |
NHN Corp. | 5,675 | | 888 |
Osstem Implant Co. Ltd. | 17,593 | | 837 |
SSCP Co. Ltd. (a) | 9,567 | | 269 |
Sung Kwang Bend Co. Ltd. | 178,958 | | 2,755 |
Taewoong Co. Ltd. | 16,881 | | 719 |
Woongjin Coway Co. Ltd. | 49,070 | | 1,641 |
YBM Sisa.com, Inc. | 44,849 | | 956 |
TOTAL KOREA (SOUTH) | | 14,326 |
Luxembourg - 0.2% |
SES SA FDR (France) unit | 142,650 | | 2,803 |
Malaysia - 0.3% |
DiGi.com BHD | 95,300 | | 568 |
Gamuda BHD | 495,000 | | 1,136 |
IJM Plantation BHD | 510,500 | | 300 |
KNM Group BHD | 238,600 | | 983 |
Common Stocks - continued |
| Shares | | Value (000s) |
Malaysia - continued |
MMC Corp. BHD | 357,200 | | $ 741 |
Zelan BHD | 253,400 | | 874 |
TOTAL MALAYSIA | | 4,602 |
Malta - 0.4% |
Unibet Group plc unit | 178,456 | | 5,913 |
Netherlands - 0.5% |
Engel East Europe NV | 975,032 | | 2,876 |
Koninklijke Ten Cate NV | 94,370 | | 3,834 |
Tele Atlas NV (Netherlands) (a) | 105,000 | | 2,188 |
TOTAL NETHERLANDS | | 8,898 |
Norway - 2.0% |
Aker Kvaerner ASA | 112,750 | | 2,686 |
Hafslund ASA (B Shares) (e) | 172,870 | | 4,257 |
Pertra AS (A Shares) | 175,642 | | 2,081 |
ProSafe ASA (e) | 328,950 | | 5,126 |
Schibsted ASA (B Shares) | 48,600 | | 2,230 |
Stepstone ASA (a) | 5,212,154 | | 18,398 |
TOTAL NORWAY | | 34,778 |
Oman - 0.1% |
BankMuscat SAOG sponsored GDR | 158,950 | | 1,971 |
Papua New Guinea - 0.1% |
Lihir Gold Ltd. (a) | 1,001,133 | | 2,478 |
Portugal - 0.2% |
Banif SGPS SA | 484,850 | | 3,778 |
Russia - 0.1% |
Sistema-Hals JSC unit | 91,600 | | 1,379 |
Singapore - 2.6% |
Advent Air Ltd. (f) | 14,719,299 | | 3,973 |
Ascott Residence Trust | 654,000 | | 839 |
Banyan Tree Holdings Ltd. | 2,220,000 | | 3,419 |
CapitaMall Trust | 746,000 | | 1,954 |
Cosco Corp. Singapore Ltd. | 2,157,000 | | 4,018 |
CSE Global Ltd. | 2,604,000 | | 3,017 |
Ezra Holdings Ltd. | 310,000 | | 1,306 |
F J Benjamin Holdings Ltd. | 2,892,000 | | 1,618 |
Hyflux Ltd. | 327,000 | | 581 |
Keppel Corp. Ltd. | 68,000 | | 958 |
Mapletree Logistics Trust (REIT) | 1,493,000 | | 1,317 |
Common Stocks - continued |
| Shares | | Value (000s) |
Singapore - continued |
Olam International Ltd. | 1,031,000 | | $ 2,145 |
Parkway Holdings Ltd. | 1,648,300 | | 4,297 |
Rickmers Maritime | 2,711,000 | | 2,802 |
SIA Engineering Co. Ltd. | 615,000 | | 1,862 |
Singapore Land Ltd. | 64,000 | | 442 |
Swissco International Ltd. | 1,541,000 | | 827 |
Unisteel Technology Ltd. | 533,000 | | 853 |
Uol Group Ltd. | 1,247,000 | | 3,989 |
Wing Tai Holdings Ltd. | 850,000 | | 1,880 |
Yangzijiang Shipbuilding Holdings Ltd. | 1,634,000 | | 1,420 |
Yanlord Land Group Ltd. | 838,000 | | 1,313 |
TOTAL SINGAPORE | | 44,830 |
South Africa - 2.8% |
African Rainbow Minerals Ltd. (a) | 291,610 | | 4,927 |
Illovo Sugar Ltd. | 1,385,820 | | 4,004 |
Investec Ltd. | 344,447 | | 4,893 |
Steinhoff International Holdings Ltd. | 6,659,732 | | 23,686 |
Telkom SA Ltd. | 146,300 | | 3,604 |
Wilson Bayly Holmes-Ovcon Ltd. | 446,856 | | 5,869 |
TOTAL SOUTH AFRICA | | 46,983 |
Sweden - 1.3% |
Hexagon AB (B Shares) (e) | 239,511 | | 10,975 |
Modern Times Group AB (MTG) (B Shares) | 199,460 | | 11,745 |
TOTAL SWEDEN | | 22,720 |
Switzerland - 1.1% |
Actelion Ltd. (Reg.) (a) | 16,588 | | 3,955 |
Bucher Industries AG | 15,811 | | 2,382 |
Partners Group Holding | 39,750 | | 5,045 |
Sulzer AG (Reg.) | 2,070 | | 2,740 |
Vontobel Holdings AG | 86,450 | | 4,831 |
TOTAL SWITZERLAND | | 18,953 |
Taiwan - 0.2% |
China Life Insurance Co. Ltd. (a) | 3,063,000 | | 1,319 |
Sinyi Realty, Inc. | 483,000 | | 1,377 |
TOTAL TAIWAN | | 2,696 |
United Kingdom - 16.8% |
Accsys Technologies PLC (a) | 500,000 | | 2,159 |
Accuma Group PLC (a) | 883,600 | | 1,290 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
ADVFN PLC (a) | 19,750,780 | | $ 1,037 |
AeroBox PLC (a) | 5,694,657 | | 0 |
Afren PLC (a)(e) | 4,580,710 | | 4,946 |
African Consolidated Resources PLC | 7,758,334 | | 2,172 |
African Copper PLC (a) | 1,677,884 | | 2,382 |
Air Partner PLC | 45,000 | | 1,107 |
Alfred McAlpine Group PLC | 359,600 | | 3,381 |
Alliance Pharma PLC (a) | 7,984,200 | | 1,556 |
Amlin PLC | 206,973 | | 1,284 |
Anglo Asian Mining PLC (a) | 4,169,300 | | 1,542 |
Appian Technology PLC (a) | 3,702,924 | | 851 |
Appian Technology PLC warrants 2/28/08 (a)(h) | 479,045 | | 192 |
Ascent Resources PLC warrants 12/22/07 (a) | 1,500,000 | | 172 |
Baltic Oil Terminals PLC | 1,314,300 | | 4,704 |
Belitung Zinc Corp. PLC (h) | 7,435,490 | | 1,487 |
BioCare Solutions PLC (f) | 4,849,670 | | 1,648 |
Bioprogress PLC (a) | 5,338,366 | | 6,671 |
Blackstar Investors PLC (a) | 2,735,000 | | 5,633 |
Block Shield Corp. PLC (a) | 1,103,400 | | 2,217 |
Cambrian Mining PLC | 4,026,100 | | 9,660 |
CareCapital Group PLC | 1,495,100 | | 1,016 |
Celsis International PLC (a) | 443,648 | | 1,929 |
Central African Mining & Exploration Co. PLC (a) | 4,497,509 | | 4,946 |
Centurion Electronics PLC (a)(f) | 780,024 | | 179 |
Clapham House Group PLC (a) | 278,850 | | 2,222 |
Cobra Biomanufacturing PLC (a) | 138,200 | | 128 |
Coffeeheaven International PLC (a) | 1,875,340 | | 1,594 |
Corac Group PLC (a)(f) | 5,084,104 | | 3,761 |
Countermine PLC (a)(h) | 4,939 | | 255 |
Countermine PLC warrants 7/26/06 (a)(h) | 4,939 | | 0 |
CustomVis plc (a)(f) | 8,417,536 | | 820 |
DA Group PLC (a) | 905,065 | | 480 |
Datacash Group PLC | 720,000 | | 3,588 |
Eclipse Energy Co. Ltd. (h) | 102,000 | | 1,530 |
Europa Oil & Gas Holdings PLC warrants 11/11/07 (a) | 500,000 | | 27 |
Financial Payment Systems Ltd. (a)(f) | 7,787,504 | | 467 |
Flomerics Group PLC | 449,658 | | 809 |
Forum Energy PLC (a) | 800,270 | | 888 |
Gasol PLC (a) | 7,750,800 | | 988 |
Gemfields Resources PLC (a) | 3,909,100 | | 2,384 |
Global Coal Management PLC (a) | 1,478,451 | | 4,286 |
Gyrus Group PLC (a) | 692,720 | | 6,576 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Hardide Ltd. (a) | 6,848,580 | | $ 1,335 |
Healthcare Enterprise Group PLC (a)(f) | 23,246,074 | | 2,231 |
Healthcare Enterprise Group PLC warrants 6/30/08 (a) | 1,851,769 | | 83 |
Hot Tuna International PLC (a) | 2,349,400 | | 752 |
Hot Tuna International PLC warrants 2/25/08 (a)(h) | 1,179,700 | | 0 |
Hydrodec Group PLC (a)(f) | 11,187,286 | | 5,816 |
Ideal Shopping Direct PLC | 661,592 | | 3,254 |
IG Group Holdings plc | 1,316,600 | | 8,088 |
Imagelinx PLC (a)(f) | 22,912,152 | | 916 |
Impact Holdings PLC (a)(f) | 10,414,000 | | 1,406 |
Imperial Energy PLC (a) | 70,000 | | 1,755 |
Indago Petroleum Ltd. (a) | 357,729 | | 662 |
Inova Holding PLC | 1,443,461 | | 346 |
International Con Minerals Ltd. (h) | 2,659,964 | | 798 |
International Con Minerals Ltd. warrants 4/30/07 (a)(h) | 1,329,982 | | 0 |
Intertek Group PLC | 94,110 | | 1,758 |
iomart Group PLC | 2,037,940 | | 2,160 |
Irvine Energy PLC (a) | 12,895,900 | | 774 |
ITE Group PLC | 2,116,540 | | 7,057 |
ITM Power PLC (a) | 1,780,200 | | 4,627 |
Jubilee Platinum PLC (a)(f) | 5,182,503 | | 12,383 |
Kalahari Minerals PLC | 2,351,800 | | 1,305 |
KBC Advanced Technologies PLC | 917,600 | | 871 |
Keronite PLC (a)(h) | 13,620,267 | | 1,634 |
KimCor Diamonds PLC (f) | 4,185,000 | | 816 |
KimCor Diamonds PLC warrants 3/15/08 (a) | 2,185,000 | | 186 |
Landround plc (a)(f) | 858,600 | | 240 |
Landround plc warrants 12/11/09 (a)(h) | 166,666 | | 15 |
Lansdowne Oil & Gas PLC | 907,620 | | 1,080 |
Lawrence PLC | 187,307 | | 854 |
London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a) | 105,400 | | 62 |
Max Petroleum PLC (a) | 9,611,220 | | 34,879 |
Meggitt PLC | 991,949 | | 6,099 |
MicroEmissive Displays (a)(f) | 2,365,500 | | 2,152 |
Motivcom PLC (f) | 1,820,500 | | 4,750 |
Advanced Fluid Connection PLC (a) | 7,009,687 | | 0 |
Plethora Solutions Holdings PLC (a) | 431,818 | | 1,351 |
Proteome Sciences PLC (a) | 780,842 | | 714 |
Pureprofile Media PLC (h) | 1,108,572 | | 831 |
Pursuit Dynamics PLC (a) | 666,667 | | 2,839 |
Rambler Metals & Mining PLC (a) | 1,300,000 | | 1,742 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
RGI International Ltd. | 391,550 | | $ 4,620 |
Rheochem PLC warrants 12/30/07 (a) | 4,364,150 | | 23 |
Sarantel Group PLC Class A (a)(f) | 3,385,900 | | 846 |
Scottish & Southern Energy PLC | 209,000 | | 6,281 |
SDL plc (a) | 863,350 | | 6,452 |
SDL plc | 159,777 | | 1,195 |
Sibir Energy PLC (a) | 84,580 | | 761 |
Sinclair Pharma PLC (a) | 1,128,371 | | 3,046 |
Sinosoft Technology PLC | 4,573,900 | | 1,578 |
SPI Lasers PLC (a) | 406,200 | | 1,836 |
Stem Cell Sciences PLC | 716,649 | | 695 |
SubSea Resources PLC (a) | 7,879,100 | | 1,044 |
SubSea Resources PLC warrants 11/4/09 (a) | 1,805,625 | | 72 |
Tanfield Group PLC (a) | 3,072,337 | | 8,124 |
Target Resources PLC | 1,020,000 | | 591 |
Target Resources PLC warrants 7/12/08 (a) | 1,020,000 | | 71 |
Tersus Energy PLC (a) | 1,333,622 | | 360 |
Third Advance Value Realisation Co. Ltd. | 507,108 | | 1,070 |
TMO Biotec (h) | 10,000 | | 1,389 |
Toledo Mining Corp. PLC (a)(f) | 1,764,544 | | 9,702 |
Triple Plate Junction PLC (a) | 1,539,200 | | 869 |
Triple Plate Junction PLC warrants 5/9/07 (a) | 1,818,750 | | 0 |
UK Coal PLC | 409,200 | | 4,598 |
Vanco PLC (a) | 117,600 | | 1,024 |
Vectura Group PLC (a) | 3,556,060 | | 6,186 |
Virotec International PLC (a) | 3,411,132 | | 921 |
York Pharma PLC (a) | 575,200 | | 1,599 |
Zenergy Power PLC (a) | 922,000 | | 2,728 |
ZincOx Resources PLC (a) | 693,100 | | 4,587 |
TOTAL UNITED KINGDOM | | 285,853 |
United States of America - 2.1% |
121Media, Inc. (a)(f) | 644,900 | | 20,019 |
Cyberview Technology, Inc. (a)(f) | 996,527 | | 3,238 |
Frontera Resources Corp. (a) | 1,157,200 | | 1,816 |
Frontier Mining Ltd. (a)(f) | 6,771,600 | | 2,403 |
Solar Integrated Technologies, Inc. (a) | 713,573 | | 1,769 |
Common Stocks - continued |
| Shares | | Value (000s) |
United States of America - continued |
Spacelabs Healthcare, Inc. (a) | 707,250 | | $ 997 |
XL TechGroup, Inc. (a) | 1,329,250 | | 5,289 |
TOTAL UNITED STATES OF AMERICA | | 35,531 |
TOTAL COMMON STOCKS (Cost $1,218,266) | 1,647,234 |
Investment Companies - 0.0% |
| | | |
United Kingdom - 0.0% |
The Greenhouse Fund Ltd. (a)
(Cost $404) | 2,175,000 | | 587 |
Convertible Bonds - 0.2% |
| Principal
Amount (000s) (d) | | |
Canada - 0.2% |
Western Canadian Coal Corp. 7.5% 3/24/11
(Cost $4,061) | CAD | 4,714 | | 3,674 |
Money Market Funds - 13.4% |
| Shares | | |
Fidelity Cash Central Fund, 5.29% (b) | 54,508,258 | | 54,508 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 174,330,943 | | 174,331 |
TOTAL MONEY MARKET FUNDS (Cost $228,839) | 228,839 |
TOTAL INVESTMENT PORTFOLIO - 110.2% (Cost $1,451,570) | | 1,880,334 |
NET OTHER ASSETS - (10.2)% | | (174,657) |
NET ASSETS - 100% | $ 1,705,677 |
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) 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 end of the period, the value of these securities amounted to $1,249,000 or 0.1% 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 $14,554,000 or 0.9% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
AirSea Lines | 8/4/06 | $ 1,199 |
AirSea Lines warrants 8/4/11 | 8/4/06 | $ 0 |
Appian Technology PLC warrants 2/28/08 | 2/18/05 | $ 0 |
Belitung Zinc Corp. PLC | 1/12/06 | $ 1,308 |
Buried Hill Energy (Cyprus) PCL | 8/18/06 | $ 2,142 |
Countermine PLC | 12/22/05 | $ 443 |
Countermine PLC warrants 7/26/06 | 12/22/05 | $ 0 |
Eclipse Energy Co. Ltd. | 4/28/05 | $ 1,459 |
Hot Tuna International PLC warrants 2/25/08 | 2/14/06 | $ 0 |
International Con Minerals Ltd. | 1/30/06 | $ 798 |
International Con Minerals Ltd. warrants 4/30/07 | 1/30/06 | $ 0 |
Kalahari Energy | 9/1/06 | $ 1,814 |
Keronite PLC | 8/16/06 | $ 1,549 |
Landround plc warrants 12/11/09 | 12/12/06 | $ 0 |
Pureprofile Media PLC | 5/3/05 - 1/11/06 | $ 1,173 |
Rock Well Petroleum, Inc. | 4/13/06 | $ 1,004 |
Starfield Resources, Inc. warrants 5/23/07 | 5/18/06 | $ 0 |
Starfield Resources, Inc. warrants 1/20/08 | 1/17/06 | $ 0 |
Stealth Ventures Ltd. warrants 3/12/08 | 9/21/06 | $ 0 |
TMO Biotec | 10/27/05 | $ 535 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned
(Amounts in thousands) |
Fidelity Cash Central Fund | $ 1,570 |
Fidelity Securities Lending Cash Central Fund | 667 |
Total | $ 2,237 |
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
(Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
121Media, Inc. | $ 11,748 | $ - | $ - | $ - | $ 20,019 |
Advent Air Ltd. | 2,948 | - | - | 80 | 3,973 |
Adwalker PLC | 413 | - | - | - | 388 |
Avanti Screenmedia Group PLC | 9,335 | - | 8,831 | - | - |
BDI Mining Corp. | 3,288 | - | 6,306 | - | - |
BioCare Solutions PLC | 2,270 | - | 150 | - | 1,648 |
Bioprogress PLC | 9,152 | - | 3,914 | - | - |
Cambrian Mining PLC | 15,845 | - | 5,408 | 182 | - |
Centurion Electronics PLC | 432 | - | 29 | - | 179 |
Corac Group PLC | 3,538 | - | 103 | - | 3,761 |
CustomVis plc | 134 | 715 | - | - | 820 |
Cyberview Technology, Inc. (formerly Cyberscan Technology, Inc.) | 4,562 | - | - | - | 3,238 |
DA Group PLC | 1,236 | - | 680 | - | - |
Financial Payment Systems Ltd. | 1,485 | - | - | - | 467 |
Frontier Mining Ltd. | 1,808 | - | - | - | 2,403 |
Gasol PLC | 1,257 | - | - | - | - |
Gemfields Resources PLC | 5,589 | - | 1,823 | - | - |
GMA Resources PLC | 3,939 | - | 3,863 | - | - |
Hardide Ltd. | 1,711 | - | 233 | - | - |
Healthcare Enterprise Group PLC | 1,010 | 431 | 77 | - | 2,231 |
Hydrodec Group PLC | 8,231 | - | 1,056 | - | 5,816 |
ID Data PLC | 925 | - | 1,169 | - | - |
Imagelinx PLC (formerly LTG Technologies PLC) | 1,948 | 340 | - | - | 916 |
Other Affiliated Issuers - continued |
Affiliates
(Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value,
end of
period |
Impact Holdings PLC | $ 2,086 | $ - | $ - | $ - | $ 1,406 |
Inion OY | 1,677 | - | 111 | - | - |
Interbulk Investments PLC | 1,682 | - | 1,528 | - | - |
International Ferro Metals | 17,682 | 1,265 | 12,943 | - | - |
Jubilee Platinum PLC | 8,789 | 1,994 | 4,138 | - | 12,383 |
KimCor Diamonds PLC | 1,185 | - | 25 | - | 816 |
Landround plc | 188 | 197 | - | - | 240 |
Metals Exploration PLC | 2,126 | - | 2,280 | - | - |
MicroEmissive Displays | 1,672 | - | 685 | - | 2,152 |
Mineral Commodities Ltd. | 948 | - | 730 | - | - |
Motivcom PLC | 3,085 | - | 186 | 32 | 4,750 |
Platinum Mining Corp. of India PLC | 2,418 | - | 2,829 | - | - |
Rheochem PLC | 2,034 | - | 2,015 | - | - |
Sarantel Group PLC Class A | 677 | 463 | 24 | - | 846 |
Solomon Gold PLC | 905 | - | 502 | - | - |
Starfield Resources, Inc. | 3,247 | - | 2,924 | - | - |
SubSea Resources PLC | 2,630 | - | - | - | - |
Sylvania Resources Ltd. | 5,331 | 557 | - | - | 10,337 |
Sylvania Resources Ltd. (United Kingdom) | 3,616 | - | - | - | 6,547 |
Tanzanite One Ltd. | 9,086 | - | - | 350 | 9,059 |
Teleunit Spa | 1,122 | - | - | - | 1,208 |
Toledo Mining Corp. PLC | 3,742 | 412 | - | - | 9,702 |
Visual Defence, Inc. | 2,673 | - | 430 | - | 1,539 |
Xceldiam Ltd. | 1,946 | - | 65 | 3,815 | - |
Total | $ 173,351 | $ 6,374 | $ 65,057 | $ 4,459 | $ 106,844 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2007 |
Assets | | |
Investment in securities, at value (including securities loaned of $165,030) - See accompanying schedule: Unaffiliated issuers (cost $1,132,476) | $ 1,544,651 | |
Fidelity Central Funds (cost $228,839) | 228,839 | |
Other affiliated issuers (cost $90,255) | 106,844 | |
Total Investments (cost $1,451,570) | | $ 1,880,334 |
Cash | | 10 |
Foreign currency held at value (cost $2,263) | | 2,267 |
Receivable for investments sold | | 15,921 |
Receivable for fund shares sold | | 1,194 |
Dividends receivable | | 3,977 |
Interest receivable | | 32 |
Distributions receivable from Fidelity Central Funds | | 273 |
Prepaid expenses | | 7 |
Other receivables | | 419 |
Total assets | | 1,904,434 |
| | |
Liabilities | | |
Payable for investments purchased | $ 19,244 | |
Payable for fund shares redeemed | 3,455 | |
Accrued management fee | 1,093 | |
Distribution fees payable | 48 | |
Other affiliated payables | 362 | |
Other payables and accrued expenses | 224 | |
Collateral on securities loaned, at value | 174,331 | |
Total liabilities | | 198,757 |
| | |
Net Assets | | $ 1,705,677 |
Net Assets consist of: | | |
Paid in capital | | $ 1,156,699 |
Undistributed net investment income | | 6,154 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 114,042 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 428,782 |
Net Assets | | $ 1,705,677 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2007 |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($35,916 ÷ 1,309.1 shares) | | $ 27.43 |
| | |
Maximum offering price per share (100/94.25 of $27.43) | | $ 29.10 |
Class T:
Net Asset Value and redemption price per share ($38,073 ÷ 1,393.5 shares) | | $ 27.32 |
| | |
Maximum offering price per share (100/96.50 of $27.32) | | $ 28.31 |
Class B:
Net Asset Value and offering price per share
($10,725 ÷ 397.6 shares)A | | $ 26.97 |
| | |
Class C:
Net Asset Value and offering price per share
($19,292 ÷ 712.3 shares)A | | $ 27.08 |
| | |
International Small Cap:
Net Asset Value, offering price and redemption price per share ($1,594,350 ÷ 57,644.2 shares) | | $ 27.66 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($7,321 ÷ 265.3 shares) | | $ 27.60 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended April 30, 2007 |
Investment Income | | |
Dividends (including $4,459 earned from other affiliated issuers) | | $ 13,620 |
Interest | | 223 |
Income from Fidelity Central Funds | | 2,237 |
| | 16,080 |
Less foreign taxes withheld | | (946) |
Total income | | 15,134 |
| | |
Expenses | | |
Management fee
Basic fee | $ 7,515 | |
Performance adjustment | (1,187) | |
Transfer agent fees | 1,870 | |
Distribution fees | 296 | |
Accounting and security lending fees | 405 | |
Custodian fees and expenses | 357 | |
Independent trustees' compensation | 3 | |
Registration fees | 63 | |
Audit | 56 | |
Legal | 25 | |
Miscellaneous | 7 | |
Total expenses before reductions | 9,410 | |
Expense reductions | (447) | 8,963 |
Net investment income (loss) | | 6,171 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $1) | 158,074 | |
Other affiliated issuers | (6,348) | |
Foreign currency transactions | (51) | |
Total net realized gain (loss) | | 151,675 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $4) | 124,308 | |
Assets and liabilities in foreign currencies | 91 | |
Total change in net unrealized appreciation (depreciation) | | 124,399 |
Net gain (loss) | | 276,074 |
Net increase (decrease) in net assets resulting from operations | | $ 282,245 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended
April 30,
2007 | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 6,171 | $ 6,181 |
Net realized gain (loss) | 151,675 | 461,201 |
Change in net unrealized appreciation (depreciation) | 124,399 | (42,338) |
Net increase (decrease) in net assets resulting
from operations | 282,245 | 425,044 |
Distributions to shareholders from net investment income | (3,787) | (10,829) |
Distributions to shareholders from net realized gain | (351,004) | (234,438) |
Total distributions | (354,791) | (245,267) |
Share transactions - net increase (decrease) | (158,379) | (456,221) |
Redemption fees | 121 | 565 |
Total increase (decrease) in net assets | (230,804) | (275,879) |
| | |
Net Assets | | |
Beginning of period | 1,936,481 | 2,212,360 |
End of period (including undistributed net investment income of $6,154 and undistributed net investment income of $5,133, respectively) | $ 1,705,677 | $ 1,936,481 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 28.79 | $ 26.69 | $ 21.25 | $ 17.69 | $ 12.35 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .05 | (.02) | .05 | .02 | .02 H |
Net realized and unrealized gain (loss) | 4.24 | 5.05 | 6.16 | 3.83 | 5.30 |
Total from investment operations | 4.29 | 5.03 | 6.21 | 3.85 | 5.32 |
Distributions from net investment income | - | (.05) | (.02) | (.02) | - |
Distributions from net realized gain | (5.65) | (2.89) | (.77) | (.31) | - |
Total distributions | (5.65) | (2.94) | (.79) | (.33) | - |
Redemption fees added to paid in capital E | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 27.43 | $ 28.79 | $ 26.69 | $ 21.25 | $ 17.69 |
Total Return B, C, D | 17.53% | 20.22% | 30.16% | 22.36% | 43.24% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 1.39% A | 1.64% | 1.66% | 1.71% | 1.77% A |
Expenses net of fee waivers, if any | 1.39% A | 1.64% | 1.66% | 1.71% | 1.77% A |
Expenses net of all reductions | 1.34% A | 1.58% | 1.63% | 1.69% | 1.74% A |
Net investment income (loss) | .40% A | (.08)% | .21% | .09% | .28% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 36 | $ 37 | $ 35 | $ 13 | $ 5 |
Portfolio turnover rate G | 63% A | 84% | 79% | 77% | 84% A |
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 sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. K Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 28.64 | $ 26.57 | $ 21.20 | $ 17.68 | $ 12.35 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .02 | (.09) | (.01) | (.03) | - H, K |
Net realized and unrealized gain (loss) | 4.23 | 5.03 | 6.12 | 3.83 | 5.31 |
Total from investment operations | 4.25 | 4.94 | 6.11 | 3.80 | 5.31 |
Distributions from net investment income | - | - | - | (.01) | - |
Distributions from net realized gain | (5.57) | (2.88) | (.76) | (.31) | - |
Total distributions | (5.57) | (2.88) | (.76) | (.32) | - |
Redemption fees added to paid in capital E | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 27.32 | $ 28.64 | $ 26.57 | $ 21.20 | $ 17.68 |
Total Return B, C, D | 17.42% | 19.93% | 29.72% | 22.07% | 43.16% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 1.62% A | 1.89% | 1.92% | 1.94% | 2.12% A |
Expenses net of fee waivers, if any | 1.62% A | 1.89% | 1.91% | 1.94% | 2.12% A |
Expenses net of all reductions | 1.58% A | 1.83% | 1.88% | 1.92% | 2.09% A |
Net investment income (loss) | .16% A | (.32)% | (.04)% | (.14)% | (.07)% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 38 | $ 42 | $ 42 | $ 15 | $ 4 |
Portfolio turnover rate G | 63% A | 84% | 79% | 77% | 84% A |
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 sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. K Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 28.26 | $ 26.24 | $ 20.99 | $ 17.62 | $ 12.35 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | (.05) | (.24) | (.14) | (.16) | (.05) H |
Net realized and unrealized gain (loss) | 4.17 | 4.98 | 6.08 | 3.80 | 5.30 |
Total from investment operations | 4.12 | 4.74 | 5.94 | 3.64 | 5.25 |
Distributions from net realized gain | (5.41) | (2.73) | (.71) | (.31) | - |
Redemption fees added to paid in capital E | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 26.97 | $ 28.26 | $ 26.24 | $ 20.99 | $ 17.62 |
Total Return B, C, D | 17.10% | 19.28% | 29.13% | 21.21% | 42.67% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 2.16% A | 2.48% | 2.49% | 2.63% | 2.76% A |
Expenses net of fee waivers, if any | 2.16% A | 2.40% | 2.43% | 2.63% | 2.76% A |
Expenses net of all reductions | 2.11% A | 2.34% | 2.40% | 2.60% | 2.73% A |
Net investment income (loss) | (.38)% A | (.84)% | (.56)% | (.83)% | (.71)% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 11 | $ 11 | $ 13 | $ 5 | $ 1 |
Portfolio turnover rate G | 63% A | 84% | 79% | 77% | 84% A |
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 contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. K Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 28.33 | $ 26.31 | $ 21.04 | $ 17.64 | $ 12.35 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | (.04) | (.23) | (.13) | (.12) | (.04) H |
Net realized and unrealized gain (loss) | 4.18 | 4.99 | 6.10 | 3.80 | 5.31 |
Total from investment operations | 4.14 | 4.76 | 5.97 | 3.68 | 5.27 |
Distributions from net investment income | - | - | - | (.01) | - |
Distributions from net realized gain | (5.39) | (2.75) | (.72) | (.31) | - |
Total distributions | (5.39) | (2.75) | (.72) | (.32) | - |
Redemption fees added to paid in capital E | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 27.08 | $ 28.33 | $ 26.31 | $ 21.04 | $ 17.64 |
Total Return B, C, D | 17.09% | 19.34% | 29.22% | 21.43% | 42.83% |
Ratios to Average Net Assets F, J | | | | | |
Expenses before reductions | 2.11% A | 2.38% | 2.41% | 2.43% | 2.57% A |
Expenses net of fee waivers, if any | 2.11% A | 2.38% | 2.41% | 2.43% | 2.57% A |
Expenses net of all reductions | 2.06% A | 2.32% | 2.38% | 2.40% | 2.55% A |
Net investment income (loss) | (.32)% A | (.81)% | (.54)% | (.62)% | (.52)% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 19 | $ 21 | $ 25 | $ 9 | $ 1 |
Portfolio turnover rate G | 63% A | 84% | 79% | 77% | 84% A |
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 contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Investment income per share reflects a special dividend which amounted to $.01 per share. I For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003. J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. K Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Small Cap
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 | 2002 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 29.03 | $ 26.89 | $ 21.36 | $ 17.71 | $ 9.87 | $ 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .10 | .08 | .15 | .10 | .07 G | (.01) |
Net realized and unrealized gain (loss) | 4.27 | 5.08 | 6.19 | 3.84 | 7.75 | (.12) |
Total from investment operations | 4.37 | 5.16 | 6.34 | 3.94 | 7.82 | (.13) |
Distributions from net investment income | (.07) | (.14) | (.06) | (.02) | - | - |
Distributions from net realized gain | (5.67) | (2.89) | (.77) | (.31) | (.02) | - |
Total distributions | (5.74) | (3.03) | (.83) | (.33) | (.02) | - |
Redemption fees added to paid in capital D | - J | .01 | .02 | .04 | .04 | - J |
Net asset value, end of period | $ 27.66 | $ 29.03 | $ 26.89 | $ 21.36 | $ 17.71 | $ 9.87 |
Total Return B, C | 17.73% | 20.65% | 30.67% | 22.84% | 79.78% | (1.30)% |
Ratios to Average Net Assets E, I | | | | | |
Expenses before reductions | 1.04% A | 1.28% | 1.28% | 1.30% | 1.54% | 13.70% A |
Expenses net of fee waivers, if any | 1.04% A | 1.28% | 1.28% | 1.30% | 1.54% | 1.80% A |
Expenses net of all reductions | .99% A | 1.22% | 1.25% | 1.28% | 1.51% | 1.80% A |
Net investment income (loss) | .75% A | .29% | .59% | .50% | .46% | (.56)% A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 1,594 | $ 1,816 | $ 2,090 | $ 1,091 | $ 547 | $ 3 |
Portfolio turnover rate F | 63% A | 84% | 79% | 77% | 84% | 85% A |
A Annualized 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. EFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.03 per share. H For the period September 18, 2002 (commencement of operations) to October 31, 2002. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended
April 30, | Years ended October 31, |
| 2007 | 2006 | 2005 | 2004 | 2003 H |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 28.99 | $ 26.86 | $ 21.36 | $ 17.72 | $ 12.35 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .10 | .08 | .14 | .10 | .04 G |
Net realized and unrealized gain (loss) | 4.26 | 5.07 | 6.18 | 3.84 | 5.31 |
Total from investment operations | 4.36 | 5.15 | 6.32 | 3.94 | 5.35 |
Distributions from net investment income | (.07) | (.14) | (.07) | (.03) | - |
Distributions from net realized gain | (5.67) | (2.89) | (.77) | (.31) | - |
Total distributions | (5.75) | (3.03) | (.84) | (.34) | - |
Redemption fees added to paid in capital D | - J | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 27.60 | $ 28.99 | $ 26.86 | $ 21.36 | $ 17.72 |
Total Return B, C | 17.72% | 20.65% | 30.59% | 22.84% | 43.48% |
Ratios to Average Net Assets E, I | | | | | |
Expenses before reductions | 1.04% A | 1.29% | 1.30% | 1.32% | 1.51% A |
Expenses net of fee waivers, if any | 1.04% A | 1.29% | 1.30% | 1.32% | 1.51% A |
Expenses net of all reductions | .99% A | 1.23% | 1.27% | 1.29% | 1.48% A |
Net investment income (loss) | .75% A | .28% | .57% | .49% | .54% A |
Supplemental Data | | | | | |
Net assets, end of period (in millions) | $ 7 | $ 9 | $ 7 | $ 3 | $ .4 |
Portfolio turnover rate F | 63% A | 84% | 79% | 77% | 84% A |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Investment income per share reflects a special dividend which amounted to $.01 per share. H For the period May 27, 2003 (commencement of sale of shares) to October 31, 2003.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. J Amount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2007
(Amounts in thousands except ratios)
1. Organization.
Fidelity International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The 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 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.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies.
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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and income distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 will claim 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 | $ 538,409 | |
Unrealized depreciation | (129,743) | |
Net unrealized appreciation (depreciation) | $ 408,666 | |
Cost for federal income tax purposes | $ 1,471,668 | |
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.
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
Semiannual Report
4. 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $528,824 and $1,014,952, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease.
In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, International Small Cap, as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .73% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
6. 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
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 44 | $ 3 |
Class T | .25% | .25% | 98 | - |
Class B | .75% | .25% | 54 | 41 |
Class C | .75% | .25% | 100 | 17 |
| | | $ 296 | $ 61 |
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 and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 2 |
Class T | 2 |
Class B* | 13 |
Class C* | 2 |
| $ 19 |
* 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
6. 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
Average
Net Assets* |
Class A | $ 54 | .30 |
Class T | 58 | .29 |
Class B | 18 | .33 |
Class C | 27 | .28 |
International Small Cap | 1,705 | .21 |
Institutional Class | 8 | .20 |
| $ 1,870 | |
* 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.
7. 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 amounted to $2 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
8. Security Lending - continued
experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less 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 Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $667.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $387 for the period. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction | |
International Small Cap | $ 18 | |
10. 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.
In September 2006, the Fund's transfer agent, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.
Semiannual Report
10. Other - continued
The United States Securities and Exchange Commission ("SEC") is conducting an investigation of FMR (covering the years 2002 to 2004) arising from gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during that period. FMR is in discussions with the SEC staff regarding the possible resolution of the matter, but as of period-end no final resolution has been reached.
In December 2006, the Independent Trustees completed their own investigation of the matter with the assistance of independent counsel. The Independent Trustees and FMR agree that, despite the absence of proof that the Fidelity mutual funds experienced diminished execution quality as a result of the improper receipt of gifts and business entertainment, the conduct at issue was serious and is worthy of redress. Accordingly, the Independent Trustees have requested and FMR has agreed to pay $42 million to Fidelity mutual funds, plus interest to be determined at the time that payment is made. A method of allocating this payment among the funds has not yet been determined. The total payment to the Fund is not anticipated to have a material impact on the Fund's net assets. In addition, FMR reimbursed related legal expenses which are recorded in the accompanying Statement of Operations as an expense reduction.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2007 | Year ended
October 31,
2006 |
From net investment income | | |
Class A | $ - | $ 62 |
International Small Cap | 3,765 | 10,726 |
Institutional Class | 22 | 42 |
Total | $ 3,787 | $ 10,829 |
From net realized gain | | |
Class A | $ 6,864 | $ 3,713 |
Class T | 7,706 | 4,531 |
Class B | 2,092 | 1,339 |
Class C | 3,882 | 2,560 |
International Small Cap | 328,782 | 221,459 |
Institutional Class | 1,678 | 836 |
Total | $ 351,004 | $ 234,438 |
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2007 | Year ended
October 31,
2006 | Six months ended
April 30,
2007 | Year ended
October 31,
2006 |
Class A | | | | |
Shares sold | 131 | 335 | $ 3,392 | $ 9,788 |
Reinvestment of distributions | 252 | 125 | 6,096 | 3,194 |
Shares redeemed | (349) | (490) | (9,083) | (14,008) |
Net increase (decrease) | 34 | (30) | $ 405 | $ (1,026) |
Class T | | | | |
Shares sold | 118 | 413 | $ 3,025 | $ 11,877 |
Reinvestment of distributions | 297 | 165 | 7,166 | 4,209 |
Shares redeemed | (487) | (679) | (12,651) | (19,325) |
Net increase (decrease) | (72) | (101) | $ (2,460) | $ (3,239) |
Class B | | | | |
Shares sold | 12 | 69 | $ 285 | $ 1,926 |
Reinvestment of distributions | 79 | 48 | 1,892 | 1,211 |
Shares redeemed | (95) | (202) | (2,417) | (5,665) |
Net increase (decrease) | (4) | (85) | $ (240) | $ (2,528) |
Class C | | | | |
Shares sold | 36 | 146 | $ 896 | $ 4,106 |
Reinvestment of distributions | 124 | 80 | 2,967 | 2,033 |
Shares redeemed | (201) | (431) | (5,148) | (11,929) |
Net increase (decrease) | (41) | (205) | $ (1,285) | $ (5,790) |
International Small Cap | | | | |
Shares sold | 3,551 | 17,580 | $ 93,299 | $ 512,573 |
Reinvestment of distributions | 12,767 | 8,379 | 311,000 | 216,010 |
Shares redeemed | (21,236) | (41,151) | (557,775) | (1,173,251) |
Net increase (decrease) | (4,918) | (15,192) | $ (153,476) | $ (444,668) |
Institutional Class | | | | |
Shares sold | 31 | 124 | $ 789 | $ 3,656 |
Reinvestment of distributions | 39 | 20 | 938 | 506 |
Shares redeemed | (117) | (109) | (3,050) | (3,132) |
Net increase (decrease) | (47) | 35 | $ (1,323) | $ 1,030 |
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, 2007, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months ended April 30, 2007 and for the year ended October 31, 2006, and the financial highlights for the periods presented. 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, 2007, 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, 2007, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2007 and for the year ended October 31, 2006, and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 20, 2007
Semiannual Report
Semiannual Report
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)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
AISCI-USAN-0607
1.800646.103
Fidelity®
International Small Cap Opportunities
Fund
Semiannual Report
April 30, 2007
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain amounts with a value less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain amounts with a value less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning
Account Value
November 1, 2006 | Ending
Account Value
April 30, 2007 | Expenses Paid
During Period*
November 1, 2006
to April 30, 2007 |
Class A | | | |
Actual | $ 1,000.00 | $ 1,217.90 | $ 9.02 |
HypotheticalA | $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,216.70 | $ 10.22 |
HypotheticalA | $ 1,000.00 | $ 1,015.57 | $ 9.30 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,213.00 | $ 13.17 |
HypotheticalA | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,213.10 | $ 13.17 |
HypotheticalA | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Fidelity International Small Cap Opportunities | | | |
Actual | $ 1,000.00 | $ 1,219.30 | $ 7.15 |
HypotheticalA | $ 1,000.00 | $ 1,018.35 | $ 6.51 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,219.40 | $ 7.21 |
HypotheticalA | $ 1,000.00 | $ 1,018.30 | $ 6.56 |
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
Expense Ratio |
Class A | 1.64% |
Class T | 1.86% |
Class B | 2.40% |
Class C | 2.40% |
Fidelity International Small Cap Opportunities | 1.30% |
Institutional Class | 1.31% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Japan 21.0% | |
| Germany 12.9% | |
| United States of America 8.5% | |
| United Kingdom 8.5% | |
| Norway 7.2% | |
| Australia 5.8% | |
| France 4.9% | |
| Netherlands 3.7% | |
| China 2.8% | |
| Other 24.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan 32.7% | |
| Germany 10.3% | |
| United States of America 10.0% | |
| France 6.8% | |
| United Kingdom 6.0% | |
| Australia 5.5% | |
| Spain 4.5% | |
| Italy 3.5% | |
| Sweden 3.4% | |
| Other 17.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 99.0 | 99.1 |
Short-Term Investments and Net Other Assets | 1.0 | 0.9 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Titanium Metals Corp. (United States of America, Metals & Mining) | 2.4 | 3.0 |
Demag Cranes AG (Germany, Machinery) | 2.3 | 2.0 |
Lihir Gold Ltd. (Papua New Guinea, Metals & Mining) | 2.1 | 1.0 |
GEA Group AG (Germany, Machinery) | 1.9 | 1.9 |
SolarWorld AG (Germany, Electrical Equipment) | 1.7 | 0.5 |
Renovo Group PLC (United Kingdom, Pharmaceuticals) | 1.5 | 1.8 |
AGCO Corp. (United States of America, Machinery) | 1.5 | 0.0 |
Soitec SA (France, Semiconductors & Semiconductor Equipment) | 1.5 | 2.3 |
Q-Cells AG (Germany, Electrical Equipment) | 1.5 | 0.5 |
Marine Harvest ASA (Norway, Food Products) | 1.5 | 0.5 |
| 17.9 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 30.5 | 23.4 |
Information Technology | 15.1 | 19.3 |
Financials | 12.7 | 15.0 |
Materials | 11.9 | 16.5 |
Consumer Staples | 11.4 | 6.9 |
Energy | 6.7 | 3.8 |
Consumer Discretionary | 4.3 | 6.7 |
Health Care | 3.9 | 5.7 |
Telecommunication Services | 1.9 | 1.8 |
Utilities | 0.6 | 0.0 |
Semiannual Report
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.0% |
| Shares | | Value |
Australia - 5.8% |
Babcock & Brown Ltd. | 540,000 | | $ 13,296,335 |
Boart Longyear Ltd. | 10,732,700 | | 17,202,033 |
CSL Ltd. | 101,453 | | 7,353,483 |
Downer EDI Ltd. | 2,852,100 | | 17,740,263 |
Gunns Ltd. | 122,600 | | 351,255 |
Oxiana Ltd. (d) | 7,648,500 | | 19,309,158 |
Paladin Resources Ltd. (a)(d) | 1,285,600 | | 10,249,215 |
United Group Ltd. | 1,106,708 | | 14,429,331 |
TOTAL AUSTRALIA | | 99,931,073 |
Austria - 0.3% |
Andritz AG | 20,974 | | 5,444,023 |
Belgium - 0.6% |
Delhaize Group | 50,000 | | 4,815,000 |
Umicore SA | 28,300 | | 5,735,958 |
TOTAL BELGIUM | | 10,550,958 |
Bermuda - 0.5% |
Sinofert Holdings Ltd. | 16,782,000 | | 8,624,252 |
Brazil - 1.5% |
Cosan SA Industria E Comercio (a) | 1,070,000 | | 21,418,927 |
Sao Martinho SA | 402,100 | | 5,223,823 |
TOTAL BRAZIL | | 26,642,750 |
British Virgin Islands - 0.6% |
UraMin, Inc. (a) | 1,400,000 | | 8,369,698 |
UraMin, Inc. (a)(e) | 437,900 | | 2,617,922 |
TOTAL BRITISH VIRGIN ISLANDS | | 10,987,620 |
Canada - 1.0% |
Lundin Mining Corp. (a) | 1,399,000 | | 17,155,050 |
Cayman Islands - 2.4% |
Himax Technologies, Inc. sponsored ADR | 3,144,500 | | 18,458,215 |
New Oriental Education & Technology Group, Inc. sponsored ADR | 30,300 | | 1,325,625 |
Subsea 7, Inc. (a)(d) | 300,000 | | 6,151,984 |
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d) | 434,800 | | 15,774,544 |
TOTAL CAYMAN ISLANDS | | 41,710,368 |
Common Stocks - continued |
| Shares | | Value |
China - 2.8% |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(d) | 1,712,196 | | $ 13,868,788 |
Comba Telecom Systems Holdings Ltd. | 17,158,000 | | 7,457,568 |
First Tractor Co. Ltd. (H Shares) (a) | 9,452,000 | | 4,615,712 |
Global Bio-Chem Technology Group Co. Ltd. | 39,295,300 | | 16,878,410 |
ZTE Corp. (H Shares) | 1,099,000 | | 5,149,005 |
TOTAL CHINA | | 47,969,483 |
Finland - 1.8% |
KCI Konecranes Oyj | 147,011 | | 5,340,270 |
Metso Corp. (d) | 160,900 | | 8,896,739 |
Outotec Oyj | 390,406 | | 16,989,335 |
TOTAL FINLAND | | 31,226,344 |
France - 4.9% |
Alstom SA (a) | 62,062 | | 9,315,879 |
Compagnie des Machines Bull SA (a) | 622,340 | | 4,093,362 |
Compagnie Generale de Geophysique SA (a) | 40,902 | | 8,551,396 |
Eutelsat Communications | 200,000 | | 4,964,415 |
Neopost SA | 148,400 | | 21,629,734 |
Nexans SA | 65,000 | | 9,661,095 |
Soitec SA (a)(d) | 1,109,801 | | 26,320,871 |
TOTAL FRANCE | | 84,536,752 |
Germany - 12.9% |
AWD Holding AG | 235,600 | | 11,953,361 |
Bilfinger Berger AG | 64,200 | | 6,089,585 |
Demag Cranes AG | 600,000 | | 39,922,737 |
Deutz AG (a)(d) | 1,309,962 | | 21,003,996 |
GEA Group AG (d) | 1,134,800 | | 33,448,638 |
Hochtief AG | 64,459 | | 6,816,958 |
Kontron AG | 250,000 | | 4,660,109 |
MPC Muenchmeyer Petersen Capital AG (d) | 21,671 | | 1,877,542 |
MTU Aero Engines Holding AG (d) | 289,350 | | 16,978,421 |
Q-Cells AG (d) | 353,800 | | 25,732,999 |
SGL Carbon AG (a) | 358,908 | | 14,090,564 |
SolarWorld AG (d) | 345,800 | | 29,331,979 |
Wacker Chemie AG | 57,200 | | 10,467,192 |
TOTAL GERMANY | | 222,374,081 |
Common Stocks - continued |
| Shares | | Value |
Greece - 1.1% |
Bank of Piraeus | 332,950 | | $ 12,149,147 |
Hellenic Technodomiki Tev SA | 550,000 | | 7,580,353 |
TOTAL GREECE | | 19,729,500 |
India - 0.3% |
Bajaj Hindusthan Ltd. | 1,200,000 | | 4,726,032 |
Italy - 1.8% |
Banca Italease Spa | 339,240 | | 20,641,911 |
Impregilo Spa (a) | 1,200,000 | | 9,807,107 |
TOTAL ITALY | | 30,449,018 |
Japan - 21.0% |
Acca Networks Co. Ltd. | 2,661 | | 4,230,790 |
Adeka Corp. | 7,700 | | 84,131 |
Air Water, Inc. (d) | 923,000 | | 9,945,906 |
Asics Corp. | 1,223,000 | | 15,401,918 |
Atrium Co. Ltd. (d) | 372,000 | | 10,132,577 |
Haseko Corp. (a) | 1,426,000 | | 4,722,992 |
Ichiyoshi Securities Co. Ltd. | 674,700 | | 10,835,943 |
Iino Kaiun Kaisha Ltd. | 75,000 | | 894,579 |
Intelligence Ltd. (d) | 3,882 | | 10,059,725 |
Japan Asia Investment Co. Ltd. | 366,000 | | 2,108,458 |
Japan General Estate Co. Ltd. | 588,200 | | 12,846,761 |
Japan Steel Works Ltd. | 697,000 | | 8,218,954 |
JGC Corp. | 700,000 | | 10,754,482 |
Joint Corp. (d) | 371,300 | | 12,270,652 |
Kajima Corp. | 800,000 | | 3,938,779 |
Kenedix, Inc. (d) | 2,456 | | 10,760,053 |
KK daVinci Advisors (a)(d) | 17,769 | | 17,906,641 |
Kurita Water Industries Ltd. | 294,000 | | 7,339,967 |
Leopalace21 Corp. | 612,500 | | 20,084,257 |
Miraial Co. Ltd. (d) | 48,400 | | 5,045,232 |
Mitsumi Electric Co. Ltd. | 180,000 | | 6,004,170 |
Nabtesco Corp. | 547,000 | | 7,423,084 |
Namco Bandai Holdings, Inc. | 309,000 | | 5,021,990 |
Nintendo Co. Ltd. | 79,600 | | 24,868,004 |
Nippon Electric Glass Co. Ltd. | 643,500 | | 11,014,648 |
Organo Corp. (d) | 629,000 | | 9,109,665 |
Risa Partners, Inc. (d) | 2,146 | | 5,773,395 |
SHIMIZU Corp. | 700,000 | | 4,340,420 |
Sojitz Corp. (a)(d) | 3,646,300 | | 13,780,970 |
Sparx Group Co. Ltd. (d) | 18,856 | | 11,830,000 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Sumco Corp. | 341,100 | | $ 14,824,159 |
Sumitomo Bakelite Co. Ltd. | 228,000 | | 1,614,287 |
The Sumitomo Warehouse Co. Ltd. | 338,000 | | 2,609,467 |
Tokai Carbon Co. Ltd. (d) | 687,000 | | 5,915,148 |
Tokuyama Corp. | 1,567,000 | | 23,496,292 |
Tokyo Tatemono Co. Ltd. | 1,003,000 | | 14,020,436 |
Urban Corp. | 409,300 | | 5,371,318 |
Wacom Co. Ltd. (d) | 1,700 | | 4,158,345 |
Yoshinoya D&C Co. Ltd. | 4,000 | | 7,892,474 |
Zenrin Co. Ltd. (d) | 196,300 | | 5,467,699 |
TOTAL JAPAN | | 362,118,768 |
Korea (South) - 1.0% |
LG Investment & Securities Co. Ltd. | 319,120 | | 7,372,021 |
Samsung Securities Co. Ltd. | 157,032 | | 9,179,137 |
TOTAL KOREA (SOUTH) | | 16,551,158 |
Luxembourg - 1.1% |
Acergy SA | 923,900 | | 19,780,699 |
Netherlands - 3.7% |
Koninklijke Wessanen NV (d) | 1,017,015 | | 16,126,453 |
Nutreco Holding NV (d) | 299,000 | | 22,200,118 |
QIAGEN NV (a) | 995,000 | | 17,641,350 |
Tele Atlas NV (Netherlands) (a) | 408,200 | | 8,505,844 |
TOTAL NETHERLANDS | | 64,473,765 |
Norway - 7.2% |
Aker Kvaerner ASA | 367,500 | | 8,756,177 |
Cermaq ASA | 1,395,000 | | 24,620,544 |
ElectroMagnetic GeoServices ASA | 692,300 | | 14,836,746 |
Leroy Seafood Group ASA | 287,900 | | 6,145,815 |
Marine Harvest ASA (a)(d) | 23,275,000 | | 25,194,729 |
Norwegian Property ASA | 592,400 | | 7,119,594 |
Petroleum Geo-Services ASA (a) | 531,600 | | 14,832,938 |
ProSafe ASA (d) | 665,000 | | 10,361,807 |
TGS Nopec Geophysical Co. ASA (a) | 502,700 | | 11,660,632 |
TOTAL NORWAY | | 123,528,982 |
Common Stocks - continued |
| Shares | | Value |
Papua New Guinea - 2.1% |
Lihir Gold Ltd. (a) | 13,300,867 | | $ 32,916,201 |
Lihir Gold Ltd. sponsored ADR (a) | 170,000 | | 4,175,200 |
TOTAL PAPUA NEW GUINEA | | 37,091,401 |
Portugal - 0.8% |
Banif SGPS SA | 1,382,174 | | 10,769,715 |
Sonae Industria SGPS SA (a) | 300,000 | | 3,831,797 |
TOTAL PORTUGAL | | 14,601,512 |
Singapore - 1.0% |
GigaMedia Ltd. (a) | 1,212,100 | | 17,066,368 |
South Africa - 0.3% |
Gold Fields Ltd. | 314,600 | | 5,653,362 |
Spain - 2.0% |
Abengoa SA | 530,324 | | 21,370,274 |
Tecnicas Reunidas SA | 238,735 | | 12,705,333 |
TOTAL SPAIN | | 34,075,607 |
Sweden - 1.7% |
Axfood AB | 185,000 | | 7,524,591 |
Bergman & Beving AB (B Shares) | 315,000 | | 10,790,409 |
Lindex AB (d) | 780,000 | | 10,594,504 |
TOTAL SWEDEN | | 28,909,504 |
Switzerland - 0.6% |
Cytos Biotechnology AG (a) | 68,355 | | 9,733,874 |
Taiwan - 2.2% |
Motech Industries, Inc. | 807,000 | | 10,016,194 |
PixArt Imaging, Inc. | 1,590,000 | | 19,328,841 |
Prime View International Co. Ltd. (a) | 13,615,000 | | 8,949,843 |
TOTAL TAIWAN | | 38,294,878 |
United Kingdom - 8.5% |
ARM Holdings PLC | 1,000,000 | | 2,689,260 |
ARM Holdings PLC sponsored ADR | 1,100,000 | | 8,778,000 |
Autonomy Corp. PLC (a) | 978,000 | | 14,773,516 |
Avis Europe PLC (a) | 8,236,998 | | 11,569,800 |
Clipper Windpower PLC (a) | 613,000 | | 10,755,191 |
Invensys PLC (a) | 3,400,000 | | 22,620,777 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Investec PLC | 400,000 | | $ 5,714,428 |
Laird Group PLC | 520,269 | | 5,997,052 |
Michael Page International PLC | 1,169,827 | | 13,484,396 |
Optos PLC | 1,312,400 | | 6,468,353 |
Premier Foods PLC | 1,890,000 | | 11,591,961 |
Renovo Group PLC | 7,458,963 | | 26,844,882 |
SMG PLC | 3,694,300 | | 4,690,471 |
TOTAL UNITED KINGDOM | | 145,978,087 |
United States of America - 7.5% |
AGCO Corp. (a) | 633,000 | | 26,415,090 |
Chiquita Brands International, Inc. (d) | 1,087,400 | | 16,126,142 |
Level 3 Communications, Inc. (a) | 1,844,600 | | 10,255,976 |
NII Holdings, Inc. (a) | 116,800 | | 8,964,400 |
Time Warner Telecom, Inc. Class A (sub. vtg.) (a) | 687,000 | | 14,083,500 |
Titanium Metals Corp. | 1,193,614 | | 41,215,490 |
Whole Foods Market, Inc. | 270,000 | | 12,633,300 |
TOTAL UNITED STATES OF AMERICA | | 129,693,898 |
TOTAL COMMON STOCKS (Cost $1,376,946,957) | 1,709,609,167 |
Money Market Funds - 13.7% |
| | | |
Fidelity Cash Central Fund, 5.29% (b) | 4,890,733 | | 4,890,733 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 231,085,753 | | 231,085,753 |
TOTAL MONEY MARKET FUNDS (Cost $235,976,486) | 235,976,486 |
TOTAL INVESTMENT PORTFOLIO - 112.7% (Cost $1,612,923,443) | | 1,945,585,653 |
NET OTHER ASSETS - (12.7)% | | (219,120,195) |
NET ASSETS - 100% | $ 1,726,465,458 |
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 $2,617,922 or 0.2% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
UraMin, Inc. | 3/7/07 | $ 1,905,029 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 552,878 |
Fidelity Securities Lending Cash Central Fund | 1,492,759 |
Total | $ 2,045,637 |
Income Tax Information |
At October 31, 2006, the fund had a capital loss carryforward of approximately $516,738 all of which will expire on October 31, 2013. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $219,111,871) - See accompanying schedule: Unaffiliated issuers (cost $1,376,946,957) | $ 1,709,609,167 | |
Fidelity Central Funds (cost $235,976,486) | 235,976,486 | |
Total Investments (cost $1,612,923,443) | | $ 1,945,585,653 |
Foreign currency held at value (cost $4,154,073) | | 4,150,944 |
Receivable for investments sold | | 25,733,315 |
Receivable for fund shares sold | | 6,213,205 |
Dividends receivable | | 3,248,097 |
Distributions receivable from Fidelity Central Funds | | 35,751 |
Prepaid expenses | | 2,429 |
Other receivables | | 575,875 |
Total assets | | 1,985,545,269 |
| | |
Liabilities | | |
Payable to custodian bank | $ 731,817 | |
Payable for investments purchased | 21,604,500 | |
Payable for fund shares redeemed | 3,767,790 | |
Accrued management fee | 1,383,607 | |
Distribution fees payable | 66,826 | |
Other affiliated payables | 349,032 | |
Other payables and accrued expenses | 90,486 | |
Collateral on securities loaned, at value | 231,085,753 | |
Total liabilities | | 259,079,811 |
| | |
Net Assets | | $ 1,726,465,458 |
Net Assets consist of: | | |
Paid in capital | | $ 1,357,070,235 |
Undistributed net investment income | | 2,091,080 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 34,688,942 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 332,615,201 |
Net Assets | | $ 1,726,465,458 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2007 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($52,677,223 ÷ 3,050,862 shares) | | $ 17.27 |
| | |
Maximum offering price per share (100/94.25 of $17.27) | | $ 18.32 |
Class T:
Net Asset Value and redemption price per share ($44,877,965 ÷ 2,612,880 shares) | | $ 17.18 |
| | |
Maximum offering price per share (100/96.50 of $17.18) | | $ 17.80 |
Class B:
Net Asset Value and offering price per share ($10,176,925 ÷ 597,645 shares)A | | $ 17.03 |
| | |
Class C:
Net Asset Value and offering price per share ($36,988,436 ÷ 2,173,407 shares)A | | $ 17.02 |
| | |
Fidelity International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($1,562,430,746 ÷ 90,062,997 shares) | | $ 17.35 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($19,314,163 ÷ 1,113,698 shares) | | $ 17.34 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 10,165,286 |
Interest | | 1,862 |
Income from Fidelity Central Funds (including $1,492,759 from security lending) | | 2,045,637 |
| | 12,212,785 |
Less foreign taxes withheld | | (1,020,077) |
Total income | | 11,192,708 |
| | |
Expenses | | |
Management fee
Basic fee | $ 6,011,554 | |
Performance adjustment | 916,803 | |
Transfer agent fees | 1,522,497 | |
Distribution fees | 346,817 | |
Accounting and security lending fees | 334,669 | |
Custodian fees and expenses | 184,071 | |
Independent trustees' compensation | 1,907 | |
Registration fees | 91,362 | |
Audit | 35,952 | |
Interest | 8,660 | |
Miscellaneous | 624 | |
Total expenses before reductions | 9,454,916 | |
Expense reductions | (353,288) | 9,101,628 |
Net investment income (loss) | | 2,091,080 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $2,678) | 41,506,850 | |
Foreign currency transactions | 135,722 | |
Total net realized gain (loss) | | 41,642,572 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 216,230,820 | |
Assets and liabilities in foreign currencies | (45,839) | |
Total change in net unrealized appreciation (depreciation) | | 216,184,981 |
Net gain (loss) | | 257,827,553 |
Net increase (decrease) in net assets resulting from operations | | $ 259,918,633 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,091,080 | $ 3,177,589 |
Net realized gain (loss) | 41,642,572 | (953,704) |
Change in net unrealized appreciation (depreciation) | 216,184,981 | 115,235,200 |
Net increase (decrease) in net assets resulting
from operations | 259,918,633 | 117,459,085 |
Distributions to shareholders from net realized gain | - | (90,957) |
Share transactions - net increase (decrease) | 373,054,828 | 760,497,703 |
Redemption fees | 316,453 | 1,853,226 |
Total increase (decrease) in net assets | 633,289,914 | 879,719,057 |
| | |
Net Assets | | |
Beginning of period | 1,093,175,544 | 213,456,487 |
End of period (including undistributed net investment income of $2,091,080 and undistributed net investment income of $3,179,958, respectively) | $ 1,726,465,458 | $ 1,093,175,544 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.18 | $ 10.41 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | - J | - J | - J |
Net realized and unrealized gain (loss) | 3.09 | 3.74 | .40 |
Total from investment operations | 3.09 | 3.74 | .40 |
Distributions from net realized gain | - | - J | - |
Redemption fees added to paid in capital E | - J | .03 | .01 |
Net asset value, end of period | $ 17.27 | $ 14.18 | $ 10.41 |
Total Return B, C, D | 21.79% | 36.25% | 4.10% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 1.64% A | 1.63% | 2.67% A |
Expenses net of fee waivers, if any | 1.64% A | 1.63% | 1.65% A |
Expenses net of all reductions | 1.59% A | 1.51% | 1.54% A |
Net investment income (loss) | .01% A | .02% | (.09)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 52,677 | $ 35,674 | $ 5,533 |
Portfolio turnover rate G | 89% A | 164% | 46% |
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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period August 2, 2005 (commencement of operations) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.12 | $ 10.38 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | (.02) | (.03) | (.01) |
Net realized and unrealized gain (loss) | 3.08 | 3.74 | .38 |
Total from investment operations | 3.06 | 3.71 | .37 |
Redemption fees added to paid in capital E | - J | .03 | .01 |
Net asset value, end of period | $ 17.18 | $ 14.12 | $ 10.38 |
Total Return B, C, D | 21.67% | 36.03% | 3.80% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 1.86% A | 1.85% | 2.92% A |
Expenses net of fee waivers, if any | 1.86% A | 1.85% | 1.90% A |
Expenses net of all reductions | 1.81% A | 1.74% | 1.78% A |
Net investment income (loss) | (.20)% A | (.20)% | (.33)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 44,878 | $ 28,309 | $ 2,704 |
Portfolio turnover rate G | 89% A | 164% | 46% |
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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period August 2, 2005 (commencement of operations) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.04 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | (.06) | (.10) | (.02) |
Net realized and unrealized gain (loss) | 3.05 | 3.74 | .38 |
Total from investment operations | 2.99 | 3.64 | .36 |
Redemption fees added to paid in capital E | - J | .03 | .01 |
Net asset value, end of period | $ 17.03 | $ 14.04 | $ 10.37 |
Total Return B, C, D | 21.30% | 35.39% | 3.70% |
Ratios to Average Net AssetsF, I | | | |
Expenses before reductions | 2.42% A | 2.45% | 3.43% A |
Expenses net of fee waivers, if any | 2.40% A | 2.41% | 2.40% A |
Expenses net of all reductions | 2.35% A | 2.30% | 2.27% A |
Net investment income (loss) | (.74)% A | (.76)% | (.82)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 10,177 | $ 7,709 | $ 1,705 |
Portfolio turnover rate G | 89% A | 164% | 46% |
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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period August 2, 2005 (commencement of operations) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.03 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | (.06) | (.10) | (.02) |
Net realized and unrealized gain (loss) | 3.05 | 3.73 | .38 |
Total from investment operations | 2.99 | 3.63 | .36 |
Redemption fees added to paid in capital E | - J | .03 | .01 |
Net asset value, end of period | $ 17.02 | $ 14.03 | $ 10.37 |
Total Return B, C, D | 21.31% | 35.29% | 3.70% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 2.40% A | 2.38% | 3.32% A |
Expenses net of fee waivers, if any | 2.40% A | 2.38% | 2.40% A |
Expenses net of all reductions | 2.35% A | 2.27% | 2.29% A |
Net investment income (loss) | (.74)% A | (.73)% | (.84)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 36,988 | $ 26,320 | $ 3,317 |
Portfolio turnover rate G | 89% A | 164% | 46% |
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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period August 2, 2005 (commencement of operations) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Fidelity International Small Cap Opportunities
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.23 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .03 | .05 | - I |
Net realized and unrealized gain (loss) | 3.09 | 3.75 | .39 |
Total from investment operations | 3.12 | 3.80 | .39 |
Distibutions from net realized gain | - | -I | - |
Redemption fees added to paid in capital D | - I | .03 | .01 |
Net asset value, end of period | $ 17.35 | $ 14.23 | $ 10.40 |
Total Return B, C | 21.93% | 36.86% | 4.00% |
Ratios to Average Net Assets E, H | | | |
Expenses before reductions | 1.30% A | 1.28% | 2.25% A |
Expenses net of fee waivers, if any | 1.30% A | 1.28% | 1.40% A |
Expenses net of all reductions | 1.25% A | 1.16% | 1.31% A |
Net investment income (loss) | .36% A | .37% | .14% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 1,562,431 | $ 981,210 | $ 197,349 |
Portfolio turnover rate F | 89% A | 164% | 46% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period August 2, 2005 (commencement of operations) to October 31, 2005.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.22 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss)D | .03 | .05 | - I |
Net realized and unrealized gain (loss) | 3.09 | 3.74 | .39 |
Total from investment operations | 3.12 | 3.79 | .39 |
Distributions from net realized gain | - | - I | - |
Redemption fees added to paid in capitalD | - I | .03 | .01 |
Net asset value, end of period | $ 17.34 | $ 14.22 | $ 10.40 |
Total ReturnB, C | 21.94% | 36.77% | 4.00% |
Ratios to Average Net AssetsE, H | | | |
Expenses before reductions | 1.31% A | 1.25% | 2.25% A |
Expenses net of fee waivers, if any | 1.31% A | 1.25% | 1.40% A |
Expenses net of all reductions | 1.26% A | 1.14% | 1.29% A |
Net investment income (loss) | .35% A | .40% | .16% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 19,314 | $ 13,954 | $ 2,849 |
Portfolio turnover rate F | 89% A | 164% | 46% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period August 2, 2005 (commencement of operations) to October 31, 2005.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2007 (Unaudited)
1. Organization.
Fidelity International Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class 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 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.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies.
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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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 | $ 363,356,287 | |
Unrealized depreciation | (35,036,820) | |
Net unrealized appreciation (depreciation) | $ 328,319,467 | |
Cost for federal income tax purposes | $ 1,617,266,186 | |
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.
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
Semiannual Report
4. 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $983,066,059 and $615,148,087, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Fidelity International Small Cap Opportunities, as compared to an appropriate benchmark index. The Fund's performance adjustment took effect in August 2006.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate, including the performance adjustment, was .99% 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
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 55,837 | $ 5,180 |
Class T | .25% | .25% | 90,180 | 5,754 |
Class B | .75% | .25% | 45,903 | 35,586 |
Class C | .75% | .25% | 154,897 | 82,432 |
| | | $ 346,817 | $ 128,952 |
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 and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 38,685 |
Class T | 9,265 |
Class B* | 10,152 |
Class C* | 3,850 |
| $ 61,943 |
* 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
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund, except for Fidelity International Small Cap Opportunities. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for Fidelity 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
Average
Net Assets* |
Class A | $ 67,680 | .30 |
Class T | 48,650 | .27 |
Class B | 15,365 | .33 |
Class C | 47,782 | .31 |
Fidelity International Small Cap Opportunities | 1,325,436 | .21 |
Institutional Class | 17,584 | .22 |
| $ 1,522,497 | |
* 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.
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 $38 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Daily
Loan Balance | Weighted Average Interest Rate | Interest
Expense |
Borrower | $ 14,483,750 | 5.38% | $ 8,660 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. 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 amounted to $1,559 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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 Fidelity Central Funds.
9. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class B | 2.40% | $ 1,244 |
Semiannual Report
9. Expense Reductions - continued
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 $346,228 for the period. In addition, through arrangements with each 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
expense reduction | |
Fidelity International Small Cap Opportunities | $ 2,408 | |
10. 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.
In September 2006, a transfer agent of the Fund, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2007 | Year ended
October 31, 2006 |
From net realized gain | | |
Class A | $ - | $ 2,067 |
Fidelity International Small Cap Opportunities | - | 87,898 |
Institutional Class | - | 992 |
Total | $ - | $ 90,957 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30, 2007 | Year ended
October 31, 2006 | Six months ended April 30, 2007 | Year ended
October 31, 2006 |
Class A | | | | |
Shares sold | 971,993 | 2,562,140 | $ 15,527,161 | $ 35,143,597 |
Reinvestment of distributions | - | 162 | - | 1,916 |
Shares redeemed | (436,554) | (578,488) | (6,931,319) | (7,816,655) |
Net increase (decrease) | 535,439 | 1,983,814 | $ 8,595,842 | $ 27,328,858 |
Class T | | | | |
Shares sold | 926,488 | 1,977,012 | $ 14,862,227 | $ 27,202,466 |
Shares redeemed | (317,990) | (233,065) | (5,035,335) | (3,118,693) |
Net increase (decrease) | 608,498 | 1,743,947 | $ 9,826,892 | $ 24,083,773 |
Class B | | | | |
Shares sold | 185,699 | 498,394 | $ 2,920,304 | $ 6,815,227 |
Shares redeemed | (137,158) | (113,628) | (2,169,854) | (1,550,424) |
Net increase (decrease) | 48,541 | 384,766 | $ 750,450 | $ 5,264,803 |
Class C | | | | |
Shares sold | 563,665 | 1,745,210 | $ 9,081,606 | $ 24,032,601 |
Shares redeemed | (266,143) | (189,077) | (4,152,142) | (2,515,739) |
Net increase (decrease) | 297,522 | 1,556,133 | $ 4,929,464 | $ 21,516,862 |
Fidelity International Small Cap Opportunities | | | | |
Shares sold | 36,729,687 | 93,068,555 | $ 594,035,589 | $ 1,259,777,775 |
Reinvestment of distributions | - | 6,974 | - | 82,435 |
Shares redeemed | (15,644,108) | (43,072,008) | (247,361,233) | (586,736,058) |
Net increase (decrease) | 21,085,579 | 50,003,521 | $ 346,674,356 | $ 673,124,152 |
Institutional Class | | | | |
Shares sold | 346,774 | 1,299,662 | $ 5,680,374 | $ 17,883,260 |
Reinvestment of distributions | - | 83 | - | 980 |
Shares redeemed | (214,261) | (592,563) | (3,402,550) | (8,704,985) |
Net increase (decrease) | 132,513 | 707,182 | $ 2,277,824 | $ 9,179,255 |
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.
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Fidelity Automated
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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.
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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
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Semiannual Report
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Semiannual Report
To Write Fidelity
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Semiannual Report
Semiannual Report
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ILS-USAN-0607
1.815077.101
(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, 2007
(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 | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain amounts with a value less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain amounts with a value less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning
Account Value
November 1, 2006 | Ending
Account Value
April 30, 2007 | Expenses Paid
During Period*
November 1, 2006
to April 30, 2007 |
Class A | | | |
Actual | $ 1,000.00 | $ 1,217.90 | $ 9.02 |
HypotheticalA | $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,216.70 | $ 10.22 |
HypotheticalA | $ 1,000.00 | $ 1,015.57 | $ 9.30 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,213.00 | $ 13.17 |
HypotheticalA | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,213.10 | $ 13.17 |
HypotheticalA | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Fidelity International Small Cap Opportunities | | | |
Actual | $ 1,000.00 | $ 1,219.30 | $ 7.15 |
HypotheticalA | $ 1,000.00 | $ 1,018.35 | $ 6.51 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,219.40 | $ 7.21 |
HypotheticalA | $ 1,000.00 | $ 1,018.30 | $ 6.56 |
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
Expense Ratio |
Class A | 1.64% |
Class T | 1.86% |
Class B | 2.40% |
Class C | 2.40% |
Fidelity International Small Cap Opportunities | 1.30% |
Institutional Class | 1.31% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Japan 21.0% | |
| Germany 12.9% | |
| United States of America 8.5% | |
| United Kingdom 8.5% | |
| Norway 7.2% | |
| Australia 5.8% | |
| France 4.9% | |
| Netherlands 3.7% | |
| China 2.8% | |
| Other 24.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan 32.7% | |
| Germany 10.3% | |
| United States of America 10.0% | |
| France 6.8% | |
| United Kingdom 6.0% | |
| Australia 5.5% | |
| Spain 4.5% | |
| Italy 3.5% | |
| Sweden 3.4% | |
| Other 17.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 99.0 | 99.1 |
Short-Term Investments and Net Other Assets | 1.0 | 0.9 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Titanium Metals Corp. (United States of America, Metals & Mining) | 2.4 | 3.0 |
Demag Cranes AG (Germany, Machinery) | 2.3 | 2.0 |
Lihir Gold Ltd. (Papua New Guinea, Metals & Mining) | 2.1 | 1.0 |
GEA Group AG (Germany, Machinery) | 1.9 | 1.9 |
SolarWorld AG (Germany, Electrical Equipment) | 1.7 | 0.5 |
Renovo Group PLC (United Kingdom, Pharmaceuticals) | 1.5 | 1.8 |
AGCO Corp. (United States of America, Machinery) | 1.5 | 0.0 |
Soitec SA (France, Semiconductors & Semiconductor Equipment) | 1.5 | 2.3 |
Q-Cells AG (Germany, Electrical Equipment) | 1.5 | 0.5 |
Marine Harvest ASA (Norway, Food Products) | 1.5 | 0.5 |
| 17.9 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 30.5 | 23.4 |
Information Technology | 15.1 | 19.3 |
Financials | 12.7 | 15.0 |
Materials | 11.9 | 16.5 |
Consumer Staples | 11.4 | 6.9 |
Energy | 6.7 | 3.8 |
Consumer Discretionary | 4.3 | 6.7 |
Health Care | 3.9 | 5.7 |
Telecommunication Services | 1.9 | 1.8 |
Utilities | 0.6 | 0.0 |
Semiannual Report
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.0% |
| Shares | | Value |
Australia - 5.8% |
Babcock & Brown Ltd. | 540,000 | | $ 13,296,335 |
Boart Longyear Ltd. | 10,732,700 | | 17,202,033 |
CSL Ltd. | 101,453 | | 7,353,483 |
Downer EDI Ltd. | 2,852,100 | | 17,740,263 |
Gunns Ltd. | 122,600 | | 351,255 |
Oxiana Ltd. (d) | 7,648,500 | | 19,309,158 |
Paladin Resources Ltd. (a)(d) | 1,285,600 | | 10,249,215 |
United Group Ltd. | 1,106,708 | | 14,429,331 |
TOTAL AUSTRALIA | | 99,931,073 |
Austria - 0.3% |
Andritz AG | 20,974 | | 5,444,023 |
Belgium - 0.6% |
Delhaize Group | 50,000 | | 4,815,000 |
Umicore SA | 28,300 | | 5,735,958 |
TOTAL BELGIUM | | 10,550,958 |
Bermuda - 0.5% |
Sinofert Holdings Ltd. | 16,782,000 | | 8,624,252 |
Brazil - 1.5% |
Cosan SA Industria E Comercio (a) | 1,070,000 | | 21,418,927 |
Sao Martinho SA | 402,100 | | 5,223,823 |
TOTAL BRAZIL | | 26,642,750 |
British Virgin Islands - 0.6% |
UraMin, Inc. (a) | 1,400,000 | | 8,369,698 |
UraMin, Inc. (a)(e) | 437,900 | | 2,617,922 |
TOTAL BRITISH VIRGIN ISLANDS | | 10,987,620 |
Canada - 1.0% |
Lundin Mining Corp. (a) | 1,399,000 | | 17,155,050 |
Cayman Islands - 2.4% |
Himax Technologies, Inc. sponsored ADR | 3,144,500 | | 18,458,215 |
New Oriental Education & Technology Group, Inc. sponsored ADR | 30,300 | | 1,325,625 |
Subsea 7, Inc. (a)(d) | 300,000 | | 6,151,984 |
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d) | 434,800 | | 15,774,544 |
TOTAL CAYMAN ISLANDS | | 41,710,368 |
Common Stocks - continued |
| Shares | | Value |
China - 2.8% |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(d) | 1,712,196 | | $ 13,868,788 |
Comba Telecom Systems Holdings Ltd. | 17,158,000 | | 7,457,568 |
First Tractor Co. Ltd. (H Shares) (a) | 9,452,000 | | 4,615,712 |
Global Bio-Chem Technology Group Co. Ltd. | 39,295,300 | | 16,878,410 |
ZTE Corp. (H Shares) | 1,099,000 | | 5,149,005 |
TOTAL CHINA | | 47,969,483 |
Finland - 1.8% |
KCI Konecranes Oyj | 147,011 | | 5,340,270 |
Metso Corp. (d) | 160,900 | | 8,896,739 |
Outotec Oyj | 390,406 | | 16,989,335 |
TOTAL FINLAND | | 31,226,344 |
France - 4.9% |
Alstom SA (a) | 62,062 | | 9,315,879 |
Compagnie des Machines Bull SA (a) | 622,340 | | 4,093,362 |
Compagnie Generale de Geophysique SA (a) | 40,902 | | 8,551,396 |
Eutelsat Communications | 200,000 | | 4,964,415 |
Neopost SA | 148,400 | | 21,629,734 |
Nexans SA | 65,000 | | 9,661,095 |
Soitec SA (a)(d) | 1,109,801 | | 26,320,871 |
TOTAL FRANCE | | 84,536,752 |
Germany - 12.9% |
AWD Holding AG | 235,600 | | 11,953,361 |
Bilfinger Berger AG | 64,200 | | 6,089,585 |
Demag Cranes AG | 600,000 | | 39,922,737 |
Deutz AG (a)(d) | 1,309,962 | | 21,003,996 |
GEA Group AG (d) | 1,134,800 | | 33,448,638 |
Hochtief AG | 64,459 | | 6,816,958 |
Kontron AG | 250,000 | | 4,660,109 |
MPC Muenchmeyer Petersen Capital AG (d) | 21,671 | | 1,877,542 |
MTU Aero Engines Holding AG (d) | 289,350 | | 16,978,421 |
Q-Cells AG (d) | 353,800 | | 25,732,999 |
SGL Carbon AG (a) | 358,908 | | 14,090,564 |
SolarWorld AG (d) | 345,800 | | 29,331,979 |
Wacker Chemie AG | 57,200 | | 10,467,192 |
TOTAL GERMANY | | 222,374,081 |
Common Stocks - continued |
| Shares | | Value |
Greece - 1.1% |
Bank of Piraeus | 332,950 | | $ 12,149,147 |
Hellenic Technodomiki Tev SA | 550,000 | | 7,580,353 |
TOTAL GREECE | | 19,729,500 |
India - 0.3% |
Bajaj Hindusthan Ltd. | 1,200,000 | | 4,726,032 |
Italy - 1.8% |
Banca Italease Spa | 339,240 | | 20,641,911 |
Impregilo Spa (a) | 1,200,000 | | 9,807,107 |
TOTAL ITALY | | 30,449,018 |
Japan - 21.0% |
Acca Networks Co. Ltd. | 2,661 | | 4,230,790 |
Adeka Corp. | 7,700 | | 84,131 |
Air Water, Inc. (d) | 923,000 | | 9,945,906 |
Asics Corp. | 1,223,000 | | 15,401,918 |
Atrium Co. Ltd. (d) | 372,000 | | 10,132,577 |
Haseko Corp. (a) | 1,426,000 | | 4,722,992 |
Ichiyoshi Securities Co. Ltd. | 674,700 | | 10,835,943 |
Iino Kaiun Kaisha Ltd. | 75,000 | | 894,579 |
Intelligence Ltd. (d) | 3,882 | | 10,059,725 |
Japan Asia Investment Co. Ltd. | 366,000 | | 2,108,458 |
Japan General Estate Co. Ltd. | 588,200 | | 12,846,761 |
Japan Steel Works Ltd. | 697,000 | | 8,218,954 |
JGC Corp. | 700,000 | | 10,754,482 |
Joint Corp. (d) | 371,300 | | 12,270,652 |
Kajima Corp. | 800,000 | | 3,938,779 |
Kenedix, Inc. (d) | 2,456 | | 10,760,053 |
KK daVinci Advisors (a)(d) | 17,769 | | 17,906,641 |
Kurita Water Industries Ltd. | 294,000 | | 7,339,967 |
Leopalace21 Corp. | 612,500 | | 20,084,257 |
Miraial Co. Ltd. (d) | 48,400 | | 5,045,232 |
Mitsumi Electric Co. Ltd. | 180,000 | | 6,004,170 |
Nabtesco Corp. | 547,000 | | 7,423,084 |
Namco Bandai Holdings, Inc. | 309,000 | | 5,021,990 |
Nintendo Co. Ltd. | 79,600 | | 24,868,004 |
Nippon Electric Glass Co. Ltd. | 643,500 | | 11,014,648 |
Organo Corp. (d) | 629,000 | | 9,109,665 |
Risa Partners, Inc. (d) | 2,146 | | 5,773,395 |
SHIMIZU Corp. | 700,000 | | 4,340,420 |
Sojitz Corp. (a)(d) | 3,646,300 | | 13,780,970 |
Sparx Group Co. Ltd. (d) | 18,856 | | 11,830,000 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Sumco Corp. | 341,100 | | $ 14,824,159 |
Sumitomo Bakelite Co. Ltd. | 228,000 | | 1,614,287 |
The Sumitomo Warehouse Co. Ltd. | 338,000 | | 2,609,467 |
Tokai Carbon Co. Ltd. (d) | 687,000 | | 5,915,148 |
Tokuyama Corp. | 1,567,000 | | 23,496,292 |
Tokyo Tatemono Co. Ltd. | 1,003,000 | | 14,020,436 |
Urban Corp. | 409,300 | | 5,371,318 |
Wacom Co. Ltd. (d) | 1,700 | | 4,158,345 |
Yoshinoya D&C Co. Ltd. | 4,000 | | 7,892,474 |
Zenrin Co. Ltd. (d) | 196,300 | | 5,467,699 |
TOTAL JAPAN | | 362,118,768 |
Korea (South) - 1.0% |
LG Investment & Securities Co. Ltd. | 319,120 | | 7,372,021 |
Samsung Securities Co. Ltd. | 157,032 | | 9,179,137 |
TOTAL KOREA (SOUTH) | | 16,551,158 |
Luxembourg - 1.1% |
Acergy SA | 923,900 | | 19,780,699 |
Netherlands - 3.7% |
Koninklijke Wessanen NV (d) | 1,017,015 | | 16,126,453 |
Nutreco Holding NV (d) | 299,000 | | 22,200,118 |
QIAGEN NV (a) | 995,000 | | 17,641,350 |
Tele Atlas NV (Netherlands) (a) | 408,200 | | 8,505,844 |
TOTAL NETHERLANDS | | 64,473,765 |
Norway - 7.2% |
Aker Kvaerner ASA | 367,500 | | 8,756,177 |
Cermaq ASA | 1,395,000 | | 24,620,544 |
ElectroMagnetic GeoServices ASA | 692,300 | | 14,836,746 |
Leroy Seafood Group ASA | 287,900 | | 6,145,815 |
Marine Harvest ASA (a)(d) | 23,275,000 | | 25,194,729 |
Norwegian Property ASA | 592,400 | | 7,119,594 |
Petroleum Geo-Services ASA (a) | 531,600 | | 14,832,938 |
ProSafe ASA (d) | 665,000 | | 10,361,807 |
TGS Nopec Geophysical Co. ASA (a) | 502,700 | | 11,660,632 |
TOTAL NORWAY | | 123,528,982 |
Common Stocks - continued |
| Shares | | Value |
Papua New Guinea - 2.1% |
Lihir Gold Ltd. (a) | 13,300,867 | | $ 32,916,201 |
Lihir Gold Ltd. sponsored ADR (a) | 170,000 | | 4,175,200 |
TOTAL PAPUA NEW GUINEA | | 37,091,401 |
Portugal - 0.8% |
Banif SGPS SA | 1,382,174 | | 10,769,715 |
Sonae Industria SGPS SA (a) | 300,000 | | 3,831,797 |
TOTAL PORTUGAL | | 14,601,512 |
Singapore - 1.0% |
GigaMedia Ltd. (a) | 1,212,100 | | 17,066,368 |
South Africa - 0.3% |
Gold Fields Ltd. | 314,600 | | 5,653,362 |
Spain - 2.0% |
Abengoa SA | 530,324 | | 21,370,274 |
Tecnicas Reunidas SA | 238,735 | | 12,705,333 |
TOTAL SPAIN | | 34,075,607 |
Sweden - 1.7% |
Axfood AB | 185,000 | | 7,524,591 |
Bergman & Beving AB (B Shares) | 315,000 | | 10,790,409 |
Lindex AB (d) | 780,000 | | 10,594,504 |
TOTAL SWEDEN | | 28,909,504 |
Switzerland - 0.6% |
Cytos Biotechnology AG (a) | 68,355 | | 9,733,874 |
Taiwan - 2.2% |
Motech Industries, Inc. | 807,000 | | 10,016,194 |
PixArt Imaging, Inc. | 1,590,000 | | 19,328,841 |
Prime View International Co. Ltd. (a) | 13,615,000 | | 8,949,843 |
TOTAL TAIWAN | | 38,294,878 |
United Kingdom - 8.5% |
ARM Holdings PLC | 1,000,000 | | 2,689,260 |
ARM Holdings PLC sponsored ADR | 1,100,000 | | 8,778,000 |
Autonomy Corp. PLC (a) | 978,000 | | 14,773,516 |
Avis Europe PLC (a) | 8,236,998 | | 11,569,800 |
Clipper Windpower PLC (a) | 613,000 | | 10,755,191 |
Invensys PLC (a) | 3,400,000 | | 22,620,777 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Investec PLC | 400,000 | | $ 5,714,428 |
Laird Group PLC | 520,269 | | 5,997,052 |
Michael Page International PLC | 1,169,827 | | 13,484,396 |
Optos PLC | 1,312,400 | | 6,468,353 |
Premier Foods PLC | 1,890,000 | | 11,591,961 |
Renovo Group PLC | 7,458,963 | | 26,844,882 |
SMG PLC | 3,694,300 | | 4,690,471 |
TOTAL UNITED KINGDOM | | 145,978,087 |
United States of America - 7.5% |
AGCO Corp. (a) | 633,000 | | 26,415,090 |
Chiquita Brands International, Inc. (d) | 1,087,400 | | 16,126,142 |
Level 3 Communications, Inc. (a) | 1,844,600 | | 10,255,976 |
NII Holdings, Inc. (a) | 116,800 | | 8,964,400 |
Time Warner Telecom, Inc. Class A (sub. vtg.) (a) | 687,000 | | 14,083,500 |
Titanium Metals Corp. | 1,193,614 | | 41,215,490 |
Whole Foods Market, Inc. | 270,000 | | 12,633,300 |
TOTAL UNITED STATES OF AMERICA | | 129,693,898 |
TOTAL COMMON STOCKS (Cost $1,376,946,957) | 1,709,609,167 |
Money Market Funds - 13.7% |
| | | |
Fidelity Cash Central Fund, 5.29% (b) | 4,890,733 | | 4,890,733 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 231,085,753 | | 231,085,753 |
TOTAL MONEY MARKET FUNDS (Cost $235,976,486) | 235,976,486 |
TOTAL INVESTMENT PORTFOLIO - 112.7% (Cost $1,612,923,443) | | 1,945,585,653 |
NET OTHER ASSETS - (12.7)% | | (219,120,195) |
NET ASSETS - 100% | $ 1,726,465,458 |
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 $2,617,922 or 0.2% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
UraMin, Inc. | 3/7/07 | $ 1,905,029 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 552,878 |
Fidelity Securities Lending Cash Central Fund | 1,492,759 |
Total | $ 2,045,637 |
Income Tax Information |
At October 31, 2006, the fund had a capital loss carryforward of approximately $516,738 all of which will expire on October 31, 2013. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $219,111,871) - See accompanying schedule: Unaffiliated issuers (cost $1,376,946,957) | $ 1,709,609,167 | |
Fidelity Central Funds (cost $235,976,486) | 235,976,486 | |
Total Investments (cost $1,612,923,443) | | $ 1,945,585,653 |
Foreign currency held at value (cost $4,154,073) | | 4,150,944 |
Receivable for investments sold | | 25,733,315 |
Receivable for fund shares sold | | 6,213,205 |
Dividends receivable | | 3,248,097 |
Distributions receivable from Fidelity Central Funds | | 35,751 |
Prepaid expenses | | 2,429 |
Other receivables | | 575,875 |
Total assets | | 1,985,545,269 |
| | |
Liabilities | | |
Payable to custodian bank | $ 731,817 | |
Payable for investments purchased | 21,604,500 | |
Payable for fund shares redeemed | 3,767,790 | |
Accrued management fee | 1,383,607 | |
Distribution fees payable | 66,826 | |
Other affiliated payables | 349,032 | |
Other payables and accrued expenses | 90,486 | |
Collateral on securities loaned, at value | 231,085,753 | |
Total liabilities | | 259,079,811 |
| | |
Net Assets | | $ 1,726,465,458 |
Net Assets consist of: | | |
Paid in capital | | $ 1,357,070,235 |
Undistributed net investment income | | 2,091,080 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 34,688,942 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 332,615,201 |
Net Assets | | $ 1,726,465,458 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2007 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($52,677,223 ÷ 3,050,862 shares) | | $ 17.27 |
| | |
Maximum offering price per share (100/94.25 of $17.27) | | $ 18.32 |
Class T:
Net Asset Value and redemption price per share ($44,877,965 ÷ 2,612,880 shares) | | $ 17.18 |
| | |
Maximum offering price per share (100/96.50 of $17.18) | | $ 17.80 |
Class B:
Net Asset Value and offering price per share ($10,176,925 ÷ 597,645 shares)A | | $ 17.03 |
| | |
Class C:
Net Asset Value and offering price per share ($36,988,436 ÷ 2,173,407 shares)A | | $ 17.02 |
| | |
Fidelity International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($1,562,430,746 ÷ 90,062,997 shares) | | $ 17.35 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($19,314,163 ÷ 1,113,698 shares) | | $ 17.34 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 10,165,286 |
Interest | | 1,862 |
Income from Fidelity Central Funds (including $1,492,759 from security lending) | | 2,045,637 |
| | 12,212,785 |
Less foreign taxes withheld | | (1,020,077) |
Total income | | 11,192,708 |
| | |
Expenses | | |
Management fee
Basic fee | $ 6,011,554 | |
Performance adjustment | 916,803 | |
Transfer agent fees | 1,522,497 | |
Distribution fees | 346,817 | |
Accounting and security lending fees | 334,669 | |
Custodian fees and expenses | 184,071 | |
Independent trustees' compensation | 1,907 | |
Registration fees | 91,362 | |
Audit | 35,952 | |
Interest | 8,660 | |
Miscellaneous | 624 | |
Total expenses before reductions | 9,454,916 | |
Expense reductions | (353,288) | 9,101,628 |
Net investment income (loss) | | 2,091,080 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $2,678) | 41,506,850 | |
Foreign currency transactions | 135,722 | |
Total net realized gain (loss) | | 41,642,572 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 216,230,820 | |
Assets and liabilities in foreign currencies | (45,839) | |
Total change in net unrealized appreciation (depreciation) | | 216,184,981 |
Net gain (loss) | | 257,827,553 |
Net increase (decrease) in net assets resulting from operations | | $ 259,918,633 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,091,080 | $ 3,177,589 |
Net realized gain (loss) | 41,642,572 | (953,704) |
Change in net unrealized appreciation (depreciation) | 216,184,981 | 115,235,200 |
Net increase (decrease) in net assets resulting
from operations | 259,918,633 | 117,459,085 |
Distributions to shareholders from net realized gain | - | (90,957) |
Share transactions - net increase (decrease) | 373,054,828 | 760,497,703 |
Redemption fees | 316,453 | 1,853,226 |
Total increase (decrease) in net assets | 633,289,914 | 879,719,057 |
| | |
Net Assets | | |
Beginning of period | 1,093,175,544 | 213,456,487 |
End of period (including undistributed net investment income of $2,091,080 and undistributed net investment income of $3,179,958, respectively) | $ 1,726,465,458 | $ 1,093,175,544 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.18 | $ 10.41 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | - J | - J | - J |
Net realized and unrealized gain (loss) | 3.09 | 3.74 | .40 |
Total from investment operations | 3.09 | 3.74 | .40 |
Distributions from net realized gain | - | - J | - |
Redemption fees added to paid in capital E | - J | .03 | .01 |
Net asset value, end of period | $ 17.27 | $ 14.18 | $ 10.41 |
Total Return B, C, D | 21.79% | 36.25% | 4.10% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 1.64% A | 1.63% | 2.67% A |
Expenses net of fee waivers, if any | 1.64% A | 1.63% | 1.65% A |
Expenses net of all reductions | 1.59% A | 1.51% | 1.54% A |
Net investment income (loss) | .01% A | .02% | (.09)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 52,677 | $ 35,674 | $ 5,533 |
Portfolio turnover rate G | 89% A | 164% | 46% |
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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period August 2, 2005 (commencement of operations) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.12 | $ 10.38 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | (.02) | (.03) | (.01) |
Net realized and unrealized gain (loss) | 3.08 | 3.74 | .38 |
Total from investment operations | 3.06 | 3.71 | .37 |
Redemption fees added to paid in capital E | - J | .03 | .01 |
Net asset value, end of period | $ 17.18 | $ 14.12 | $ 10.38 |
Total Return B, C, D | 21.67% | 36.03% | 3.80% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 1.86% A | 1.85% | 2.92% A |
Expenses net of fee waivers, if any | 1.86% A | 1.85% | 1.90% A |
Expenses net of all reductions | 1.81% A | 1.74% | 1.78% A |
Net investment income (loss) | (.20)% A | (.20)% | (.33)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 44,878 | $ 28,309 | $ 2,704 |
Portfolio turnover rate G | 89% A | 164% | 46% |
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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period August 2, 2005 (commencement of operations) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.04 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | (.06) | (.10) | (.02) |
Net realized and unrealized gain (loss) | 3.05 | 3.74 | .38 |
Total from investment operations | 2.99 | 3.64 | .36 |
Redemption fees added to paid in capital E | - J | .03 | .01 |
Net asset value, end of period | $ 17.03 | $ 14.04 | $ 10.37 |
Total Return B, C, D | 21.30% | 35.39% | 3.70% |
Ratios to Average Net AssetsF, I | | | |
Expenses before reductions | 2.42% A | 2.45% | 3.43% A |
Expenses net of fee waivers, if any | 2.40% A | 2.41% | 2.40% A |
Expenses net of all reductions | 2.35% A | 2.30% | 2.27% A |
Net investment income (loss) | (.74)% A | (.76)% | (.82)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 10,177 | $ 7,709 | $ 1,705 |
Portfolio turnover rate G | 89% A | 164% | 46% |
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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period August 2, 2005 (commencement of operations) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.03 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | (.06) | (.10) | (.02) |
Net realized and unrealized gain (loss) | 3.05 | 3.73 | .38 |
Total from investment operations | 2.99 | 3.63 | .36 |
Redemption fees added to paid in capital E | - J | .03 | .01 |
Net asset value, end of period | $ 17.02 | $ 14.03 | $ 10.37 |
Total Return B, C, D | 21.31% | 35.29% | 3.70% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 2.40% A | 2.38% | 3.32% A |
Expenses net of fee waivers, if any | 2.40% A | 2.38% | 2.40% A |
Expenses net of all reductions | 2.35% A | 2.27% | 2.29% A |
Net investment income (loss) | (.74)% A | (.73)% | (.84)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 36,988 | $ 26,320 | $ 3,317 |
Portfolio turnover rate G | 89% A | 164% | 46% |
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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period August 2, 2005 (commencement of operations) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Fidelity International Small Cap Opportunities
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.23 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .03 | .05 | - I |
Net realized and unrealized gain (loss) | 3.09 | 3.75 | .39 |
Total from investment operations | 3.12 | 3.80 | .39 |
Distibutions from net realized gain | - | -I | - |
Redemption fees added to paid in capital D | - I | .03 | .01 |
Net asset value, end of period | $ 17.35 | $ 14.23 | $ 10.40 |
Total Return B, C | 21.93% | 36.86% | 4.00% |
Ratios to Average Net Assets E, H | | | |
Expenses before reductions | 1.30% A | 1.28% | 2.25% A |
Expenses net of fee waivers, if any | 1.30% A | 1.28% | 1.40% A |
Expenses net of all reductions | 1.25% A | 1.16% | 1.31% A |
Net investment income (loss) | .36% A | .37% | .14% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 1,562,431 | $ 981,210 | $ 197,349 |
Portfolio turnover rate F | 89% A | 164% | 46% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period August 2, 2005 (commencement of operations) to October 31, 2005.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.22 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss)D | .03 | .05 | - I |
Net realized and unrealized gain (loss) | 3.09 | 3.74 | .39 |
Total from investment operations | 3.12 | 3.79 | .39 |
Distributions from net realized gain | - | - I | - |
Redemption fees added to paid in capitalD | - I | .03 | .01 |
Net asset value, end of period | $ 17.34 | $ 14.22 | $ 10.40 |
Total ReturnB, C | 21.94% | 36.77% | 4.00% |
Ratios to Average Net AssetsE, H | | | |
Expenses before reductions | 1.31% A | 1.25% | 2.25% A |
Expenses net of fee waivers, if any | 1.31% A | 1.25% | 1.40% A |
Expenses net of all reductions | 1.26% A | 1.14% | 1.29% A |
Net investment income (loss) | .35% A | .40% | .16% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 19,314 | $ 13,954 | $ 2,849 |
Portfolio turnover rate F | 89% A | 164% | 46% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period August 2, 2005 (commencement of operations) to October 31, 2005.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2007 (Unaudited)
1. Organization.
Fidelity International Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class 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 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.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies.
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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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 | $ 363,356,287 | |
Unrealized depreciation | (35,036,820) | |
Net unrealized appreciation (depreciation) | $ 328,319,467 | |
Cost for federal income tax purposes | $ 1,617,266,186 | |
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.
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
Semiannual Report
4. 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $983,066,059 and $615,148,087, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Fidelity International Small Cap Opportunities, as compared to an appropriate benchmark index. The Fund's performance adjustment took effect in August 2006.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate, including the performance adjustment, was .99% 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
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 55,837 | $ 5,180 |
Class T | .25% | .25% | 90,180 | 5,754 |
Class B | .75% | .25% | 45,903 | 35,586 |
Class C | .75% | .25% | 154,897 | 82,432 |
| | | $ 346,817 | $ 128,952 |
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 and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 38,685 |
Class T | 9,265 |
Class B* | 10,152 |
Class C* | 3,850 |
| $ 61,943 |
* 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
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund, except for Fidelity International Small Cap Opportunities. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for Fidelity 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
Average
Net Assets* |
Class A | $ 67,680 | .30 |
Class T | 48,650 | .27 |
Class B | 15,365 | .33 |
Class C | 47,782 | .31 |
Fidelity International Small Cap Opportunities | 1,325,436 | .21 |
Institutional Class | 17,584 | .22 |
| $ 1,522,497 | |
* 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.
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 $38 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Daily
Loan Balance | Weighted Average Interest Rate | Interest
Expense |
Borrower | $ 14,483,750 | 5.38% | $ 8,660 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. 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 amounted to $1,559 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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 Fidelity Central Funds.
9. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class B | 2.40% | $ 1,244 |
Semiannual Report
9. Expense Reductions - continued
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 $346,228 for the period. In addition, through arrangements with each 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
expense reduction | |
Fidelity International Small Cap Opportunities | $ 2,408 | |
10. 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.
In September 2006, a transfer agent of the Fund, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2007 | Year ended
October 31, 2006 |
From net realized gain | | |
Class A | $ - | $ 2,067 |
Fidelity International Small Cap Opportunities | - | 87,898 |
Institutional Class | - | 992 |
Total | $ - | $ 90,957 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30, 2007 | Year ended
October 31, 2006 | Six months ended April 30, 2007 | Year ended
October 31, 2006 |
Class A | | | | |
Shares sold | 971,993 | 2,562,140 | $ 15,527,161 | $ 35,143,597 |
Reinvestment of distributions | - | 162 | - | 1,916 |
Shares redeemed | (436,554) | (578,488) | (6,931,319) | (7,816,655) |
Net increase (decrease) | 535,439 | 1,983,814 | $ 8,595,842 | $ 27,328,858 |
Class T | | | | |
Shares sold | 926,488 | 1,977,012 | $ 14,862,227 | $ 27,202,466 |
Shares redeemed | (317,990) | (233,065) | (5,035,335) | (3,118,693) |
Net increase (decrease) | 608,498 | 1,743,947 | $ 9,826,892 | $ 24,083,773 |
Class B | | | | |
Shares sold | 185,699 | 498,394 | $ 2,920,304 | $ 6,815,227 |
Shares redeemed | (137,158) | (113,628) | (2,169,854) | (1,550,424) |
Net increase (decrease) | 48,541 | 384,766 | $ 750,450 | $ 5,264,803 |
Class C | | | | |
Shares sold | 563,665 | 1,745,210 | $ 9,081,606 | $ 24,032,601 |
Shares redeemed | (266,143) | (189,077) | (4,152,142) | (2,515,739) |
Net increase (decrease) | 297,522 | 1,556,133 | $ 4,929,464 | $ 21,516,862 |
Fidelity International Small Cap Opportunities | | | | |
Shares sold | 36,729,687 | 93,068,555 | $ 594,035,589 | $ 1,259,777,775 |
Reinvestment of distributions | - | 6,974 | - | 82,435 |
Shares redeemed | (15,644,108) | (43,072,008) | (247,361,233) | (586,736,058) |
Net increase (decrease) | 21,085,579 | 50,003,521 | $ 346,674,356 | $ 673,124,152 |
Institutional Class | | | | |
Shares sold | 346,774 | 1,299,662 | $ 5,680,374 | $ 17,883,260 |
Reinvestment of distributions | - | 83 | - | 980 |
Shares redeemed | (214,261) | (592,563) | (3,402,550) | (8,704,985) |
Net increase (decrease) | 132,513 | 707,182 | $ 2,277,824 | $ 9,179,255 |
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)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
AILS-USAN-0607
1.815093.101
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Small Cap Opportunities
Fund - Institutional Class
Semiannual Report
April 30, 2007
(2_fidelity_logos) (Registered_Trademark)
Institutional Class
is a class of Fidelity®
International Small Cap
Opportunities Fund
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain amounts with a value less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain amounts with a value less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning
Account Value
November 1, 2006 | Ending
Account Value
April 30, 2007 | Expenses Paid
During Period*
November 1, 2006
to April 30, 2007 |
Class A | | | |
Actual | $ 1,000.00 | $ 1,217.90 | $ 9.02 |
HypotheticalA | $ 1,000.00 | $ 1,016.66 | $ 8.20 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,216.70 | $ 10.22 |
HypotheticalA | $ 1,000.00 | $ 1,015.57 | $ 9.30 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,213.00 | $ 13.17 |
HypotheticalA | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,213.10 | $ 13.17 |
HypotheticalA | $ 1,000.00 | $ 1,012.89 | $ 11.98 |
Fidelity International Small Cap Opportunities | | | |
Actual | $ 1,000.00 | $ 1,219.30 | $ 7.15 |
HypotheticalA | $ 1,000.00 | $ 1,018.35 | $ 6.51 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,219.40 | $ 7.21 |
HypotheticalA | $ 1,000.00 | $ 1,018.30 | $ 6.56 |
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
Expense Ratio |
Class A | 1.64% |
Class T | 1.86% |
Class B | 2.40% |
Class C | 2.40% |
Fidelity International Small Cap Opportunities | 1.30% |
Institutional Class | 1.31% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Japan 21.0% | |
| Germany 12.9% | |
| United States of America 8.5% | |
| United Kingdom 8.5% | |
| Norway 7.2% | |
| Australia 5.8% | |
| France 4.9% | |
| Netherlands 3.7% | |
| China 2.8% | |
| Other 24.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan 32.7% | |
| Germany 10.3% | |
| United States of America 10.0% | |
| France 6.8% | |
| United Kingdom 6.0% | |
| Australia 5.5% | |
| Spain 4.5% | |
| Italy 3.5% | |
| Sweden 3.4% | |
| Other 17.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 99.0 | 99.1 |
Short-Term Investments and Net Other Assets | 1.0 | 0.9 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Titanium Metals Corp. (United States of America, Metals & Mining) | 2.4 | 3.0 |
Demag Cranes AG (Germany, Machinery) | 2.3 | 2.0 |
Lihir Gold Ltd. (Papua New Guinea, Metals & Mining) | 2.1 | 1.0 |
GEA Group AG (Germany, Machinery) | 1.9 | 1.9 |
SolarWorld AG (Germany, Electrical Equipment) | 1.7 | 0.5 |
Renovo Group PLC (United Kingdom, Pharmaceuticals) | 1.5 | 1.8 |
AGCO Corp. (United States of America, Machinery) | 1.5 | 0.0 |
Soitec SA (France, Semiconductors & Semiconductor Equipment) | 1.5 | 2.3 |
Q-Cells AG (Germany, Electrical Equipment) | 1.5 | 0.5 |
Marine Harvest ASA (Norway, Food Products) | 1.5 | 0.5 |
| 17.9 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 30.5 | 23.4 |
Information Technology | 15.1 | 19.3 |
Financials | 12.7 | 15.0 |
Materials | 11.9 | 16.5 |
Consumer Staples | 11.4 | 6.9 |
Energy | 6.7 | 3.8 |
Consumer Discretionary | 4.3 | 6.7 |
Health Care | 3.9 | 5.7 |
Telecommunication Services | 1.9 | 1.8 |
Utilities | 0.6 | 0.0 |
Semiannual Report
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.0% |
| Shares | | Value |
Australia - 5.8% |
Babcock & Brown Ltd. | 540,000 | | $ 13,296,335 |
Boart Longyear Ltd. | 10,732,700 | | 17,202,033 |
CSL Ltd. | 101,453 | | 7,353,483 |
Downer EDI Ltd. | 2,852,100 | | 17,740,263 |
Gunns Ltd. | 122,600 | | 351,255 |
Oxiana Ltd. (d) | 7,648,500 | | 19,309,158 |
Paladin Resources Ltd. (a)(d) | 1,285,600 | | 10,249,215 |
United Group Ltd. | 1,106,708 | | 14,429,331 |
TOTAL AUSTRALIA | | 99,931,073 |
Austria - 0.3% |
Andritz AG | 20,974 | | 5,444,023 |
Belgium - 0.6% |
Delhaize Group | 50,000 | | 4,815,000 |
Umicore SA | 28,300 | | 5,735,958 |
TOTAL BELGIUM | | 10,550,958 |
Bermuda - 0.5% |
Sinofert Holdings Ltd. | 16,782,000 | | 8,624,252 |
Brazil - 1.5% |
Cosan SA Industria E Comercio (a) | 1,070,000 | | 21,418,927 |
Sao Martinho SA | 402,100 | | 5,223,823 |
TOTAL BRAZIL | | 26,642,750 |
British Virgin Islands - 0.6% |
UraMin, Inc. (a) | 1,400,000 | | 8,369,698 |
UraMin, Inc. (a)(e) | 437,900 | | 2,617,922 |
TOTAL BRITISH VIRGIN ISLANDS | | 10,987,620 |
Canada - 1.0% |
Lundin Mining Corp. (a) | 1,399,000 | | 17,155,050 |
Cayman Islands - 2.4% |
Himax Technologies, Inc. sponsored ADR | 3,144,500 | | 18,458,215 |
New Oriental Education & Technology Group, Inc. sponsored ADR | 30,300 | | 1,325,625 |
Subsea 7, Inc. (a)(d) | 300,000 | | 6,151,984 |
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d) | 434,800 | | 15,774,544 |
TOTAL CAYMAN ISLANDS | | 41,710,368 |
Common Stocks - continued |
| Shares | | Value |
China - 2.8% |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(d) | 1,712,196 | | $ 13,868,788 |
Comba Telecom Systems Holdings Ltd. | 17,158,000 | | 7,457,568 |
First Tractor Co. Ltd. (H Shares) (a) | 9,452,000 | | 4,615,712 |
Global Bio-Chem Technology Group Co. Ltd. | 39,295,300 | | 16,878,410 |
ZTE Corp. (H Shares) | 1,099,000 | | 5,149,005 |
TOTAL CHINA | | 47,969,483 |
Finland - 1.8% |
KCI Konecranes Oyj | 147,011 | | 5,340,270 |
Metso Corp. (d) | 160,900 | | 8,896,739 |
Outotec Oyj | 390,406 | | 16,989,335 |
TOTAL FINLAND | | 31,226,344 |
France - 4.9% |
Alstom SA (a) | 62,062 | | 9,315,879 |
Compagnie des Machines Bull SA (a) | 622,340 | | 4,093,362 |
Compagnie Generale de Geophysique SA (a) | 40,902 | | 8,551,396 |
Eutelsat Communications | 200,000 | | 4,964,415 |
Neopost SA | 148,400 | | 21,629,734 |
Nexans SA | 65,000 | | 9,661,095 |
Soitec SA (a)(d) | 1,109,801 | | 26,320,871 |
TOTAL FRANCE | | 84,536,752 |
Germany - 12.9% |
AWD Holding AG | 235,600 | | 11,953,361 |
Bilfinger Berger AG | 64,200 | | 6,089,585 |
Demag Cranes AG | 600,000 | | 39,922,737 |
Deutz AG (a)(d) | 1,309,962 | | 21,003,996 |
GEA Group AG (d) | 1,134,800 | | 33,448,638 |
Hochtief AG | 64,459 | | 6,816,958 |
Kontron AG | 250,000 | | 4,660,109 |
MPC Muenchmeyer Petersen Capital AG (d) | 21,671 | | 1,877,542 |
MTU Aero Engines Holding AG (d) | 289,350 | | 16,978,421 |
Q-Cells AG (d) | 353,800 | | 25,732,999 |
SGL Carbon AG (a) | 358,908 | | 14,090,564 |
SolarWorld AG (d) | 345,800 | | 29,331,979 |
Wacker Chemie AG | 57,200 | | 10,467,192 |
TOTAL GERMANY | | 222,374,081 |
Common Stocks - continued |
| Shares | | Value |
Greece - 1.1% |
Bank of Piraeus | 332,950 | | $ 12,149,147 |
Hellenic Technodomiki Tev SA | 550,000 | | 7,580,353 |
TOTAL GREECE | | 19,729,500 |
India - 0.3% |
Bajaj Hindusthan Ltd. | 1,200,000 | | 4,726,032 |
Italy - 1.8% |
Banca Italease Spa | 339,240 | | 20,641,911 |
Impregilo Spa (a) | 1,200,000 | | 9,807,107 |
TOTAL ITALY | | 30,449,018 |
Japan - 21.0% |
Acca Networks Co. Ltd. | 2,661 | | 4,230,790 |
Adeka Corp. | 7,700 | | 84,131 |
Air Water, Inc. (d) | 923,000 | | 9,945,906 |
Asics Corp. | 1,223,000 | | 15,401,918 |
Atrium Co. Ltd. (d) | 372,000 | | 10,132,577 |
Haseko Corp. (a) | 1,426,000 | | 4,722,992 |
Ichiyoshi Securities Co. Ltd. | 674,700 | | 10,835,943 |
Iino Kaiun Kaisha Ltd. | 75,000 | | 894,579 |
Intelligence Ltd. (d) | 3,882 | | 10,059,725 |
Japan Asia Investment Co. Ltd. | 366,000 | | 2,108,458 |
Japan General Estate Co. Ltd. | 588,200 | | 12,846,761 |
Japan Steel Works Ltd. | 697,000 | | 8,218,954 |
JGC Corp. | 700,000 | | 10,754,482 |
Joint Corp. (d) | 371,300 | | 12,270,652 |
Kajima Corp. | 800,000 | | 3,938,779 |
Kenedix, Inc. (d) | 2,456 | | 10,760,053 |
KK daVinci Advisors (a)(d) | 17,769 | | 17,906,641 |
Kurita Water Industries Ltd. | 294,000 | | 7,339,967 |
Leopalace21 Corp. | 612,500 | | 20,084,257 |
Miraial Co. Ltd. (d) | 48,400 | | 5,045,232 |
Mitsumi Electric Co. Ltd. | 180,000 | | 6,004,170 |
Nabtesco Corp. | 547,000 | | 7,423,084 |
Namco Bandai Holdings, Inc. | 309,000 | | 5,021,990 |
Nintendo Co. Ltd. | 79,600 | | 24,868,004 |
Nippon Electric Glass Co. Ltd. | 643,500 | | 11,014,648 |
Organo Corp. (d) | 629,000 | | 9,109,665 |
Risa Partners, Inc. (d) | 2,146 | | 5,773,395 |
SHIMIZU Corp. | 700,000 | | 4,340,420 |
Sojitz Corp. (a)(d) | 3,646,300 | | 13,780,970 |
Sparx Group Co. Ltd. (d) | 18,856 | | 11,830,000 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Sumco Corp. | 341,100 | | $ 14,824,159 |
Sumitomo Bakelite Co. Ltd. | 228,000 | | 1,614,287 |
The Sumitomo Warehouse Co. Ltd. | 338,000 | | 2,609,467 |
Tokai Carbon Co. Ltd. (d) | 687,000 | | 5,915,148 |
Tokuyama Corp. | 1,567,000 | | 23,496,292 |
Tokyo Tatemono Co. Ltd. | 1,003,000 | | 14,020,436 |
Urban Corp. | 409,300 | | 5,371,318 |
Wacom Co. Ltd. (d) | 1,700 | | 4,158,345 |
Yoshinoya D&C Co. Ltd. | 4,000 | | 7,892,474 |
Zenrin Co. Ltd. (d) | 196,300 | | 5,467,699 |
TOTAL JAPAN | | 362,118,768 |
Korea (South) - 1.0% |
LG Investment & Securities Co. Ltd. | 319,120 | | 7,372,021 |
Samsung Securities Co. Ltd. | 157,032 | | 9,179,137 |
TOTAL KOREA (SOUTH) | | 16,551,158 |
Luxembourg - 1.1% |
Acergy SA | 923,900 | | 19,780,699 |
Netherlands - 3.7% |
Koninklijke Wessanen NV (d) | 1,017,015 | | 16,126,453 |
Nutreco Holding NV (d) | 299,000 | | 22,200,118 |
QIAGEN NV (a) | 995,000 | | 17,641,350 |
Tele Atlas NV (Netherlands) (a) | 408,200 | | 8,505,844 |
TOTAL NETHERLANDS | | 64,473,765 |
Norway - 7.2% |
Aker Kvaerner ASA | 367,500 | | 8,756,177 |
Cermaq ASA | 1,395,000 | | 24,620,544 |
ElectroMagnetic GeoServices ASA | 692,300 | | 14,836,746 |
Leroy Seafood Group ASA | 287,900 | | 6,145,815 |
Marine Harvest ASA (a)(d) | 23,275,000 | | 25,194,729 |
Norwegian Property ASA | 592,400 | | 7,119,594 |
Petroleum Geo-Services ASA (a) | 531,600 | | 14,832,938 |
ProSafe ASA (d) | 665,000 | | 10,361,807 |
TGS Nopec Geophysical Co. ASA (a) | 502,700 | | 11,660,632 |
TOTAL NORWAY | | 123,528,982 |
Common Stocks - continued |
| Shares | | Value |
Papua New Guinea - 2.1% |
Lihir Gold Ltd. (a) | 13,300,867 | | $ 32,916,201 |
Lihir Gold Ltd. sponsored ADR (a) | 170,000 | | 4,175,200 |
TOTAL PAPUA NEW GUINEA | | 37,091,401 |
Portugal - 0.8% |
Banif SGPS SA | 1,382,174 | | 10,769,715 |
Sonae Industria SGPS SA (a) | 300,000 | | 3,831,797 |
TOTAL PORTUGAL | | 14,601,512 |
Singapore - 1.0% |
GigaMedia Ltd. (a) | 1,212,100 | | 17,066,368 |
South Africa - 0.3% |
Gold Fields Ltd. | 314,600 | | 5,653,362 |
Spain - 2.0% |
Abengoa SA | 530,324 | | 21,370,274 |
Tecnicas Reunidas SA | 238,735 | | 12,705,333 |
TOTAL SPAIN | | 34,075,607 |
Sweden - 1.7% |
Axfood AB | 185,000 | | 7,524,591 |
Bergman & Beving AB (B Shares) | 315,000 | | 10,790,409 |
Lindex AB (d) | 780,000 | | 10,594,504 |
TOTAL SWEDEN | | 28,909,504 |
Switzerland - 0.6% |
Cytos Biotechnology AG (a) | 68,355 | | 9,733,874 |
Taiwan - 2.2% |
Motech Industries, Inc. | 807,000 | | 10,016,194 |
PixArt Imaging, Inc. | 1,590,000 | | 19,328,841 |
Prime View International Co. Ltd. (a) | 13,615,000 | | 8,949,843 |
TOTAL TAIWAN | | 38,294,878 |
United Kingdom - 8.5% |
ARM Holdings PLC | 1,000,000 | | 2,689,260 |
ARM Holdings PLC sponsored ADR | 1,100,000 | | 8,778,000 |
Autonomy Corp. PLC (a) | 978,000 | | 14,773,516 |
Avis Europe PLC (a) | 8,236,998 | | 11,569,800 |
Clipper Windpower PLC (a) | 613,000 | | 10,755,191 |
Invensys PLC (a) | 3,400,000 | | 22,620,777 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Investec PLC | 400,000 | | $ 5,714,428 |
Laird Group PLC | 520,269 | | 5,997,052 |
Michael Page International PLC | 1,169,827 | | 13,484,396 |
Optos PLC | 1,312,400 | | 6,468,353 |
Premier Foods PLC | 1,890,000 | | 11,591,961 |
Renovo Group PLC | 7,458,963 | | 26,844,882 |
SMG PLC | 3,694,300 | | 4,690,471 |
TOTAL UNITED KINGDOM | | 145,978,087 |
United States of America - 7.5% |
AGCO Corp. (a) | 633,000 | | 26,415,090 |
Chiquita Brands International, Inc. (d) | 1,087,400 | | 16,126,142 |
Level 3 Communications, Inc. (a) | 1,844,600 | | 10,255,976 |
NII Holdings, Inc. (a) | 116,800 | | 8,964,400 |
Time Warner Telecom, Inc. Class A (sub. vtg.) (a) | 687,000 | | 14,083,500 |
Titanium Metals Corp. | 1,193,614 | | 41,215,490 |
Whole Foods Market, Inc. | 270,000 | | 12,633,300 |
TOTAL UNITED STATES OF AMERICA | | 129,693,898 |
TOTAL COMMON STOCKS (Cost $1,376,946,957) | 1,709,609,167 |
Money Market Funds - 13.7% |
| | | |
Fidelity Cash Central Fund, 5.29% (b) | 4,890,733 | | 4,890,733 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 231,085,753 | | 231,085,753 |
TOTAL MONEY MARKET FUNDS (Cost $235,976,486) | 235,976,486 |
TOTAL INVESTMENT PORTFOLIO - 112.7% (Cost $1,612,923,443) | | 1,945,585,653 |
NET OTHER ASSETS - (12.7)% | | (219,120,195) |
NET ASSETS - 100% | $ 1,726,465,458 |
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 $2,617,922 or 0.2% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
UraMin, Inc. | 3/7/07 | $ 1,905,029 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 552,878 |
Fidelity Securities Lending Cash Central Fund | 1,492,759 |
Total | $ 2,045,637 |
Income Tax Information |
At October 31, 2006, the fund had a capital loss carryforward of approximately $516,738 all of which will expire on October 31, 2013. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $219,111,871) - See accompanying schedule: Unaffiliated issuers (cost $1,376,946,957) | $ 1,709,609,167 | |
Fidelity Central Funds (cost $235,976,486) | 235,976,486 | |
Total Investments (cost $1,612,923,443) | | $ 1,945,585,653 |
Foreign currency held at value (cost $4,154,073) | | 4,150,944 |
Receivable for investments sold | | 25,733,315 |
Receivable for fund shares sold | | 6,213,205 |
Dividends receivable | | 3,248,097 |
Distributions receivable from Fidelity Central Funds | | 35,751 |
Prepaid expenses | | 2,429 |
Other receivables | | 575,875 |
Total assets | | 1,985,545,269 |
| | |
Liabilities | | |
Payable to custodian bank | $ 731,817 | |
Payable for investments purchased | 21,604,500 | |
Payable for fund shares redeemed | 3,767,790 | |
Accrued management fee | 1,383,607 | |
Distribution fees payable | 66,826 | |
Other affiliated payables | 349,032 | |
Other payables and accrued expenses | 90,486 | |
Collateral on securities loaned, at value | 231,085,753 | |
Total liabilities | | 259,079,811 |
| | |
Net Assets | | $ 1,726,465,458 |
Net Assets consist of: | | |
Paid in capital | | $ 1,357,070,235 |
Undistributed net investment income | | 2,091,080 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 34,688,942 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 332,615,201 |
Net Assets | | $ 1,726,465,458 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2007 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($52,677,223 ÷ 3,050,862 shares) | | $ 17.27 |
| | |
Maximum offering price per share (100/94.25 of $17.27) | | $ 18.32 |
Class T:
Net Asset Value and redemption price per share ($44,877,965 ÷ 2,612,880 shares) | | $ 17.18 |
| | |
Maximum offering price per share (100/96.50 of $17.18) | | $ 17.80 |
Class B:
Net Asset Value and offering price per share ($10,176,925 ÷ 597,645 shares)A | | $ 17.03 |
| | |
Class C:
Net Asset Value and offering price per share ($36,988,436 ÷ 2,173,407 shares)A | | $ 17.02 |
| | |
Fidelity International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($1,562,430,746 ÷ 90,062,997 shares) | | $ 17.35 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($19,314,163 ÷ 1,113,698 shares) | | $ 17.34 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 10,165,286 |
Interest | | 1,862 |
Income from Fidelity Central Funds (including $1,492,759 from security lending) | | 2,045,637 |
| | 12,212,785 |
Less foreign taxes withheld | | (1,020,077) |
Total income | | 11,192,708 |
| | |
Expenses | | |
Management fee
Basic fee | $ 6,011,554 | |
Performance adjustment | 916,803 | |
Transfer agent fees | 1,522,497 | |
Distribution fees | 346,817 | |
Accounting and security lending fees | 334,669 | |
Custodian fees and expenses | 184,071 | |
Independent trustees' compensation | 1,907 | |
Registration fees | 91,362 | |
Audit | 35,952 | |
Interest | 8,660 | |
Miscellaneous | 624 | |
Total expenses before reductions | 9,454,916 | |
Expense reductions | (353,288) | 9,101,628 |
Net investment income (loss) | | 2,091,080 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $2,678) | 41,506,850 | |
Foreign currency transactions | 135,722 | |
Total net realized gain (loss) | | 41,642,572 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 216,230,820 | |
Assets and liabilities in foreign currencies | (45,839) | |
Total change in net unrealized appreciation (depreciation) | | 216,184,981 |
Net gain (loss) | | 257,827,553 |
Net increase (decrease) in net assets resulting from operations | | $ 259,918,633 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended April 30, 2007
(Unaudited) | Year ended
October 31,
2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,091,080 | $ 3,177,589 |
Net realized gain (loss) | 41,642,572 | (953,704) |
Change in net unrealized appreciation (depreciation) | 216,184,981 | 115,235,200 |
Net increase (decrease) in net assets resulting
from operations | 259,918,633 | 117,459,085 |
Distributions to shareholders from net realized gain | - | (90,957) |
Share transactions - net increase (decrease) | 373,054,828 | 760,497,703 |
Redemption fees | 316,453 | 1,853,226 |
Total increase (decrease) in net assets | 633,289,914 | 879,719,057 |
| | |
Net Assets | | |
Beginning of period | 1,093,175,544 | 213,456,487 |
End of period (including undistributed net investment income of $2,091,080 and undistributed net investment income of $3,179,958, respectively) | $ 1,726,465,458 | $ 1,093,175,544 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.18 | $ 10.41 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | - J | - J | - J |
Net realized and unrealized gain (loss) | 3.09 | 3.74 | .40 |
Total from investment operations | 3.09 | 3.74 | .40 |
Distributions from net realized gain | - | - J | - |
Redemption fees added to paid in capital E | - J | .03 | .01 |
Net asset value, end of period | $ 17.27 | $ 14.18 | $ 10.41 |
Total Return B, C, D | 21.79% | 36.25% | 4.10% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 1.64% A | 1.63% | 2.67% A |
Expenses net of fee waivers, if any | 1.64% A | 1.63% | 1.65% A |
Expenses net of all reductions | 1.59% A | 1.51% | 1.54% A |
Net investment income (loss) | .01% A | .02% | (.09)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 52,677 | $ 35,674 | $ 5,533 |
Portfolio turnover rate G | 89% A | 164% | 46% |
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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period August 2, 2005 (commencement of operations) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.12 | $ 10.38 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | (.02) | (.03) | (.01) |
Net realized and unrealized gain (loss) | 3.08 | 3.74 | .38 |
Total from investment operations | 3.06 | 3.71 | .37 |
Redemption fees added to paid in capital E | - J | .03 | .01 |
Net asset value, end of period | $ 17.18 | $ 14.12 | $ 10.38 |
Total Return B, C, D | 21.67% | 36.03% | 3.80% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 1.86% A | 1.85% | 2.92% A |
Expenses net of fee waivers, if any | 1.86% A | 1.85% | 1.90% A |
Expenses net of all reductions | 1.81% A | 1.74% | 1.78% A |
Net investment income (loss) | (.20)% A | (.20)% | (.33)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 44,878 | $ 28,309 | $ 2,704 |
Portfolio turnover rate G | 89% A | 164% | 46% |
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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period August 2, 2005 (commencement of operations) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.04 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | (.06) | (.10) | (.02) |
Net realized and unrealized gain (loss) | 3.05 | 3.74 | .38 |
Total from investment operations | 2.99 | 3.64 | .36 |
Redemption fees added to paid in capital E | - J | .03 | .01 |
Net asset value, end of period | $ 17.03 | $ 14.04 | $ 10.37 |
Total Return B, C, D | 21.30% | 35.39% | 3.70% |
Ratios to Average Net AssetsF, I | | | |
Expenses before reductions | 2.42% A | 2.45% | 3.43% A |
Expenses net of fee waivers, if any | 2.40% A | 2.41% | 2.40% A |
Expenses net of all reductions | 2.35% A | 2.30% | 2.27% A |
Net investment income (loss) | (.74)% A | (.76)% | (.82)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 10,177 | $ 7,709 | $ 1,705 |
Portfolio turnover rate G | 89% A | 164% | 46% |
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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period August 2, 2005 (commencement of operations) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.03 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | (.06) | (.10) | (.02) |
Net realized and unrealized gain (loss) | 3.05 | 3.73 | .38 |
Total from investment operations | 2.99 | 3.63 | .36 |
Redemption fees added to paid in capital E | - J | .03 | .01 |
Net asset value, end of period | $ 17.02 | $ 14.03 | $ 10.37 |
Total Return B, C, D | 21.31% | 35.29% | 3.70% |
Ratios to Average Net Assets F, I | | | |
Expenses before reductions | 2.40% A | 2.38% | 3.32% A |
Expenses net of fee waivers, if any | 2.40% A | 2.38% | 2.40% A |
Expenses net of all reductions | 2.35% A | 2.27% | 2.29% A |
Net investment income (loss) | (.74)% A | (.73)% | (.84)% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 36,988 | $ 26,320 | $ 3,317 |
Portfolio turnover rate G | 89% A | 164% | 46% |
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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H For the period August 2, 2005 (commencement of operations) to October 31, 2005.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Fidelity International Small Cap Opportunities
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.23 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .03 | .05 | - I |
Net realized and unrealized gain (loss) | 3.09 | 3.75 | .39 |
Total from investment operations | 3.12 | 3.80 | .39 |
Distibutions from net realized gain | - | -I | - |
Redemption fees added to paid in capital D | - I | .03 | .01 |
Net asset value, end of period | $ 17.35 | $ 14.23 | $ 10.40 |
Total Return B, C | 21.93% | 36.86% | 4.00% |
Ratios to Average Net Assets E, H | | | |
Expenses before reductions | 1.30% A | 1.28% | 2.25% A |
Expenses net of fee waivers, if any | 1.30% A | 1.28% | 1.40% A |
Expenses net of all reductions | 1.25% A | 1.16% | 1.31% A |
Net investment income (loss) | .36% A | .37% | .14% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 1,562,431 | $ 981,210 | $ 197,349 |
Portfolio turnover rate F | 89% A | 164% | 46% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period August 2, 2005 (commencement of operations) to October 31, 2005.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2007 | Years ended October 31, |
| (Unaudited) | 2006 | 2005 G |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 14.22 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss)D | .03 | .05 | - I |
Net realized and unrealized gain (loss) | 3.09 | 3.74 | .39 |
Total from investment operations | 3.12 | 3.79 | .39 |
Distributions from net realized gain | - | - I | - |
Redemption fees added to paid in capitalD | - I | .03 | .01 |
Net asset value, end of period | $ 17.34 | $ 14.22 | $ 10.40 |
Total ReturnB, C | 21.94% | 36.77% | 4.00% |
Ratios to Average Net AssetsE, H | | | |
Expenses before reductions | 1.31% A | 1.25% | 2.25% A |
Expenses net of fee waivers, if any | 1.31% A | 1.25% | 1.40% A |
Expenses net of all reductions | 1.26% A | 1.14% | 1.29% A |
Net investment income (loss) | .35% A | .40% | .16% A |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 19,314 | $ 13,954 | $ 2,849 |
Portfolio turnover rate F | 89% A | 164% | 46% |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period August 2, 2005 (commencement of operations) to October 31, 2005.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2007 (Unaudited)
1. Organization.
Fidelity International Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class 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 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.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies.
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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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 | $ 363,356,287 | |
Unrealized depreciation | (35,036,820) | |
Net unrealized appreciation (depreciation) | $ 328,319,467 | |
Cost for federal income tax purposes | $ 1,617,266,186 | |
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.
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
Semiannual Report
4. 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $983,066,059 and $615,148,087, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Fidelity International Small Cap Opportunities, as compared to an appropriate benchmark index. The Fund's performance adjustment took effect in August 2006.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate, including the performance adjustment, was .99% 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
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 55,837 | $ 5,180 |
Class T | .25% | .25% | 90,180 | 5,754 |
Class B | .75% | .25% | 45,903 | 35,586 |
Class C | .75% | .25% | 154,897 | 82,432 |
| | | $ 346,817 | $ 128,952 |
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 and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC |
Class A | $ 38,685 |
Class T | 9,265 |
Class B* | 10,152 |
Class C* | 3,850 |
| $ 61,943 |
* 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
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund, except for Fidelity International Small Cap Opportunities. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for Fidelity 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
Average
Net Assets* |
Class A | $ 67,680 | .30 |
Class T | 48,650 | .27 |
Class B | 15,365 | .33 |
Class C | 47,782 | .31 |
Fidelity International Small Cap Opportunities | 1,325,436 | .21 |
Institutional Class | 17,584 | .22 |
| $ 1,522,497 | |
* 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.
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 $38 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Daily
Loan Balance | Weighted Average Interest Rate | Interest
Expense |
Borrower | $ 14,483,750 | 5.38% | $ 8,660 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. 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 amounted to $1,559 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities 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 Fidelity Central Funds.
9. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class B | 2.40% | $ 1,244 |
Semiannual Report
9. Expense Reductions - continued
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 $346,228 for the period. In addition, through arrangements with each 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
expense reduction | |
Fidelity International Small Cap Opportunities | $ 2,408 | |
10. 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.
In September 2006, a transfer agent of the Fund, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2007 | Year ended
October 31, 2006 |
From net realized gain | | |
Class A | $ - | $ 2,067 |
Fidelity International Small Cap Opportunities | - | 87,898 |
Institutional Class | - | 992 |
Total | $ - | $ 90,957 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30, 2007 | Year ended
October 31, 2006 | Six months ended April 30, 2007 | Year ended
October 31, 2006 |
Class A | | | | |
Shares sold | 971,993 | 2,562,140 | $ 15,527,161 | $ 35,143,597 |
Reinvestment of distributions | - | 162 | - | 1,916 |
Shares redeemed | (436,554) | (578,488) | (6,931,319) | (7,816,655) |
Net increase (decrease) | 535,439 | 1,983,814 | $ 8,595,842 | $ 27,328,858 |
Class T | | | | |
Shares sold | 926,488 | 1,977,012 | $ 14,862,227 | $ 27,202,466 |
Shares redeemed | (317,990) | (233,065) | (5,035,335) | (3,118,693) |
Net increase (decrease) | 608,498 | 1,743,947 | $ 9,826,892 | $ 24,083,773 |
Class B | | | | |
Shares sold | 185,699 | 498,394 | $ 2,920,304 | $ 6,815,227 |
Shares redeemed | (137,158) | (113,628) | (2,169,854) | (1,550,424) |
Net increase (decrease) | 48,541 | 384,766 | $ 750,450 | $ 5,264,803 |
Class C | | | | |
Shares sold | 563,665 | 1,745,210 | $ 9,081,606 | $ 24,032,601 |
Shares redeemed | (266,143) | (189,077) | (4,152,142) | (2,515,739) |
Net increase (decrease) | 297,522 | 1,556,133 | $ 4,929,464 | $ 21,516,862 |
Fidelity International Small Cap Opportunities | | | | |
Shares sold | 36,729,687 | 93,068,555 | $ 594,035,589 | $ 1,259,777,775 |
Reinvestment of distributions | - | 6,974 | - | 82,435 |
Shares redeemed | (15,644,108) | (43,072,008) | (247,361,233) | (586,736,058) |
Net increase (decrease) | 21,085,579 | 50,003,521 | $ 346,674,356 | $ 673,124,152 |
Institutional Class | | | | |
Shares sold | 346,774 | 1,299,662 | $ 5,680,374 | $ 17,883,260 |
Reinvestment of distributions | - | 83 | - | 980 |
Shares redeemed | (214,261) | (592,563) | (3,402,550) | (8,704,985) |
Net increase (decrease) | 132,513 | 707,182 | $ 2,277,824 | $ 9,179,255 |
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
The Northern Trust Company
Chicago, IL
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
AILSI-USAN-0607
1.815084.101
Fidelity®
International Value
Fund
Semiannual Report
April 30, 2007
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning
Account Value
November 1, 2006 | Ending
Account Value
April 30, 2007 | Expenses Paid
During Period*
November 1, 2006
to April 30, 2007 |
Class A | | | |
Actual | $ 1,000.00 | $ 1,140.40 | $ 7.70 |
Hypothetical A | $ 1,000.00 | $ 1,017.60 | $ 7.25 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,139.40 | $ 8.86 |
Hypothetical A | $ 1,000.00 | $ 1,016.51 | $ 8.35 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,136.80 | $ 11.39 |
Hypothetical A | $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,137.40 | $ 11.34 |
Hypothetical A | $ 1,000.00 | $ 1,014.18 | $ 10.69 |
International Value | | | |
Actual | $ 1,000.00 | $ 1,142.40 | $ 5.90 |
Hypothetical A | $ 1,000.00 | $ 1,019.29 | $ 5.56 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,143.30 | $ 5.58 |
Hypothetical A | $ 1,000.00 | $ 1,019.59 | $ 5.26 |
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
Expense Ratio |
Class A | 1.45% |
Class T | 1.67% |
Class B | 2.15% |
Class C | 2.14% |
International Value | 1.11% |
Institutional Class | 1.05% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Japan 18.4% | |
| United Kingdom 16.5% | |
| France 11.3% | |
| Germany 10.9% | |
| Switzerland 9.6% | |
| Spain 4.5% | |
| United States of America 3.2% | |
| Netherlands 3.1% | |
| Australia 2.8% | |
| Other 19.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan 19.9% | |
| United Kingdom 17.8% | |
| Germany 10.2% | |
| Switzerland 9.4% | |
| France 8.6% | |
| Italy 4.6% | |
 | Netherlands 3.3% | |
| Canada 3.3% | |
| Norway 2.9% | |
| Other 20.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.0 | 98.0 |
Short-Term Investments and Net Other Assets | 3.0 | 2.0 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
E.ON AG (Germany, Electric Utilities) | 2.7 | 2.0 |
Societe Generale Series A (France, Commercial Banks) | 2.7 | 1.2 |
Nestle SA (Reg.) (Switzerland, Food Products) | 2.5 | 1.5 |
ING Groep NV sponsored ADR (Netherlands, Diversified Financial Services) | 2.4 | 2.4 |
Royal Bank of Scotland Group PLC (United Kingdom, Commercial Banks) | 2.2 | 4.0 |
Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors) | 2.1 | 2.2 |
Toyota Motor Corp. (Japan, Automobiles) | 2.1 | 2.0 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (Germany, Insurance) | 2.0 | 1.9 |
Barclays PLC (United Kingdom, Commercial Banks) | 2.0 | 2.5 |
AXA SA sponsored ADR (France, Insurance) | 2.0 | 1.2 |
| 22.7 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 40.0 | 40.3 |
Industrials | 10.1 | 8.9 |
Consumer Discretionary | 8.6 | 7.5 |
Materials | 7.3 | 5.5 |
Consumer Staples | 6.6 | 5.8 |
Utilities | 6.3 | 5.7 |
Energy | 6.3 | 11.3 |
Information Technology | 5.7 | 7.4 |
Health Care | 3.6 | 3.1 |
Telecommunication Services | 2.5 | 2.5 |
Semiannual Report
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.0% |
| Shares | | Value |
Australia - 2.8% |
AMP Ltd. | 238,000 | | $ 2,124,706 |
Australia & New Zealand Banking Group Ltd. | 87,000 | | 2,210,824 |
Macquarie Airports unit | 801,096 | | 2,647,775 |
National Australia Bank Ltd. | 53,400 | | 1,898,904 |
Zinifex Ltd. | 149,700 | | 2,057,469 |
TOTAL AUSTRALIA | | 10,939,678 |
Austria - 0.2% |
Immoeast AG (a) | 50,500 | | 716,688 |
Brazil - 1.1% |
Petroleo Brasileiro SA Petrobras sponsored ADR | 13,700 | | 1,386,851 |
TAM SA (PN) sponsored ADR (ltd. vtg.) | 40,300 | | 1,036,919 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 18,700 | | 1,815,022 |
TOTAL BRAZIL | | 4,238,792 |
Canada - 2.4% |
Cameco Corp. | 33,400 | | 1,555,798 |
Cognos, Inc. (a) | 23,900 | | 1,030,329 |
Finning International, Inc. | 54,400 | | 2,695,738 |
First Quantum Minerals Ltd. | 20,500 | | 1,415,366 |
RONA, Inc. (a) | 128,600 | | 2,792,378 |
TOTAL CANADA | | 9,489,609 |
Cayman Islands - 2.6% |
GlobalSantaFe Corp. | 112,000 | | 7,160,160 |
Subsea 7, Inc. (a)(d) | 136,500 | | 2,799,153 |
TOTAL CAYMAN ISLANDS | | 9,959,313 |
Czech Republic - 0.4% |
Ceske Energeticke Zavody AS | 32,300 | | 1,578,889 |
Finland - 0.5% |
Nokia Corp. sponsored ADR | 78,000 | | 1,969,500 |
France - 11.3% |
Accor SA | 18,100 | | 1,716,105 |
Alcatel-Lucent SA | 240,600 | | 3,187,950 |
AXA SA sponsored ADR | 169,400 | | 7,802,564 |
BNP Paribas SA | 31,200 | | 3,646,593 |
Compagnie de St. Gobain | 47,900 | | 5,153,978 |
Gaz de France (d) | 37,400 | | 1,765,847 |
Louis Vuitton Moet Hennessy (LVMH) | 14,700 | | 1,724,526 |
Pernod Ricard SA | 14,940 | | 3,195,682 |
Peugeot Citroen SA | 37,300 | | 3,043,286 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Societe Generale Series A | 49,535 | | $ 10,578,690 |
Suez SA (France) (d) | 39,000 | | 2,234,150 |
TOTAL FRANCE | | 44,049,371 |
Germany - 10.9% |
Allianz AG sponsored ADR (d) | 285,200 | | 6,337,144 |
BASF AG sponsored ADR (d) | 48,000 | | 5,702,880 |
DaimlerChrysler AG | 15,000 | | 1,207,650 |
E.ON AG (d) | 70,800 | | 10,647,608 |
GFK AG | 25,300 | | 1,166,924 |
Heidelberger Druckmaschinen AG | 36,100 | | 1,715,798 |
KarstadtQuelle AG (a)(d) | 54,000 | | 2,085,382 |
Lanxess AG | 43,700 | | 2,398,440 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d) | 44,100 | | 7,888,847 |
RWE AG | 18,600 | | 1,969,863 |
Siemens AG sponsored ADR | 12,900 | | 1,560,513 |
TOTAL GERMANY | | 42,681,049 |
Greece - 0.7% |
Alpha Bank AE | 46,900 | | 1,439,994 |
Greek Organization of Football Prognostics SA | 38,600 | | 1,469,592 |
TOTAL GREECE | | 2,909,586 |
Hong Kong - 1.7% |
Chaoda Modern Agriculture (Holdings) Ltd. | 548,000 | | 455,350 |
Swire Pacific Ltd. (A Shares) | 537,800 | | 6,170,309 |
TOTAL HONG KONG | | 6,625,659 |
India - 0.8% |
Satyam Computer Services Ltd. sponsored ADR | 82,400 | | 2,050,112 |
State Bank of India | 30,000 | | 987,938 |
TOTAL INDIA | | 3,038,050 |
Ireland - 0.3% |
Bank of Ireland | 46,371 | | 1,004,048 |
Italy - 1.5% |
Fiat Spa | 55,100 | | 1,636,875 |
Intesa Sanpaolo Spa | 203,981 | | 1,720,218 |
Unicredito Italiano Spa | 244,000 | | 2,523,855 |
TOTAL ITALY | | 5,880,948 |
Japan - 18.4% |
Asahi Breweries Ltd. | 63,100 | | 1,028,265 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Canon, Inc. | 86,950 | | $ 4,886,590 |
Daiwa Securities Group, Inc. | 126,000 | | 1,403,562 |
Denso Corp. | 55,700 | | 1,969,614 |
East Japan Railway Co. | 686 | | 5,563,444 |
Fujitsu Ltd. | 85,000 | | 534,352 |
Japan Tobacco, Inc. | 504 | | 2,461,990 |
JFE Holdings, Inc. | 10,600 | | 582,733 |
JGC Corp. | 32,000 | | 491,633 |
JSR Corp. | 57,200 | | 1,279,680 |
Konica Minolta Holdings, Inc. | 134,500 | | 1,840,579 |
Leopalace21 Corp. | 47,500 | | 1,557,555 |
Misawa Homes Holdings, Inc. (a)(d) | 48,500 | | 850,596 |
Mitsubishi Estate Co. Ltd. | 21,000 | | 651,155 |
Mitsui & Co. Ltd. | 463,000 | | 8,326,544 |
Mizuho Financial Group, Inc. | 460 | | 2,768,505 |
Nippon Building Fund, Inc. | 48 | | 775,981 |
Nippon Oil Corp. | 302,000 | | 2,319,401 |
ORIX Corp. | 23,310 | | 6,216,129 |
Ricoh Co. Ltd. | 85,000 | | 1,865,834 |
Shin-Etsu Chemical Co. Ltd. | 16,400 | | 1,058,641 |
Sumitomo Mitsui Financial Group, Inc. | 109 | | 952,351 |
Sumitomo Realty & Development Co. Ltd. | 20,000 | | 738,314 |
Sumitomo Trust & Banking Co. Ltd. | 197,000 | | 1,924,119 |
Takeda Pharamaceutical Co. Ltd. | 89,900 | | 5,828,719 |
Tokuyama Corp. | 61,000 | | 914,661 |
Tokyo Gas Co. Ltd. | 579,000 | | 2,910,157 |
Tokyo Tomin Bank Ltd. | 30,200 | | 1,044,033 |
Toyota Motor Corp. | 133,600 | | 8,110,856 |
Toyota Motor Corp. sponsored ADR | 100 | | 12,142 |
Yamada Denki Co. Ltd. | 10,970 | | 1,013,747 |
TOTAL JAPAN | | 71,881,882 |
Kazakhstan - 0.2% |
JSC Halyk Bank of Kazakhstan: | | | |
GDR (a)(e) | 4,700 | | 105,750 |
unit (a) | 28,000 | | 630,000 |
TOTAL KAZAKHSTAN | | 735,750 |
Korea (South) - 0.6% |
Kookmin Bank sponsored ADR | 10,600 | | 952,092 |
Samsung Electronics Co. Ltd. GDR | 5,151 | | 1,581,357 |
TOTAL KOREA (SOUTH) | | 2,533,449 |
Common Stocks - continued |
| Shares | | Value |
Mexico - 0.4% |
America Movil SA de CV Series L sponsored ADR | 28,000 | | $ 1,470,840 |
Netherlands - 3.1% |
ABN-AMRO Holding NV sponsored ADR | 15,700 | | 760,665 |
Heineken NV (Bearer) | 25,100 | | 1,332,810 |
ING Groep NV sponsored ADR (d) | 203,400 | | 9,277,074 |
TomTom Group BV (a)(d) | 17,900 | | 761,369 |
TOTAL NETHERLANDS | | 12,131,918 |
Norway - 2.2% |
DnB Nor ASA (d) | 226,400 | | 3,253,694 |
Fred Olsen Energy ASA (a)(d) | 50,500 | | 2,529,541 |
Orkla ASA (A Shares) | 71,250 | | 1,147,320 |
Petroleum Geo-Services ASA (a) | 55,500 | | 1,548,586 |
TOTAL NORWAY | | 8,479,141 |
Philippines - 0.3% |
Philippine Long Distance Telephone Co. sponsored ADR | 20,700 | | 1,105,587 |
Russia - 0.7% |
Magma OJSC sponsored GDR (a)(e) | 23,100 | | 292,215 |
OAO Gazprom sponsored ADR | 66,900 | | 2,629,170 |
TOTAL RUSSIA | | 2,921,385 |
Singapore - 0.5% |
DBS Group Holdings Ltd. | 146,000 | | 2,046,998 |
South Africa - 0.6% |
Impala Platinum Holdings Ltd. | 71,400 | | 2,331,578 |
Spain - 4.5% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d) | 295,700 | | 7,079,058 |
Banco Santander Central Hispano SA | 317,800 | | 5,720,106 |
Gestevision Telecinco SA | 79,600 | | 2,415,757 |
Telefonica SA sponsored ADR | 35,100 | | 2,374,515 |
TOTAL SPAIN | | 17,589,436 |
Sweden - 1.7% |
Atlas Copco AB (A Shares) | 26,400 | | 1,016,643 |
Svenska Cellulosa AB (SCA) (B Shares) | 69,400 | | 3,599,639 |
Telefonaktiebolaget LM Ericsson (B Shares) | 493,000 | | 1,881,781 |
TOTAL SWEDEN | | 6,498,063 |
Switzerland - 9.6% |
Adecco SA (Reg.) | 20,818 | | 1,424,784 |
Credit Suisse Group sponsored ADR | 76,300 | | 5,989,550 |
Common Stocks - continued |
| Shares | | Value |
Switzerland - continued |
Nestle SA (Reg.) | 24,529 | | $ 9,747,825 |
Novartis AG sponsored ADR | 46,000 | | 2,672,140 |
Roche Holding AG (participation certificate) | 28,706 | | 5,411,081 |
Swiss Reinsurance Co. (Reg.) | 37,977 | | 3,590,656 |
UBS AG (NY Shares) | 114,500 | | 7,431,050 |
Zurich Financial Services AG (Reg.) | 3,949 | | 1,154,114 |
TOTAL SWITZERLAND | | 37,421,200 |
Taiwan - 0.3% |
Novatek Microelectronics Corp. | 221,000 | | 1,094,536 |
United Kingdom - 16.5% |
3i Group plc | 107,500 | | 2,489,015 |
BAE Systems PLC | 183,500 | | 1,676,729 |
Barclays PLC | 539,900 | | 7,833,949 |
BHP Billiton PLC | 221,600 | | 5,002,352 |
BP PLC | 228,500 | | 2,563,770 |
British American Tobacco PLC | 96,800 | | 3,013,384 |
HBOS plc | 85,300 | | 1,847,090 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 228,900 | | 4,228,241 |
Land Securities Group PLC | 39,100 | | 1,533,862 |
National Grid PLC | 221,600 | | 3,484,809 |
Old Mutual plc | 677,400 | | 2,425,780 |
Prudential PLC | 159,928 | | 2,395,063 |
Rio Tinto PLC sponsored ADR | 4,625 | | 1,128,500 |
Rolls-Royce Group PLC | 386,300 | | 3,705,529 |
Royal Bank of Scotland Group PLC | 223,900 | | 8,640,163 |
Tesco PLC | 488,800 | | 4,505,497 |
Vedanta Resources PLC | 46,600 | | 1,288,602 |
Vodafone Group PLC sponsored ADR | 162,512 | | 4,668,970 |
Yell Group PLC | 203,100 | | 1,983,741 |
TOTAL UNITED KINGDOM | | 64,415,046 |
United States of America - 0.2% |
Virgin Media, Inc. | 27,900 | | 703,917 |
TOTAL COMMON STOCKS (Cost $333,713,372) | 378,441,906 |
Nonconvertible Preferred Stocks - 0.0% |
| | | |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Series B
(Cost $29,725) | 15,161,120 | | 30,314 |
Money Market Funds - 15.6% |
| Shares | | Value |
Fidelity Cash Central Fund, 5.29% (b) | 9,907,063 | | $ 9,907,063 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 50,738,175 | | 50,738,175 |
TOTAL MONEY MARKET FUNDS (Cost $60,645,238) | 60,645,238 |
TOTAL INVESTMENT PORTFOLIO - 112.6% (Cost $394,388,335) | | 439,117,458 |
NET OTHER ASSETS - (12.6)% | | (49,055,794) |
NET ASSETS - 100% | $ 390,061,664 |
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 end of the period, the value of these securities amounted to $397,965 or 0.1% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 279,266 |
Fidelity Securities Lending Cash Central Fund | 117,918 |
Total | $ 397,184 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $48,996,684) - See accompanying schedule: Unaffiliated issuers (cost $333,743,097) | $ 378,472,220 | |
Fidelity Central Funds (cost $60,645,238) | 60,645,238 | |
Total Investments (cost $394,388,335) | | $ 439,117,458 |
Foreign currency held at value (cost $454,888) | | 454,905 |
Receivable for investments sold | | 5,881,713 |
Receivable for fund shares sold | | 1,436,263 |
Dividends receivable | | 1,878,087 |
Distributions receivable from Fidelity Central Funds | | 53,356 |
Prepaid expenses | | 316 |
Receivable from investment adviser for expense reductions | | 70,459 |
Other receivables | | 103,649 |
Total assets | | 448,996,206 |
| | |
Liabilities | | |
Payable to custodian bank | $ 48,927 | |
Payable for investments purchased | 6,996,297 | |
Payable for fund shares redeemed | 800,870 | |
Accrued management fee | 222,029 | |
Distribution fees payable | 8,104 | |
Other affiliated payables | 73,992 | |
Other payables and accrued expenses | 46,148 | |
Collateral on securities loaned, at value | 50,738,175 | |
Total liabilities | | 58,934,542 |
| | |
Net Assets | | $ 390,061,664 |
Net Assets consist of: | | |
Paid in capital | | $ 337,961,287 |
Undistributed net investment income | | 2,322,796 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 5,041,886 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 44,735,695 |
Net Assets | | $ 390,061,664 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2007 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($6,063,438 ÷ 503,919 shares) | | $ 12.03 |
| | |
Maximum offering price per share (100/94.25 of $12.03) | | $ 12.76 |
Class T:
Net Asset Value and redemption price per share ($3,611,659 ÷ 300,518 shares) | | $ 12.02 |
| | |
Maximum offering price per share (100/96.50 of $12.02) | | $ 12.46 |
Class B:
Net Asset Value and offering price per share ($2,060,597 ÷ 171,788 shares)A | | $ 11.99 |
| | |
Class C:
Net Asset Value and offering price per share ($4,694,989 ÷ 391,693 shares)A | | $ 11.99 |
| | |
International Value:
Net Asset Value, offering price and redemption price per share ($370,000,966 ÷ 30,696,929 shares) | | $ 12.05 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($3,630,015 ÷ 301,073 shares) | | $ 12.06 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,249,449 |
Income from Fidelity Central Funds | | 397,184 |
| | 4,646,633 |
Less foreign taxes withheld | | (391,222) |
Total income | | 4,255,411 |
| | |
Expenses | | |
Management fee | $ 1,096,992 | |
Transfer agent fees | 325,164 | |
Distribution fees | 37,805 | |
Accounting and security lending fees | 82,046 | |
Custodian fees and expenses | 42,353 | |
Independent trustees' compensation | 406 | |
Registration fees | 133,649 | |
Audit | 29,285 | |
Legal | 1,734 | |
Miscellaneous | 285 | |
Total expenses before reductions | 1,749,719 | |
Expense reductions | (39,379) | 1,710,340 |
Net investment income (loss) | | 2,545,071 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $6,485) | 5,626,934 | |
Foreign currency transactions | 16,478 | |
Total net realized gain (loss) | | 5,643,412 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $6,668) | 32,667,246 | |
Assets and liabilities in foreign currencies | 6,956 | |
Total change in net unrealized appreciation (depreciation) | | 32,674,202 |
Net gain (loss) | | 38,317,614 |
Net increase (decrease) in net assets resulting from operations | | $ 40,862,685 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2007
(Unaudited) | For the period
May 18, 2006
(commencement of operations) to
October 31, 2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,545,071 | $ 808,421 |
Net realized gain (loss) | 5,643,412 | (6,746) |
Change in net unrealized appreciation (depreciation) | 32,674,202 | 12,061,493 |
Net increase (decrease) in net assets resulting
from operations | 40,862,685 | 12,863,168 |
Distributions to shareholders from net investment income | (978,516) | - |
Distributions to shareholders from net realized gain | (557,946) | - |
Total distributions | (1,536,462) | - |
Share transactions - net increase (decrease) | 119,711,553 | 218,123,163 |
Redemption fees | 16,959 | 20,598 |
Total increase (decrease) in net assets | 159,054,735 | 231,006,929 |
| | |
Net Assets | | |
Beginning of period | 231,006,929 | - |
End of period (including undistributed net investment income of $2,322,796 and undistributed net investment income of $808,421, respectively) | $ 390,061,664 | $ 231,006,929 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 I |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.60 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .08 | .06 H |
Net realized and unrealized gain (loss) | 1.40 | .54 |
Total from investment operations | 1.48 | .60 |
Distributions from net investment income | (.03) | - |
Distributions from net realized gain | (.02) | - |
Total distributions | (.05) | - |
Redemption fees added to paid in capital E | - K | - K |
Net asset value, end of period | $ 12.03 | $ 10.60 |
Total Return B, C, D | 14.04% | 6.00% |
Ratios to Average Net Assets F, J | | |
Expenses before reductions | 1.45% A | 1.75% A |
Expenses net of fee waivers, if any | 1.45% A | 1.50% A |
Expenses net of all reductions | 1.43% A | 1.46% A |
Net investment income (loss) | 1.34% A | 1.29% A, H |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 6,063 | $ 1,537 |
Portfolio turnover rate G | 41% A | 29% A |
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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .63%.
I For the period May 18, 2006 (commencement of operations) to October 31, 2006.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 I |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.59 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .06 | .05 H |
Net realized and unrealized gain (loss) | 1.41 | .54 |
Total from investment operations | 1.47 | .59 |
Distributions from net investment income | (.02) | - |
Distributions from net realized gain | (.02) | - |
Total distributions | (.04) | - |
Redemption fees added to paid in capital E | - K | - K |
Net asset value, end of period | $ 12.02 | $ 10.59 |
Total Return B, C, D | 13.94% | 5.90% |
Ratios to Average Net Assets F, J | | |
Expenses before reductions | 1.67% A | 2.01% A |
Expenses net of fee waivers, if any | 1.67% A | 1.75% A |
Expenses net of all reductions | 1.64% A | 1.71% A |
Net investment income (loss) | 1.12% A | 1.04% A, H |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 3,612 | $ 1,789 |
Portfolio turnover rate G | 41% A | 29% A |
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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .38%.
I For the period May 18, 2006 (commencement of operations) to October 31, 2006.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 I |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.56 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .04 | .02 H |
Net realized and unrealized gain (loss) | 1.40 | .54 |
Total from investment operations | 1.44 | .56 |
Distributions from net realized gain | (.01) | - |
Redemption fees added to paid in capital E | - K | - K |
Net asset value, end of period | $ 11.99 | $ 10.56 |
Total Return B, C, D | 13.68% | 5.60% |
Ratios to Average Net Assets F, J | | |
Expenses before reductions | 2.15% A | 2.50% A |
Expenses net of fee waivers, if any | 2.15% A | 2.25% A |
Expenses net of all reductions | 2.12% A | 2.21% A |
Net investment income (loss) | .64% A | .54% A, H |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,061 | $ 1,304 |
Portfolio turnover rate G | 41% A | 29% A |
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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.12)%.
I For the period May 18, 2006 (commencement of operations) to October 31, 2006.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 I |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.56 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .04 | .02 H |
Net realized and unrealized gain (loss) | 1.41 | .54 |
Total from investment operations | 1.45 | .56 |
Distributions from net realized gain | (.02) | - |
Redemption fees added to paid in capital E | - K | - K |
Net asset value, end of period | $ 11.99 | $ 10.56 |
Total Return B, C, D | 13.74% | 5.60% |
Ratios to Average Net Assets F, J | | |
Expenses before reductions | 2.14% A | 2.47% A |
Expenses net of fee waivers, if any | 2.14% A | 2.25% A |
Expenses net of all reductions | 2.11% A | 2.21% A |
Net investment income (loss) | .65% A | .54% A, H |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 4,695 | $ 2,183 |
Portfolio turnover rate G | 41% A | 29% A |
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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.12)%.
I For the period May 18, 2006 (commencement of operations) to October 31, 2006.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Value
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.61 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .09 | .07 G |
Net realized and unrealized gain (loss) | 1.41 | .54 |
Total from investment operations | 1.50 | .61 |
Distributions from net investment income | (.04) | - |
Distributions from net realized gain | (.02) | - |
Total distributions | (.06) | - |
Redemption fees added to paid in capital D | - J | - J |
Net asset value, end of period | $ 12.05 | $ 10.61 |
Total Return B, C | 14.24% | 6.10% |
Ratios to Average Net Assets E, I | | |
Expenses before reductions | 1.11% A | 1.50% A |
Expenses net of fee waivers, if any | 1.11% A | 1.25% A |
Expenses net of all reductions | 1.09% A | 1.21% A |
Net investment income (loss) | 1.68% A | 1.54% A, G |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 370,001 | $ 221,130 |
Portfolio turnover rate F | 41% A | 29% A |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .88%.
H For the period May 18, 2006 (commencement of operations) to October 31, 2006.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.61 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .10 | .07 G |
Net realized and unrealized gain (loss) | 1.41 | .54 |
Total from investment operations | 1.51 | .61 |
Distributions from net investment income | (.04) | - |
Distributions from net realized gain | (.02) | - |
Total distributions | (.06) | - |
Redemption fees added to paid in capital D | - J | - J |
Net asset value, end of period | $ 12.06 | $ 10.61 |
Total Return B, C | 14.33% | 6.10% |
Ratios to Average Net Assets E, I | | |
Expenses before reductions | 1.05% A | 1.38% A |
Expenses net of fee waivers, if any | 1.05% A | 1.25% A |
Expenses net of all reductions | 1.03% A | 1.21% A |
Net investment income (loss) | 1.74% A | 1.54% A, G |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 3,630 | $ 3,064 |
Portfolio turnover rate F | 41% A | 29% A |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .88%.
H For the period May 18, 2006 (commencement of operations) to October 31, 2006.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2007 (Unaudited)
1. Organization.
Fidelity International Value Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers Class A, Class T, Class B, Class C, International Value 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 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.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies.
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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to short-term capital gains, 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 | $ 48,698,325 | |
Unrealized depreciation | (4,115,193) | |
Net unrealized appreciation (depreciation) | $ 44,583,132 | |
Cost for federal income tax purposes | $ 394,534,326 | |
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.
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
Semiannual Report
4. 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $175,608,401 and $61,826,797, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. The Fund's performance adjustment will not take effect until (May 1, 2007). Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate was .71% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. 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
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 4,883 | $ 1,537 |
Class T | .25% | .25% | 6,856 | 2,848 |
Class B | .75% | .25% | 8,507 | 7,789 |
Class C | .75% | .25% | 17,559 | 11,321 |
| | | $ 37,805 | $ 23,495 |
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 and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC* |
Class A | $ 8,227 |
Class T | 1,949 |
Class B | 430 |
Class C | 147 |
| $ 10,753 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
respective classes of the Fund. FIIOC pays 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, were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 5,921 | .30* |
Class T | 3,677 | .27* |
Class B | 2,086 | .25* |
Class C | 4,128 | .24* |
International Value | 306,844 | .21* |
Institutional Class | 2,508 | .15* |
| $ 325,164 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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.
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 $142 for the period.
7. 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 amounted to $49 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
Notes to Financial Statements (Unaudited) - continued
8. 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 interest income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $117,918.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $37,758 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 $816. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction | |
Class A | $ 27 | |
10. 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
Semiannual Report
10. Other - continued
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.
In September 2006, the Fund's transfer agent, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2007 | Period ended
October 31,
2006 |
From net investment income | | |
Class A | $ 5,613 | $ - |
Class T | 4,267 | - |
International Value | 956,069 | - |
Institutional Class | 12,567 | - |
Total | $ 978,516 | $ - |
From net realized gain | | |
Class A | $ 3,983 | $ - |
Class T | 4,693 | - |
Class B | 1,788 | - |
Class C | 4,566 | - |
International Value | 536,333 | - |
Institutional Class | 6,583 | - |
Total | $ 557,946 | $ - |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2007 | Period ended
October 31,
2006 A | Six months ended
April 30,
2007 | Period ended
October 31,
2006 A |
Class A | | | | |
Shares sold | 372,287 | 146,231 | $ 4,185,502 | $ 1,461,870 |
Reinvestment of distributions | 863 | - | 9,431 | - |
Shares redeemed | (14,288) | (1,174) | (163,376) | (12,358) |
Net increase (decrease) | 358,862 | 145,057 | $ 4,031,557 | $ 1,449,512 |
Class T | | | | |
Shares sold | 144,832 | 169,119 | $ 1,623,959 | $ 1,688,142 |
Reinvestment of distributions | 806 | - | 8,796 | - |
Shares redeemed | (14,084) | (155) | (161,330) | (1,528) |
Net increase (decrease) | 131,554 | 168,964 | $ 1,471,425 | $ 1,686,614 |
Class B | | | | |
Shares sold | 51,123 | 123,455 | $ 571,546 | $ 1,231,876 |
Reinvestment of distributions | 151 | - | 1,653 | - |
Shares redeemed | (2,929) | (12) | (33,083) | (126) |
Net increase (decrease) | 48,345 | 123,443 | $ 540,116 | $ 1,231,750 |
Class C | | | | |
Shares sold | 187,783 | 207,502 | $ 2,102,131 | $ 2,072,374 |
Reinvestment of distributions | 319 | - | 3,483 | - |
Shares redeemed | (3,120) | (791) | (35,249) | (7,647) |
Net increase (decrease) | 184,982 | 206,711 | $ 2,070,365 | $ 2,064,727 |
International Value | | | | |
Shares sold | 14,702,079 | 22,776,737 | $ 166,214,648 | $ 228,163,833 |
Reinvestment of distributions | 127,337 | - | 1,391,798 | - |
Shares redeemed | (4,975,092) | (1,934,132) | (56,140,761) | (19,338,324) |
Net increase (decrease) | 9,854,324 | 20,842,605 | $ 111,465,685 | $ 208,825,509 |
Institutional Class | | | | |
Shares sold | 52,199 | 288,807 | $ 582,807 | $ 2,865,051 |
Reinvestment of distributions | 692 | - | 7,564 | - |
Shares redeemed | (40,625) | - | (457,966) | - |
Net increase (decrease) | 12,266 | 288,807 | $ 132,405 | $ 2,865,051 |
A For the period May 18, 2006 (commencement of operations) to October 31, 2006.
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
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
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Overnight Express
Fidelity Investments
Attn: Distribution Services
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Selling shares
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P.O. Box 770001
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Overnight Express
Fidelity Investments
Attn: Distribution Services
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General Correspondence
Fidelity Investments
P.O. Box 500
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(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
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,
please call 1-800-544-9797.
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Semiannual Report
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Semiannual Report
Semiannual Report
Semiannual Report
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Fidelity Advisor
International Value
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2007
(2_fidelity_logos) (Registered_Trademark)
Class A, Class T, Class B, and Class C are classes of Fidelity® International Value Fund
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning
Account Value
November 1, 2006 | Ending
Account Value
April 30, 2007 | Expenses Paid
During Period*
November 1, 2006
to April 30, 2007 |
Class A | | | |
Actual | $ 1,000.00 | $ 1,140.40 | $ 7.70 |
Hypothetical A | $ 1,000.00 | $ 1,017.60 | $ 7.25 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,139.40 | $ 8.86 |
Hypothetical A | $ 1,000.00 | $ 1,016.51 | $ 8.35 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,136.80 | $ 11.39 |
Hypothetical A | $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,137.40 | $ 11.34 |
Hypothetical A | $ 1,000.00 | $ 1,014.18 | $ 10.69 |
International Value | | | |
Actual | $ 1,000.00 | $ 1,142.40 | $ 5.90 |
Hypothetical A | $ 1,000.00 | $ 1,019.29 | $ 5.56 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,143.30 | $ 5.58 |
Hypothetical A | $ 1,000.00 | $ 1,019.59 | $ 5.26 |
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
Expense Ratio |
Class A | 1.45% |
Class T | 1.67% |
Class B | 2.15% |
Class C | 2.14% |
International Value | 1.11% |
Institutional Class | 1.05% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Japan 18.4% | |
| United Kingdom 16.5% | |
| France 11.3% | |
| Germany 10.9% | |
| Switzerland 9.6% | |
| Spain 4.5% | |
| United States of America 3.2% | |
| Netherlands 3.1% | |
| Australia 2.8% | |
| Other 19.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan 19.9% | |
| United Kingdom 17.8% | |
| Germany 10.2% | |
| Switzerland 9.4% | |
| France 8.6% | |
| Italy 4.6% | |
| Netherlands 3.3% | |
| Canada 3.3% | |
| Norway 2.9% | |
| Other 20.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.0 | 98.0 |
Short-Term Investments and Net Other Assets | 3.0 | 2.0 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
E.ON AG (Germany, Electric Utilities) | 2.7 | 2.0 |
Societe Generale Series A (France, Commercial Banks) | 2.7 | 1.2 |
Nestle SA (Reg.) (Switzerland, Food Products) | 2.5 | 1.5 |
ING Groep NV sponsored ADR (Netherlands, Diversified Financial Services) | 2.4 | 2.4 |
Royal Bank of Scotland Group PLC (United Kingdom, Commercial Banks) | 2.2 | 4.0 |
Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors) | 2.1 | 2.2 |
Toyota Motor Corp. (Japan, Automobiles) | 2.1 | 2.0 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (Germany, Insurance) | 2.0 | 1.9 |
Barclays PLC (United Kingdom, Commercial Banks) | 2.0 | 2.5 |
AXA SA sponsored ADR (France, Insurance) | 2.0 | 1.2 |
| 22.7 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 40.0 | 40.3 |
Industrials | 10.1 | 8.9 |
Consumer Discretionary | 8.6 | 7.5 |
Materials | 7.3 | 5.5 |
Consumer Staples | 6.6 | 5.8 |
Utilities | 6.3 | 5.7 |
Energy | 6.3 | 11.3 |
Information Technology | 5.7 | 7.4 |
Health Care | 3.6 | 3.1 |
Telecommunication Services | 2.5 | 2.5 |
Semiannual Report
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.0% |
| Shares | | Value |
Australia - 2.8% |
AMP Ltd. | 238,000 | | $ 2,124,706 |
Australia & New Zealand Banking Group Ltd. | 87,000 | | 2,210,824 |
Macquarie Airports unit | 801,096 | | 2,647,775 |
National Australia Bank Ltd. | 53,400 | | 1,898,904 |
Zinifex Ltd. | 149,700 | | 2,057,469 |
TOTAL AUSTRALIA | | 10,939,678 |
Austria - 0.2% |
Immoeast AG (a) | 50,500 | | 716,688 |
Brazil - 1.1% |
Petroleo Brasileiro SA Petrobras sponsored ADR | 13,700 | | 1,386,851 |
TAM SA (PN) sponsored ADR (ltd. vtg.) | 40,300 | | 1,036,919 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 18,700 | | 1,815,022 |
TOTAL BRAZIL | | 4,238,792 |
Canada - 2.4% |
Cameco Corp. | 33,400 | | 1,555,798 |
Cognos, Inc. (a) | 23,900 | | 1,030,329 |
Finning International, Inc. | 54,400 | | 2,695,738 |
First Quantum Minerals Ltd. | 20,500 | | 1,415,366 |
RONA, Inc. (a) | 128,600 | | 2,792,378 |
TOTAL CANADA | | 9,489,609 |
Cayman Islands - 2.6% |
GlobalSantaFe Corp. | 112,000 | | 7,160,160 |
Subsea 7, Inc. (a)(d) | 136,500 | | 2,799,153 |
TOTAL CAYMAN ISLANDS | | 9,959,313 |
Czech Republic - 0.4% |
Ceske Energeticke Zavody AS | 32,300 | | 1,578,889 |
Finland - 0.5% |
Nokia Corp. sponsored ADR | 78,000 | | 1,969,500 |
France - 11.3% |
Accor SA | 18,100 | | 1,716,105 |
Alcatel-Lucent SA | 240,600 | | 3,187,950 |
AXA SA sponsored ADR | 169,400 | | 7,802,564 |
BNP Paribas SA | 31,200 | | 3,646,593 |
Compagnie de St. Gobain | 47,900 | | 5,153,978 |
Gaz de France (d) | 37,400 | | 1,765,847 |
Louis Vuitton Moet Hennessy (LVMH) | 14,700 | | 1,724,526 |
Pernod Ricard SA | 14,940 | | 3,195,682 |
Peugeot Citroen SA | 37,300 | | 3,043,286 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Societe Generale Series A | 49,535 | | $ 10,578,690 |
Suez SA (France) (d) | 39,000 | | 2,234,150 |
TOTAL FRANCE | | 44,049,371 |
Germany - 10.9% |
Allianz AG sponsored ADR (d) | 285,200 | | 6,337,144 |
BASF AG sponsored ADR (d) | 48,000 | | 5,702,880 |
DaimlerChrysler AG | 15,000 | | 1,207,650 |
E.ON AG (d) | 70,800 | | 10,647,608 |
GFK AG | 25,300 | | 1,166,924 |
Heidelberger Druckmaschinen AG | 36,100 | | 1,715,798 |
KarstadtQuelle AG (a)(d) | 54,000 | | 2,085,382 |
Lanxess AG | 43,700 | | 2,398,440 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d) | 44,100 | | 7,888,847 |
RWE AG | 18,600 | | 1,969,863 |
Siemens AG sponsored ADR | 12,900 | | 1,560,513 |
TOTAL GERMANY | | 42,681,049 |
Greece - 0.7% |
Alpha Bank AE | 46,900 | | 1,439,994 |
Greek Organization of Football Prognostics SA | 38,600 | | 1,469,592 |
TOTAL GREECE | | 2,909,586 |
Hong Kong - 1.7% |
Chaoda Modern Agriculture (Holdings) Ltd. | 548,000 | | 455,350 |
Swire Pacific Ltd. (A Shares) | 537,800 | | 6,170,309 |
TOTAL HONG KONG | | 6,625,659 |
India - 0.8% |
Satyam Computer Services Ltd. sponsored ADR | 82,400 | | 2,050,112 |
State Bank of India | 30,000 | | 987,938 |
TOTAL INDIA | | 3,038,050 |
Ireland - 0.3% |
Bank of Ireland | 46,371 | | 1,004,048 |
Italy - 1.5% |
Fiat Spa | 55,100 | | 1,636,875 |
Intesa Sanpaolo Spa | 203,981 | | 1,720,218 |
Unicredito Italiano Spa | 244,000 | | 2,523,855 |
TOTAL ITALY | | 5,880,948 |
Japan - 18.4% |
Asahi Breweries Ltd. | 63,100 | | 1,028,265 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Canon, Inc. | 86,950 | | $ 4,886,590 |
Daiwa Securities Group, Inc. | 126,000 | | 1,403,562 |
Denso Corp. | 55,700 | | 1,969,614 |
East Japan Railway Co. | 686 | | 5,563,444 |
Fujitsu Ltd. | 85,000 | | 534,352 |
Japan Tobacco, Inc. | 504 | | 2,461,990 |
JFE Holdings, Inc. | 10,600 | | 582,733 |
JGC Corp. | 32,000 | | 491,633 |
JSR Corp. | 57,200 | | 1,279,680 |
Konica Minolta Holdings, Inc. | 134,500 | | 1,840,579 |
Leopalace21 Corp. | 47,500 | | 1,557,555 |
Misawa Homes Holdings, Inc. (a)(d) | 48,500 | | 850,596 |
Mitsubishi Estate Co. Ltd. | 21,000 | | 651,155 |
Mitsui & Co. Ltd. | 463,000 | | 8,326,544 |
Mizuho Financial Group, Inc. | 460 | | 2,768,505 |
Nippon Building Fund, Inc. | 48 | | 775,981 |
Nippon Oil Corp. | 302,000 | | 2,319,401 |
ORIX Corp. | 23,310 | | 6,216,129 |
Ricoh Co. Ltd. | 85,000 | | 1,865,834 |
Shin-Etsu Chemical Co. Ltd. | 16,400 | | 1,058,641 |
Sumitomo Mitsui Financial Group, Inc. | 109 | | 952,351 |
Sumitomo Realty & Development Co. Ltd. | 20,000 | | 738,314 |
Sumitomo Trust & Banking Co. Ltd. | 197,000 | | 1,924,119 |
Takeda Pharamaceutical Co. Ltd. | 89,900 | | 5,828,719 |
Tokuyama Corp. | 61,000 | | 914,661 |
Tokyo Gas Co. Ltd. | 579,000 | | 2,910,157 |
Tokyo Tomin Bank Ltd. | 30,200 | | 1,044,033 |
Toyota Motor Corp. | 133,600 | | 8,110,856 |
Toyota Motor Corp. sponsored ADR | 100 | | 12,142 |
Yamada Denki Co. Ltd. | 10,970 | | 1,013,747 |
TOTAL JAPAN | | 71,881,882 |
Kazakhstan - 0.2% |
JSC Halyk Bank of Kazakhstan: | | | |
GDR (a)(e) | 4,700 | | 105,750 |
unit (a) | 28,000 | | 630,000 |
TOTAL KAZAKHSTAN | | 735,750 |
Korea (South) - 0.6% |
Kookmin Bank sponsored ADR | 10,600 | | 952,092 |
Samsung Electronics Co. Ltd. GDR | 5,151 | | 1,581,357 |
TOTAL KOREA (SOUTH) | | 2,533,449 |
Common Stocks - continued |
| Shares | | Value |
Mexico - 0.4% |
America Movil SA de CV Series L sponsored ADR | 28,000 | | $ 1,470,840 |
Netherlands - 3.1% |
ABN-AMRO Holding NV sponsored ADR | 15,700 | | 760,665 |
Heineken NV (Bearer) | 25,100 | | 1,332,810 |
ING Groep NV sponsored ADR (d) | 203,400 | | 9,277,074 |
TomTom Group BV (a)(d) | 17,900 | | 761,369 |
TOTAL NETHERLANDS | | 12,131,918 |
Norway - 2.2% |
DnB Nor ASA (d) | 226,400 | | 3,253,694 |
Fred Olsen Energy ASA (a)(d) | 50,500 | | 2,529,541 |
Orkla ASA (A Shares) | 71,250 | | 1,147,320 |
Petroleum Geo-Services ASA (a) | 55,500 | | 1,548,586 |
TOTAL NORWAY | | 8,479,141 |
Philippines - 0.3% |
Philippine Long Distance Telephone Co. sponsored ADR | 20,700 | | 1,105,587 |
Russia - 0.7% |
Magma OJSC sponsored GDR (a)(e) | 23,100 | | 292,215 |
OAO Gazprom sponsored ADR | 66,900 | | 2,629,170 |
TOTAL RUSSIA | | 2,921,385 |
Singapore - 0.5% |
DBS Group Holdings Ltd. | 146,000 | | 2,046,998 |
South Africa - 0.6% |
Impala Platinum Holdings Ltd. | 71,400 | | 2,331,578 |
Spain - 4.5% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d) | 295,700 | | 7,079,058 |
Banco Santander Central Hispano SA | 317,800 | | 5,720,106 |
Gestevision Telecinco SA | 79,600 | | 2,415,757 |
Telefonica SA sponsored ADR | 35,100 | | 2,374,515 |
TOTAL SPAIN | | 17,589,436 |
Sweden - 1.7% |
Atlas Copco AB (A Shares) | 26,400 | | 1,016,643 |
Svenska Cellulosa AB (SCA) (B Shares) | 69,400 | | 3,599,639 |
Telefonaktiebolaget LM Ericsson (B Shares) | 493,000 | | 1,881,781 |
TOTAL SWEDEN | | 6,498,063 |
Switzerland - 9.6% |
Adecco SA (Reg.) | 20,818 | | 1,424,784 |
Credit Suisse Group sponsored ADR | 76,300 | | 5,989,550 |
Common Stocks - continued |
| Shares | | Value |
Switzerland - continued |
Nestle SA (Reg.) | 24,529 | | $ 9,747,825 |
Novartis AG sponsored ADR | 46,000 | | 2,672,140 |
Roche Holding AG (participation certificate) | 28,706 | | 5,411,081 |
Swiss Reinsurance Co. (Reg.) | 37,977 | | 3,590,656 |
UBS AG (NY Shares) | 114,500 | | 7,431,050 |
Zurich Financial Services AG (Reg.) | 3,949 | | 1,154,114 |
TOTAL SWITZERLAND | | 37,421,200 |
Taiwan - 0.3% |
Novatek Microelectronics Corp. | 221,000 | | 1,094,536 |
United Kingdom - 16.5% |
3i Group plc | 107,500 | | 2,489,015 |
BAE Systems PLC | 183,500 | | 1,676,729 |
Barclays PLC | 539,900 | | 7,833,949 |
BHP Billiton PLC | 221,600 | | 5,002,352 |
BP PLC | 228,500 | | 2,563,770 |
British American Tobacco PLC | 96,800 | | 3,013,384 |
HBOS plc | 85,300 | | 1,847,090 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 228,900 | | 4,228,241 |
Land Securities Group PLC | 39,100 | | 1,533,862 |
National Grid PLC | 221,600 | | 3,484,809 |
Old Mutual plc | 677,400 | | 2,425,780 |
Prudential PLC | 159,928 | | 2,395,063 |
Rio Tinto PLC sponsored ADR | 4,625 | | 1,128,500 |
Rolls-Royce Group PLC | 386,300 | | 3,705,529 |
Royal Bank of Scotland Group PLC | 223,900 | | 8,640,163 |
Tesco PLC | 488,800 | | 4,505,497 |
Vedanta Resources PLC | 46,600 | | 1,288,602 |
Vodafone Group PLC sponsored ADR | 162,512 | | 4,668,970 |
Yell Group PLC | 203,100 | | 1,983,741 |
TOTAL UNITED KINGDOM | | 64,415,046 |
United States of America - 0.2% |
Virgin Media, Inc. | 27,900 | | 703,917 |
TOTAL COMMON STOCKS (Cost $333,713,372) | 378,441,906 |
Nonconvertible Preferred Stocks - 0.0% |
| | | |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Series B
(Cost $29,725) | 15,161,120 | | 30,314 |
Money Market Funds - 15.6% |
| Shares | | Value |
Fidelity Cash Central Fund, 5.29% (b) | 9,907,063 | | $ 9,907,063 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 50,738,175 | | 50,738,175 |
TOTAL MONEY MARKET FUNDS (Cost $60,645,238) | 60,645,238 |
TOTAL INVESTMENT PORTFOLIO - 112.6% (Cost $394,388,335) | | 439,117,458 |
NET OTHER ASSETS - (12.6)% | | (49,055,794) |
NET ASSETS - 100% | $ 390,061,664 |
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 end of the period, the value of these securities amounted to $397,965 or 0.1% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 279,266 |
Fidelity Securities Lending Cash Central Fund | 117,918 |
Total | $ 397,184 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $48,996,684) - See accompanying schedule: Unaffiliated issuers (cost $333,743,097) | $ 378,472,220 | |
Fidelity Central Funds (cost $60,645,238) | 60,645,238 | |
Total Investments (cost $394,388,335) | | $ 439,117,458 |
Foreign currency held at value (cost $454,888) | | 454,905 |
Receivable for investments sold | | 5,881,713 |
Receivable for fund shares sold | | 1,436,263 |
Dividends receivable | | 1,878,087 |
Distributions receivable from Fidelity Central Funds | | 53,356 |
Prepaid expenses | | 316 |
Receivable from investment adviser for expense reductions | | 70,459 |
Other receivables | | 103,649 |
Total assets | | 448,996,206 |
| | |
Liabilities | | |
Payable to custodian bank | $ 48,927 | |
Payable for investments purchased | 6,996,297 | |
Payable for fund shares redeemed | 800,870 | |
Accrued management fee | 222,029 | |
Distribution fees payable | 8,104 | |
Other affiliated payables | 73,992 | |
Other payables and accrued expenses | 46,148 | |
Collateral on securities loaned, at value | 50,738,175 | |
Total liabilities | | 58,934,542 |
| | |
Net Assets | | $ 390,061,664 |
Net Assets consist of: | | |
Paid in capital | | $ 337,961,287 |
Undistributed net investment income | | 2,322,796 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 5,041,886 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 44,735,695 |
Net Assets | | $ 390,061,664 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2007 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($6,063,438 ÷ 503,919 shares) | | $ 12.03 |
| | |
Maximum offering price per share (100/94.25 of $12.03) | | $ 12.76 |
Class T:
Net Asset Value and redemption price per share ($3,611,659 ÷ 300,518 shares) | | $ 12.02 |
| | |
Maximum offering price per share (100/96.50 of $12.02) | | $ 12.46 |
Class B:
Net Asset Value and offering price per share ($2,060,597 ÷ 171,788 shares)A | | $ 11.99 |
| | |
Class C:
Net Asset Value and offering price per share ($4,694,989 ÷ 391,693 shares)A | | $ 11.99 |
| | |
International Value:
Net Asset Value, offering price and redemption price per share ($370,000,966 ÷ 30,696,929 shares) | | $ 12.05 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($3,630,015 ÷ 301,073 shares) | | $ 12.06 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,249,449 |
Income from Fidelity Central Funds | | 397,184 |
| | 4,646,633 |
Less foreign taxes withheld | | (391,222) |
Total income | | 4,255,411 |
| | |
Expenses | | |
Management fee | $ 1,096,992 | |
Transfer agent fees | 325,164 | |
Distribution fees | 37,805 | |
Accounting and security lending fees | 82,046 | |
Custodian fees and expenses | 42,353 | |
Independent trustees' compensation | 406 | |
Registration fees | 133,649 | |
Audit | 29,285 | |
Legal | 1,734 | |
Miscellaneous | 285 | |
Total expenses before reductions | 1,749,719 | |
Expense reductions | (39,379) | 1,710,340 |
Net investment income (loss) | | 2,545,071 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $6,485) | 5,626,934 | |
Foreign currency transactions | 16,478 | |
Total net realized gain (loss) | | 5,643,412 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $6,668) | 32,667,246 | |
Assets and liabilities in foreign currencies | 6,956 | |
Total change in net unrealized appreciation (depreciation) | | 32,674,202 |
Net gain (loss) | | 38,317,614 |
Net increase (decrease) in net assets resulting from operations | | $ 40,862,685 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2007
(Unaudited) | For the period
May 18, 2006
(commencement of operations) to
October 31, 2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,545,071 | $ 808,421 |
Net realized gain (loss) | 5,643,412 | (6,746) |
Change in net unrealized appreciation (depreciation) | 32,674,202 | 12,061,493 |
Net increase (decrease) in net assets resulting
from operations | 40,862,685 | 12,863,168 |
Distributions to shareholders from net investment income | (978,516) | - |
Distributions to shareholders from net realized gain | (557,946) | - |
Total distributions | (1,536,462) | - |
Share transactions - net increase (decrease) | 119,711,553 | 218,123,163 |
Redemption fees | 16,959 | 20,598 |
Total increase (decrease) in net assets | 159,054,735 | 231,006,929 |
| | |
Net Assets | | |
Beginning of period | 231,006,929 | - |
End of period (including undistributed net investment income of $2,322,796 and undistributed net investment income of $808,421, respectively) | $ 390,061,664 | $ 231,006,929 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 I |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.60 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .08 | .06 H |
Net realized and unrealized gain (loss) | 1.40 | .54 |
Total from investment operations | 1.48 | .60 |
Distributions from net investment income | (.03) | - |
Distributions from net realized gain | (.02) | - |
Total distributions | (.05) | - |
Redemption fees added to paid in capital E | - K | - K |
Net asset value, end of period | $ 12.03 | $ 10.60 |
Total Return B, C, D | 14.04% | 6.00% |
Ratios to Average Net Assets F, J | | |
Expenses before reductions | 1.45% A | 1.75% A |
Expenses net of fee waivers, if any | 1.45% A | 1.50% A |
Expenses net of all reductions | 1.43% A | 1.46% A |
Net investment income (loss) | 1.34% A | 1.29% A, H |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 6,063 | $ 1,537 |
Portfolio turnover rate G | 41% A | 29% A |
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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .63%.
I For the period May 18, 2006 (commencement of operations) to October 31, 2006.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 I |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.59 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .06 | .05 H |
Net realized and unrealized gain (loss) | 1.41 | .54 |
Total from investment operations | 1.47 | .59 |
Distributions from net investment income | (.02) | - |
Distributions from net realized gain | (.02) | - |
Total distributions | (.04) | - |
Redemption fees added to paid in capital E | - K | - K |
Net asset value, end of period | $ 12.02 | $ 10.59 |
Total Return B, C, D | 13.94% | 5.90% |
Ratios to Average Net Assets F, J | | |
Expenses before reductions | 1.67% A | 2.01% A |
Expenses net of fee waivers, if any | 1.67% A | 1.75% A |
Expenses net of all reductions | 1.64% A | 1.71% A |
Net investment income (loss) | 1.12% A | 1.04% A, H |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 3,612 | $ 1,789 |
Portfolio turnover rate G | 41% A | 29% A |
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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .38%.
I For the period May 18, 2006 (commencement of operations) to October 31, 2006.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 I |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.56 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .04 | .02 H |
Net realized and unrealized gain (loss) | 1.40 | .54 |
Total from investment operations | 1.44 | .56 |
Distributions from net realized gain | (.01) | - |
Redemption fees added to paid in capital E | - K | - K |
Net asset value, end of period | $ 11.99 | $ 10.56 |
Total Return B, C, D | 13.68% | 5.60% |
Ratios to Average Net Assets F, J | | |
Expenses before reductions | 2.15% A | 2.50% A |
Expenses net of fee waivers, if any | 2.15% A | 2.25% A |
Expenses net of all reductions | 2.12% A | 2.21% A |
Net investment income (loss) | .64% A | .54% A, H |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,061 | $ 1,304 |
Portfolio turnover rate G | 41% A | 29% A |
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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.12)%.
I For the period May 18, 2006 (commencement of operations) to October 31, 2006.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 I |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.56 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .04 | .02 H |
Net realized and unrealized gain (loss) | 1.41 | .54 |
Total from investment operations | 1.45 | .56 |
Distributions from net realized gain | (.02) | - |
Redemption fees added to paid in capital E | - K | - K |
Net asset value, end of period | $ 11.99 | $ 10.56 |
Total Return B, C, D | 13.74% | 5.60% |
Ratios to Average Net Assets F, J | | |
Expenses before reductions | 2.14% A | 2.47% A |
Expenses net of fee waivers, if any | 2.14% A | 2.25% A |
Expenses net of all reductions | 2.11% A | 2.21% A |
Net investment income (loss) | .65% A | .54% A, H |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 4,695 | $ 2,183 |
Portfolio turnover rate G | 41% A | 29% A |
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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.12)%.
I For the period May 18, 2006 (commencement of operations) to October 31, 2006.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Value
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.61 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .09 | .07 G |
Net realized and unrealized gain (loss) | 1.41 | .54 |
Total from investment operations | 1.50 | .61 |
Distributions from net investment income | (.04) | - |
Distributions from net realized gain | (.02) | - |
Total distributions | (.06) | - |
Redemption fees added to paid in capital D | - J | - J |
Net asset value, end of period | $ 12.05 | $ 10.61 |
Total Return B, C | 14.24% | 6.10% |
Ratios to Average Net Assets E, I | | |
Expenses before reductions | 1.11% A | 1.50% A |
Expenses net of fee waivers, if any | 1.11% A | 1.25% A |
Expenses net of all reductions | 1.09% A | 1.21% A |
Net investment income (loss) | 1.68% A | 1.54% A, G |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 370,001 | $ 221,130 |
Portfolio turnover rate F | 41% A | 29% A |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .88%.
H For the period May 18, 2006 (commencement of operations) to October 31, 2006.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.61 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .10 | .07 G |
Net realized and unrealized gain (loss) | 1.41 | .54 |
Total from investment operations | 1.51 | .61 |
Distributions from net investment income | (.04) | - |
Distributions from net realized gain | (.02) | - |
Total distributions | (.06) | - |
Redemption fees added to paid in capital D | - J | - J |
Net asset value, end of period | $ 12.06 | $ 10.61 |
Total Return B, C | 14.33% | 6.10% |
Ratios to Average Net Assets E, I | | |
Expenses before reductions | 1.05% A | 1.38% A |
Expenses net of fee waivers, if any | 1.05% A | 1.25% A |
Expenses net of all reductions | 1.03% A | 1.21% A |
Net investment income (loss) | 1.74% A | 1.54% A, G |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 3,630 | $ 3,064 |
Portfolio turnover rate F | 41% A | 29% A |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .88%.
H For the period May 18, 2006 (commencement of operations) to October 31, 2006.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2007 (Unaudited)
1. Organization.
Fidelity International Value Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers Class A, Class T, Class B, Class C, International Value 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 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.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies.
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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to short-term capital gains, 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 | $ 48,698,325 | |
Unrealized depreciation | (4,115,193) | |
Net unrealized appreciation (depreciation) | $ 44,583,132 | |
Cost for federal income tax purposes | $ 394,534,326 | |
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.
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
Semiannual Report
4. 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $175,608,401 and $61,826,797, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. The Fund's performance adjustment will not take effect until (May 1, 2007). Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate was .71% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. 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
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 4,883 | $ 1,537 |
Class T | .25% | .25% | 6,856 | 2,848 |
Class B | .75% | .25% | 8,507 | 7,789 |
Class C | .75% | .25% | 17,559 | 11,321 |
| | | $ 37,805 | $ 23,495 |
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 and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC* |
Class A | $ 8,227 |
Class T | 1,949 |
Class B | 430 |
Class C | 147 |
| $ 10,753 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
respective classes of the Fund. FIIOC pays 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, were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 5,921 | .30* |
Class T | 3,677 | .27* |
Class B | 2,086 | .25* |
Class C | 4,128 | .24* |
International Value | 306,844 | .21* |
Institutional Class | 2,508 | .15* |
| $ 325,164 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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.
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 $142 for the period.
7. 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 amounted to $49 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
Notes to Financial Statements (Unaudited) - continued
8. 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 interest income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $117,918.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $37,758 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 $816. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction | |
Class A | $ 27 | |
10. 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
Semiannual Report
10. Other - continued
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.
In September 2006, the Fund's transfer agent, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2007 | Period ended
October 31,
2006 |
From net investment income | | |
Class A | $ 5,613 | $ - |
Class T | 4,267 | - |
International Value | 956,069 | - |
Institutional Class | 12,567 | - |
Total | $ 978,516 | $ - |
From net realized gain | | |
Class A | $ 3,983 | $ - |
Class T | 4,693 | - |
Class B | 1,788 | - |
Class C | 4,566 | - |
International Value | 536,333 | - |
Institutional Class | 6,583 | - |
Total | $ 557,946 | $ - |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2007 | Period ended
October 31,
2006 A | Six months ended
April 30,
2007 | Period ended
October 31,
2006 A |
Class A | | | | |
Shares sold | 372,287 | 146,231 | $ 4,185,502 | $ 1,461,870 |
Reinvestment of distributions | 863 | - | 9,431 | - |
Shares redeemed | (14,288) | (1,174) | (163,376) | (12,358) |
Net increase (decrease) | 358,862 | 145,057 | $ 4,031,557 | $ 1,449,512 |
Class T | | | | |
Shares sold | 144,832 | 169,119 | $ 1,623,959 | $ 1,688,142 |
Reinvestment of distributions | 806 | - | 8,796 | - |
Shares redeemed | (14,084) | (155) | (161,330) | (1,528) |
Net increase (decrease) | 131,554 | 168,964 | $ 1,471,425 | $ 1,686,614 |
Class B | | | | |
Shares sold | 51,123 | 123,455 | $ 571,546 | $ 1,231,876 |
Reinvestment of distributions | 151 | - | 1,653 | - |
Shares redeemed | (2,929) | (12) | (33,083) | (126) |
Net increase (decrease) | 48,345 | 123,443 | $ 540,116 | $ 1,231,750 |
Class C | | | | |
Shares sold | 187,783 | 207,502 | $ 2,102,131 | $ 2,072,374 |
Reinvestment of distributions | 319 | - | 3,483 | - |
Shares redeemed | (3,120) | (791) | (35,249) | (7,647) |
Net increase (decrease) | 184,982 | 206,711 | $ 2,070,365 | $ 2,064,727 |
International Value | | | | |
Shares sold | 14,702,079 | 22,776,737 | $ 166,214,648 | $ 228,163,833 |
Reinvestment of distributions | 127,337 | - | 1,391,798 | - |
Shares redeemed | (4,975,092) | (1,934,132) | (56,140,761) | (19,338,324) |
Net increase (decrease) | 9,854,324 | 20,842,605 | $ 111,465,685 | $ 208,825,509 |
Institutional Class | | | | |
Shares sold | 52,199 | 288,807 | $ 582,807 | $ 2,865,051 |
Reinvestment of distributions | 692 | - | 7,564 | - |
Shares redeemed | (40,625) | - | (457,966) | - |
Net increase (decrease) | 12,266 | 288,807 | $ 132,405 | $ 2,865,051 |
A For the period May 18, 2006 (commencement of operations) to October 31, 2006.
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)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
AFIV-USAN-0607
1.827499.100
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Value
Fund - Institutional Class
Semiannual Report
April 30, 2007
(2_fidelity_logos) (Registered_Trademark)
Institutional Class is
a class of Fidelity®
International Value Fund
Contents
Chairman's Message | <Click Here> | Ned Johnson's message to shareholders. |
Shareholder Expense Example | <Click Here> | An example of shareholder expenses. |
Investment Changes | <Click Here> | A summary of major shifts in the fund's investments over the past six months. |
Investments | <Click Here> | A complete list of the fund's investments with their market values. |
Financial Statements | <Click Here> | Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights. |
Notes | <Click Here> | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit 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.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Substantial single-day losses are not uncommon in the equity markets, and when they occur - as in late February - investors can be better served in the long term by buying good stocks at lower prices than by moving their money to the sidelines. While financial markets are always unpredictable, there are a number of time-tested 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, 2006 to April 30, 2007).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning
Account Value
November 1, 2006 | Ending
Account Value
April 30, 2007 | Expenses Paid
During Period*
November 1, 2006
to April 30, 2007 |
Class A | | | |
Actual | $ 1,000.00 | $ 1,140.40 | $ 7.70 |
Hypothetical A | $ 1,000.00 | $ 1,017.60 | $ 7.25 |
Class T | | | |
Actual | $ 1,000.00 | $ 1,139.40 | $ 8.86 |
Hypothetical A | $ 1,000.00 | $ 1,016.51 | $ 8.35 |
Class B | | | |
Actual | $ 1,000.00 | $ 1,136.80 | $ 11.39 |
Hypothetical A | $ 1,000.00 | $ 1,014.13 | $ 10.74 |
Class C | | | |
Actual | $ 1,000.00 | $ 1,137.40 | $ 11.34 |
Hypothetical A | $ 1,000.00 | $ 1,014.18 | $ 10.69 |
International Value | | | |
Actual | $ 1,000.00 | $ 1,142.40 | $ 5.90 |
Hypothetical A | $ 1,000.00 | $ 1,019.29 | $ 5.56 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 1,143.30 | $ 5.58 |
Hypothetical A | $ 1,000.00 | $ 1,019.59 | $ 5.26 |
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
Expense Ratio |
Class A | 1.45% |
Class T | 1.67% |
Class B | 2.15% |
Class C | 2.14% |
International Value | 1.11% |
Institutional Class | 1.05% |
Semiannual Report
Investment Changes
Geographic Diversification (% of fund's net assets) |
As of April 30, 2007 |
| Japan 18.4% | |
| United Kingdom 16.5% | |
| France 11.3% | |
| Germany 10.9% | |
| Switzerland 9.6% | |
| Spain 4.5% | |
| United States of America 3.2% | |
| Netherlands 3.1% | |
| Australia 2.8% | |
| Other 19.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2006 |
| Japan 19.9% | |
| United Kingdom 17.8% | |
| Germany 10.2% | |
| Switzerland 9.4% | |
| France 8.6% | |
| Italy 4.6% | |
| Netherlands 3.3% | |
| Canada 3.3% | |
| Norway 2.9% | |
| Other 20.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Stocks | 97.0 | 98.0 |
Short-Term Investments and Net Other Assets | 3.0 | 2.0 |
Top Ten Stocks as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
E.ON AG (Germany, Electric Utilities) | 2.7 | 2.0 |
Societe Generale Series A (France, Commercial Banks) | 2.7 | 1.2 |
Nestle SA (Reg.) (Switzerland, Food Products) | 2.5 | 1.5 |
ING Groep NV sponsored ADR (Netherlands, Diversified Financial Services) | 2.4 | 2.4 |
Royal Bank of Scotland Group PLC (United Kingdom, Commercial Banks) | 2.2 | 4.0 |
Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors) | 2.1 | 2.2 |
Toyota Motor Corp. (Japan, Automobiles) | 2.1 | 2.0 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (Germany, Insurance) | 2.0 | 1.9 |
Barclays PLC (United Kingdom, Commercial Banks) | 2.0 | 2.5 |
AXA SA sponsored ADR (France, Insurance) | 2.0 | 1.2 |
| 22.7 | |
Market Sectors as of April 30, 2007 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 40.0 | 40.3 |
Industrials | 10.1 | 8.9 |
Consumer Discretionary | 8.6 | 7.5 |
Materials | 7.3 | 5.5 |
Consumer Staples | 6.6 | 5.8 |
Utilities | 6.3 | 5.7 |
Energy | 6.3 | 11.3 |
Information Technology | 5.7 | 7.4 |
Health Care | 3.6 | 3.1 |
Telecommunication Services | 2.5 | 2.5 |
Semiannual Report
Investments April 30, 2007 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.0% |
| Shares | | Value |
Australia - 2.8% |
AMP Ltd. | 238,000 | | $ 2,124,706 |
Australia & New Zealand Banking Group Ltd. | 87,000 | | 2,210,824 |
Macquarie Airports unit | 801,096 | | 2,647,775 |
National Australia Bank Ltd. | 53,400 | | 1,898,904 |
Zinifex Ltd. | 149,700 | | 2,057,469 |
TOTAL AUSTRALIA | | 10,939,678 |
Austria - 0.2% |
Immoeast AG (a) | 50,500 | | 716,688 |
Brazil - 1.1% |
Petroleo Brasileiro SA Petrobras sponsored ADR | 13,700 | | 1,386,851 |
TAM SA (PN) sponsored ADR (ltd. vtg.) | 40,300 | | 1,036,919 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 18,700 | | 1,815,022 |
TOTAL BRAZIL | | 4,238,792 |
Canada - 2.4% |
Cameco Corp. | 33,400 | | 1,555,798 |
Cognos, Inc. (a) | 23,900 | | 1,030,329 |
Finning International, Inc. | 54,400 | | 2,695,738 |
First Quantum Minerals Ltd. | 20,500 | | 1,415,366 |
RONA, Inc. (a) | 128,600 | | 2,792,378 |
TOTAL CANADA | | 9,489,609 |
Cayman Islands - 2.6% |
GlobalSantaFe Corp. | 112,000 | | 7,160,160 |
Subsea 7, Inc. (a)(d) | 136,500 | | 2,799,153 |
TOTAL CAYMAN ISLANDS | | 9,959,313 |
Czech Republic - 0.4% |
Ceske Energeticke Zavody AS | 32,300 | | 1,578,889 |
Finland - 0.5% |
Nokia Corp. sponsored ADR | 78,000 | | 1,969,500 |
France - 11.3% |
Accor SA | 18,100 | | 1,716,105 |
Alcatel-Lucent SA | 240,600 | | 3,187,950 |
AXA SA sponsored ADR | 169,400 | | 7,802,564 |
BNP Paribas SA | 31,200 | | 3,646,593 |
Compagnie de St. Gobain | 47,900 | | 5,153,978 |
Gaz de France (d) | 37,400 | | 1,765,847 |
Louis Vuitton Moet Hennessy (LVMH) | 14,700 | | 1,724,526 |
Pernod Ricard SA | 14,940 | | 3,195,682 |
Peugeot Citroen SA | 37,300 | | 3,043,286 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Societe Generale Series A | 49,535 | | $ 10,578,690 |
Suez SA (France) (d) | 39,000 | | 2,234,150 |
TOTAL FRANCE | | 44,049,371 |
Germany - 10.9% |
Allianz AG sponsored ADR (d) | 285,200 | | 6,337,144 |
BASF AG sponsored ADR (d) | 48,000 | | 5,702,880 |
DaimlerChrysler AG | 15,000 | | 1,207,650 |
E.ON AG (d) | 70,800 | | 10,647,608 |
GFK AG | 25,300 | | 1,166,924 |
Heidelberger Druckmaschinen AG | 36,100 | | 1,715,798 |
KarstadtQuelle AG (a)(d) | 54,000 | | 2,085,382 |
Lanxess AG | 43,700 | | 2,398,440 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d) | 44,100 | | 7,888,847 |
RWE AG | 18,600 | | 1,969,863 |
Siemens AG sponsored ADR | 12,900 | | 1,560,513 |
TOTAL GERMANY | | 42,681,049 |
Greece - 0.7% |
Alpha Bank AE | 46,900 | | 1,439,994 |
Greek Organization of Football Prognostics SA | 38,600 | | 1,469,592 |
TOTAL GREECE | | 2,909,586 |
Hong Kong - 1.7% |
Chaoda Modern Agriculture (Holdings) Ltd. | 548,000 | | 455,350 |
Swire Pacific Ltd. (A Shares) | 537,800 | | 6,170,309 |
TOTAL HONG KONG | | 6,625,659 |
India - 0.8% |
Satyam Computer Services Ltd. sponsored ADR | 82,400 | | 2,050,112 |
State Bank of India | 30,000 | | 987,938 |
TOTAL INDIA | | 3,038,050 |
Ireland - 0.3% |
Bank of Ireland | 46,371 | | 1,004,048 |
Italy - 1.5% |
Fiat Spa | 55,100 | | 1,636,875 |
Intesa Sanpaolo Spa | 203,981 | | 1,720,218 |
Unicredito Italiano Spa | 244,000 | | 2,523,855 |
TOTAL ITALY | | 5,880,948 |
Japan - 18.4% |
Asahi Breweries Ltd. | 63,100 | | 1,028,265 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Canon, Inc. | 86,950 | | $ 4,886,590 |
Daiwa Securities Group, Inc. | 126,000 | | 1,403,562 |
Denso Corp. | 55,700 | | 1,969,614 |
East Japan Railway Co. | 686 | | 5,563,444 |
Fujitsu Ltd. | 85,000 | | 534,352 |
Japan Tobacco, Inc. | 504 | | 2,461,990 |
JFE Holdings, Inc. | 10,600 | | 582,733 |
JGC Corp. | 32,000 | | 491,633 |
JSR Corp. | 57,200 | | 1,279,680 |
Konica Minolta Holdings, Inc. | 134,500 | | 1,840,579 |
Leopalace21 Corp. | 47,500 | | 1,557,555 |
Misawa Homes Holdings, Inc. (a)(d) | 48,500 | | 850,596 |
Mitsubishi Estate Co. Ltd. | 21,000 | | 651,155 |
Mitsui & Co. Ltd. | 463,000 | | 8,326,544 |
Mizuho Financial Group, Inc. | 460 | | 2,768,505 |
Nippon Building Fund, Inc. | 48 | | 775,981 |
Nippon Oil Corp. | 302,000 | | 2,319,401 |
ORIX Corp. | 23,310 | | 6,216,129 |
Ricoh Co. Ltd. | 85,000 | | 1,865,834 |
Shin-Etsu Chemical Co. Ltd. | 16,400 | | 1,058,641 |
Sumitomo Mitsui Financial Group, Inc. | 109 | | 952,351 |
Sumitomo Realty & Development Co. Ltd. | 20,000 | | 738,314 |
Sumitomo Trust & Banking Co. Ltd. | 197,000 | | 1,924,119 |
Takeda Pharamaceutical Co. Ltd. | 89,900 | | 5,828,719 |
Tokuyama Corp. | 61,000 | | 914,661 |
Tokyo Gas Co. Ltd. | 579,000 | | 2,910,157 |
Tokyo Tomin Bank Ltd. | 30,200 | | 1,044,033 |
Toyota Motor Corp. | 133,600 | | 8,110,856 |
Toyota Motor Corp. sponsored ADR | 100 | | 12,142 |
Yamada Denki Co. Ltd. | 10,970 | | 1,013,747 |
TOTAL JAPAN | | 71,881,882 |
Kazakhstan - 0.2% |
JSC Halyk Bank of Kazakhstan: | | | |
GDR (a)(e) | 4,700 | | 105,750 |
unit (a) | 28,000 | | 630,000 |
TOTAL KAZAKHSTAN | | 735,750 |
Korea (South) - 0.6% |
Kookmin Bank sponsored ADR | 10,600 | | 952,092 |
Samsung Electronics Co. Ltd. GDR | 5,151 | | 1,581,357 |
TOTAL KOREA (SOUTH) | | 2,533,449 |
Common Stocks - continued |
| Shares | | Value |
Mexico - 0.4% |
America Movil SA de CV Series L sponsored ADR | 28,000 | | $ 1,470,840 |
Netherlands - 3.1% |
ABN-AMRO Holding NV sponsored ADR | 15,700 | | 760,665 |
Heineken NV (Bearer) | 25,100 | | 1,332,810 |
ING Groep NV sponsored ADR (d) | 203,400 | | 9,277,074 |
TomTom Group BV (a)(d) | 17,900 | | 761,369 |
TOTAL NETHERLANDS | | 12,131,918 |
Norway - 2.2% |
DnB Nor ASA (d) | 226,400 | | 3,253,694 |
Fred Olsen Energy ASA (a)(d) | 50,500 | | 2,529,541 |
Orkla ASA (A Shares) | 71,250 | | 1,147,320 |
Petroleum Geo-Services ASA (a) | 55,500 | | 1,548,586 |
TOTAL NORWAY | | 8,479,141 |
Philippines - 0.3% |
Philippine Long Distance Telephone Co. sponsored ADR | 20,700 | | 1,105,587 |
Russia - 0.7% |
Magma OJSC sponsored GDR (a)(e) | 23,100 | | 292,215 |
OAO Gazprom sponsored ADR | 66,900 | | 2,629,170 |
TOTAL RUSSIA | | 2,921,385 |
Singapore - 0.5% |
DBS Group Holdings Ltd. | 146,000 | | 2,046,998 |
South Africa - 0.6% |
Impala Platinum Holdings Ltd. | 71,400 | | 2,331,578 |
Spain - 4.5% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d) | 295,700 | | 7,079,058 |
Banco Santander Central Hispano SA | 317,800 | | 5,720,106 |
Gestevision Telecinco SA | 79,600 | | 2,415,757 |
Telefonica SA sponsored ADR | 35,100 | | 2,374,515 |
TOTAL SPAIN | | 17,589,436 |
Sweden - 1.7% |
Atlas Copco AB (A Shares) | 26,400 | | 1,016,643 |
Svenska Cellulosa AB (SCA) (B Shares) | 69,400 | | 3,599,639 |
Telefonaktiebolaget LM Ericsson (B Shares) | 493,000 | | 1,881,781 |
TOTAL SWEDEN | | 6,498,063 |
Switzerland - 9.6% |
Adecco SA (Reg.) | 20,818 | | 1,424,784 |
Credit Suisse Group sponsored ADR | 76,300 | | 5,989,550 |
Common Stocks - continued |
| Shares | | Value |
Switzerland - continued |
Nestle SA (Reg.) | 24,529 | | $ 9,747,825 |
Novartis AG sponsored ADR | 46,000 | | 2,672,140 |
Roche Holding AG (participation certificate) | 28,706 | | 5,411,081 |
Swiss Reinsurance Co. (Reg.) | 37,977 | | 3,590,656 |
UBS AG (NY Shares) | 114,500 | | 7,431,050 |
Zurich Financial Services AG (Reg.) | 3,949 | | 1,154,114 |
TOTAL SWITZERLAND | | 37,421,200 |
Taiwan - 0.3% |
Novatek Microelectronics Corp. | 221,000 | | 1,094,536 |
United Kingdom - 16.5% |
3i Group plc | 107,500 | | 2,489,015 |
BAE Systems PLC | 183,500 | | 1,676,729 |
Barclays PLC | 539,900 | | 7,833,949 |
BHP Billiton PLC | 221,600 | | 5,002,352 |
BP PLC | 228,500 | | 2,563,770 |
British American Tobacco PLC | 96,800 | | 3,013,384 |
HBOS plc | 85,300 | | 1,847,090 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 228,900 | | 4,228,241 |
Land Securities Group PLC | 39,100 | | 1,533,862 |
National Grid PLC | 221,600 | | 3,484,809 |
Old Mutual plc | 677,400 | | 2,425,780 |
Prudential PLC | 159,928 | | 2,395,063 |
Rio Tinto PLC sponsored ADR | 4,625 | | 1,128,500 |
Rolls-Royce Group PLC | 386,300 | | 3,705,529 |
Royal Bank of Scotland Group PLC | 223,900 | | 8,640,163 |
Tesco PLC | 488,800 | | 4,505,497 |
Vedanta Resources PLC | 46,600 | | 1,288,602 |
Vodafone Group PLC sponsored ADR | 162,512 | | 4,668,970 |
Yell Group PLC | 203,100 | | 1,983,741 |
TOTAL UNITED KINGDOM | | 64,415,046 |
United States of America - 0.2% |
Virgin Media, Inc. | 27,900 | | 703,917 |
TOTAL COMMON STOCKS (Cost $333,713,372) | 378,441,906 |
Nonconvertible Preferred Stocks - 0.0% |
| | | |
United Kingdom - 0.0% |
Rolls-Royce Group PLC Series B
(Cost $29,725) | 15,161,120 | | 30,314 |
Money Market Funds - 15.6% |
| Shares | | Value |
Fidelity Cash Central Fund, 5.29% (b) | 9,907,063 | | $ 9,907,063 |
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c) | 50,738,175 | | 50,738,175 |
TOTAL MONEY MARKET FUNDS (Cost $60,645,238) | 60,645,238 |
TOTAL INVESTMENT PORTFOLIO - 112.6% (Cost $394,388,335) | | 439,117,458 |
NET OTHER ASSETS - (12.6)% | | (49,055,794) |
NET ASSETS - 100% | $ 390,061,664 |
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 end of the period, the value of these securities amounted to $397,965 or 0.1% of net assets. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 279,266 |
Fidelity Securities Lending Cash Central Fund | 117,918 |
Total | $ 397,184 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| April 30, 2007 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $48,996,684) - See accompanying schedule: Unaffiliated issuers (cost $333,743,097) | $ 378,472,220 | |
Fidelity Central Funds (cost $60,645,238) | 60,645,238 | |
Total Investments (cost $394,388,335) | | $ 439,117,458 |
Foreign currency held at value (cost $454,888) | | 454,905 |
Receivable for investments sold | | 5,881,713 |
Receivable for fund shares sold | | 1,436,263 |
Dividends receivable | | 1,878,087 |
Distributions receivable from Fidelity Central Funds | | 53,356 |
Prepaid expenses | | 316 |
Receivable from investment adviser for expense reductions | | 70,459 |
Other receivables | | 103,649 |
Total assets | | 448,996,206 |
| | |
Liabilities | | |
Payable to custodian bank | $ 48,927 | |
Payable for investments purchased | 6,996,297 | |
Payable for fund shares redeemed | 800,870 | |
Accrued management fee | 222,029 | |
Distribution fees payable | 8,104 | |
Other affiliated payables | 73,992 | |
Other payables and accrued expenses | 46,148 | |
Collateral on securities loaned, at value | 50,738,175 | |
Total liabilities | | 58,934,542 |
| | |
Net Assets | | $ 390,061,664 |
Net Assets consist of: | | |
Paid in capital | | $ 337,961,287 |
Undistributed net investment income | | 2,322,796 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 5,041,886 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 44,735,695 |
Net Assets | | $ 390,061,664 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2007 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($6,063,438 ÷ 503,919 shares) | | $ 12.03 |
| | |
Maximum offering price per share (100/94.25 of $12.03) | | $ 12.76 |
Class T:
Net Asset Value and redemption price per share ($3,611,659 ÷ 300,518 shares) | | $ 12.02 |
| | |
Maximum offering price per share (100/96.50 of $12.02) | | $ 12.46 |
Class B:
Net Asset Value and offering price per share ($2,060,597 ÷ 171,788 shares)A | | $ 11.99 |
| | |
Class C:
Net Asset Value and offering price per share ($4,694,989 ÷ 391,693 shares)A | | $ 11.99 |
| | |
International Value:
Net Asset Value, offering price and redemption price per share ($370,000,966 ÷ 30,696,929 shares) | | $ 12.05 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($3,630,015 ÷ 301,073 shares) | | $ 12.06 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
| Six months ended April 30, 2007 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,249,449 |
Income from Fidelity Central Funds | | 397,184 |
| | 4,646,633 |
Less foreign taxes withheld | | (391,222) |
Total income | | 4,255,411 |
| | |
Expenses | | |
Management fee | $ 1,096,992 | |
Transfer agent fees | 325,164 | |
Distribution fees | 37,805 | |
Accounting and security lending fees | 82,046 | |
Custodian fees and expenses | 42,353 | |
Independent trustees' compensation | 406 | |
Registration fees | 133,649 | |
Audit | 29,285 | |
Legal | 1,734 | |
Miscellaneous | 285 | |
Total expenses before reductions | 1,749,719 | |
Expense reductions | (39,379) | 1,710,340 |
Net investment income (loss) | | 2,545,071 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $6,485) | 5,626,934 | |
Foreign currency transactions | 16,478 | |
Total net realized gain (loss) | | 5,643,412 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $6,668) | 32,667,246 | |
Assets and liabilities in foreign currencies | 6,956 | |
Total change in net unrealized appreciation (depreciation) | | 32,674,202 |
Net gain (loss) | | 38,317,614 |
Net increase (decrease) in net assets resulting from operations | | $ 40,862,685 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
April 30, 2007
(Unaudited) | For the period
May 18, 2006
(commencement of operations) to
October 31, 2006 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 2,545,071 | $ 808,421 |
Net realized gain (loss) | 5,643,412 | (6,746) |
Change in net unrealized appreciation (depreciation) | 32,674,202 | 12,061,493 |
Net increase (decrease) in net assets resulting
from operations | 40,862,685 | 12,863,168 |
Distributions to shareholders from net investment income | (978,516) | - |
Distributions to shareholders from net realized gain | (557,946) | - |
Total distributions | (1,536,462) | - |
Share transactions - net increase (decrease) | 119,711,553 | 218,123,163 |
Redemption fees | 16,959 | 20,598 |
Total increase (decrease) in net assets | 159,054,735 | 231,006,929 |
| | |
Net Assets | | |
Beginning of period | 231,006,929 | - |
End of period (including undistributed net investment income of $2,322,796 and undistributed net investment income of $808,421, respectively) | $ 390,061,664 | $ 231,006,929 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 I |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.60 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .08 | .06 H |
Net realized and unrealized gain (loss) | 1.40 | .54 |
Total from investment operations | 1.48 | .60 |
Distributions from net investment income | (.03) | - |
Distributions from net realized gain | (.02) | - |
Total distributions | (.05) | - |
Redemption fees added to paid in capital E | - K | - K |
Net asset value, end of period | $ 12.03 | $ 10.60 |
Total Return B, C, D | 14.04% | 6.00% |
Ratios to Average Net Assets F, J | | |
Expenses before reductions | 1.45% A | 1.75% A |
Expenses net of fee waivers, if any | 1.45% A | 1.50% A |
Expenses net of all reductions | 1.43% A | 1.46% A |
Net investment income (loss) | 1.34% A | 1.29% A, H |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 6,063 | $ 1,537 |
Portfolio turnover rate G | 41% A | 29% A |
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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .63%.
I For the period May 18, 2006 (commencement of operations) to October 31, 2006.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 I |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.59 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .06 | .05 H |
Net realized and unrealized gain (loss) | 1.41 | .54 |
Total from investment operations | 1.47 | .59 |
Distributions from net investment income | (.02) | - |
Distributions from net realized gain | (.02) | - |
Total distributions | (.04) | - |
Redemption fees added to paid in capital E | - K | - K |
Net asset value, end of period | $ 12.02 | $ 10.59 |
Total Return B, C, D | 13.94% | 5.90% |
Ratios to Average Net Assets F, J | | |
Expenses before reductions | 1.67% A | 2.01% A |
Expenses net of fee waivers, if any | 1.67% A | 1.75% A |
Expenses net of all reductions | 1.64% A | 1.71% A |
Net investment income (loss) | 1.12% A | 1.04% A, H |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 3,612 | $ 1,789 |
Portfolio turnover rate G | 41% A | 29% A |
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 sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .38%.
I For the period May 18, 2006 (commencement of operations) to October 31, 2006.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 I |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.56 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .04 | .02 H |
Net realized and unrealized gain (loss) | 1.40 | .54 |
Total from investment operations | 1.44 | .56 |
Distributions from net realized gain | (.01) | - |
Redemption fees added to paid in capital E | - K | - K |
Net asset value, end of period | $ 11.99 | $ 10.56 |
Total Return B, C, D | 13.68% | 5.60% |
Ratios to Average Net Assets F, J | | |
Expenses before reductions | 2.15% A | 2.50% A |
Expenses net of fee waivers, if any | 2.15% A | 2.25% A |
Expenses net of all reductions | 2.12% A | 2.21% A |
Net investment income (loss) | .64% A | .54% A, H |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 2,061 | $ 1,304 |
Portfolio turnover rate G | 41% A | 29% A |
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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.12)%.
I For the period May 18, 2006 (commencement of operations) to October 31, 2006.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 I |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.56 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .04 | .02 H |
Net realized and unrealized gain (loss) | 1.41 | .54 |
Total from investment operations | 1.45 | .56 |
Distributions from net realized gain | (.02) | - |
Redemption fees added to paid in capital E | - K | - K |
Net asset value, end of period | $ 11.99 | $ 10.56 |
Total Return B, C, D | 13.74% | 5.60% |
Ratios to Average Net Assets F, J | | |
Expenses before reductions | 2.14% A | 2.47% A |
Expenses net of fee waivers, if any | 2.14% A | 2.25% A |
Expenses net of all reductions | 2.11% A | 2.21% A |
Net investment income (loss) | .65% A | .54% A, H |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 4,695 | $ 2,183 |
Portfolio turnover rate G | 41% A | 29% A |
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 contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.12)%.
I For the period May 18, 2006 (commencement of operations) to October 31, 2006.
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
K Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Value
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.61 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .09 | .07 G |
Net realized and unrealized gain (loss) | 1.41 | .54 |
Total from investment operations | 1.50 | .61 |
Distributions from net investment income | (.04) | - |
Distributions from net realized gain | (.02) | - |
Total distributions | (.06) | - |
Redemption fees added to paid in capital D | - J | - J |
Net asset value, end of period | $ 12.05 | $ 10.61 |
Total Return B, C | 14.24% | 6.10% |
Ratios to Average Net Assets E, I | | |
Expenses before reductions | 1.11% A | 1.50% A |
Expenses net of fee waivers, if any | 1.11% A | 1.25% A |
Expenses net of all reductions | 1.09% A | 1.21% A |
Net investment income (loss) | 1.68% A | 1.54% A, G |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 370,001 | $ 221,130 |
Portfolio turnover rate F | 41% A | 29% A |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .88%.
H For the period May 18, 2006 (commencement of operations) to October 31, 2006.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2007 | Period ended
October 31, |
| (Unaudited) | 2006 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 10.61 | $ 10.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .10 | .07 G |
Net realized and unrealized gain (loss) | 1.41 | .54 |
Total from investment operations | 1.51 | .61 |
Distributions from net investment income | (.04) | - |
Distributions from net realized gain | (.02) | - |
Total distributions | (.06) | - |
Redemption fees added to paid in capital D | - J | - J |
Net asset value, end of period | $ 12.06 | $ 10.61 |
Total Return B, C | 14.33% | 6.10% |
Ratios to Average Net Assets E, I | | |
Expenses before reductions | 1.05% A | 1.38% A |
Expenses net of fee waivers, if any | 1.05% A | 1.25% A |
Expenses net of all reductions | 1.03% A | 1.21% A |
Net investment income (loss) | 1.74% A | 1.54% A, G |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 3,630 | $ 3,064 |
Portfolio turnover rate F | 41% A | 29% A |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .88%.
H For the period May 18, 2006 (commencement of operations) to October 31, 2006.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2007 (Unaudited)
1. Organization.
Fidelity International Value Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers Class A, Class T, Class B, Class C, International Value 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 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.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request. In addition, the financial statements of the Fidelity Central Funds are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies.
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, including the Fidelity Central 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 the Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot 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.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned, with any distributions receivable as of period end included in Distributions receivable from Fidelity Central Funds on the Statement of Assets and Liabilities. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to short-term capital gains, 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 | $ 48,698,325 | |
Unrealized depreciation | (4,115,193) | |
Net unrealized appreciation (depreciation) | $ 44,583,132 | |
Cost for federal income tax purposes | $ 394,534,326 | |
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.
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective on the last business day of the semiannual reporting period for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
Semiannual Report
4. 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.
5. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $175,608,401 and $61,826,797, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. The Fund's performance adjustment will not take effect until (May 1, 2007). Subsequent months will be added until the performance period includes 36 months. For the period, the total annualized management fee rate was .71% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. 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
Fee | Service
Fee | Paid to
FDC | Retained
by FDC |
Class A | 0% | .25% | $ 4,883 | $ 1,537 |
Class T | .25% | .25% | 6,856 | 2,848 |
Class B | .75% | .25% | 8,507 | 7,789 |
Class C | .75% | .25% | 17,559 | 11,321 |
| | | $ 37,805 | $ 23,495 |
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 and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained
by FDC* |
Class A | $ 8,227 |
Class T | 1,949 |
Class B | 430 |
Class C | 147 |
| $ 10,753 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales
are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
respective classes of the Fund. FIIOC pays 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, were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 5,921 | .30* |
Class T | 3,677 | .27* |
Class B | 2,086 | .25* |
Class C | 4,128 | .24* |
International Value | 306,844 | .21* |
Institutional Class | 2,508 | .15* |
| $ 325,164 | |
* Annualized
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for 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.
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 $142 for the period.
7. 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 amounted to $49 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
Notes to Financial Statements (Unaudited) - continued
8. 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 interest income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $117,918.
9. Expense Reductions.
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $37,758 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 $816. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction | |
Class A | $ 27 | |
10. 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
Semiannual Report
10. Other - continued
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.
In September 2006, the Fund's transfer agent, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Fidelity Management & Research Company, notified the Fund that the fund's books and records did not reflect a conversion of certain Class B to Class A shares upon their conversion date. Management has determined that this did not have a material impact to the Fund's reported net assets or results of operations in the accompanying financial statements. In March 2007, FIIOC converted the relevant Class B shares to Class A shares and recorded the conversion in the books and records of the Fund. FIIOC has reimbursed the Fund for related audit and legal expenses and, beginning in June 2007, remediated affected shareholders.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2007 | Period ended
October 31,
2006 |
From net investment income | | |
Class A | $ 5,613 | $ - |
Class T | 4,267 | - |
International Value | 956,069 | - |
Institutional Class | 12,567 | - |
Total | $ 978,516 | $ - |
From net realized gain | | |
Class A | $ 3,983 | $ - |
Class T | 4,693 | - |
Class B | 1,788 | - |
Class C | 4,566 | - |
International Value | 536,333 | - |
Institutional Class | 6,583 | - |
Total | $ 557,946 | $ - |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended
April 30,
2007 | Period ended
October 31,
2006 A | Six months ended
April 30,
2007 | Period ended
October 31,
2006 A |
Class A | | | | |
Shares sold | 372,287 | 146,231 | $ 4,185,502 | $ 1,461,870 |
Reinvestment of distributions | 863 | - | 9,431 | - |
Shares redeemed | (14,288) | (1,174) | (163,376) | (12,358) |
Net increase (decrease) | 358,862 | 145,057 | $ 4,031,557 | $ 1,449,512 |
Class T | | | | |
Shares sold | 144,832 | 169,119 | $ 1,623,959 | $ 1,688,142 |
Reinvestment of distributions | 806 | - | 8,796 | - |
Shares redeemed | (14,084) | (155) | (161,330) | (1,528) |
Net increase (decrease) | 131,554 | 168,964 | $ 1,471,425 | $ 1,686,614 |
Class B | | | | |
Shares sold | 51,123 | 123,455 | $ 571,546 | $ 1,231,876 |
Reinvestment of distributions | 151 | - | 1,653 | - |
Shares redeemed | (2,929) | (12) | (33,083) | (126) |
Net increase (decrease) | 48,345 | 123,443 | $ 540,116 | $ 1,231,750 |
Class C | | | | |
Shares sold | 187,783 | 207,502 | $ 2,102,131 | $ 2,072,374 |
Reinvestment of distributions | 319 | - | 3,483 | - |
Shares redeemed | (3,120) | (791) | (35,249) | (7,647) |
Net increase (decrease) | 184,982 | 206,711 | $ 2,070,365 | $ 2,064,727 |
International Value | | | | |
Shares sold | 14,702,079 | 22,776,737 | $ 166,214,648 | $ 228,163,833 |
Reinvestment of distributions | 127,337 | - | 1,391,798 | - |
Shares redeemed | (4,975,092) | (1,934,132) | (56,140,761) | (19,338,324) |
Net increase (decrease) | 9,854,324 | 20,842,605 | $ 111,465,685 | $ 208,825,509 |
Institutional Class | | | | |
Shares sold | 52,199 | 288,807 | $ 582,807 | $ 2,865,051 |
Reinvestment of distributions | 692 | - | 7,564 | - |
Shares redeemed | (40,625) | - | (457,966) | - |
Net increase (decrease) | 12,266 | 288,807 | $ 132,405 | $ 2,865,051 |
A For the period May 18, 2006 (commencement of operations) to October 31, 2006.
Semiannual Report
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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)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
AFIVI-USAN-0607
1.827491.100
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/Kimberley Monasterio |
| Kimberley Monasterio |
| President and Treasurer |
| |
Date: | June 20, 2007 |
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/Kimberley Monasterio |
| Kimberley Monasterio |
| President and Treasurer |
| |
Date: | June 20, 2007 |
By: | /s/Joseph B. Hollis |
| Joseph B. Hollis |
| Chief Financial Officer |
| |
Date: | June 20, 2007 |
