UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-4008
Fidelity Investment Trust
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | October 31 |
| |
Date of reporting period: | April 30, 2008 |
Item 1. Reports to Stockholders
Fidelity's
Broadly Diversified International Equity
Funds
Fidelity® Diversified International Fund
Fidelity Aggressive International Fund
Fidelity Overseas Fund
Fidelity Worldwide Fund
Semiannual Report
April 30, 2008
(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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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, 2007 to April 30, 2008).
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, 2007 | Ending
Account Value
April 30, 2008 | Expenses Paid
During Period*
November 1, 2007 to
April 30, 2008 |
Diversified International | | | |
Actual | $ 1,000.00 | $ 903.40 | $ 4.92 |
HypotheticalA | $ 1,000.00 | $ 1,019.69 | $ 5.22 |
Aggressive International | | | |
Actual | $ 1,000.00 | $ 861.40 | $ 4.30 |
HypotheticalA | $ 1,000.00 | $ 1,020.24 | $ 4.67 |
Overseas | | | |
Actual | $ 1,000.00 | $ 870.30 | $ 5.35 |
HypotheticalA | $ 1,000.00 | $ 1,019.14 | $ 5.77 |
Worldwide | | | |
Actual | $ 1,000.00 | $ 900.70 | $ 5.67 |
HypotheticalA | $ 1,000.00 | $ 1,018.90 | $ 6.02 |
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 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Diversified International | 1.04% |
Aggressive International | .93% |
Overseas | 1.15% |
Worldwide | 1.20% |
Semiannual Report
Diversified International
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
 | United Kingdom | 14.4% | |
 | Japan | 10.5% | |
 | Germany | 10.5% | |
 | United States of America | 9.8% | |
 | Switzerland | 9.4% | |
 | France | 7.7% | |
 | Canada | 7.6% | |
 | Spain | 4.0% | |
 | Australia | 3.7% | |
 | Other | 22.4% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| Japan | 12.9% | |
| United Kingdom | 12.8% | |
| Germany | 10.0% | |
| France | 9.0% | |
| Switzerland | 8.5% | |
| United States of America | 7.1% | |
| Canada | 6.4% | |
| Spain | 3.9% | |
| Australia | 3.8% | |
| Other | 25.6% | |
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 | 94.0 | 96.5 |
Short-Term Investments and Net Other Assets | 6.0 | 3.5 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
E.ON AG
(Germany, Electric Utilities) | 2.0 | 1.6 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.9 | 1.2 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 1.7 | 2.0 |
Telefonica SA (Spain, Diversified Telecommunication Services) | 1.6 | 1.5 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.4 | 1.4 |
Tesco PLC (United Kingdom, Food & Staples Retailing) | 1.4 | 1.3 |
Reckitt Benckiser Group PLC (United Kingdom, Household Products) | 1.3 | 1.0 |
Siemens AG
(Germany, Industrial Conglomerates) | 1.2 | 1.0 |
Bayer AG (Germany, Chemicals) | 1.2 | 1.7 |
Fiat SpA (Italy, Automobiles) | 1.2 | 1.3 |
| 14.9 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 17.6 | 16.4 |
Industrials | 12.1 | 14.3 |
Materials | 10.6 | 10.2 |
Energy | 10.3 | 8.2 |
Consumer Staples | 9.4 | 8.4 |
Consumer Discretionary | 8.1 | 10.7 |
Information Technology | 8.1 | 9.8 |
Health Care | 7.0 | 6.6 |
Telecommunication Services | 6.1 | 6.9 |
Utilities | 4.6 | 5.0 |
Semiannual Report
Diversified International
Investments April 30, 2008 (Audited)
Showing Percentage of Net Assets
Common Stocks - 93.4% |
| Shares | | Value |
Australia - 3.7% |
Babcock & Brown Ltd. (d) | 8,081,099 | | $ 112,050,700 |
BHP Billiton Ltd. sponsored ADR (d) | 6,500,492 | | 524,329,685 |
Brambles Ltd. | 16,000,000 | | 134,318,799 |
Brambles Ltd. unit | 7,500,000 | | 63,263,630 |
Cochlear Ltd. | 1,325,000 | | 70,864,014 |
Commonwealth Bank of Australia | 2,000,000 | | 84,609,525 |
Computershare Ltd. | 16,900,000 | | 142,671,278 |
CSL Ltd. | 15,700,000 | | 589,251,102 |
National Australia Bank Ltd. | 1,450,000 | | 41,318,594 |
QBE Insurance Group Ltd. | 9,500,000 | | 226,620,528 |
TOTAL AUSTRALIA | | 1,989,297,855 |
Austria - 0.0% |
Raiffeisen International Bank Holding AG | 129,922 | | 21,113,691 |
Belgium - 0.3% |
Fortis (d) | 4,000,000 | | 109,277,001 |
Nyrstar SA/NV (d) | 2,750,000 | | 58,771,513 |
TOTAL BELGIUM | | 168,048,514 |
Bermuda - 0.3% |
Bunge Ltd. | 500,000 | | 57,045,000 |
Clear Media Ltd. (a) | 22,325,000 | | 19,107,518 |
Covidien Ltd. | 500,000 | | 23,345,000 |
Genesis Lease Ltd. ADR | 269,800 | | 3,642,300 |
Willis Group Holdings Ltd. | 1,700,000 | | 59,075,000 |
TOTAL BERMUDA | | 162,214,818 |
Brazil - 1.6% |
Banco do Brasil SA | 1,000,000 | | 17,326,435 |
Bolsa de Mercadorias & Futuros - BM&F SA | 3,400,000 | | 34,568,644 |
Bovespa Holding SA | 1,320,000 | | 20,051,739 |
Cosan SA Industria e Comercio | 3,174,893 | | 55,907,302 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) sponsored ADR (non-vtg.) | 450,000 | | 45,495,000 |
sponsored ADR | 1,400,000 | | 169,988,000 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 3,000,000 | | 436,230,000 |
Vivo Participacoes SA (PN) sponsored ADR | 10,000,000 | | 67,500,000 |
TOTAL BRAZIL | | 847,067,120 |
Canada - 7.6% |
Bombardier, Inc. Class B (sub. vtg.) (a) | 2,500,000 | | 16,383,676 |
Brookfield Asset Management, Inc. Class A | 4,000,000 | | 130,473,637 |
Canadian Natural Resources Ltd. | 7,000,000 | | 594,628,140 |
Canadian Pacific Railway Ltd. (d) | 1,700,000 | | 117,114,487 |
EnCana Corp. | 7,150,000 | | 576,841,923 |
Flint Energy Services Ltd. (a)(e) | 3,500,000 | | 78,229,570 |
Niko Resources Ltd. (e) | 4,250,000 | | 384,023,434 |
OPTI Canada, Inc. (a) | 3,000,000 | | 63,509,086 |
|
| Shares | | Value |
OZ Optics Ltd. unit (f) | 102,000 | | $ 1,231,650 |
Petrobank Energy & Resources Ltd. (a) | 3,800,000 | | 183,378,016 |
Potash Corp. of Saskatchewan, Inc. | 2,050,000 | | 377,097,510 |
Power Corp. of Canada (sub. vtg.) | 3,800,000 | | 133,269,785 |
Research In Motion Ltd. (a) | 1,600,000 | | 194,608,011 |
Rogers Communications, Inc. Class B (non-vtg.) | 3,000,000 | | 133,482,276 |
Shoppers Drug Mart Corp. | 1,200,000 | | 63,378,016 |
Silver Wheaton Corp. (a) | 9,500,000 | | 125,930,891 |
SNC-Lavalin Group, Inc. | 4,150,000 | | 208,138,715 |
Suncor Energy, Inc. | 2,850,000 | | 321,619,005 |
Talisman Energy, Inc. | 3,000,000 | | 60,679,178 |
TransCanada Corp. | 300,000 | | 10,991,957 |
Trican Well Service Ltd. (e) | 7,000,000 | | 157,710,257 |
Ultra Petroleum Corp. (a) | 800,000 | | 66,456,000 |
Westernzagros Resources Ltd. (a) | 7,000,000 | | 17,029,093 |
Yamana Gold, Inc. | 1,478,900 | | 18,957,997 |
TOTAL CANADA | | 4,035,162,310 |
Cayman Islands - 0.0% |
Lee & Man Paper Manufacturing Ltd. | 2,136,400 | | 3,975,004 |
China - 0.2% |
Focus Media Holding Ltd. ADR (a) | 2,300,000 | | 84,847,000 |
Global Bio-Chem Technology Group Co. Ltd. | 39,999,600 | | 18,580,234 |
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares) | 1,000,000 | | 1,627,070 |
TOTAL CHINA | | 105,054,304 |
Czech Republic - 0.1% |
Ceske Energeticke Zavody AS | 900,000 | | 66,881,169 |
Denmark - 0.4% |
Carlsberg AS Series B | 517,400 | | 69,060,996 |
Novo Nordisk AS Series B | 29,300 | | 2,016,737 |
Novozymes AS Series B | 1,500,000 | | 137,138,195 |
TOTAL DENMARK | | 208,215,928 |
Egypt - 0.1% |
Orascom Construction Industries SAE GDR | 150,000 | | 24,225,000 |
Finland - 1.1% |
Nokia Corp. sponsored ADR | 20,000,000 | | 601,400,000 |
France - 7.7% |
Alstom SA | 1,243,790 | | 289,310,407 |
AXA SA sponsored ADR | 9,400,000 | | 348,270,000 |
bioMerieux SA | 300,000 | | 32,783,100 |
BNP Paribas SA | 1,926,800 | | 208,298,979 |
Bouygues SA (d) | 2,950,000 | | 221,143,866 |
Cap Gemini SA (d) | 6,137,553 | | 373,576,215 |
CNP Assurances (d) | 700,000 | | 83,269,075 |
Compagnie Generale de Geophysique SA (a) | 200,000 | | 50,529,685 |
Dassault Aviation SA (d) | 36,265 | | 29,999,383 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Electricite de France | 1,024,800 | | $ 107,507,588 |
Essilor International SA | 2,700,000 | | 168,388,053 |
Financiere Marc de Lacharriere SA (Fimalac) (d) | 1,400,000 | | 84,492,977 |
Gaz de France | 1,000,000 | | 66,096,974 |
Groupe Danone | 1,800,000 | | 159,719,264 |
Ipsen SA | 500,000 | | 30,644,393 |
L'Air Liquide SA | 27,500 | | 4,152,214 |
L'Oreal SA (d) | 1,000,000 | | 118,971,432 |
LVMH Moet Hennessy - Louis Vuitton | 1,200,000 | | 137,539,155 |
Neopost SA | 800,000 | | 83,674,961 |
Nexans SA (d) | 500,406 | | 66,650,603 |
Pernod Ricard SA | 2,600,000 | | 300,355,642 |
Renault SA | 1,865,800 | | 192,383,861 |
Sanofi-Aventis sponsored ADR | 1,900,000 | | 73,302,000 |
Societe Generale (a) | 300,000 | | 34,750,086 |
Societe Generale Series A | 1,219,800 | | 143,121,911 |
Suez SA (France) | 1,979,200 | | 140,582,676 |
Total SA sponsored ADR | 600,000 | | 50,400,000 |
Veolia Environnement | 2,600,741 | | 188,953,182 |
VINCI SA | 4,400,000 | | 325,789,083 |
TOTAL FRANCE | | 4,114,656,765 |
Germany - 10.3% |
Adidas-Salomon AG | 2,739,000 | | 175,267,211 |
Allianz AG sponsored ADR | 22,500,000 | | 456,300,000 |
BASF AG (d) | 400,000 | | 57,229,926 |
Bayer AG (d) | 7,497,510 | | 641,399,089 |
Bayerische Motoren Werke AG (BMW) (d) | 900,000 | | 49,525,898 |
Commerzbank AG | 300,000 | | 10,912,089 |
Continental AG (d) | 3,500,000 | | 412,684,593 |
Deutsche Bank AG | 400,000 | | 47,686,183 |
Deutsche Boerse AG | 975,000 | | 143,409,672 |
E.ON AG (d) | 33,080 | | 6,750,020 |
E.ON AG sponsored ADR (d) | 16,500,000 | | 1,085,700,001 |
Fresenius AG | 2,450,000 | | 207,833,928 |
GEA Group AG | 4,500,000 | | 166,842,564 |
Gerresheimer AG | 625,860 | | 34,987,446 |
GFK AG | 1,600,000 | | 73,059,480 |
Henkel AG & Co. KGaA | 270 | | 10,900 |
K&S AG | 703,500 | | 296,072,866 |
Linde AG | 3,036,886 | | 446,117,068 |
MAN AG (d) | 500,000 | | 70,046,557 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d) | 1,300,000 | | 252,176,973 |
Q-Cells AG (a)(d) | 1,200,000 | | 140,517,734 |
|
| Shares | | Value |
Siemens AG sponsored ADR | 5,550,000 | | $ 657,397,500 |
SolarWorld AG | 950,000 | | 51,268,866 |
TOTAL GERMANY | | 5,483,196,564 |
Greece - 0.3% |
Coca-Cola Hellenic Bottling Co. SA: | | | |
(Bearer) | 375,000 | | 16,918,421 |
sponsored ADR | 1,800,000 | | 80,550,000 |
Public Power Corp. of Greece | 1,084,205 | | 45,834,320 |
TOTAL GREECE | | 143,302,741 |
Hong Kong - 1.2% |
China Mobile (Hong Kong) Ltd. sponsored ADR | 4,400,000 | | 379,808,000 |
Esprit Holdings Ltd. | 11,810,000 | | 145,330,066 |
Hutchison Whampoa Ltd. | 5,000,000 | | 48,750,000 |
Sun Hung Kai Properties Ltd. | 2,500,000 | | 43,788,455 |
TOTAL HONG KONG | | 617,676,521 |
India - 2.7% |
Bajaj Auto Ltd. (a) | 500,000 | | 8,327,441 |
Bajaj Finserv Ltd. (a) | 500,000 | | 6,942,398 |
Bharti Airtel Ltd. (a) | 600,000 | | 13,323,857 |
HDFC Bank Ltd. | 100,000 | | 3,767,985 |
Infosys Technologies Ltd. | 6,000,000 | | 260,039,556 |
Infosys Technologies Ltd. sponsored ADR | 3,260,000 | | 142,429,400 |
Reliance Industries Ltd. | 6,900,000 | | 445,983,933 |
Satyam Computer Services Ltd. | 23,000,000 | | 274,436,343 |
State Bank of India | 4,800,000 | | 216,731,052 |
Tata Consultancy Services Ltd. | 3,000,000 | | 68,306,552 |
TOTAL INDIA | | 1,440,288,517 |
Indonesia - 0.5% |
PT Bumi Resources Tbk | 120,000,000 | | 86,541,504 |
PT Indosat Tbk sponsored ADR | 3,983,500 | | 132,770,055 |
PT Perusahaan Gas Negara Tbk Series B | 24,000,000 | | 31,493,299 |
TOTAL INDONESIA | | 250,804,858 |
Ireland - 1.0% |
Allied Irish Banks PLC | 1,800,000 | | 37,832,252 |
Anglo Irish Bank Corp. PLC | 1,634,019 | | 22,957,804 |
Bank of Ireland | 4,000,000 | | 54,797,918 |
CRH PLC | 4,500,000 | | 172,532,773 |
IAWS Group PLC (Ireland) | 4,000,000 | | 101,159,281 |
Ryanair Holdings PLC sponsored ADR (a)(d) | 4,525,000 | | 122,672,750 |
Smurfit Kappa Group PLC | 773,558 | | 9,660,811 |
TOTAL IRELAND | | 521,613,589 |
Italy - 3.2% |
A2A SpA | 15,200,000 | | 56,118,423 |
Enel SpA ADR | 71,000 | | 3,881,484 |
Common Stocks - continued |
| Shares | | Value |
Italy - continued |
Fiat SpA (d) | 28,142,912 | | $ 632,516,361 |
Impregilo SpA (a) | 2,000,000 | | 12,201,558 |
Intesa Sanpaolo SpA | 52,333,064 | | 392,799,882 |
Prysmian SpA | 2,000,000 | | 47,741,561 |
Saipem SpA | 38,000 | | 1,674,654 |
UniCredit SpA | 72,843,300 | | 555,046,216 |
TOTAL ITALY | | 1,701,980,139 |
Japan - 10.5% |
Asahi Glass Co. Ltd. | 2,000,000 | | 23,877,859 |
Canon, Inc. sponsored ADR | 9,300,000 | | 464,721,000 |
Daiwa Securities Group, Inc. | 7,000,000 | | 69,440,742 |
Fanuc Ltd. | 1,700,000 | | 179,159,599 |
Hoya Corp. | 2,139,500 | | 59,704,447 |
Ibiden Co. Ltd. | 1,200,000 | | 52,357,326 |
Japan Tobacco, Inc. | 80,000 | | 388,952,602 |
JSR Corp. | 4,000,000 | | 90,324,894 |
Kawasaki Kisen Kaisha Ltd. | 5,500,000 | | 56,008,389 |
Keyence Corp. | 920,000 | | 235,228,702 |
Konica Minolta Holdings, Inc. | 6,000,000 | | 90,403,894 |
Kubota Corp. | 10,000,000 | | 70,052,153 |
Mitsubishi Corp. | 10,300,000 | | 331,522,858 |
Mitsubishi Estate Co. Ltd. | 4,000,000 | | 116,310,775 |
Mitsubishi UFJ Financial Group, Inc. | 5,200,000 | | 57,290,441 |
Mitsui & Co. Ltd. | 18,000,000 | | 422,686,646 |
Mitsui Fudosan Co. Ltd. | 2,500,000 | | 63,165,696 |
Mitsui O.S.K. Lines Ltd. | 1,500,000 | | 20,707,420 |
Mizuho Financial Group, Inc. | 11,100 | | 57,757,725 |
Mori Seiki Co. Ltd. | 900,000 | | 16,618,747 |
NGK Insulators Ltd. | 3,000,000 | | 57,772,166 |
Nidec Corp. | 400,000 | | 30,217,302 |
Nikon Corp. | 3,260,000 | | 94,184,084 |
Nintendo Co. Ltd. | 450,000 | | 247,284,010 |
Nippon Electric Glass Co. Ltd. | 2,000,000 | | 31,104,951 |
Nomura Holdings, Inc. | 10,120,000 | | 176,687,487 |
ORIX Corp. | 2,550,000 | | 461,248,817 |
Shin-Etsu Chemical Co. Ltd. | 1,500,000 | | 92,866,816 |
Sony Corp. (d) | 2,000,000 | | 92,195,835 |
Sony Financial Holdings, Inc. | 38,379 | | 162,149,068 |
Sumitomo Metal Industries Ltd. | 10,000,000 | | 42,113,288 |
Sumitomo Mitsui Financial Group, Inc. | 42,150 | | 362,665,465 |
Sumitomo Trust & Banking Co. Ltd. | 15,500,000 | | 139,340,126 |
Takeda Pharmaceutical Co. Ltd. | 599,500 | | 31,691,597 |
Tokai Carbon Co. Ltd. (d) | 6,000,000 | | 62,853,358 |
Tokuyama Corp. | 6,000,000 | | 54,462,619 |
Tokyo Tatemono Co. Ltd. | 2,000,000 | | 17,458,495 |
Toyota Motor Corp. sponsored ADR (d) | 5,900,000 | | 598,850,000 |
TOTAL JAPAN | | 5,621,437,399 |
|
| Shares | | Value |
Korea (South) - 2.1% |
Amorepacific Corp. | 139,531 | | $ 88,315,203 |
LG Household & Health Care Ltd. | 519,530 | | 107,453,303 |
NHN Corp. (a) | 1,000,000 | | 232,245,313 |
Samsung Electronics Co. Ltd. | 480,000 | | 340,174,594 |
Samsung Fire & Marine Insurance Co. Ltd. | 250,000 | | 54,572,665 |
Shinhan Financial Group Co. Ltd. | 3,000,000 | | 173,206,848 |
SK Energy Co. Ltd. | 639,000 | | 78,342,424 |
SK Holdings Co. Ltd. | 200,000 | | 30,999,267 |
TOTAL KOREA (SOUTH) | | 1,105,309,617 |
Luxembourg - 0.9% |
ArcelorMittal SA (NY Reg.) Class A | 3,950,000 | | 351,905,500 |
SES SA FDR (France) unit | 5,916,322 | | 146,020,691 |
TOTAL LUXEMBOURG | | 497,926,191 |
Malaysia - 0.1% |
DiGi.com Bhd | 5,000,000 | | 38,461,538 |
KNM Group Bhd | 5,000,000 | | 10,129,788 |
TOTAL MALAYSIA | | 48,591,326 |
Mexico - 0.8% |
America Movil SAB de CV Series L sponsored ADR | 6,200,000 | | 359,352,000 |
Grupo Televisa SA de CV (CPO) sponsored ADR | 3,500,000 | | 86,380,000 |
TOTAL MEXICO | | 445,732,000 |
Netherlands - 1.4% |
Chicago Bridge & Iron Co. NV (NY Shares) | 1,000,000 | | 39,840,000 |
Fugro NV (Certificaten Van Aandelen) unit | 900,000 | | 80,534,027 |
Heineken NV (Bearer) (d) | 2,300,000 | | 134,249,918 |
ING Groep NV sponsored ADR | 4,800,000 | | 182,352,000 |
Koninklijke KPN NV | 2,116,000 | | 38,929,245 |
Koninklijke Philips Electronics NV (NY Shares) | 4,750,000 | | 178,410,000 |
OPG Groep NV (A Shares)(Certificaten Van Aandelen) unit | 1,600,400 | | 43,097,132 |
Reed Elsevier NV sponsored ADR (d) | 1,000,178 | | 37,606,693 |
TOTAL NETHERLANDS | | 735,019,015 |
Netherlands Antilles - 0.6% |
Schlumberger Ltd. (NY Shares) | 3,000,000 | | 301,650,000 |
Norway - 1.0% |
Det Norske Oljeselskap ASA (DNO) (A Shares) (a)(d) | 7,425,177 | | 14,150,141 |
Orkla ASA (A Shares) (d) | 4,472,494 | | 59,398,938 |
Petroleum Geo-Services ASA | 6,499,750 | | 177,498,084 |
Pronova BioPharma ASA | 12,999,500 | | 44,949,155 |
Renewable Energy Corp. AS (a) | 5,000,000 | | 171,168,959 |
Common Stocks - continued |
| Shares | | Value |
Norway - continued |
StatoilHydro ASA sponsored ADR | 69,000 | | $ 2,495,730 |
Telenor ASA | 4,000,000 | | 80,943,025 |
TOTAL NORWAY | | 550,604,032 |
Panama - 0.1% |
McDermott International, Inc. (a) | 1,000,000 | | 53,580,000 |
Papua New Guinea - 0.2% |
Lihir Gold Ltd. (a) | 40,000,000 | | 110,926,200 |
Russia - 0.6% |
JSC MMC 'Norilsk Nickel' sponsored ADR | 2,500,000 | | 68,000,000 |
Lukoil Oil Co. sponsored ADR | 500,000 | | 44,900,000 |
OAO Gazprom: | | | |
(Reg. S) unit | 81,400 | | 4,330,480 |
sponsored ADR | 3,950,000 | | 208,955,000 |
Rostelecom sponsored ADR (d) | 91,000 | | 6,292,650 |
TOTAL RUSSIA | | 332,478,130 |
Singapore - 0.0% |
Flextronics International Ltd. (a) | 1,500,000 | | 15,585,000 |
South Africa - 0.4% |
Impala Platinum Holdings Ltd. | 5,600,000 | | 228,136,078 |
Spain - 4.0% |
Actividades de Construccion y Servicios SA (ACS) | 1,100,000 | | 65,253,980 |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 9,000,000 | | 206,280,000 |
Banco Santander SA sponsored ADR | 11,100,000 | | 234,099,000 |
Enagas SA | 4,319,649 | | 131,496,380 |
Grifols SA | 600,000 | | 16,813,047 |
Grupo Acciona SA | 120,000 | | 34,422,255 |
Inditex SA | 8,000,000 | | 436,858,227 |
Red Electrica de Espana SA | 1,700,000 | | 110,692,918 |
Repsol YPF SA | 109,000 | | 4,402,727 |
Telefonica SA | 30,190,600 | | 867,330,307 |
TOTAL SPAIN | | 2,107,648,841 |
Sweden - 0.6% |
Assa Abloy AB (B Shares) (d) | 5,499,800 | | 85,881,273 |
Getinge AB (B Shares) | 500,000 | | 12,776,191 |
Skandinaviska Enskilda Banken AB (A Shares) | 500,000 | | 12,149,907 |
Svenska Cellulosa AB (SCA) (B Shares) | 10,916,400 | | 184,136,880 |
Volvo AB sponsored ADR (d) | 265,000 | | 4,067,750 |
TOTAL SWEDEN | | 299,012,001 |
Switzerland - 9.4% |
ABB Ltd. (Reg.) | 13,250,000 | | 407,062,910 |
Actelion Ltd. (Reg.) (a) | 4,430,450 | | 224,429,395 |
Alcon, Inc. | 1,100,000 | | 173,800,000 |
Barry Callebaut AG | 13,000 | | 9,683,520 |
Compagnie Financiere Richemont unit | 3,146,412 | | 191,717,404 |
|
| Shares | | Value |
Credit Suisse Group sponsored ADR | 1,500,000 | | $ 80,025,000 |
Julius Baer Holding AG | 5,900,000 | | 437,774,990 |
Kuehne & Nagel International AG | 1,200,000 | | 129,216,519 |
Lonza Group AG | 21,445 | | 2,929,961 |
Nestle SA (Reg.) | 2,065,511 | | 990,504,599 |
Novartis AG sponsored ADR | 2,600,000 | | 130,858,000 |
Roche Holding AG (participation certificate) | 4,523,545 | | 754,215,144 |
Schindler Holding AG (Reg.) | 1,400,000 | | 111,781,166 |
SGS Societe Generale de Surveillance Holding SA (Reg.) | 227,107 | | 321,026,394 |
Sonova Holding AG | 2,400,000 | | 203,087,611 |
Sulzer AG (Reg.) | 1,117,370 | | 146,625,164 |
Swiss Life Holding | 393,358 | | 117,847,992 |
Syngenta AG: | | | |
sponsored ADR | 2,750,000 | | 162,745,000 |
(Switzerland) | 10,809 | | 3,211,714 |
Tecan Group AG (e) | 1,100,000 | | 72,491,316 |
The Swatch Group AG (Reg.) | 605,673 | | 31,207,003 |
UBS AG: | | | |
(NY Shares) | 3,750,000 | | 125,962,500 |
(NY Shares) rights 5/9/08 (a) | 3,750,000 | | 6,298,125 |
Zurich Financial Services AG (Reg.) | 612,411 | | 187,463,711 |
TOTAL SWITZERLAND | | 5,021,965,138 |
Taiwan - 0.3% |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 28,000,000 | | 162,312,177 |
United Kingdom - 14.4% |
3i Group PLC | 1,660,671 | | 28,379,221 |
Aegis Group PLC | 1,000,000 | | 2,505,195 |
Anglo American PLC (United Kingdom) | 4,662,700 | | 303,056,348 |
BAE Systems PLC | 19,000,000 | | 176,322,981 |
Bellway PLC | 2,450,000 | | 34,220,268 |
BG Group PLC | 11,115,900 | | 272,065,626 |
BG Group PLC sponsored ADR | 27,000 | | 3,267,000 |
BHP Billiton PLC | 4,000,000 | | 143,154,000 |
Bovis Homes Group PLC | 5,750,000 | | 53,189,415 |
British American Tobacco PLC | 67,100 | | 2,516,995 |
British American Tobacco PLC sponsored ADR | 4,830,000 | | 364,858,200 |
Cadbury Schweppes PLC | 9,250,000 | | 107,221,352 |
Cadbury Schweppes PLC sponsored ADR | 41,000 | | 1,890,100 |
Capita Group PLC | 19,806,451 | | 261,090,568 |
Diageo PLC sponsored ADR | 2,100,000 | | 171,990,000 |
easyJet PLC (a)(e) | 25,000,000 | | 153,468,047 |
European Capital Ltd. (e) | 5,819,600 | | 49,058,879 |
Experian Group Ltd. | 11,000,000 | | 83,218,204 |
GlaxoSmithKline PLC | 6,000,000 | | 132,723,125 |
HBOS PLC | 1,000,000 | | 9,354,716 |
HSBC Holdings PLC: | | | |
(United Kingdom) (Reg.) | 399,600 | | 6,938,404 |
sponsored ADR | 3,700,000 | | 321,123,000 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Imperial Tobacco Group PLC | 1,742,200 | | $ 83,792,446 |
Informa PLC (e) | 26,000,000 | | 178,604,497 |
International Power PLC | 22,767,100 | | 198,833,921 |
International Power PLC sponsored ADR | 90,000 | | 7,959,600 |
Johnson Matthey PLC | 1,000,000 | | 39,765,000 |
KKR Private Equity Investors, LP | 1,000,557 | | 14,558,104 |
Lloyds TSB Group PLC | 3,000,000 | | 25,797,544 |
Man Group PLC | 21,000,000 | | 242,795,149 |
Misys PLC | 11,000,355 | | 34,283,507 |
National Grid PLC | 14,190,300 | | 197,638,117 |
NEXT PLC | 2,500,000 | | 56,963,362 |
Pearson PLC | 8,100,000 | | 105,808,700 |
Persimmon PLC | 3,950,000 | | 45,511,540 |
Reckitt Benckiser Group PLC | 11,900,400 | | 695,159,307 |
Redrow PLC | 4,650,000 | | 23,853,035 |
Rexam PLC sponsored ADR | 34,000 | | 1,530,000 |
Rio Tinto PLC sponsored ADR | 800,000 | | 376,000,000 |
Rolls-Royce Group PLC | 7,000,000 | | 61,098,922 |
Royal Bank of Scotland Group PLC | 28,000,000 | | 192,064,950 |
Royal Dutch Shell PLC: | | | |
Class A sponsored ADR | 347,800 | | 27,931,818 |
Class B ADR | 500,000 | | 39,850,000 |
Class B | 165,400 | | 6,590,378 |
Shire PLC sponsored ADR | 500,000 | | 27,470,000 |
Smith & Nephew PLC | 8,940,500 | | 115,582,684 |
Standard Chartered PLC (United Kingdom) | 2,846,500 | | 101,532,392 |
Tesco PLC | 87,890,100 | | 749,666,737 |
United Utilities PLC sponsored ADR | 170,000 | | 4,802,500 |
Vodafone Group PLC sponsored ADR | 29,000,000 | | 918,140,000 |
Wolseley PLC ADR | 170,000 | | 1,708,500 |
WPP Group PLC | 5,500,000 | | 67,032,982 |
Xstrata PLC | 4,500,000 | | 353,053,552 |
TOTAL UNITED KINGDOM | | 7,676,990,888 |
United States of America - 3.7% |
Alcoa, Inc. | 1,000,000 | | 34,780,000 |
Allergan, Inc. | 1,200,000 | | 67,644,000 |
C.R. Bard, Inc. | 1,000,000 | | 94,170,000 |
Cabela's, Inc. Class A (a)(d) | 700,000 | | 9,471,000 |
Flowserve Corp. | 2,000,000 | | 248,180,000 |
Google, Inc. Class A (sub. vtg.) (a) | 172,645 | | 99,148,297 |
Henry Schein, Inc. (a) | 1,050,000 | | 58,138,500 |
Hess Corp. | 1,500,000 | | 159,300,000 |
|
| Shares | | Value |
Peabody Energy Corp. | 1,909,700 | | $ 116,739,961 |
Philip Morris International, Inc. (a) | 500,000 | | 25,515,000 |
ResMed, Inc. (a)(d) | 1,478,400 | | 63,748,608 |
Stryker Corp. | 925,000 | | 59,967,750 |
Synthes, Inc. | 1,900,000 | | 261,790,814 |
Titanium Metals Corp. | 4,181,500 | | 63,726,060 |
Transocean, Inc. (a) | 2,150,220 | | 317,071,441 |
Valero Energy Corp. | 5,500,000 | | 268,675,000 |
TOTAL UNITED STATES OF AMERICA | | 1,948,066,431 |
TOTAL COMMON STOCKS (Cost $36,516,465,104) | 49,769,145,871 |
Preferred Stocks - 0.5% |
| | | |
Convertible Preferred Stocks - 0.0% |
Canada - 0.0% |
MetroPhotonics, Inc. Series 2 (a)(f) | 198,000 | | 2 |
Nonconvertible Preferred Stocks - 0.5% |
Germany - 0.2% |
Porsche Automobil Holding SE | 511,220 | | 94,538,845 |
Italy - 0.3% |
Intesa Sanpaolo SpA | 20,000,000 | | 142,060,101 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC: | | | |
B Shares | 830,309,575 | | 1,650,863 |
B Shares (a) | 832,902,784 | | 1,656,019 |
TOTAL UNITED KINGDOM | | 3,306,882 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | | 239,905,828 |
TOTAL PREFERRED STOCKS (Cost $174,857,601) | 239,905,830 |
Investment Companies - 0.1% |
| | | |
United States of America - 0.1% |
United States Natural Gas Fund LP ETF(a)(e)
(Cost $55,227,962) | 1,350,300 | | 69,675,480 |
Money Market Funds - 12.0% |
| | | |
Fidelity Cash Central Fund, 2.51% (b) | 2,998,966,195 | | 2,998,966,195 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 3,409,104,487 | | 3,409,104,487 |
TOTAL MONEY MARKET FUNDS (Cost $6,408,070,682) | 6,408,070,682 |
Cash Equivalents - 0.0% |
| Maturity Amount | | Value |
Investments in repurchase agreements in a joint trading account at 1.97%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Treasury Obligations) #
(Cost $4,383,000) | $ 4,383,240 | | $ 4,383,000 |
TOTAL INVESTMENT
PORTFOLIO - 106.0% (Cost $43,159,004,349) | | 56,491,180,863 |
NET OTHER ASSETS - (6.0)% | | (3,181,236,296) |
NET ASSETS - 100% | $ 53,309,944,567 |
Forward Foreign Currency Contracts |
| Settlement Dates | | Value | | Unrealized
Appreciation/
(Depreciation) |
Contracts to Buy |
23,281,183 EUR | May 2008 | | $ 36,297,845 | | $ 1,297,845 |
235,192,959 GBP | May 2008 | | 466,660,225 | | 1,660,225 |
105,619,500,000 JPY | May 2008 | | 1,017,537,207 | | (12,715,912) |
| | $ 1,520,495,277 | | $ (9,757,842) |
|
(Payable Amount $1,530,253,119) |
|
The value of contracts to buy as a percentage of net assets - 2.9% |
Currency Abbreviations |
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) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,231,652 or 0.0% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
MetroPhotonics, Inc. Series 2 | 9/29/00 | $ 1,980,000 |
OZ Optics Ltd. unit | 8/18/00 | $ 1,505,520 |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$4,383,000 due 5/01/08 at 1.97% |
BNP Paribas Securities Corp. | $ 1,665,818 |
Banc of America Securities LLC | 536,475 |
Dresdner Kleinwort Securities LLC | 908,628 |
J.P. Morgan Securities, Inc. | 1,272,079 |
| $ 4,383,000 |
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 | $ 49,627,363 |
Fidelity Securities Lending Cash Central Fund | 19,926,852 |
Total | $ 69,554,215 |
Other Affiliated Issuers |
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliates | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
easyJet PLC | $ 124,061,753 | $ 153,795,467 | $ - | $ - | $ 153,468,047 |
European Capital Ltd. | 69,643,666 | - | - | 2,532,672 | 49,058,879 |
Flint Energy Services Ltd. | 64,419,614 | 19,408,647 | - | - | 78,229,570 |
Informa PLC | 177,966,681 | 74,128,028 | - | 5,542,369 | 178,604,497 |
Niko Resources Ltd. | 437,004,872 | 32,069,840 | - | 199,011 | 384,023,434 |
Tecan Group AG | 73,599,240 | - | - | 405,894 | 72,491,316 |
Trican Well Service Ltd. | 84,727,812 | 50,702,513 | - | 291,804 | 157,710,257 |
United States Natural Gas Fund LP ETF | - | 55,227,962 | - | - | 69,675,480 |
Total | $ 1,031,423,638 | $ 385,332,457 | $ - | $ 8,971,750 | $ 1,143,261,480 |
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, 2008 (Audited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $3,302,449,793 and repurchase agreements of $4,383,000) - See accompanying schedule: Unaffiliated issuers (cost $35,600,439,714) | $ 48,939,848,701 | |
Fidelity Central Funds (cost $6,408,070,682) | 6,408,070,682 | |
Other affiliated issuers (cost $1,150,493,953) | 1,143,261,480 | |
Total Investments (cost $43,159,004,349) | | $ 56,491,180,863 |
Cash | | 159,208 |
Foreign currency held at value (cost $87,872,990) | | 87,137,885 |
Receivable for investments sold | | 212,477,162 |
Receivable for closed foreign currency contracts | | 30,253,119 |
Unrealized appreciation on foreign currency contracts | | 3,495,183 |
Receivable for fund shares sold | | 44,765,429 |
Dividends receivable | | 243,424,054 |
Distributions receivable from Fidelity Central Funds | | 20,533,063 |
Prepaid expenses | | 115,220 |
Other receivables | | 3,153,190 |
Total assets | | 57,136,694,376 |
| | |
Liabilities | | |
Payable for investments purchased | $ 173,099,603 | |
Unrealized depreciation on foreign currency contracts | 13,253,025 | |
Payable for fund shares redeemed | 186,515,956 | |
Accrued management fee | 33,491,755 | |
Other affiliated payables | 9,170,082 | |
Other payables and accrued expenses | 2,114,901 | |
Collateral on securities loaned, at value | 3,409,104,487 | |
Total liabilities | | 3,826,749,809 |
| | |
Net Assets | | $ 53,309,944,567 |
Net Assets consist of: | | |
Paid in capital | | $ 38,961,821,599 |
Undistributed net investment income | | 334,889,259 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 692,397,152 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 13,320,836,557 |
Net Assets, for 1,396,106,868 shares outstanding | | $ 53,309,944,567 |
Net Asset Value, offering price and redemption price per share ($53,309,944,567 ÷ 1,396,106,868 shares) | | $ 38.18 |
Statement of Operations
Six months ended April 30, 2008 (Audited) |
| | |
Investment Income | | |
Dividends (including $8,971,750 earned from other affiliated issuers) | | $ 676,252,274 |
Interest | | 448,128 |
Income from Fidelity Central Funds | | 69,554,215 |
| | 746,254,617 |
Less foreign taxes withheld | | (62,510,509) |
Total income | | 683,744,108 |
| | |
Expenses | | |
Management fee
Basic fee | $ 187,436,926 | |
Performance adjustment | 20,754,116 | |
Transfer agent fees | 55,178,865 | |
Accounting and security lending fees | 1,526,016 | |
Custodian fees and expenses | 5,055,670 | |
Independent trustees' compensation | 111,511 | |
Depreciation in deferred trustee compensation account | (99) | |
Registration fees | 467,517 | |
Audit | 115,108 | |
Legal | 98,272 | |
Miscellaneous | 5,192,656 | |
Total expenses before reductions | 275,936,558 | |
Expense reductions | (4,932,720) | 271,003,838 |
Net investment income (loss) | | 412,740,270 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $5,800,092) | 824,750,046 | |
Foreign currency transactions | 67,027,946 | |
Total net realized gain (loss) | | 891,777,992 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $12,720,916) | (7,101,353,407) | |
Assets and liabilities in foreign currencies | (25,471,259) | |
Total change in net unrealized appreciation (depreciation) | | (7,126,824,666) |
Net gain (loss) | | (6,235,046,674) |
Net increase (decrease) in net assets resulting from operations | | $ (5,822,306,404) |
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,
2008 | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 412,740,270 | $ 610,840,044 |
Net realized gain (loss) | 891,777,992 | 3,897,636,523 |
Change in net unrealized appreciation (depreciation) | (7,126,824,666) | 9,174,039,868 |
Net increase (decrease) in net assets resulting from operations | (5,822,306,404) | 13,682,516,435 |
Distributions to shareholders from net investment income | (623,834,190) | (425,826,410) |
Distributions to shareholders from net realized gain | (3,411,186,349) | (2,968,965,380) |
Total distributions | (4,035,020,539) | (3,394,791,790) |
Share transactions Proceeds from sales of shares | 6,386,962,349 | 12,905,719,605 |
Reinvestment of distributions | 3,896,924,377 | 3,274,080,069 |
Cost of shares redeemed | (7,047,753,351) | (10,504,509,010) |
Net increase (decrease) in net assets resulting from share transactions | 3,236,133,375 | 5,675,290,664 |
Redemption fees | 1,195,907 | 1,737,801 |
Total increase (decrease) in net assets | (6,619,997,661) | 15,964,753,110 |
| | |
Net Assets | | |
Beginning of period | 59,929,942,228 | 43,965,189,118 |
End of period (including undistributed net investment income of $334,889,259 and undistributed net investment income of $604,543,864, respectively) | $ 53,309,944,567 | $ 59,929,942,228 |
Other Information Shares | | |
Sold | 169,446,194 | 326,379,078 |
Issued in reinvestment of distributions | 95,512,856 | 90,046,217 |
Redeemed | (188,570,622) | (266,671,784) |
Net increase (decrease) | 76,388,428 | 149,753,511 |
Financial Highlights (Audited)
| Six months ended
April 30, | Years ended October 31, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 45.41 | $ 37.58 | $ 30.80 | $ 26.08 | $ 22.35 | $ 16.90 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .30 | .47 | .46 | .30 | .16 | .18 |
Net realized and unrealized gain (loss) | (4.49) | 10.23 | 7.33 | 4.63 | 3.87 | 5.40 |
Total from investment operations | (4.19) | 10.70 | 7.79 | 4.93 | 4.03 | 5.58 |
Distributions from net investment income | (.47) | (.36) | (.28) | (.15) | (.30) | (.13) |
Distributions from net realized gain | (2.57) | (2.51) | (.73) | (.06) | - | - |
Total distributions | (3.04) | (2.87) | (1.01) | (.21) | (.30) | (.13) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 38.18 | $ 45.41 | $ 37.58 | $ 30.80 | $ 26.08 | $ 22.35 |
Total Return B, C | (9.66)% | 30.37% | 25.89% | 19.01% | 18.20% | 33.26% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | 1.04% A | .93% | 1.01% | 1.10% | 1.15% | 1.24% |
Expenses net of fee waivers, if any | 1.04% A | .93% | 1.01% | 1.10% | 1.15% | 1.24% |
Expenses net of all reductions | 1.02% A | .91% | .97% | 1.07% | 1.12% | 1.22% |
Net investment income (loss) | 1.56% A | 1.20% | 1.32% | 1.02% | .66% | .96% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 53,309,945 | $ 59,929,942 | $ 43,965,189 | $ 29,637,193 | $ 19,902,063 | $ 11,542,386 |
Portfolio turnover rate F | 49% A | 51% | 59% | 41% | 55% | 51% |
A Annualized BTotal 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 (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| United Kingdom | 14.0% | |
| Japan | 12.0% | |
| Germany | 8.7% | |
| Canada | 7.9% | |
| France | 6.7% | |
| Australia | 5.6% | |
| United States of America | 5.5% | |
| Switzerland | 3.8% | |
| Italy | 3.5% | |
| Other | 32.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| Japan | 28.8% | |
| Canada | 20.3% | |
| United States of America | 13.7% | |
| Hong Kong | 5.8% | |
| Germany | 4.9% | |
| South Africa | 4.0% | |
| Switzerland | 3.4% | |
| France | 2.9% | |
| Netherlands | 2.8% | |
| Other | 13.4% | |
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 | 95.0 | 89.8 |
Bonds | 0.0 | 1.0 |
Short-Term Investments and Net Other Assets | 5.0 | 9.2 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
OAO Gazprom sponsored ADR (Russia, Oil, Gas & Consumable Fuels) | 1.9 | 0.0 |
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) | 1.9 | 0.0 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.9 | 0.0 |
AXA SA (France, Insurance) | 1.7 | 0.0 |
Allianz AG (Reg.) (Germany, Insurance) | 1.6 | 0.0 |
Telefonica SA (Spain, Diversified Telecommunication Services) | 1.5 | 0.0 |
E.ON AG (Germany, Electric Utilities) | 1.5 | 3.0 |
Consolidated Thompson Iron Mines Ltd. (Canada, Metals & Mining) | 1.4 | 0.0 |
UniCredit SpA (Italy, Commercial Banks) | 1.4 | 0.0 |
Tesco PLC (United Kingdom, Food & Staples Retailing) | 1.4 | 0.0 |
| 16.2 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 22.6 | 12.2 |
Industrials | 12.5 | 10.9 |
Materials | 10.2 | 21.9 |
Energy | 9.7 | 8.6 |
Consumer Discretionary | 9.3 | 6.8 |
Consumer Staples | 7.6 | 8.6 |
Telecommunication Services | 7.5 | 3.7 |
Utilities | 6.3 | 3.0 |
Information Technology | 5.0 | 1.2 |
Health Care | 4.3 | 12.9 |
Semiannual Report
Aggressive International
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.0% |
| Shares | | Value |
Australia - 5.6% |
Babcock & Brown Ltd. (d) | 418,955 | | $ 5,809,136 |
Bradken Ltd. | 347,007 | | 2,700,343 |
Cochlear Ltd. | 44,165 | | 2,362,045 |
CSL Ltd. | 94,058 | | 3,530,177 |
Energy Resources of Australia Ltd. | 142,853 | | 2,627,549 |
QBE Insurance Group Ltd. | 196,069 | | 4,677,185 |
Woolworths Ltd. | 114,283 | | 3,093,787 |
TOTAL AUSTRALIA | | 24,800,222 |
Belgium - 1.3% |
Fortis (d) | 213,000 | | 5,819,000 |
Bermuda - 1.4% |
Aquarius Platinum Ltd. (United Kingdom) | 211,300 | | 3,329,429 |
Seadrill Ltd. | 95,600 | | 2,911,198 |
TOTAL BERMUDA | | 6,240,627 |
Brazil - 3.1% |
Companhia Vale do Rio Doce (PN-A) sponsored ADR | 169,200 | | 5,387,328 |
MRV Engenharia e Participacoes SA | 195,700 | | 3,944,140 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 31,500 | | 4,580,415 |
TOTAL BRAZIL | | 13,911,883 |
Canada - 7.9% |
Absolute Software Corp. (a) | 350,700 | | 4,265,788 |
Agnico-Eagle Mines Ltd. | 48,200 | | 3,027,157 |
Consolidated Thompson Iron Mines Ltd. (a) | 810,600 | | 6,447,131 |
EnCana Corp. | 60,500 | | 4,880,970 |
Mercator Minerals Ltd. (a) | 418,200 | | 4,418,278 |
Potash Corp. of Saskatchewan, Inc. | 28,400 | | 5,224,180 |
Rothmans, Inc. | 139,100 | | 3,435,028 |
Silver Wheaton Corp. (a) | 253,800 | | 3,364,343 |
TOTAL CANADA | | 35,062,875 |
Cayman Islands - 1.7% |
Chaoda Modern Agriculture (Holdings) Ltd. | 3,482,000 | | 5,004,190 |
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d) | 52,300 | | 2,339,379 |
TOTAL CAYMAN ISLANDS | | 7,343,569 |
China - 0.8% |
Focus Media Holding Ltd. ADR (a) | 100,200 | | 3,696,378 |
Cyprus - 1.0% |
Marfin Popular Bank Public Co. | 501,900 | | 4,481,712 |
Czech Republic - 0.9% |
Ceske Energeticke Zavody AS | 55,400 | | 4,116,907 |
Denmark - 0.6% |
FLS Industries | 25,950 | | 2,747,095 |
|
| Shares | | Value |
Finland - 1.4% |
Nokian Tyres Ltd. | 77,478 | | $ 3,305,588 |
Outotec Oyj | 43,000 | | 2,697,846 |
TOTAL FINLAND | | 6,003,434 |
France - 6.7% |
AXA SA (d) | 199,300 | | 7,362,028 |
BNP Paribas SA | 46,800 | | 5,059,369 |
Bouygues SA (d) | 64,300 | | 4,820,187 |
Gameloft (a) | 250,800 | | 1,444,723 |
Suez SA (France) | 76,200 | | 5,412,490 |
Vivendi | 134,585 | | 5,477,324 |
TOTAL FRANCE | | 29,576,121 |
Germany - 8.7% |
Allianz AG (Reg.) | 34,100 | | 6,927,322 |
Daimler AG | 51,400 | | 3,979,388 |
Deutsche Postbank AG | 40,000 | | 3,516,846 |
E.ON AG (d) | 32,000 | | 6,529,644 |
Fresenius AG | 31,773 | | 2,695,309 |
Linde AG | 20,000 | | 2,937,990 |
Muenchener Rueckversicherungs- Gesellschaft AG (Reg.) | 21,300 | | 4,131,823 |
Q-Cells AG (a)(d) | 24,575 | | 2,877,686 |
Vossloh AG | 17,000 | | 2,466,507 |
ZhongDe Waste Technology AG | 64,105 | | 2,726,024 |
TOTAL GERMANY | | 38,788,539 |
Greece - 0.8% |
Public Power Corp. of Greece | 83,000 | | 3,508,791 |
Hong Kong - 2.9% |
China Mobile (Hong Kong) Ltd. | 348,500 | | 5,996,786 |
CNOOC Ltd. | 1,774,000 | | 3,149,002 |
Esprit Holdings Ltd. | 315,000 | | 3,876,289 |
TOTAL HONG KONG | | 13,022,077 |
India - 1.9% |
LANCO Infratech Ltd. (a) | 290,729 | | 3,862,132 |
Satyam Computer Services Ltd. sponsored ADR | 181,800 | | 4,668,624 |
TOTAL INDIA | | 8,530,756 |
Indonesia - 1.2% |
PT Bumi Resources Tbk | 4,578,000 | | 3,301,558 |
PT Perusahaan Gas Negara Tbk Series B | 1,519,000 | | 1,993,263 |
TOTAL INDONESIA | | 5,294,821 |
Israel - 1.2% |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 117,600 | | 5,501,328 |
Italy - 3.5% |
Fiat SpA (d) | 180,000 | | 4,045,528 |
Finmeccanica SpA | 83,400 | | 2,916,385 |
Common Stocks - continued |
| Shares | | Value |
Italy - continued |
Prysmian SpA | 106,100 | | $ 2,532,690 |
UniCredit SpA | 811,000 | | 6,179,600 |
TOTAL ITALY | | 15,674,203 |
Japan - 12.0% |
Asics Corp. | 58,000 | | 587,859 |
Canon, Inc. sponsored ADR | 75,200 | | 3,757,744 |
East Japan Railway Co. | 556 | | 4,436,192 |
Hisamitsu Pharmaceutical Co., Inc. | 57,900 | | 2,175,332 |
Inpex Holdings, Inc. | 238 | | 2,670,803 |
Mitsubishi Corp. | 144,800 | | 4,660,632 |
Mitsui & Co. Ltd. | 196,000 | | 4,602,588 |
Nippon Electric Glass Co. Ltd. | 163,000 | | 2,535,053 |
Nitori Co. Ltd. | 41,200 | | 2,168,460 |
ORIX Corp. | 33,100 | | 5,987,191 |
Sankyo Co. Ltd. (Gunma) | 51,800 | | 3,119,562 |
Sanyo Electric Co. Ltd. (a) | 1,019,000 | | 2,542,272 |
Sumitomo Mitsui Financial Group, Inc. | 643 | | 5,532,477 |
Torishima Pump Manufacturing Co. Ltd. (d) | 169,800 | | 2,936,860 |
Tsutsumi Jewelry Co. Ltd. | 108,000 | | 2,286,157 |
Wacom Co. Ltd. (d) | 1,566 | | 3,155,189 |
TOTAL JAPAN | | 53,154,371 |
Korea (South) - 2.4% |
Korea Gas Corp. | 52,317 | | 4,051,864 |
NHN Corp. (a) | 11,775 | | 2,734,689 |
Shinhan Financial Group Co. Ltd. | 64,980 | | 3,751,660 |
TOTAL KOREA (SOUTH) | | 10,538,213 |
Mexico - 1.8% |
America Movil SAB de CV Series L sponsored ADR | 73,200 | | 4,242,672 |
Desarrolladora Homex Sab de CV (a) | 378,700 | | 3,769,038 |
TOTAL MEXICO | | 8,011,710 |
Netherlands - 0.6% |
Fugro NV (Certificaten Van Aandelen) unit | 27,300 | | 2,442,865 |
Russia - 2.6% |
OAO Gazprom sponsored ADR | 160,205 | | 8,474,847 |
Vimpel Communications sponsored ADR | 103,900 | | 3,133,624 |
TOTAL RUSSIA | | 11,608,471 |
South Africa - 1.7% |
African Rainbow Minerals Ltd. | 78,100 | | 2,654,743 |
Exxaro Resources Ltd. | 157,353 | | 2,601,598 |
Murray & Roberts Holdings Ltd. | 206,100 | | 2,412,551 |
TOTAL SOUTH AFRICA | | 7,668,892 |
|
| Shares | | Value |
Spain - 2.3% |
Grupo Acciona SA | 12,600 | | $ 3,614,337 |
Telefonica SA | 234,400 | | 6,733,958 |
TOTAL SPAIN | | 10,348,295 |
Switzerland - 3.8% |
Nestle SA (Reg.) | 17,211 | | 8,253,442 |
Sonova Holding AG | 37,844 | | 3,202,353 |
Zurich Financial Services AG (Reg.) | 17,225 | | 5,272,705 |
TOTAL SWITZERLAND | | 16,728,500 |
Thailand - 0.7% |
Siam Commercial Bank PCL (For. Reg.) | 1,023,400 | | 2,871,456 |
United Kingdom - 14.0% |
BAE Systems PLC | 398,400 | | 3,697,215 |
BG Group PLC | 189,300 | | 4,633,185 |
British American Tobacco PLC | 135,000 | | 5,063,999 |
Cairn Energy PLC | 81,100 | | 5,053,483 |
Charter PLC | 131,000 | | 2,341,542 |
Clipper Windpower PLC (a) | 219,500 | | 2,241,021 |
HBOS PLC | 615,300 | | 5,755,957 |
Informa PLC | 368,700 | | 2,532,749 |
Man Group PLC | 386,200 | | 4,465,118 |
Prudential PLC | 230,000 | | 3,155,353 |
Sibir Energy PLC | 211,300 | | 2,625,733 |
Tesco PLC | 724,200 | | 6,177,131 |
Vodafone Group PLC sponsored ADR | 261,700 | | 8,285,422 |
Xstrata PLC | 76,500 | | 6,001,910 |
TOTAL UNITED KINGDOM | | 62,029,818 |
United States of America - 0.5% |
Philip Morris International, Inc. (a) | 44,500 | | 2,270,835 |
TOTAL COMMON STOCKS (Cost $394,977,267) | 421,793,764 |
Money Market Funds - 8.9% |
| | | |
Fidelity Cash Central Fund, 2.51% (b) | 7,779,712 | | 7,779,712 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 31,830,107 | | 31,830,107 |
TOTAL MONEY MARKET FUNDS (Cost $39,609,819) | 39,609,819 |
TOTAL INVESTMENT PORTFOLIO - 103.9% (Cost $434,587,086) | | 461,403,583 |
NET OTHER ASSETS - (3.9)% | | (17,312,808) |
NET ASSETS - 100% | $ 444,090,775 |
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 | $ 504,016 |
Fidelity Securities Lending Cash Central Fund | 210,707 |
Total | $ 714,723 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Aggressive International
Financial Statements
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $30,542,245) - See accompanying schedule: Unaffiliated issuers (cost $394,977,267) | $ 421,793,764 | |
Fidelity Central Funds (cost $39,609,819) | 39,609,819 | |
Total Investments (cost $434,587,086) | | $ 461,403,583 |
Cash | | 2,646 |
Foreign currency held at value (cost $14,164,497) | | 14,032,956 |
Receivable for investments sold | | 16,295,901 |
Receivable for fund shares sold | | 330,299 |
Dividends receivable | | 1,295,093 |
Distributions receivable from Fidelity Central Funds | | 119,749 |
Prepaid expenses | | 1,471 |
Other receivables | | 665,350 |
Total assets | | 494,147,048 |
| | |
Liabilities | | |
Payable for investments purchased | $ 17,107,768 | |
Payable for fund shares redeemed | 492,249 | |
Accrued management fee | 161,700 | |
Other affiliated payables | 125,992 | |
Other payables and accrued expenses | 338,457 | |
Collateral on securities loaned, at value | 31,830,107 | |
Total liabilities | | 50,056,273 |
| | |
Net Assets | | $ 444,090,775 |
Net Assets consist of: | | |
Paid in capital | | $ 513,406,703 |
Undistributed net investment income | | 2,973,634 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (98,766,229) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 26,476,667 |
Net Assets, for 31,049,776 shares outstanding | | $ 444,090,775 |
Net Asset Value, offering price and redemption price per share ($444,090,775 ÷ 31,049,776 shares) | | $ 14.30 |
Statement of Operations
Six months ended April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 4,586,572 |
Interest | | 41,713 |
Income from Fidelity Central Funds | | 714,723 |
| | 5,343,008 |
Less foreign taxes withheld | | (475,813) |
Total income | | 4,867,195 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,840,122 | |
Performance adjustment | (602,880) | |
Transfer agent fees | 711,239 | |
Accounting and security lending fees | 134,252 | |
Custodian fees and expenses | 150,607 | |
Independent trustees' compensation | 1,177 | |
Registration fees | 20,953 | |
Audit | 36,874 | |
Legal | 1,338 | |
Interest | 18,295 | |
Miscellaneous | 107,807 | |
Total expenses before reductions | 2,419,784 | |
Expense reductions | (566,109) | 1,853,675 |
Net investment income (loss) | | 3,013,520 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (79,915,206) | |
Foreign currency transactions | 51,652 | |
Total net realized gain (loss) | | (79,863,554) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $12,413) | (22,003,008) | |
Assets and liabilities in foreign currencies | (808,845) | |
Total change in net unrealized appreciation (depreciation) | | (22,811,853) |
Net gain (loss) | | (102,675,407) |
Net increase (decrease) in net assets resulting from operations | | $ (99,661,887) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,013,520 | $ 6,518,932 |
Net realized gain (loss) | (79,863,554) | 88,866,136 |
Change in net unrealized appreciation (depreciation) | (22,811,853) | 21,496,472 |
Net increase (decrease) in net assets resulting from operations | (99,661,887) | 116,881,540 |
Distributions to shareholders from net investment income | (5,367,651) | (5,378,123) |
Distributions to shareholders from net realized gain | (91,658,633) | (70,991,187) |
Total distributions | (97,026,284) | (76,369,310) |
Share transactions Proceeds from sales of shares | 55,579,521 | 446,155,386 |
Reinvestment of distributions | 93,225,308 | 73,093,150 |
Cost of shares redeemed | (255,133,511) | (288,846,638) |
Net increase (decrease) in net assets resulting from share transactions | (106,328,682) | 230,401,898 |
Redemption fees | 12,778 | 33,598 |
Total increase (decrease) in net assets | (303,004,075) | 270,947,726 |
| | |
Net Assets | | |
Beginning of period | 747,094,850 | 476,147,124 |
End of period (including undistributed net investment income of $2,973,634 and undistributed net investment income of $6,211,246, respectively) | $ 444,090,775 | $ 747,094,850 |
Other Information Shares | | |
Sold | 3,621,768 | 24,579,741 |
Issued in reinvestment of distributions | 5,991,344 | 4,454,183 |
Redeemed | (17,276,428) | (16,564,041) |
Net increase (decrease) | (7,663,316) | 12,469,883 |
Financial Highlights
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 19.30 | $ 18.14 | $ 17.19 | $ 15.21 | $ 14.36 | $ 10.78 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .09 | .20 | .24 | .20 | .04 | .06 |
Net realized and unrealized gain (loss) | (2.56) | 3.80 | 2.70 | 1.83 | .91 | 3.53 |
Total from investment operations | (2.47) | 4.00 | 2.94 | 2.03 | .95 | 3.59 |
Distributions from net investment income | (.14) | (.20) | (.23) | (.05) | (.10) | (.01) |
Distributions from net realized gain | (2.39) | (2.64) | (1.77) | - | - | - |
Total distributions | (2.53) | (2.84) | (2.00) | (.05) | (.10) | (.01) |
Redemption fees added to paid in capital D | - H | - H | .01 | - H | - H | - H |
Net asset value, end of period | $ 14.30 | $ 19.30 | $ 18.14 | $ 17.19 | $ 15.21 | $ 14.36 |
Total Return B, C | (13.86)% | 24.81% | 18.26% | 13.37% | 6.65% | 33.33% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | .93% A | .85% | .87% | .97% | 1.24% | 1.23% |
Expenses net of fee waivers, if any | .93% A | .85% | .87% | .97% | 1.24% | 1.23% |
Expenses net of all reductions | .71% A | .79% | .75% | .84% | 1.16% | 1.16% |
Net investment income (loss) | 1.16% A | 1.11% | 1.36% | 1.20% | .27% | .50% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 444,091 | $ 747,095 | $ 476,147 | $ 695,714 | $ 721,144 | $ 554,853 |
Portfolio turnover rate F | 479% A | 138% | 176% | 185% | 161% | 212% |
A Annualized BTotal 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. 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. 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 (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| France | 16.7% | |
| United States of America | 13.0% | |
| Japan | 10.9% | |
| United Kingdom | 10.3% | |
| Germany | 9.0% | |
| Italy | 6.7% | |
| Switzerland | 5.1% | |
| Hong Kong | 4.1% | |
| Brazil | 3.5% | |
| Other | 20.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| France | 18.1% | |
| Germany | 11.1% | |
| United Kingdom | 9.7% | |
| Japan | 7.6% | |
| Hong Kong | 6.8% | |
| United States of America | 6.6% | |
| Norway | 5.3% | |
| Australia | 4.8% | |
| Switzerland | 4.7% | |
| Other | 25.3% | |
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 | 91.4 | 98.5 |
Short-Term Investments and Net Other Assets | 8.6 | 1.5 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Pernod Ricard SA (France, Beverages) | 5.7 | 5.4 |
China Unicom Ltd. sponsored ADR (Hong Kong, Wireless Telecommunication Services) | 4.1 | 6.1 |
Veolia Environnement (France, Multi-Utilities) | 4.0 | 4.0 |
ENI SpA (Italy, Oil, Gas & Consumable Fuels) | 3.3 | 0.0 |
AES Corp. (United States of America, Independent Power Producers & Energy Traders) | 2.7 | 2.6 |
Vivo Participacoes SA (PN) sponsored ADR (Brazil, Wireless Telecommunication Services) | 2.4 | 1.7 |
PT Indosat Tbk sponsored ADR (Indonesia, Diversified Telecommunication Services) | 2.3 | 0.8 |
Deutsche Boerse AG (Germany, Diversified Financial Services) | 2.0 | 0.0 |
Aker Solutions ASA (Norway, Energy Equipment & Services) | 1.9 | 5.3 |
Sodexho Alliance SA ADR (France, Hotels, Restaurants & Leisure) | 1.9 | 1.2 |
| 30.3 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 23.2 | 17.7 |
Telecommunication Services | 12.1 | 12.1 |
Industrials | 10.4 | 18.6 |
Utilities | 7.8 | 8.7 |
Energy | 7.5 | 8.8 |
Materials | 7.0 | 8.8 |
Consumer Staples | 6.7 | 5.9 |
Consumer Discretionary | 6.3 | 8.2 |
Health Care | 5.5 | 3.3 |
Information Technology | 4.9 | 6.4 |
Semiannual Report
Overseas
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 91.4% |
| Shares | | Value |
Australia - 3.1% |
Babcock & Brown Ltd. (d) | 1,872,663 | | $ 25,965,924 |
Computershare Ltd. | 10,269,163 | | 86,693,172 |
CSL Ltd. | 3,693,900 | | 138,639,149 |
Macquarie Group Ltd. (d) | 543,202 | | 32,494,841 |
TOTAL AUSTRALIA | | 283,793,086 |
Belgium - 0.9% |
Fortis (d) | 3,114,600 | | 85,088,537 |
Brazil - 3.5% |
Bolsa de Mercadorias & Futuros - BM&F SA | 5,213,000 | | 53,001,865 |
Bovespa Holding SA | 3,256,800 | | 49,473,108 |
Vivo Participacoes SA (PN) sponsored ADR (d) | 31,799,900 | | 214,649,325 |
TOTAL BRAZIL | | 317,124,298 |
Canada - 1.6% |
Harry Winston Diamond Corp. (e) | 3,123,100 | | 92,536,296 |
Nortel Networks Corp. (a) | 6,102,100 | | 51,986,911 |
TOTAL CANADA | | 144,523,207 |
Cayman Islands - 0.6% |
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d) | 1,243,908 | | 55,640,005 |
China - 0.7% |
Global Bio-Chem Technology Group Co. Ltd. (e) | 132,648,000 | | 61,616,389 |
Finland - 1.4% |
Neste Oil Oyj (d) | 1,926,322 | | 58,489,676 |
Nokia Corp. sponsored ADR | 2,292,300 | | 68,929,461 |
TOTAL FINLAND | | 127,419,137 |
France - 16.7% |
Alstom SA | 668,400 | | 155,472,448 |
AXA SA (d) | 1,082,360 | | 39,981,760 |
Cap Gemini SA (d) | 768,100 | | 46,752,165 |
Credit Agricole SA | 3,032,600 | | 102,495,254 |
Pernod Ricard SA | 4,477,484 | | 517,245,225 |
Pinault Printemps-Redoute SA | 340,400 | | 44,669,353 |
Remy Cointreau SA | 390,000 | | 24,261,836 |
Sodexho Alliance SA ADR | 2,526,800 | | 168,916,580 |
Veolia Environnement | 4,970,737 | | 361,141,910 |
VINCI SA | 647,800 | | 47,965,038 |
TOTAL FRANCE | 1,508,901,569 |
Germany - 9.0% |
Adidas-Salomon AG | 1,221,000 | | 78,131,167 |
Allianz AG (Reg.) | 388,900 | | 79,003,977 |
Daimler AG | 1,745,400 | | 135,128,868 |
Deutsche Bank AG (NY Shares) | 358,800 | | 42,855,072 |
Deutsche Boerse AG | 1,226,283 | | 180,370,095 |
E.ON AG (d) | 509,591 | | 103,982,748 |
|
| Shares | | Value |
Hochtief AG | 435,800 | | $ 45,003,656 |
Linde AG | 517,700 | | 76,049,877 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 383,376 | | 74,368,153 |
TOTAL GERMANY | | 814,893,613 |
Hong Kong - 4.1% |
China Unicom Ltd. sponsored ADR (d) | 17,434,200 | | 376,055,694 |
India - 2.1% |
Allahabad Bank | 10,885,323 | | 22,888,220 |
Bank of Baroda | 5,270,852 | | 43,043,658 |
Gammon India Ltd. | 2,169,930 | | 22,825,840 |
State Bank of India | 1,383,614 | | 62,473,358 |
Suzlon Energy Ltd. | 6,030,000 | | 42,813,746 |
TOTAL INDIA | | 194,044,822 |
Indonesia - 2.3% |
PT Indosat Tbk sponsored ADR (d) | 6,282,686 | | 209,401,924 |
Israel - 0.9% |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,702,400 | | 79,638,272 |
Italy - 6.7% |
Ansaldo STS SpA | 3,573,638 | | 55,603,963 |
ENI SpA | 7,777,500 | | 299,640,450 |
Fiat SpA (d) | 3,577,000 | | 80,393,636 |
Impregilo SpA (a)(d)(e) | 22,858,200 | | 139,452,823 |
UniCredit SpA | 4,277,500 | | 32,593,391 |
TOTAL ITALY | | 607,684,263 |
Japan - 10.9% |
Canon, Inc. sponsored ADR | 2,319,500 | | 115,905,415 |
Citizen Holdings Co. Ltd. (d) | 8,913,100 | | 76,420,720 |
Kubota Corp. | 9,103,000 | | 63,768,475 |
Kurita Water Industries Ltd. | 1,025,900 | | 36,687,049 |
Mitsubishi Corp. | 3,099,300 | | 99,756,194 |
Mitsubishi Estate Co. Ltd. | 2,116,000 | | 61,528,400 |
Mitsubishi UFJ Financial Group, Inc. | 7,498,500 | | 82,613,918 |
Mizuho Financial Group, Inc. | 10,350 | | 53,855,176 |
Nomura Holdings, Inc. | 5,934,600 | | 103,613,593 |
NTT DoCoMo, Inc. | 71,352 | | 104,787,220 |
Sumitomo Mitsui Financial Group, Inc. | 16,164 | | 139,077,689 |
T&D Holdings, Inc. | 764,200 | | 48,938,233 |
TOTAL JAPAN | | 986,952,082 |
Luxembourg - 1.5% |
Acergy SA sponsored ADR | 1,785,600 | | 43,979,328 |
ArcelorMittal SA (NY Reg.) Class A | 1,004,400 | | 89,481,996 |
TOTAL LUXEMBOURG | | 133,461,324 |
Netherlands - 0.7% |
Fugro NV (Certificaten Van Aandelen) unit | 732,100 | | 65,509,957 |
Common Stocks - continued |
| Shares | | Value |
Norway - 1.9% |
Aker Solutions ASA (d) | 6,817,800 | | $ 174,463,350 |
Spain - 2.2% |
Banco Bilbao Vizcaya Argentaria SA | 1,438,300 | | 32,980,208 |
Repsol YPF SA sponsored ADR | 1,157,200 | | 46,947,604 |
Telefonica SA sponsored ADR | 1,331,300 | | 114,997,694 |
TOTAL SPAIN | | 194,925,506 |
Switzerland - 5.1% |
Actelion Ltd. (Reg.) (a) | 1,459,477 | | 73,931,438 |
Compagnie Financiere Richemont unit | 844,882 | | 51,480,411 |
EFG International | 914,005 | | 29,235,108 |
Julius Baer Holding AG | 1,113,187 | | 82,597,530 |
Roche Holding AG (participation certificate) | 502,634 | | 83,804,665 |
Syngenta AG (Switzerland) | 167,992 | | 49,916,026 |
UBS AG: | | | |
(NY Shares) | 1,319,400 | | 44,318,646 |
(NY Shares) rights 5/9/08 (a) | 1,319,400 | | 2,215,932 |
Zurich Financial Services AG (Reg.) | 134,840 | | 41,275,560 |
TOTAL SWITZERLAND | | 458,775,316 |
Turkey - 0.8% |
Yapi ve Kredi Bankasi AS | 32,881,532 | | 73,236,257 |
United Kingdom - 10.3% |
3i Group PLC | 3,618,330 | | 61,833,673 |
Anglo American PLC ADR (d) | 3,557,000 | | 116,491,750 |
Aviva PLC | 5,464,400 | | 68,392,615 |
BAE Systems PLC | 9,003,200 | | 83,551,108 |
HSBC Holdings PLC sponsored ADR (d) | 985,200 | | 85,505,508 |
Man Group PLC | 5,559,700 | | 64,279,438 |
Prudential PLC | 2,597,700 | | 35,637,651 |
Rolls-Royce Group PLC | 5,037,536 | | 43,969,717 |
Shire PLC | 3,897,100 | | 71,589,696 |
Smith & Nephew PLC | 4,110,900 | | 53,145,669 |
Standard Chartered PLC (United Kingdom) | 1,709,100 | | 60,962,238 |
The Weir Group PLC | 3,788,909 | | 62,677,042 |
Vodafone Group PLC sponsored ADR | 2,245,900 | | 71,105,194 |
Xstrata PLC | 667,400 | | 52,361,765 |
TOTAL UNITED KINGDOM | | 931,503,064 |
|
| Shares | | Value |
United States of America - 4.4% |
AES Corp. (a) | 14,082,300 | | $ 244,468,728 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 1,181,100 | | 134,350,125 |
Titanium Metals Corp. (d) | 1,138,400 | | 17,349,216 |
TOTAL UNITED STATES OF AMERICA | | 396,168,069 |
TOTAL COMMON STOCKS (Cost $7,301,870,374) | 8,280,819,741 |
Nonconvertible Preferred Stocks - 0.0% |
| | | |
United Kingdom - 0.0% |
Rolls-Royce Group PLC B Shares (a)
(Cost $896,565) | 451,363,225 | | 897,423 |
Money Market Funds - 13.6% |
| | | |
Fidelity Cash Central Fund, 2.51% (b) | 712,990,134 | | 712,990,134 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 517,359,368 | | 517,359,368 |
TOTAL MONEY MARKET FUNDS (Cost $1,230,349,502) | 1,230,349,502 |
TOTAL INVESTMENT PORTFOLIO - 105.0% (Cost $8,533,116,441) | | 9,512,066,666 |
NET OTHER ASSETS - (5.0)% | | (453,628,870) |
NET ASSETS - 100% | $ 9,058,437,796 |
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 | $ 8,188,805 |
Fidelity Securities Lending Cash Central Fund | 3,847,453 |
Total | $ 12,036,258 |
Other Affiliated Issuers |
An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows: |
Affiliates | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period |
Aker Solutions ASA | $ 509,546,689 | $ - | $ 178,658,035 | $ 4,093,593 | $ - |
Global Bio-Chem Technology Group Co. Ltd. | 42,632,796 | 7,149,052 | - | - | 61,616,389 |
Harry Winston Diamond Corp. | - | 8,209,145 | - | 253,927 | 92,536,296 |
Impregilo SpA | 135,232,253 | 37,551,263 | - | - | 139,452,823 |
Total | $ 687,411,738 | $ 52,909,460 | $ 178,658,035 | $ 4,347,520 | $ 293,605,508 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Overseas
Financial Statements
Statement of Assets and Liabilities
April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value
(including securities loaned of $488,537,500) - See accompanying schedule: Unaffiliated issuers (cost $6,985,180,622) | $ 7,988,111,656 | |
Fidelity Central Funds (cost $1,230,349,502) | 1,230,349,502 | |
Other affiliated issuers (cost $317,586,317) | 293,605,508 | |
Total Investments (cost $8,533,116,441) | | $ 9,512,066,666 |
Cash | | 24,799 |
Foreign currency held at value (cost $16,441,710) | | 16,384,568 |
Receivable for investments sold | | 42,133,409 |
Receivable for fund shares sold | | 10,475,168 |
Dividends receivable | | 20,294,316 |
Distributions receivable from Fidelity Central Funds | | 3,309,651 |
Prepaid expenses | | 19,463 |
Other receivables | | 1,288,626 |
Total assets | | 9,605,996,666 |
| | |
Liabilities | | |
Payable for investments purchased | $ 13,815,563 | |
Payable for fund shares redeemed | 7,677,181 | |
Accrued management fee | 6,390,057 | |
Other affiliated payables | 1,794,871 | |
Other payables and accrued expenses | 521,830 | |
Collateral on securities loaned, at value | 517,359,368 | |
Total liabilities | | 547,558,870 |
| | |
Net Assets | | $ 9,058,437,796 |
Net Assets consist of: | | |
Paid in capital | | $ 7,758,170,296 |
Undistributed net investment income | | 29,129,798 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 292,257,680 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 978,880,022 |
Net Assets, for 201,029,324 shares outstanding | | $ 9,058,437,796 |
Net Asset Value, offering price and redemption price per share ($9,058,437,796 ÷ 201,029,324 shares) | | $ 45.06 |
Statement of Operations
Six months ended April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends (including $4,347,520 earned from other affiliated issuers) | | $ 74,734,114 |
Interest | | 63,972 |
Income from Fidelity Central Funds | | 12,036,258 |
| | 86,834,344 |
Less foreign taxes withheld | | (6,608,231) |
Total income | | 80,226,113 |
| | |
Expenses | | |
Management fee
Basic fee | $ 30,516,620 | |
Performance adjustment | 6,783,470 | |
Transfer agent fees | 9,760,263 | |
Accounting and security lending fees | 880,117 | |
Custodian fees and expenses | 945,033 | |
Independent trustees' compensation | 18,197 | |
Depreciation in deferred trustee compensation account | (878) | |
Registration fees | 109,130 | |
Audit | 55,630 | |
Legal | 16,695 | |
Interest | 15,023 | |
Miscellaneous | 776,748 | |
Total expenses before reductions | 49,876,048 | |
Expense reductions | (1,561,890) | 48,314,158 |
Net investment income (loss) | | 31,911,955 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 320,006,173 | |
Other affiliated issuers | (19,158,107) | |
Foreign currency transactions | (2,298,510) | |
Total net realized gain (loss) | | 298,549,556 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $350,879) | (1,561,292,122) | |
Assets and liabilities in foreign currencies | 42,225 | |
Total change in net unrealized appreciation (depreciation) | | (1,561,249,897) |
Net gain (loss) | | (1,262,700,341) |
Net increase (decrease) in net assets resulting from operations | | $ (1,230,788,386) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 31,911,955 | $ 119,216,448 |
Net realized gain (loss) | 298,549,556 | 1,120,668,756 |
Change in net unrealized appreciation (depreciation) | (1,561,249,897) | 1,583,404,106 |
Net increase (decrease) in net assets resulting from operations | (1,230,788,386) | 2,823,289,310 |
Distributions to shareholders from net investment income | (93,919,304) | (85,344,347) |
Distributions to shareholders from net realized gain | (947,430,830) | (719,995,618) |
Total distributions | (1,041,350,134) | (805,339,965) |
Share transactions
Proceeds from sales of shares | 1,703,370,031 | 2,023,578,024 |
Reinvestment of distributions | 1,030,024,494 | 797,167,795 |
Cost of shares redeemed | (946,546,032) | (2,512,867,122) |
Net increase (decrease) in net assets resulting from share transactions | 1,786,848,493 | 307,878,697 |
Redemption fees | 374,375 | 238,697 |
Total increase (decrease) in net assets | (484,915,652) | 2,326,066,739 |
| | |
Net Assets | | |
Beginning of period | 9,543,353,448 | 7,217,286,709 |
End of period (including undistributed net investment income of $29,129,798 and undistributed net investment income of $106,479,330, respectively) | $ 9,058,437,796 | $ 9,543,353,448 |
Other Information Shares | | |
Sold | 37,223,017 | 41,499,511 |
Issued in reinvestment of distributions | 20,825,406 | 18,292,055 |
Redeemed | (20,460,969) | (49,648,078) |
Net increase (decrease) | 37,587,454 | 10,143,488 |
Financial Highlights
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 58.39 | $ 47.08 | $ 37.65 | $ 32.21 | $ 29.19 | $ 22.34 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .17 | .70 | .63 | .39 | .17 G | .18 |
Net realized and unrealized gain (loss) | (7.18) | 15.80 | 9.37 | 5.35 | 3.15 | 6.76 |
Total from investment operations | (7.01) | 16.50 | 10.00 | 5.74 | 3.32 | 6.94 |
Distributions from net investment income | (.57) | (.55) | (.41) | (.19) | (.30) | (.09) |
Distributions from net realized gain | (5.75) | (4.64) | (.16) | (.11) | - | - |
Total distributions | (6.32) | (5.19) | (.57) | (.30) | (.30) | (.09) |
Redemption fees added to paid in capital D,I | - | - | - | - | - | - |
Net asset value, end of period | $ 45.06 | $ 58.39 | $ 47.08 | $ 37.65 | $ 32.21 | $ 29.19 |
Total Return B,C | (12.97)% | 38.79% | 26.83% | 17.90% | 11.45% | 31.18% |
Ratios to Average Net Assets E,H | | | | | | |
Expenses before reductions | 1.15% A | .95% | 1.00% | .93% | 1.05% | 1.04% |
Expenses net of fee waivers, if any | 1.15% A | .95% | 1.00% | .93% | 1.05% | 1.04% |
Expenses net of all reductions | 1.12% A | .91% | .90% | .86% | 1.01% | 1.00% |
Net investment income (loss) | .74% A | 1.43% | 1.43% | 1.11% | .55% G | .75% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 9,058,438 | $ 9,543,353 | $ 7,217,287 | $ 4,733,797 | $ 4,182,103 | $ 3,500,394 |
Portfolio turnover rate F | 90% A | 87% | 132% | 87% | 79% | 104% |
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. DCalculated 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%. HExpense 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
Worldwide
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| United States of America | 46.1% | |
| United Kingdom | 9.2% | |
| Japan | 8.2% | |
| Germany | 7.1% | |
| Switzerland | 4.3% | |
| Australia | 4.0% | |
| France | 3.5% | |
| Canada | 2.1% | |
| Spain | 1.9% | |
| Other | 13.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| United States of America | 40.5% | |
| Japan | 7.9% | |
| United Kingdom | 7.8% | |
| Germany | 7.2% | |
| Switzerland | 5.8% | |
| France | 5.8% | |
| Australia | 5.4% | |
| Canada | 1.8% | |
| Spain | 1.7% | |
| Other | 16.1% | |
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 and Equity Futures | 98.7 | 97.2 |
Short-Term Investments and Net Other Assets | 1.3 | 2.8 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Southwestern Energy Co. (United States of America, Oil, Gas & Consumable Fuels) | 2.7 | 0.0 |
Norfolk Southern Corp. (United States of America, Road & Rail) | 2.5 | 0.0 |
NRG Energy, Inc. (United States of America, Independent Power Producers & Energy Traders) | 2.4 | 0.1 |
T. Rowe Price Group, Inc. (United States of America, Capital Markets) | 2.0 | 0.8 |
CSL Ltd. (Australia, Biotechnology) | 2.0 | 1.4 |
Range Resources Corp. (United States of America, Oil, Gas & Consumable Fuels) | 1.9 | 0.0 |
Apple, Inc. (United States of America, Computers & Peripherals) | 1.8 | 1.1 |
Visa, Inc. (United States of America, IT Services) | 1.6 | 0.0 |
Google, Inc. Class A (sub. vtg.) (United States of America, Internet Software & Services) | 1.5 | 1.2 |
Eaton Corp. (United States of America, Machinery) | 1.5 | 0.8 |
| 19.9 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 21.4 | 14.9 |
Industrials | 13.7 | 16.8 |
Energy | 12.7 | 8.8 |
Information Technology | 11.0 | 16.3 |
Health Care | 8.2 | 9.4 |
Materials | 8.1 | 9.0 |
Consumer Discretionary | 7.3 | 7.5 |
Consumer Staples | 6.5 | 5.1 |
Utilities | 5.7 | 4.0 |
Telecommunication Services | 3.5 | 5.4 |
Semiannual Report
Worldwide
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.3% |
| Shares | | Value |
Australia - 4.0% |
ABB Grain Ltd. | 148,926 | | $ 1,403,340 |
AXA Asia Pacific Holdings Ltd. | 239,300 | | 1,340,775 |
Babcock & Brown Ltd. (d) | 309,991 | | 4,298,265 |
Babcock & Brown Wind Partners | 966,831 | | 1,440,902 |
Brambles Ltd. | 234,168 | | 1,965,823 |
Cochlear Ltd. | 71,019 | | 3,798,258 |
Commonwealth Bank of Australia | 67,746 | | 2,865,978 |
Computershare Ltd. | 390,165 | | 3,293,807 |
CSL Ltd. | 816,424 | | 30,641,958 |
Macquarie Group Ltd. | 19,534 | | 1,168,542 |
QBE Insurance Group Ltd. | 118,254 | | 2,820,925 |
Seek Ltd. | 183,924 | | 867,432 |
Woolworths Ltd. | 175,339 | | 4,746,650 |
WorleyParsons Ltd. | 48,262 | | 1,766,298 |
TOTAL AUSTRALIA | | 62,418,953 |
Austria - 0.0% |
Strabag SE | 6,600 | | 463,647 |
Belgium - 0.1% |
Hansen Transmission International NV | 373,400 | | 1,633,308 |
Bermuda - 0.5% |
Aquarius Platinum Ltd. (United Kingdom) | 264,800 | | 4,172,422 |
Cooper Industries Ltd. Class A | 50,000 | | 2,119,500 |
Ports Design Ltd. | 286,500 | | 922,753 |
TOTAL BERMUDA | | 7,214,675 |
Brazil - 0.8% |
Bovespa Holding SA | 165,700 | | 2,517,101 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 22,300 | | 2,707,666 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 21,200 | | 3,082,692 |
Vivo Participacoes SA (PN) sponsored ADR | 521,700 | | 3,521,475 |
TOTAL BRAZIL | | 11,828,934 |
Canada - 2.1% |
Barrick Gold Corp. | 26,400 | | 1,014,739 |
Canadian Pacific Railway Ltd. | 105,000 | | 7,233,542 |
EnCana Corp. | 59,300 | | 4,784,157 |
Goldcorp, Inc. | 34,000 | | 1,208,956 |
Niko Resources Ltd. | 32,300 | | 2,918,578 |
Open Text Corp. (a) | 105,000 | | 3,877,420 |
Petrobank Energy & Resources Ltd. (a) | 53,900 | | 2,601,072 |
Potash Corp. of Saskatchewan, Inc. | 20,900 | | 3,844,555 |
Suncor Energy, Inc. | 24,100 | | 2,719,655 |
Talisman Energy, Inc. | 113,600 | | 2,297,718 |
TOTAL CANADA | | 32,500,392 |
Cayman Islands - 0.0% |
Lee & Man Paper Manufacturing Ltd. | 157,100 | | 292,302 |
|
| Shares | | Value |
China - 0.1% |
ZTE Corp. (H Shares) | 312,480 | | $ 1,309,159 |
Cyprus - 0.1% |
Aisi Realty Public Ltd. | 583,060 | | 388,355 |
Marfin Popular Bank Public Co. | 163,149 | | 1,456,838 |
TOTAL CYPRUS | | 1,845,193 |
Czech Republic - 0.2% |
Ceske Energeticke Zavody AS | 34,100 | | 2,534,053 |
Denmark - 0.6% |
Novo Nordisk AS Series B | 76,200 | | 5,244,893 |
Vestas Wind Systems AS (a) | 40,300 | | 4,417,963 |
TOTAL DENMARK | | 9,662,856 |
Finland - 0.6% |
Nokia Corp. sponsored ADR | 303,300 | | 9,120,231 |
France - 3.5% |
Alstom SA | 36,400 | | 8,466,782 |
AXA SA (d) | 95,700 | | 3,535,103 |
BNP Paribas SA | 54,082 | | 5,846,598 |
Cap Gemini SA | 39,000 | | 2,373,824 |
CNP Assurances | 13,200 | | 1,570,217 |
Eutelsat Communications | 181,800 | | 5,378,161 |
Gaz de France | 73,200 | | 4,838,299 |
Groupe Danone | 38,000 | | 3,371,851 |
Orpea (a) | 34,000 | | 1,857,178 |
Remy Cointreau SA | 10,700 | | 665,645 |
Sechilienne-Sidec | 11,800 | | 937,628 |
Societe Generale Series A | 11,585 | | 1,359,294 |
Suez SA (France) | 110,900 | | 7,877,233 |
Total SA Series B | 83,296 | | 6,975,815 |
TOTAL FRANCE | | 55,053,628 |
Germany - 6.6% |
Allianz AG (Reg.) | 36,400 | | 7,394,561 |
Bayer AG (d) | 129,200 | | 11,052,838 |
Bayer AG sponsored ADR | 79,500 | | 6,765,450 |
Beiersdorf AG (d) | 37,100 | | 3,167,470 |
CompuGROUP Holding AG (a) | 33,200 | | 507,920 |
Daimler AG (Reg.) (d) | 43,700 | | 3,397,199 |
Deutsche Bank AG | 17,400 | | 2,074,349 |
Deutsche Boerse AG | 39,900 | | 5,868,765 |
E.ON AG (d) | 80,600 | | 16,446,541 |
Fresenius Medical Care AG | 35,800 | | 1,905,201 |
GEA Group AG | 93,800 | | 3,477,741 |
Gerresheimer AG | 52,000 | | 2,906,956 |
K&S AG | 5,900 | | 2,483,056 |
Linde AG | 46,214 | | 6,788,814 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 42,900 | | 8,321,840 |
Q-Cells AG (a) | 21,600 | | 2,529,319 |
RWE AG (d) | 40,000 | | 4,617,109 |
SGL Carbon AG (a) | 40,100 | | 2,742,511 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
Siemens AG (Reg.) | 47,800 | | $ 5,591,630 |
SolarWorld AG | 51,800 | | 2,795,502 |
Wincor Nixdorf AG | 14,900 | | 1,143,016 |
Wirecard AG | 88,100 | | 1,856,694 |
TOTAL GERMANY | | 103,834,482 |
Greece - 0.3% |
Public Power Corp. of Greece | 101,800 | | 4,303,553 |
Hong Kong - 1.3% |
Cheung Kong Holdings Ltd. | 210,000 | | 3,271,334 |
China Mobile (Hong Kong) Ltd. | 357,300 | | 6,148,211 |
Esprit Holdings Ltd. | 468,900 | | 5,770,133 |
Hang Seng Bank Ltd. | 109,800 | | 2,199,339 |
Li & Fung Ltd. | 674,100 | | 2,789,594 |
Wing Hang Bank Ltd. | 38,000 | | 509,062 |
TOTAL HONG KONG | | 20,687,673 |
India - 0.8% |
Bharti Airtel Ltd. (a) | 119,022 | | 2,643,053 |
Infosys Technologies Ltd. | 62,311 | | 2,700,554 |
Reliance Industries Ltd. | 75,941 | | 4,908,473 |
Satyam Computer Services Ltd. | 197,732 | | 2,359,341 |
TOTAL INDIA | | 12,611,421 |
Indonesia - 0.4% |
PT Bumi Resources Tbk | 5,679,000 | | 4,095,577 |
PT Indosat Tbk | 2,419,000 | | 1,587,131 |
PT Perusahaan Gas Negara Tbk Series B | 878,500 | | 1,152,786 |
TOTAL INDONESIA | | 6,835,494 |
Ireland - 0.2% |
C&C Group PLC | 265,100 | | 1,820,929 |
Paddy Power PLC (Ireland) | 39,800 | | 1,391,752 |
TOTAL IRELAND | | 3,212,681 |
Israel - 0.5% |
Israel Chemicals Ltd. | 195,300 | | 3,595,529 |
Nice Systems Ltd. sponsored ADR (a) | 55,700 | | 1,773,488 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 58,600 | | 2,741,308 |
TOTAL ISRAEL | | 8,110,325 |
Italy - 1.0% |
A2A SpA | 454,300 | | 1,677,276 |
Edison SpA | 596,100 | | 1,479,609 |
Fiat SpA | 154,400 | | 3,470,164 |
Finmeccanica SpA | 72,300 | | 2,528,233 |
Prysmian SpA | 63,500 | | 1,515,795 |
UniCredit SpA | 602,600 | | 4,591,649 |
TOTAL ITALY | | 15,262,726 |
Japan - 7.6% |
Aeon Co. Ltd. | 63,900 | | 936,630 |
Aeon Mall Co. Ltd. | 62,100 | | 1,949,214 |
|
| Shares | | Value |
Asics Corp. | 239,000 | | $ 2,422,384 |
Bridgestone Corp. | 69,700 | | 1,282,622 |
Canon Marketing Japan, Inc. | 132,200 | | 2,567,704 |
Canon, Inc. | 190,850 | | 9,594,098 |
East Japan Railway Co. | 535 | | 4,268,638 |
Fujifilm Holdings Corp. | 121,100 | | 4,681,125 |
Ibiden Co. Ltd. | 36,400 | | 1,588,172 |
Konica Minolta Holdings, Inc. | 388,000 | | 5,846,118 |
Matsushita Electric Industrial Co. Ltd. | 90,000 | | 2,100,359 |
Mitsubishi Corp. | 181,900 | | 5,854,758 |
Mitsubishi UFJ Financial Group, Inc. | 624,900 | | 6,884,769 |
Mitsubishi UFJ Financial Group, Inc. sponsored ADR | 250,000 | | 2,747,500 |
Mitsui & Co. Ltd. | 278,000 | | 6,528,160 |
Mizuho Financial Group, Inc. | 600 | | 3,122,039 |
Namco Bandai Holdings, Inc. | 112,500 | | 1,411,427 |
NGK Insulators Ltd. | 168,100 | | 3,237,167 |
Nintendo Co. Ltd. | 11,600 | | 6,374,432 |
Nippon Building Fund, Inc. | 157 | | 2,060,500 |
Nippon Electric Glass Co. Ltd. | 104,000 | | 1,617,457 |
Nomura Holdings, Inc. | 426,000 | | 7,437,635 |
ORIX Corp. | 31,530 | | 5,703,206 |
Shiseido Co. Ltd. | 29,000 | | 695,721 |
Sompo Japan Insurance, Inc. | 157,700 | | 1,756,821 |
Sony Corp. sponsored ADR | 50,800 | | 2,326,132 |
Sony Financial Holdings, Inc. | 130 | | 549,243 |
Sumitomo Mitsui Financial Group, Inc. | 1,403 | | 12,071,641 |
Sumitomo Trust & Banking Co. Ltd. | 149,200 | | 1,341,261 |
Tokyo Electron Ltd. | 26,000 | | 1,688,550 |
Toyota Motor Corp. | 161,300 | | 8,218,960 |
TOTAL JAPAN | | 118,864,443 |
Korea (South) - 0.7% |
LG Household & Health Care Ltd. | 10,890 | | 2,252,356 |
MegaStudy Co. Ltd. | 6,300 | | 2,078,546 |
NHN Corp. (a) | 18,620 | | 4,324,408 |
Shinhan Financial Group Co. Ltd. | 45,966 | | 2,653,875 |
TOTAL KOREA (SOUTH) | | 11,309,185 |
Luxembourg - 0.5% |
ArcelorMittal SA (NY Reg.) Class A | 45,000 | | 4,009,050 |
SES SA (A Shares) FDR unit | 138,742 | | 3,422,124 |
TOTAL LUXEMBOURG | | 7,431,174 |
Malaysia - 0.5% |
DiGi.com Bhd | 246,300 | | 1,894,615 |
Gamuda Bhd | 3,158,300 | | 3,119,309 |
IJM Corp. Bhd | 533,300 | | 970,711 |
KNM Group Bhd | 1,210,800 | | 2,453,029 |
Kulim Malaysia Bhd | 68,800 | | 168,788 |
TOTAL MALAYSIA | | 8,606,452 |
Mexico - 0.4% |
America Movil SAB de CV Series L sponsored ADR | 96,900 | | 5,616,324 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - 1.0% |
Advanced Metallurgical Group NV | 14,900 | | $ 1,021,596 |
Heineken NV (Bearer) | 54,500 | | 3,181,139 |
Koninklijke KPN NV | 331,900 | | 6,106,151 |
Unilever NV (NY Shares) | 150,000 | | 5,031,000 |
TOTAL NETHERLANDS | | 15,339,886 |
Netherlands Antilles - 0.4% |
Schlumberger Ltd. (NY Shares) | 70,000 | | 7,038,500 |
Norway - 0.7% |
Hafslund ASA (B Shares) | 42,200 | | 932,711 |
Petroleum Geo-Services ASA | 112,800 | | 3,080,393 |
Pronova BioPharma ASA | 407,100 | | 1,407,654 |
Renewable Energy Corp. AS (a) | 72,200 | | 2,471,680 |
StatoilHydro ASA | 85,000 | | 3,081,041 |
TOTAL NORWAY | | 10,973,479 |
Papua New Guinea - 0.2% |
Lihir Gold Ltd. (a) | 873,459 | | 2,422,237 |
Russia - 0.2% |
OAO Gazprom sponsored ADR | 67,100 | | 3,549,590 |
Singapore - 0.2% |
Keppel Corp. Ltd. | 140,000 | | 1,065,408 |
Singapore Exchange Ltd. | 367,000 | | 2,324,703 |
TOTAL SINGAPORE | | 3,390,111 |
South Africa - 0.1% |
JSE Ltd. | 158,000 | | 1,363,827 |
Spain - 1.9% |
Banco Santander SA | 389,400 | | 8,419,309 |
Grifols SA | 171,491 | | 4,805,477 |
Repsol YPF SA | 114,400 | | 4,620,843 |
Telefonica SA | 436,200 | | 12,531,367 |
TOTAL SPAIN | | 30,376,996 |
Sweden - 0.4% |
H&M Hennes & Mauritz AB (B Shares) | 35,950 | | 2,137,415 |
Modern Times Group MTG AB (B Shares) | 64,450 | | 4,736,042 |
TOTAL SWEDEN | | 6,873,457 |
Switzerland - 4.3% |
ABB Ltd.: | | | |
(Reg.) | 1 | | 31 |
sponsored ADR | 280,800 | | 8,612,136 |
Actelion Ltd. (Reg.) (a) | 96,870 | | 4,907,058 |
BB BIOTECH AG | 21,794 | | 1,675,976 |
Credit Suisse Group (Reg.) | 29,662 | | 1,651,387 |
EFG International | 31,770 | | 1,016,186 |
Julius Baer Holding AG | 61,054 | | 4,530,155 |
Nestle SA (Reg.) | 31,823 | | 15,260,547 |
Novartis AG sponsored ADR | 46,200 | | 2,325,246 |
Roche Holding AG (participation certificate) | 46,113 | | 7,688,466 |
|
| Shares | | Value |
SGS Societe Generale de Surveillance Holding SA (Reg.) | 1,632 | | $ 2,306,909 |
Sonova Holding AG | 44,633 | | 3,776,837 |
Syngenta AG (Switzerland) | 23,161 | | 6,881,905 |
Tecan Group AG | 18,800 | | 1,238,942 |
Zurich Financial Services AG (Reg.) | 18,334 | | 5,612,178 |
TOTAL SWITZERLAND | | 67,483,959 |
Taiwan - 0.3% |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 580,536 | | 3,365,288 |
Wistron Corp. | 936,550 | | 1,617,950 |
TOTAL TAIWAN | | 4,983,238 |
Thailand - 0.3% |
Bangkok Bank Ltd. PCL (For. Reg.) | 437,000 | | 1,928,752 |
Total Access Communication PCL | 41,400 | | 59,202 |
Total Access Communication PCL unit | 1,319,650 | | 1,924,143 |
TOTAL THAILAND | | 3,912,097 |
United Kingdom - 9.2% |
Anglo American PLC (United Kingdom) | 66,285 | | 4,308,253 |
Autonomy Corp. PLC (a) | 84,700 | | 1,442,387 |
BAE Systems PLC | 451,300 | | 4,188,135 |
Barclays PLC | 166,300 | | 1,503,623 |
BG Group PLC | 300,400 | | 7,352,397 |
BG Group PLC sponsored ADR | 12,700 | | 1,536,700 |
BHP Billiton PLC | 271,200 | | 9,705,841 |
Blinkx PLC | 169,700 | | 55,672 |
British American Tobacco PLC | 246,000 | | 9,227,731 |
Capita Group PLC | 155,519 | | 2,050,067 |
Clipper Windpower PLC (a) | 128,900 | | 1,316,026 |
Diageo PLC | 182,400 | | 3,720,052 |
GlaxoSmithKline PLC sponsored ADR | 58,300 | | 2,571,613 |
HBOS PLC | 198,400 | | 1,855,976 |
HSBC Holdings PLC: | | | |
(Hong Kong) (Reg.) | 162,438 | | 2,815,165 |
(United Kingdom) (Reg.) | 305,000 | | 5,295,829 |
Icap PLC | 258,000 | | 3,005,995 |
Imperial Tobacco Group PLC | 104,800 | | 5,040,436 |
Informa PLC | 184,600 | | 1,268,092 |
Man Group PLC | 545,200 | | 6,303,425 |
Misys PLC | 480,200 | | 1,496,583 |
Pearson PLC | 23,100 | | 301,751 |
Prudential PLC | 146,600 | | 2,011,194 |
Reckitt Benckiser Group PLC | 118,300 | | 6,910,469 |
Renovo Group PLC (a) | 764,000 | | 524,063 |
Rio Tinto PLC (Reg.) | 76,000 | | 8,859,324 |
Royal Bank of Scotland Group PLC | 443,674 | | 3,043,365 |
Royal Dutch Shell PLC Class B | 414,800 | | 16,527,745 |
Shire PLC | 126,600 | | 2,325,641 |
SSL International PLC | 344,900 | | 3,151,009 |
Standard Chartered PLC (United Kingdom) | 66,200 | | 2,361,301 |
Tesco PLC | 670,243 | | 5,716,900 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Vodafone Group PLC | 3,536,400 | | $ 11,191,188 |
Vodafone Group PLC sponsored ADR | 46,112 | | 1,459,906 |
Xstrata PLC | 40,000 | | 3,138,254 |
TOTAL UNITED KINGDOM | | 143,582,108 |
United States of America - 44.7% |
Albemarle Corp. | 529,000 | | 19,789,890 |
American Express Co. | 225,000 | | 10,804,500 |
American International Group, Inc. | 305,000 | | 14,091,000 |
Apple, Inc. (a) | 160,000 | | 27,832,000 |
Burlington Northern Santa Fe Corp. | 150,000 | | 15,382,500 |
Cabot Oil & Gas Corp. | 308,500 | | 17,575,245 |
Capital One Financial Corp. | 50,000 | | 2,650,000 |
Caterpillar, Inc. | 75,000 | | 6,141,000 |
CB Richard Ellis Group, Inc. Class A (a) | 135,000 | | 3,121,200 |
Chattem, Inc. (a)(d) | 90,000 | | 6,289,200 |
Cisco Systems, Inc. (a) | 386,700 | | 9,914,988 |
CIT Group, Inc. | 80,100 | | 872,289 |
Citigroup, Inc. | 865,000 | | 21,858,550 |
Comerica, Inc. | 30,000 | | 1,041,900 |
Cummins, Inc. | 42,400 | | 2,656,360 |
D.R. Horton, Inc. | 910,000 | | 14,095,900 |
Eaton Corp. | 270,500 | | 23,760,720 |
Electronic Arts, Inc. (a) | 55,000 | | 2,830,850 |
Fifth Third Bancorp | 35,000 | | 750,050 |
FMC Corp. | 99,800 | | 6,265,444 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 110,000 | | 12,512,500 |
General Growth Properties, Inc. | 164,500 | | 6,737,920 |
Gilead Sciences, Inc. (a) | 369,700 | | 19,135,672 |
Google, Inc. Class A (sub. vtg.) (a) | 41,500 | | 23,833,035 |
Harley-Davidson, Inc. | 300,000 | | 11,475,000 |
James River Coal Co. (a)(d) | 620,800 | | 13,800,384 |
Johnson Controls, Inc. | 468,400 | | 16,515,784 |
JPMorgan Chase & Co. | 220,000 | | 10,483,000 |
Lehman Brothers Holdings, Inc. | 85,000 | | 3,760,400 |
Macquarie Infrastructure Co. LLC | 8,300 | | 245,680 |
Marshall & Ilsley Corp. | 60,000 | | 1,498,800 |
Medco Health Solutions, Inc. (a) | 340,000 | | 16,843,600 |
Myriad Genetics, Inc. (a) | 45,000 | | 1,869,300 |
Nabors Industries Ltd. (a) | 110,000 | | 4,129,400 |
Norfolk Southern Corp. | 645,000 | | 38,429,100 |
NRG Energy, Inc. (a) | 863,500 | | 37,950,825 |
Oracle Corp. (a) | 318,800 | | 6,646,980 |
PACCAR, Inc. | 318,000 | | 15,047,760 |
Peabody Energy Corp. | 90,000 | | 5,501,700 |
Philip Morris International, Inc. (a) | 313,700 | | 16,008,111 |
Polo Ralph Lauren Corp. Class A | 210,000 | | 13,043,100 |
Principal Financial Group, Inc. | 75,000 | | 4,024,500 |
Range Resources Corp. | 444,100 | | 29,479,358 |
Regions Financial Corp. | 115,000 | | 2,520,800 |
ResMed, Inc. (a) | 34,200 | | 1,474,704 |
Ryder System, Inc. | 120,000 | | 8,216,400 |
|
| Shares | | Value |
Southwestern Energy Co. (a) | 1,009,000 | | $ 42,690,796 |
Sovereign Bancorp, Inc. | 100,000 | | 747,000 |
State Street Corp. | 115,000 | | 8,296,100 |
T. Rowe Price Group, Inc. | 545,000 | | 31,915,200 |
Union Pacific Corp. | 64,300 | | 9,335,717 |
Visa, Inc. | 302,600 | | 25,251,970 |
VMware, Inc. Class A | 51,100 | | 3,405,304 |
W.R. Grace & Co. (a) | 185,000 | | 4,691,600 |
Wachovia Corp. | 547,800 | | 15,968,370 |
Wal-Mart Stores, Inc. | 170,000 | | 9,856,600 |
Winnebago Industries, Inc. (d) | 101,079 | | 1,626,361 |
Zions Bancorp | 370,000 | | 17,149,500 |
TOTAL UNITED STATES OF AMERICA | | 699,841,917 |
TOTAL COMMON STOCKS (Cost $1,289,604,047) | 1,523,694,666 |
Preferred Stocks - 0.8% |
| | | |
Convertible Preferred Stocks - 0.1% |
United States of America - 0.1% |
CIT Group, Inc. Series C, 8.75% | 13,000 | | 707,070 |
Nonconvertible Preferred Stocks - 0.7% |
Germany - 0.5% |
Fresenius AG (non-vtg.) | 71,500 | | 5,938,112 |
Porsche Automobil Holding SE | 13,710 | | 2,535,362 |
TOTAL GERMANY | | 8,473,474 |
Italy - 0.2% |
Intesa Sanpaolo SpA | 378,900 | | 2,691,329 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | | 11,164,803 |
TOTAL PREFERRED STOCKS (Cost $9,156,179) | 11,871,873 |
Government Obligations - 0.0% |
| Principal Amount | | |
United States of America - 0.0% |
U.S. Treasury Bills, yield at date of purchase 1.34% 7/10/08 (e)
(Cost $498,679) | | $ 500,000 | | 498,736 |
Money Market Funds - 4.3% |
| Shares | | Value |
Fidelity Cash Central Fund, 2.51% (b) | 21,402,533 | | $ 21,402,533 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 46,432,805 | | 46,432,805 |
TOTAL MONEY MARKET FUNDS (Cost $67,835,338) | 67,835,338 |
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $1,367,094,243) | | 1,603,900,613 |
NET OTHER ASSETS - (2.4)% | | (37,985,302) |
NET ASSETS - 100% | $ 1,565,915,311 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value | | Unrealized Appreciation/(Depreciation) |
Purchased |
Equity Index Contracts |
58 Nikkei 225 Index Contracts (Japan) | June 2008 | | $ 4,039,700 | | $ (29,638) |
32 TOPIX 150 Index Contracts (Japan) | June 2008 | | 4,163,077 | | (22,898) |
TOTAL EQUITY INDEX CONTRACTS | | $ 8,202,777 | | $ (52,536) |
The face value of futures purchased as a percentage of net assets - 0.6% |
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 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 $498,736. |
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 | $ 1,074,531 |
Fidelity Securities Lending Cash Central Fund | 297,550 |
Total | $ 1,372,081 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Worldwide
Financial Statements
Statement of Assets and Liabilities
April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $44,670,183) - See accompanying schedule: Unaffiliated issuers (cost $1,299,258,905) | $ 1,536,065,275 | |
Fidelity Central Funds (cost $67,835,338) | 67,835,338 | |
Total Investments (cost $1,367,094,243) | | $ 1,603,900,613 |
Cash | | 891,825 |
Foreign currency held at value (cost $65,266) | | 65,281 |
Receivable for investments sold | | 64,330,739 |
Receivable for fund shares sold | | 1,079,024 |
Dividends receivable | | 3,007,197 |
Distributions receivable from Fidelity Central Funds | | 185,092 |
Prepaid expenses | | 3,378 |
Other receivables | | 201,293 |
Total assets | | 1,673,664,442 |
| | |
Liabilities | | |
Payable for investments purchased | $ 58,660,802 | |
Payable for fund shares redeemed | 869,268 | |
Accrued management fee | 1,133,272 | |
Payable for daily variation on futures contracts | 18,718 | |
Other affiliated payables | 337,383 | |
Other payables and accrued expenses | 296,883 | |
Collateral on securities loaned, at value | 46,432,805 | |
Total liabilities | | 107,749,131 |
| | |
Net Assets | | $ 1,565,915,311 |
Net Assets consist of: | | |
Paid in capital | | $ 1,335,566,802 |
Undistributed net investment income | | 5,438,031 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (11,660,015) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 236,570,493 |
Net Assets, for 76,976,425 shares outstanding | | $ 1,565,915,311 |
Net Asset Value, offering price and redemption price per share ($1,565,915,311 ÷ 76,976,425 shares) | | $ 20.34 |
Statement of Operations
Six months ended April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 14,207,943 |
Interest | | 24,280 |
Income from Fidelity Central Funds | | 1,372,081 |
| | 15,604,304 |
Less foreign taxes withheld | | (835,436) |
Total income | | 14,768,868 |
| | |
Expenses | | |
Management fee
Basic fee | $ 5,552,987 | |
Performance adjustment | 1,305,264 | |
Transfer agent fees | 1,742,131 | |
Accounting and security lending fees | 353,511 | |
Custodian fees and expenses | 176,931 | |
Independent trustees' compensation | 3,166 | |
Registration fees | 40,312 | |
Audit | 41,717 | |
Legal | 3,102 | |
Miscellaneous | 192,797 | |
Total expenses before reductions | 9,411,918 | |
Expense reductions | (208,448) | 9,203,470 |
Net investment income (loss) | | 5,565,398 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $62,606) | (6,814,743) | |
Foreign currency transactions | (131,378) | |
Total net realized gain (loss) | | (6,946,121) |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $97,743) | (178,867,153) | |
Assets and liabilities in foreign currencies | (22,330) | |
Futures contracts | (52,536) | |
Total change in net unrealized appreciation (depreciation) | | (178,942,019) |
Net gain (loss) | | (185,888,140) |
Net increase (decrease) in net assets resulting from operations | | $ (180,322,742) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended
April 30, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,565,398 | $ 9,612,679 |
Net realized gain (loss) | (6,946,121) | 184,057,906 |
Change in net unrealized appreciation (depreciation) | (178,942,019) | 221,656,286 |
Net increase (decrease) in net assets resulting from operations | (180,322,742) | 415,326,871 |
Distributions to shareholders from net investment income | (8,541,184) | (10,242,312) |
Distributions to shareholders from net realized gain | (169,400,138) | (160,260,858) |
Total distributions | (177,941,322) | (170,503,170) |
Share transactions Proceeds from sales of shares | 175,202,366 | 384,029,331 |
Reinvestment of distributions | 172,249,762 | 166,220,804 |
Cost of shares redeemed | (196,923,722) | (349,745,488) |
Net increase (decrease) in net assets resulting from share transactions | 150,528,406 | 200,504,647 |
Redemption fees | 48,405 | 55,036 |
Total increase (decrease) in net assets | (207,687,253) | 445,383,384 |
| | |
Net Assets | | |
Beginning of period | 1,773,602,564 | 1,328,219,180 |
End of period (including undistributed net investment income of $5,438,031 and undistributed net investment income of $9,207,582, respectively) | $ 1,565,915,311 | $ 1,773,602,564 |
Other Information Shares | | |
Sold | 8,410,514 | 17,316,232 |
Issued in reinvestment of distributions | 7,926,818 | 8,382,290 |
Redeemed | (9,807,485) | (16,127,334) |
Net increase (decrease) | 6,529,847 | 9,571,188 |
Financial Highlights
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 25.18 | $ 21.82 | $ 19.05 | $ 16.72 | $ 15.30 | $ 11.91 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .07 | .14 | .17 | .15 G | .05 H | .04 |
Net realized and unrealized gain (loss) | (2.41) | 6.05 | 3.74 | 2.30 | 1.44 | 3.37 |
Total from investment operations | (2.34) | 6.19 | 3.91 | 2.45 | 1.49 | 3.41 |
Distributions from net investment income | (.12) | (.17) | (.10) | (.10) | (.07) | (.02) |
Distributions from net realized gain | (2.38) | (2.66) | (1.04) | (.02) | - | - |
Total distributions | (2.50) | (2.83) | (1.14) | (.12) | (.07) | (.02) |
Redemption fees added to paid in capital D,J | - | - | - | - | - | - |
Net asset value, end of period | $ 20.34 | $ 25.18 | $ 21.82 | $ 19.05 | $ 16.72 | $ 15.30 |
Total Return B,C | (9.93)% | 31.87% | 21.31% | 14.71% | 9.77% | 28.68% |
Ratios to Average Net Assets E,I | | | | | | |
Expenses before reductions | 1.20% A | 1.04% | 1.08% | 1.07% | 1.23% | 1.31% |
Expenses net of fee waivers, if any | 1.20% A | 1.04% | 1.08% | 1.07% | 1.23% | 1.31% |
Expenses net of all reductions | 1.17% A | 1.02% | 1.02% | 1.01% | 1.19% | 1.28% |
Net investment income (loss) | .71% A | .66% | .85% | .82% G | .29% H | .28% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,565,906 | $ 1,773,603 | $ 1,328,219 | $ 1,181,044 | $ 1,064,162 | $ 849,087 |
Portfolio turnover rate F | 253% A | 128% | 205% | 93% | 95% | 106% |
A Annualized B Total 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. 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. JAmount represents less than $.01 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2008 (Unaudited, except as indicated)
1. Organization.
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. On January 17, 2008, the Board of Trustees for Fidelity Diversified International Fund and Fidelity Overseas Fund approved the creation of an additional class of shares for each Fund. Each Fund commenced sale of Class K shares and their existing class was designated Diversified International and Overseas, respectively, on May 9, 2008. The financial statements and notes to the financial statements, as they relate to Fidelity Diversified International Fund have been audited by Deloitte & Touche LLP. Fidelity Diversified International Fund is currently closed to most new accounts. Certain Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
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' Schedules of Investments list 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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. 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 SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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 available 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
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 Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. Each Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Funds' federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. 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, futures and option transactions, foreign currency transactions, certain foreign taxes, passive foreign investments companies (PFIC), market discount, partnerships, deferred trustees compensation and losses 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) |
Diversified International | $ 43,357,648,805 | $ 14,715,555,482 | $ (1,582,023,424) | $ 13,133,532,058 |
Aggressive International | 439,047,199 | 34,643,423 | (12,287,039) | 22,356,384 |
Overseas | 8,536,003,941 | 1,350,269,446 | (374,206,721) | 976,062,725 |
Worldwide | 1,373,499,957 | 267,913,778 | (37,513,122) | 230,400,656 |
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 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 results in expanded disclosures about fair value measurements.
In addition, in March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for fiscal years beginning after November 15, 2008. SFAS 161 requires enhanced disclosures to provide information about the reasons the Funds invest in derivative instruments, the accounting treatment and the effect derivatives have on financial performance. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Funds' financial statement disclosures.
Semiannual Report
Notes to Financial Statements (Unaudited, except as indicated) - continued
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 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.
Futures Contracts. Certain Funds may use futures contracts to manage their exposure to the stock markets. 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. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in each applicable fund's Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in each applicable fund's Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
Restricted Securities. 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 ($) | Sales ($) |
Diversified International | 12,626,425,306 | 14,017,240,059 |
Aggressive International | 1,190,184,016 | 1,336,675,641 |
Overseas | 3,925,181,046 | 3,785,432,276 |
Worldwide | 1,969,234,808 | 1,970,967,811 |
Semiannual Report
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 |
Diversified International | .45% | .26% | .78% |
Aggressive International | .45% | .26% | .48% |
Overseas | .45% | .26% | .86% |
Worldwide | .45% | .26% | .87% |
Transfer Agent Fees. Fidelity Investments Institutional Operations, Inc., (FIIOC), an affiliate of FMR, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008, Fidelity Service Company, Inc. (FSC), also an affiliate of FMR was the Funds' transfer agent. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Diversified International | .21% | |
Aggressive International | .27% | |
Overseas | .23% | |
Worldwide | .22% | |
Accounting and Security Lending Fees. FSC maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
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 |
Diversified International | $ 14,928 |
Aggressive International | 666 |
Overseas | 5,110 |
Worldwide | 20,016 |
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 |
Aggressive International | Borrower | $ 7,397,150 | 4.34% | $ 17,842 |
Overseas | Borrower | 56,930,500 | 4.75% | 15,023 |
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:
Diversified International | $ 52,377 |
Aggressive International | 546 |
Overseas | 8,550 |
Worldwide | 1,554 |
During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited, except as indicated) - continued
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.
Diversified International | $ 19,926,852 |
Aggressive International | 210,707 |
Overseas | 3,847,453 |
Worldwide | 297,550 |
9. Bank Borrowings.
Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. At period end, there were no bank borrowings outstanding. Each applicable Fund's activity in this program during the period for which loans were outstanding was as follows:
| Average
Daily Loan
Balance | Weighted
Average
Interest Rate | Interest
Expense |
Aggressive International | $ 2,135,000 | 3.82% | $ 453 |
10. 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 |
| | | |
Diversified International | $ 3,562,273 | $ 45,654 | $ 1,324,793 |
Aggressive International | 554,349 | 3,687 | 8,073 |
Overseas | 1,301,876 | 13,850 | 246,164 |
Worldwide | 185,525 | 1,407 | 21,516 |
11. 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 the record, in the aggregate of approximately 34% of the total outstanding shares of Overseas.
In December 2006, the Independent Trustees, with the assistance of independent counsel, completed an investigation regarding gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during the period 2002 to 2004. The Independent Trustees and FMR agreed 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 was worthy of redress. Accordingly, the Independent Trustees requested, and FMR agreed to make, a payment of $42 million plus accrued interest, which equaled approximately $7.3 million, to certain Fidelity mutual funds.
Semiannual Report
11. Other - continued
In March 2008, the Trustees approved a method for allocating this payment among the funds and, in total, FMR paid each Fund the following amounts, which is recorded in each applicable Fund's accompanying Statement of Operations:
Diversified International | $ 46,909 |
Aggressive International | 1,589 |
Overseas | 55,778 |
Worldwide | 116,981 |
In a related administrative order dated March 5, 2008, the U.S. Securities and Exchange Commission ("SEC") announced a settlement with FMR and FMR Co., Inc. (an affiliate of FMR) involving the SEC's regulatory rules for investment advisers and the improper receipt of gifts, gratuities and business entertainment. Without admitting or denying the SEC's findings, FMR agreed to pay an $8 million civil penalty to the United States Treasury.
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, 2008, 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 30,2008 and for the year ended October 31,2007, and the financial highlights for the six months ended April 30, 2008 and for each of the five years in the period ended October 31,2007. 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 Funds 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, 2008, 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, 2008, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2008 and for the year ended October 31, 2007, and the financial highlights for the six months ended April 30, 2008 and for each of the five years in the period ended October 31, 2007, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 17, 2008
Semiannual Report
A special meeting of each fund's shareholders was held on December 13, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings. A |
| # of
Votes | % of
Votes |
Affirmative | 45,014,793,255.82 | 80.372 |
Against | 6,871,112,667.08 | 12.268 |
Abstain | 2,163,456,438.02 | 3.863 |
Broker Non-Votes | 1,958,633,563.89 | 3.497 |
TOTAL | 56,007,995,924.81 | 100.000 |
PROPOSAL 2 |
To elect the nominees specified below as Trustees.A |
James C. Curvey |
Affirmative | 53,384,952,361.03 | 95.317 |
Withheld | 2,623,043,563.78 | 4.683 |
TOTAL | 56,007,995,924.81 | 100.000 |
Dennis J. Dirks |
Affirmative | 53,595,104,608.67 | 95.692 |
Withheld | 2,412,891,316.14 | 4.308 |
TOTAL | 56,007,995,924.81 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 53,570,235,221.69 | 95.647 |
Withheld | 2,437,760,703.12 | 4.353 |
TOTAL | 56,007,995,924.81 | 100.000 |
George H. Heilmeier |
Affirmative | 53,166,350,588.50 | 94.926 |
Withheld | 2,841,645,336.31 | 5.074 |
TOTAL | 56,007,995,924.81 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 53,230,508,654.93 | 95.041 |
Withheld | 2,777,487,269.88 | 4.959 |
TOTAL | 56,007,995,924.81 | 100.000 |
James H. Keyes |
Affirmative | 53,549,161,456.52 | 95.610 |
Withheld | 2,458,834,468.29 | 4.390 |
TOTAL | 56,007,995,924.81 | 100.000 |
Marie L. Knowles |
Affirmative | 53,543,925,066.86 | 95.601 |
Withheld | 2,464,070,857.95 | 4.399 |
TOTAL | 56,007,995,924.81 | 100.000 |
Ned C. Lautenbach |
Affirmative | 53,547,116,322.50 | 95.606 |
Withheld | 2,460,879,602.31 | 4.394 |
TOTAL | 56,007,995,924.81 | 100.000 |
Cornelia M. Small |
Affirmative | 53,564,793,514.25 | 95.638 |
Withheld | 2,443,202,410.56 | 4.362 |
TOTAL | 56,007,995,924.81 | 100.000 |
| # of
Votes | % of
Votes |
William S. Stavropoulos |
Affirmative | 53,426,544,502.76 | 95.391 |
Withheld | 2,581,451,422.05 | 4.609 |
TOTAL | 56,007,995,924.81 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 53,229,881,790.63 | 95.040 |
Withheld | 2,778,114,134.18 | 4.960 |
TOTAL | 56,007,995,924.81 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Proxy Voting Results
A special meeting of each fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
PROPOSAL 5 |
Shareholder proposal for Fidelity Overseas Fund concerning "oversight procedures to screen out investments in companies that, in the judgement of the Board, substantially contribute to genocide, patterns of extraordinary and egregious violations of human rights, or crimes against humanity." |
| # of
Votes | % of
Votes |
Affirmative | 1,027,473,497.30 | 22.075 |
Against | 3,357,951,287.91 | 72.144 |
Abstain | 211,338,442.15 | 4.541 |
Broker Non-Votes | 57,735,630.82 | 1.240 |
TOTAL | 4,654,498,858.18 | 100.000 |
PROPOSAL 5 |
A shareholder proposal for Fidelity Diversified International Fund concerning "oversight procedures to screen out investments in companies that, in the judgement of the Board, substantially contribute to genocide, patterns of extraordinary and egregious violations of human rights, or crimes against humanity." The fund did not achieve quorum with respect to this proposal, and therefore no action was taken at the meeting and subsequent adjournments. Because sufficient votes in favor of the proposal were not received, on June 18, 2008, the proxies in their discretion determined not to adjourn the meeting further on this item. |
A Denotes trust-wide proposal and voting results.
Semiannual Report
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Semiannual Report
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Semiannual Report
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Semiannual Report
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Semiannual Report
April 30, 2008
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Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
Semiannual Report
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view each fund's most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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
Canada
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on redemptions of Canada, Europe, and Pacific Basin shares purchased prior to October 12, 1990, and redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2007 to April 30, 2008).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
Beginning
Account Value
November 1, 2007
|
Ending
Account Value
April 30, 2008
| Expenses Paid
During Period*
November 1, 2007
to April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 918.60 | $ 6.25 |
HypotheticalA | $ 1,000.00 | $ 1,018.35 | $ 6.57 |
Class T | | | |
Actual | $ 1,000.00 | $ 917.20 | $ 7.58 |
HypotheticalA | $ 1,000.00 | $ 1,016.96 | $ 7.97 |
Class B | | | |
Actual | $ 1,000.00 | $ 915.00 | $ 10.00 |
HypotheticalA | $ 1,000.00 | $ 1,014.42 | $ 10.52 |
Class C | | | |
Actual | $ 1,000.00 | $ 914.90 | $ 9.95 |
HypotheticalA | $ 1,000.00 | $ 1,014.47 | $ 10.47 |
Canada | | | |
Actual | $ 1,000.00 | $ 919.90 | $ 4.77 |
HypotheticalA | $ 1,000.00 | $ 1,019.89 | $ 5.02 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 919.60 | $ 5.15 |
HypotheticalA | $ 1,000.00 | $ 1,019.49 | $ 5.42 |
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 182/366 (to reflect the one-half year period).
Semiannual Report
Canada
Shareholder Expense Example - continued
| Annualized
Expense Ratio |
Class A | 1.31% |
Class T | 1.59% |
Class B | 2.10% |
Class C | 2.09% |
Canada | 1.00% |
Institutional Class | 1.08% |
Semiannual Report
Canada
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
 | Canada | 92.0% | |
 | United States of America | 8.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| Canada | 94.9% | |
| United States of America | 5.1% | |
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 | 91.9 | 96.1 |
Short-Term Investments and Net Other Assets | 8.1 | 3.9 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
EnCana Corp. (Oil, Gas & Consumable Fuels) | 5.0 | 3.2 |
Potash Corp. of Saskatchewan, Inc. (Chemicals) | 5.0 | 3.7 |
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 4.9 | 4.7 |
Research In Motion Ltd. (Communications Equipment) | 4.4 | 4.8 |
Toronto-Dominion Bank (Commercial Banks) | 4.4 | 3.9 |
Manulife Financial Corp. (Insurance) | 4.2 | 4.5 |
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 3.9 | 3.5 |
Royal Bank of Canada (Commercial Banks) | 3.5 | 4.0 |
SNC-Lavalin Group, Inc. (Construction & Engineering) | 3.5 | 3.6 |
TransCanada Corp. (Oil, Gas & Consumable Fuels) | 3.3 | 3.2 |
| 42.1 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Energy | 27.9 | 25.6 |
Financials | 21.2 | 23.7 |
Materials | 14.8 | 10.9 |
Industrials | 9.2 | 10.3 |
Information Technology | 6.9 | 9.5 |
Telecommunication Services | 4.9 | 6.3 |
Consumer Discretionary | 3.5 | 6.3 |
Consumer Staples | 3.2 | 3.4 |
Health Care | 0.3 | 0.1 |
Semiannual Report
Canada
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 91.9% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 3.5% |
Hotels, Restaurants & Leisure - 0.6% |
Great Canadian Gaming Corp. (a) | 1,200,000 | | $ 12,094,132 |
Tim Hortons, Inc. | 500,000 | | 17,175,000 |
| | 29,269,132 |
Media - 2.0% |
Aeroplan Income Fund | 650,000 | | 9,842,617 |
Corus Entertainment, Inc. Class B (non-vtg.) | 975,000 | | 18,733,244 |
Quebecor, Inc. Class B (sub. vtg.) | 1,000,000 | | 28,467,878 |
Thomson Reuters Corp. | 500,000 | | 18,518,519 |
Yellow Pages Income Fund (d) | 2,000,000 | | 21,785,324 |
| | 97,347,582 |
Textiles, Apparel & Luxury Goods - 0.9% |
Gildan Activewear, Inc. (a) | 1,850,000 | | 47,411,876 |
TOTAL CONSUMER DISCRETIONARY | | 174,028,590 |
CONSUMER STAPLES - 3.2% |
Food & Staples Retailing - 2.0% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 1,300,000 | | 18,020,058 |
Metro, Inc. Class A (sub. vtg.) | 500,000 | | 12,113,991 |
Shoppers Drug Mart Corp. | 1,350,000 | | 71,300,268 |
| | 101,434,317 |
Food Products - 1.2% |
Saskatchewan Wheat Pl, Inc.(OLD) (a)(e) | 1,273,500 | | 17,412,466 |
Viterra, Inc. (a)(f) | 2,929,300 | | 40,052,091 |
| | 57,464,557 |
TOTAL CONSUMER STAPLES | | 158,898,874 |
ENERGY - 27.9% |
Energy Equipment & Services - 0.3% |
Flint Energy Services Ltd. (a) | 650,000 | | 14,528,349 |
Oil, Gas & Consumable Fuels - 27.6% |
Birchcliff Energy Ltd. (a) | 500,000 | | 5,461,225 |
Cameco Corp. | 1,900,000 | | 66,050,045 |
Canadian Natural Resources Ltd. | 2,250,000 | | 191,130,474 |
Canadian Oil Sands Trust | 2,700,000 | | 121,260,054 |
Duvernay Oil Corp. (a) | 350,000 | | 16,705,888 |
Enbridge, Inc. | 300,000 | | 12,338,397 |
EnCana Corp. | 3,050,000 | | 246,065,434 |
Husky Energy, Inc. | 1,400,000 | | 63,223,116 |
Keyera Facilities Income Fund | 1,700,000 | | 35,363,916 |
Nexen, Inc. | 1,150,000 | | 39,852,050 |
Niko Resources Ltd. | 550,000 | | 49,697,150 |
Niko Resources Ltd. (e) | 20,000 | | 1,807,169 |
Petro-Canada | 1,000,000 | | 50,104,260 |
Suncor Energy, Inc. | 2,150,000 | | 242,624,864 |
|
| Shares | | Value |
Talisman Energy, Inc. | 2,750,000 | | $ 55,622,580 |
TransCanada Corp. | 4,350,000 | | 159,383,378 |
| | 1,356,690,000 |
TOTAL ENERGY | | 1,371,218,349 |
FINANCIALS - 21.2% |
Capital Markets - 0.3% |
CI Financial Income Fund (d) | 600,000 | | 13,369,080 |
Commercial Banks - 12.2% |
Bank of Montreal (d) | 1,909,300 | | 94,981,561 |
Canadian Imperial Bank of Commerce | 850,000 | | 62,600,040 |
National Bank of Canada | 1,050,000 | | 56,018,767 |
Royal Bank of Canada | 3,600,000 | | 171,653,262 |
Toronto-Dominion Bank | 3,250,000 | | 213,342,766 |
| | 598,596,396 |
Diversified Financial Services - 0.7% |
Onex Corp. (sub. vtg.) | 400,000 | | 12,542,945 |
TSX Group, Inc. | 500,000 | | 21,000,894 |
| | 33,543,839 |
Insurance - 6.3% |
ING Canada, Inc. | 550,000 | | 21,353,391 |
Manulife Financial Corp. | 5,300,000 | | 207,189,951 |
Power Corp. of Canada (sub. vtg.) | 1,350,000 | | 47,345,845 |
Sun Life Financial, Inc. | 750,000 | | 36,260,054 |
| | 312,149,241 |
Real Estate Management & Development - 1.7% |
Brookfield Asset Management, Inc. Class A (d) | 1,950,000 | | 63,605,898 |
Brookfield Properties Corp. | 1,000,000 | | 20,130,007 |
| | 83,735,905 |
TOTAL FINANCIALS | | 1,041,394,461 |
HEALTH CARE - 0.3% |
Health Care Equipment & Supplies - 0.3% |
Noveko International, Inc. (a) | 2,150,000 | | 12,915,798 |
INDUSTRIALS - 9.2% |
Aerospace & Defense - 3.4% |
Bombardier, Inc. Class B (sub. vtg.) (a) | 20,000,000 | | 131,069,407 |
CAE, Inc. | 2,800,000 | | 32,139,807 |
Mecachrome International, Inc. (a)(e) | 400,000 | | 2,951,048 |
| | 166,160,262 |
Commercial Services & Supplies - 0.4% |
Garda World Security Corp. (a) | 1,100,000 | | 18,404,329 |
Construction & Engineering - 3.5% |
SNC-Lavalin Group, Inc. | 3,400,000 | | 170,523,285 |
Road & Rail - 1.0% |
Canadian National Railway Co. | 400,000 | | 20,947,274 |
Common Stocks - continued |
| Shares | | Value |
INDUSTRIALS - continued |
Road & Rail - continued |
Canadian Pacific Railway Ltd. | 350,000 | | $ 24,111,806 |
TransForce Income Fund | 800,000 | | 6,060,967 |
| | 51,120,047 |
Trading Companies & Distributors - 0.9% |
Finning International, Inc. | 1,500,000 | | 44,608,281 |
TOTAL INDUSTRIALS | | 450,816,204 |
INFORMATION TECHNOLOGY - 6.9% |
Communications Equipment - 4.4% |
Research In Motion Ltd. (a) | 1,775,000 | | 215,893,262 |
Internet Software & Services - 1.5% |
Google, Inc. Class A (sub. vtg.) (a) | 80,000 | | 45,943,200 |
Open Text Corp. (a)(d) | 700,000 | | 25,849,469 |
| | 71,792,669 |
IT Services - 0.6% |
CGI Group, Inc. Class A (sub. vtg.) (a) | 2,606,300 | | 30,356,369 |
Software - 0.4% |
MacDonald Dettwiler & Associates Ltd. (a) | 450,000 | | 18,319,929 |
TOTAL INFORMATION TECHNOLOGY | | 336,362,229 |
MATERIALS - 14.8% |
Chemicals - 6.5% |
Agrium, Inc. | 575,000 | | 45,213,236 |
Monsanto Co. | 265,000 | | 30,215,300 |
Potash Corp. of Saskatchewan, Inc. | 1,325,000 | | 243,733,757 |
| | 319,162,293 |
Metals & Mining - 8.3% |
B2Gold Corp. | 3,597,200 | | 4,857,702 |
Barrick Gold Corp. | 1,750,000 | | 67,264,919 |
Eldorado Gold Corp. (a) | 2,071,500 | | 14,130,876 |
Fording Canadian Coal Trust | 800,000 | | 49,297,984 |
Goldcorp, Inc. | 3,500,000 | | 124,451,395 |
Harry Winston Diamond Corp. | 400,000 | | 11,851,852 |
Kinross Gold Corp. | 2,750,000 | | 51,963,559 |
Orezone Resources, Inc. Class A (a) | 10,000,000 | | 12,908,351 |
Shore Gold, Inc. (a) | 3,300,000 | | 11,927,316 |
Yamana Gold, Inc. | 4,500,000 | | 57,685,433 |
| | 406,339,387 |
TOTAL MATERIALS | | 725,501,680 |
TELECOMMUNICATION SERVICES - 4.9% |
Diversified Telecommunication Services - 1.8% |
BCE, Inc. | 2,350,000 | | 85,870,321 |
|
| Shares | | Value |
Wireless Telecommunication Services - 3.1% |
American Tower Corp. Class A (a) | 325,000 | | $ 14,111,500 |
Rogers Communications, Inc. Class B (non-vtg.) | 3,150,000 | | 140,156,390 |
| | 154,267,890 |
TOTAL TELECOMMUNICATION SERVICES | | 240,138,211 |
TOTAL COMMON STOCKS (Cost $3,176,731,324) | 4,511,274,396 |
Government Obligations - 2.4% |
| Principal Amount | | |
Canadian Government Treasury Bills 2.0184% to 3.4108% 5/1/08 to 8/7/08
(Cost $116,290,595) | CAD | 117,250,000 | | 115,993,129 |
Money Market Funds - 7.8% |
| Shares | | |
Fidelity Cash Central Fund, 2.51% (b) | 300,193,911 | | 300,193,911 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 85,656,200 | | 85,656,200 |
TOTAL MONEY MARKET FUNDS (Cost $385,850,111) | 385,850,111 |
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $3,678,872,030) | | 5,013,117,636 |
NET OTHER ASSETS - (2.1)% | | (101,932,019) |
NET ASSETS - 100% | $ 4,911,185,617 |
Currency Abbreviations |
CAD | - | Canadian dollar |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $22,170,683 or 0.5% of net assets. |
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 4,007,242 |
Fidelity Securities Lending Cash Central Fund | 2,885,493 |
Total | $ 6,892,735 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Canada
Financial Statements
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $85,568,057) - See accompanying schedule: Unaffiliated issuers (cost $3,293,021,919) | $ 4,627,267,525 | |
Fidelity Central Funds (cost $385,850,111) | 385,850,111 | |
Total Investments (cost $3,678,872,030) | | $ 5,013,117,636 |
Cash | | 60,570 |
Foreign currency held at value (cost $1,697,900) | | 1,697,900 |
Receivable for investments sold | | 56,793,594 |
Receivable for fund shares sold | | 10,248,823 |
Dividends receivable | | 4,322,036 |
Distributions receivable from Fidelity Central Funds | | 938,134 |
Prepaid expenses | | 9,125 |
Other receivables | | 281,808 |
Total assets | | 5,087,469,626 |
| | |
Liabilities | | |
Payable for investments purchased
Regular delivery | $ 76,158,454 | |
Delayed delivery | 5,568,261 | |
Payable for fund shares redeemed | 5,066,667 | |
Accrued management fee | 2,791,729 | |
Distribution fees payable | 37,132 | |
Other affiliated payables | 929,130 | |
Other payables and accrued expenses | 76,436 | |
Collateral on securities loaned, at value | 85,656,200 | |
Total liabilities | | 176,284,009 |
| | |
Net Assets | | $ 4,911,185,617 |
Net Assets consist of: | | |
Paid in capital | | $ 3,500,494,190 |
Undistributed net investment income | | 15,350,159 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 61,000,449 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,334,340,819 |
Net Assets | | $ 4,911,185,617 |
Statement of Assets and Liabilities - continued
| April 30, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($52,597,988 ÷ 865,983 shares) | | $ 60.74 |
| | |
Maximum offering price per share (100/94.25 of $60.74) | | $ 64.45 |
Class T:
Net Asset Value and redemption price per share ($19,073,585 ÷ 314,399 shares) | | $ 60.67 |
| | |
Maximum offering price per share (100/96.50 of $60.67) | | $ 62.87 |
Classs B:
Net Asset Value and offering price per share ($5,685,083 ÷ 93,939 shares)A | | $ 60.52 |
| | |
Class C:
Net Asset Value and offering price per share ($19,109,563 ÷ 316,337 shares)A | | $ 60.41 |
| | |
| | |
Canada:
Net Asset Value, offering price and redemption price per share ($4,806,169,704 ÷ 78,889,201 shares) | | $ 60.92 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($8,549,694 ÷ 140,512 shares) | | $ 60.85 |
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
Canada
Financial Statements - continued
Statement of Operations
Six months ended April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 41,044,770 |
Interest | | 1,706,622 |
Income from Fidelity Central Funds (including $2,885,493 from security lending) | | 6,892,735 |
| | 49,644,127 |
Less foreign taxes withheld | | (6,132,720) |
Total income | | 43,511,407 |
| | |
Expenses | | |
Management fee
Basic fee | $ 16,159,107 | |
Performance adjustment | 396,724 | |
Transfer agent fees | 4,746,520 | |
Distribution fees | 171,804 | |
Accounting and security lending fees | 778,178 | |
Custodian fees and expenses | 50,424 | |
Independent trustees' compensation | 9,330 | |
Registration fees | 195,360 | |
Audit | 36,788 | |
Legal | 7,346 | |
Miscellaneous | 493,337 | |
Total expenses before reductions | 23,044,918 | |
Expense reductions | (613,344) | 22,431,574 |
Net investment income (loss) | | 21,079,833 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 70,426,145 | |
Foreign currency transactions | (990,931) | |
Total net realized gain (loss) | | 69,435,214 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (504,886,479) | |
Assets and liabilities in foreign currencies | (71,403) | |
Total change in net unrealized appreciation (depreciation) | | (504,957,882) |
Net gain (loss) | | (435,522,668) |
Net increase (decrease) in net assets resulting from operations | | $ (414,442,835) |
Statement of Changes in Net Assets
| Six months ended
April 30, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 21,079,833 | $ 33,178,201 |
Net realized gain (loss) | 69,435,214 | 272,277,024 |
Change in net unrealized appreciation (depreciation) | (504,957,882) | 1,120,719,255 |
Net increase (decrease) in net assets resulting from operations | (414,442,835) | 1,426,174,480 |
Distributions to shareholders from net investment income | (28,915,997) | (22,989,617) |
Distributions to shareholders from net realized gain | (235,022,796) | (65,775,827) |
Total distributions | (263,938,793) | (88,765,444) |
Share transactions - net increase (decrease) | 645,085,631 | 467,056,549 |
Redemption fees | 1,537,407 | 1,551,369 |
Total increase (decrease) in net assets | (31,758,590) | 1,806,016,954 |
| | |
Net Assets | | |
Beginning of period | 4,942,944,207 | 3,136,927,253 |
End of period (including undistributed net investment income of $15,350,159 and undistributed net investment income of $26,450,845, respectively) | $ 4,911,185,617 | $ 4,942,944,207 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2008 | Year ended
October 31, |
| (Unaudited) | 2007 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 70.16 | $ 54.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .18 | .19 |
Net realized and unrealized gain (loss) | (5.94) | 15.96 |
Total from investment operations | (5.76) | 16.15 |
Distributions from net investment income | (.41) | - |
Distributions from net realized gain | (3.27) | - |
Total distributions | (3.68) | - |
Redemption fees added to paid in capital E | .02 | .01 |
Net asset value, end of period | $ 60.74 | $ 70.16 |
Total Return B, C, D | (8.14)% | 29.93% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 1.31% A | 1.23% A |
Expenses net of fee waivers, if any | 1.31% A | 1.23% A |
Expenses net of all reductions | 1.29% A | 1.22% A |
Net investment income (loss) | .62% A | .63% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 52,598 | $ 20,912 |
Portfolio turnover rate G | 44% A | 42% |
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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. 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. |
Financial Highlights - Class T
| Six months ended
April 30, 2008 | Year ended
October 31, |
| (Unaudited) | 2007 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 70.09 | $ 54.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .10 | .09 |
Net realized and unrealized gain (loss) | (5.94) | 15.99 |
Total from investment operations | (5.84) | 16.08 |
Distributions from net investment income | (.33) | - |
Distributions from net realized gain | (3.27) | - |
Total distributions | (3.60) | - |
Redemption fees added to paid in capital E | .02 | .01 |
Net asset value, end of period | $ 60.67 | $ 70.09 |
Total Return B, C, D | (8.28)% | 29.80% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 1.59% A | 1.48% A |
Expenses net of fee waivers, if any | 1.59% A | 1.48% A |
Expenses net of all reductions | 1.56% A | 1.47% A |
Net investment income (loss) | .34% A | .30% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 19,074 | $ 14,522 |
Portfolio turnover rate G | 44% A | 42% |
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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, 2008 | Year ended
October 31, |
| (Unaudited) | 2007 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 69.88 | $ 54.00 |
Income from Investment Operations | | |
Net investment income (loss) E | (.05) | (.06) |
Net realized and unrealized gain (loss) | (5.92) | 15.93 |
Total from investment operations | (5.97) | 15.87 |
Distributions from net investment income | (.14) | - |
Distributions from net realized gain | (3.27) | - |
Total distributions | (3.41) | - |
Redemption fees added to paid in capital E | .02 | .01 |
Net asset value, end of period | $ 60.52 | $ 69.88 |
Total Return B, C, D | (8.50)% | 29.41% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.10% A | 2.00% A |
Expenses net of fee waivers, if any | 2.10% A | 2.00% A |
Expenses net of all reductions | 2.08% A | 1.99% A |
Net investment income (loss) | (.18)% A | (.21)% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 5,685 | $ 4,078 |
Portfolio turnover rate G | 44% A | 42% |
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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. 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. |
Financial Highlights - Class C
| Six months ended
April 30, 2008 | Year ended
October 31, |
| (Unaudited) | 2007 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 69.91 | $ 54.00 |
Income from Investment Operations | | |
Net investment income (loss) E | (.05) | (.04) |
Net realized and unrealized gain (loss) | (5.93) | 15.94 |
Total from investment operations | (5.98) | 15.90 |
Distributions from net investment income | (.27) | - |
Distributions from net realized gain | (3.27) | - |
Total distributions | (3.54) | - |
Redemption fees added to paid in capital E | .02 | .01 |
Net asset value, end of period | $ 60.41 | $ 69.91 |
Total Return B, C, D | (8.51)% | 29.46% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.09% A | 1.99% A |
Expenses net of fee waivers, if any | 2.09% A | 1.99% A |
Expenses net of all reductions | 2.07% A | 1.97% A |
Net investment income (loss) | (.16)% A | (.15)% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 19,110 | $ 8,752 |
Portfolio turnover rate G | 44% A | 42% |
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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Canada
| Six months ended
April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 70.25 | $ 49.48 | $ 39.14 | $ 31.87 | $ 25.13 | $ 17.52 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .28 | .52 | .34 | .20 | .10 | .05 |
Net realized and unrealized gain (loss) | (5.96) | 21.62 | 10.15 | 7.12 | 6.74 | 7.58 |
Total from investment operations | (5.68) | 22.14 | 10.49 | 7.32 | 6.84 | 7.63 |
Distributions from net investment income | (.40) | (.36) | (.16) | (.08) | (.13) | (.04) |
Distributions from net realized gain | (3.27) | (1.03) | (.01) | - | - | - |
Total distributions | (3.67) | (1.39) | (.17) | (.08) | (.13) | (.04) |
Redemption fees added to paid in capital D | .02 | .02 | .02 | .03 | .03 | .02 |
Net asset value, end of period | $ 60.92 | $ 70.25 | $ 49.48 | $ 39.14 | $ 31.87 | $ 25.13 |
Total Return B, C | (8.01)% | 46.03% | 26.93% | 23.11% | 27.45% | 43.75% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | 1.00% A | .96% | 1.00% | 1.08% | 1.20% | 1.42% |
Expenses net of fee waivers, if any | 1.00% A | .96% | 1.00% | 1.08% | 1.20% | 1.42% |
Expenses net of all reductions | .97% A | .94% | .97% | 1.04% | 1.15% | 1.37% |
Net investment income (loss) | .93% A | .94% | .74% | .55% | .34% | .26% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,806,170 | $ 4,890,617 | $ 3,136,927 | $ 1,722,516 | $ 413,319 | $ 167,205 |
Portfolio turnover rate F | 44% A | 42% | 50% | 24% | 47% | 52% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D 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. |
Financial Highlights - Institutional Class
| Six months ended
April 30, 2008 | Year ended
October 31, |
| (Unaudited) | 2007 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 70.25 | $ 54.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .25 | .25 |
Net realized and unrealized gain (loss) | (5.95) | 15.99 |
Total from investment operations | (5.70) | 16.24 |
Distributions from net investment income | (.45) | - |
Distributions from net realized gain | (3.27) | - |
Total distributions | (3.72) | - |
Redemption fees added to paid in capital D | .02 | .01 |
Net asset value, end of period | $ 60.85 | $ 70.25 |
Total Return B, C | (8.04)% | 30.09% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 1.08% A | 1.01% A |
Expenses net of fee waivers, if any | 1.08% A | 1.01% A |
Expenses net of all reductions | 1.06% A | .99% A |
Net investment income (loss) | .84% A | .83% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 8,550 | $ 4,064 |
Portfolio turnover rate F | 44% A | 42% |
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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2008 (Unaudited)
1. Organization.
Fidelity Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Canada, 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.
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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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.
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. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustees compensation and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 1,421,686,383 | |
Unrealized depreciation | (100,120,630) | |
Net unrealized appreciation (depreciation) | $ 1,321,565,753 | |
Cost for federal income tax purposes | $ 3,691,551,883 | |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% 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 Pronouncement. 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 results in expanded disclosures about fair value measurements.
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,140,888,956 and $954,292,711, 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 relative investment performance of the retail class of the Fund, Canada as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .72% of the Fund's average net assets.
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% | $ 43,284 | $ 5,713 |
Class T | .25% | .25% | 39,648 | 20,174 |
Class B | .75% | .25% | 22,057 | 16,693 |
Class C | .75% | .25% | 66,815 | 49,702 |
| | | $ 171,804 | $ 92,282 |
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 | $ 72,897 |
Class T | 13,102 |
Class B* | 34,219 |
Class C* | 2,685 |
| $ 122,903 |
* 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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008, Fidelity Service Company, Inc. (FSC), also an affiliate of FMR, was the transfer agent for Canada shares. For the period, each class paid the following Transfer Agent fees:
| Amount | % of
Average
Net Assets* |
Class A | $ 46,554 | .27 |
Class T | 23,378 | .29 |
Class B | 6,926 | .31 |
Class C | 20,049 | .30 |
Canada | 4,640,831 | .21 |
Institutional Class | 8,782 | .29 |
| $ 4,746,520 | |
* 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 $672 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 $4,422 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.
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 $527,691 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 $11,047. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction | |
Canada | $ 26,286 | |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 December 2006, the Independent Trustees, with the assistance of independent counsel, completed an investigation regarding gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during the period 2002 to 2004. The Independent Trustees and FMR agreed 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 was worthy of redress. Accordingly, the Independent Trustees requested, and FMR agreed to make, a payment of $42 million plus accrued interest, which equaled approximately $7.3 million, to certain Fidelity mutual funds.
In March 2008, the Trustees approved a method for allocating this payment among the funds and, in total, FMR paid the fund $1,279, which is recorded in the accompanying Statement of Operations.
In a related administrative order dated March 5, 2008, the U.S. Securities and Exchange Commission ("SEC") announced a settlement with FMR and FMR Co., Inc. (an affiliate of FMR) involving the SEC's regulatory rules for investment advisers and the improper receipt of gifts, gratuities and business entertainment. Without admitting or denying the SEC's findings, FMR agreed to pay an $8 million civil penalty to the United States Treasury.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2008 | Year ended
October 31,
2007 |
From net investment income | | |
Class A | $ 171,585 | $ - |
Class T | 73,871 | - |
Class B | 8,835 | - |
Class C | 45,389 | - |
Canada | 28,579,266 | 22,989,617 |
Institutional Class | 37,051 | - |
Total | $ 28,915,997 | $ 22,989,617 |
From net realized gain | | |
Class A | $ 1,361,853 | $ - |
Class T | 736,454 | - |
Class B | 209,359 | - |
Class C | 549,710 | - |
Canada | 231,896,182 | 65,775,827 |
Institutional Class | 269,238 | - |
Total | $ 235,022,796 | $ 65,775,827 |
Semiannual Report
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30,
2008 | Year ended
October 31,
2007 A | Six months ended
April 30,
2008 | Year ended
October 31,
2007 A |
Class A | | | | |
Shares sold | 636,213 | 308,956 | $ 38,175,349 | $ 19,422,841 |
Reinvestment of distributions | 24,107 | - | 1,454,159 | - |
Shares redeemed | (92,388) | (10,905) | (5,408,855) | (645,019) |
Net increase (decrease) | 567,932 | 298,051 | $ 34,220,653 | $ 18,777,822 |
Class T | | | | |
Shares sold | 121,396 | 208,648 | $ 7,310,644 | $ 12,838,431 |
Reinvestment of distributions | 13,224 | - | 797,554 | - |
Shares redeemed | (27,415) | (1,454) | (1,625,445) | (89,047) |
Net increase (decrease) | 107,205 | 207,194 | $ 6,482,753 | $ 12,749,384 |
Classs B | | | | |
Shares sold | 60,299 | 110,050 | $ 3,610,337 | $ 6,654,427 |
Reinvestment of distributions | 2,917 | - | 175,839 | - |
Shares redeemed | (27,631) | (51,696) | (1,600,252) | (3,069,986) |
Net increase (decrease) | 35,585 | 58,354 | $ 2,185,924 | $ 3,584,441 |
Class C | | | | |
Shares sold | 210,880 | 134,518 | $ 12,616,550 | $ 8,317,609 |
Reinvestment of distributions | 8,472 | - | 509,854 | - |
Shares redeemed | (28,197) | (9,336) | (1,650,968) | (570,425) |
Net increase (decrease) | 191,155 | 125,182 | $ 11,475,436 | $ 7,747,184 |
Canada | | | | |
Shares sold | 18,611,036 | 32,853,429 | $ 1,127,145,321 | $ 1,882,759,894 |
Reinvestment of distributions | 3,970,250 | 1,757,370 | 239,922,208 | 85,654,201 |
Shares redeemed | (13,309,305) | (28,386,777) | (781,375,050) | (1,547,811,990) |
Net increase (decrease) | 9,271,981 | 6,224,022 | $ 585,692,479 | $ 420,602,105 |
Institutional Class | | | | |
Shares sold | 100,939 | 61,781 | $ 6,095,406 | $ 3,830,515 |
Reinvestment of distributions | 4,721 | - | 285,066 | - |
Shares redeemed | (22,992) | (3,937) | (1,352,086) | (234,902) |
Net increase (decrease) | 82,668 | 57,844 | $ 5,028,386 | $ 3,595,613 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period May 2, 2007 (commencement of sale of shares) to October 31, 2007.
Semiannual Report
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, 2007 to April 30, 2008).
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 Class' 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, 2007
|
Ending
Account Value
April 30, 2008
| Expenses Paid
During Period*
November 1, 2007
to April 30, 2008 |
China Region | | | |
Actual | $ 1,000.00 | $ 812.50 | $ 4.91 |
HypotheticalA | $ 1,000.00 | $ 1,019.44 | $ 5.47 |
Emerging Markets | | | |
Actual | $ 1,000.00 | $ 885.10 | $ 4.97 |
HypotheticalA | $ 1,000.00 | $ 1,019.59 | $ 5.32 |
Europe | | | |
Actual | $ 1,000.00 | $ 908.20 | $ 4.84 |
HypotheticalA | $ 1,000.00 | $ 1,019.79 | $ 5.12 |
Europe Capital Appreciation | | | |
Actual | $ 1,000.00 | $ 898.70 | $ 5.48 |
HypotheticalA | $ 1,000.00 | $ 1,019.10 | $ 5.82 |
Japan | | | |
Actual | $ 1,000.00 | $ 915.90 | $ 5.57 |
HypotheticalA | $ 1,000.00 | $ 1,019.05 | $ 5.87 |
Japan Smaller Companies | | | |
Actual | $ 1,000.00 | $ 821.70 | $ 4.71 |
HypotheticalA | $ 1,000.00 | $ 1,019.69 | $ 5.22 |
Latin America | | | |
Actual | $ 1,000.00 | $ 1,010.70 | $ 5.00 |
HypotheticalA | $ 1,000.00 | $ 1,019.89 | $ 5.02 |
Nordic | | | |
Actual | $ 1,000.00 | $ 882.90 | $ 5.01 |
HypotheticalA | $ 1,000.00 | $ 1,019.54 | $ 5.37 |
|
Beginning
Account Value
November 1, 2007
|
Ending
Account Value
April 30, 2008
| Expenses Paid
During Period*
November 1, 2007
to April 30, 2008 |
Pacific Basin | | | |
Actual | $ 1,000.00 | $ 808.80 | $ 5.71 |
HypotheticalA | $ 1,000.00 | $ 1,018.55 | $ 6.37 |
Southeast Asia | | | |
Actual | $ 1,000.00 | $ 747.80 | $ 4.91 |
HypotheticalA | $ 1,000.00 | $ 1,019.24 | $ 5.67 |
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 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
China Region | 1.09% |
Emerging Markets | 1.06% |
Europe | 1.02% |
Europe Capital Appreciation | 1.16% |
Japan | 1.17% |
Japan Smaller Companies | 1.04% |
Latin America | 1.00% |
Nordic | 1.07% |
Pacific Basin | 1.27% |
Southeast Asia | 1.13% |
Semiannual Report
China Region
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Hong Kong | 31.9% | |
 | Taiwan | 26.8% | |
 | China | 21.2% | |
 | Australia | 6.5% | |
 | United States of America | 5.3% | |
 | Indonesia | 3.0% | |
 | Cayman Islands | 3.1% | |
 | Bermuda | 1.3% | |
 | Papua New Guinea | 0.4% | |
| Other | 0.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| China | 30.4% | |
| Hong Kong | 27.9% | |
| Taiwan | 21.5% | |
| United States of America | 4.1% | |
| Australia | 3.6% | |
| Cayman Islands | 3.0% | |
| Singapore | 3.0% | |
| Korea (South) | 2.1% | |
| Indonesia | 1.9% | |
| Other | 2.5% | |
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 | 95.1 | 95.9 |
Short-Term Investments and Net Other Assets | 4.9 | 4.1 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
China Mobile (Hong Kong) Ltd. (Wireless Telecommunication Services) | 9.9 | 7.0 |
Taiwan Fertilizer Co. Ltd. (Chemicals) | 4.6 | 1.6 |
Fuhwa Financial Holding Co. Ltd. (Diversified Financial Services) | 3.8 | 0.3 |
Esprit Holdings Ltd. (Specialty Retail) | 3.8 | 3.1 |
Chunghwa Telecom Co. Ltd. (Diversified Telecommunication Services) | 3.5 | 0.0 |
Incitec Pivot Ltd. (Chemicals) | 3.5 | 0.0 |
CNOOC Ltd. (Oil, Gas & Consumable Fuels) | 3.2 | 2.4 |
PT Bumi Resources Tbk (Oil, Gas & Consumable Fuels) | 3.0 | 1.3 |
Li & Fung Ltd. (Distributors) | 2.7 | 2.1 |
Tencent Holdings Ltd. (Internet Software & Services) | 2.4 | 1.7 |
| 40.4 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 23.1 | 21.8 |
Materials | 18.7 | 21.6 |
Telecommunication Services | 15.8 | 7.0 |
Consumer Discretionary | 12.0 | 10.1 |
Energy | 9.8 | 10.3 |
Information Technology | 7.9 | 11.5 |
Utilities | 3.0 | 0.1 |
Industrials | 3.0 | 12.7 |
Consumer Staples | 1.0 | 0.8 |
Health Care | 0.8 | 0.0 |
Semiannual Report
China Region
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.1% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 12.0% |
Distributors - 2.7% |
Li & Fung Ltd. | 10,158,600 | | $ 42,038,823 |
Diversified Consumer Services - 0.7% |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 135,900 | | 10,200,654 |
Hotels, Restaurants & Leisure - 0.8% |
Ctrip.com International Ltd. sponsored ADR | 195,800 | | 12,151,348 |
Leisure Equipment & Products - 1.1% |
Li Ning Co. Ltd. | 5,672,500 | | 16,741,305 |
Media - 1.6% |
Focus Media Holding Ltd. ADR (a)(d) | 675,300 | | 24,911,817 |
Multiline Retail - 0.6% |
Parkson Retail Group Ltd. | 1,024,000 | | 9,651,142 |
Specialty Retail - 3.8% |
Esprit Holdings Ltd. | 4,694,500 | | 57,769,009 |
Textiles, Apparel & Luxury Goods - 0.7% |
China Dongxiang Group Co. Ltd. | 17,000,000 | | 7,438,584 |
Ports Design Ltd. | 1,211,500 | | 3,901,972 |
| | 11,340,556 |
TOTAL CONSUMER DISCRETIONARY | | 184,804,654 |
CONSUMER STAPLES - 1.0% |
Beverages - 1.0% |
Yantai Changyu Pioneer Wine Co. (B Shares) | 2,218,663 | | 15,401,945 |
ENERGY - 9.8% |
Energy Equipment & Services - 0.8% |
China Oilfield Services Ltd. (H Shares) | 6,358,000 | | 11,682,896 |
Oil, Gas & Consumable Fuels - 9.0% |
Banpu PCL unit | 304,000 | | 4,178,562 |
China Shenhua Energy Co. Ltd. (H Shares) | 4,252,500 | | 19,535,040 |
CNOOC Ltd. | 28,274,000 | | 50,188,777 |
PetroChina Co. Ltd. (H Shares) | 12,350,000 | | 18,557,146 |
PT Bumi Resources Tbk | 64,187,500 | | 46,290,690 |
| | 138,750,215 |
TOTAL ENERGY | | 150,433,111 |
FINANCIALS - 23.1% |
Commercial Banks - 8.1% |
Bank of East Asia Ltd. | 1,260,600 | | 7,182,030 |
China Construction Bank Corp. (H Shares) | 14,869,000 | | 13,432,022 |
Chinatrust Financial Holding Co. Ltd. (a) | 30,709,000 | | 32,022,687 |
First Financial Holding Co. Ltd. | 24,967,000 | | 30,340,061 |
Hang Seng Bank Ltd. | 1,010,900 | | 20,248,743 |
|
| Shares | | Value |
Industrial & Commercial Bank of China | 22,382,000 | | $ 17,720,298 |
Wing Hang Bank Ltd. | 232,000 | | 3,107,960 |
| | 124,053,801 |
Diversified Financial Services - 4.9% |
Hong Kong Exchanges & Clearing Ltd. | 812,700 | | 16,601,995 |
Yuanta Financial Holding Co. Ltd. (a) | 62,421,000 | | 59,453,453 |
| | 76,055,448 |
Insurance - 4.4% |
Cathay Financial Holding Co. Ltd. | 8,711,000 | | 24,461,466 |
China Life Insurance Co. Ltd. (H Shares) | 7,861,000 | | 34,245,698 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 1,035,500 | | 9,825,966 |
| | 68,533,130 |
Real Estate Management & Development - 5.7% |
Cathay Real Estate Development Co. Ltd. | 24,023,000 | | 19,290,988 |
Cheung Kong Holdings Ltd. | 1,438,000 | | 22,400,852 |
Hang Lung Properties Ltd. | 1,868,000 | | 7,598,417 |
Hung Poo Real Estate Development Co. Ltd. | 5,022,000 | | 9,615,982 |
Sinyi Realty, Inc. | 3,243,245 | | 12,516,012 |
Sun Hung Kai Properties Ltd. | 891,000 | | 15,606,206 |
| | 87,028,457 |
TOTAL FINANCIALS | | 355,670,836 |
HEALTH CARE - 0.8% |
Health Care Equipment & Supplies - 0.8% |
China Medical Technologies, Inc. sponsored ADR (d) | 194,000 | | 7,255,600 |
Mindray Medical International Ltd. sponsored ADR | 136,700 | | 4,647,800 |
| | 11,903,400 |
INDUSTRIALS - 3.0% |
Electrical Equipment - 0.1% |
BYD Co. Ltd. (H Shares) | 526,300 | | 921,159 |
Industrial Conglomerates - 2.9% |
Far Eastern Textile Ltd. | 14,245,000 | | 23,954,151 |
Hutchison Whampoa Ltd. | 2,153,000 | | 20,991,750 |
| | 44,945,901 |
TOTAL INDUSTRIALS | | 45,867,060 |
INFORMATION TECHNOLOGY - 7.9% |
Electronic Equipment & Instruments - 2.0% |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 5,293,543 | | 30,685,946 |
Internet Software & Services - 5.9% |
Baidu.com, Inc. sponsored ADR (a) | 80,100 | | 29,284,560 |
Sina Corp. (a) | 385,000 | | 17,787,000 |
Common Stocks - continued |
| Shares | | Value |
INFORMATION TECHNOLOGY - continued |
Internet Software & Services - continued |
Sohu.com, Inc. (a) | 92,100 | | $ 6,366,873 |
Tencent Holdings Ltd. | 5,570,800 | | 36,956,861 |
| | 90,395,294 |
TOTAL INFORMATION TECHNOLOGY | | 121,081,240 |
MATERIALS - 18.7% |
Chemicals - 9.2% |
Incitec Pivot Ltd. (d) | 352,513 | | 53,796,451 |
Sinofert Holdings Ltd. | 21,926,000 | | 16,740,304 |
Taiwan Fertilizer Co. Ltd. | 14,401,000 | | 69,764,266 |
| | 140,301,021 |
Construction Materials - 3.6% |
Anhui Conch Cement Co. Ltd. (H Shares) | 3,962,000 | | 31,673,021 |
Taiwan Cement Corp. | 14,496,600 | | 23,567,836 |
| | 55,240,857 |
Metals & Mining - 5.7% |
Aluminum Corp. of China Ltd. (H Shares) | 9,910,000 | | 16,760,078 |
BHP Billiton Ltd. | 365,300 | | 14,721,942 |
China Steel Corp. | 11,708,380 | | 19,227,162 |
Lihir Gold Ltd. (a) | 2,160,868 | | 5,992,422 |
Mount Gibson Iron Ltd. (a)(d) | 4,347,149 | | 12,014,313 |
Rio Tinto Ltd. | 149,207 | | 19,151,831 |
| | 87,867,748 |
Paper & Forest Products - 0.2% |
Sino-Forest Corp. (a) | 229,900 | | 3,481,258 |
TOTAL MATERIALS | | 286,890,884 |
TELECOMMUNICATION SERVICES - 15.8% |
Diversified Telecommunication Services - 3.8% |
Chunghwa Telecom Co. Ltd. | 21,146,000 | | 54,518,795 |
Chunghwa Telecom Co. Ltd. ADR | 164,178 | | 4,188,181 |
| | 58,706,976 |
Wireless Telecommunication Services - 12.0% |
China Mobile (Hong Kong) Ltd. | 8,844,000 | | 152,182,417 |
China Unicom Ltd. | 14,936,000 | | 32,408,696 |
| | 184,591,113 |
TOTAL TELECOMMUNICATION SERVICES | | 243,298,089 |
|
| Shares | | Value |
UTILITIES - 3.0% |
Electric Utilities - 2.7% |
CLP Holdings Ltd. | 3,361,500 | | $ 26,656,833 |
Hong Kong Electric Holdings Ltd. | 2,522,500 | | 15,828,035 |
| | 42,484,868 |
Gas Utilities - 0.3% |
Xinao Gas Holdings Ltd. | 2,216,000 | | 4,077,612 |
TOTAL UTILITIES | | 46,562,480 |
TOTAL COMMON STOCKS (Cost $1,230,139,494) | 1,461,913,699 |
Money Market Funds - 9.2% |
| | | |
Fidelity Cash Central Fund, 2.51% (b) | 94,661,003 | | 94,661,003 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 46,006,487 | | 46,006,487 |
TOTAL MONEY MARKET FUNDS (Cost $140,667,490) | 140,667,490 |
TOTAL INVESTMENT PORTFOLIO - 104.3% (Cost $1,370,806,984) | | 1,602,581,189 |
NET OTHER ASSETS - (4.3)% | | (65,769,796) |
NET ASSETS - 100% | $ 1,536,811,393 |
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 | $ 1,169,339 |
Fidelity Securities Lending Cash Central Fund | 147,634 |
Total | $ 1,316,973 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
China Region
Financial Statements
Statement of Assets and Liabilities
(Unaudited) | April 30, 2008 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $43,060,766) - See accompanying schedule: Unaffiliated issuers (cost $1,230,139,494) | $ 1,461,913,699 | |
Fidelity Central Funds (cost $140,667,490) | 140,667,490 | |
Total Investments (cost $1,370,806,984) | | $ 1,602,581,189 |
Foreign currency held at value (cost $7,464) | | 7,428 |
Receivable for investments sold | | 1,447,352 |
Receivable for fund shares sold | | 6,223,723 |
Dividends receivable | | 1,350,557 |
Distributions receivable from Fidelity Central Funds | | 185,955 |
Prepaid expenses | | 3,609 |
Other receivables | | 651,248 |
Total assets | | 1,612,451,061 |
| | |
Liabilities | | |
Payable for investments purchased | $ 26,715,534 | |
Payable for fund shares redeemed | 1,598,380 | |
Accrued management fee | 870,658 | |
Other affiliated payables | 342,138 | |
Other payables and accrued expenses | 106,471 | |
Collateral on securities loaned, at value | 46,006,487 | |
Total liabilities | | 75,639,668 |
| | |
Net Assets | | $ 1,536,811,393 |
Net Assets consist of: | | |
Paid in capital | | $ 1,329,406,142 |
Distributions in excess of net investment income | | (1,522,480) |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (22,864,263) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 231,791,994 |
Net Assets, for 52,412,211 shares outstanding | | $ 1,536,811,393 |
Net Asset Value, offering price and redemption price per share ($1,536,811,393 ÷ 52,412,211 shares) | | $ 29.32 |
Statement of Operations
(Unaudited) | Six months ended April 30, 2008 |
| | |
Investment Income | | |
Dividends | | $ 6,264,375 |
Interest | | 1,760 |
Income from Fidelity Central Funds (including $147,634 from security lending) | | 1,316,973 |
| | 7,583,108 |
Less foreign taxes withheld | | (7,722) |
Total income | | 7,575,386 |
| | |
Expenses | | |
Management fee | $ 5,602,608 | |
Transfer agent fees | 1,862,130 | |
Accounting and security lending fees | 358,298 | |
Custodian fees and expenses | 504,718 | |
Independent trustees' compensation | 3,370 | |
Registration fees | 79,357 | |
Audit | 32,709 | |
Legal | 2,452 | |
Interest | 3,502 | |
Miscellaneous | 181,870 | |
Total expenses before reductions | 8,631,014 | |
Expense reductions | (1,299,587) | 7,331,427 |
Net investment income (loss) | | 243,959 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (7,610,878) | |
Foreign currency transactions | (1,155,344) | |
Total net realized gain (loss) | | (8,766,222) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (395,212,026) | |
Assets and liabilities in foreign currencies | (973) | |
Total change in net unrealized appreciation (depreciation) | | (395,212,999) |
Net gain (loss) | | (403,979,221) |
Net increase (decrease) in net assets resulting from operations | | $ (403,735,262) |
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, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 243,959 | $ 17,487,006 |
Net realized gain (loss) | (8,766,222) | 248,422,709 |
Change in net unrealized appreciation (depreciation) | (395,212,999) | 471,226,907 |
Net increase (decrease) in net assets resulting from operations | (403,735,262) | 737,136,622 |
Distributions to shareholders from net investment income | (15,794,709) | (9,931,797) |
Distributions to shareholders from net realized gain | (223,593,729) | (6,849,518) |
Total distributions | (239,388,438) | (16,781,315) |
Share transactions
Proceeds from sales of shares | 486,058,834 | 1,145,260,346 |
Reinvestment of distributions | 228,787,494 | 16,027,386 |
Cost of shares redeemed | (581,510,905) | (573,113,425) |
Net increase (decrease) in net assets resulting from share transactions | 133,335,423 | 588,174,307 |
Redemption fees | 2,072,692 | 1,203,951 |
Total increase (decrease) in net assets | (507,715,585) | 1,309,733,565 |
| | |
Net Assets | | |
Beginning of period | 2,044,526,978 | 734,793,413 |
End of period (including distributions in excess of net investment income of $1,522,480 and undistributed net investment income of $16,429,698, respectively) | $ 1,536,811,393 | $ 2,044,526,978 |
Other Information Shares | | |
Sold | 15,615,695 | 38,031,904 |
Issued in reinvestment of distributions | 7,102,996 | 675,406 |
Redeemed | (19,549,758) | (21,493,222) |
Net increase (decrease) | 3,168,933 | 17,214,088 |
Financial Highlights
| Six months ended
April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 41.52 | $ 22.94 | $ 17.74 | $ 15.88 | $ 15.14 | $ 11.16 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | - I | .46 | .42 | .36 | .25 | .25 |
Net realized and unrealized gain (loss) | (7.39) | 18.58 | 4.99 | 1.75 | .73 | 3.91 |
Total from investment operations | (7.39) | 19.04 | 5.41 | 2.11 | .98 | 4.16 |
Distributions from net investment income | (.32) | (.29) | (.22) | (.26) | (.26) | (.19) |
Distributions from net realized gain | (4.53) | (.20) | - | - | - | - |
Total distributions | (4.85) | (.49) | (.22) | (.26) | (.26) | (.19) |
Redemption fees added to paid in capital E | .04 | .03 | .01 | .01 | .02 | .01 |
Net asset value, end of period | $ 29.32 | $ 41.52 | $ 22.94 | $ 17.74 | $ 15.88 | $ 15.14 |
Total Return B, C, D | (18.75)% | 84.73% | 30.83% | 13.44% | 6.71% | 37.91% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 1.09% A | 1.08% | 1.14% | 1.16% | 1.22% | 1.30% |
Expenses net of fee waivers, if any | 1.09% A | 1.08% | 1.14% | 1.16% | 1.22% | 1.30% |
Expenses net of all reductions | .93% A | .92% | 1.08% | 1.12% | 1.22% | 1.30% |
Net investment income (loss) | .03% A | 1.64% | 1.99% | 2.04% | 1.64% | 2.07% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,536,811 | $ 2,044,527 | $ 734,793 | $ 396,905 | $ 296,004 | $ 231,654 |
Portfolio turnover rate G | 139% A | 173% | 36% | 44% | 101% | 39% |
A Annualized BTotal 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. GAmount 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
Emerging Markets
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Brazil | 14.1% | |
| Russia | 12.5% | |
| Korea (South) | 11.8% | |
| South Africa | 6.6% | |
| Taiwan | 6.0% | |
| Hong Kong | 5.7% | |
| India | 5.6% | |
| China | 5.3% | |
| Mexico | 4.0% | |
| Other | 28.4% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| Korea (South) | 14.1% | |
| Brazil | 14.1% | |
| Russia | 10.4% | |
| India | 6.6% | |
| Taiwan | 6.4% | |
| South Africa | 6.4% | |
| Hong Kong | 6.1% | |
| China | 5.1% | |
| Mexico | 3.9% | |
| Other | 26.9% | |
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 | 98.1 | 98.6 |
Short-Term Investments and Net Other Assets | 1.9 | 1.4 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
OAO Gazprom sponsored ADR (Russia, Oil, Gas & Consumable Fuels) | 4.0 | 3.4 |
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services) | 3.5 | 3.6 |
Companhia Vale do Rio Doce (PN-A) sponsored ADR (Brazil, Metals & Mining) | 3.5 | 3.4 |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment) | 2.9 | 1.7 |
America Movil SAB de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services) | 2.1 | 1.9 |
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) | 1.9 | 1.3 |
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) | 1.9 | 1.5 |
China Construction Bank Corp. (H Shares) (China, Commercial Banks) | 1.4 | 1.1 |
Impala Platinum Holdings Ltd. (South Africa, Metals & Mining) | 1.3 | 1.0 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Instruments) | 1.3 | 1.4 |
| 23.8 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 21.1 | 20.2 |
Energy | 19.1 | 16.5 |
Materials | 17.9 | 18.1 |
Industrials | 10.7 | 13.3 |
Telecommunication Services | 9.4 | 10.3 |
Information Technology | 8.1 | 8.2 |
Consumer Discretionary | 6.1 | 4.9 |
Consumer Staples | 3.3 | 4.2 |
Utilities | 2.1 | 2.3 |
Health Care | 0.1 | 0.3 |
Semiannual Report
Emerging Markets
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% |
| Shares | | Value |
Argentina - 0.1% |
Banco Macro SA sponsored ADR (e) | 386,300 | | $ 8,730,380 |
Australia - 0.0% |
Sino Gold Mining Ltd. (a) | 406,127 | | 1,919,227 |
Austria - 1.1% |
Erste Bank AG | 474,500 | | 35,333,391 |
Raiffeisen International Bank Holding AG | 197,100 | | 32,030,822 |
TOTAL AUSTRIA | | 67,364,213 |
Bahrain - 0.3% |
Gulf Finance House BSC: | | | |
unit (f) | 442,090 | | 17,020,465 |
(Reg. S) unit | 77,000 | | 2,964,500 |
TOTAL BAHRAIN | | 19,984,965 |
Bermuda - 2.1% |
Aquarius Platinum Ltd. (Australia) | 2,007,300 | | 32,073,954 |
C C Land Holdings Ltd. | 8,400,000 | | 9,258,900 |
Central European Media Enterprises Ltd. Class A (a) | 231,400 | | 24,533,028 |
Credicorp Ltd. (NY Shares) | 207,100 | | 16,642,556 |
Dufry South America Ltd. unit | 285,527 | | 5,745,926 |
FerroChina Ltd. | 4,053,000 | | 4,243,979 |
Pacific Basin Shipping Ltd. | 11,752,000 | | 21,503,952 |
Samling Global Ltd. | 27,953,000 | | 5,165,090 |
Sinofert Holdings Ltd. | 8,014,900 | | 6,119,304 |
TOTAL BERMUDA | | 125,286,689 |
Brazil - 14.1% |
All America Latina Logistica SA unit | 1,514,800 | | 19,775,695 |
Anhanguera Educacional Participacoes SA unit (a) | 143,475 | | 2,355,573 |
Banco Bradesco SA: | | | |
(PN) | 3,165,600 | | 73,321,863 |
(PN) sponsored ADR | 582,000 | | 13,141,560 |
Banco Daycoval SA (PN) | 719,300 | | 5,409,247 |
Banco do Brasil SA | 1,842,000 | | 31,915,293 |
Banco Indusval SA | 258,784 | | 2,491,002 |
Companhia de Saneamento de Minas Gerais | 773,700 | | 12,846,902 |
Companhia Vale do Rio Doce (PN-A) sponsored ADR | 6,648,800 | | 211,697,792 |
Gafisa SA: | | | |
sponsored ADR (e) | 288,300 | | 12,555,465 |
warrants 12/28/07 (a) | 266,000 | | 5,792,150 |
GVT Holding SA (a) | 699,900 | | 17,011,166 |
Localiza Rent a Car SA | 1,651,400 | | 21,559,006 |
MMX Mineracao e Metalicos SA (a) | 340,000 | | 11,413,789 |
MRV Engenharia e Participacoes SA | 912,100 | | 18,382,475 |
Multiplan Empreendimentos Imobiliarios SA | 477,000 | | 6,026,351 |
Net Servicos de Comunicacao SA sponsored ADR (e) | 2,078,766 | | 28,375,156 |
|
| Shares | | Value |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) (non-vtg.) | 4,464,400 | | $ 114,255,550 |
(PN) sponsored ADR (non-vtg.) | 1,150,000 | | 116,265,000 |
sponsored ADR | 424,900 | | 51,591,358 |
SEB - Sistema Educacional Brasileiro SA unit (a) | 191,800 | | 2,619,336 |
SLC Agricola SA | 187,400 | | 3,551,378 |
Tegma Gestao Logistica | 436,700 | | 4,676,489 |
Uniao de Bancos Brasileiros SA (Unibanco): | | | |
unit | 1,968,000 | | 29,362,532 |
GDR | 264,100 | | 38,402,781 |
Weg SA | 335,900 | | 4,021,423 |
TOTAL BRAZIL | | 858,816,332 |
British Virgin Islands - 0.1% |
Thunderbird Resorts, Inc. (a)(f) | 331,900 | | 2,987,100 |
Titanium Resources Group Ltd. (a) | 872,500 | | 754,615 |
TOTAL BRITISH VIRGIN ISLANDS | | 3,741,715 |
Canada - 0.8% |
Addax Petroleum, Inc. | 152,600 | | 6,800,405 |
Addax Petroleum, Inc. (f) | 20,700 | | 922,466 |
Aurelian Resources, Inc. (a) | 801,400 | | 3,262,576 |
Eastern Platinum Ltd. (a) | 3,377,200 | | 9,724,834 |
First Quantum Minerals Ltd. | 167,600 | | 14,716,382 |
Ivanhoe Mines Ltd. (a) | 520,000 | | 4,977,460 |
JumpTV, Inc. | 1,044,042 | | 922,647 |
SouthGobi Energy Resources Ltd. (a) | 514,000 | | 6,634,892 |
TOTAL CANADA | | 47,961,662 |
Cayman Islands - 1.4% |
Chaoda Modern Agriculture (Holdings) Ltd. | 28,995,063 | | 41,670,532 |
China Aoyuan Property Group Ltd. | 596,000 | | 231,727 |
CNinsure, Inc. ADR | 27,400 | | 384,970 |
Giant Interactive Group, Inc. ADR (e) | 84,500 | | 1,377,350 |
Hidili Industry International Development Ltd. | 2,183,000 | | 3,333,402 |
Integra Group Holdings unit (a) | 418,000 | | 5,434,000 |
Lee & Man Paper Manufacturing Ltd. | 6,938,700 | | 12,910,203 |
NagaCorp Ltd. | 7,800,000 | | 1,921,688 |
Neo-Neon Holdings Ltd. | 4,545,000 | | 2,951,015 |
Xinyuan Real Estate Co. Ltd. ADR (e) | 1,022,800 | | 9,235,884 |
Yingli Green Energy Holding Co. Ltd. ADR (e) | 141,400 | | 3,115,042 |
Zhong An Real Estate Ltd. | 4,558,000 | | 2,117,239 |
TOTAL CAYMAN ISLANDS | | 84,683,052 |
Chile - 0.2% |
Lan Airlines SA sponsored ADR (e) | 1,048,000 | | 13,865,040 |
China - 5.3% |
Anhui Conch Cement Co. Ltd. (H Shares) | 2,878,000 | | 23,007,308 |
China Coal Energy Co. Ltd. (H Shares) | 18,661,700 | | 39,511,372 |
Common Stocks - continued |
| Shares | | Value |
China - continued |
China Communications Construction Co. Ltd. (H Shares) | 13,725,000 | | $ 32,616,721 |
China Construction Bank Corp. (H Shares) | 91,440,000 | | 82,603,004 |
China Hongxing Sports Ltd. | 5,160,000 | | 2,587,420 |
Digital China Holdings Ltd. (H Shares) | 4,263,000 | | 2,680,392 |
First Tractor Co. Ltd. (H Shares) (a) | 9,664,800 | | 4,737,434 |
Golden Eagle Retail Group Ltd. (H Shares) (e) | 5,854,000 | | 5,934,263 |
Industrial & Commercial Bank of China | 80,912,000 | | 64,059,724 |
Parkson Retail Group Ltd. | 1,124,000 | | 10,593,637 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 5,059,500 | | 48,010,115 |
Yantai Changyu Pioneer Wine Co. (B Shares) | 1,408,650 | | 9,778,840 |
TOTAL CHINA | | 326,120,230 |
Cyprus - 0.4% |
Mirland Development Corp. PLC (a) | 1,207,705 | | 11,045,610 |
XXI Century Investments Public Ltd. (a) | 468,000 | | 13,352,689 |
TOTAL CYPRUS | | 24,398,299 |
Czech Republic - 0.9% |
Ceske Energeticke Zavody AS | 723,400 | | 53,757,597 |
Egypt - 1.4% |
Commercial International Bank Ltd. sponsored GDR | 1,219,275 | | 21,191,000 |
Eastern Tobacco Co. | 151,245 | | 10,938,442 |
Orascom Construction Industries SAE: | | | |
GDR | 146,812 | | 23,710,138 |
GDR (f) | 16,120 | | 2,603,380 |
Orascom Hotels & Development (OHD) (a) | 1,503,349 | | 23,696,739 |
Telecom Egypt SAE | 1,501,400 | | 5,440,400 |
TOTAL EGYPT | | 87,580,099 |
Georgia - 0.1% |
Bank of Georgia unit (a) | 225,200 | | 5,391,288 |
Hong Kong - 5.7% |
China Mobile (Hong Kong) Ltd. | 12,474,400 | | 214,652,232 |
China Overseas Land & Investment Ltd. warrants 8/27/08 (a) | 103,166 | | 55,600 |
China Resources Power Holdings Co. Ltd. | 5,343,500 | | 13,535,052 |
CNOOC Ltd. | 31,119,000 | | 55,238,896 |
CNOOC Ltd. sponsored ADR (e) | 98,000 | | 17,399,900 |
CNPC (Hong Kong) Ltd. | 43,276,000 | | 20,824,057 |
REXCAPITAL Financial Holdings Ltd. (a) | 63,095,000 | | 7,367,554 |
Shanghai Industrial Holdings Ltd. (H Shares) | 2,897,000 | | 12,007,096 |
Sinotrans Shipping Ltd. | 9,484,000 | | 5,817,098 |
TOTAL HONG KONG | | 346,897,485 |
|
| Shares | | Value |
India - 5.6% |
Axis Bank Ltd. | 343,781 | | $ 7,849,170 |
Axis Bank Ltd. GDR (Reg. S) | 152,800 | | 3,552,600 |
Bank of India | 897,000 | | 7,590,682 |
Bharat Heavy Electricals Ltd. | 430,592 | | 20,248,469 |
Bharti Airtel Ltd. (a) | 1,011,342 | | 22,458,293 |
Blue Star Ltd. | 733,363 | | 7,996,286 |
Educomp Solutions Ltd. | 66,169 | | 6,556,784 |
Federal Bank Ltd.: | | | |
GDR | 499,884 | | 2,992,592 |
GDR (f) | 674,600 | | 4,038,542 |
HCL Technologies Ltd. | 1,943,082 | | 13,856,168 |
Housing Development Finance Corp. Ltd. | 279,000 | | 19,312,732 |
Indiabulls Real Estate Ltd. (a) | 175,000 | | 2,374,722 |
Indiabulls Real Estate Ltd. sponsored GDR (a)(f) | 719,116 | | 9,815,312 |
Indian Overseas Bank | 3,229,178 | | 12,115,093 |
ITC Ltd. | 1,500 | | 8,155 |
Jaiprakash Associates Ltd. | 2,450,514 | | 16,459,942 |
JSW Steel Ltd. | 446,072 | | 9,652,028 |
LANCO Infratech Ltd. (a) | 1,255,702 | | 16,681,124 |
Larsen & Toubro Ltd. | 316,663 | | 23,510,956 |
Pantaloon Retail India Ltd. | 494,132 | | 6,460,623 |
Reliance Industries Ltd. | 966,141 | | 62,446,864 |
Rolta India Ltd. | 1,596,035 | | 13,389,728 |
Sintex Industries Ltd. | 1,129,997 | | 12,916,047 |
State Bank of India | 531,731 | | 24,008,879 |
Tata Power Co. Ltd. | 458,393 | | 15,819,375 |
TOTAL INDIA | | 342,111,166 |
Indonesia - 3.7% |
PT Astra Agro Lestari Tbk | 6,468,000 | | 16,624,167 |
PT Astra International Tbk | 13,437,000 | | 29,144,316 |
PT Bank Mandiri Persero Tbk | 54,354,000 | | 16,946,925 |
PT Bank Niaga Tbk | 96,530,000 | | 7,118,570 |
PT Bank Rakyat Indonesia Tbk | 27,096,500 | | 17,484,439 |
PT Bumi Resources Tbk | 96,863,000 | | 69,855,581 |
PT Indocement Tunggal Prakarsa Tbk | 7,079,000 | | 4,299,139 |
PT International Nickel Indonesia Tbk | 31,217,000 | | 22,513,051 |
PT Perusahaan Gas Negara Tbk Series B | 20,522,300 | | 26,929,789 |
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk (a) | 13,049,500 | | 12,949,008 |
TOTAL INDONESIA | | 223,864,985 |
Ireland - 0.2% |
Dragon Oil PLC (a) | 1,064,000 | | 10,535,180 |
Israel - 1.3% |
Israel Chemicals Ltd. | 3,714,600 | | 68,386,850 |
Ormat Industries Ltd. | 579,600 | | 7,550,721 |
Orpak Systems Ltd. | 832,800 | | 2,649,303 |
Queenco Leisure International Ltd. GDR (a)(f) | 171,800 | | 2,448,638 |
TOTAL ISRAEL | | 81,035,512 |
Common Stocks - continued |
| Shares | | Value |
Kazakhstan - 0.6% |
JSC Halyk Bank of Kazakhstan: | | | |
GDR (f) | 333,200 | | $ 5,364,520 |
unit | 818,300 | | 13,174,630 |
KazMunaiGas Exploration & Production JSC (Reg. S) GDR | 620,323 | | 18,237,496 |
TOTAL KAZAKHSTAN | | 36,776,646 |
Korea (South) - 11.7% |
CJ CheilJedang Corp. (a) | 37,662 | | 9,572,703 |
Daelim Industrial Co. | 85,040 | | 11,485,597 |
Doosan Co. Ltd. (a) | 162,600 | | 27,957,651 |
GS Engineering & Construction Corp. | 203,100 | | 29,860,218 |
GS Holdings Corp. | 420 | | 16,808 |
Hanil Cement Co. Ltd. | 22,480 | | 2,133,164 |
Hanjin Heavy Industries & Consolidated Co. Ltd. | 282,184 | | 16,173,025 |
Hyundai Engineering & Construction Co. Ltd. | 284,317 | | 26,129,120 |
Hyundai Heavy Industries Co. Ltd. | 79,991 | | 28,544,023 |
Hyundai Steel Co. | 192,200 | | 15,115,462 |
Kookmin Bank | 790,945 | | 55,107,981 |
Kyeryong Construction Industrial Co. Ltd. | 338,240 | | 12,390,058 |
LG Display Co. Ltd. sponsored ADR (e) | 376,700 | | 8,200,759 |
LG Electronics, Inc. | 300,650 | | 46,899,324 |
LG Household & Health Care Ltd. | 107,660 | | 22,267,093 |
MegaStudy Co. Ltd. | 104,119 | | 34,351,762 |
NHN Corp. (a) | 125,806 | | 29,217,854 |
POSCO | 44,240 | | 21,629,435 |
Samsung Electronics Co. Ltd. | 252,226 | | 178,751,827 |
Samsung Fire & Marine Insurance Co. Ltd. | 128,030 | | 27,947,753 |
Shinhan Financial Group Co. Ltd. | 1,116,190 | | 64,443,917 |
SK Chemicals Co. Ltd. | 83,950 | | 5,338,662 |
SK Energy Co. Ltd. | 180,744 | | 22,159,504 |
Taewoong Co. Ltd. | 152,688 | | 16,071,628 |
TOTAL KOREA (SOUTH) | | 711,765,328 |
Lebanon - 0.1% |
Solidere GDR | 333,800 | | 8,188,114 |
Luxembourg - 0.8% |
Evraz Group SA GDR | 457,600 | | 47,476,000 |
Malaysia - 1.7% |
Bandar Raya Developments Bhd | 3,200,000 | | 2,066,477 |
DiGi.com Bhd | 1,275,500 | | 9,811,538 |
Gamuda Bhd | 11,329,200 | | 11,189,333 |
Genting Bhd | 8,068,800 | | 16,347,047 |
IJM Corp. Bhd | 2,748,000 | | 5,001,899 |
KNM Group Bhd | 8,559,600 | | 17,341,387 |
Parkson Holdings Bhd (a) | 2,747,810 | | 6,088,848 |
|
| Shares | | Value |
Public Bank Bhd | 8,983,000 | | $ 32,417,284 |
UEM World Bhd | 5,214,400 | | 5,381,116 |
TOTAL MALAYSIA | | 105,644,929 |
Mauritius - 0.1% |
Golden Agri-Resources Ltd. | 9,563,000 | | 5,994,064 |
Mexico - 4.0% |
Alsea SAB de CV | 4,268,500 | | 5,628,255 |
America Movil SAB de CV Series L sponsored ADR | 2,161,500 | | 125,280,540 |
Banco Compartamos SA de CV | 1,766,500 | | 7,420,521 |
Desarrolladora Homex Sab de CV sponsored ADR (a)(e) | 246,600 | | 14,692,428 |
Grupo Aeroportuario Norte Sab de CV ADR | 543,100 | | 11,812,425 |
Grupo Financiero Banorte SA de CV Series O | 4,559,700 | | 20,132,018 |
Grupo Mexico SA de CV Series B | 4,610,531 | | 33,701,767 |
Megacable Holdings SAB de CV unit | 2,740,200 | | 8,072,666 |
Urbi, Desarrollos Urbanos, SA de CV (a) | 6,291,600 | | 20,160,713 |
TOTAL MEXICO | | 246,901,333 |
Netherlands - 0.0% |
A&D Pharma Holdings NV (Reg. S) unit | 54,600 | | 554,034 |
Nigeria - 0.2% |
Guaranty Trust Bank PLC: | | | |
(Reg. S) unit | 574,000 | | 7,192,220 |
sponsored GDR (f) | 440,800 | | 5,523,224 |
TOTAL NIGERIA | | 12,715,444 |
Oman - 0.4% |
BankMuscat SAOG sponsored: | | | |
GDR (f) | 406,257 | | 8,429,833 |
GDR | 848,000 | | 17,596,000 |
TOTAL OMAN | | 26,025,833 |
Pakistan - 0.1% |
MCB Bank Ltd. | 380,190 | | 2,441,641 |
MCB Bank Ltd. unit (f) | 384,790 | | 4,953,865 |
TOTAL PAKISTAN | | 7,395,506 |
Panama - 0.1% |
Intergroup Financial Services Corp. (f) | 222,096 | | 4,619,597 |
Peru - 0.1% |
Compania de Minas Buenaventura SA sponsored ADR | 75,700 | | 4,736,549 |
Philippines - 0.7% |
Alliance Global Group, Inc. (a) | 20,753,000 | | 1,916,796 |
Ayala Corp. | 812,160 | | 5,722,146 |
GMA Networks, Inc. unit | 7,992,000 | | 1,381,684 |
International Container Terminal Services, Inc. | 5,614,000 | | 4,055,109 |
Megaworld Corp. | 128,641,000 | | 6,275,914 |
PNOC Energy Development Corp. | 54,693,000 | | 6,735,431 |
Common Stocks - continued |
| Shares | | Value |
Philippines - continued |
Robinsons Land Corp. | 14,515,000 | | $ 3,695,352 |
Security Bank Corp. | 3,065,000 | | 4,355,240 |
SM Investments Corp. | 1,302,957 | | 7,714,369 |
Vista Land & Lifescapes, Inc. | 47,900,000 | | 3,516,637 |
TOTAL PHILIPPINES | | 45,368,678 |
Poland - 0.3% |
BRE Bank SA (a) | 36,359 | | 5,918,983 |
Globe Trade Centre SA (a) | 756,500 | | 12,541,055 |
TOTAL POLAND | | 18,460,038 |
Romania - 0.0% |
Banca Transilvania SA (a) | 9,511,332 | | 2,979,449 |
Russia - 12.5% |
Bank St. Petersburg OJSC (a) | 1,916,469 | | 10,732,226 |
JSC MMC 'Norilsk Nickel' sponsored ADR | 2,431,400 | | 66,134,080 |
LSR Group OJSC (a) | 124,500 | | 9,561,600 |
Lukoil Oil Co. sponsored ADR | 513,259 | | 46,090,658 |
Mechel Steel Group OAO sponsored ADR (e) | 318,500 | | 46,437,300 |
Mobile TeleSystems OJSC sponsored ADR | 632,400 | | 49,061,592 |
Novorossiysk Commercial Sea Port JSC ADR (a)(f) | 331,200 | | 5,133,600 |
OAO Gazprom sponsored ADR | 4,660,206 | | 246,524,896 |
OAO Raspadskaya (a) | 1,180,000 | | 9,971,000 |
OAO TatNeft unit | 292,300 | | 37,487,475 |
OAO TMK | 1,540,400 | | 11,784,060 |
OJSC Rosneft unit | 3,059,900 | | 29,987,020 |
Open Investments (a) | 9,353 | | 2,356,956 |
Rosinter Restaurants Holding | 64,000 | | 3,072,000 |
Sberbank (Savings Bank of the Russian Federation) | 6,654,000 | | 21,658,770 |
Sberbank (Savings Bank of the Russian Federation) GDR | 138,100 | | 52,773,765 |
Sistema-Hals JSC (a) | 25,221 | | 3,717,575 |
Sistema-Hals JSC unit (a) | 87,000 | | 641,190 |
Uralkali JSC (a) | 2,099,300 | | 21,937,685 |
Uralkali JSC GDR unit (a) | 264,500 | | 14,097,850 |
Vimpel Communications sponsored ADR | 1,738,800 | | 52,442,208 |
VSMPO-Avisma Corp. (a) | 17,100 | | 3,762,000 |
Wimm-Bill-Dann Foods OJSC sponsored ADR | 127,595 | | 15,528,312 |
TOTAL RUSSIA | | 760,893,818 |
Singapore - 0.7% |
Keppel Corp. Ltd. | 1,100,800 | | 8,377,152 |
Olam International Ltd. | 3,923,700 | | 7,869,968 |
Straits Asia Resources Ltd. (e) | 10,904,000 | | 26,534,326 |
TOTAL SINGAPORE | | 42,781,446 |
Slovenia - 0.1% |
Nova Kreditna banka Maribor d.d. | 105,899 | | 5,123,234 |
|
| Shares | | Value |
South Africa - 6.5% |
African Bank Investments Ltd. | 5,140,226 | | $ 18,051,029 |
African Rainbow Minerals Ltd. | 772,066 | | 26,243,749 |
Aspen Pharmacare Holdings Ltd. | 1,389,441 | | 5,706,331 |
Bell Equipment Ltd. | 496,263 | | 2,855,330 |
Bidvest Group Ltd. | 1,107,000 | | 16,696,367 |
Blue Label Telecoms Ltd. | 4,663,852 | | 4,564,905 |
Exxaro Resources Ltd. | 1,142,400 | | 18,887,890 |
FirstRand Ltd. | 13,248,456 | | 27,441,778 |
Illovo Sugar Ltd. | 2,153,994 | | 9,116,953 |
Impala Platinum Holdings Ltd. | 1,928,628 | | 78,569,576 |
Kumba Iron Ore Ltd. | 603,700 | | 26,350,590 |
Mr. Price Group Ltd. | 2,997,847 | | 6,621,878 |
MTN Group Ltd. | 3,512,800 | | 67,139,252 |
Murray & Roberts Holdings Ltd. | 2,869,800 | | 33,593,104 |
Northam Platinum Ltd. | 668,750 | | 5,837,100 |
Raubex Group Ltd. | 3,046,763 | | 15,716,597 |
Sasol Ltd. sponsored ADR | 545,000 | | 30,874,250 |
TOTAL SOUTH AFRICA | | 394,266,679 |
Taiwan - 6.0% |
Asia Cement Corp. | 9,000,000 | | 16,198,374 |
AU Optronics Corp. | 12,864,000 | | 25,138,616 |
AU Optronics Corp. sponsored ADR (e) | 792,005 | | 15,459,938 |
China Steel Corp. | 23,691,950 | | 38,906,232 |
Chung Hwa Pulp Corp. | 6,000 | | 4,365 |
Everlight Electronics Co. Ltd. | 2,710,713 | | 10,416,403 |
First Financial Holding Co. Ltd. | 18,179,000 | | 22,091,239 |
Formosa Plastics Corp. | 6,279,000 | | 17,941,473 |
Foxconn Technology Co. Ltd. | 2,567,325 | | 16,568,827 |
High Tech Computer Corp. | 813,000 | | 20,960,834 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 13,286,828 | | 77,021,928 |
Innolux Display Corp. | 11,779,631 | | 34,703,437 |
MediaTek, Inc. | 982,700 | | 12,748,715 |
Siliconware Precision Industries Co. Ltd. | 15,268,726 | | 26,427,847 |
Taiwan Cement Corp. | 18,590,400 | | 30,223,329 |
TOTAL TAIWAN | | 364,811,557 |
Thailand - 1.6% |
Italian-Thai Development PCL (a) | 10,876,800 | | 2,846,073 |
Mermaid Maritime PLC | 5,066,000 | | 4,520,212 |
Minor International PCL (For. Reg.) | 28,464,794 | | 14,358,030 |
PTT PCL (For. Reg.) | 3,717,900 | | 39,148,127 |
Siam Commercial Bank PCL (For. Reg.) | 9,796,700 | | 27,487,588 |
Total Access Communication PCL | 3,390,000 | | 4,847,700 |
Total Access Communication PCL (For. Reg.) | 1,923,000 | | 2,803,870 |
TOTAL THAILAND | | 96,011,600 |
Turkey - 2.7% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 2,358,631 | | 21,457,234 |
Asya Katilim Bankasi AS (a) | 3,651,234 | | 25,341,872 |
Bagfas Bandirma Gubre Fabrikalari AS | 88,000 | | 9,661,987 |
Common Stocks - continued |
| Shares | | Value |
Turkey - continued |
Enka Insaat ve Sanayi AS | 2,063,072 | | $ 28,476,251 |
Tekfen Holding AS | 1,270,000 | | 7,868,402 |
Tofas Turk Otomobil Fabrikasi AS | 2,943,000 | | 11,217,144 |
Tupras-Turkiye Petrol Rafinerileri AS | 1,243,400 | | 33,642,303 |
Turkiye Garanti Bankasi AS | 5,638,500 | | 30,290,742 |
TOTAL TURKEY | | 167,955,935 |
United Arab Emirates - 0.1% |
Depa Ltd. GDR (a)(f) | 234,100 | | 1,598,903 |
DP World Ltd. | 7,141,100 | | 7,498,155 |
TOTAL UNITED ARAB EMIRATES | | 9,097,058 |
United Kingdom - 0.9% |
Aricom PLC (a) | 4,405,800 | | 6,964,066 |
Aricom PLC warrants 5/6/10 (a)(g) | 176,800 | | 78,214 |
Cairn Energy PLC | 47,000 | | 2,928,652 |
Imperial Energy PLC (a) | 221,200 | | 4,802,626 |
Imperial Energy PLC rights 5/28/08 (a) | 221,200 | | 0 |
Prosperity Mineral Holdings Ltd. | 711,000 | | 1,943,763 |
Randgold Resources Ltd. sponsored ADR | 257,700 | | 11,730,504 |
Sibir Energy PLC | 2,072,044 | | 25,748,384 |
TOTAL UNITED KINGDOM | | 54,196,209 |
United States of America - 0.8% |
BMB Munai, Inc. (a) | 538,862 | | 2,963,741 |
Central European Distribution Corp. (a)(e) | 141,600 | | 8,626,272 |
CTC Media, Inc. (a) | 645,017 | | 16,686,590 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 145,000 | | 16,493,750 |
Pricesmart, Inc. | 194,759 | | 5,560,369 |
TOTAL UNITED STATES OF AMERICA | | 50,330,722 |
Vietnam - 0.1% |
Luks Group (Vietnam Holdings) Co. Ltd. | 3,946,000 | | 3,645,663 |
TOTAL COMMON STOCKS (Cost $4,186,805,020) | 5,968,760,579 |
Nonconvertible Preferred Stocks - 0.2% |
| | | |
Korea (South) - 0.1% |
Samsung Electronics Co. Ltd. | 14,270 | | 7,339,470 |
South Africa - 0.1% |
Allied Electronics Corp. Ltd. | 628,500 | | 3,009,325 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $8,938,881) | 10,348,795 |
Investment Companies - 0.2% |
| | | |
Romania - 0.2% |
SIF 1 Banat-Crisana Arad Fund | 2,651,100 | | 2,779,511 |
SIF 3 Transilvania Brasov Fund | 8,137,600 | | 5,306,339 |
|
| Shares | | Value |
SIF 4 Muntenia Bucuresti Fund | 2,731,000 | | $ 1,897,215 |
SIF 5 Oltenia Craiova Fund | 1,203,500 | | 1,466,964 |
TOTAL INVESTMENT COMPANIES (Cost $13,001,363) | 11,450,029 |
Convertible Bonds - 0.0% |
| Principal Amount (d) | | |
Brazil - 0.0% |
Companhia de Saneamento de Minas Gerais 2.3% 6/1/13 (g)
(Cost $302,546) | BRL | 4,841 | | 321,530 |
Money Market Funds - 2.8% |
| Shares | | |
Fidelity Cash Central Fund, 2.51% (b) | 66,349,994 | | 66,349,994 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 107,876,145 | | 107,876,145 |
TOTAL MONEY MARKET FUNDS (Cost $174,226,139) | 174,226,139 |
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $4,383,273,949) | | 6,165,107,072 |
NET OTHER ASSETS - (0.9)% | | (55,633,849) |
NET ASSETS - 100% | $ 6,109,473,223 |
Currency Abbreviations |
BRL | - | Brazilian real |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(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 $75,459,445 or 1.2% 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 $399,744 or 0.0% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
Aricom PLC warrants 5/6/10 | 5/11/07 | $ 0 |
Companhia de Saneamento de Minas Gerais 2.3% 6/1/13 | 8/22/07 | $ 302,546 |
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 | $ 2,106,541 |
Fidelity Securities Lending Cash Central Fund | 314,421 |
Total | $ 2,420,962 |
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, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $108,475,606) - See accompanying schedule: Unaffiliated issuers (cost $4,209,047,810) | $ 5,990,880,933 | |
Fidelity Central Funds (cost $174,226,139) | 174,226,139 | |
Total Investments (cost $4,383,273,949) | | $ 6,165,107,072 |
Cash | | 1,147 |
Foreign currency held at value (cost $28,592,207) | | 28,134,525 |
Receivable for investments sold | | 35,878,338 |
Receivable for fund shares sold | | 11,116,259 |
Dividends receivable | | 9,692,383 |
Interest receivable | | 61 |
Distributions receivable from Fidelity Central Funds | | 195,943 |
Prepaid expenses | | 12,073 |
Other receivables | | 1,018,608 |
Total assets | | 6,251,156,409 |
| | |
Liabilities | | |
Payable for investments purchased | $ 15,154,854 | |
Payable for fund shares redeemed | 7,276,002 | |
Accrued management fee | 3,498,577 | |
Other affiliated payables | 1,129,550 | |
Other payables and accrued expenses | 6,748,058 | |
Collateral on securities loaned, at value | 107,876,145 | |
Total liabilities | | 141,683,186 |
| | |
Net Assets | | $ 6,109,473,223 |
Net Assets consist of: | | |
Paid in capital | | $ 4,262,062,526 |
Undistributed net investment income | | 25,668,427 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 47,959,202 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,773,783,068 |
Net Assets, for 192,091,719 shares outstanding | | $ 6,109,473,223 |
Net Asset Value, offering price and redemption price per share ($6,109,473,223 ÷ 192,091,719 shares) | | $ 31.80 |
Statement of Operations
Six months ended April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 66,733,189 |
Interest | | 32,299 |
Income from Fidelity Central Funds (including $314,421 from security lending) | | 2,420,962 |
| | 69,186,450 |
Less foreign taxes withheld | | (4,748,593) |
Total income | | 64,437,857 |
| | |
Expenses | | |
Management fee | $ 21,194,000 | |
Transfer agent fees | 6,089,711 | |
Accounting and security lending fees | 808,409 | |
Custodian fees and expenses | 2,731,831 | |
Independent trustees' compensation | 12,247 | |
Registration fees | 181,478 | |
Audit | 72,759 | |
Legal | 9,030 | |
Interest | 1,754 | |
Miscellaneous | 529,631 | |
Total expenses before reductions | 31,630,850 | |
Expense reductions | (1,337,891) | 30,292,959 |
Net investment income (loss) | | 34,144,898 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $1,904,321) | 49,079,959 | |
Foreign currency transactions | (946,239) | |
Total net realized gain (loss) | | 48,133,720 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $5,230,720) | (879,893,764) | |
Assets and liabilities in foreign currencies | (722,154) | |
Total change in net unrealized appreciation (depreciation) | | (880,615,918) |
Net gain (loss) | | (832,482,198) |
Net increase (decrease) in net assets resulting from operations | | $ (798,337,300) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended
April 30,
2008 | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 34,144,898 | $ 36,797,945 |
Net realized gain (loss) | 48,133,720 | 281,676,020 |
Change in net unrealized appreciation (depreciation) | (880,615,918) | 2,077,424,629 |
Net increase (decrease) in net assets resulting from operations | (798,337,300) | 2,395,898,594 |
Distributions to shareholders from net investment income | (34,024,353) | (28,224,601) |
Distributions to shareholders from net realized gain | (245,333,466) | - |
Total distributions | (279,357,819) | (28,224,601) |
Share transactions
Proceeds from sales of shares | 1,714,111,944 | 2,766,036,681 |
Reinvestment of distributions | 270,227,074 | 27,314,929 |
Cost of shares redeemed | (1,409,177,929) | (1,559,669,286) |
Net increase (decrease) in net assets resulting from share transactions | 575,161,089 | 1,233,682,324 |
Redemption fees | 2,962,670 | 2,543,001 |
Total increase (decrease) in net assets | (499,571,360) | 3,603,899,318 |
| | |
Net Assets | | |
Beginning of period | 6,609,044,583 | 3,005,145,265 |
End of period (including undistributed net investment income of $25,668,427 and undistributed net investment income of $25,569,936, respectively) | $ 6,109,473,223 | $ 6,609,044,583 |
Other Information Shares | | |
Sold | 53,187,740 | 96,979,878 |
Issued in reinvestment of distributions | 7,825,865 | 1,154,965 |
Redeemed | (44,951,261) | (58,453,895) |
Net increase (decrease) | 16,062,344 | 39,680,948 |
Financial Highlights
| Six months ended
April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 37.55 | $ 22.04 | $ 15.71 | $ 11.30 | $ 9.81 | $ 7.03 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .18 | .25 | .21 | .21 | .14 | .10 |
Net realized and unrealized gain (loss) | (4.39) | 15.44 | 6.31 | 4.30 | 1.46 | 2.73 |
Total from investment operations | (4.21) | 15.69 | 6.52 | 4.51 | 1.60 | 2.83 |
Distributions from net investment income | (.19) | (.20) | (.21) | (.11) | (.12) | (.05) |
Distributions from net realized gain | (1.37) | - | - | - | - | - |
Total distributions | (1.56) | (.20) | (.21) | (.11) | (.12) | (.05) |
Redemption fees added to paid in capital E | .02 | .02 | .02 | .01 | .01 | - I |
Net asset value, end of period | $ 31.80 | $ 37.55 | $ 22.04 | $ 15.71 | $ 11.30 | $ 9.81 |
Total Return B, C, D | (11.49)% | 71.81% | 41.96% | 40.25% | 16.48% | 40.50% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 1.06% A | 1.05% | 1.11% | 1.16% | 1.23% | 1.36% |
Expenses net of fee waivers, if any | 1.06% A | 1.05% | 1.11% | 1.16% | 1.23% | 1.36% |
Expenses net of all reductions | 1.01% A | .99% | 1.01% | 1.07% | 1.18% | 1.36% |
Net investment income (loss) | 1.14% A | .89% | 1.04% | 1.53% | 1.27% | 1.31% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 6,109,473 | $ 6,609,0045 | $ 3,005,145 | $ 1,392,223 | $ 604,550 | $ 430,928 |
Portfolio turnover rate G | 49% A | 52% | 66% | 68% | 112% | 105% |
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. DTotal returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. FFees 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. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense 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
Europe
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| United Kingdom | 24.4% | |
| Switzerland | 19.0% | |
| Germany | 16.6% | |
| France | 9.3% | |
| Sweden | 5.9% | |
| Spain | 4.9% | |
| Norway | 3.2% | |
| Russia | 3.1% | |
| United States of America | 2.4% | |
| Other | 11.2% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| United Kingdom | 19.9% | |
| Germany | 18.0% | |
| Switzerland | 12.0% | |
| France | 11.8% | |
| Sweden | 10.0% | |
| Spain | 6.0% | |
| Finland | 4.8% | |
| Luxembourg | 2.9% | |
| Netherlands | 2.8% | |
| Other | 11.8% | |
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 | 97.6 | 99.7 |
Short-Term Investments and Net Other Assets | 2.4 | 0.3 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Bayer AG (Germany, Chemicals) | 4.6 | 3.3 |
Tesco PLC (United Kingdom, Food & Staples Retailing) | 4.4 | 4.2 |
Syngenta AG (Switzerland) (Switzerland, Chemicals) | 4.2 | 2.8 |
Linde AG (Germany, Chemicals) | 3.8 | 1.7 |
ABB Ltd. (Reg.) (Switzerland, Electrical Equipment) | 3.8 | 4.2 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 3.7 | 1.8 |
Royal Dutch Shell PLC Class A (Netherlands) (United Kingdom, Oil, Gas & Consumable Fuels) | 3.4 | 0.0 |
OAO Gazprom sponsored ADR (Russia, Oil, Gas & Consumable Fuels) | 3.1 | 0.8 |
Telefonica SA (Spain, Diversified Telecommunication Services) | 3.1 | 3.5 |
H&M Hennes & Mauritz AB (B Shares) (Sweden, Specialty Retail) | 2.8 | 2.5 |
| 36.9 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Materials | 16.8 | 15.5 |
Industrials | 14.6 | 23.4 |
Energy | 14.2 | 7.4 |
Financials | 12.0 | 7.5 |
Consumer Staples | 11.8 | 10.5 |
Utilities | 7.7 | 8.1 |
Telecommunication Services | 6.7 | 9.5 |
Health Care | 6.1 | 3.6 |
Consumer Discretionary | 4.6 | 7.8 |
Information Technology | 3.1 | 6.4 |
Semiannual Report
Europe
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.6% |
| Shares | | Value |
Austria - 1.9% |
Erste Bank AG | 211,000 | | $ 15,712,003 |
Raiffeisen International Bank Holding AG | 488,000 | | 79,305,129 |
TOTAL AUSTRIA | | 95,017,132 |
Belgium - 1.1% |
InBev SA (d) | 634,500 | | 52,299,348 |
Czech Republic - 1.4% |
Ceske Energeticke Zavody AS | 948,600 | | 70,492,752 |
Denmark - 0.6% |
Vestas Wind Systems AS (a) | 279,400 | | 30,629,748 |
Finland - 1.4% |
Nokia Corp. (d) | 2,328,950 | | 70,002,409 |
France - 9.3% |
Electricite de France | 759,300 | | 79,655,066 |
Essilor International SA | 1,214,600 | | 75,749,677 |
Gaz de France | 596,200 | | 39,407,016 |
L'Air Liquide SA | 414,200 | | 62,539,889 |
L'Oreal SA | 213,200 | | 25,364,709 |
Total SA Series B | 697,800 | | 58,438,867 |
Veolia Environnement | 473,100 | | 34,372,416 |
VINCI SA | 1,187,700 | | 87,940,840 |
TOTAL FRANCE | | 463,468,480 |
Germany - 16.6% |
Allianz AG (Reg.) | 240,800 | | 48,917,865 |
Bayer AG (d) | 2,662,600 | | 227,780,851 |
E.ON AG (d) | 644,600 | | 131,531,521 |
Linde AG | 1,299,900 | | 190,954,674 |
Merck KGaA | 355,500 | | 50,618,910 |
RWE AG (d) | 267,600 | | 30,888,462 |
Siemens AG (Reg.) | 545,400 | | 63,800,733 |
Wincor Nixdorf AG | 1,068,300 | | 81,951,915 |
TOTAL GERMANY | | 826,444,931 |
Italy - 1.9% |
ENI SpA | 1,531,300 | | 58,995,747 |
Tod's SpA (d) | 599,800 | | 36,367,748 |
TOTAL ITALY | | 95,363,495 |
Luxembourg - 1.6% |
ArcelorMittal SA (France) | 917,100 | | 81,305,381 |
Netherlands - 1.3% |
Heineken NV (Bearer) | 1,056,300 | | 61,655,734 |
Norway - 3.2% |
StatoilHydro ASA | 1,040,200 | | 37,704,695 |
Telenor ASA | 4,781,400 | | 96,755,245 |
Yara International ASA | 316,400 | | 23,186,090 |
TOTAL NORWAY | | 157,646,030 |
Russia - 3.1% |
OAO Gazprom sponsored ADR | 2,950,500 | | 156,081,450 |
|
| Shares | | Value |
Spain - 4.9% |
Banco Bilbao Vizcaya Argentaria SA | 995,200 | | $ 22,819,929 |
Banco Santander SA | 3,040,200 | | 65,732,879 |
Telefonica SA | 5,371,000 | | 154,300,712 |
TOTAL SPAIN | | 242,853,520 |
Sweden - 5.9% |
Elekta AB (B Shares) | 2,434,000 | | 42,377,624 |
H&M Hennes & Mauritz AB (B Shares) | 2,365,500 | | 140,641,315 |
Hexagon AB (B Shares) (d) | 3,763,275 | | 68,506,601 |
Nordea Bank AB | 2,365,500 | | 39,189,939 |
TOTAL SWEDEN | | 290,715,479 |
Switzerland - 19.0% |
ABB Ltd. (Reg.) (d) | 6,058,175 | | 186,117,611 |
Compagnie Financiere Richemont unit | 886,965 | | 54,044,616 |
EFG International | 710,510 | | 22,726,174 |
Geberit AG (Reg.) | 334,761 | | 51,712,887 |
Julius Baer Holding AG | 985,168 | | 73,098,629 |
Nestle SA (Reg.) | 188,984 | | 90,626,252 |
Roche Holding AG (participation certificate) | 698,191 | | 116,410,078 |
Schindler Holding AG (participation certificate) | 982,067 | | 79,927,973 |
SGS Societe Generale de Surveillance Holding SA (Reg.) | 43,331 | | 61,250,400 |
Syngenta AG (Switzerland) | 699,553 | | 207,860,525 |
TOTAL SWITZERLAND | | 943,775,145 |
United Kingdom - 24.4% |
Anglo American PLC (United Kingdom) | 689,900 | | 44,840,666 |
BG Group PLC | 7,525,100 | | 184,179,513 |
BP PLC | 3,232,200 | | 39,165,753 |
British American Tobacco PLC | 910,100 | | 34,138,855 |
Capita Group PLC | 3,381,516 | | 44,575,474 |
GlaxoSmithKline PLC | 1,013,800 | | 22,425,784 |
HBOS PLC | 1,914,800 | | 17,912,411 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 7,963,400 | | 138,271,481 |
Investec PLC | 5,950,200 | | 42,589,747 |
Royal Dutch Shell PLC Class A (Netherlands) | 4,286,400 | | 171,763,015 |
Serco Group PLC | 5,626,400 | | 49,333,302 |
Standard Chartered PLC (United Kingdom) | 678,400 | | 24,197,989 |
Tesco PLC | 25,461,373 | | 217,175,136 |
Unilever PLC | 2,930,700 | | 98,357,235 |
Vodafone Group PLC | 26,651,300 | | 84,339,928 |
TOTAL UNITED KINGDOM | | 1,213,266,289 |
TOTAL COMMON STOCKS (Cost $4,114,700,911) | 4,851,017,323 |
Nonconvertible Preferred Stocks - 0.0% |
| Shares | | Value |
Germany - 0.0% |
Henkel AG & Co. KGaA
(Cost $322,385) | 7,200 | | $ 307,412 |
Money Market Funds - 13.7% |
| | | |
Fidelity Cash Central Fund, 2.51% (b) | 102,278,949 | | 102,278,949 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 577,956,834 | | 577,956,834 |
TOTAL MONEY MARKET FUNDS (Cost $680,235,783) | 680,235,783 |
TOTAL INVESTMENT PORTFOLIO - 111.3% (Cost $4,795,259,079) | | 5,531,560,518 |
NET OTHER ASSETS - (11.3)% | | (561,093,859) |
NET ASSETS - 100% | $ 4,970,466,659 |
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 | $ 2,777,889 |
Fidelity Securities Lending Cash Central Fund | 1,976,554 |
Total | $ 4,754,443 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Europe
Financial Statements
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $549,809,300) - See accompanying schedule: Unaffiliated issuers (cost $4,115,023,296) | $ 4,851,324,735 | |
Fidelity Central Funds (cost $680,235,783) | 680,235,783 | |
Total Investments (cost $4,795,259,079) | | $ 5,531,560,518 |
Cash | | 4,478 |
Foreign currency held at value (cost $5,023,559) | | 5,017,767 |
Receivable for investments sold | | 32,907,892 |
Receivable for fund shares sold | | 473,419 |
Dividends receivable | | 21,265,572 |
Distributions receivable from Fidelity Central Funds | | 1,353,195 |
Prepaid expenses | | 10,639 |
Other receivables | | 635,241 |
Total assets | | 5,593,228,721 |
| | |
Liabilities | | |
Payable for investments purchased | $ 38,104,252 | |
Payable for fund shares redeemed | 2,543,072 | |
Accrued management fee | 2,810,960 | |
Other affiliated payables | 1,032,884 | |
Other payables and accrued expenses | 314,060 | |
Collateral on securities loaned, at value | 577,956,834 | |
Total liabilities | | 622,762,062 |
| | |
Net Assets | | $ 4,970,466,659 |
Net Assets consist of: | | |
Paid in capital | | $ 4,259,242,939 |
Undistributed net investment income | | 31,316,110 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (56,382,259) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 736,289,869 |
Net Assets, for 125,339,968 shares outstanding | | $ 4,970,466,659 |
Net Asset Value, offering price and redemption price per share ($4,970,466,659 ÷ 125,339,968 shares) | | $ 39.66 |
Statement of Operations
Six months ended April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 59,881,346 |
Interest | | 74,005 |
Income from Fidelity Central Funds (including $1,976,554 from security lending) | | 4,754,443 |
| | 64,709,794 |
Less foreign taxes withheld | | (5,701,744) |
Total income | | 59,008,050 |
| | |
Expenses | | |
Management fee
Basic fee | $ 17,619,693 | |
Performance adjustment | 723,942 | |
Transfer agent fees | 5,522,959 | |
Accounting and security lending
fees | 790,673 | |
Custodian fees and expenses | 400,965 | |
Independent trustees' compensation | 10,232 | |
Registration fees | 64,144 | |
Audit | 40,275 | |
Legal | 9,062 | |
Interest | 4,042 | |
Miscellaneous | 166,382 | |
Total expenses before reductions | 25,352,369 | |
Expense reductions | (1,203,534) | 24,148,835 |
Net investment income (loss) | | 34,859,215 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (50,004,193) | |
Foreign currency transactions | (908,908) | |
Total net realized gain (loss) | | (50,913,101) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (488,308,545) | |
Assets and liabilities in foreign currencies | (89,444) | |
Total change in net unrealized appreciation (depreciation) | | (488,397,989) |
Net gain (loss) | | (539,311,090) |
Net increase (decrease) in net assets resulting from operations | | $ (504,451,875) |
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, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 34,859,215 | $ 78,249,764 |
Net realized gain (loss) | (50,913,101) | 390,312,328 |
Change in net unrealized appreciation (depreciation) | (488,397,989) | 726,840,862 |
Net increase (decrease) in net assets resulting from operations | (504,451,875) | 1,195,402,954 |
Distributions to shareholders from net investment income | (75,717,658) | (44,655,948) |
Distributions to shareholders from net realized gain | (358,785,158) | (492,200,801) |
Total distributions | (434,502,816) | (536,856,749) |
Share transactions
Proceeds from sales of shares | 284,987,792 | 914,445,282 |
Reinvestment of distributions | 429,703,172 | 530,000,847 |
Cost of shares redeemed | (269,933,618) | (671,683,034) |
Net increase (decrease) in net assets resulting from share transactions | 444,757,346 | 772,763,095 |
Redemption fees | 41,487 | 50,173 |
Total increase (decrease) in net assets | (494,155,858) | 1,431,359,473 |
| | |
Net Assets | | |
Beginning of period | 5,464,622,517 | 4,033,263,044 |
End of period (including undistributed net investment income of $31,316,110 and undistributed net investment income of $77,915,917, respectively) | $ 4,970,466,659 | $ 5,464,622,517 |
Other Information Shares | | |
Sold | 6,836,356 | 22,065,177 |
Issued in reinvestment of distributions | 10,002,402 | 13,802,106 |
Redeemed | (6,635,084) | (16,050,210) |
Net increase (decrease) | 10,203,674 | 19,817,073 |
Financial Highlights
| Six months ended
April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 47.46 | $ 42.31 | $ 37.26 | $ 30.42 | $ 24.37 | $ 18.31 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .28 | .69 | .58 | .33 | .09 | .29 |
Net realized and unrealized gain (loss) | (4.35) | 9.99 | 8.74 | 6.68 | 6.25 | 5.91 |
Total from investment operations | (4.07) | 10.68 | 9.32 | 7.01 | 6.34 | 6.20 |
Distributions from net investment income | (.65) | (.46) | (.30) | (.09) | (.29) | (.14) |
Distributions from net realized gain | (3.08) | (5.07) | (3.97) | (.08) | - | - |
Total distributions | (3.73) | (5.53) | (4.27) | (.17) | (.29) | (.14) |
Redemption fees added to paid in capital E, I | - | - | - | - | - | - |
Net asset value, end of period | $ 39.66 | $ 47.46 | $ 42.31 | $ 37.26 | $ 30.42 | $ 24.37 |
Total Return B, C, D | (9.18)% | 28.33% | 27.40% | 23.12% | 26.20% | 34.09% |
Ratios to Average Net Assets F, H | | | | | | |
Expenses before reductions | 1.02% A | 1.06% | 1.16% | 1.15% | 1.11% | 1.03% |
Expenses net of fee waivers, if any | 1.02% A | 1.06% | 1.16% | 1.15% | 1.11% | 1.03% |
Expenses net of all reductions | .97% A | 1.01% | 1.05% | 1.07% | 1.05% | .98% |
Net investment income (loss) | 1.40% A | 1.65% | 1.48% | .95% | .32% | 1.44% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,970,467 | $ 5,464,623 | $ 4,033,263 | $ 2,547,812 | $ 1,845,440 | $ 1,283,191 |
Portfolio turnover rate G | 95% A | 100% | 127% | 99% | 106% | 162% |
A Annualized BTotal 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. DTotal returns do not include the effect of the former contingent deferred sales charge. E Calculated based on average shares outstanding during the period. FFees 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. GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. HExpense 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. IAmount 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 (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| United Kingdom | 25.9% | |
| Germany | 14.4% | |
| Switzerland | 13.3% | |
| France | 12.3% | |
| Italy | 6.9% | |
| Spain | 5.9% | |
| United States of America | 3.4% | |
| Norway | 2.3% | |
| Sweden | 2.2% | |
| Other | 13.4% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| United Kingdom | 20.9% | |
| Germany | 19.4% | |
| France | 15.7% | |
| Switzerland | 13.3% | |
| Spain | 4.9% | |
| Italy | 3.3% | |
| Sweden | 2.8% | |
| Finland | 2.4% | |
| Greece | 2.2% | |
| Other | 15.1% | |
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 and Investment Companies | 97.1 | 99.1 |
Short-Term Investments and Net Other Assets | 2.9 | 0.9 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Dutch Shell PLC Class A (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels) | 3.5 | 3.7 |
Nestle SA (Reg.) (Switzerland, Food Products) | 3.1 | 2.3 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks) | 2.9 | 1.8 |
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services) | 2.5 | 2.2 |
E.ON AG (Germany, Electric Utilities) | 2.5 | 2.3 |
Total SA sponsored ADR (France, Oil, Gas & Consumable Fuels) | 2.3 | 1.2 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 2.1 | 2.9 |
Reckitt Benckiser Group PLC (United Kingdom, Household Products) | 2.1 | 1.2 |
Rio Tinto PLC (Reg.) (United Kingdom, Metals & Mining) | 1.8 | 0.0 |
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 1.7 | 1.6 |
| 24.5 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 22.6 | 24.7 |
Energy | 14.8 | 10.6 |
Consumer Staples | 12.2 | 10.0 |
Materials | 10.9 | 8.6 |
Consumer Discretionary | 8.2 | 10.2 |
Utilities | 7.7 | 7.0 |
Telecommunication Services | 7.3 | 7.4 |
Health Care | 6.3 | 7.0 |
Industrials | 5.7 | 10.7 |
Information Technology | 1.4 | 2.9 |
Semiannual Report
Europe Capital Appreciation
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.3% |
| Shares | | Value |
Argentina - 0.2% |
Cresud S.A.C.I.F. y A. sponsored ADR (d) | 156,000 | | $ 2,550,600 |
Australia - 0.9% |
CSL Ltd. | 237,491 | | 8,913,493 |
Belgium - 2.0% |
Fortis (d) | 498,000 | | 13,604,987 |
Umicore SA | 128,200 | | 6,866,564 |
TOTAL BELGIUM | | 20,471,551 |
Bermuda - 1.7% |
Aquarius Platinum Ltd. (United Kingdom) | 426,500 | | 6,720,310 |
Seadrill Ltd. | 359,600 | | 10,950,491 |
TOTAL BERMUDA | | 17,670,801 |
Canada - 1.2% |
EnCana Corp. | 99,500 | | 8,027,381 |
Silver Wheaton Corp. (a) | 326,600 | | 4,329,371 |
TOTAL CANADA | | 12,356,752 |
Cyprus - 0.6% |
Bank of Cyprus Public Co. Ltd. | 417,700 | | 5,777,353 |
Finland - 1.4% |
Neste Oil Oyj | 239,400 | | 7,268,997 |
Nokia Corp. sponsored ADR | 239,350 | | 7,197,255 |
TOTAL FINLAND | | 14,466,252 |
France - 12.3% |
Alstom SA | 43,300 | | 10,071,749 |
AXA SA | 176,500 | | 6,519,809 |
BNP Paribas SA | 132,000 | | 14,270,015 |
Credit Agricole SA | 189,100 | | 6,391,167 |
Eutelsat Communications | 367,364 | | 10,867,672 |
Groupe Danone | 169,200 | | 15,013,611 |
Pernod Ricard SA | 112,400 | | 12,984,605 |
Societe Generale (a) | 4,650 | | 538,626 |
Societe Generale Series A | 29,300 | | 3,437,836 |
Suez SA (France) | 234,000 | | 16,621,032 |
Total SA sponsored ADR | 281,700 | | 23,662,800 |
Veolia Environnement | 110,787 | | 8,049,074 |
TOTAL FRANCE | | 128,427,996 |
Germany - 14.4% |
Adidas-Salomon AG | 110,000 | | 7,038,844 |
Allianz AG (Reg.) | 79,200 | | 16,089,265 |
Commerzbank AG | 151,900 | | 5,525,154 |
Continental AG (d) | 73,400 | | 8,654,585 |
Daimler AG (Reg.) | 148,200 | | 11,520,934 |
Deutsche Postbank AG | 49,300 | | 4,334,513 |
E.ON AG (d) | 127,200 | | 25,955,336 |
ESCADA AG (a) | 92,300 | | 1,801,119 |
Fresenius AG | 64,800 | | 5,496,995 |
K&S AG | 23,200 | | 9,763,881 |
Linde AG | 87,600 | | 12,868,397 |
|
| Shares | | Value |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 74,400 | | $ 14,432,282 |
RWE AG | 111,100 | | 12,824,021 |
SAP AG sponsored ADR (d) | 151,700 | | 7,619,891 |
SolarWorld AG | 89,300 | | 4,819,273 |
Vossloh AG | 15,200 | | 2,205,347 |
TOTAL GERMANY | | 150,949,837 |
Greece - 0.6% |
Public Power Corp. of Greece | 143,100 | | 6,049,494 |
Ireland - 0.4% |
C&C Group PLC | 591,900 | | 4,065,666 |
Italy - 6.6% |
A2A SpA | 989,500 | | 3,653,236 |
ENI SpA sponsored ADR | 225,100 | | 17,337,202 |
Fiat SpA (d) | 342,300 | | 7,693,246 |
Finmeccanica SpA | 273,500 | | 9,563,923 |
IFIL Finanziaria di Partecipazioni SpA | 138,000 | | 1,157,084 |
Intesa Sanpaolo SpA | 1,604,700 | | 12,044,507 |
Prysmian SpA | 44,800 | | 1,069,411 |
UniCredit SpA | 2,126,000 | | 16,199,544 |
TOTAL ITALY | | 68,718,153 |
Luxembourg - 1.6% |
ArcelorMittal SA (France) | 183,700 | | 16,285,900 |
Netherlands - 1.5% |
Koninklijke KPN NV | 877,200 | | 16,138,343 |
Norway - 2.3% |
Petroleum Geo-Services ASA | 341,850 | | 9,335,393 |
Pronova BioPharma ASA | 1,200,324 | | 4,150,433 |
Renewable Energy Corp. AS (a) | 164,300 | | 5,624,612 |
Telenor ASA | 270,000 | | 5,463,654 |
TOTAL NORWAY | | 24,574,092 |
Papua New Guinea - 0.8% |
Lihir Gold Ltd. (a) | 1,089,587 | | 3,021,594 |
New Britain Palm Oil Ltd. | 442,171 | | 4,993,552 |
TOTAL PAPUA NEW GUINEA | | 8,015,146 |
Russia - 0.5% |
OAO Gazprom sponsored ADR | 99,800 | | 5,279,420 |
Spain - 5.9% |
Banco Santander SA | 448,200 | | 9,690,638 |
Iberdrola SA | 508,500 | | 7,469,840 |
Inditex SA | 58,500 | | 3,194,526 |
Repsol YPF SA sponsored ADR | 166,100 | | 6,738,677 |
Tecnicas Reunidas SA | 116,800 | | 8,863,376 |
Telefonica SA sponsored ADR | 303,500 | | 26,216,330 |
TOTAL SPAIN | | 62,173,387 |
Sweden - 2.2% |
H&M Hennes & Mauritz AB (B Shares) | 147,550 | | 8,772,617 |
Common Stocks - continued |
| Shares | | Value |
Sweden - continued |
Skandinaviska Enskilda Banken AB (A Shares) | 279,000 | | $ 6,779,648 |
TELE2 AB (B Shares) | 344,950 | | 7,690,904 |
TOTAL SWEDEN | | 23,243,169 |
Switzerland - 13.3% |
ABB Ltd. sponsored ADR | 343,500 | | 10,535,145 |
Credit Suisse Group (Reg.) | 149,764 | | 8,337,884 |
Julius Baer Holding AG | 102,284 | | 7,589,386 |
Lindt & Spruengli AG | 337 | | 11,036,067 |
Nestle SA (Reg.) | 67,145 | | 32,199,021 |
Novartis AG (Reg.) | 259,522 | | 13,078,106 |
Roche Holding AG (participation certificate) | 78,558 | | 13,098,053 |
SGS Societe Generale de Surveillance Holding SA (Reg.) | 4,530 | | 6,403,367 |
Sonova Holding AG | 109,991 | | 9,307,421 |
Syngenta AG sponsored ADR | 188,400 | | 11,149,512 |
UBS AG: | | | |
(NY Shares) | 129,500 | | 4,349,905 |
(NY Shares) rights 5/9/08 (a) | 129,500 | | 217,495 |
Zurich Financial Services AG (Reg.) | 38,922 | | 11,914,323 |
TOTAL SWITZERLAND | | 139,215,685 |
United Kingdom - 25.9% |
Anglo American PLC (United Kingdom) | 241,400 | | 15,690,008 |
Bellway PLC | 241,700 | | 3,375,934 |
BG Group PLC | 735,300 | | 17,996,730 |
Bovis Homes Group PLC | 420,900 | | 3,893,465 |
British American Tobacco PLC | 314,900 | | 11,812,246 |
British Sky Broadcasting Group PLC (BSkyB) sponsored ADR | 175,700 | | 7,555,100 |
GlaxoSmithKline PLC | 513,700 | | 11,363,312 |
HSBC Holdings PLC sponsored ADR (d) | 349,200 | | 30,307,068 |
Informa PLC | 466,100 | | 3,201,829 |
Kesa Electricals PLC | 462,400 | | 1,914,581 |
Lloyds TSB Group PLC | 1,087,200 | | 9,349,030 |
Man Group PLC | 795,987 | | 9,202,942 |
Persimmon PLC | 255,300 | | 2,941,543 |
Reckitt Benckiser Group PLC | 370,100 | | 21,619,312 |
Redrow PLC | 282,600 | | 1,449,649 |
Rio Tinto PLC (Reg.) | 157,900 | | 18,406,412 |
Royal Dutch Shell PLC Class A (United Kingdom) | 916,600 | | 36,958,882 |
Signet Group PLC | 2,268,500 | | 3,100,862 |
|
| Shares | | Value |
Standard Chartered PLC (United Kingdom) | 373,100 | | $ 13,308,180 |
Tesco PLC | 1,359,500 | | 11,595,981 |
Tullow Oil PLC | 367,400 | | 5,507,842 |
Vodafone Group PLC | 3,535,400 | | 11,188,024 |
Vodafone Group PLC sponsored ADR | 343,950 | | 10,889,457 |
Xstrata PLC | 104,100 | | 8,167,306 |
TOTAL UNITED KINGDOM | | 270,795,695 |
TOTAL COMMON STOCKS (Cost $942,660,238) | 1,006,138,785 |
Nonconvertible Preferred Stocks - 0.3% |
| | | |
Italy - 0.3% |
Istituto Finanziario Industriale SpA (IFI) (a)
(Cost $2,587,620) | 129,911 | | 3,441,585 |
Investment Companies - 0.5% |
| | | |
United States of America - 0.5% |
United States Natural Gas Fund LP ETF (a)
(Cost $4,348,476) | 89,400 | | 4,613,040 |
Money Market Funds - 9.3% |
| | | |
Fidelity Cash Central Fund, 2.51% (b) | 30,034,771 | | 30,034,771 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 67,179,450 | | 67,179,450 |
TOTAL MONEY MARKET FUNDS (Cost $97,214,221) | 97,214,221 |
TOTAL INVESTMENT PORTFOLIO - 106.4% (Cost $1,046,810,555) | | 1,111,407,631 |
NET OTHER ASSETS - (6.4)% | | (66,369,829) |
NET ASSETS - 100% | $ 1,045,037,802 |
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 | $ 552,724 |
Fidelity Securities Lending Cash Central Fund | 597,043 |
Total | $ 1,149,767 |
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, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $64,255,555) - See accompanying schedule: Unaffiliated issuers (cost $949,596,334) | $ 1,014,193,410 | |
Fidelity Central Funds (cost $97,214,221) | 97,214,221 | |
Total Investments (cost $1,046,810,555) | | $ 1,111,407,631 |
Cash | | 6,857 |
Foreign currency held at value (cost $502,717) | | 502,668 |
Receivable for investments sold | | 8,839,410 |
Receivable for fund shares sold | | 461,363 |
Dividends receivable | | 4,067,731 |
Distributions receivable from Fidelity Central Funds | | 416,879 |
Prepaid expenses | | 2,658 |
Other receivables | | 177,430 |
Total assets | | 1,125,882,627 |
| | |
Liabilities | | |
Payable for investments purchased | $ 10,539,618 | |
Payable for fund shares redeemed | 2,102,752 | |
Accrued management fee | 752,446 | |
Other affiliated payables | 229,976 | |
Other payables and accrued expenses | 40,583 | |
Collateral on securities loaned, at value | 67,179,450 | |
Total liabilities | | 80,844,825 |
| | |
Net Assets | | $ 1,045,037,802 |
Net Assets consist of: | | |
Paid in capital | | $ 1,023,199,716 |
Undistributed net investment income | | 7,288,829 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (50,113,253) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 64,662,510 |
Net Assets, for 41,895,572 shares outstanding | | $ 1,045,037,802 |
Net Asset Value, offering price and redemption price per share ($1,045,037,802 ÷ 41,895,572 shares) | | $ 24.94 |
Statement of Operations
Six months ended April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 15,822,321 |
Interest | | 4,947 |
Income from Fidelity Central Funds (including $597,043 from security lending) | | 1,149,767 |
| | 16,977,035 |
Less foreign taxes withheld | | (1,450,237) |
Total income | | 15,526,798 |
| | |
Expenses | | |
Management fee
Basic fee | $ 3,994,947 | |
Performance adjustment | 799,535 | |
Transfer agent fees | 1,209,631 | |
Accounting and security lending
fees | 266,253 | |
Custodian fees and expenses | 87,799 | |
Independent trustees' compensation | 2,392 | |
Registration fees | 35,206 | |
Audit | 27,589 | |
Legal | 2,502 | |
Miscellaneous | 142,164 | |
Total expenses before reductions | 6,568,018 | |
Expense reductions | (268,838) | 6,299,180 |
Net investment income (loss) | | 9,227,618 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (48,109,276) | |
Foreign currency transactions | (238,280) | |
Total net realized gain (loss) | | (48,347,556) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (98,980,526) | |
Assets and liabilities in foreign currencies | 26,644 | |
Total change in net unrealized appreciation (depreciation) | | (98,953,882) |
Net gain (loss) | | (147,301,438) |
Net increase (decrease) in net assets resulting from operations | | $ (138,073,820) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended
April 30, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 9,227,618 | $ 29,618,721 |
Net realized gain (loss) | (48,347,556) | 241,091,061 |
Change in net unrealized appreciation (depreciation) | (98,953,882) | 70,513,581 |
Net increase (decrease) in net assets resulting from operations | (138,073,820) | 341,223,363 |
Distributions to shareholders from net investment income | (22,837,060) | (9,391,804) |
Distributions to shareholders from net realized gain | (172,118,248) | (96,052,488) |
Total distributions | (194,955,308) | (105,444,292) |
Share transactions
Proceeds from sales of shares | 68,502,632 | 712,149,877 |
Reinvestment of distributions | 184,197,685 | 99,678,932 |
Cost of shares redeemed | (240,099,839) | (752,725,822) |
Net increase (decrease) in net assets resulting from share transactions | 12,600,478 | 59,102,987 |
Redemption fees | 17,118 | 102,889 |
Total increase (decrease) in net assets | (320,411,532) | 294,984,947 |
| | |
Net Assets | | |
Beginning of period | 1,365,449,334 | 1,070,464,387 |
End of period (including undistributed net investment income of $7,288,829 and undistributed net investment income of $28,948,128, respectively) | $ 1,045,037,802 | $ 1,365,449,334 |
Other Information Shares | | |
Sold | 2,598,450 | 25,057,625 |
Issued in reinvestment of distributions | 6,817,087 | 3,751,559 |
Redeemed | (9,331,225) | (25,963,364) |
Net increase (decrease) | 84,312 | 2,845,820 |
Financial Highlights
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 32.66 | $ 27.47 | $ 23.15 | $ 19.63 | $ 17.26 | $ 13.85 |
Income from Investment Operations | | | | | |
Net investment income (loss) D | .21 | .62 | .38 G | .37 | .13 H | .14 |
Net realized and unrealized gain (loss) | (3.15) | 7.04 | 6.85 | 3.38 | 2.46 | 3.46 |
Total from investment operations | (2.94) | 7.66 | 7.23 | 3.75 | 2.59 | 3.60 |
Distributions from net investment income | (.56) | (.22) | (.30) | (.17) | (.22) | (.19) |
Distributions from net realized gain | (4.22) | (2.25) | (2.62) | (.06) | - | - |
Total distributions | (4.78) | (2.47) | (2.92) | (.23) | (.22) | (.19) |
Redemption fees added to paid in capital D | - J | - J | .01 | - J | - J | - J |
Net asset value, end of period | $ 24.94 | $ 32.66 | $ 27.47 | $ 23.15 | $ 19.63 | $ 17.26 |
Total Return B, C | (10.13)% | 29.95% | 34.81% | 19.24% | 15.13% | 26.36% |
Ratios to Average Net Assets E, I | | | | | |
Expenses before reductions | 1.16% A | 1.05% | 1.09% | .95% | 1.22% | 1.39% |
Expenses net of fee waivers, if any | 1.16% A | 1.05% | 1.09% | .95% | 1.22% | 1.39% |
Expenses net of all reductions | 1.11% A | 1.01% | .99% | .84% | 1.15% | 1.32% |
Net investment income (loss) | 1.63% A | 2.15% | 1.51% G | 1.66% | .69% H | .94% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 1,045,038 | $ 1,365,449 | $ 1,070,464 | $ 492,788 | $ 407,362 | $ 394,015 |
Portfolio turnover rate F | 106% A | 161% | 143% | 133% | 119% | 184% |
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%. IExpense 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 (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Japan | 96.7% | |
| United States of America | 3.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| Japan | 98.2% | |
| United States of America | 1.8% | |
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 | 96.7 | 98.2 |
Short-Term Investments and Net Other Assets | 3.3 | 1.8 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Toyota Motor Corp. (Automobiles) | 9.2 | 7.5 |
Canon, Inc. (Office Electronics) | 5.5 | 4.0 |
Sumitomo Mitsui Financial Group, Inc. (Commercial Banks) | 4.8 | 2.3 |
Mitsubishi UFJ Financial Group, Inc. (Commercial Banks) | 4.0 | 1.3 |
Honda Motor Co. Ltd. (Automobiles) | 3.4 | 3.6 |
Asahi Glass Co. Ltd. (Building Products) | 2.4 | 1.6 |
Sumitomo Trust & Banking Co. Ltd. (Commercial Banks) | 2.3 | 1.3 |
Mitsui & Co. Ltd. (Trading Companies & Distributors) | 2.2 | 3.2 |
Nomura Holdings, Inc. (Capital Markets) | 2.2 | 1.6 |
Mizuho Financial Group, Inc. (Commercial Banks) | 2.1 | 3.2 |
| 38.1 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 23.1 | 21.5 |
Financials | 23.0 | 18.9 |
Industrials | 20.9 | 26.5 |
Information Technology | 19.4 | 17.4 |
Materials | 5.7 | 8.4 |
Health Care | 1.8 | 2.4 |
Telecommunication Services | 1.4 | 2.3 |
Consumer Staples | 1.4 | 0.8 |
Semiannual Report
Japan
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.7% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 23.1% |
Auto Components - 3.5% |
Denso Corp. | 655,700 | | $ 22,867,606 |
NGK Spark Plug Co. Ltd. | 680,000 | | 9,156,911 |
Stanley Electric Co. Ltd. | 1,110,100 | | 28,267,297 |
| | 60,291,814 |
Automobiles - 14.4% |
Honda Motor Co. Ltd. | 1,832,800 | | 58,487,984 |
Isuzu Motors Ltd. | 1,792,000 | | 8,679,821 |
Toyota Motor Corp. | 3,083,700 | | 157,128,365 |
Yamaha Motor Co. Ltd. | 1,118,800 | | 21,617,247 |
| | 245,913,417 |
Household Durables - 1.7% |
Haseko Corp. | 8,853,500 | | 12,851,705 |
Sekisui House Ltd. | 1,635,000 | | 15,561,988 |
| | 28,413,693 |
Leisure Equipment & Products - 0.8% |
Nikon Corp. | 465,000 | | 13,434,233 |
Media - 0.8% |
Fuji Television Network, Inc. | 8,026 | | 13,166,007 |
Multiline Retail - 1.6% |
Isetan Mitsukoshi Holdings Ltd. (a) | 362,440 | | 3,828,151 |
Marui Group Co. Ltd. | 1,321,800 | | 13,117,469 |
Takashimaya Co. Ltd. (d) | 890,000 | | 9,770,455 |
| | 26,716,075 |
Specialty Retail - 0.3% |
Yamada Denki Co. Ltd. | 69,160 | | 5,936,819 |
TOTAL CONSUMER DISCRETIONARY | | 393,872,058 |
CONSUMER STAPLES - 1.4% |
Food & Staples Retailing - 1.4% |
Aeon Co. Ltd. | 1,570,200 | | 23,015,593 |
FINANCIALS - 23.0% |
Capital Markets - 4.1% |
Daiwa Securities Group, Inc. | 1,297,000 | | 12,866,377 |
Matsui Securities Co. Ltd. (d) | 2,864,200 | | 20,135,280 |
Nomura Holdings, Inc. | 2,136,900 | | 37,308,645 |
| | 70,310,302 |
Commercial Banks - 13.4% |
Chiba Bank Ltd. | 471,000 | | 3,721,977 |
Mitsubishi UFJ Financial Group, Inc. | 6,251,600 | | 68,876,331 |
Mizuho Financial Group, Inc. (d) | 6,968 | | 36,257,282 |
Sumitomo Mitsui Financial Group, Inc. | 9,415 | | 81,008,194 |
Sumitomo Trust & Banking Co. Ltd. | 4,356,000 | | 39,159,070 |
| | 229,022,854 |
Consumer Finance - 0.5% |
Credit Saison Co. Ltd. | 319,900 | | 8,585,612 |
|
| Shares | | Value |
Insurance - 1.7% |
Sompo Japan Insurance, Inc. | 766,000 | | $ 8,533,447 |
T&D Holdings, Inc. | 315,850 | | 20,226,565 |
| | 28,760,012 |
Real Estate Management & Development - 3.3% |
Leopalace21 Corp. | 515,200 | | 9,112,771 |
Mitsubishi Estate Co. Ltd. | 685,000 | | 19,918,220 |
Mitsui Fudosan Co. Ltd. | 321,000 | | 8,110,475 |
Tokyo Tatemono Co. Ltd. | 1,059,000 | | 9,244,273 |
Tokyu Land Corp. | 1,264,000 | | 9,454,484 |
| | 55,840,223 |
TOTAL FINANCIALS | | 392,519,003 |
HEALTH CARE - 1.8% |
Pharmaceuticals - 1.8% |
Astellas Pharma, Inc. | 144,900 | | 5,963,863 |
Daiichi Sankyo Co. Ltd. | 305,000 | | 8,402,818 |
Takeda Pharmaceutical Co. Ltd. | 313,900 | | 16,593,815 |
| | 30,960,496 |
INDUSTRIALS - 20.9% |
Building Products - 2.4% |
Asahi Glass Co. Ltd. | 3,408,000 | | 40,687,871 |
Commercial Services & Supplies - 0.6% |
Dai Nippon Printing Co. Ltd. | 673,000 | | 10,357,203 |
Construction & Engineering - 0.9% |
JGC Corp. | 863,000 | | 16,039,965 |
Electrical Equipment - 3.9% |
Mitsubishi Electric Corp. | 3,458,000 | | 35,425,812 |
Sumitomo Electric Industries Ltd. | 2,351,600 | | 30,344,757 |
| | 65,770,569 |
Machinery - 6.4% |
Fanuc Ltd. | 47,500 | | 5,005,930 |
Kubota Corp. | 3,047,000 | | 21,344,891 |
Nabtesco Corp. | 462,000 | | 6,841,298 |
NGK Insulators Ltd. | 854,000 | | 16,445,810 |
NSK Ltd. | 1,882,000 | | 15,682,227 |
THK Co. Ltd. | 1,586,200 | | 35,270,225 |
Toshiba Machine Co. Ltd. (d) | 1,323,000 | | 8,577,778 |
| | 109,168,159 |
Trading Companies & Distributors - 5.9% |
Mitsubishi Corp. | 1,120,900 | | 36,078,056 |
Mitsui & Co. Ltd. | 1,602,000 | | 37,619,111 |
Sumitomo Corp. | 2,042,500 | | 27,494,824 |
| | 101,191,991 |
Transportation Infrastructure - 0.8% |
The Sumitomo Warehouse Co. Ltd. (d) | 2,768,000 | | 13,895,189 |
TOTAL INDUSTRIALS | | 357,110,947 |
Common Stocks - continued |
| Shares | | Value |
INFORMATION TECHNOLOGY - 19.4% |
Electronic Equipment & Instruments - 8.1% |
Dainippon Screen Manufacturing Co. Ltd. | 4,787,000 | | $ 20,777,660 |
Fujifilm Holdings Corp. | 158,700 | | 6,134,554 |
Ibiden Co. Ltd. | 105,300 | | 4,594,355 |
Kyocera Corp. | 87,300 | | 8,061,910 |
Nidec Sankyo Corp. (d) | 1,667,000 | | 12,532,824 |
Nippon Electric Glass Co. Ltd. | 1,388,000 | | 21,586,836 |
Omron Corp. | 286,400 | | 5,993,116 |
Topcon Corp. (d) | 611,200 | | 5,288,304 |
Yaskawa Electric Corp. | 2,709,000 | | 27,463,350 |
Yokogawa Electric Corp. | 2,349,700 | | 25,695,142 |
| | 138,128,051 |
Office Electronics - 7.3% |
Canon, Inc. (d) | 1,853,300 | | 93,166,053 |
Konica Minolta Holdings, Inc. | 2,024,500 | | 30,503,781 |
| | 123,669,834 |
Semiconductors & Semiconductor Equipment - 4.0% |
Advantest Corp. (d) | 667,400 | | 18,388,518 |
Disco Corp. | 156,200 | | 7,674,106 |
Rohm Co. Ltd. | 227,200 | | 15,945,457 |
Tokyo Electron Ltd. | 415,200 | | 26,964,850 |
| | 68,972,931 |
TOTAL INFORMATION TECHNOLOGY | | 330,770,816 |
MATERIALS - 5.7% |
Chemicals - 3.1% |
JSR Corp. | 690,300 | | 15,587,819 |
Nitto Denko Corp. | 326,600 | | 13,525,129 |
Shin-Etsu Chemical Co. Ltd. | 392,600 | | 24,306,341 |
| | 53,419,289 |
Metals & Mining - 2.6% |
Hitachi Metals Ltd. | 1,235,000 | | 18,541,612 |
Sumitomo Metal Industries Ltd. | 6,074,000 | | 25,579,611 |
| | 44,121,223 |
TOTAL MATERIALS | | 97,540,512 |
|
| Shares | | Value |
TELECOMMUNICATION SERVICES - 1.4% |
Wireless Telecommunication Services - 1.4% |
KDDI Corp. | 1,377 | | $ 8,844,510 |
NTT DoCoMo, Inc. | 10,453 | | 15,351,228 |
| | 24,195,738 |
TOTAL COMMON STOCKS (Cost $1,680,448,106) | 1,649,985,163 |
Money Market Funds - 11.4% |
| | | |
Fidelity Cash Central Fund, 2.51% (b) | 92,432,123 | | 92,432,123 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 102,569,973 | | 102,569,973 |
TOTAL MONEY MARKET FUNDS (Cost $195,002,096) | 195,002,096 |
TOTAL INVESTMENT PORTFOLIO - 108.1% (Cost $1,875,450,202) | | 1,844,987,259 |
NET OTHER ASSETS - (8.1)% | | (138,942,479) |
NET ASSETS - 100% | $ 1,706,044,780 |
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 | $ 893,787 |
Fidelity Securities Lending Cash Central Fund | 324,478 |
Total | $ 1,218,265 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Japan
Financial Statements
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $97,251,226) - See accompanying schedule: Unaffiliated issuers (cost $1,680,448,106) | $ 1,649,985,163 | |
Fidelity Central Funds (cost $195,002,096) | 195,002,096 | |
Total Investments (cost $1,875,450,202) | | $ 1,844,987,259 |
Receivable for investments sold | | 7,435,372 |
Receivable for fund shares sold | | 1,611,637 |
Dividends receivable | | 12,213,404 |
Distributions receivable from Fidelity Central Funds | | 290,925 |
Prepaid expenses | | 3,508 |
Other receivables | | 88,523 |
Total assets | | 1,866,630,628 |
| | |
Liabilities | | |
Payable for investments purchased | $ 55,747,593 | |
Payable for fund shares redeemed | 699,313 | |
Accrued management fee | 1,133,903 | |
Other affiliated payables | 354,663 | |
Other payables and accrued expenses | 80,403 | |
Collateral on securities loaned, at value | 102,569,973 | |
Total liabilities | | 160,585,848 |
| | |
Net Assets | | $ 1,706,044,780 |
Net Assets consist of: | | |
Paid in capital | | $ 1,772,268,327 |
Undistributed net investment income | | 5,764,542 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (41,233,717) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (30,754,372) |
Net Assets, for 119,865,164 shares outstanding | | $ 1,706,044,780 |
Net Asset Value, offering price and redemption price per share ($1,706,044,780 ÷ 119,865,164 shares) | | $ 14.23 |
Statement of Operations
Six months ended April 30, 2008 (Unaudited) |
Investment Income | | |
Dividends | | $ 15,397,394 |
Income from Fidelity Central Funds (including $324,478 from security lending) | | 1,218,265 |
| | 16,615,659 |
Less foreign taxes withheld | | (1,077,854) |
Total income | | 15,537,805 |
| | |
Expenses | | |
Management fee
Basic fee | $ 5,630,638 | |
Performance adjustment | 1,222,867 | |
Transfer agent fees | 1,815,535 | |
Accounting and security lending fees | 362,606 | |
Custodian fees and expenses | 127,094 | |
Independent trustees' compensation | 3,281 | |
Registration fees | 24,643 | |
Audit | 34,891 | |
Legal | 3,159 | |
Miscellaneous | 91,350 | |
Total expenses before reductions | 9,316,064 | |
Expense reductions | (175,466) | 9,140,598 |
Net investment income (loss) | | 6,397,207 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (28,374,546) | |
Foreign currency transactions | (19,157) | |
Total net realized gain (loss) | | (28,393,703) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (123,121,552) | |
Assets and liabilities in foreign currencies | (248,837) | |
Total change in net unrealized appreciation (depreciation) | | (123,370,389) |
Net gain (loss) | | (151,764,092) |
Net increase (decrease) in net assets resulting from operations | | $ (145,366,885) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 6,397,207 | $ 4,256,897 |
Net realized gain (loss) | (28,393,703) | 259,224,909 |
Change in net unrealized appreciation (depreciation) | (123,370,389) | (123,161,437) |
Net increase (decrease) in net assets resulting from operations | (145,366,885) | 140,320,369 |
Distributions to shareholders from net investment income | (3,964,749) | (1,030,851) |
Distributions to shareholders from net realized gain | (236,930,224) | (23,709,588) |
Total distributions | (240,894,973) | (24,740,439) |
Share transactions
Proceeds from sales of shares | 241,711,370 | 480,536,650 |
Reinvestment of distributions | 222,101,843 | 22,903,100 |
Cost of shares redeemed | (151,061,456) | (603,458,144) |
Net increase (decrease) in net assets resulting from share transactions | 312,751,757 | (100,018,394) |
Redemption fees | 104,007 | 502,211 |
Total increase (decrease) in net assets | (73,406,094) | 16,063,747 |
| | |
Net Assets | | |
Beginning of period | 1,779,450,874 | 1,763,387,127 |
End of period (including undistributed net investment income of $5,764,542 and undistributed net investment income of $3,817,643, respectively) | $ 1,706,044,780 | $ 1,779,450,874 |
Other Information Shares | | |
Sold | 16,979,639 | 27,723,445 |
Issued in reinvestment of distributions | 14,488,052 | 1,371,443 |
Redeemed | (10,478,879) | (34,840,570) |
Net increase (decrease) | 20,988,812 | (5,745,682) |
Financial Highlights
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 18.00 | $ 16.85 | $ 15.00 | $ 11.63 | $ 11.19 | $ 8.25 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .06 | .04 | .01 | .03 | (.01) | - I |
Net realized and unrealized gain (loss) | (1.40) | 1.35 | 1.85 | 3.34 | .45 | 2.93 |
Total from investment operations | (1.34) | 1.39 | 1.86 | 3.37 | .44 | 2.93 |
Distributions from net investment income | (.04) | (.01) | (.02) | - | (.01) | - |
Distributions from net realized gain | (2.39) | (.23) | (.01) | - | - | - |
Total distributions | (2.43) | (.24) | (.03) | - | (.01) | - |
Redemption fees added to paid in capital E | - I | - I | .02 | - I | .01 | .01 |
Net asset value, end of period | $ 14.23 | $ 18.00 | $ 16.85 | $ 15.00 | $ 11.63 | $ 11.19 |
Total Return B,C,D | (8.41)% | 8.36% | 12.54% | 28.98% | 4.03% | 35.64% |
Ratios to Average Net Assets F,H | | | | | | |
Expenses before reductions | 1.17% A | 1.08% | 1.08% | 1.03% | 1.04% | 1.03% |
Expenses net of fee waivers, if any | 1.17% A | 1.08% | 1.08% | 1.03% | 1.04% | 1.03% |
Expenses net of all reductions | 1.15% A | 1.06% | 1.05% | 1.02% | 1.04% | 1.03% |
Net investment income (loss) | .80% A | .24% | .08% | .20% | (.04)% | (.04)% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,706,045 | $ 1,779,451 | $ 1,763,387 | $ 1,075,145 | $ 647,453 | $ 529,352 |
Portfolio turnover rate G | 83% A | 158% | 78% | 74% | 99% | 86% |
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 (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Japan | 96.9% | |
| United States of America | 2.3% | |
| Cayman Islands | 0.5% | |
| Bermuda | 0.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| Japan | 95.6% | |
| United States of America | 3.4% | |
| Bermuda | 0.5% | |
| Cayman Islands | 0.5% | |
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 | 96.6 |
Short-Term Investments and Net Other Assets | 2.3 | 3.4 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Rakuten, Inc. (Internet & Catalog Retail) | 3.2 | 0.0 |
Marubeni Corp. (Trading Companies & Distributors) | 2.9 | 2.0 |
Itochu Corp. (Trading Companies & Distributors) | 2.8 | 2.1 |
Hogy Medical Co. (Health Care Equipment & Supplies) | 2.6 | 1.6 |
Nippon Electric Glass Co. Ltd. (Electronic Equipment & Instruments) | 2.3 | 1.8 |
Chiba Bank Ltd. (Commercial Banks) | 2.2 | 1.0 |
Bank of Yokohama Ltd. (Commercial Banks) | 2.1 | 1.0 |
Nikon Corp. (Leisure Equipment & Products) | 2.1 | 1.9 |
C. Uyemura & Co. Ltd. (Chemicals) | 2.0 | 2.4 |
Namco Bandai Holdings, Inc. (Leisure Equipment & Products) | 2.0 | 0.7 |
| 24.2 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Consumer Discretionary | 23.3 | 18.9 |
Information Technology | 17.7 | 17.2 |
Industrials | 16.6 | 34.2 |
Health Care | 11.7 | 5.8 |
Financials | 11.5 | 9.0 |
Consumer Staples | 7.4 | 1.9 |
Materials | 6.9 | 7.8 |
Energy | 1.7 | 1.8 |
Utilities | 0.9 | 0.0 |
Semiannual Report
Japan Smaller Companies
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 23.3% |
Auto Components - 3.4% |
F-Tech, Inc. | 176,600 | | $ 2,651,682 |
H-One Co. Ltd. | 326,700 | | 2,741,643 |
Nippon Seiki Co. Ltd. | 824,000 | | 12,109,571 |
Nissin Kogyo Co. Ltd. | 123,300 | | 2,105,002 |
Toyota Boshoku Corp. | 23,500 | | 672,019 |
TS tech Co. Ltd. | 35,500 | | 586,989 |
| | 20,866,906 |
Automobiles - 0.4% |
Yachiyo Industry Co. Ltd. | 190,600 | | 2,410,752 |
Diversified Consumer Services - 0.6% |
Best Bridal, Inc. | 1,558 | | 4,051,614 |
Heian Ceremony Service Co. Ltd. | 1,000 | | 4,542 |
| | 4,056,156 |
Hotels, Restaurants & Leisure - 1.7% |
Kappa Create Co. Ltd. (d) | 562,000 | | 10,727,118 |
Sanko Marketing Foods Co. Ltd. | 6 | | 3,958 |
Shidax Corp. | 117 | | 62,688 |
| | 10,793,764 |
Household Durables - 0.3% |
Funai Electric Co. Ltd. | 56,900 | | 2,132,742 |
Internet & Catalog Retail - 3.6% |
DeNA Co. Ltd. | 211 | | 1,499,294 |
Rakuten, Inc. | 32,111 | | 20,055,890 |
Start Today Co. Ltd. (d) | 255 | | 909,283 |
| | 22,464,467 |
Leisure Equipment & Products - 5.4% |
Combi Corp. | 81,000 | | 636,604 |
Namco Bandai Holdings, Inc. | 991,800 | | 12,443,141 |
Nikon Corp. | 447,000 | | 12,914,198 |
Sega Sammy Holdings, Inc. (d) | 583,700 | | 7,103,702 |
Tamron Co. Ltd. | 10,400 | | 261,633 |
| | 33,359,278 |
Media - 0.6% |
Asia Media Co. Ltd. (d) | 448,000 | | 1,582,365 |
Tohokushinsha Film Corp. | 152,300 | | 1,518,936 |
Tyo, Inc. | 374,000 | | 591,174 |
| | 3,692,475 |
Multiline Retail - 0.5% |
Don Quijote Co. Ltd. (d) | 158,500 | | 2,897,370 |
Specialty Retail - 6.2% |
Culture Convenience Club Co. Ltd. (d) | 1,011,300 | | 4,188,740 |
Fast Retailing Co. Ltd. | 55,100 | | 5,147,303 |
Hikari Tsushin, Inc. | 167,400 | | 6,148,252 |
K'S Denki Corp. | 462,400 | | 9,635,346 |
Kitamura Co. Ltd. | 300 | | 2,127 |
United Arrows Ltd. | 22,100 | | 160,110 |
Village Vanguard Co. Ltd. | 210 | | 1,138,283 |
|
| Shares | | Value |
WonderCorp | 3 | | $ 3,446 |
Yamada Denki Co. Ltd. | 139,130 | | 11,943,170 |
| | 38,366,777 |
Textiles, Apparel & Luxury Goods - 0.6% |
Seiren Co. Ltd. (d) | 620,000 | | 3,715,074 |
TOTAL CONSUMER DISCRETIONARY | | 144,755,761 |
CONSUMER STAPLES - 7.4% |
Beverages - 2.6% |
Asahi Breweries Ltd. | 328,100 | | 6,431,849 |
Ito En Ltd. (d) | 51,700 | | 899,550 |
Kirin Holdings Co. Ltd. | 511,000 | | 9,140,814 |
| | 16,472,213 |
Food & Staples Retailing - 1.4% |
Create SD Co. Ltd. | 83,700 | | 1,844,726 |
Daikokutenbussan Co. Ltd. | 14,900 | | 107,838 |
FamilyMart Co. Ltd. | 186,400 | | 6,545,114 |
| | 8,497,678 |
Food Products - 3.2% |
Ajinomoto Co., Inc. | 429,000 | | 4,326,553 |
Chubu Shiryo Co. Ltd. | 6,000 | | 41,366 |
Frente Co. Ltd. | 179,300 | | 3,036,419 |
Hokuto Corp. (d) | 134,500 | | 2,865,913 |
Nippon Meat Packers, Inc. | 240,000 | | 3,083,079 |
Toyo Suisan Kaisha Ltd. | 360,000 | | 6,397,365 |
| | 19,750,695 |
Personal Products - 0.2% |
Kobayashi Pharmaceutical Co. Ltd. | 32,700 | | 1,143,974 |
TOTAL CONSUMER STAPLES | | 45,864,560 |
ENERGY - 1.7% |
Oil, Gas & Consumable Fuels - 1.7% |
AOC Holdings, Inc. | 414,000 | | 4,440,384 |
Inpex Holdings, Inc. | 580 | | 6,508,678 |
| | 10,949,062 |
FINANCIALS - 11.5% |
Capital Markets - 0.5% |
Risa Partners, Inc. (d) | 1,446 | | 2,979,330 |
Commercial Banks - 7.8% |
Bank of Yokohama Ltd. | 1,769,000 | | 12,988,236 |
Chiba Bank Ltd. | 1,759,000 | | 13,900,122 |
Resona Holdings, Inc. | 3,379 | | 6,494,637 |
Sumitomo Trust & Banking Co. Ltd. | 761,000 | | 6,841,151 |
The Keiyo Bank Ltd. | 1,188,000 | | 8,398,362 |
| | 48,622,508 |
Consumer Finance - 0.9% |
ACOM Co. Ltd. | 43,920 | | 1,358,292 |
Aeon Credit Service Co. Ltd. | 257,300 | | 4,094,594 |
| | 5,452,886 |
Common Stocks - continued |
| Shares | | Value |
FINANCIALS - continued |
Diversified Financial Services - 0.5% |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 60,540 | | $ 2,971,366 |
Insurance - 0.8% |
Sony Financial Holdings, Inc. | 1,235 | | 5,217,804 |
Real Estate Management & Development - 1.0% |
Mitsui Fudosan Co. Ltd. | 261,000 | | 6,594,499 |
TOTAL FINANCIALS | | 71,838,393 |
HEALTH CARE - 11.7% |
Health Care Equipment & Supplies - 4.6% |
Hogy Medical Co. | 301,000 | | 15,957,101 |
Nakanishi, Inc. | 23,200 | | 2,337,631 |
Nipro Corp. | 70,000 | | 1,190,780 |
Sysmex Corp. | 222,000 | | 9,065,996 |
| | 28,551,508 |
Life Sciences Tools & Services - 0.7% |
Shin Nippon Biomedical Laboratories Ltd. (d) | 264,900 | | 4,567,866 |
Pharmaceuticals - 6.4% |
Fuji Pharma Co. Ltd. | 156,700 | | 3,889,733 |
JCR Pharmaceuticals Co. Ltd. | 404,000 | | 2,293,348 |
Kissei Pharmaceutical Co. Ltd. | 198,000 | | 4,182,447 |
Mitsubishi Tanabe Pharma Corp. | 937,000 | | 11,228,987 |
Nichi-iko Pharmaceutical Co. Ltd. (d) | 432,600 | | 11,372,534 |
Sawai Pharmaceutical Co. Ltd. (d) | 96,300 | | 4,066,116 |
Towa Pharmaceutical Co. Ltd. (d) | 67,500 | | 2,618,569 |
| | 39,651,734 |
TOTAL HEALTH CARE | | 72,771,108 |
INDUSTRIALS - 16.6% |
Building Products - 2.1% |
Comany, Inc. | 211,900 | | 2,213,941 |
Daikin Industries Ltd. | 220,800 | | 11,048,086 |
| | 13,262,027 |
Commercial Services & Supplies - 1.8% |
Asahi Pretec Corp. (d) | 128,600 | | 3,398,758 |
Certo Corp. | 1,300 | | 18,519 |
Nissha Printing Co. Ltd. (d) | 163,400 | | 6,756,216 |
Sanix, Inc. (a) | 323,200 | | 714,334 |
| | 10,887,827 |
Electrical Equipment - 0.0% |
FCM Co. Ltd. | 3,900 | | 102,703 |
Machinery - 5.4% |
China Boqi Environmental Solutions Technology (Holding) Co. Ltd. (d) | 2,196 | | 2,756,330 |
Ebara Corp. | 333,000 | | 1,206,359 |
Harmonic Drive Systems, Inc. | 363 | | 1,397,341 |
Hitachi Construction Machinery Co. Ltd. | 303,100 | | 9,573,138 |
Japan Steel Works Ltd. | 305,000 | | 5,642,310 |
|
| Shares | | Value |
Produce Co. Ltd. (a)(d) | 1,026 | | $ 4,238,974 |
Shima Seiki Manufacturing Ltd. (d) | 76,700 | | 3,021,603 |
Taiho Kogyo Co. Ltd. | 446,900 | | 5,688,738 |
| | 33,524,793 |
Road & Rail - 0.6% |
Hamakyorex Co. Ltd. | 172,600 | | 3,507,825 |
Trading Companies & Distributors - 6.7% |
Itochu Corp. | 1,697,000 | | 17,770,972 |
JFE Shoji Holdings, Inc. | 613,000 | | 4,762,265 |
Marubeni Corp. | 2,280,000 | | 18,144,128 |
Mitsui Matsushima Co. Ltd. (d) | 466,000 | | 1,192,575 |
TECHNO ASSOCIE CO., LTD. | 700 | | 7,886 |
| | 41,877,826 |
TOTAL INDUSTRIALS | | 103,163,001 |
INFORMATION TECHNOLOGY - 17.7% |
Electronic Equipment & Instruments - 8.0% |
Furuno Electric Co. Ltd. | 120,500 | | 1,134,308 |
Hamamatsu Photonics KK | 365,600 | | 11,216,244 |
Meiko Electronics Co. Ltd. (d) | 353,100 | | 9,636,515 |
Nidec Corp. | 98,300 | | 7,425,902 |
Nippon Electric Glass Co. Ltd. | 937,000 | | 14,572,669 |
Shibaura Electronics Co. Ltd. | 57,000 | | 746,811 |
Sunx Ltd. (d) | 876,300 | | 4,916,212 |
| | 49,648,661 |
Internet Software & Services - 1.2% |
mixi, Inc. (a)(d) | 137 | | 1,125,051 |
Telewave, Inc. | 1,878 | | 529,781 |
Yahoo! Japan Corp. | 12,519 | | 5,552,034 |
| | 7,206,866 |
IT Services - 1.4% |
Otsuka Corp. | 112,000 | | 8,605,899 |
Semiconductors & Semiconductor Equipment - 1.6% |
Ishii Hyoki Co. Ltd. | 20,900 | | 516,413 |
Micronics Japan Co. Ltd. | 156,500 | | 5,641,876 |
United Technology Holdings Co. Ltd. | 3,264 | | 3,999,946 |
| | 10,158,235 |
Software - 5.5% |
Atlus Co. Ltd. (a) | 92,200 | | 540,147 |
Capcom Co. Ltd. | 231,100 | | 6,961,145 |
Celsys, Inc. (a) | 679 | | 777,676 |
Dwango Co. Ltd. (d) | 284 | | 883,419 |
Fujitsu Broad Solution & Consulting, Inc. | 100 | | 865 |
Hudson Soft Co. Ltd. (a) | 52,700 | | 965,328 |
Konami Corp. (d) | 309,500 | | 11,133,112 |
OBIC Business Consultants Ltd. | 22,200 | | 1,147,123 |
Works Applications Co. Ltd. | 10,452 | | 11,876,286 |
| | 34,285,101 |
TOTAL INFORMATION TECHNOLOGY | | 109,904,762 |
Common Stocks - continued |
| Shares | | Value |
MATERIALS - 6.9% |
Chemicals - 4.3% |
C. Uyemura & Co. Ltd. | 324,600 | | $ 12,480,630 |
Marktec Corp. | 200 | | 2,789 |
Natoco Co. Ltd. | 400 | | 3,396 |
Nihon Nohyaku Co. Ltd. (d) | 20,000 | | 175,510 |
Sumitomo Chemical Co. Ltd. | 338,000 | | 2,195,320 |
Taiyo Kagaku Co. Ltd. | 205,900 | | 1,171,321 |
Tohcello Co. Ltd. (d) | 700,000 | | 3,906,554 |
Tokai Carbon Co. Ltd. (d) | 659,000 | | 6,903,394 |
| | 26,838,914 |
Metals & Mining - 2.6% |
Hitachi Metals Ltd. | 625,000 | | 9,383,407 |
Sumitomo Metal Mining Co. Ltd. | 143,000 | | 2,599,838 |
Toyo Kohan Co. Ltd. | 778,000 | | 3,857,125 |
| | 15,840,370 |
TOTAL MATERIALS | | 42,679,284 |
UTILITIES - 0.9% |
Gas Utilities - 0.9% |
Osaka Gas Co. Ltd. | 748,000 | | 2,668,945 |
Tokyo Gas Co. Ltd. | 737,000 | | 2,830,951 |
| | 5,499,896 |
TOTAL COMMON STOCKS (Cost $541,931,543) | 607,425,827 |
Money Market Funds - 9.5% |
| Shares | | Value |
Fidelity Cash Central Fund, 2.51% (b) | 14,348,311 | | $ 14,348,311 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 44,529,783 | | 44,529,783 |
TOTAL MONEY MARKET FUNDS (Cost $58,878,094) | 58,878,094 |
TOTAL INVESTMENT PORTFOLIO - 107.2% (Cost $600,809,637) | | 666,303,921 |
NET OTHER ASSETS - (7.2)% | | (44,684,494) |
NET ASSETS - 100% | $ 621,619,427 |
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 | $ 356,791 |
Fidelity Securities Lending Cash Central Fund | 568,951 |
Total | $ 925,742 |
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, 2008 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $42,266,003) - See accompanying schedule: Unaffiliated issuers (cost $541,931,543) | $ 607,425,827 | |
Fidelity Central Funds (cost $58,878,094) | 58,878,094 | |
Total Investments (cost $600,809,637) | | $ 666,303,921 |
Foreign currency held at value (cost $48,578) | | 48,579 |
Receivable for investments sold | | 20,109,252 |
Receivable for fund shares sold | | 236,056 |
Dividends receivable | | 3,337,231 |
Distributions receivable from Fidelity Central Funds | | 130,563 |
Prepaid expenses | | 1,604 |
Other receivables | | 24,786 |
Total assets | | 690,191,992 |
| | |
Liabilities | | |
Payable for investments purchased | $ 23,261,466 | |
Payable for fund shares redeemed | 235,690 | |
Accrued management fee | 366,473 | |
Other affiliated payables | 140,189 | |
Other payables and accrued expenses | 38,964 | |
Collateral on securities loaned, at value | 44,529,783 | |
Total liabilities | | 68,572,565 |
| | |
Net Assets | | $ 621,619,427 |
Net Assets consist of: | | |
Paid in capital | | $ 579,053,314 |
Undistributed net investment income | | 1,257,100 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (24,065,155) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 65,374,168 |
Net Assets, for 61,041,528 shares outstanding | | $ 621,619,427 |
Net Asset Value, offering price and redemption price per share ($621,619,427 ÷ 61,041,528 shares) | | $ 10.18 |
Statement of Operations
Six months ended April 30, 2008 (Unaudited) |
Investment Income | | |
Dividends | | $ 4,306,538 |
Interest | | 126 |
Income from Fidelity Central Funds (including $568,951 from security lending) | | 925,742 |
| | 5,232,406 |
Less foreign taxes withheld | | (300,259) |
Total income | | 4,932,147 |
| | |
Expenses | | |
Management fee | $ 2,344,981 | |
Transfer agent fees | 721,265 | |
Accounting and security lending fees | 170,083 | |
Custodian fees and expenses | 91,759 | |
Independent trustees' compensation | 1,437 | |
Registration fees | 9,922 | |
Audit | 28,155 | |
Legal | 1,481 | |
Miscellaneous | 82,574 | |
Total expenses before reductions | 3,451,657 | |
Expense reductions | (69,655) | 3,382,002 |
Net investment income (loss) | | 1,550,145 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (23,541,824) | |
Foreign currency transactions | 91,655 | |
Total net realized gain (loss) | | (23,450,169) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (121,702,923) | |
Assets and liabilities in foreign currencies | (105,574) | |
Total change in net unrealized appreciation (depreciation) | | (121,808,497) |
Net gain (loss) | | (145,258,666) |
Net increase (decrease) in net assets resulting from operations | | $ (143,708,521) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 1,550,145 | $ 2,152,720 |
Net realized gain (loss) | (23,450,169) | 26,682,805 |
Change in net unrealized appreciation (depreciation) | (121,808,497) | (71,642,963) |
Net increase (decrease) in net assets resulting from operations | (143,708,521) | (42,807,438) |
Distributions to shareholders from net investment income | (1,282,366) | (857,665) |
Distributions to shareholders from net realized gain | (13,464,846) | (30,875,932) |
Total distributions | (14,747,212) | (31,733,597) |
Share transactions
Proceeds from sales of shares | 49,180,242 | 82,370,930 |
Reinvestment of distributions | 10,772,639 | 27,705,629 |
Cost of shares redeemed | (91,561,278) | (441,231,069) |
Net increase (decrease) in net assets resulting from share transactions | (31,608,397) | (331,154,510) |
Redemption fees | 30,633 | 109,393 |
Total increase (decrease) in net assets | (190,033,497) | (405,586,152) |
| | |
Net Assets | | |
Beginning of period | 811,652,924 | 1,217,239,076 |
End of period (including undistributed net investment income of $1,257,100 and undistributed net investment income of $1,918,752, respectively) | $ 621,619,427 | $ 811,652,924 |
Other Information Shares | | |
Sold | 4,773,841 | 6,576,733 |
Issued in reinvestment of distributions | 912,936 | 2,141,084 |
Redeemed | (8,912,086) | (35,107,344) |
Net increase (decrease) | (3,225,309) | (26,389,527) |
Financial Highlights
| Six months ended
April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 12.63 | $ 13.43 | $ 14.25 | $ 11.58 | $ 10.35 | $ 6.52 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .02 | .03 | .01 | .03 | .01 | .01 |
Net realized and unrealized gain (loss) | (2.24) | (.46) | - I | 2.69 | 1.20 | 3.81 |
Total from investment operations | (2.22) | (.43) | .01 | 2.72 | 1.21 | 3.82 |
Distributions from net investment income | (.02) | (.01) | (.02) | (.01) | (.02) | - |
Distributions from net realized gain | (.21) | (.36) | (.83) | (.05) | - | - |
Total distributions | (.23) | (.37) | (.85) | (.06) | (.02) | - |
Redemption fees added to paid in capital E | - I | - I | .02 | .01 | .04 | .01 |
Net asset value, end of period | $ 10.18 | $ 12.63 | $ 13.43 | $ 14.25 | $ 11.58 | $ 10.35 |
Total Return B,C,D | (17.83)% | (3.27)% | (.36)% | 23.69% | 12.12% | 58.74% |
Ratios to Average Net Assets F,H | | | | | | |
Expenses before reductions | 1.04% A | 1.02% | 1.02% | 1.02% | 1.04% | 1.12% |
Expenses net of fee waivers, if any | 1.04% A | 1.02% | 1.02% | 1.02% | 1.04% | 1.12% |
Expenses net of all reductions | 1.02% A | 1.00% | 1.01% | 1.01% | 1.04% | 1.12% |
Net investment income (loss) | .47% A | .23% | .09% | .22% | .11% | .19% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 621,619 | $ 811,653 | $ 1,217,239 | $ 1,406,673 | $ 1,279,091 | $ 931,728 |
Portfolio turnover rate G | 97% A | 76% | 98% | 65% | 57% | 43% |
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 (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Brazil | 68.2% | |
| Mexico | 19.5% | |
| United States of America | 4.7% | |
| Luxembourg | 2.5% | |
| Chile | 2.0% | |
| Bermuda | 1.7% | |
| Panama | 0.7% | |
| Colombia | 0.4% | |
| Argentina | 0.3% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| Brazil | 66.5% | |
| Mexico | 21.8% | |
| Chile | 4.0% | |
| United States of America | 2.5% | |
| Bermuda | 1.8% | |
| Luxembourg | 1.0% | |
| Colombia | 1.0% | |
| Argentina | 0.7% | |
| Panama | 0.7% | |
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 | 96.2 | 98.6 |
Short-Term Investments and Net Other Assets | 3.8 | 1.4 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) | 10.3 | 9.0 |
Petroleo Brasileiro SA - Petrobras (Brazil, Oil, Gas & Consumable Fuels) | 8.3 | 6.9 |
Companhia Vale do Rio Doce (PN-A) sponsored ADR (Brazil, Metals & Mining) | 7.9 | 9.0 |
America Movil SAB de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services) | 7.1 | 9.0 |
Companhia Vale do Rio Doce sponsored ADR (Brazil, Metals & Mining) | 5.5 | 6.3 |
Banco Bradesco SA (PN) (Brazil, Commercial Banks) | 4.1 | 4.8 |
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) (Brazil, Metals & Mining) | 3.0 | 2.4 |
Grupo Televisa SA de CV (CPO) (Mexico, Media) | 2.7 | 2.2 |
Uniao de Bancos Brasileiros SA (Unibanco) (Brazil, Commercial Banks) | 2.5 | 3.6 |
Tenaris SA sponsored ADR (Luxembourg, Energy Equipment & Services) | 2.0 | 1.0 |
| 53.4 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Materials | 29.1 | 26.9 |
Energy | 20.5 | 16.9 |
Financials | 14.9 | 17.0 |
Telecommunication Services | 11.1 | 13.2 |
Consumer Discretionary | 8.4 | 8.2 |
Consumer Staples | 4.9 | 5.8 |
Industrials | 3.8 | 6.6 |
Utilities | 2.5 | 2.6 |
Information Technology | 0.7 | 0.8 |
Health Care | 0.3 | 0.6 |
Semiannual Report
Latin America
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 90.8% |
| Shares | | Value |
Argentina - 0.3% |
Banco Patagonia SA unit | 411,100 | | $ 7,296,023 |
Grupo Clarin SA GDR (f) | 800,100 | | 9,601,200 |
TOTAL ARGENTINA | | 16,897,223 |
Bermuda - 1.7% |
Credicorp Ltd. (NY Shares) | 606,200 | | 48,714,232 |
Dufry South America Ltd. unit | 2,094,961 | | 42,158,853 |
GP Investments, Ltd. unit | 1,370,191 | | 13,189,181 |
Laep Investments Ltd. unit | 1,596,826 | | 5,418,180 |
TOTAL BERMUDA | | 109,480,446 |
Brazil - 62.8% |
Acucar Guarani SA | 1,897,700 | | 11,119,960 |
AES Tiete SA (PN) (non-vtg.) | 2,648,800 | | 23,903,261 |
All America Latina Logistica SA unit | 2,476,900 | | 32,335,898 |
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.) | 77,600 | | 6,254,560 |
B2W Companhia Global Do Varejo | 866,100 | | 28,710,209 |
Banco ABC Brasil SA | 1,219,224 | | 7,335,002 |
Banco Bradesco SA: | | | |
(PN) | 3,003,912 | | 69,576,833 |
(PN) sponsored ADR (e) | 8,515,800 | | 192,286,764 |
Banco Daycoval SA (PN) | 2,618,900 | | 19,694,531 |
Banco do Brasil SA | 6,406,800 | | 111,007,003 |
Banco do Estado do Rio Grande do Sul SA (f) | 2,281,569 | | 14,137,986 |
Banco Indusval SA | 560,088 | | 5,391,293 |
Banco Itau Holding Financeira SA sponsored ADR (non-vtg.) | 1,790,800 | | 50,231,940 |
Bolsa de Mercadorias & Futuros - BM&F SA | 411,500 | | 4,183,823 |
Bovespa Holding SA | 134,000 | | 2,035,555 |
Brasil Telecom Participacoes SA sponsored ADR | 476,100 | | 35,997,921 |
Brasil Telecom SA (PN) | 1,119,400 | | 13,468,897 |
Companhia Brasileira de Desenvolvimento Imobiliario Turistico | 27,000 | | 11,857,779 |
Companhia de Bebidas das Americas (AmBev): | | | |
(PN) sponsored ADR | 1,381,926 | | 101,295,176 |
sponsored ADR | 66,745 | | 4,337,758 |
Companhia de Saneamento de Minas Gerais | 1,365,100 | | 22,666,803 |
Companhia Providencia Industria e Comercio | 1,163,000 | | 4,687,823 |
Companhia Siderurgica Nacional SA (CSN) sponsored ADR | 2,776,700 | | 119,814,605 |
Companhia Vale do Rio Doce: | | | |
(PN-A) sponsored ADR | 15,595,200 | | 496,551,168 |
sponsored ADR | 8,934,600 | | 349,164,168 |
Construtora Tenda SA | 3,049,100 | | 16,142,510 |
Duratex SA (PN) | 2,099,400 | | 43,435,427 |
Eletropaulo Metropolitana SA (PN-B) | 1,238,760 | | 27,745,780 |
Equatorial Energia SA | 1,380,600 | | 13,447,187 |
|
| Shares | | Value |
Gerdau SA sponsored ADR | 2,441,100 | | $ 94,543,803 |
GVT Holding SA (a) | 3,680,000 | | 89,442,907 |
Localiza Rent a Car SA | 2,140,099 | | 27,938,965 |
Metalurgica Gerdau SA (PN) | 246,500 | | 12,990,855 |
MMX Mineracao e Metalicos SA (a) | 1,127,000 | | 37,833,353 |
MPX Mineracao e Energia SA | 35,000 | | 20,361,569 |
MRV Engenharia e Participacoes SA | 1,975,500 | | 39,814,252 |
Multiplan Empreendimentos Imobiliarios SA | 1,382,200 | | 17,462,520 |
Net Servicos de Comunicacao SA: | | | |
sponsored ADR | 167,000 | | 2,279,550 |
(PN) (a) | 4,959,300 | | 67,876,354 |
PDG Realty S.A. Empreendimentos e Participacoes | 979,400 | | 14,347,485 |
Petroleo Brasileiro SA - Petrobras: | | | |
(ON) | 388,200 | | 11,936,531 |
(PN) (non-vtg.) | 6,697,160 | | 171,397,658 |
(PN) sponsored ADR (non-vtg.) | 4,719,100 | | 477,101,010 |
sponsored ADR | 4,193,460 | | 509,169,912 |
Profarma Distribuidora de Produtos Farmaceuticos SA (a) | 1,151,000 | | 20,635,182 |
Rossi Residencial SA | 1,223,600 | | 12,587,872 |
Sao Carlos Empreen E Part SA (a) | 759,700 | | 6,398,628 |
Satipel Industrial SA | 1,187,200 | | 7,642,305 |
Tegma Gestao Logistica | 2,105,300 | | 22,545,025 |
Tele Norte Leste Participacoes SA | 663,100 | | 19,986,349 |
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.) | 542,600 | | 12,430,966 |
Terna Participacoes SA unit | 1,433,600 | | 25,865,518 |
TIM Participacoes SA | 1,633,200 | | 5,541,600 |
TIM Participacoes SA sponsored ADR (non-vtg.) (e) | 976,300 | | 32,784,154 |
Totvs SA | 1,258,300 | | 41,635,483 |
Tractebel Energia SA | 1,764,500 | | 24,765,843 |
Uniao de Bancos Brasileiros SA (Unibanco): | | | |
unit | 422,800 | | 6,308,170 |
GDR | 1,059,500 | | 154,061,895 |
Usinas Siderurgicas de Minas Gerais SA - Usiminas | 537,675 | | 26,608,799 |
Vivo Participacoes SA: | | | |
(PN) | 542,100 | | 3,848,382 |
(PN) sponsored ADR | 4,292,190 | | 28,972,283 |
Votorantim Celulose e Papel SA: | | | |
(PN) (non-vtg.) | 96,565 | | 3,067,400 |
sponsored ADR (non-vtg.) (e) | 2,425,450 | | 77,105,056 |
TOTAL BRAZIL | | 3,966,105,254 |
Chile - 2.0% |
CAP SA | 2,546,228 | | 84,846,733 |
Lan Airlines SA sponsored ADR | 2,042,500 | | 27,022,275 |
Common Stocks - continued |
| Shares | | Value |
Chile - continued |
Sociedad Quimica y Minera de Chile SA (SQM) (PN-B) sponsored ADR | 205,600 | | $ 5,861,656 |
Vina Concha y Toro SA sponsored ADR | 263,950 | | 10,623,988 |
TOTAL CHILE | | 128,354,652 |
Colombia - 0.4% |
Almacenes Exito SA unit (f) | 2,805,000 | | 21,932,784 |
Luxembourg - 2.5% |
Tenaris SA sponsored ADR | 2,340,000 | | 124,043,400 |
Ternium SA sponsored ADR (e) | 1,001,800 | | 34,942,784 |
TOTAL LUXEMBOURG | | 158,986,184 |
Mexico - 19.5% |
Alsea SAB de CV | 18,422,300 | | 24,290,827 |
America Movil SAB de CV Series L sponsored ADR | 7,714,300 | | 447,120,828 |
Banco Compartamos SA de CV | 3,862,500 | | 16,225,170 |
Cemex SA de CV sponsored ADR | 2,074,818 | | 57,368,718 |
Controladora Commercial Mexicana SA unit | 5,536,623 | | 15,640,581 |
Corporacion Geo SA de CV
Series B (a) | 14,376,700 | | 53,703,169 |
Desarrolladora Homex Sab de CV (a) | 1,009,500 | | 10,047,118 |
Desarrolladora Homex Sab de CV sponsored ADR (a)(e) | 505,400 | | 30,111,732 |
Empresas ICA Sociedad Controladora SA de CV (a) | 4,319,700 | | 26,156,038 |
Fomento Economico Mexicano SA de CV sponsored ADR | 1,721,195 | | 74,785,923 |
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR | 699,500 | | 28,588,565 |
Grupo Aeroportuario Norte Sab de CV ADR | 607,600 | | 13,215,300 |
Grupo Mexico SA de CV Series B | 11,958,807 | | 87,415,730 |
Grupo Televisa SA de CV | 1,507,400 | | 7,435,860 |
Grupo Televisa SA de CV (CPO) sponsored ADR | 6,515,800 | | 160,809,944 |
Industrias Penoles SA de CV | 1,902,560 | | 56,058,746 |
Megacable Holdings SAB de CV unit | 5,908,300 | | 17,405,932 |
Urbi, Desarrollos Urbanos, SA de CV (a) | 13,020,300 | | 41,722,063 |
Wal-Mart de Mexico SA de CV Series V | 15,965,116 | | 64,598,692 |
TOTAL MEXICO | | 1,232,700,936 |
Panama - 0.7% |
Copa Holdings SA Class A | 518,800 | | 20,279,892 |
Intergroup Financial Services Corp. | 855,006 | | 17,784,125 |
Intergroup Financial Services Corp. (f) | 249,320 | | 5,185,856 |
TOTAL PANAMA | | 43,249,873 |
|
| Shares | | Value |
United States of America - 0.9% |
Freeport-McMoRan Copper & Gold, Inc. Class B | 484,600 | | $ 55,123,250 |
TOTAL COMMON STOCKS (Cost $3,133,850,678) | 5,732,830,602 |
Nonconvertible Preferred Stocks - 5.4% |
| | | |
Brazil - 5.4% |
Banco Itau Holding Financeira SA (non-vtg.) | 3,465,280 | | 100,380,960 |
Brasil Telecom Participacoes SA (PN) | 379,300 | | 5,830,294 |
Companhia Vale do Rio Doce (PN-A) | 1,444,700 | | 46,621,170 |
Empresa Nacional de Comercio Redito e Participacoes SA (PN) (a) | 11,465 | | 275,899 |
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) | 3,897,150 | | 187,331,419 |
TOTAL NONCONVERTIBLE PREFERRED
STOCKS (Cost $75,280,541) | 340,439,742 |
Convertible Bonds - 0.0% |
| Principal Amount (d) | | |
Brazil - 0.0% |
Companhia de Saneamento de Minas Gerais 2.3% 6/1/13 (g)
(Cost $958,433) | BRL | 15,278 | | 1,014,734 |
Money Market Funds - 4.9% |
| Shares | | |
Fidelity Cash Central Fund, 2.51% (b) | 259,471,148 | | 259,471,148 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 50,382,475 | | 50,382,475 |
TOTAL MONEY MARKET FUNDS (Cost $309,853,623) | 309,853,623 |
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $3,519,943,275) | | 6,384,138,701 |
NET OTHER ASSETS - (1.1)% | | (68,762,285) |
NET ASSETS - 100% | $ 6,315,376,416 |
Currency Abbreviation |
BRL | - | Brazilian real |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(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 $50,857,826 or 0.8% 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 $1,014,734 or 0.0% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
Companhia de Saneamento de Minas Gerais 2.3% 6/1/13 | 8/20/07 | $ 958,433 |
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 | $ 2,188,482 |
Fidelity Securities Lending Cash Central Fund | 564,685 |
Total | $ 2,753,167 |
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, 2008 (Unaudited) |
Assets | | |
Investment in securities, at value (including securities loaned of $49,349,912) - See accompanying schedule: Unaffiliated issuers (cost $3,210,089,652) | $ 6,074,285,078 | |
Fidelity Central Funds (cost $309,853,623) | 309,853,623 | |
Total Investments (cost $3,519,943,275) | | $ 6,384,138,701 |
Foreign currency held at value (cost $997,512) | | 988,475 |
Receivable for investments sold | | 20,200,522 |
Receivable for fund shares sold | | 11,975,819 |
Dividends receivable | | 27,249,379 |
Interest receivable | | 147 |
Distributions receivable from Fidelity Central Funds | | 551,074 |
Prepaid expenses | | 20,032 |
Other receivables | | 179,642 |
Total assets | | 6,445,303,791 |
| | |
Liabilities | | |
Payable for investments purchased | $ 63,166,282 | |
Payable for fund shares redeemed | 11,361,445 | |
Accrued management fee | 3,550,552 | |
Other affiliated payables | 1,035,216 | |
Other payables and accrued expenses | 431,405 | |
Collateral on securities loaned, at value | 50,382,475 | |
Total liabilities | | 129,927,375 |
| | |
Net Assets | | $ 6,315,376,416 |
Net Assets consist of: | | |
Paid in capital | | $ 3,335,845,261 |
Undistributed net investment income | | 27,360,505 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 87,846,811 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 2,864,323,839 |
Net Assets, for 95,404,805 shares outstanding | | $ 6,315,376,416 |
Net Asset Value, offering price and redemption price per share ($6,315,376,416 ÷ 95,404,805 shares) | | $ 66.20 |
Statement of Operations
Six months ended April 30, 2008 (Unaudited) |
Investment Income | | |
Dividends | | $ 63,175,098 |
Special dividends | | 15,900,681 |
Interest | | 114,544 |
Income from Fidelity Central Funds (including $564,685 from security lending) | | 2,753,167 |
| | 81,943,490 |
Less foreign taxes withheld | | (5,628,698) |
Total income | | 76,314,792 |
| | |
Expenses | | |
Management fee | $ 20,070,756 | |
Transfer agent fees | 5,429,279 | |
Accounting and security lending fees | 815,128 | |
Custodian fees and expenses | 1,501,372 | |
Independent trustees' compensation | 11,695 | |
Registration fees | 120,541 | |
Audit | 45,020 | |
Legal | 9,224 | |
Interest | 46,841 | |
Miscellaneous | 470,373 | |
Total expenses before reductions | 28,520,229 | |
Expense reductions | (332,525) | 28,187,704 |
Net investment income (loss) | | 48,127,088 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 128,815,966 | |
Foreign currency transactions | (1,573,109) | |
Total net realized gain (loss) | | 127,242,857 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (173,888,490) | |
Assets and liabilities in foreign currencies | 62,066 | |
Total change in net unrealized appreciation (depreciation) | | (173,826,424) |
Net gain (loss) | | (46,583,567) |
Net increase (decrease) in net assets resulting from operations | | $ 1,543,521 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended April 30, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 48,127,088 | $ 57,980,662 |
Net realized gain (loss) | 127,242,857 | 186,649,406 |
Change in net unrealized appreciation (depreciation) | (173,826,424) | 2,089,353,663 |
Net increase (decrease) in net assets resulting from operations | 1,543,521 | 2,333,983,731 |
Distributions to shareholders from net investment income | (58,822,486) | (48,023,908) |
Distributions to shareholders from net realized gain | (155,654,928) | (60,491,350) |
Total distributions | (214,477,414) | (108,515,258) |
Share transactions
Proceeds from sales of shares | 1,385,719,399 | 2,669,988,018 |
Reinvestment of distributions | 207,556,721 | 105,191,757 |
Cost of shares redeemed | (1,287,341,873) | (1,907,140,342) |
Net increase (decrease) in net assets resulting from share transactions | 305,934,247 | 868,039,433 |
Redemption fees | 2,685,772 | 3,709,798 |
Total increase (decrease) in net assets | 95,686,126 | 3,097,217,704 |
| | |
Net Assets | | |
Beginning of period | 6,219,690,290 | 3,122,472,586 |
End of period (including undistributed net investment income of $27,360,505 and undistributed net investment income of $45,170,603, respectively) | $ 6,315,376,416 | $ 6,219,690,290 |
Other Information Shares | | |
Sold | 22,535,641 | 51,731,157 |
Issued in reinvestment of distributions | 3,206,995 | 2,427,062 |
Redeemed | (21,945,024) | (38,465,997) |
Net increase (decrease) | 3,797,612 | 15,692,222 |
Financial Highlights
| Six months ended
April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 67.90 | $ 41.13 | $ 29.40 | $ 18.10 | $ 13.38 | $ 8.92 |
Income from Investment Operations | | | | | | |
Net investment income (loss) E | .52 H | .68 | .82 | .57 | .40 | .20 |
Net realized and unrealized gain (loss) | .12 I | 27.43 | 11.68 | 10.98 | 4.53 | 4.42 |
Total from investment operations | .64 | 28.11 | 12.50 | 11.55 | 4.93 | 4.62 |
Distributions from net investment income | (.65) | (.61) | (.46) | (.30) | (.23) | (.17) |
Distributions from net realized gain | (1.72) | (.77) | (.38) | - | - | - |
Total distributions | (2.37) | (1.38) | (.84) | (.30) | (.23) | (.17) |
Redemption fees added to paid in capital E | .03 | .04 | .07 | .05 | .02 | .01 |
Net asset value, end of period | $ 66.20 | $ 67.90 | $ 41.13 | $ 29.40 | $ 18.10 | $ 13.38 |
Total Return B,C,D | 1.07% | 70.35% | 43.57% | 64.94% | 37.47% | 52.83% |
Ratios to Average Net Assets F,J | | | | | | |
Expenses before reductions | 1.00% A | 1.00% | 1.05% | 1.10% | 1.19% | 1.31% |
Expenses net of fee waivers, if any | 1.00% A | 1.00% | 1.05% | 1.10% | 1.19% | 1.31% |
Expenses net of all reductions | .99% A | .98% | 1.02% | 1.04% | 1.16% | 1.31% |
Net investment income (loss) | 1.69% A,H | 1.33% | 2.23% | 2.38% | 2.56% | 1.89% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 6,315,376 | $ 6,219,690 | $ 3,122,473 | $ 1,384,083 | $ 357,335 | $ 219,519 |
Portfolio turnover rate G | 46% A | 52% | 60% | 40% | 25% | 28% |
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 $.17 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.13%. I The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Nordic
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Sweden | 44.4% | |
| Finland | 20.1% | |
| Norway | 19.2% | |
| Denmark | 11.5% | |
| Bermuda | 2.5% | |
 | United States of America | 2.2% | |
| Iceland | 0.1% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| Sweden | 51.4% | |
| Finland | 19.9% | |
| Norway | 18.8% | |
| Denmark | 9.2% | |
| United States of America | 0.6% | |
| Iceland | 0.1% | |
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 | 97.8 | 99.4 |
Short-Term Investments and Net Other Assets | 2.2 | 0.6 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Nokia Corp. (Finland, Communications Equipment) | 12.6 | 15.7 |
Yara International ASA (Norway, Chemicals) | 5.3 | 2.5 |
Nordea Bank AB (Sweden, Commercial Banks) | 5.3 | 4.8 |
Nokian Tyres Ltd. (Finland, Auto Components) | 5.0 | 2.6 |
Elekta AB (B Shares) (Sweden, Health Care Equipment & Supplies) | 4.5 | 3.2 |
Novo Nordisk AS Series B (Denmark, Pharmaceuticals) | 4.3 | 3.6 |
StatoilHydro ASA (Norway, Oil, Gas & Consumable Fuels) | 4.2 | 3.9 |
Investment AB Kinnevik (Sweden, Diversified Financial Services) | 4.0 | 1.7 |
H&M Hennes & Mauritz AB (B Shares) (Sweden, Specialty Retail) | 3.9 | 2.9 |
Telenor ASA (Norway, Diversified Telecommunication Services) | 3.7 | 2.6 |
| 52.8 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 18.7 | 33.5 |
Financials | 18.2 | 10.7 |
Information Technology | 13.3 | 18.0 |
Consumer Discretionary | 12.8 | 9.7 |
Health Care | 9.4 | 8.1 |
Telecommunication Services | 8.4 | 7.2 |
Materials | 7.8 | 6.9 |
Energy | 6.7 | 5.3 |
Utilities | 2.5 | 0.0 |
Semiannual Report
Nordic
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.8% |
| Shares | | Value |
Bermuda - 2.5% |
Seadrill Ltd. | 623,300 | | $ 18,980,648 |
Denmark - 11.5% |
Danske Bank AS | 325,700 | | 11,294,240 |
FLS Industries | 58,950 | | 6,240,510 |
Novo Nordisk AS Series B | 481,490 | | 33,141,251 |
Novozymes AS Series B | 49,900 | | 4,562,131 |
Rockwool International AS Series B (d) | 37,090 | | 6,324,121 |
Vestas Wind Systems AS (a) | 246,700 | | 27,044,949 |
TOTAL DENMARK | | 88,607,202 |
Finland - 20.1% |
Fortum Oyj | 444,000 | | 18,901,612 |
Nokia Corp. (d) | 3,218,750 | | 96,747,569 |
Nokian Tyres Ltd. (d) | 909,310 | | 38,795,587 |
TOTAL FINLAND | | 154,444,768 |
Iceland - 0.1% |
Ossur hf (a) | 689,370 | | 893,670 |
Norway - 19.2% |
Blom ASA (a)(d) | 499,000 | | 5,171,365 |
DnB Nor ASA | 258,100 | | 3,868,965 |
Norsk Hydro ASA (d) | 995,870 | | 14,830,441 |
Northern Logistic Property ASA (a) | 303,200 | | 2,615,026 |
Norwegian Air Shuttle AS (a)(d) | 798,921 | | 15,695,894 |
Orkla ASA (A Shares) | 295,950 | | 3,930,495 |
StatoilHydro ASA | 885,446 | | 32,095,243 |
Telenor ASA | 1,391,600 | | 28,160,079 |
Yara International ASA | 559,700 | | 41,015,344 |
TOTAL NORWAY | | 147,382,852 |
Sweden - 44.4% |
ABB Ltd. (Sweden) | 907,600 | | 27,511,298 |
Alfa Laval AB | 78,800 | | 5,185,163 |
Assa Abloy AB (B Shares) | 281,202 | | 4,391,066 |
East Capital Explorer AB | 97,200 | | 1,501,578 |
Elekta AB (B Shares) (d) | 1,984,500 | | 34,551,518 |
H&M Hennes & Mauritz AB (B Shares) | 508,740 | | 30,247,247 |
Hexagon AB (B Shares) | 1,160,975 | | 21,134,371 |
Intrum Justitia AB | 210,800 | | 3,414,934 |
Investment AB Kinnevik | 1,430,700 | | 30,703,768 |
Meda AB (A Shares) (d) | 325,800 | | 3,890,425 |
|
| Shares | | Value |
Modern Times Group MTG AB (B Shares) | 328,100 | | $ 24,110,092 |
NeoNet AB | 2,136,000 | | 12,842,327 |
Nordea Bank AB | 2,474,500 | | 40,995,775 |
Ratos AB (B Shares) | 438,600 | | 15,345,909 |
RNB Retail & Brands AB | 1,482,450 | | 6,486,663 |
Saab AB (B Shares) | 134,700 | | 3,824,340 |
Sandvik AB | 1,129,300 | | 17,398,655 |
Scania AB (B Shares) | 32,400 | | 666,917 |
Skandinaviska Enskilda Banken AB (A Shares) | 564,800 | | 13,724,535 |
Svenska Handelsbanken AB (A Shares) (d) | 246,500 | | 6,854,427 |
TELE2 AB (B Shares) | 1,086,000 | | 24,213,137 |
TeliaSonera AB | 1,329,000 | | 11,874,593 |
TOTAL SWEDEN | | 340,868,738 |
TOTAL COMMON STOCKS (Cost $604,145,287) | 751,177,878 |
Money Market Funds - 15.1% |
| | | |
Fidelity Cash Central Fund, 2.51% (b) | 21,204,450 | | 21,204,450 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 95,187,527 | | 95,187,527 |
TOTAL MONEY MARKET FUNDS (Cost $116,391,977) | 116,391,977 |
TOTAL INVESTMENT PORTFOLIO - 112.9% (Cost $720,537,264) | | 867,569,855 |
NET OTHER ASSETS - (12.9)% | | (99,191,367) |
NET ASSETS - 100% | $ 768,378,488 |
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 | $ 203,534 |
Fidelity Securities Lending Cash Central Fund | 866,439 |
Total | $ 1,069,973 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Nordic
Financial Statements
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $92,613,367) - See accompanying schedule: Unaffiliated issuers (cost $604,145,287) | $ 751,177,878 | |
Fidelity Central Funds (cost $116,391,977) | 116,391,977 | |
Total Investments (cost $720,537,264) | | $ 867,569,855 |
Cash | | 12,491 |
Foreign currency held at value (cost $11) | | 11 |
Receivable for investments sold | | 8,873,746 |
Receivable for fund shares sold | | 771,623 |
Dividends receivable | | 1,699,641 |
Distributions receivable from Fidelity Central Funds | | 533,783 |
Prepaid expenses | | 1,885 |
Other receivables | | 71,531 |
Total assets | | 879,534,566 |
| | |
Liabilities | | |
Payable for investments purchased | $ 14,346,180 | |
Payable for fund shares redeemed | 936,136 | |
Accrued management fee | 454,491 | |
Other affiliated payables | 189,722 | |
Other payables and accrued expenses | 42,022 | |
Collateral on securities loaned, at value | 95,187,527 | |
Total liabilities | | 111,156,078 |
| | |
Net Assets | | $ 768,378,488 |
Net Assets consist of: | | |
Paid in capital | | $ 659,051,127 |
Undistributed net investment income | | 5,091,795 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (42,776,815) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 147,012,381 |
Net Assets, for 17,903,093 shares outstanding | | $ 768,378,488 |
Net Asset Value, offering price and redemption price per share ($768,378,488 ÷ 17,903,093 shares) | | $ 42.92 |
Statement of Operations
Six months ended April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 9,758,915 |
Interest | | 14 |
Income from Fidelity Central Funds (including $866,439 from security lending) | | 1,069,973 |
| | 10,828,902 |
Less foreign taxes withheld | | (1,463,837) |
Total income | | 9,365,065 |
| | |
Expenses | | |
Management fee | $ 2,902,882 | |
Transfer agent fees | 1,017,077 | |
Accounting and security lending
fees | 197,740 | |
Custodian fees and expenses | 110,823 | |
Independent trustees' compensation | 1,757 | |
Registration fees | 35,761 | |
Audit | 28,275 | |
Legal | 1,499 | |
Interest | 2,074 | |
Miscellaneous | 110,971 | |
Total expenses before reductions | 4,408,859 | |
Expense reductions | (114,554) | 4,294,305 |
Net investment income (loss) | | 5,070,760 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (41,218,508) | |
Foreign currency transactions | (214,054) | |
Total net realized gain (loss) | | (41,432,562) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (87,556,030) | |
Assets and liabilities in foreign currencies | (36,774) | |
Total change in net unrealized appreciation (depreciation) | | (87,592,804) |
Net gain (loss) | | (129,025,366) |
Net increase (decrease) in net assets resulting from operations | | $ (123,954,606) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended
April 30, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 5,070,760 | $ 36,969,827 |
Net realized gain (loss) | (41,432,562) | 47,686,184 |
Change in net unrealized appreciation (depreciation) | (87,592,804) | 167,114,583 |
Net increase (decrease) in net assets resulting from operations | (123,954,606) | 251,770,594 |
Distributions to shareholders from net investment income | (32,286,083) | (3,011,989) |
Distributions to shareholders from net realized gain | (42,550,440) | (5,296,944) |
Total distributions | (74,836,523) | (8,308,933) |
Share transactions
Proceeds from sales of shares | 165,985,381 | 678,676,171 |
Reinvestment of distributions | 72,112,684 | 8,060,493 |
Cost of shares redeemed | (269,014,575) | (281,558,904) |
Net increase (decrease) in net assets resulting from share transactions | (30,916,510) | 405,177,760 |
Redemption fees | 360,177 | 604,174 |
Total increase (decrease) in net assets | (229,347,462) | 649,243,595 |
| | |
Net Assets | | |
Beginning of period | 997,725,950 | 348,482,355 |
End of period (including undistributed net investment income of $5,091,795 and undistributed net investment income of $36,941,058, respectively) | $ 768,378,488 | $ 997,725,950 |
Other Information Shares | | |
Sold | 3,722,187 | 15,469,184 |
Issued in reinvestment of distributions | 1,552,480 | 210,073 |
Redeemed | (6,266,058) | (6,310,586) |
Net increase (decrease) | (991,391) | 9,368,671 |
Financial Highlights
| Six months ended
April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 52.81 | $ 36.58 | $ 30.92 | $ 24.44 | $ 19.49 | $ 15.36 |
Income from Investment Operations | | | | | |
Net investment income (loss) E | .27 | 2.39 H | .50 | .55 | .26 | .11 |
Net realized and unrealized gain (loss) | (6.17) | 14.60 | 7.94 | 6.12 | 4.80 | 4.14 |
Total from investment operations | (5.90) | 16.99 | 8.44 | 6.67 | 5.06 | 4.25 |
Distributions from net investment income | (1.73) | (.29) | (.35) | (.22) | (.15) | (.12) |
Distributions from net realized gain | (2.28) | (.51) | (2.49) | - | - | - |
Total distributions | (4.01) | (.80) | (2.84) | (.22) | (.15) | (.12) |
Redemption fees added to paid in capital E | .02 | .04 | .06 | .03 | .04 | - J |
Net asset value, end of period | $ 42.92 | $ 52.81 | $ 36.58 | $ 30.92 | $ 24.44 | $ 19.49 |
Total Return B, C, D | (11.71)% | 47.38% | 29.68% | 27.56% | 26.31% | 27.87% |
Ratios to Average Net Assets F, I | | | | | |
Expenses before reductions | 1.07% A | 1.06% | 1.14% | 1.17% | 1.28% | 1.43% |
Expenses net of fee waivers, if any | 1.07% A | 1.06% | 1.14% | 1.17% | 1.28% | 1.43% |
Expenses net of all reductions | 1.05% A | 1.03% | 1.10% | 1.13% | 1.24% | 1.40% |
Net investment income (loss) | 1.23% A | 5.37% H | 1.49% | 1.89% | 1.16% | .67% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 768,378 | $ 997,726 | $ 348,482 | $ 188,011 | $ 116,493 | $ 81,337 |
Portfolio turnover rate G | 83% A | 62% | 67% | 76% | 90% | 96% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the former sales charges. E Calculated based on average shares outstanding during the period. F 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 $1.62 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.72%. 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
Pacific Basin
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Japan | 22.4% | |
| Australia | 12.6% | |
| Korea (South) | 10.8% | |
| Singapore | 7.3% | |
| China | 7.1% | |
| Hong Kong | 6.9% | |
| Cayman Islands | 6.2% | |
| India | 5.4% | |
| Bermuda | 4.2% | |
| Other | 17.1% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| Japan | 24.8% | |
| Australia | 12.5% | |
| Korea (South) | 10.6% | |
| Hong Kong | 10.5% | |
| Singapore | 8.4% | |
| China | 6.2% | |
| Cayman Islands | 4.4% | |
| Taiwan | 4.0% | |
| India | 3.9% | |
| Other | 14.7% | |
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 | 98.8 | 98.7 |
Short-Term Investments and Net Other Assets | 1.2 | 1.3 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Incitec Pivot Ltd. (Australia, Chemicals) | 1.8 | 0.7 |
Goodpack Ltd. (Singapore, Air Freight & Logistics) | 1.7 | 1.4 |
Mitsubishi Corp. (Japan, Trading Companies & Distributors) | 1.6 | 0.0 |
NHN Corp. (Korea (South), Internet Software & Services) | 1.5 | 1.3 |
China State Construction International Holdings Ltd. (Hong Kong, Construction & Engineering) | 1.4 | 1.9 |
Focus Media Holding Ltd. ADR (China, Media) | 1.2 | 0.0 |
Rio Tinto Ltd. (Australia, Metals & Mining) | 1.2 | 0.7 |
CSL Ltd. (Australia, Biotechnology) | 1.2 | 1.1 |
Peace Mark Holdings Ltd. (Bermuda, Textiles, Apparel & Luxury Goods) | 1.1 | 0.5 |
Olam International Ltd. (Singapore, Food & Staples Retailing) | 1.1 | 0.9 |
| 13.8 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 23.2 | 23.7 |
Information Technology | 18.6 | 16.5 |
Consumer Discretionary | 17.9 | 19.6 |
Financials | 11.7 | 15.3 |
Materials | 7.5 | 6.6 |
Consumer Staples | 5.9 | 4.7 |
Energy | 5.5 | 5.0 |
Health Care | 5.0 | 4.5 |
Telecommunication Services | 2.2 | 2.0 |
Utilities | 1.3 | 0.8 |
Semiannual Report
Pacific Basin
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8% |
| Shares | | Value |
Australia - 12.6% |
ABB Grain Ltd. | 289,384 | | $ 2,726,885 |
Ausenco Ltd. | 593,498 | | 8,833,912 |
Babcock & Brown Ltd. | 74,721 | | 1,036,065 |
Billabong International Ltd. | 271,443 | | 3,072,463 |
Bradken Ltd. | 312,341 | | 2,430,579 |
Cochlear Ltd. | 90,585 | | 4,844,692 |
CSL Ltd. | 296,674 | | 11,134,744 |
Goodman Group unit | 834,369 | | 3,557,324 |
Gunns Ltd. | 1,870,917 | | 5,223,638 |
HFA Holdings Ltd. | 2,286,245 | | 2,307,456 |
Incitec Pivot Ltd. | 108,017 | | 16,484,300 |
Iress Market Technology Ltd. | 536,645 | | 3,214,309 |
Macquarie Airports unit | 1,810,288 | | 5,361,720 |
Macquarie Group Ltd. | 36,790 | | 2,200,811 |
QBE Insurance Group Ltd. | 254,004 | | 6,059,213 |
Reverse Corp. Ltd. | 392,042 | | 809,848 |
Rio Tinto Ltd. | 90,829 | | 11,658,580 |
Seek Ltd. (d) | 804,568 | | 3,794,544 |
Sunland Group Ltd. | 1,182,076 | | 3,177,731 |
United Group Ltd. (d) | 650,000 | | 8,742,984 |
WildHorse Energy Ltd. (a) | 531,181 | | 308,137 |
WorleyParsons Ltd. | 220,227 | | 8,059,890 |
Wotif.com Holdings Ltd. | 859,373 | | 3,623,398 |
TOTAL AUSTRALIA | | 118,663,223 |
Bermuda - 4.2% |
Asia Media Co. Ltd. | 836,500 | | 2,954,572 |
DVN Holdings Ltd. | 10,409,000 | | 921,606 |
Huabao International Holdings Ltd. | 4,855,000 | | 4,335,962 |
Mingyuan Medicare Development Co. Ltd. (d) | 19,930,000 | | 3,017,701 |
Noble Group Ltd. | 5,027,000 | | 8,266,507 |
NWS Holdings Ltd. | 961,000 | | 2,645,073 |
Paradise Entertainment Ltd. (a) | 89,432,000 | | 1,078,718 |
Peace Mark Holdings Ltd. | 9,351,750 | | 10,895,965 |
Ports Design Ltd. | 1,077,500 | | 3,470,387 |
TPV Technology Ltd. | 3,394,000 | | 2,360,468 |
TOTAL BERMUDA | | 39,946,959 |
Cayman Islands - 6.2% |
Agile Property Holdings Ltd. | 1,600,000 | | 2,225,544 |
Chaoda Modern Agriculture (Holdings) Ltd. | 3,483,025 | | 5,005,663 |
China Dongxiang Group Co. Ltd. | 4,024,000 | | 1,760,757 |
China Medical Technologies, Inc. sponsored ADR (d) | 63,800 | | 2,386,120 |
China State Construction International Holdings Ltd. warrants 2/27/09 (a) | 1,318,384 | | 145,488 |
Ctrip.com International Ltd. sponsored ADR | 126,110 | | 7,826,387 |
Hembly International Holdings Ltd. | 5,484,000 | | 2,251,824 |
Kingboard Chemical Holdings Ltd. | 808,900 | | 3,835,273 |
|
| Shares | | Value |
Kingdee International Software Group Co. Ltd. | 6,950,232 | | $ 6,956,341 |
Lee & Man Paper Manufacturing Ltd. | 301,200 | | 560,415 |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 101,800 | | 7,641,108 |
Perfect World Co. Ltd. sponsored ADR Class B | 106,633 | | 3,062,500 |
Regent Pacific Group Ltd. (a) | 34,954,000 | | 3,588,177 |
SinoCom Software Group Ltd. | 18,138,000 | | 3,304,949 |
Suntech Power Holdings Co. Ltd. sponsored ADR (a) | 39,100 | | 1,748,943 |
Wuxi Pharmatech Cayman, Inc. Sponsored ADR (d) | 117,900 | | 2,174,076 |
Xinao Gas Holdings Ltd. | 2,332,000 | | 4,291,061 |
TOTAL CAYMAN ISLANDS | | 58,764,626 |
China - 7.1% |
51job, Inc. sponsored ADR (a) | 272,500 | | 5,014,000 |
AMVIG Holdings Ltd. | 5,178,000 | | 5,408,457 |
Anhui Conch Cement Co. Ltd. (H Shares) | 204,000 | | 1,630,817 |
Baidu.com, Inc. sponsored ADR (a) | 13,096 | | 4,787,898 |
BYD Co. Ltd. (H Shares) | 1,721,400 | | 3,012,889 |
China Communications Construction Co. Ltd. (H Shares) | 1,137,000 | | 2,702,019 |
China Shenhua Energy Co. Ltd. (H Shares) | 816,500 | | 3,750,820 |
Focus Media Holding Ltd. ADR (a)(d) | 316,600 | | 11,679,374 |
Global Bio-Chem Technology Group Co. Ltd. | 826,000 | | 383,686 |
Jiangsu Expressway Co. Ltd. (H Shares) | 4,840,013 | | 4,533,737 |
Li Ning Co. Ltd. | 1,440,000 | | 4,249,886 |
Minth Group Ltd. | 1,784,000 | | 2,000,752 |
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) | 631,000 | | 5,987,624 |
Royale Furniture Holdings Ltd. | 8,165,308 | | 1,498,289 |
Sina Corp. (a) | 73,749 | | 3,407,204 |
Tencent Holdings Ltd. | 427,800 | | 2,838,039 |
Yantai Changyu Pioneer Wine Co. (B Shares) | 531,700 | | 3,691,058 |
TOTAL CHINA | | 66,576,549 |
Hong Kong - 6.9% |
Bank of East Asia Ltd. | 707,164 | | 4,028,933 |
China Insurance International Holdings Co. Ltd. (a) | 1,530,000 | | 4,063,954 |
China Mobile (Hong Kong) Ltd. | 112,500 | | 1,935,835 |
China Overseas Land & Investment Ltd. warrants 8/27/08 (a) | 110,145 | | 59,361 |
China State Construction International Holdings Ltd. | 7,654,688 | | 12,749,383 |
China Unicom Ltd. | 4,282,000 | | 9,291,245 |
Golden Meditech Co. Ltd. | 7,376,000 | | 2,555,475 |
Hang Lung Properties Ltd. | 2,085,000 | | 8,481,102 |
Hong Kong Exchanges & Clearing Ltd. | 111,000 | | 2,267,530 |
IPE Group Ltd. | 21,375,000 | | 2,468,514 |
Li & Fung Ltd. | 768,539 | | 3,180,406 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - continued |
PYI Corp. Ltd. | 9,494,539 | | $ 2,339,172 |
REXCAPITAL Financial Holdings Ltd. (a) | 31,061,967 | | 3,627,081 |
Tian An China Investments Co. Ltd. | 3,389,800 | | 2,870,813 |
Tian An China Investments Co. Ltd. warrants 1/2/10 (a) | 396,800 | | 22,912 |
Tingyi (Cayman Island) Holding Corp. | 3,522,742 | | 4,701,118 |
TOTAL HONG KONG | | 64,642,834 |
India - 5.4% |
Bajaj Hindusthan Ltd. | 259,837 | | 1,502,815 |
Educomp Solutions Ltd. | 92,687 | | 9,184,491 |
Financial Technologies India Ltd. | 174,713 | | 7,516,546 |
Geodesic Information Systems Ltd. | 720,293 | | 3,630,847 |
INFO Edge India Ltd. | 115,509 | | 2,761,936 |
Jain Irrigation Systems Ltd. | 331,012 | | 5,072,790 |
NIIT Ltd. | 1,940,580 | | 4,953,396 |
Pantaloon Retail India Ltd. | 417,805 | | 5,462,671 |
Reliance Industries Ltd. | 39,910 | | 2,579,597 |
Shopper's Stop Ltd. | 203,437 | | 2,011,738 |
Suzlon Energy Ltd. | 362,981 | | 2,577,210 |
United Spirits Ltd. | 97,860 | | 3,882,828 |
TOTAL INDIA | | 51,136,865 |
Indonesia - 1.5% |
PT Bumi Resources Tbk | 7,072,500 | | 5,100,540 |
PT Indosat Tbk | 3,240,500 | | 2,126,126 |
PT Perusahaan Gas Negara Tbk Series B | 5,358,848 | | 7,031,992 |
TOTAL INDONESIA | | 14,258,658 |
Japan - 22.4% |
ABC-Mart, Inc. | 107,600 | | 2,784,641 |
Adeka Corp. | 317,800 | | 3,048,667 |
Aeon Mall Co. Ltd. | 118,500 | | 3,719,514 |
Ai Holdings Corp. (d) | 689,100 | | 3,752,999 |
ARRK Corp. (d) | 346,000 | | 1,063,652 |
Asics Corp. | 262,000 | | 2,655,500 |
Bridgestone Corp. | 176,600 | | 3,249,801 |
Canon Marketing Japan, Inc. | 144,200 | | 2,800,779 |
Canon, Inc. | 143,000 | | 7,188,661 |
Chofu Seisakusho Co. Ltd. | 106,400 | | 2,197,180 |
Denso Corp. | 128,600 | | 4,484,938 |
Digital Garage, Inc. (a)(d) | 4,969 | | 8,254,692 |
eAccess Ltd. (d) | 3,893 | | 2,494,688 |
Fujifilm Holdings Corp. | 107,700 | | 4,163,148 |
Fujitsu Business Systems Ltd. | 122,000 | | 1,455,424 |
Fujitsu Ltd. | 785,000 | | 5,021,494 |
Furuno Electric Co. Ltd. | 297,500 | | 2,800,470 |
H.I.S. Co. Ltd. | 258,800 | | 4,023,438 |
Hamakyorex Co. Ltd. | 188,600 | | 3,833,000 |
Harakosan Co. Ltd. (d) | 408 | | 636,233 |
Hikari Tsushin, Inc. | 84,700 | | 3,110,854 |
Inpex Holdings, Inc. | 503 | | 5,644,595 |
Internet Initiative Japan, Inc. | 835 | | 2,829,634 |
|
| Shares | | Value |
ISE Chemical Corp. (d) | 391,000 | | $ 2,575,784 |
IT Holdings Corp. (a) | 74,800 | | 1,554,078 |
Japan Asia Investment Co. Ltd. | 142,000 | | 701,615 |
Kato Works Co. Ltd. | 771,000 | | 3,029,744 |
Kenedix Realty Investment Corp. | 398 | | 2,355,286 |
Konica Minolta Holdings, Inc. | 268,500 | | 4,045,574 |
Leopalace21 Corp. | 228,900 | | 4,048,745 |
Matsumotokiyoshi Holdings Co. Ltd. | 161,600 | | 3,385,929 |
Micronics Japan Co. Ltd. | 105,700 | | 3,810,519 |
Miraial Co. Ltd. | 17,500 | | 535,956 |
Mitsubishi Corp. | 453,500 | | 14,596,662 |
Mitsubishi Electric Corp. | 575,000 | | 5,890,643 |
Namco Bandai Holdings, Inc. | 255,200 | | 3,201,744 |
Nikon Corp. | 150,000 | | 4,333,623 |
Nippon Electric Glass Co. Ltd. | 238,000 | | 3,701,489 |
Nippon Parkerizing Co. Ltd. | 197,000 | | 3,134,100 |
Nippon Seiki Co. Ltd. | 371,000 | | 5,452,246 |
Nitta Corp. | 241,200 | | 3,984,926 |
Nittoku Engineering Co. Ltd. | 384,200 | | 2,410,610 |
Nomura Holdings, Inc. | 349,800 | | 6,107,241 |
Obic Co. Ltd. | 8,440 | | 1,559,863 |
ORIX Corp. | 27,270 | | 4,932,649 |
Rakuten, Inc. | 7,414 | | 4,630,638 |
Renown, Inc. (a)(d) | 599,700 | | 2,122,575 |
Sankyo Seiko Co. Ltd. | 425,800 | | 1,142,829 |
SFCG Co. Ltd. (d) | 20,530 | | 2,190,885 |
Shimachu Co. Ltd. | 72,900 | | 2,005,811 |
Sumitomo Mitsui Financial Group, Inc. | 909 | | 7,821,184 |
Takasago Thermal Engineering Co. Ltd. | 584,000 | | 4,555,856 |
Take & Give Needs Co. Ltd. (d) | 11,579 | | 1,256,080 |
The Sumitomo Warehouse Co. Ltd. | 401,000 | | 2,012,995 |
Tohcello Co. Ltd. | 330,000 | | 1,841,661 |
Torishima Pump Manufacturing Co. Ltd. (d) | 467,700 | | 8,089,337 |
Toyota Tsusho Corp. | 166,600 | | 3,579,837 |
Wacom Co. Ltd. | 1,470 | | 2,961,767 |
TOTAL JAPAN | | 210,774,483 |
Korea (South) - 10.8% |
CDNetworks Co. Ltd. (a) | 120,643 | | 1,665,493 |
Cheil Industries, Inc. | 59,473 | | 3,254,492 |
CJ CheilJedang Corp. (a) | 29,764 | | 7,565,237 |
Doosan Heavy Industries & Construction Co. Ltd. | 27,986 | | 2,942,960 |
Duzon Digital Ware Co. Ltd. | 286,035 | | 3,663,645 |
eSang Networks Co. Ltd. | 100,877 | | 3,318,159 |
Hana Tour Service, Inc. | 39,061 | | 2,332,175 |
Hyundai Engineering & Construction Co. Ltd. | 47,515 | | 4,366,693 |
Infopia Co. Ltd. | 127,224 | | 5,991,863 |
Jinsung T.E.C. Co. Ltd. | 426,913 | | 5,999,976 |
Kyeryong Construction Industrial Co. Ltd. | 67,780 | | 2,482,847 |
LG Household & Health Care Ltd. | 24,867 | | 5,143,190 |
MegaStudy Co. Ltd. | 12,242 | | 4,038,977 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - continued |
Mobilians Co. Ltd. | 446,219 | | $ 2,017,049 |
NHN Corp. (a) | 60,685 | | 14,093,807 |
Nice e-Banking Services | 8,819 | | 356,013 |
Plantynet Co. Ltd. | 231,871 | | 1,571,616 |
S.M. Entertainment Co. Ltd. (a) | 59,873 | | 120,552 |
SFA Engineering Corp. | 120,363 | | 7,978,214 |
Shinhan Financial Group Co. Ltd. | 105,607 | | 6,097,285 |
TK Corp. | 232,785 | | 8,991,202 |
Woongjin Coway Co. Ltd. | 108,280 | | 3,421,358 |
Yuhan Corp. | 21,719 | | 4,762,703 |
TOTAL KOREA (SOUTH) | | 102,175,506 |
Malaysia - 3.8% |
Gamuda Bhd | 6,421,942 | | 6,342,659 |
IJM Corp. Bhd | 1,169,700 | | 2,129,084 |
JobStreet Corp. Bhd | 6,411,250 | | 3,450,182 |
KNM Group Bhd | 2,738,000 | | 5,547,072 |
MMC Corp. Bhd | 4,331,354 | | 5,045,705 |
Muhibbah Engineering (M) Bhd | 4,668,000 | | 4,137,512 |
Parkson Holdings Bhd (a) | 1,850,513 | | 4,100,535 |
Public Bank Bhd (For. Reg.) | 1,197,800 | | 4,322,545 |
Scomi Group Bhd | 2,738,100 | | 858,094 |
TOTAL MALAYSIA | | 35,933,388 |
Papua New Guinea - 1.7% |
Lihir Gold Ltd. (a) | 2,242,612 | | 6,219,111 |
Oil Search Ltd. | 2,251,890 | | 10,089,452 |
TOTAL PAPUA NEW GUINEA | | 16,308,563 |
Philippines - 1.5% |
Aboitiz Equity Ventures, Inc. | 14,825,000 | | 2,317,229 |
Alliance Global Group, Inc. (a) | 92,448,542 | | 8,538,764 |
DMCI Holdings, Inc. | 24,124,500 | | 3,485,126 |
TOTAL PHILIPPINES | | 14,341,119 |
Singapore - 7.3% |
Asia Environment Holdings Ltd. | 3,695,000 | | 1,253,374 |
China Petrotech Holdings Ltd. (a) | 8,933,000 | | 1,712,691 |
CSE Global Ltd. | 7,416,500 | | 5,578,372 |
Ezra Holdings Ltd. | 2,932,000 | | 5,188,998 |
GigaMedia Ltd. (a) | 96,100 | | 1,495,316 |
Goodpack Ltd. | 12,414,000 | | 16,019,836 |
Goodpack Ltd. warrants 7/16/09 (a) | 1,143,125 | | 303,462 |
Olam International Ltd. | 5,240,400 | | 10,510,942 |
Parkway Holdings Ltd. | 2,836,000 | | 7,319,519 |
Pertama Holdings Ltd. | 10,644,000 | | 3,218,081 |
Raffles Education Corp. Ltd. | 7,381,000 | | 6,313,664 |
SembCorp Marine Ltd. | 1,640,000 | | 4,474,596 |
SIA Engineering Co. Ltd. | 930,000 | | 2,914,608 |
Tat Hong Holdings Ltd. | 1,257,000 | | 1,992,884 |
TOTAL SINGAPORE | | 68,296,343 |
|
| Shares | | Value |
Taiwan - 3.4% |
104 Corp. | 479,000 | | $ 1,856,376 |
Advanced Semiconductor Engineering, Inc. | 2,925,000 | | 3,004,978 |
Apex Biotechnology Corp. | 943,000 | | 2,189,674 |
D-Link Corp. | 1,486,160 | | 2,347,789 |
Everlight Electronics Co. Ltd. | 575,760 | | 2,212,461 |
Foxconn Technology Co. Ltd. | 459,000 | | 2,962,263 |
Gemtek Technology Corp. | 651,510 | | 1,281,729 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 1,697,462 | | 9,839,955 |
Taiwan Fertilizer Co. Ltd. | 299,000 | | 1,448,477 |
Tsann Kuen Enterprise Co. Ltd. (a) | 3,333,000 | | 4,783,713 |
TOTAL TAIWAN | | 31,927,415 |
Thailand - 3.8% |
Bumrungrad Hospital PCL (For. Reg.) | 3,184,600 | | 3,237,811 |
Central Pattana PCL (For. Reg.) | 2,958,071 | | 2,681,102 |
Italian-Thai Development PCL (a) | 11,157,900 | | 2,919,627 |
Minor International PCL (For. Reg.) | 9,979,686 | | 5,033,890 |
Siam Commercial Bank PCL (For. Reg.) | 2,913,152 | | 8,173,724 |
Thai Stanley Electric PCL | 656,390 | | 3,000,522 |
Ticon Industrial Connection PCL (For. Reg.) | 7,222,400 | | 4,052,923 |
Total Access Communication PCL | 2,613,780 | | 3,737,705 |
True Corp. PCL (For. Reg.) (a) | 16,816,100 | | 2,587,092 |
TOTAL THAILAND | | 35,424,396 |
United Kingdom - 0.0% |
Genting International PLC (a) | 344,970 | | 155,174 |
Vietnam - 0.2% |
Luks Group (Vietnam Holdings) Co. Ltd. | 2,080,000 | | 1,921,688 |
TOTAL COMMON STOCKS (Cost $799,039,488) | 931,247,789 |
Money Market Funds - 4.1% |
| | | |
Fidelity Cash Central Fund, 2.51% (b) | 4,256,120 | | 4,256,120 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 34,554,499 | | 34,554,499 |
TOTAL MONEY MARKET FUNDS (Cost $38,810,619) | 38,810,619 |
TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $837,850,107) | | 970,058,408 |
NET OTHER ASSETS - (2.9)% | | (27,751,228) |
NET ASSETS - 100% | $ 942,307,180 |
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 | $ 153,768 |
Fidelity Securities Lending Cash Central Fund | 409,986 |
Total | $ 563,754 |
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, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $32,413,909) - See accompanying schedule: Unaffiliated issuers (cost $799,039,488) | $ 931,247,789 | |
Fidelity Central Funds (cost $38,810,619) | 38,810,619 | |
Total Investments (cost $837,850,107) | | $ 970,058,408 |
Foreign currency held at value (cost $2,987,163) | | 2,962,323 |
Receivable for investments sold | | 9,678,296 |
Receivable for fund shares sold | | 827,529 |
Dividends receivable | | 2,509,226 |
Distributions receivable from Fidelity Central Funds | | 64,953 |
Prepaid expenses | | 2,373 |
Other receivables | | 976,424 |
Total assets | | 987,079,532 |
| | |
Liabilities | | |
Payable for investments purchased | $ 7,817,202 | |
Payable for fund shares redeemed | 1,317,509 | |
Accrued management fee | 713,039 | |
Other affiliated payables | 223,894 | |
Other payables and accrued expenses | 146,209 | |
Collateral on securities loaned, at value | 34,554,499 | |
Total liabilities | | 44,772,352 |
| | |
Net Assets | | $ 942,307,180 |
Net Assets consist of: | | |
Paid in capital | | $ 769,060,299 |
Undistributed net investment income | | 2,139,402 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 38,979,584 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 132,127,895 |
Net Assets, for 35,367,193 shares outstanding | | $ 942,307,180 |
Net Asset Value, offering price and redemption price per share ($942,307,180 ÷ 35,367,193 shares) | | $ 26.64 |
Statement of Operations
Six months ended April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 9,607,926 |
Interest | | 350 |
Income from Fidelity Central Funds (including $409,986 from security lending) | | 563,754 |
| | 10,172,030 |
Less foreign taxes withheld | | (566,485) |
Total income | | 9,605,545 |
| | |
Expenses | | |
Management fee
Basic fee | $ 3,641,218 | |
Performance adjustment | 934,895 | |
Transfer agent fees | 1,180,846 | |
Accounting and security lending fees | 243,454 | |
Custodian fees and expenses | 321,213 | |
Independent trustees' compensation | 1,983 | |
Registration fees | 27,321 | |
Audit | 50,712 | |
Legal | 2,124 | |
Interest | 1,432 | |
Miscellaneous | 133,872 | |
Total expenses before reductions | 6,539,070 | |
Expense reductions | (297,057) | 6,242,013 |
Net investment income (loss) | | 3,363,532 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $49,919) | 48,004,360 | |
Foreign currency transactions | 129,075 | |
Total net realized gain (loss) | | 48,133,435 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $1,383,000) | (294,455,918) | |
Assets and liabilities in foreign currencies | (66,523) | |
Total change in net unrealized appreciation (depreciation) | | (294,522,441) |
Net gain (loss) | | (246,389,006) |
Net increase (decrease) in net assets resulting from operations | | $ (243,025,474) |
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, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,363,532 | $ 7,778,057 |
Net realized gain (loss) | 48,133,435 | 165,831,466 |
Change in net unrealized appreciation (depreciation) | (294,522,441) | 264,139,051 |
Net increase (decrease) in net assets resulting from operations | (243,025,474) | 437,748,574 |
Distributions to shareholders from net investment income | (7,436,752) | (5,493,694) |
Distributions to shareholders from net realized gain | (131,157,223) | (78,016,295) |
Total distributions | (138,593,975) | (83,509,989) |
Share transactions
Proceeds from sales of shares | 125,263,640 | 356,516,330 |
Reinvestment of distributions | 127,229,315 | 78,904,207 |
Cost of shares redeemed | (195,369,185) | (496,318,818) |
Net increase (decrease) in net assets resulting from share transactions | 57,123,770 | (60,898,281) |
Redemption fees | 289,358 | 368,023 |
Total increase (decrease) in net assets | (324,206,321) | 293,708,327 |
| | |
Net Assets | | |
Beginning of period | 1,266,513,501 | 972,805,174 |
End of period (including undistributed net investment income of $2,139,402 and undistributed net investment income of $7,712,722, respectively) | $ 942,307,180 | $ 1,266,513,501 |
Other Information Shares | | |
Sold | 4,266,977 | 11,592,776 |
Issued in reinvestment of distributions | 4,129,481 | 2,961,664 |
Redeemed | (6,966,430) | (16,176,357) |
Net increase (decrease) | 1,430,028 | (1,621,917) |
Financial Highlights
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 37.32 | $ 27.36 | $ 22.42 | $ 17.91 | $ 17.06 | $ 12.73 |
Income from Investment Operations | | | | | | |
Net investment income (loss) F | .09 | .22 | .16 | .22 I | .07 | .06 |
Net realized and unrealized gain (loss) | (6.68) | 12.16 | 5.26 | 4.49 | .92 | 4.26 |
Total from investment operations | (6.59) | 12.38 | 5.42 | 4.71 | .99 | 4.32 |
Distributions from net investment income | (.22) | (.16) | (.18) | (.08) | (.16) | - |
Distributions from net realized gain | (3.88) | (2.27) | (.32) | (.13) | - | - |
Total distributions | (4.10) | (2.43) | (.50) | (.21) | (.16) | - |
Redemption fees added to paid in capital F | .01 | .01 | .02 | .01 | .02 | .01 |
Net asset value, end of period | $ 26.64 | $ 37.32 | $ 27.36 | $ 22.42 | $ 17.91 | $ 17.06 |
Total Return B, C, D, E | (19.12)% | 48.86% | 24.55% | 26.62% | 5.98% | 34.01% |
Ratios to Average Net Assets G, J | | | | | | |
Expenses before reductions | 1.27% A | 1.19% | 1.14% | 1.10% | 1.20% | 1.17% |
Expenses net of fee waivers, if any | 1.27% A | 1.19% | 1.14% | 1.10% | 1.20% | 1.17% |
Expenses net of all reductions | 1.21% A | 1.13% | 1.08% | 1.05% | 1.19% | 1.17% |
Net investment income (loss) | .65% A | .71% | .60% | 1.09% I | .42% | .41% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 942,307 | $ 1,266,514 | $ 972,805 | $ 648,850 | $ 445,127 | $ 419,251 |
Portfolio turnover rate H | 79% A | 91% | 75% | 78% | 145% | 97% |
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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Southeast Asia
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Korea (South) | 21.2% | |
| Hong Kong | 19.1% | |
| Taiwan | 18.9% | |
| China | 11.2% | |
| United States of America | 9.8% | |
| Thailand | 6.0% | |
| Malaysia | 5.7% | |
| Singapore | 4.2% | |
| Cayman Islands | 1.2% | |
| Other | 2.7% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| Korea (South) | 28.6% | |
| China | 25.0% | |
| Hong Kong | 15.3% | |
| Taiwan | 9.9% | |
| Singapore | 8.9% | |
| Indonesia | 4.5% | |
| Malaysia | 2.4% | |
| United States of America | 2.1% | |
| Cayman Islands | 2.1% | |
| Other | 1.2% | |
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 | 95.3 | 97.9 |
Short-Term Investments and Net Other Assets | 4.7 | 2.1 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services) | 6.4 | 4.3 |
MSCI AC Far East ex-Japan Index (Goldman Sachs International Warrant Program) warrants 4/2/09 (United States of America, Diversified Financial Services) | 5.1 | 0.0 |
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment) | 3.9 | 2.1 |
Kookmin Bank (Korea (South), Commercial Banks) | 2.5 | 1.1 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.5 | 1.6 |
Hutchison Whampoa Ltd. (Hong Kong, Industrial Conglomerates) | 2.2 | 0.0 |
CNOOC Ltd. (Hong Kong, Oil, Gas & Consumable Fuels) | 2.2 | 1.2 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Instruments) | 2.2 | 1.8 |
Shinhan Financial Group Co. Ltd. (Korea (South), Commercial Banks) | 2.2 | 1.5 |
NHN Corp. (Korea (South), Internet Software & Services) | 2.0 | 0.9 |
| 31.2 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 30.1 | 25.1 |
Telecommunication Services | 17.9 | 6.0 |
Information Technology | 14.7 | 9.1 |
Energy | 8.8 | 8.0 |
Consumer Discretionary | 7.4 | 8.8 |
Industrials | 6.7 | 25.2 |
Utilities | 3.7 | 1.2 |
Materials | 3.2 | 9.3 |
Consumer Staples | 1.8 | 3.8 |
Health Care | 1.0 | 0.7 |
Semiannual Report
Southeast Asia
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.5% |
| Shares | | Value |
Australia - 1.0% |
Telstra Corp. Ltd. | 9,335,322 | | $ 40,153,274 |
Bermuda - 0.4% |
Noble Group Ltd. | 9,303,000 | | 15,298,053 |
Cayman Islands - 1.2% |
Hutchison Telecommunications International Ltd. | 22,104,000 | | 31,086,254 |
Mindray Medical International Ltd. sponsored ADR | 569,300 | | 19,356,200 |
TOTAL CAYMAN ISLANDS | | 50,442,454 |
China - 11.2% |
Aluminum Corp. of China Ltd. (H Shares) | 13,548,000 | | 22,912,768 |
BYD Co. Ltd. (H Shares) | 16,762,200 | | 29,338,125 |
China Coal Energy Co. Ltd. (H Shares) | 6,734,000 | | 14,257,521 |
China Construction Bank Corp. (H Shares) | 34,106,000 | | 30,809,909 |
China Oilfield Services Ltd. (H Shares) | 8,616,000 | | 15,831,996 |
China Shenhua Energy Co. Ltd. (H Shares) | 10,895,000 | | 50,049,210 |
China Telecom Corp. Ltd. (H Shares) | 46,250,000 | | 31,261,039 |
Focus Media Holding Ltd. ADR (a)(d) | 1,772,800 | | 65,398,592 |
Guangzhou R&F Properties Co. Ltd. (H Shares) | 550,000 | | 1,573,818 |
Industrial & Commercial Bank of China | 82,338,000 | | 65,188,719 |
Jiangsu Expressway Co. Ltd. (H Shares) | 24,824,000 | | 23,253,139 |
PetroChina Co. Ltd. (H Shares) | 49,534,000 | | 74,429,932 |
Tencent Holdings Ltd. | 1,837,000 | | 12,186,715 |
Travelsky Technology Ltd. (H Shares) | 3,229,000 | | 2,805,070 |
ZTE Corp. (H Shares) | 2,501,720 | | 10,481,148 |
TOTAL CHINA | | 449,777,701 |
Hong Kong - 19.1% |
Bank of East Asia Ltd. | 4,974,800 | | 28,342,983 |
BYD Electronic International Co. Ltd. | 12,032,500 | | 13,309,143 |
Cheung Kong Holdings Ltd. | 2,651,000 | | 41,296,703 |
China Mobile (Hong Kong) Ltd. | 14,789,300 | | 254,485,695 |
China Netcom Group Corp. Hong Kong Ltd. | 4,851,000 | | 14,628,039 |
China State Construction International Holdings Ltd. | 4,976,000 | | 8,287,853 |
China Unicom Ltd. | 12,708,000 | | 27,574,298 |
CLP Holdings Ltd. | 6,433,500 | | 51,017,920 |
CNOOC Ltd. | 49,464,000 | | 87,802,846 |
Esprit Holdings Ltd. | 709,200 | | 8,727,187 |
Hang Seng Bank Ltd. | 1,634,300 | | 32,735,701 |
Hong Kong & China Gas Co. Ltd. | 911,000 | | 2,665,264 |
Hong Kong Electric Holdings Ltd. | 9,002,000 | | 56,485,221 |
Hutchison Whampoa Ltd. | 9,116,000 | | 88,881,000 |
PCCW Ltd. | 26,634,000 | | 17,190,612 |
Sa Sa International Holdings Ltd. | 9,618,000 | | 3,813,557 |
Swire Pacific Ltd. (A Shares) | 1,141,500 | | 13,351,177 |
Wharf Holdings Ltd. | 2,730,000 | | 13,854,667 |
TOTAL HONG KONG | | 764,449,866 |
|
| Shares | | Value |
Indonesia - 1.0% |
PT Bumi Resources Tbk | 24,945,000 | | $ 17,989,815 |
PT Hexindo Adiperkasa Tbk | 19,141,000 | | 1,536,094 |
PT Jakarta International Hotel & Development Tbk (a) | 48,337,500 | | 3,826,737 |
PT Perusahaan Gas Negara Tbk Series B | 8,353,000 | | 10,960,980 |
PT United Tractors Tbk | 3,287,500 | | 4,296,100 |
TOTAL INDONESIA | | 38,609,726 |
Korea (South) - 20.4% |
GS Engineering & Construction Corp. | 174,268 | | 25,621,273 |
Hana Financial Group, Inc. | 477,730 | | 21,594,882 |
Hanmi Pharm Co. Ltd. | 47,443 | | 8,015,542 |
Hyundai Department Store Co. Ltd. | 275,775 | | 29,137,467 |
Hyundai Engineering & Construction Co. Ltd. | 424,589 | | 39,020,308 |
Hyundai Motor Co. | 84,741 | | 7,145,868 |
Hyundai Steel Co. | 297,494 | | 23,396,250 |
Kookmin Bank | 1,434,222 | | 99,927,401 |
Korea Exchange Bank | 1,308,630 | | 19,891,968 |
Korea Gas Corp. | 285,830 | | 22,137,056 |
LG Electronics, Inc. | 168,920 | | 26,350,354 |
LG Household & Health Care Ltd. | 120,715 | | 24,967,231 |
NHN Corp. (a) | 340,720 | | 79,130,623 |
Samsung Electronics Co. Ltd. | 218,883 | | 155,121,741 |
Samsung Fire & Marine Insurance Co. Ltd. | 215,055 | | 46,944,498 |
Shinhan Financial Group Co. Ltd. | 1,505,254 | | 86,906,767 |
Shinsegae Co. Ltd. | 76,864 | | 49,799,774 |
SK Telecom Co. Ltd. | 243,490 | | 49,268,371 |
TOTAL KOREA (SOUTH) | | 814,377,374 |
Malaysia - 5.7% |
Bandar Raya Developments Bhd | 2,950,200 | | 1,905,162 |
DiGi.com Bhd | 4,224,600 | | 32,496,923 |
IGB Corp. Bhd | 9,210,800 | | 5,452,420 |
KNM Group Bhd | 25,853,800 | | 52,378,702 |
Malaysian Plantations Bhd | 99,800 | | 97,936 |
Public Bank Bhd | 1,435,100 | | 5,178,898 |
Public Bank Bhd (For. Reg.) | 11,672,525 | | 42,123,072 |
Resorts World Bhd | 16,973,100 | | 18,160,519 |
Telekom Malaysia Bhd | 19,012,900 | | 21,787,495 |
TM International Sdn Bhd (a) | 19,012,900 | | 43,033,313 |
Wah Seong Corp. Bhd | 5,483,100 | | 4,252,483 |
TOTAL MALAYSIA | | 226,866,923 |
Papua New Guinea - 0.3% |
Oil Search Ltd. | 2,523,309 | | 11,305,528 |
Singapore - 4.2% |
CapitaCommercial Trust (REIT) | 1,442,000 | | 2,381,889 |
CapitaMall Trust | 5,296,000 | | 13,590,502 |
DBS Group Holdings Ltd. | 1,702,000 | | 24,925,684 |
Ezra Holdings Ltd. | 2,423,000 | | 4,288,179 |
Guocoland Ltd. | 934,000 | | 2,011,120 |
Common Stocks - continued |
| Shares | | Value |
Singapore - continued |
Oversea-Chinese Banking Corp. Ltd. | 1,799,000 | | $ 11,740,395 |
Pan-United Corp. Ltd. | 2,769,000 | | 1,265,969 |
Parkway Holdings Ltd. | 3,306,000 | | 8,532,557 |
SIA Engineering Co. Ltd. | 2,041,000 | | 6,396,468 |
Singapore Telecommunications Ltd. | 15,860,000 | | 45,143,868 |
Starhub Ltd. | 5,210,000 | | 11,679,375 |
Swiber Holdings Ltd. (a) | 1,890,000 | | 3,414,571 |
United Engineers Ltd. | 2,735,000 | | 8,006,747 |
United Overseas Bank Ltd. | 1,637,000 | | 24,625,618 |
TOTAL SINGAPORE | | 168,002,942 |
Taiwan - 18.9% |
104 Corp. | 526,000 | | 2,038,525 |
Acer, Inc. | 358,000 | | 776,024 |
Advanced Semiconductor Engineering, Inc. | 18,841,000 | | 19,356,168 |
Ambassador Hotel | 12,249,000 | | 21,201,159 |
Chinatrust Financial Holding Co. Ltd. (a) | 61,697,000 | | 64,336,308 |
Chong Hong Construction Co. Ltd. | 2,623,550 | | 8,099,637 |
Chunghwa Telecom Co. Ltd. | 27,478,000 | | 70,844,010 |
Far East Department Stores Co. Ltd. | 12,876,000 | | 21,652,063 |
Far Eastern Textile Ltd. | 5,331,000 | | 8,964,519 |
Farglory Land Developt Co. Ltd. | 1,964,000 | | 6,321,439 |
First Financial Holding Co. Ltd. | 40,961,000 | | 49,776,074 |
Fubon Financial Holding Co. Ltd. | 23,253,000 | | 27,722,601 |
Goldsun Development & Construction Co. Ltd. | 14,400,000 | | 10,735,857 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 15,072,030 | | 87,370,500 |
Huaku Construction Co. Ltd. | 4,092,000 | | 15,589,851 |
Hung Poo Real Estate Development Co. Ltd. | 3,596,750 | | 6,886,954 |
Largan Precision Co. Ltd. | 2,258,000 | | 30,776,583 |
Mega Financial Holding Co. Ltd. | 16,451,000 | | 14,480,230 |
Richtek Technology Corp. | 2,428,000 | | 23,285,196 |
Siliconware Precision Industries Co. Ltd. | 27,050,000 | | 46,819,443 |
Taiwan Fertilizer Co. Ltd. | 13,985,000 | | 67,748,994 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 45,157,104 | | 98,923,683 |
Yuanta Financial Holding Co. Ltd. (a) | 56,481,500 | | 53,796,322 |
TOTAL TAIWAN | | 757,502,140 |
Thailand - 6.0% |
Advanced Info Service PCL (For. Reg.) | 5,681,500 | | 16,657,613 |
Asian Property Development PCL: | | | |
(For. Reg.) | 17,967,000 | | 4,106,581 |
NVDR | 14,243,400 | | 3,255,506 |
Bangkok Bank Ltd. PCL (For. Reg.) | 9,414,800 | | 41,553,341 |
Banpu PCL unit | 1,200,400 | | 16,499,823 |
BEC World PCL (For. Reg.) | 18,036,500 | | 15,779,094 |
Bumrungrad Hospital PCL (For. Reg.) | 4,060,900 | | 4,128,752 |
Italian-Thai Development PCL (a) | 25,701,400 | | 6,725,146 |
|
| Shares | | Value |
Italian-Thai Development PCL unit | 18,449,600 | | $ 4,827,607 |
Kasikornbank PCL (For. Reg.) | 4,000,300 | | 11,097,932 |
Land & House PCL (For. Reg.) | 40,433,000 | | 13,384,190 |
Major Cineplex Group PCL (For. Reg.) | 9,079,500 | | 5,037,806 |
Quality Houses PCL | 38,090,845 | | 3,146,217 |
Quality Houses PCL NVDR unit | 91,086,575 | | 7,523,544 |
Siam City Bank PCL: | | | |
NVDR | 19,689,100 | | 11,048,738 |
(For. Reg.) | 1,528,200 | | 857,565 |
Siam Commercial Bank PCL (For. Reg.) | 17,881,000 | | 50,170,523 |
Tisco Bank PCL: | | | |
(For. Reg.) | 4,186,360 | | 3,761,389 |
NVDR | 8,196,100 | | 7,364,087 |
Total Access Communication PCL | 8,292,200 | | 11,857,846 |
True Corp. PCL (For. Reg.) (a) | 100 | | 15 |
TOTAL THAILAND | | 238,783,315 |
United States of America - 5.1% |
MSCI AC Far East ex-Japan Index (Goldman Sachs International Warrant Program) warrants 4/2/09 (a) | 658,450 | | 202,878,980 |
TOTAL COMMON STOCKS (Cost $3,240,232,770) | 3,778,448,276 |
Nonconvertible Preferred Stocks - 0.8% |
| | | |
Korea (South) - 0.8% |
Samsung Electronics Co. Ltd.
(Cost $28,113,584) | 64,800 | | 33,328,498 |
Money Market Funds - 5.5% |
| | | |
Fidelity Cash Central Fund, 2.51% (b) | 147,457,287 | | 147,457,287 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 70,880,000 | | 70,880,000 |
TOTAL MONEY MARKET FUNDS (Cost $218,337,287) | 218,337,287 |
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $3,486,683,641) | | 4,030,114,061 |
NET OTHER ASSETS - (0.8)% | | (31,478,432) |
NET ASSETS - 100% | $ 3,998,635,629 |
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 | $ 2,519,958 |
Fidelity Securities Lending Cash Central Fund | 127,513 |
Total | $ 2,647,471 |
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, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $65,369,080) - See accompanying schedule: Unaffiliated issuers (cost $3,268,346,354) | $ 3,811,776,774 | |
Fidelity Central Funds (cost $218,337,287) | 218,337,287 | |
Total Investments (cost $3,486,683,641) | | $ 4,030,114,061 |
Cash | | 5,786,563 |
Foreign currency held at value (cost $7,963,723) | | 7,956,382 |
Receivable for investments sold | | 44,010,226 |
Receivable for fund shares sold | | 5,458,024 |
Dividends receivable | | 6,431,218 |
Distributions receivable from Fidelity Central Funds | | 870,264 |
Prepaid expenses | | 11,566 |
Other receivables | | 1,795,095 |
Total assets | | 4,102,433,399 |
| | |
Liabilities | | |
Payable for investments purchased | $ 19,430,879 | |
Payable for fund shares redeemed | 9,683,125 | |
Accrued management fee | 2,729,382 | |
Other affiliated payables | 848,575 | |
Other payables and accrued expenses | 225,809 | |
Collateral on securities loaned, at value | 70,880,000 | |
Total liabilities | | 103,797,770 |
| | |
Net Assets | | $ 3,998,635,629 |
Net Assets consist of: | | |
Paid in capital | | $ 3,254,802,053 |
Undistributed net investment income | | 1,890,971 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 198,580,335 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 543,362,270 |
Net Assets, for 116,644,121 shares outstanding | | $ 3,998,635,629 |
Net Asset Value, offering price and redemption price per share ($3,998,635,629 ÷ 116,644,121 shares) | | $ 34.28 |
Statement of Operations
Six months ended April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 39,200,092 |
Interest | | 59,155 |
Income from Fidelity Central Funds (including $127,513 from security lending) | | 2,647,471 |
| | 41,906,718 |
Less foreign taxes withheld | | (5,197,312) |
Total income | | 36,709,406 |
| | |
Expenses | | |
Management fee
Basic fee | $ 16,430,951 | |
Performance adjustment | 2,063,598 | |
Transfer agent fees | 4,881,249 | |
Accounting and security lending fees | 780,299 | |
Custodian fees and expenses | 1,345,019 | |
Independent trustees' compensation | 10,189 | |
Depreciation in deferred trustee compensation account | (329) | |
Registration fees | 174,783 | |
Audit | 48,812 | |
Legal | 7,425 | |
Interest | 23,582 | |
Miscellaneous | 392,949 | |
Total expenses before reductions | 26,158,527 | |
Expense reductions | (2,767,292) | 23,391,235 |
Net investment income (loss) | | 13,318,171 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 231,325,403 | |
Foreign currency transactions | (5,682,171) | |
Futures contracts | 5,594,921 | |
Total net realized gain (loss) | | 231,238,153 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (1,855,151,207) | |
Assets and liabilities in foreign currencies | 100,548 | |
Total change in net unrealized appreciation (depreciation) | | (1,855,050,659) |
Net gain (loss) | | (1,623,812,506) |
Net increase (decrease) in net assets resulting from operations | | $ (1,610,494,335) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended
April 30, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 13,318,171 | $ 29,263,280 |
Net realized gain (loss) | 231,238,153 | 389,303,249 |
Change in net unrealized appreciation (depreciation) | (1,855,050,659) | 2,027,808,797 |
Net increase (decrease) in net assets resulting from operations | (1,610,494,335) | 2,446,375,326 |
Distributions to shareholders from net investment income | (35,424,593) | (15,348,089) |
Distributions to shareholders from net realized gain | (365,645,493) | (86,082,743) |
Total distributions | (401,070,086) | (101,430,832) |
Share transactions
Proceeds from sales of shares | 1,227,445,181 | 3,409,321,043 |
Reinvestment of distributions | 382,538,760 | 97,580,587 |
Cost of shares redeemed | (1,898,922,146) | (1,154,364,384) |
Net increase (decrease) in net assets resulting from share transactions | (288,938,205) | 2,352,537,246 |
Redemption fees | 5,201,761 | 3,507,067 |
Total increase (decrease) in net assets | (2,295,300,865) | 4,700,988,807 |
| | |
Net Assets | | |
Beginning of period | 6,293,936,494 | 1,592,947,687 |
End of period (including undistributed net investment income of $1,890,971 and undistributed net investment income of $27,443,001, respectively) | $ 3,998,635,629 | $ 6,293,936,494 |
Other Information Shares | | |
Sold | 31,765,711 | 94,400,629 |
Issued in reinvestment of distributions | 9,350,739 | 3,728,720 |
Redeemed | (51,915,142) | (32,941,955) |
Net increase (decrease) | (10,798,692) | 65,187,394 |
Financial Highlights
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 49.39 | $ 25.59 | $ 18.70 | $ 14.87 | $ 13.72 | $ 9.96 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .11 | .33 | .33 | .30 | .16 | .15 |
Net realized and unrealized gain (loss) | (12.09) | 24.95 | 7.23 | 3.66 | 1.10 | 3.68 |
Total from investment operations | (11.98) | 25.28 | 7.56 | 3.96 | 1.26 | 3.83 |
Distributions from net investment income | (.28) | (.23) | (.26) | (.14) | (.13) | (.08) |
Distributions from net realized gain | (2.89) | (1.29) | (.43) | - | - | - |
Total distributions | (3.17) | (1.52) | (.69) | (.14) | (.13) | (.08) |
Redemption fees added to paid in capital D | .04 | .04 | .02 | .01 | .02 | .01 |
Net asset value, end of period | $ 34.28 | $ 49.39 | $ 25.59 | $ 18.70 | $ 14.87 | $ 13.72 |
Total Return B, C | (25.22)% | 104.22% | 41.50% | 26.84% | 9.39% | 38.81% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | 1.13% A | 1.08% | 1.21% | 1.20% | 1.21% | 1.32% |
Expenses net of fee waivers, if any | 1.13% A | 1.08% | 1.21% | 1.20% | 1.21% | 1.32% |
Expenses net of all reductions | 1.01% A | .98% | 1.04% | 1.09% | 1.20% | 1.32% |
Net investment income (loss) | .57% A | .96% | 1.44% | 1.71% | 1.11% | 1.35% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 3,998,636 | $ 6,293,936 | $ 1,592,948 | $ 783,765 | $ 464,874 | $ 395,554 |
Portfolio turnover rate F | 150% A | 72% | 100% | 109% | 131% | 115% |
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 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
Notes to Financial Statements
For the period ended April 30, 2008 (Unaudited)
1. Organization.
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 17, 2008 the Board of Trustees for Fidelity Emerging Markets Fund approved the creation of an additional class of shares. The Fund commenced sale of Class K shares and the existing class was designated Emerging Markets on May 9, 2008. On February 14, 2008, the Board of Trustees of Fidelity China Region Fund approved the creation of additional classes of shares. The Fund commenced sale of shares of Class A, Class T, Class B, Class C, and Institutional Class and the existing class was designated China Region on May 9, 2008. The Fidelity Japan Smaller Companies 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.
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' Schedules of Investments list 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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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 available 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
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 gains 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. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. Each Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Funds' federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. 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 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) |
China Region | $ 1,371,646,456 | $ 293,345,007 | $ (62,410,274) | $ 230,934,733 |
Emerging Markets | 4,402,991,100 | 1,987,089,661 | (224,973,689) | 1,762,115,972 |
Europe | 4,806,274,939 | 837,457,671 | (112,172,092) | 725,285,579 |
Europe Capital Appreciation | 1,047,421,001 | 105,304,107 | (41,317,477) | 63,986,630 |
Japan | 1,891,825,709 | 106,407,189 | (153,245,639) | (46,838,450) |
Japan Smaller Companies | 602,287,412 | 106,594,944 | (42,578,435) | 64,016,509 |
Latin America | 3,547,577,383 | 2,926,833,510 | (90,272,192) | 2,836,561,318 |
Nordic | 722,678,286 | 170,304,157 | (25,412,588) | 144,891,569 |
Pacific Basin | 845,896,137 | 207,307,217 | (83,144,946) | 124,162,271 |
Southeast Asia | 3,520,303,378 | 602,982,998 | (93,172,315) | 509,810,683 |
Emerging Markets Fund hereby designates as a capital gain dividend $254,680,914 for the taxable year ended October 31, 2007, or if subsequently determined to be different, the net capital gain of such year.
Short-Term Trading (Redemption) Fees. Shares held in 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 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 results in expanded disclosures about fair value measurements.
In addition, in March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for fiscal years beginning after November 15, 2008. SFAS 161 requires enhanced disclosures to provide information about the reasons the Funds invest in derivative instruments, the accounting treatment and the effect derivatives have on financial performance. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Funds' financial statement disclosures.
4. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits certain Funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Certain Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Each applicable Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Futures Contracts. Certain Funds may use futures contracts to manage their exposure to the stock and bond markets. 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, are noted in the table below.
| Purchases ($) | Sales ($) |
China Region | 1,086,704,614 | 1,183,776,458 |
Emerging Markets | 1,765,624,906 | 1,454,052,227 |
Europe | 2,337,410,888 | 2,392,917,531 |
Europe Capital Appreciation | 596,349,033 | 788,371,604 |
Japan | 717,542,690 | 663,850,262 |
Japan Smaller Companies | 320,719,943 | 352,377,502 |
Latin America | 1,301,764,173 | 1,316,983,452 |
Nordic | 346,320,436 | 458,636,733 |
Pacific Basin | 415,278,459 | 486,024,573 |
Southeast Asia | 3,432,033,507 | 4,155,285,231 |
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 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 |
China Region | .45% | .26% | .71% |
Emerging Markets | .45% | .26% | .71% |
Europe | .45% | .26% | .74% |
Europe Capital Appreciation | .45% | .26% | .85% |
Japan | .45% | .26% | .86% |
Japan Smaller Companies | .45% | .26% | .71% |
Latin America | .45% | .26% | .71% |
Nordic | .45% | .26% | .71% |
Pacific Basin | .45% | .26% | .89% |
Southeast Asia | .45% | .26% | .80% |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc, (FIIOC), an affiliate of FMR, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008 Fidelity Service Company, Inc. (FSC), also an affiliate of FMR was the Funds' transfer agent. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
China Region | .24% |
Emerging Markets | .20% |
Europe | .22% |
Europe Capital Appreciation | .21% |
Japan | .23% |
Japan Smaller Companies | .22% |
Latin America | .19% |
Nordic | .25% |
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 |
Emerging Markets | $ 322 |
Europe Capital Appreciation | 2 |
Latin America | 1,203 |
Southeast Asia | 5 |
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 |
China Region | Borrower | $ 16,039,000 | 3.93% | $ 3,502 |
Emerging Markets | Borrower | 4,222,000 | 4.77% | 1,119 |
Europe | Borrower | 10,300,000 | 4.71% | 4,042 |
Latin America | Borrower | 44,676,778 | 4.19% | 46,841 |
Nordic | Borrower | 7,844,000 | 4.76% | 2,074 |
Pacific Basin | Borrower | 5,736,667 | 3.00% | 1,432 |
Southeast Asia | Borrower | 29,831,000 | 4.36% | 21,669 |
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:
China Region | $ 1,590 |
Emerging Markets | 5,865 |
Europe | 4,907 |
Europe Capital Appreciation | 1,141 |
Japan | 1,576 |
Japan Smaller Companies | 672 |
Latin America | 5,510 |
Nordic | 824 |
Pacific Basin | 1,042 |
Southeast Asia | 4,797 |
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. The value of loaned securities at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. Security lending income is presented on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds.
9. Bank Borrowings.
Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. At period end, there were no bank borrowings outstanding. Each applicable Fund's activity in this program during the period for which loans were outstanding was as follows:
| Average Daily Loan Balance | Weighted Average Interest Rate | Interest Expense |
Emerging Markets | $ 5,081,000 | 4.50% | $ 635 |
Southeast Asia | 10,480,000 | 3.29% | 1,913 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. 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 |
China Region | $ 1,267,253 | $ 19,713 | $ 12,621 |
Emerging Markets | 1,260,197 | 2,493 | 75,201 |
Europe | 1,028,997 | 6,697 | 167,840 |
Europe Capital Appreciation | 261,257 | - | 7,581 |
Japan | 130,106 | - | 45,360 |
Japan Smaller Companies | 61,111 | - | 8,544 |
Latin America | 280,559 | 7,924 | 44,042 |
Nordic | 101,195 | 6,761 | 6,598 |
Pacific Basin | 286,411 | - | 10,646 |
Southeast Asia | 2,712,377 | 3,796 | 51,119 |
11. 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 2010 was the owner of record of approximately 10% of Europe. Fidelity Freedom Fund 2020 was the owner of record of approximately 19% and 15% of the total outstanding shares of Europe and Japan, respectively. Fidelity Freedom Fund 2030 was the owner of record of approximately 16% and 13% of the total outstanding shares of Europe and Japan, respectively. The Fidelity Freedom Funds were the owners of record, in the aggregate, of approximately 71% and 59% of the total outstanding shares of Europe and Japan, respectively.
In December 2006, the Independent Trustees, with the assistance of independent counsel, completed an investigation regarding gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during the period 2002 to 2004. The Independent Trustees and FMR agreed 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 was worthy of redress. Accordingly, the Independent Trustees requested, and FMR agreed to make, a payment of $42 million plus accrued interest, which equaled approximately $7.3 million, to certain Fidelity mutual funds.
In March 2008, the Trustees approved a method for allocating this payment among the funds and, in total, FMR paid each fund the following amounts, which is recorded in each applicable Fund's accompanying Statement of Operations:
China Region | $ 92 |
Emerging Markets | 477 |
Europe | 693 |
Europe Capital Appreciation | 2,019 |
Latin America | 380 |
In a related administrative order dated March 5, 2008, the U.S. Securities and Exchange Commission ("SEC") announced a settlement with FMR and FMR Co., Inc. (an affiliate of FMR) involving the SEC's regulatory rules for investment advisers and the improper receipt of gifts, gratuities and business entertainment. Without admitting or denying the SEC's findings, FMR agreed to pay an $8 million civil penalty to the United States Treasury.
Semiannual Report
A special meeting of each fund's shareholders was held on December 13, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.A |
| # of
Votes | % of
Votes |
Affirmative | 45,014,793,255.82 | 80.372 |
Against | 6,871,112,667.08 | 12.268 |
Abstain | 2,163,456,438.02 | 3.863 |
Broker Non-Votes | 1,958,633,563.89 | 3.497 |
TOTAL | 56,007,995,924.81 | 100.000 |
PROPOSAL 2 |
To elect the nominees specified below as Trustees.A |
James C. Curvey |
Affirmative | 53,384,952,361.03 | 95.317 |
Withheld | 2,623,043,563.78 | 4.683 |
TOTAL | 56,007,995,924.81 | 100.000 |
Dennis J. Dirks |
Affirmative | 53,595,104,608.67 | 95.692 |
Withheld | 2,412,891,316.14 | 4.308 |
TOTAL | 56,007,995,924.81 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 53,570,235,221.69 | 95.647 |
Withheld | 2,437,760,703.12 | 4.353 |
TOTAL | 56,007,995,924.81 | 100.000 |
George H. Heilmeier |
Affirmative | 53,166,350,588.50 | 94.926 |
Withheld | 2,841,645,336.31 | 5.074 |
TOTAL | 56,007,995,924.81 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 53,230,508,654.93 | 95.041 |
Withheld | 2,777,487,269.88 | 4.959 |
TOTAL | 56,007,995,924.81 | 100.000 |
James H. Keyes |
Affirmative | 53,549,161,456.52 | 95.610 |
Withheld | 2,458,834,468.29 | 4.390 |
TOTAL | 56,007,995,924.81 | 100.000 |
Marie L. Knowles |
Affirmative | 53,543,925,066.86 | 95.601 |
Withheld | 2,464,070,857.95 | 4.399 |
TOTAL | 56,007,995,924.81 | 100.000 |
Ned C. Lautenbach |
Affirmative | 53,547,116,322.50 | 95.606 |
Withheld | 2,460,879,602.31 | 4.394 |
TOTAL | 56,007,995,924.81 | 100.000 |
Cornelia M. Small |
Affirmative | 53,564,793,514.25 | 95.638 |
Withheld | 2,443,202,410.56 | 4.362 |
TOTAL | 56,007,995,924.81 | 100.000 |
| # of
Votes | % of
Votes |
William S. Stavropoulos |
Affirmative | 53,426,544,502.76 | 95.391 |
Withheld | 2,581,451,422.05 | 4.609 |
TOTAL | 56,007,995,924.81 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 53,229,881,790.63 | 95.040 |
Withheld | 2,778,114,134.18 | 4.960 |
TOTAL | 56,007,995,924.81 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Proxy Voting Results
A special meeting of each fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
PROPOSAL 5 |
Shareholder proposal for Fidelity Canada Fund concerning "oversight procedures to screen out investments in companies that, in the judgement of the Board, substantially contribute to genocide, patterns of extraordinary and egregious violations of human rights, or crimes against humanity." |
| # of
Votes | % of
Votes |
Affirmative | 545,276,762.04 | 23.721 |
Against | 1,445,066,492.42 | 62.863 |
Abstain | 112,739,966.65 | 4.905 |
Broker Non-Votes | 195,653,438.02 | 8.511 |
TOTAL | 2,298,736,659.13 | 100.000 |
A Denotes trust-wide proposal and voting results.
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
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual fund activity.
To change your PIN.
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
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
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.
Fidelity Research & Analysis Company
Fidelity Investments Japan Limited
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodians
JPMorgan Chase Bank
New York, NY
Emerging Markets Fund, Japan Fund, Pacific Basin Fund
Brown Brothers Harriman & Co.
Boston, MA
China Region Fund, Latin America Fund, Nordic Fund
Mellon Bank, N.A.
Pittsburgh, PA
Canada Fund, Europe Fund
The Northern Trust Company
Chicago, IL
Europe Capital Appreciation Fund, Japan Smaller Companies Fund, Southeast Asia Fund
Fidelity's International Equity Funds
Aggressive International Fund
Canada Fund
China Region Fund
Diversified International Fund
Emerging Markets Fund
Europe Fund
Europe Capital Appreciation Fund
Global Balanced Fund
International Discovery Fund
International Growth Fund
International Small Cap Fund
International Small Cap Opportunities Fund
International Value Fund
Japan Fund
Japan Smaller Companies Fund
Latin America Fund
Nordic Fund
Overseas Fund
Pacific Basin Fund
Southeast Asia Fund
Total International Equity
Worldwide Fund
Corporate Headquarters
82 Devonshire Street
Boston, MA 02109
www.fidelity.com
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
TIF-USAN-0608
1.784917.105
Fidelity Advisor
Canada Fund
Class A, Class T, Class B and Class C
Class A, Class T, Class B and Class C
are classes of Fidelity® Canada Fund
Semiannual Report
April 30, 2008
(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. |
Proxy Voting Results | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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
Canada
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on redemptions of Canada, Europe, and Pacific Basin shares purchased prior to October 12, 1990, and redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2007 to April 30, 2008).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
Beginning
Account Value
November 1, 2007
|
Ending
Account Value
April 30, 2008
| Expenses Paid
During Period*
November 1, 2007
to April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 918.60 | $ 6.25 |
HypotheticalA | $ 1,000.00 | $ 1,018.35 | $ 6.57 |
Class T | | | |
Actual | $ 1,000.00 | $ 917.20 | $ 7.58 |
HypotheticalA | $ 1,000.00 | $ 1,016.96 | $ 7.97 |
Class B | | | |
Actual | $ 1,000.00 | $ 915.00 | $ 10.00 |
HypotheticalA | $ 1,000.00 | $ 1,014.42 | $ 10.52 |
Class C | | | |
Actual | $ 1,000.00 | $ 914.90 | $ 9.95 |
HypotheticalA | $ 1,000.00 | $ 1,014.47 | $ 10.47 |
Canada | | | |
Actual | $ 1,000.00 | $ 919.90 | $ 4.77 |
HypotheticalA | $ 1,000.00 | $ 1,019.89 | $ 5.02 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 919.60 | $ 5.15 |
HypotheticalA | $ 1,000.00 | $ 1,019.49 | $ 5.42 |
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 182/366 (to reflect the one-half year period).
Semiannual Report
| Annualized
Expense Ratio |
Class A | 1.31% |
Class T | 1.59% |
Class B | 2.10% |
Class C | 2.09% |
Canada | 1.00% |
Institutional Class | 1.08% |
Semiannual Report
Canada
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
 | Canada | 92.0% | |
 | United States of America | 8.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| Canada | 94.9% | |
| United States of America | 5.1% | |
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 | 91.9 | 96.1 |
Short-Term Investments and Net Other Assets | 8.1 | 3.9 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
EnCana Corp. (Oil, Gas & Consumable Fuels) | 5.0 | 3.2 |
Potash Corp. of Saskatchewan, Inc. (Chemicals) | 5.0 | 3.7 |
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 4.9 | 4.7 |
Research In Motion Ltd. (Communications Equipment) | 4.4 | 4.8 |
Toronto-Dominion Bank (Commercial Banks) | 4.4 | 3.9 |
Manulife Financial Corp. (Insurance) | 4.2 | 4.5 |
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 3.9 | 3.5 |
Royal Bank of Canada (Commercial Banks) | 3.5 | 4.0 |
SNC-Lavalin Group, Inc. (Construction & Engineering) | 3.5 | 3.6 |
TransCanada Corp. (Oil, Gas & Consumable Fuels) | 3.3 | 3.2 |
| 42.1 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Energy | 27.9 | 25.6 |
Financials | 21.2 | 23.7 |
Materials | 14.8 | 10.9 |
Industrials | 9.2 | 10.3 |
Information Technology | 6.9 | 9.5 |
Telecommunication Services | 4.9 | 6.3 |
Consumer Discretionary | 3.5 | 6.3 |
Consumer Staples | 3.2 | 3.4 |
Health Care | 0.3 | 0.1 |
Semiannual Report
Canada
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 91.9% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 3.5% |
Hotels, Restaurants & Leisure - 0.6% |
Great Canadian Gaming Corp. (a) | 1,200,000 | | $ 12,094,132 |
Tim Hortons, Inc. | 500,000 | | 17,175,000 |
| | 29,269,132 |
Media - 2.0% |
Aeroplan Income Fund | 650,000 | | 9,842,617 |
Corus Entertainment, Inc. Class B (non-vtg.) | 975,000 | | 18,733,244 |
Quebecor, Inc. Class B (sub. vtg.) | 1,000,000 | | 28,467,878 |
Thomson Reuters Corp. | 500,000 | | 18,518,519 |
Yellow Pages Income Fund (d) | 2,000,000 | | 21,785,324 |
| | 97,347,582 |
Textiles, Apparel & Luxury Goods - 0.9% |
Gildan Activewear, Inc. (a) | 1,850,000 | | 47,411,876 |
TOTAL CONSUMER DISCRETIONARY | | 174,028,590 |
CONSUMER STAPLES - 3.2% |
Food & Staples Retailing - 2.0% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 1,300,000 | | 18,020,058 |
Metro, Inc. Class A (sub. vtg.) | 500,000 | | 12,113,991 |
Shoppers Drug Mart Corp. | 1,350,000 | | 71,300,268 |
| | 101,434,317 |
Food Products - 1.2% |
Saskatchewan Wheat Pl, Inc.(OLD) (a)(e) | 1,273,500 | | 17,412,466 |
Viterra, Inc. (a)(f) | 2,929,300 | | 40,052,091 |
| | 57,464,557 |
TOTAL CONSUMER STAPLES | | 158,898,874 |
ENERGY - 27.9% |
Energy Equipment & Services - 0.3% |
Flint Energy Services Ltd. (a) | 650,000 | | 14,528,349 |
Oil, Gas & Consumable Fuels - 27.6% |
Birchcliff Energy Ltd. (a) | 500,000 | | 5,461,225 |
Cameco Corp. | 1,900,000 | | 66,050,045 |
Canadian Natural Resources Ltd. | 2,250,000 | | 191,130,474 |
Canadian Oil Sands Trust | 2,700,000 | | 121,260,054 |
Duvernay Oil Corp. (a) | 350,000 | | 16,705,888 |
Enbridge, Inc. | 300,000 | | 12,338,397 |
EnCana Corp. | 3,050,000 | | 246,065,434 |
Husky Energy, Inc. | 1,400,000 | | 63,223,116 |
Keyera Facilities Income Fund | 1,700,000 | | 35,363,916 |
Nexen, Inc. | 1,150,000 | | 39,852,050 |
Niko Resources Ltd. | 550,000 | | 49,697,150 |
Niko Resources Ltd. (e) | 20,000 | | 1,807,169 |
Petro-Canada | 1,000,000 | | 50,104,260 |
Suncor Energy, Inc. | 2,150,000 | | 242,624,864 |
|
| Shares | | Value |
Talisman Energy, Inc. | 2,750,000 | | $ 55,622,580 |
TransCanada Corp. | 4,350,000 | | 159,383,378 |
| | 1,356,690,000 |
TOTAL ENERGY | | 1,371,218,349 |
FINANCIALS - 21.2% |
Capital Markets - 0.3% |
CI Financial Income Fund (d) | 600,000 | | 13,369,080 |
Commercial Banks - 12.2% |
Bank of Montreal (d) | 1,909,300 | | 94,981,561 |
Canadian Imperial Bank of Commerce | 850,000 | | 62,600,040 |
National Bank of Canada | 1,050,000 | | 56,018,767 |
Royal Bank of Canada | 3,600,000 | | 171,653,262 |
Toronto-Dominion Bank | 3,250,000 | | 213,342,766 |
| | 598,596,396 |
Diversified Financial Services - 0.7% |
Onex Corp. (sub. vtg.) | 400,000 | | 12,542,945 |
TSX Group, Inc. | 500,000 | | 21,000,894 |
| | 33,543,839 |
Insurance - 6.3% |
ING Canada, Inc. | 550,000 | | 21,353,391 |
Manulife Financial Corp. | 5,300,000 | | 207,189,951 |
Power Corp. of Canada (sub. vtg.) | 1,350,000 | | 47,345,845 |
Sun Life Financial, Inc. | 750,000 | | 36,260,054 |
| | 312,149,241 |
Real Estate Management & Development - 1.7% |
Brookfield Asset Management, Inc. Class A (d) | 1,950,000 | | 63,605,898 |
Brookfield Properties Corp. | 1,000,000 | | 20,130,007 |
| | 83,735,905 |
TOTAL FINANCIALS | | 1,041,394,461 |
HEALTH CARE - 0.3% |
Health Care Equipment & Supplies - 0.3% |
Noveko International, Inc. (a) | 2,150,000 | | 12,915,798 |
INDUSTRIALS - 9.2% |
Aerospace & Defense - 3.4% |
Bombardier, Inc. Class B (sub. vtg.) (a) | 20,000,000 | | 131,069,407 |
CAE, Inc. | 2,800,000 | | 32,139,807 |
Mecachrome International, Inc. (a)(e) | 400,000 | | 2,951,048 |
| | 166,160,262 |
Commercial Services & Supplies - 0.4% |
Garda World Security Corp. (a) | 1,100,000 | | 18,404,329 |
Construction & Engineering - 3.5% |
SNC-Lavalin Group, Inc. | 3,400,000 | | 170,523,285 |
Road & Rail - 1.0% |
Canadian National Railway Co. | 400,000 | | 20,947,274 |
Common Stocks - continued |
| Shares | | Value |
INDUSTRIALS - continued |
Road & Rail - continued |
Canadian Pacific Railway Ltd. | 350,000 | | $ 24,111,806 |
TransForce Income Fund | 800,000 | | 6,060,967 |
| | 51,120,047 |
Trading Companies & Distributors - 0.9% |
Finning International, Inc. | 1,500,000 | | 44,608,281 |
TOTAL INDUSTRIALS | | 450,816,204 |
INFORMATION TECHNOLOGY - 6.9% |
Communications Equipment - 4.4% |
Research In Motion Ltd. (a) | 1,775,000 | | 215,893,262 |
Internet Software & Services - 1.5% |
Google, Inc. Class A (sub. vtg.) (a) | 80,000 | | 45,943,200 |
Open Text Corp. (a)(d) | 700,000 | | 25,849,469 |
| | 71,792,669 |
IT Services - 0.6% |
CGI Group, Inc. Class A (sub. vtg.) (a) | 2,606,300 | | 30,356,369 |
Software - 0.4% |
MacDonald Dettwiler & Associates Ltd. (a) | 450,000 | | 18,319,929 |
TOTAL INFORMATION TECHNOLOGY | | 336,362,229 |
MATERIALS - 14.8% |
Chemicals - 6.5% |
Agrium, Inc. | 575,000 | | 45,213,236 |
Monsanto Co. | 265,000 | | 30,215,300 |
Potash Corp. of Saskatchewan, Inc. | 1,325,000 | | 243,733,757 |
| | 319,162,293 |
Metals & Mining - 8.3% |
B2Gold Corp. | 3,597,200 | | 4,857,702 |
Barrick Gold Corp. | 1,750,000 | | 67,264,919 |
Eldorado Gold Corp. (a) | 2,071,500 | | 14,130,876 |
Fording Canadian Coal Trust | 800,000 | | 49,297,984 |
Goldcorp, Inc. | 3,500,000 | | 124,451,395 |
Harry Winston Diamond Corp. | 400,000 | | 11,851,852 |
Kinross Gold Corp. | 2,750,000 | | 51,963,559 |
Orezone Resources, Inc. Class A (a) | 10,000,000 | | 12,908,351 |
Shore Gold, Inc. (a) | 3,300,000 | | 11,927,316 |
Yamana Gold, Inc. | 4,500,000 | | 57,685,433 |
| | 406,339,387 |
TOTAL MATERIALS | | 725,501,680 |
TELECOMMUNICATION SERVICES - 4.9% |
Diversified Telecommunication Services - 1.8% |
BCE, Inc. | 2,350,000 | | 85,870,321 |
|
| Shares | | Value |
Wireless Telecommunication Services - 3.1% |
American Tower Corp. Class A (a) | 325,000 | | $ 14,111,500 |
Rogers Communications, Inc. Class B (non-vtg.) | 3,150,000 | | 140,156,390 |
| | 154,267,890 |
TOTAL TELECOMMUNICATION SERVICES | | 240,138,211 |
TOTAL COMMON STOCKS (Cost $3,176,731,324) | 4,511,274,396 |
Government Obligations - 2.4% |
| Principal Amount | | |
Canadian Government Treasury Bills 2.0184% to 3.4108% 5/1/08 to 8/7/08
(Cost $116,290,595) | CAD | 117,250,000 | | 115,993,129 |
Money Market Funds - 7.8% |
| Shares | | |
Fidelity Cash Central Fund, 2.51% (b) | 300,193,911 | | 300,193,911 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 85,656,200 | | 85,656,200 |
TOTAL MONEY MARKET FUNDS (Cost $385,850,111) | 385,850,111 |
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $3,678,872,030) | | 5,013,117,636 |
NET OTHER ASSETS - (2.1)% | | (101,932,019) |
NET ASSETS - 100% | $ 4,911,185,617 |
Currency Abbreviations |
CAD | - | Canadian dollar |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $22,170,683 or 0.5% of net assets. |
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 4,007,242 |
Fidelity Securities Lending Cash Central Fund | 2,885,493 |
Total | $ 6,892,735 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Canada
Financial Statements
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $85,568,057) - See accompanying schedule: Unaffiliated issuers (cost $3,293,021,919) | $ 4,627,267,525 | |
Fidelity Central Funds (cost $385,850,111) | 385,850,111 | |
Total Investments (cost $3,678,872,030) | | $ 5,013,117,636 |
Cash | | 60,570 |
Foreign currency held at value (cost $1,697,900) | | 1,697,900 |
Receivable for investments sold | | 56,793,594 |
Receivable for fund shares sold | | 10,248,823 |
Dividends receivable | | 4,322,036 |
Distributions receivable from Fidelity Central Funds | | 938,134 |
Prepaid expenses | | 9,125 |
Other receivables | | 281,808 |
Total assets | | 5,087,469,626 |
| | |
Liabilities | | |
Payable for investments purchased
Regular delivery | $ 76,158,454 | |
Delayed delivery | 5,568,261 | |
Payable for fund shares redeemed | 5,066,667 | |
Accrued management fee | 2,791,729 | |
Distribution fees payable | 37,132 | |
Other affiliated payables | 929,130 | |
Other payables and accrued expenses | 76,436 | |
Collateral on securities loaned, at value | 85,656,200 | |
Total liabilities | | 176,284,009 |
| | |
Net Assets | | $ 4,911,185,617 |
Net Assets consist of: | | |
Paid in capital | | $ 3,500,494,190 |
Undistributed net investment income | | 15,350,159 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 61,000,449 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,334,340,819 |
Net Assets | | $ 4,911,185,617 |
Statement of Assets and Liabilities - continued
| April 30, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($52,597,988 ÷ 865,983 shares) | | $ 60.74 |
| | |
Maximum offering price per share (100/94.25 of $60.74) | | $ 64.45 |
Class T:
Net Asset Value and redemption price per share ($19,073,585 ÷ 314,399 shares) | | $ 60.67 |
| | |
Maximum offering price per share (100/96.50 of $60.67) | | $ 62.87 |
Classs B:
Net Asset Value and offering price per share ($5,685,083 ÷ 93,939 shares)A | | $ 60.52 |
| | |
Class C:
Net Asset Value and offering price per share ($19,109,563 ÷ 316,337 shares)A | | $ 60.41 |
| | |
| | |
Canada:
Net Asset Value, offering price and redemption price per share ($4,806,169,704 ÷ 78,889,201 shares) | | $ 60.92 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($8,549,694 ÷ 140,512 shares) | | $ 60.85 |
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, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 41,044,770 |
Interest | | 1,706,622 |
Income from Fidelity Central Funds (including $2,885,493 from security lending) | | 6,892,735 |
| | 49,644,127 |
Less foreign taxes withheld | | (6,132,720) |
Total income | | 43,511,407 |
| | |
Expenses | | |
Management fee
Basic fee | $ 16,159,107 | |
Performance adjustment | 396,724 | |
Transfer agent fees | 4,746,520 | |
Distribution fees | 171,804 | |
Accounting and security lending fees | 778,178 | |
Custodian fees and expenses | 50,424 | |
Independent trustees' compensation | 9,330 | |
Registration fees | 195,360 | |
Audit | 36,788 | |
Legal | 7,346 | |
Miscellaneous | 493,337 | |
Total expenses before reductions | 23,044,918 | |
Expense reductions | (613,344) | 22,431,574 |
Net investment income (loss) | | 21,079,833 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 70,426,145 | |
Foreign currency transactions | (990,931) | |
Total net realized gain (loss) | | 69,435,214 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (504,886,479) | |
Assets and liabilities in foreign currencies | (71,403) | |
Total change in net unrealized appreciation (depreciation) | | (504,957,882) |
Net gain (loss) | | (435,522,668) |
Net increase (decrease) in net assets resulting from operations | | $ (414,442,835) |
Statement of Changes in Net Assets
| Six months ended
April 30, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 21,079,833 | $ 33,178,201 |
Net realized gain (loss) | 69,435,214 | 272,277,024 |
Change in net unrealized appreciation (depreciation) | (504,957,882) | 1,120,719,255 |
Net increase (decrease) in net assets resulting from operations | (414,442,835) | 1,426,174,480 |
Distributions to shareholders from net investment income | (28,915,997) | (22,989,617) |
Distributions to shareholders from net realized gain | (235,022,796) | (65,775,827) |
Total distributions | (263,938,793) | (88,765,444) |
Share transactions - net increase (decrease) | 645,085,631 | 467,056,549 |
Redemption fees | 1,537,407 | 1,551,369 |
Total increase (decrease) in net assets | (31,758,590) | 1,806,016,954 |
| | |
Net Assets | | |
Beginning of period | 4,942,944,207 | 3,136,927,253 |
End of period (including undistributed net investment income of $15,350,159 and undistributed net investment income of $26,450,845, respectively) | $ 4,911,185,617 | $ 4,942,944,207 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2008 | Year ended
October 31, |
| (Unaudited) | 2007 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 70.16 | $ 54.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .18 | .19 |
Net realized and unrealized gain (loss) | (5.94) | 15.96 |
Total from investment operations | (5.76) | 16.15 |
Distributions from net investment income | (.41) | - |
Distributions from net realized gain | (3.27) | - |
Total distributions | (3.68) | - |
Redemption fees added to paid in capital E | .02 | .01 |
Net asset value, end of period | $ 60.74 | $ 70.16 |
Total Return B, C, D | (8.14)% | 29.93% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 1.31% A | 1.23% A |
Expenses net of fee waivers, if any | 1.31% A | 1.23% A |
Expenses net of all reductions | 1.29% A | 1.22% A |
Net investment income (loss) | .62% A | .63% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 52,598 | $ 20,912 |
Portfolio turnover rate G | 44% A | 42% |
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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. 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. |
Financial Highlights - Class T
| Six months ended
April 30, 2008 | Year ended
October 31, |
| (Unaudited) | 2007 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 70.09 | $ 54.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .10 | .09 |
Net realized and unrealized gain (loss) | (5.94) | 15.99 |
Total from investment operations | (5.84) | 16.08 |
Distributions from net investment income | (.33) | - |
Distributions from net realized gain | (3.27) | - |
Total distributions | (3.60) | - |
Redemption fees added to paid in capital E | .02 | .01 |
Net asset value, end of period | $ 60.67 | $ 70.09 |
Total Return B, C, D | (8.28)% | 29.80% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 1.59% A | 1.48% A |
Expenses net of fee waivers, if any | 1.59% A | 1.48% A |
Expenses net of all reductions | 1.56% A | 1.47% A |
Net investment income (loss) | .34% A | .30% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 19,074 | $ 14,522 |
Portfolio turnover rate G | 44% A | 42% |
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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, 2008 | Year ended
October 31, |
| (Unaudited) | 2007 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 69.88 | $ 54.00 |
Income from Investment Operations | | |
Net investment income (loss) E | (.05) | (.06) |
Net realized and unrealized gain (loss) | (5.92) | 15.93 |
Total from investment operations | (5.97) | 15.87 |
Distributions from net investment income | (.14) | - |
Distributions from net realized gain | (3.27) | - |
Total distributions | (3.41) | - |
Redemption fees added to paid in capital E | .02 | .01 |
Net asset value, end of period | $ 60.52 | $ 69.88 |
Total Return B, C, D | (8.50)% | 29.41% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.10% A | 2.00% A |
Expenses net of fee waivers, if any | 2.10% A | 2.00% A |
Expenses net of all reductions | 2.08% A | 1.99% A |
Net investment income (loss) | (.18)% A | (.21)% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 5,685 | $ 4,078 |
Portfolio turnover rate G | 44% A | 42% |
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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. 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. |
Financial Highlights - Class C
| Six months ended
April 30, 2008 | Year ended
October 31, |
| (Unaudited) | 2007 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 69.91 | $ 54.00 |
Income from Investment Operations | | |
Net investment income (loss) E | (.05) | (.04) |
Net realized and unrealized gain (loss) | (5.93) | 15.94 |
Total from investment operations | (5.98) | 15.90 |
Distributions from net investment income | (.27) | - |
Distributions from net realized gain | (3.27) | - |
Total distributions | (3.54) | - |
Redemption fees added to paid in capital E | .02 | .01 |
Net asset value, end of period | $ 60.41 | $ 69.91 |
Total Return B, C, D | (8.51)% | 29.46% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.09% A | 1.99% A |
Expenses net of fee waivers, if any | 2.09% A | 1.99% A |
Expenses net of all reductions | 2.07% A | 1.97% A |
Net investment income (loss) | (.16)% A | (.15)% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 19,110 | $ 8,752 |
Portfolio turnover rate G | 44% A | 42% |
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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Canada
| Six months ended
April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 70.25 | $ 49.48 | $ 39.14 | $ 31.87 | $ 25.13 | $ 17.52 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .28 | .52 | .34 | .20 | .10 | .05 |
Net realized and unrealized gain (loss) | (5.96) | 21.62 | 10.15 | 7.12 | 6.74 | 7.58 |
Total from investment operations | (5.68) | 22.14 | 10.49 | 7.32 | 6.84 | 7.63 |
Distributions from net investment income | (.40) | (.36) | (.16) | (.08) | (.13) | (.04) |
Distributions from net realized gain | (3.27) | (1.03) | (.01) | - | - | - |
Total distributions | (3.67) | (1.39) | (.17) | (.08) | (.13) | (.04) |
Redemption fees added to paid in capital D | .02 | .02 | .02 | .03 | .03 | .02 |
Net asset value, end of period | $ 60.92 | $ 70.25 | $ 49.48 | $ 39.14 | $ 31.87 | $ 25.13 |
Total Return B, C | (8.01)% | 46.03% | 26.93% | 23.11% | 27.45% | 43.75% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | 1.00% A | .96% | 1.00% | 1.08% | 1.20% | 1.42% |
Expenses net of fee waivers, if any | 1.00% A | .96% | 1.00% | 1.08% | 1.20% | 1.42% |
Expenses net of all reductions | .97% A | .94% | .97% | 1.04% | 1.15% | 1.37% |
Net investment income (loss) | .93% A | .94% | .74% | .55% | .34% | .26% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,806,170 | $ 4,890,617 | $ 3,136,927 | $ 1,722,516 | $ 413,319 | $ 167,205 |
Portfolio turnover rate F | 44% A | 42% | 50% | 24% | 47% | 52% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D 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. |
Financial Highlights - Institutional Class
| Six months ended
April 30, 2008 | Year ended
October 31, |
| (Unaudited) | 2007 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 70.25 | $ 54.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .25 | .25 |
Net realized and unrealized gain (loss) | (5.95) | 15.99 |
Total from investment operations | (5.70) | 16.24 |
Distributions from net investment income | (.45) | - |
Distributions from net realized gain | (3.27) | - |
Total distributions | (3.72) | - |
Redemption fees added to paid in capital D | .02 | .01 |
Net asset value, end of period | $ 60.85 | $ 70.25 |
Total Return B, C | (8.04)% | 30.09% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 1.08% A | 1.01% A |
Expenses net of fee waivers, if any | 1.08% A | 1.01% A |
Expenses net of all reductions | 1.06% A | .99% A |
Net investment income (loss) | .84% A | .83% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 8,550 | $ 4,064 |
Portfolio turnover rate F | 44% A | 42% |
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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2008 (Unaudited)
1. Organization.
Fidelity Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Canada, 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.
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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustees compensation and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 1,421,686,383 | |
Unrealized depreciation | (100,120,630) | |
Net unrealized appreciation (depreciation) | $ 1,321,565,753 | |
Cost for federal income tax purposes | $ 3,691,551,883 | |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% 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 Pronouncement. 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 results in expanded disclosures about fair value measurements.
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.
Semiannual Report
4. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,140,888,956 and $954,292,711, 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 relative investment performance of the retail class of the Fund, Canada as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .72% of the Fund's average net assets.
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% | $ 43,284 | $ 5,713 |
Class T | .25% | .25% | 39,648 | 20,174 |
Class B | .75% | .25% | 22,057 | 16,693 |
Class C | .75% | .25% | 66,815 | 49,702 |
| | | $ 171,804 | $ 92,282 |
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 | $ 72,897 |
Class T | 13,102 |
Class B* | 34,219 |
Class C* | 2,685 |
| $ 122,903 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008, Fidelity Service Company, Inc. (FSC), also an affiliate of FMR, was the transfer agent for Canada shares. For the period, each class paid the following Transfer Agent fees:
| Amount | % of
Average
Net Assets* |
Class A | $ 46,554 | .27 |
Class T | 23,378 | .29 |
Class B | 6,926 | .31 |
Class C | 20,049 | .30 |
Canada | 4,640,831 | .21 |
Institutional Class | 8,782 | .29 |
| $ 4,746,520 | |
* 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 $672 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 $4,422 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.
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 $527,691 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 $11,047. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction | |
Canada | $ 26,286 | |
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 December 2006, the Independent Trustees, with the assistance of independent counsel, completed an investigation regarding gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during the period 2002 to 2004. The Independent Trustees and FMR agreed 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 was worthy of redress. Accordingly, the Independent Trustees requested, and FMR agreed to make, a payment of $42 million plus accrued interest, which equaled approximately $7.3 million, to certain Fidelity mutual funds.
In March 2008, the Trustees approved a method for allocating this payment among the funds and, in total, FMR paid the fund $1,279, which is recorded in the accompanying Statement of Operations.
In a related administrative order dated March 5, 2008, the U.S. Securities and Exchange Commission ("SEC") announced a settlement with FMR and FMR Co., Inc. (an affiliate of FMR) involving the SEC's regulatory rules for investment advisers and the improper receipt of gifts, gratuities and business entertainment. Without admitting or denying the SEC's findings, FMR agreed to pay an $8 million civil penalty to the United States Treasury.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2008 | Year ended
October 31,
2007 |
From net investment income | | |
Class A | $ 171,585 | $ - |
Class T | 73,871 | - |
Class B | 8,835 | - |
Class C | 45,389 | - |
Canada | 28,579,266 | 22,989,617 |
Institutional Class | 37,051 | - |
Total | $ 28,915,997 | $ 22,989,617 |
From net realized gain | | |
Class A | $ 1,361,853 | $ - |
Class T | 736,454 | - |
Class B | 209,359 | - |
Class C | 549,710 | - |
Canada | 231,896,182 | 65,775,827 |
Institutional Class | 269,238 | - |
Total | $ 235,022,796 | $ 65,775,827 |
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,
2008 | Year ended
October 31,
2007 A | Six months ended
April 30,
2008 | Year ended
October 31,
2007 A |
Class A | | | | |
Shares sold | 636,213 | 308,956 | $ 38,175,349 | $ 19,422,841 |
Reinvestment of distributions | 24,107 | - | 1,454,159 | - |
Shares redeemed | (92,388) | (10,905) | (5,408,855) | (645,019) |
Net increase (decrease) | 567,932 | 298,051 | $ 34,220,653 | $ 18,777,822 |
Class T | | | | |
Shares sold | 121,396 | 208,648 | $ 7,310,644 | $ 12,838,431 |
Reinvestment of distributions | 13,224 | - | 797,554 | - |
Shares redeemed | (27,415) | (1,454) | (1,625,445) | (89,047) |
Net increase (decrease) | 107,205 | 207,194 | $ 6,482,753 | $ 12,749,384 |
Classs B | | | | |
Shares sold | 60,299 | 110,050 | $ 3,610,337 | $ 6,654,427 |
Reinvestment of distributions | 2,917 | - | 175,839 | - |
Shares redeemed | (27,631) | (51,696) | (1,600,252) | (3,069,986) |
Net increase (decrease) | 35,585 | 58,354 | $ 2,185,924 | $ 3,584,441 |
Class C | | | | |
Shares sold | 210,880 | 134,518 | $ 12,616,550 | $ 8,317,609 |
Reinvestment of distributions | 8,472 | - | 509,854 | - |
Shares redeemed | (28,197) | (9,336) | (1,650,968) | (570,425) |
Net increase (decrease) | 191,155 | 125,182 | $ 11,475,436 | $ 7,747,184 |
Canada | | | | |
Shares sold | 18,611,036 | 32,853,429 | $ 1,127,145,321 | $ 1,882,759,894 |
Reinvestment of distributions | 3,970,250 | 1,757,370 | 239,922,208 | 85,654,201 |
Shares redeemed | (13,309,305) | (28,386,777) | (781,375,050) | (1,547,811,990) |
Net increase (decrease) | 9,271,981 | 6,224,022 | $ 585,692,479 | $ 420,602,105 |
Institutional Class | | | | |
Shares sold | 100,939 | 61,781 | $ 6,095,406 | $ 3,830,515 |
Reinvestment of distributions | 4,721 | - | 285,066 | - |
Shares redeemed | (22,992) | (3,937) | (1,352,086) | (234,902) |
Net increase (decrease) | 82,668 | 57,844 | $ 5,028,386 | $ 3,595,613 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period May 2, 2007 (commencement of sale of shares) to October 31, 2007.
Semiannual Report
A special meeting of each fund's shareholders was held on December 13, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.A |
| # of
Votes | % of
Votes |
Affirmative | 45,014,793,255.82 | 80.372 |
Against | 6,871,112,667.08 | 12.268 |
Abstain | 2,163,456,438.02 | 3.863 |
Broker Non-Votes | 1,958,633,563.89 | 3.497 |
TOTAL | 56,007,995,924.81 | 100.000 |
PROPOSAL 2 |
To elect the nominees specified below as Trustees.A |
James C. Curvey |
Affirmative | 53,384,952,361.03 | 95.317 |
Withheld | 2,623,043,563.78 | 4.683 |
TOTAL | 56,007,995,924.81 | 100.000 |
Dennis J. Dirks |
Affirmative | 53,595,104,608.67 | 95.692 |
Withheld | 2,412,891,316.14 | 4.308 |
TOTAL | 56,007,995,924.81 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 53,570,235,221.69 | 95.647 |
Withheld | 2,437,760,703.12 | 4.353 |
TOTAL | 56,007,995,924.81 | 100.000 |
George H. Heilmeier |
Affirmative | 53,166,350,588.50 | 94.926 |
Withheld | 2,841,645,336.31 | 5.074 |
TOTAL | 56,007,995,924.81 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 53,230,508,654.93 | 95.041 |
Withheld | 2,777,487,269.88 | 4.959 |
TOTAL | 56,007,995,924.81 | 100.000 |
James H. Keyes |
Affirmative | 53,549,161,456.52 | 95.610 |
Withheld | 2,458,834,468.29 | 4.390 |
TOTAL | 56,007,995,924.81 | 100.000 |
Marie L. Knowles |
Affirmative | 53,543,925,066.86 | 95.601 |
Withheld | 2,464,070,857.95 | 4.399 |
TOTAL | 56,007,995,924.81 | 100.000 |
Ned C. Lautenbach |
Affirmative | 53,547,116,322.50 | 95.606 |
Withheld | 2,460,879,602.31 | 4.394 |
TOTAL | 56,007,995,924.81 | 100.000 |
Cornelia M. Small |
Affirmative | 53,564,793,514.25 | 95.638 |
Withheld | 2,443,202,410.56 | 4.362 |
TOTAL | 56,007,995,924.81 | 100.000 |
| # of
Votes | % of
Votes |
William S. Stavropoulos |
Affirmative | 53,426,544,502.76 | 95.391 |
Withheld | 2,581,451,422.05 | 4.609 |
TOTAL | 56,007,995,924.81 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 53,229,881,790.63 | 95.040 |
Withheld | 2,778,114,134.18 | 4.960 |
TOTAL | 56,007,995,924.81 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Proxy Voting Results
A special meeting of each fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
PROPOSAL 5 |
Shareholder proposal for Fidelity Canada Fund concerning "oversight procedures to screen out investments in companies that, in the judgement of the Board, substantially contribute to genocide, patterns of extraordinary and egregious violations of human rights, or crimes against humanity." |
| # of
Votes | % of
Votes |
Affirmative | 545,276,762.04 | 23.721 |
Against | 1,445,066,492.42 | 62.863 |
Abstain | 112,739,966.65 | 4.905 |
Broker Non-Votes | 195,653,438.02 | 8.511 |
TOTAL | 2,298,736,659.13 | 100.000 |
A Denotes trust-wide proposal and voting results.
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
Fidelity Investments Japan Limited
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K. Limited)
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Mellon Bank, N.A.
Pittsburgh, PA
ACAN-USAN-0608
1.843167.100
Fidelity Advisor
Canada Fund
Institutional Class
Institutional Class is a class of
Fidelity® Canada Fund
Semiannual Report
April 30, 2008
(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. |
Proxy Voting Results | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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
Canada
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on redemptions of Canada, Europe, and Pacific Basin shares purchased prior to October 12, 1990, and redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2007 to April 30, 2008).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
Beginning
Account Value
November 1, 2007
|
Ending
Account Value
April 30, 2008
| Expenses Paid
During Period*
November 1, 2007
to April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 918.60 | $ 6.25 |
HypotheticalA | $ 1,000.00 | $ 1,018.35 | $ 6.57 |
Class T | | | |
Actual | $ 1,000.00 | $ 917.20 | $ 7.58 |
HypotheticalA | $ 1,000.00 | $ 1,016.96 | $ 7.97 |
Class B | | | |
Actual | $ 1,000.00 | $ 915.00 | $ 10.00 |
HypotheticalA | $ 1,000.00 | $ 1,014.42 | $ 10.52 |
Class C | | | |
Actual | $ 1,000.00 | $ 914.90 | $ 9.95 |
HypotheticalA | $ 1,000.00 | $ 1,014.47 | $ 10.47 |
Canada | | | |
Actual | $ 1,000.00 | $ 919.90 | $ 4.77 |
HypotheticalA | $ 1,000.00 | $ 1,019.89 | $ 5.02 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 919.60 | $ 5.15 |
HypotheticalA | $ 1,000.00 | $ 1,019.49 | $ 5.42 |
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 182/366 (to reflect the one-half year period).
Semiannual Report
| Annualized
Expense Ratio |
Class A | 1.31% |
Class T | 1.59% |
Class B | 2.10% |
Class C | 2.09% |
Canada | 1.00% |
Institutional Class | 1.08% |
Semiannual Report
Canada
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Canada | 92.0% | |
| United States of America | 8.0% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| Canada | 94.9% | |
| United States of America | 5.1% | |
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 | 91.9 | 96.1 |
Short-Term Investments and Net Other Assets | 8.1 | 3.9 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
EnCana Corp. (Oil, Gas & Consumable Fuels) | 5.0 | 3.2 |
Potash Corp. of Saskatchewan, Inc. (Chemicals) | 5.0 | 3.7 |
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 4.9 | 4.7 |
Research In Motion Ltd. (Communications Equipment) | 4.4 | 4.8 |
Toronto-Dominion Bank (Commercial Banks) | 4.4 | 3.9 |
Manulife Financial Corp. (Insurance) | 4.2 | 4.5 |
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 3.9 | 3.5 |
Royal Bank of Canada (Commercial Banks) | 3.5 | 4.0 |
SNC-Lavalin Group, Inc. (Construction & Engineering) | 3.5 | 3.6 |
TransCanada Corp. (Oil, Gas & Consumable Fuels) | 3.3 | 3.2 |
| 42.1 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Energy | 27.9 | 25.6 |
Financials | 21.2 | 23.7 |
Materials | 14.8 | 10.9 |
Industrials | 9.2 | 10.3 |
Information Technology | 6.9 | 9.5 |
Telecommunication Services | 4.9 | 6.3 |
Consumer Discretionary | 3.5 | 6.3 |
Consumer Staples | 3.2 | 3.4 |
Health Care | 0.3 | 0.1 |
Semiannual Report
Canada
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 91.9% |
| Shares | | Value |
CONSUMER DISCRETIONARY - 3.5% |
Hotels, Restaurants & Leisure - 0.6% |
Great Canadian Gaming Corp. (a) | 1,200,000 | | $ 12,094,132 |
Tim Hortons, Inc. | 500,000 | | 17,175,000 |
| | 29,269,132 |
Media - 2.0% |
Aeroplan Income Fund | 650,000 | | 9,842,617 |
Corus Entertainment, Inc. Class B (non-vtg.) | 975,000 | | 18,733,244 |
Quebecor, Inc. Class B (sub. vtg.) | 1,000,000 | | 28,467,878 |
Thomson Reuters Corp. | 500,000 | | 18,518,519 |
Yellow Pages Income Fund (d) | 2,000,000 | | 21,785,324 |
| | 97,347,582 |
Textiles, Apparel & Luxury Goods - 0.9% |
Gildan Activewear, Inc. (a) | 1,850,000 | | 47,411,876 |
TOTAL CONSUMER DISCRETIONARY | | 174,028,590 |
CONSUMER STAPLES - 3.2% |
Food & Staples Retailing - 2.0% |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 1,300,000 | | 18,020,058 |
Metro, Inc. Class A (sub. vtg.) | 500,000 | | 12,113,991 |
Shoppers Drug Mart Corp. | 1,350,000 | | 71,300,268 |
| | 101,434,317 |
Food Products - 1.2% |
Saskatchewan Wheat Pl, Inc.(OLD) (a)(e) | 1,273,500 | | 17,412,466 |
Viterra, Inc. (a)(f) | 2,929,300 | | 40,052,091 |
| | 57,464,557 |
TOTAL CONSUMER STAPLES | | 158,898,874 |
ENERGY - 27.9% |
Energy Equipment & Services - 0.3% |
Flint Energy Services Ltd. (a) | 650,000 | | 14,528,349 |
Oil, Gas & Consumable Fuels - 27.6% |
Birchcliff Energy Ltd. (a) | 500,000 | | 5,461,225 |
Cameco Corp. | 1,900,000 | | 66,050,045 |
Canadian Natural Resources Ltd. | 2,250,000 | | 191,130,474 |
Canadian Oil Sands Trust | 2,700,000 | | 121,260,054 |
Duvernay Oil Corp. (a) | 350,000 | | 16,705,888 |
Enbridge, Inc. | 300,000 | | 12,338,397 |
EnCana Corp. | 3,050,000 | | 246,065,434 |
Husky Energy, Inc. | 1,400,000 | | 63,223,116 |
Keyera Facilities Income Fund | 1,700,000 | | 35,363,916 |
Nexen, Inc. | 1,150,000 | | 39,852,050 |
Niko Resources Ltd. | 550,000 | | 49,697,150 |
Niko Resources Ltd. (e) | 20,000 | | 1,807,169 |
Petro-Canada | 1,000,000 | | 50,104,260 |
Suncor Energy, Inc. | 2,150,000 | | 242,624,864 |
|
| Shares | | Value |
Talisman Energy, Inc. | 2,750,000 | | $ 55,622,580 |
TransCanada Corp. | 4,350,000 | | 159,383,378 |
| | 1,356,690,000 |
TOTAL ENERGY | | 1,371,218,349 |
FINANCIALS - 21.2% |
Capital Markets - 0.3% |
CI Financial Income Fund (d) | 600,000 | | 13,369,080 |
Commercial Banks - 12.2% |
Bank of Montreal (d) | 1,909,300 | | 94,981,561 |
Canadian Imperial Bank of Commerce | 850,000 | | 62,600,040 |
National Bank of Canada | 1,050,000 | | 56,018,767 |
Royal Bank of Canada | 3,600,000 | | 171,653,262 |
Toronto-Dominion Bank | 3,250,000 | | 213,342,766 |
| | 598,596,396 |
Diversified Financial Services - 0.7% |
Onex Corp. (sub. vtg.) | 400,000 | | 12,542,945 |
TSX Group, Inc. | 500,000 | | 21,000,894 |
| | 33,543,839 |
Insurance - 6.3% |
ING Canada, Inc. | 550,000 | | 21,353,391 |
Manulife Financial Corp. | 5,300,000 | | 207,189,951 |
Power Corp. of Canada (sub. vtg.) | 1,350,000 | | 47,345,845 |
Sun Life Financial, Inc. | 750,000 | | 36,260,054 |
| | 312,149,241 |
Real Estate Management & Development - 1.7% |
Brookfield Asset Management, Inc. Class A (d) | 1,950,000 | | 63,605,898 |
Brookfield Properties Corp. | 1,000,000 | | 20,130,007 |
| | 83,735,905 |
TOTAL FINANCIALS | | 1,041,394,461 |
HEALTH CARE - 0.3% |
Health Care Equipment & Supplies - 0.3% |
Noveko International, Inc. (a) | 2,150,000 | | 12,915,798 |
INDUSTRIALS - 9.2% |
Aerospace & Defense - 3.4% |
Bombardier, Inc. Class B (sub. vtg.) (a) | 20,000,000 | | 131,069,407 |
CAE, Inc. | 2,800,000 | | 32,139,807 |
Mecachrome International, Inc. (a)(e) | 400,000 | | 2,951,048 |
| | 166,160,262 |
Commercial Services & Supplies - 0.4% |
Garda World Security Corp. (a) | 1,100,000 | | 18,404,329 |
Construction & Engineering - 3.5% |
SNC-Lavalin Group, Inc. | 3,400,000 | | 170,523,285 |
Road & Rail - 1.0% |
Canadian National Railway Co. | 400,000 | | 20,947,274 |
Common Stocks - continued |
| Shares | | Value |
INDUSTRIALS - continued |
Road & Rail - continued |
Canadian Pacific Railway Ltd. | 350,000 | | $ 24,111,806 |
TransForce Income Fund | 800,000 | | 6,060,967 |
| | 51,120,047 |
Trading Companies & Distributors - 0.9% |
Finning International, Inc. | 1,500,000 | | 44,608,281 |
TOTAL INDUSTRIALS | | 450,816,204 |
INFORMATION TECHNOLOGY - 6.9% |
Communications Equipment - 4.4% |
Research In Motion Ltd. (a) | 1,775,000 | | 215,893,262 |
Internet Software & Services - 1.5% |
Google, Inc. Class A (sub. vtg.) (a) | 80,000 | | 45,943,200 |
Open Text Corp. (a)(d) | 700,000 | | 25,849,469 |
| | 71,792,669 |
IT Services - 0.6% |
CGI Group, Inc. Class A (sub. vtg.) (a) | 2,606,300 | | 30,356,369 |
Software - 0.4% |
MacDonald Dettwiler & Associates Ltd. (a) | 450,000 | | 18,319,929 |
TOTAL INFORMATION TECHNOLOGY | | 336,362,229 |
MATERIALS - 14.8% |
Chemicals - 6.5% |
Agrium, Inc. | 575,000 | | 45,213,236 |
Monsanto Co. | 265,000 | | 30,215,300 |
Potash Corp. of Saskatchewan, Inc. | 1,325,000 | | 243,733,757 |
| | 319,162,293 |
Metals & Mining - 8.3% |
B2Gold Corp. | 3,597,200 | | 4,857,702 |
Barrick Gold Corp. | 1,750,000 | | 67,264,919 |
Eldorado Gold Corp. (a) | 2,071,500 | | 14,130,876 |
Fording Canadian Coal Trust | 800,000 | | 49,297,984 |
Goldcorp, Inc. | 3,500,000 | | 124,451,395 |
Harry Winston Diamond Corp. | 400,000 | | 11,851,852 |
Kinross Gold Corp. | 2,750,000 | | 51,963,559 |
Orezone Resources, Inc. Class A (a) | 10,000,000 | | 12,908,351 |
Shore Gold, Inc. (a) | 3,300,000 | | 11,927,316 |
Yamana Gold, Inc. | 4,500,000 | | 57,685,433 |
| | 406,339,387 |
TOTAL MATERIALS | | 725,501,680 |
TELECOMMUNICATION SERVICES - 4.9% |
Diversified Telecommunication Services - 1.8% |
BCE, Inc. | 2,350,000 | | 85,870,321 |
|
| Shares | | Value |
Wireless Telecommunication Services - 3.1% |
American Tower Corp. Class A (a) | 325,000 | | $ 14,111,500 |
Rogers Communications, Inc. Class B (non-vtg.) | 3,150,000 | | 140,156,390 |
| | 154,267,890 |
TOTAL TELECOMMUNICATION SERVICES | | 240,138,211 |
TOTAL COMMON STOCKS (Cost $3,176,731,324) | 4,511,274,396 |
Government Obligations - 2.4% |
| Principal Amount | | |
Canadian Government Treasury Bills 2.0184% to 3.4108% 5/1/08 to 8/7/08
(Cost $116,290,595) | CAD | 117,250,000 | | 115,993,129 |
Money Market Funds - 7.8% |
| Shares | | |
Fidelity Cash Central Fund, 2.51% (b) | 300,193,911 | | 300,193,911 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 85,656,200 | | 85,656,200 |
TOTAL MONEY MARKET FUNDS (Cost $385,850,111) | 385,850,111 |
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $3,678,872,030) | | 5,013,117,636 |
NET OTHER ASSETS - (2.1)% | | (101,932,019) |
NET ASSETS - 100% | $ 4,911,185,617 |
Currency Abbreviations |
CAD | - | Canadian dollar |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $22,170,683 or 0.5% of net assets. |
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 4,007,242 |
Fidelity Securities Lending Cash Central Fund | 2,885,493 |
Total | $ 6,892,735 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Canada
Financial Statements
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $85,568,057) - See accompanying schedule: Unaffiliated issuers (cost $3,293,021,919) | $ 4,627,267,525 | |
Fidelity Central Funds (cost $385,850,111) | 385,850,111 | |
Total Investments (cost $3,678,872,030) | | $ 5,013,117,636 |
Cash | | 60,570 |
Foreign currency held at value (cost $1,697,900) | | 1,697,900 |
Receivable for investments sold | | 56,793,594 |
Receivable for fund shares sold | | 10,248,823 |
Dividends receivable | | 4,322,036 |
Distributions receivable from Fidelity Central Funds | | 938,134 |
Prepaid expenses | | 9,125 |
Other receivables | | 281,808 |
Total assets | | 5,087,469,626 |
| | |
Liabilities | | |
Payable for investments purchased
Regular delivery | $ 76,158,454 | |
Delayed delivery | 5,568,261 | |
Payable for fund shares redeemed | 5,066,667 | |
Accrued management fee | 2,791,729 | |
Distribution fees payable | 37,132 | |
Other affiliated payables | 929,130 | |
Other payables and accrued expenses | 76,436 | |
Collateral on securities loaned, at value | 85,656,200 | |
Total liabilities | | 176,284,009 |
| | |
Net Assets | | $ 4,911,185,617 |
Net Assets consist of: | | |
Paid in capital | | $ 3,500,494,190 |
Undistributed net investment income | | 15,350,159 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 61,000,449 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 1,334,340,819 |
Net Assets | | $ 4,911,185,617 |
Statement of Assets and Liabilities - continued
| April 30, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($52,597,988 ÷ 865,983 shares) | | $ 60.74 |
| | |
Maximum offering price per share (100/94.25 of $60.74) | | $ 64.45 |
Class T:
Net Asset Value and redemption price per share ($19,073,585 ÷ 314,399 shares) | | $ 60.67 |
| | |
Maximum offering price per share (100/96.50 of $60.67) | | $ 62.87 |
Classs B:
Net Asset Value and offering price per share ($5,685,083 ÷ 93,939 shares)A | | $ 60.52 |
| | |
Class C:
Net Asset Value and offering price per share ($19,109,563 ÷ 316,337 shares)A | | $ 60.41 |
| | |
| | |
Canada:
Net Asset Value, offering price and redemption price per share ($4,806,169,704 ÷ 78,889,201 shares) | | $ 60.92 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($8,549,694 ÷ 140,512 shares) | | $ 60.85 |
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, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 41,044,770 |
Interest | | 1,706,622 |
Income from Fidelity Central Funds (including $2,885,493 from security lending) | | 6,892,735 |
| | 49,644,127 |
Less foreign taxes withheld | | (6,132,720) |
Total income | | 43,511,407 |
| | |
Expenses | | |
Management fee
Basic fee | $ 16,159,107 | |
Performance adjustment | 396,724 | |
Transfer agent fees | 4,746,520 | |
Distribution fees | 171,804 | |
Accounting and security lending fees | 778,178 | |
Custodian fees and expenses | 50,424 | |
Independent trustees' compensation | 9,330 | |
Registration fees | 195,360 | |
Audit | 36,788 | |
Legal | 7,346 | |
Miscellaneous | 493,337 | |
Total expenses before reductions | 23,044,918 | |
Expense reductions | (613,344) | 22,431,574 |
Net investment income (loss) | | 21,079,833 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 70,426,145 | |
Foreign currency transactions | (990,931) | |
Total net realized gain (loss) | | 69,435,214 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (504,886,479) | |
Assets and liabilities in foreign currencies | (71,403) | |
Total change in net unrealized appreciation (depreciation) | | (504,957,882) |
Net gain (loss) | | (435,522,668) |
Net increase (decrease) in net assets resulting from operations | | $ (414,442,835) |
Statement of Changes in Net Assets
| Six months ended
April 30, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 21,079,833 | $ 33,178,201 |
Net realized gain (loss) | 69,435,214 | 272,277,024 |
Change in net unrealized appreciation (depreciation) | (504,957,882) | 1,120,719,255 |
Net increase (decrease) in net assets resulting from operations | (414,442,835) | 1,426,174,480 |
Distributions to shareholders from net investment income | (28,915,997) | (22,989,617) |
Distributions to shareholders from net realized gain | (235,022,796) | (65,775,827) |
Total distributions | (263,938,793) | (88,765,444) |
Share transactions - net increase (decrease) | 645,085,631 | 467,056,549 |
Redemption fees | 1,537,407 | 1,551,369 |
Total increase (decrease) in net assets | (31,758,590) | 1,806,016,954 |
| | |
Net Assets | | |
Beginning of period | 4,942,944,207 | 3,136,927,253 |
End of period (including undistributed net investment income of $15,350,159 and undistributed net investment income of $26,450,845, respectively) | $ 4,911,185,617 | $ 4,942,944,207 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2008 | Year ended
October 31, |
| (Unaudited) | 2007 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 70.16 | $ 54.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .18 | .19 |
Net realized and unrealized gain (loss) | (5.94) | 15.96 |
Total from investment operations | (5.76) | 16.15 |
Distributions from net investment income | (.41) | - |
Distributions from net realized gain | (3.27) | - |
Total distributions | (3.68) | - |
Redemption fees added to paid in capital E | .02 | .01 |
Net asset value, end of period | $ 60.74 | $ 70.16 |
Total Return B, C, D | (8.14)% | 29.93% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 1.31% A | 1.23% A |
Expenses net of fee waivers, if any | 1.31% A | 1.23% A |
Expenses net of all reductions | 1.29% A | 1.22% A |
Net investment income (loss) | .62% A | .63% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 52,598 | $ 20,912 |
Portfolio turnover rate G | 44% A | 42% |
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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. 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. |
Financial Highlights - Class T
| Six months ended
April 30, 2008 | Year ended
October 31, |
| (Unaudited) | 2007 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 70.09 | $ 54.00 |
Income from Investment Operations | | |
Net investment income (loss) E | .10 | .09 |
Net realized and unrealized gain (loss) | (5.94) | 15.99 |
Total from investment operations | (5.84) | 16.08 |
Distributions from net investment income | (.33) | - |
Distributions from net realized gain | (3.27) | - |
Total distributions | (3.60) | - |
Redemption fees added to paid in capital E | .02 | .01 |
Net asset value, end of period | $ 60.67 | $ 70.09 |
Total Return B, C, D | (8.28)% | 29.80% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 1.59% A | 1.48% A |
Expenses net of fee waivers, if any | 1.59% A | 1.48% A |
Expenses net of all reductions | 1.56% A | 1.47% A |
Net investment income (loss) | .34% A | .30% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 19,074 | $ 14,522 |
Portfolio turnover rate G | 44% A | 42% |
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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended
April 30, 2008 | Year ended
October 31, |
| (Unaudited) | 2007 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 69.88 | $ 54.00 |
Income from Investment Operations | | |
Net investment income (loss) E | (.05) | (.06) |
Net realized and unrealized gain (loss) | (5.92) | 15.93 |
Total from investment operations | (5.97) | 15.87 |
Distributions from net investment income | (.14) | - |
Distributions from net realized gain | (3.27) | - |
Total distributions | (3.41) | - |
Redemption fees added to paid in capital E | .02 | .01 |
Net asset value, end of period | $ 60.52 | $ 69.88 |
Total Return B, C, D | (8.50)% | 29.41% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.10% A | 2.00% A |
Expenses net of fee waivers, if any | 2.10% A | 2.00% A |
Expenses net of all reductions | 2.08% A | 1.99% A |
Net investment income (loss) | (.18)% A | (.21)% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 5,685 | $ 4,078 |
Portfolio turnover rate G | 44% A | 42% |
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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. 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. |
Financial Highlights - Class C
| Six months ended
April 30, 2008 | Year ended
October 31, |
| (Unaudited) | 2007 H |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 69.91 | $ 54.00 |
Income from Investment Operations | | |
Net investment income (loss) E | (.05) | (.04) |
Net realized and unrealized gain (loss) | (5.93) | 15.94 |
Total from investment operations | (5.98) | 15.90 |
Distributions from net investment income | (.27) | - |
Distributions from net realized gain | (3.27) | - |
Total distributions | (3.54) | - |
Redemption fees added to paid in capital E | .02 | .01 |
Net asset value, end of period | $ 60.41 | $ 69.91 |
Total Return B, C, D | (8.51)% | 29.46% |
Ratios to Average Net Assets F, I | | |
Expenses before reductions | 2.09% A | 1.99% A |
Expenses net of fee waivers, if any | 2.09% A | 1.99% A |
Expenses net of all reductions | 2.07% A | 1.97% A |
Net investment income (loss) | (.16)% A | (.15)% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 19,110 | $ 8,752 |
Portfolio turnover rate G | 44% A | 42% |
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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Canada
| Six months ended
April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 70.25 | $ 49.48 | $ 39.14 | $ 31.87 | $ 25.13 | $ 17.52 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .28 | .52 | .34 | .20 | .10 | .05 |
Net realized and unrealized gain (loss) | (5.96) | 21.62 | 10.15 | 7.12 | 6.74 | 7.58 |
Total from investment operations | (5.68) | 22.14 | 10.49 | 7.32 | 6.84 | 7.63 |
Distributions from net investment income | (.40) | (.36) | (.16) | (.08) | (.13) | (.04) |
Distributions from net realized gain | (3.27) | (1.03) | (.01) | - | - | - |
Total distributions | (3.67) | (1.39) | (.17) | (.08) | (.13) | (.04) |
Redemption fees added to paid in capital D | .02 | .02 | .02 | .03 | .03 | .02 |
Net asset value, end of period | $ 60.92 | $ 70.25 | $ 49.48 | $ 39.14 | $ 31.87 | $ 25.13 |
Total Return B, C | (8.01)% | 46.03% | 26.93% | 23.11% | 27.45% | 43.75% |
Ratios to Average Net Assets E, G | | | | | | |
Expenses before reductions | 1.00% A | .96% | 1.00% | 1.08% | 1.20% | 1.42% |
Expenses net of fee waivers, if any | 1.00% A | .96% | 1.00% | 1.08% | 1.20% | 1.42% |
Expenses net of all reductions | .97% A | .94% | .97% | 1.04% | 1.15% | 1.37% |
Net investment income (loss) | .93% A | .94% | .74% | .55% | .34% | .26% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 4,806,170 | $ 4,890,617 | $ 3,136,927 | $ 1,722,516 | $ 413,319 | $ 167,205 |
Portfolio turnover rate F | 44% A | 42% | 50% | 24% | 47% | 52% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D 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. |
Financial Highlights - Institutional Class
| Six months ended
April 30, 2008 | Year ended
October 31, |
| (Unaudited) | 2007 G |
Selected Per-Share Data | | |
Net asset value, beginning of period | $ 70.25 | $ 54.00 |
Income from Investment Operations | | |
Net investment income (loss) D | .25 | .25 |
Net realized and unrealized gain (loss) | (5.95) | 15.99 |
Total from investment operations | (5.70) | 16.24 |
Distributions from net investment income | (.45) | - |
Distributions from net realized gain | (3.27) | - |
Total distributions | (3.72) | - |
Redemption fees added to paid in capital D | .02 | .01 |
Net asset value, end of period | $ 60.85 | $ 70.25 |
Total Return B, C | (8.04)% | 30.09% |
Ratios to Average Net Assets E, H | | |
Expenses before reductions | 1.08% A | 1.01% A |
Expenses net of fee waivers, if any | 1.08% A | 1.01% A |
Expenses net of all reductions | 1.06% A | .99% A |
Net investment income (loss) | .84% A | .83% A |
Supplemental Data | | |
Net assets, end of period (000 omitted) | $ 8,550 | $ 4,064 |
Portfolio turnover rate F | 44% A | 42% |
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 May 2, 2007 (commencement of sale of shares) to October 31, 2007. 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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2008 (Unaudited)
1. Organization.
Fidelity Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Canada, 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.
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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, deferred trustees compensation and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 1,421,686,383 | |
Unrealized depreciation | (100,120,630) | |
Net unrealized appreciation (depreciation) | $ 1,321,565,753 | |
Cost for federal income tax purposes | $ 3,691,551,883 | |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% 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 Pronouncement. 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 results in expanded disclosures about fair value measurements.
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.
Semiannual Report
4. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $1,140,888,956 and $954,292,711, 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 relative investment performance of the retail class of the Fund, Canada as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .72% of the Fund's average net assets.
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% | $ 43,284 | $ 5,713 |
Class T | .25% | .25% | 39,648 | 20,174 |
Class B | .75% | .25% | 22,057 | 16,693 |
Class C | .75% | .25% | 66,815 | 49,702 |
| | | $ 171,804 | $ 92,282 |
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 | $ 72,897 |
Class T | 13,102 |
Class B* | 34,219 |
Class C* | 2,685 |
| $ 122,903 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008, Fidelity Service Company, Inc. (FSC), also an affiliate of FMR, was the transfer agent for Canada shares. For the period, each class paid the following Transfer Agent fees:
| Amount | % of
Average
Net Assets* |
Class A | $ 46,554 | .27 |
Class T | 23,378 | .29 |
Class B | 6,926 | .31 |
Class C | 20,049 | .30 |
Canada | 4,640,831 | .21 |
Institutional Class | 8,782 | .29 |
| $ 4,746,520 | |
* 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 $672 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 $4,422 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.
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 $527,691 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 $11,047. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction | |
Canada | $ 26,286 | |
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 December 2006, the Independent Trustees, with the assistance of independent counsel, completed an investigation regarding gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during the period 2002 to 2004. The Independent Trustees and FMR agreed 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 was worthy of redress. Accordingly, the Independent Trustees requested, and FMR agreed to make, a payment of $42 million plus accrued interest, which equaled approximately $7.3 million, to certain Fidelity mutual funds.
In March 2008, the Trustees approved a method for allocating this payment among the funds and, in total, FMR paid the fund $1,279, which is recorded in the accompanying Statement of Operations.
In a related administrative order dated March 5, 2008, the U.S. Securities and Exchange Commission ("SEC") announced a settlement with FMR and FMR Co., Inc. (an affiliate of FMR) involving the SEC's regulatory rules for investment advisers and the improper receipt of gifts, gratuities and business entertainment. Without admitting or denying the SEC's findings, FMR agreed to pay an $8 million civil penalty to the United States Treasury.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2008 | Year ended
October 31,
2007 |
From net investment income | | |
Class A | $ 171,585 | $ - |
Class T | 73,871 | - |
Class B | 8,835 | - |
Class C | 45,389 | - |
Canada | 28,579,266 | 22,989,617 |
Institutional Class | 37,051 | - |
Total | $ 28,915,997 | $ 22,989,617 |
From net realized gain | | |
Class A | $ 1,361,853 | $ - |
Class T | 736,454 | - |
Class B | 209,359 | - |
Class C | 549,710 | - |
Canada | 231,896,182 | 65,775,827 |
Institutional Class | 269,238 | - |
Total | $ 235,022,796 | $ 65,775,827 |
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,
2008 | Year ended
October 31,
2007 A | Six months ended
April 30,
2008 | Year ended
October 31,
2007 A |
Class A | | | | |
Shares sold | 636,213 | 308,956 | $ 38,175,349 | $ 19,422,841 |
Reinvestment of distributions | 24,107 | - | 1,454,159 | - |
Shares redeemed | (92,388) | (10,905) | (5,408,855) | (645,019) |
Net increase (decrease) | 567,932 | 298,051 | $ 34,220,653 | $ 18,777,822 |
Class T | | | | |
Shares sold | 121,396 | 208,648 | $ 7,310,644 | $ 12,838,431 |
Reinvestment of distributions | 13,224 | - | 797,554 | - |
Shares redeemed | (27,415) | (1,454) | (1,625,445) | (89,047) |
Net increase (decrease) | 107,205 | 207,194 | $ 6,482,753 | $ 12,749,384 |
Classs B | | | | |
Shares sold | 60,299 | 110,050 | $ 3,610,337 | $ 6,654,427 |
Reinvestment of distributions | 2,917 | - | 175,839 | - |
Shares redeemed | (27,631) | (51,696) | (1,600,252) | (3,069,986) |
Net increase (decrease) | 35,585 | 58,354 | $ 2,185,924 | $ 3,584,441 |
Class C | | | | |
Shares sold | 210,880 | 134,518 | $ 12,616,550 | $ 8,317,609 |
Reinvestment of distributions | 8,472 | - | 509,854 | - |
Shares redeemed | (28,197) | (9,336) | (1,650,968) | (570,425) |
Net increase (decrease) | 191,155 | 125,182 | $ 11,475,436 | $ 7,747,184 |
Canada | | | | |
Shares sold | 18,611,036 | 32,853,429 | $ 1,127,145,321 | $ 1,882,759,894 |
Reinvestment of distributions | 3,970,250 | 1,757,370 | 239,922,208 | 85,654,201 |
Shares redeemed | (13,309,305) | (28,386,777) | (781,375,050) | (1,547,811,990) |
Net increase (decrease) | 9,271,981 | 6,224,022 | $ 585,692,479 | $ 420,602,105 |
Institutional Class | | | | |
Shares sold | 100,939 | 61,781 | $ 6,095,406 | $ 3,830,515 |
Reinvestment of distributions | 4,721 | - | 285,066 | - |
Shares redeemed | (22,992) | (3,937) | (1,352,086) | (234,902) |
Net increase (decrease) | 82,668 | 57,844 | $ 5,028,386 | $ 3,595,613 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period May 2, 2007 (commencement of sale of shares) to October 31, 2007.
Semiannual Report
A special meeting of each fund's shareholders was held on December 13, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.A |
| # of
Votes | % of
Votes |
Affirmative | 45,014,793,255.82 | 80.372 |
Against | 6,871,112,667.08 | 12.268 |
Abstain | 2,163,456,438.02 | 3.863 |
Broker Non-Votes | 1,958,633,563.89 | 3.497 |
TOTAL | 56,007,995,924.81 | 100.000 |
PROPOSAL 2 |
To elect the nominees specified below as Trustees.A |
James C. Curvey |
Affirmative | 53,384,952,361.03 | 95.317 |
Withheld | 2,623,043,563.78 | 4.683 |
TOTAL | 56,007,995,924.81 | 100.000 |
Dennis J. Dirks |
Affirmative | 53,595,104,608.67 | 95.692 |
Withheld | 2,412,891,316.14 | 4.308 |
TOTAL | 56,007,995,924.81 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 53,570,235,221.69 | 95.647 |
Withheld | 2,437,760,703.12 | 4.353 |
TOTAL | 56,007,995,924.81 | 100.000 |
George H. Heilmeier |
Affirmative | 53,166,350,588.50 | 94.926 |
Withheld | 2,841,645,336.31 | 5.074 |
TOTAL | 56,007,995,924.81 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 53,230,508,654.93 | 95.041 |
Withheld | 2,777,487,269.88 | 4.959 |
TOTAL | 56,007,995,924.81 | 100.000 |
James H. Keyes |
Affirmative | 53,549,161,456.52 | 95.610 |
Withheld | 2,458,834,468.29 | 4.390 |
TOTAL | 56,007,995,924.81 | 100.000 |
Marie L. Knowles |
Affirmative | 53,543,925,066.86 | 95.601 |
Withheld | 2,464,070,857.95 | 4.399 |
TOTAL | 56,007,995,924.81 | 100.000 |
Ned C. Lautenbach |
Affirmative | 53,547,116,322.50 | 95.606 |
Withheld | 2,460,879,602.31 | 4.394 |
TOTAL | 56,007,995,924.81 | 100.000 |
Cornelia M. Small |
Affirmative | 53,564,793,514.25 | 95.638 |
Withheld | 2,443,202,410.56 | 4.362 |
TOTAL | 56,007,995,924.81 | 100.000 |
| # of
Votes | % of
Votes |
William S. Stavropoulos |
Affirmative | 53,426,544,502.76 | 95.391 |
Withheld | 2,581,451,422.05 | 4.609 |
TOTAL | 56,007,995,924.81 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 53,229,881,790.63 | 95.040 |
Withheld | 2,778,114,134.18 | 4.960 |
TOTAL | 56,007,995,924.81 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Proxy Voting Results
A special meeting of each fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
PROPOSAL 5 |
Shareholder proposal for Fidelity Canada Fund concerning "oversight procedures to screen out investments in companies that, in the judgement of the Board, substantially contribute to genocide, patterns of extraordinary and egregious violations of human rights, or crimes against humanity." |
| # of
Votes | % of
Votes |
Affirmative | 545,276,762.04 | 23.721 |
Against | 1,445,066,492.42 | 62.863 |
Abstain | 112,739,966.65 | 4.905 |
Broker Non-Votes | 195,653,438.02 | 8.511 |
TOTAL | 2,298,736,659.13 | 100.000 |
A Denotes trust-wide proposal and voting results.
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
Fidelity Investments Japan Limited
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K. Limited)
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Mellon Bank, N.A.
Pittsburgh, PA
ACANI-USAN-0608
1.843160.100
Fidelity®
International Discovery
Fund
Semiannual Report
April 30, 2008
(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. |
Proxy Voting Results | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.fidelity.com/holdings, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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 redemptions of shares purchased prior to October 12, 1990, and redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2007 to April 30, 2008).
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, 2007 | Ending
Account Value
April 30, 2008 | Expenses Paid
During Period*
November 1, 2007 to
April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 880.70 | $ 6.17 |
HypotheticalA | $ 1,000.00 | $ 1,018.30 | $ 6.62 |
Class T | | | |
Actual | $ 1,000.00 | $ 879.10 | $ 7.90 |
HypotheticalA | $ 1,000.00 | $ 1,016.46 | $ 8.47 |
Class B | | | |
Actual | $ 1,000.00 | $ 876.80 | $ 10.22 |
HypotheticalA | $ 1,000.00 | $ 1,013.97 | $ 10.97 |
Class C | | | |
Actual | $ 1,000.00 | $ 876.80 | $ 10.13 |
HypotheticalA | $ 1,000.00 | $ 1,014.07 | $ 10.87 |
International Discovery | | | |
Actual | $ 1,000.00 | $ 881.70 | $ 5.10 |
HypotheticalA | $ 1,000.00 | $ 1,019.44 | $ 5.47 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 881.90 | $ 4.91 |
HypotheticalA | $ 1,000.00 | $ 1,019.64 | $ 5.27 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.32% |
Class T | 1.69% |
Class B | 2.19% |
Class C | 2.17% |
International Discovery | 1.09% |
Institutional Class | 1.05% |
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
 | United Kingdom 17.5% | |
 | Japan 15.4% | |
 | Germany 12.6% | |
 | Switzerland 8.0% | |
 | France 6.7% | |
 | Australia 5.4% | |
 | United States of America 4.2% | |
 | Spain 3.8% | |
 | Canada 3.0% | |
 | Other 23.4% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| United Kingdom 14.7% | |
| Japan 14.3% | |
| Germany 11.1% | |
| France 9.4% | |
| Switzerland 8.5% | |
| Australia 7.2% | |
| United States of America 4.6% | |
| Spain 3.2% | |
| Norway 2.7% | |
| Other 24.3% | |
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 and Equity Futures | 96.3 | 96.2 |
Short-Term Investments and Net Other Assets | 3.7 | 3.8 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 2.0 | 1.1 |
E.ON AG (Germany, Electric Utilities) | 2.0 | 1.6 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.8 | 1.2 |
CSL Ltd. (Australia, Biotechnology) | 1.7 | 1.3 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 1.6 | 1.6 |
Telefonica SA (Spain, Diversified Telecommunication Services) | 1.6 | 1.5 |
Sumitomo Mitsui Financial Group, Inc. (Japan, Commercial Banks) | 1.3 | 0.7 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.2 | 1.2 |
Canon, Inc. (Japan, Office Electronics) | 1.1 | 0.8 |
Nokia Corp. sponsored ADR (Finland, Communications Equipment) | 1.1 | 1.0 |
| 15.4 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 20.2 | 17.3 |
Industrials | 9.9 | 15.1 |
Energy | 9.4 | 7.4 |
Health Care | 9.2 | 7.6 |
Information Technology | 9.1 | 8.9 |
Consumer Staples | 8.6 | 7.8 |
Materials | 8.4 | 8.1 |
Consumer Discretionary | 7.2 | 12.6 |
Telecommunication Services | 6.9 | 4.9 |
Utilities | 6.0 | 6.1 |
Semiannual Report
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.6% |
| Shares | | Value (000s) |
Australia - 5.4% |
ABB Grain Ltd. | 1,700,680 | | $ 16,026 |
AXA Asia Pacific Holdings Ltd. | 3,949,651 | | 22,130 |
Babcock & Brown Ltd. (d) | 5,309,299 | | 73,618 |
Babcock & Brown Wind Partners | 7,455,047 | | 11,111 |
Brambles Ltd. | 3,864,957 | | 32,446 |
Cochlear Ltd. | 1,233,107 | | 65,949 |
Commonwealth Bank of Australia | 1,124,424 | | 47,568 |
Computershare Ltd. | 6,844,068 | | 57,778 |
CSL Ltd. | 6,334,338 | | 237,740 |
Macquarie Group Ltd. (d) | 308,316 | | 18,444 |
QBE Insurance Group Ltd. | 2,074,346 | | 49,483 |
Seek Ltd. (d) | 3,139,317 | | 14,806 |
Woolworths Ltd. | 3,076,663 | | 83,289 |
WorleyParsons Ltd. | 742,190 | | 27,163 |
TOTAL AUSTRALIA | | 757,551 |
Austria - 0.0% |
Strabag SE | 54,039 | | 3,796 |
Belgium - 0.2% |
Hansen Transmission International NV | 6,191,000 | | 27,080 |
Bermuda - 0.6% |
Aquarius Platinum Ltd. (United Kingdom) | 4,644,900 | | 73,189 |
Ports Design Ltd. | 4,763,900 | | 15,343 |
TOTAL BERMUDA | | 88,532 |
Brazil - 1.3% |
Bovespa Holding SA | 2,235,800 | | 33,963 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 366,800 | | 44,537 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 337,000 | | 49,003 |
Vivo Participacoes SA (PN) sponsored ADR | 7,159,500 | | 48,327 |
TOTAL BRAZIL | | 175,830 |
Canada - 3.0% |
Barrick Gold Corp. | 442,100 | | 16,993 |
EnCana Corp. | 1,078,200 | | 86,986 |
Goldcorp, Inc. | 568,500 | | 20,214 |
Niko Resources Ltd. | 498,400 | | 45,035 |
Open Text Corp. (a)(d) | 1,733,000 | | 63,996 |
Petrobank Energy & Resources Ltd. (a) | 936,500 | | 45,193 |
Potash Corp. of Saskatchewan, Inc. | 363,400 | | 66,847 |
Common Stocks - continued |
| Shares | | Value (000s) |
Canada - continued |
Suncor Energy, Inc. | 394,800 | | $ 44,553 |
Talisman Energy, Inc. | 1,883,200 | | 38,090 |
TOTAL CANADA | | 427,907 |
Cayman Islands - 0.0% |
Lee & Man Paper Manufacturing Ltd. | 2,575,900 | | 4,793 |
China - 0.2% |
ZTE Corp. (H Shares) | 4,990,280 | | 20,907 |
Cyprus - 0.2% |
Aisi Realty Public Ltd. (e) | 10,023,000 | | 6,676 |
Marfin Popular Bank Public Co. | 2,692,059 | | 24,039 |
TOTAL CYPRUS | | 30,715 |
Czech Republic - 0.3% |
Ceske Energeticke Zavody AS | 606,300 | | 45,056 |
Denmark - 1.2% |
Novo Nordisk AS Series B | 1,365,000 | | 93,954 |
Vestas Wind Systems AS (a) | 663,400 | | 72,726 |
TOTAL DENMARK | | 166,680 |
Finland - 1.1% |
Nokia Corp. sponsored ADR | 5,239,700 | | 157,558 |
France - 6.7% |
Alstom SA | 592,506 | | 137,819 |
AXA SA (d) | 1,678,966 | | 62,020 |
BNP Paribas SA | 940,539 | | 101,678 |
Cap Gemini SA (d) | 643,800 | | 39,186 |
CNP Assurances (d) | 218,000 | | 25,932 |
Eutelsat Communications | 3,138,785 | | 92,854 |
Gaz de France | 1,298,200 | | 85,807 |
Groupe Danone | 670,500 | | 59,495 |
Orpea (a) | 560,828 | | 30,634 |
Remy Cointreau SA | 185,855 | | 11,562 |
Sechilienne-Sidec | 182,432 | | 14,496 |
Societe Generale Series A | 188,520 | | 22,119 |
Suez SA (France) | 1,954,400 | | 138,821 |
Total SA Series B | 1,443,376 | | 120,879 |
TOTAL FRANCE | | 943,302 |
Germany - 11.6% |
Allianz AG (Reg.) | 629,430 | | 127,867 |
Bayer AG (d) | 535,200 | | 45,785 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
Bayer AG sponsored ADR | 1,353,900 | | $ 115,217 |
Beiersdorf AG (d) | 641,100 | | 54,735 |
CompuGROUP Holding AG (a) | 519,400 | | 7,946 |
Daimler AG (Reg.) | 693,600 | | 53,920 |
Deutsche Bank AG | 298,200 | | 35,550 |
Deutsche Boerse AG | 689,625 | | 101,435 |
E.ON AG (d) | 1,396,700 | | 284,999 |
Fresenius Medical Care AG | 641,600 | | 34,145 |
GEA Group AG | 1,668,100 | | 61,847 |
Gerresheimer AG | 868,000 | | 48,524 |
K&S AG | 89,600 | | 37,709 |
Linde AG | 796,228 | | 116,966 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d) | 739,400 | | 143,431 |
Q-Cells AG (a)(d) | 365,515 | | 42,801 |
RWE AG (d) | 700,900 | | 80,903 |
SGL Carbon AG (a) | 661,000 | | 45,207 |
Siemens AG (Reg.) | 833,800 | | 97,538 |
SolarWorld AG | 804,033 | | 43,391 |
Wincor Nixdorf AG | 256,500 | | 19,677 |
Wirecard AG | 1,525,100 | | 32,141 |
TOTAL GERMANY | | 1,631,734 |
Greece - 0.5% |
Public Power Corp. of Greece | 1,513,945 | | 64,001 |
Hong Kong - 2.5% |
Cheung Kong Holdings Ltd. | 3,646,000 | | 56,797 |
China Mobile (Hong Kong) Ltd. | 6,112,000 | | 105,172 |
Esprit Holdings Ltd. | 8,115,900 | | 99,872 |
Hang Seng Bank Ltd. | 1,904,000 | | 38,138 |
Li & Fung Ltd. | 11,821,900 | | 48,922 |
Wing Hang Bank Ltd. | 348,500 | | 4,669 |
TOTAL HONG KONG | | 353,570 |
India - 1.5% |
Bharti Airtel Ltd. (a) | 1,968,182 | | 43,706 |
Infosys Technologies Ltd. | 1,028,452 | | 44,573 |
Reliance Industries Ltd. | 1,338,272 | | 86,500 |
Satyam Computer Services Ltd. | 3,263,566 | | 38,941 |
TOTAL INDIA | | 213,720 |
Indonesia - 0.9% |
PT Bumi Resources Tbk | 100,629,500 | | 72,572 |
Common Stocks - continued |
| Shares | | Value (000s) |
Indonesia - continued |
PT Indosat Tbk | 41,008,500 | | $ 26,906 |
PT Perusahaan Gas Negara Tbk Series B | 15,619,500 | | 20,496 |
TOTAL INDONESIA | | 119,974 |
Ireland - 0.4% |
C&C Group PLC | 4,014,900 | | 27,578 |
Paddy Power PLC (Ireland) | 646,097 | | 22,593 |
TOTAL IRELAND | | 50,171 |
Israel - 1.0% |
Israel Chemicals Ltd. | 3,441,200 | | 63,353 |
Nice Systems Ltd. sponsored ADR (a) | 918,700 | | 29,251 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,021,400 | | 47,781 |
TOTAL ISRAEL | | 140,385 |
Italy - 1.9% |
A2A SpA | 7,499,000 | | 27,686 |
Edison SpA | 9,838,300 | | 24,420 |
Fiat SpA (d) | 2,675,400 | | 60,130 |
Finmeccanica SpA | 1,232,600 | | 43,102 |
Prysmian SpA | 1,016,400 | | 24,262 |
UniCredit SpA | 10,574,400 | | 80,574 |
TOTAL ITALY | | 260,174 |
Japan - 14.0% |
Aeon Co. Ltd. | 1,113,800 | | 16,326 |
Aeon Mall Co. Ltd. | 1,073,500 | | 33,695 |
Asics Corp. | 4,395,000 | | 44,546 |
Bridgestone Corp. | 626,600 | | 11,531 |
Canon Marketing Japan, Inc. | 2,296,500 | | 44,605 |
Canon, Inc. | 3,220,450 | | 161,893 |
East Japan Railway Co. | 10,116 | | 80,713 |
Fujifilm Holdings Corp. | 2,117,800 | | 81,864 |
Ibiden Co. Ltd. | 601,300 | | 26,235 |
Konica Minolta Holdings, Inc. | 6,904,500 | | 104,032 |
Matsushita Electric Industrial Co. Ltd. | 1,553,000 | | 36,243 |
Mitsubishi Corp. | 3,192,200 | | 102,746 |
Mitsubishi UFJ Financial Group, Inc. | 10,890,700 | | 119,987 |
Mitsui & Co. Ltd. | 4,895,000 | | 114,947 |
Mizuho Financial Group, Inc. | 9,800 | | 50,993 |
Namco Bandai Holdings, Inc. | 1,828,400 | | 22,939 |
NGK Insulators Ltd. | 2,945,900 | | 56,730 |
Nintendo Co. Ltd. | 199,800 | | 109,794 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Nippon Building Fund, Inc. | 2,590 | | $ 33,992 |
Nippon Electric Glass Co. Ltd. | 1,705,000 | | 26,517 |
Nomura Holdings, Inc. | 7,513,000 | | 131,171 |
ORIX Corp. | 534,210 | | 96,629 |
Shiseido Co. Ltd. | 511,000 | | 12,259 |
Sompo Japan Insurance, Inc. | 2,738,300 | | 30,505 |
Sony Corp. sponsored ADR | 838,300 | | 38,386 |
Sony Financial Holdings, Inc. | 1,085 | | 4,584 |
Sumitomo Mitsui Financial Group, Inc. | 21,102 | | 181,565 |
Sumitomo Trust & Banking Co. Ltd. | 2,478,800 | | 22,284 |
Tokyo Electron Ltd. | 453,400 | | 29,446 |
Toyota Motor Corp. | 2,765,500 | | 140,915 |
TOTAL JAPAN | | 1,968,072 |
Korea (South) - 1.4% |
LG Household & Health Care Ltd. | 190,530 | | 39,407 |
MegaStudy Co. Ltd. | 90,351 | | 29,809 |
NHN Corp. (a) | 326,294 | | 75,780 |
Shinhan Financial Group Co. Ltd. | 781,390 | | 45,114 |
TOTAL KOREA (SOUTH) | | 190,110 |
Luxembourg - 0.4% |
SES SA (A Shares) FDR unit | 2,399,068 | | 59,174 |
Malaysia - 1.0% |
DiGi.com Bhd | 4,002,700 | | 30,790 |
Gamuda Bhd | 55,399,400 | | 54,715 |
IJM Corp. Bhd | 8,838,700 | | 16,088 |
KNM Group Bhd | 19,984,600 | | 40,488 |
Kulim Malaysia Bhd | 1,155,000 | | 2,834 |
TOTAL MALAYSIA | | 144,915 |
Mexico - 0.7% |
America Movil SAB de CV Series L sponsored ADR | 1,715,400 | | 99,425 |
Netherlands - 1.3% |
Advanced Metallurgical Group NV | 259,500 | | 17,792 |
Heineken NV (Bearer) (d) | 958,100 | | 55,924 |
Koninklijke KPN NV | 5,865,900 | | 107,918 |
TOTAL NETHERLANDS | | 181,634 |
Norway - 1.3% |
Hafslund ASA (B Shares) (d) | 674,550 | | 14,909 |
Petroleum Geo-Services ASA | 1,889,000 | | 51,586 |
Common Stocks - continued |
| Shares | | Value (000s) |
Norway - continued |
Pronova BioPharma ASA | 6,497,400 | | $ 22,466 |
Renewable Energy Corp. AS (a) | 1,148,900 | | 39,331 |
StatoilHydro ASA | 1,426,800 | | 51,718 |
TOTAL NORWAY | | 180,010 |
Papua New Guinea - 0.3% |
Lihir Gold Ltd. (a) | 14,909,774 | | 41,347 |
Russia - 0.4% |
OAO Gazprom sponsored ADR | 1,190,300 | | 62,967 |
Singapore - 0.4% |
Keppel Corp. Ltd. | 2,418,000 | | 18,401 |
Singapore Exchange Ltd. | 5,967,000 | | 37,797 |
TOTAL SINGAPORE | | 56,198 |
South Africa - 0.2% |
JSE Ltd. | 2,428,500 | | 20,962 |
Spain - 3.8% |
Banco Santander SA | 6,730,500 | | 145,522 |
Grifols SA | 3,045,600 | | 85,343 |
Repsol YPF SA | 1,984,100 | | 80,142 |
Telefonica SA | 7,546,500 | | 216,800 |
TOTAL SPAIN | | 527,807 |
Sweden - 0.8% |
H&M Hennes & Mauritz AB (B Shares) | 588,550 | | 34,992 |
Modern Times Group MTG AB (B Shares) | 1,087,900 | | 79,943 |
TOTAL SWEDEN | | 114,935 |
Switzerland - 8.0% |
ABB Ltd. sponsored ADR | 4,794,400 | | 147,044 |
Actelion Ltd. (Reg.) (a) | 1,334,950 | | 67,623 |
BB BIOTECH AG | 354,261 | | 27,243 |
Credit Suisse Group (Reg.) | 463,271 | | 25,792 |
EFG International | 547,410 | | 17,509 |
Julius Baer Holding AG | 1,007,697 | | 74,770 |
Nestle SA (Reg.) | 537,026 | | 257,528 |
Novartis AG (Reg.) | 763,970 | | 38,499 |
Roche Holding AG (participation certificate) | 795,434 | | 132,623 |
SGS Societe Generale de Surveillance Holding SA (Reg.) | 25,313 | | 35,781 |
Sonova Holding AG | 783,960 | | 66,339 |
Syngenta AG (Switzerland) | 401,379 | | 119,263 |
Common Stocks - continued |
| Shares | | Value (000s) |
Switzerland - continued |
Tecan Group AG | 212,300 | | $ 13,991 |
Zurich Financial Services AG (Reg.) | 318,539 | | 97,507 |
TOTAL SWITZERLAND | | 1,121,512 |
Taiwan - 0.6% |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 10,203,668 | | 59,149 |
Wistron Corp. | 15,219,615 | | 26,293 |
TOTAL TAIWAN | | 85,442 |
Thailand - 0.5% |
Bangkok Bank Ltd. PCL (For. Reg.) | 7,593,300 | | 33,514 |
Total Access Communication PCL | 376,200 | | 538 |
Total Access Communication PCL unit | 23,019,300 | | 33,564 |
TOTAL THAILAND | | 67,616 |
United Kingdom - 17.5% |
Anglo American PLC (United Kingdom) | 1,134,654 | | 73,748 |
Autonomy Corp. PLC (a) | 1,365,900 | | 23,260 |
BAE Systems PLC | 8,033,509 | | 74,552 |
Barclays PLC | 2,799,300 | | 25,310 |
BG Group PLC | 4,347,600 | | 106,409 |
BG Group PLC sponsored ADR | 207,400 | | 25,095 |
BHP Billiton PLC | 4,684,600 | | 167,655 |
Blinkx PLC | 2,595,500 | | 851 |
British American Tobacco PLC | 3,348,600 | | 125,610 |
British American Tobacco PLC sponsored ADR | 404,500 | | 30,556 |
Capita Group PLC | 2,212,793 | | 29,169 |
Clipper Windpower PLC (a) | 2,006,200 | | 20,483 |
Diageo PLC | 3,245,200 | | 66,186 |
GlaxoSmithKline PLC sponsored ADR | 991,900 | | 43,753 |
HBOS PLC | 3,438,500 | | 32,166 |
HSBC Holdings PLC: | | | |
(Hong Kong) (Reg.) | 2,722,444 | | 47,182 |
(United Kingdom) (Reg.) | 5,274,900 | | 91,590 |
Icap PLC | 4,468,800 | | 52,067 |
Imperial Tobacco Group PLC | 1,839,900 | | 88,491 |
Informa PLC | 3,117,000 | | 21,412 |
Man Group PLC | 9,448,600 | | 109,242 |
Misys PLC | 7,892,600 | | 24,598 |
Pearson PLC | 382,100 | | 4,991 |
Prudential PLC | 2,542,500 | | 34,880 |
Reckitt Benckiser Group PLC | 2,043,100 | | 119,347 |
Renovo Group PLC (a)(e) | 10,125,200 | | 6,945 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Rio Tinto PLC (Reg.) | 1,350,000 | | $ 157,370 |
Royal Bank of Scotland Group PLC | 7,809,157 | | 53,567 |
Royal Dutch Shell PLC Class B | 7,221,659 | | 287,752 |
Shire PLC | 2,222,100 | | 40,820 |
SSL International PLC | 6,048,805 | | 55,262 |
Standard Chartered PLC (United Kingdom) | 1,148,100 | | 40,952 |
Tesco PLC | 11,600,812 | | 98,950 |
Vodafone Group PLC | 69,326,235 | | 219,388 |
Xstrata PLC | 701,300 | | 55,021 |
TOTAL UNITED KINGDOM | | 2,454,630 |
United States of America - 0.5% |
Macquarie Infrastructure Co. LLC | 131,000 | | 3,878 |
Philip Morris International, Inc. (a) | 932,400 | | 47,580 |
ResMed, Inc. (a)(d) | 566,955 | | 24,447 |
TOTAL UNITED STATES OF AMERICA | | 75,905 |
TOTAL COMMON STOCKS (Cost $10,962,337) | 13,136,097 |
Nonconvertible Preferred Stocks - 1.3% |
| | | |
Germany - 1.0% |
Fresenius AG (non-vtg.) | 1,229,200 | | 102,086 |
Porsche Automobil Holding SE | 214,950 | | 39,750 |
TOTAL GERMANY | | 141,836 |
Italy - 0.3% |
Intesa Sanpaolo SpA | 6,761,102 | | 48,024 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $140,489) | 189,860 |
Government Obligations - 0.1% |
| Principal Amount (000s) | | |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 1.07% to 1.59% 6/5/08 to 7/10/08 (f)
(Cost $10,973) | | $ 11,000 | | 10,974 |
Money Market Funds - 10.8% |
| Shares | | Value (000s) |
Fidelity Cash Central Fund, 2.51% (b) | 741,082,326 | | $ 741,082 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 775,252,650 | | 775,253 |
TOTAL MONEY MARKET FUNDS (Cost $1,516,335) | 1,516,335 |
TOTAL INVESTMENT PORTFOLIO - 105.8% (Cost $12,630,134) | | 14,853,266 |
NET OTHER ASSETS - (5.8)% | | (816,834) |
NET ASSETS - 100% | $ 14,036,432 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value (000s) | | Unrealized Appreciation/
(Depreciation) (000s) |
Purchased |
Equity Index Contracts |
1,759 Nikkei 225 Index Contracts (Japan) | June 2008 | | $ 122,514 | | $ 4,279 |
550 TOPIX 150 Index Contracts (Japan) | June 2008 | | 71,553 | | (393) |
TOTAL EQUITY INDEX CONTRACTS | | $ 194,067 | | $ 3,886 |
|
The face value of futures purchased as a percentage of net assets - 1.4% |
Forward Foreign Currency Contracts |
| Settlement Dates | | Value
(000s) | | Unrealized Appreciation/
(Depreciation) |
Contracts to Buy |
85,138 EUR | May 2008 | | $ 132,739 | | $ 2,739 |
40,131,390 JPY | May 2008 | | 386,625 | | (3,375) |
| | $ 519,364 | | $ (636) |
|
(Payable Amount $520,000) |
|
The value of contracts to buy as a percentage of net assets - 3.7% |
Currency Abbreviations |
EUR | - | European Monetary Unit |
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) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $10,974,000. |
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 (Amounts in thousands) |
Fidelity Cash Central Fund | $ 15,704 |
Fidelity Securities Lending Cash Central Fund | 4,520 |
Total | $ 20,224 |
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 |
Aisi Realty Public Ltd. | $ 8,752 | $ - | $ - | $ - | $ 6,676 |
Renovo Group PLC | 42,523 | - | - | - | 6,945 |
Total | $ 51,275 | $ - | $ - | $ - | $ 13,621 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $746,122) - See accompanying schedule: Unaffiliated issuers (cost $11,080,054) | $ 13,323,310 | |
Fidelity Central Funds (cost $1,516,335) | 1,516,335 | |
Other affiliated issuers (cost $33,745) | 13,621 | |
Total Investments (cost $12,630,134) | | $ 14,853,266 |
Receivable for investments sold | | 172,325 |
Unrealized appreciation on foreign currency contracts | | 2,739 |
Receivable for fund shares sold | | 16,926 |
Dividends receivable | | 39,913 |
Distributions receivable from Fidelity Central Funds | | 4,160 |
Other receivables | | 1,985 |
Total assets | | 15,091,314 |
| | |
Liabilities | | |
Payable to custodian bank | $ 14,888 | |
Payable for investments purchased | 232,512 | |
Unrealized depreciation on foreign currency contracts | 3,375 | |
Payable for fund shares redeemed | 12,276 | |
Accrued management fee | 9,329 | |
Distribution fees payable | 229 | |
Payable for daily variation on futures contracts | 247 | |
Other affiliated payables | 2,561 | |
Other payables and accrued expenses | 4,212 | |
Collateral on securities loaned, at value | 775,253 | |
Total liabilities | | 1,054,882 |
| | |
Net Assets | | $ 14,036,432 |
Net Assets consist of: | | |
Paid in capital | | $ 11,661,476 |
Undistributed net investment income | | 75,568 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 76,807 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 2,222,581 |
Net Assets | | $ 14,036,432 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($617,103 ÷ 15,490.1 shares) | | $ 39.84 |
| | |
Maximum offering price per share (100/94.25 of $39.84) | | $ 42.27 |
Class T:
Net Asset Value and redemption price per share ($92,658 ÷ 2,340.7 shares) | | $ 39.59 |
| | |
Maximum offering price per share (100/96.50 of $39.59) | | $ 41.03 |
Class B:
Net Asset Value and offering price per share ($26,636 ÷ 677.9 shares)A | | $ 39.29 |
| | |
Class C:
Net Asset Value and offering price per share ($58,813 ÷ 1,493.3 shares)A | | $ 39.38 |
| | |
International Discovery:
Net Asset Value, offering price and redemption price per share ($13,162,610 ÷ 327,935.1 shares) | | $ 40.14 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($78,612 ÷ 1,957.1 shares) | | $ 40.17 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 150,713 |
Interest | | 86 |
Income from Fidelity Central Funds | | 20,224 |
| | 171,023 |
Less foreign taxes withheld | | (12,916) |
Total income | | 158,107 |
| | |
Expenses | | |
Management fee
Basic fee | $ 48,640 | |
Performance adjustment | 7,546 | |
Transfer agent fees | 14,505 | |
Distribution fees | 1,117 | |
Accounting and security lending fees | 975 | |
Custodian fees and expenses | 1,260 | |
Independent trustees' compensation | 28 | |
Registration fees | 408 | |
Audit | 57 | |
Legal | 23 | |
Miscellaneous | 1,530 | |
Total expenses before reductions | 76,089 | |
Expense reductions | (2,786) | 73,303 |
Net investment income (loss) | | 84,804 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $366) | 124,340 | |
Foreign currency transactions | (1,749) | |
Futures contracts | (12,964) | |
Total net realized gain (loss) | | 109,627 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $257) | (1,991,066) | |
Assets and liabilities in foreign currencies | (575) | |
Futures contracts | 728 | |
Total change in net unrealized appreciation (depreciation) | | (1,990,913) |
Net gain (loss) | | (1,881,286) |
Net increase (decrease) in net assets resulting from operations | | $ (1,796,482) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 84,804 | $ 144,458 |
Net realized gain (loss) | 109,627 | 608,100 |
Change in net unrealized appreciation (depreciation) | (1,990,913) | 2,677,967 |
Net increase (decrease) in net assets resulting
from operations | (1,796,482) | 3,430,525 |
Distributions to shareholders from net investment income | (129,574) | (85,862) |
Distributions to shareholders from net realized gain | (528,707) | (224,325) |
Total distributions | (658,281) | (310,187) |
Share transactions - net increase (decrease) | 1,742,421 | 3,385,409 |
Redemption fees | 422 | 502 |
Total increase (decrease) in net assets | (711,920) | 6,506,249 |
| | |
Net Assets | | |
Beginning of period | 14,748,352 | 8,242,103 |
End of period (including undistributed net investment income of $75,568 and undistributed net investment income of $137,292, respectively) | $ 14,036,432 | $ 14,748,352 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 47.34 | $ 36.47 | $ 30.57 | $ 27.41 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .20 | .44 | .42 | .28 |
Net realized and unrealized gain (loss) | (5.66) | 11.76 | 7.19 | 2.88 |
Total from investment operations | (5.46) | 12.20 | 7.61 | 3.16 |
Distributions from net investment income | (.37) | (.35) | (.31) | - |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | - |
Total distributions | (2.04) | (1.33) | (1.71) | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J |
Net asset value, end of period | $ 39.84 | $ 47.34 | $ 36.47 | $ 30.57 |
Total Return B,C,D | (11.93)% | 34.54% | 26.01% | 11.53% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 1.32% A | 1.25% | 1.27% | 1.42% A |
Expenses net of fee waivers, if any | 1.32% A | 1.25% | 1.27% | 1.42% A |
Expenses net of all reductions | 1.28% A | 1.22% | 1.21% | 1.36% A |
Net investment income (loss) | 1.01% A | 1.08% | 1.22% | 1.15% A |
Supplemental Data | | | | |
Net assets, end of period (in millions) | $ 617 | $ 417 | $ 140 | $ 2 |
Portfolio turnover rate G | 75% A | 56% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 47.06 | $ 36.30 | $ 30.49 | $ 27.41 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .13 | .29 | .27 | .20 |
Net realized and unrealized gain (loss) | (5.64) | 11.71 | 7.18 | 2.88 |
Total from investment operations | (5.51) | 12.00 | 7.45 | 3.08 |
Distributions from net investment income | (.29) | (.26) | (.24) | - |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | - |
Total distributions | (1.96) | (1.24) | (1.64) | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J |
Net asset value, end of period | $ 39.59 | $ 47.06 | $ 36.30 | $ 30.49 |
Total Return B,C,D | (12.09)% | 34.08% | 25.49% | 11.24% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 1.69% A | 1.63% | 1.71% | 1.75% A |
Expenses net of fee waivers, if any | 1.69% A | 1.63% | 1.71% | 1.75% A |
Expenses net of all reductions | 1.65% A | 1.60% | 1.65% | 1.69% A |
Net investment income (loss) | .65% A | .70% | .78% | .83% A |
Supplemental Data | | | | |
Net assets, end of period (in millions) | $ 93 | $ 53 | $ 10 | $ 2 |
Portfolio turnover rate G | 75% A | 56% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 46.70 | $ 36.12 | $ 30.36 | $ 27.41 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .03 | .08 | .08 | .08 |
Net realized and unrealized gain (loss) | (5.61) | 11.64 | 7.19 | 2.87 |
Total from investment operations | (5.58) | 11.72 | 7.27 | 2.95 |
Distributions from net investment income | (.16) | (.16) | (.11) | - |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | - |
Total distributions | (1.83) | (1.14) | (1.51) | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J |
Net asset value, end of period | $ 39.29 | $ 46.70 | $ 36.12 | $ 30.36 |
Total Return B,C,D | (12.32)% | 33.37% | 24.91% | 10.76% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 2.19% A | 2.14% | 2.27% | 2.24% A |
Expenses net of fee waivers, if any | 2.19% A | 2.14% | 2.25% | 2.24% A |
Expenses net of all reductions | 2.16% A | 2.10% | 2.19% | 2.18% A |
Net investment income (loss) | .14% A | .19% | .24% | .33% A |
Supplemental Data | | | | |
Net assets, end of period (in millions) | $ 27 | $ 17 | $ 4 | $ 1 |
Portfolio turnover rate G | 75% A | 56% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 46.82 | $ 36.19 | $ 30.41 | $ 27.41 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .03 | .09 | .11 | .13 |
Net realized and unrealized gain (loss) | (5.63) | 11.66 | 7.19 | 2.87 |
Total from investment operations | (5.60) | 11.75 | 7.30 | 3.00 |
Distributions from net investment income | (.17) | (.14) | (.12) | - |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | - |
Total distributions | (1.84) | (1.12) | (1.52) | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J |
Net asset value, end of period | $ 39.38 | $ 46.82 | $ 36.19 | $ 30.41 |
Total Return B,C,D | (12.32)% | 33.38% | 24.97% | 10.94% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 2.17% A | 2.11% | 2.16% | 2.04% A |
Expenses net of fee waivers, if any | 2.17% A | 2.11% | 2.16% | 2.04% A |
Expenses net of all reductions | 2.13% A | 2.08% | 2.11% | 1.98% A |
Net investment income (loss) | .17% A | .22% | .33% | .53% A |
Supplemental Data | | | | |
Net assets, end of period (in millions) | $ 59 | $ 28 | $ 6 | $ 2 |
Portfolio turnover rate G | 75% A | 56% | 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
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 47.68 | $ 36.67 | $ 30.65 | $ 25.31 | $ 21.87 | $ 16.66 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .25 | .53 | .48 | .37 | .22 | .19 |
Net realized and unrealized gain (loss) | (5.71) | 11.84 | 7.25 | 5.24 | 3.40 | 5.11 |
Total from investment operations | (5.46) | 12.37 | 7.73 | 5.61 | 3.62 | 5.30 |
Distributions from net investment income | (.41) | (.38) | (.31) | (.15) | (.18) | (.09) |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | (.12) | - | - |
Total distributions | (2.08) | (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 | $ 40.14 | $ 47.68 | $ 36.67 | $ 30.65 | $ 25.31 | $ 21.87 |
Total Return B,C | (11.83)% | 34.85% | 26.34% | 22.29% | 16.65% | 31.97% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | 1.09% A | 1.04% | 1.09% | 1.08% | 1.10% | 1.14% |
Expenses net of fee waivers, if any | 1.09% A | 1.04% | 1.08% | 1.07% | 1.10% | 1.14% |
Expenses net of all reductions | 1.05% A | 1.00% | 1.03% | 1.01% | 1.06% | 1.11% |
Net investment income (loss) | 1.25% A | 1.30% | 1.41% | 1.35% | .92% | 1.08% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 13,163 | $ 14,176 | $ 8,054 | $ 3,949 | $ 2,193 | $ 1,243 |
Portfolio turnover rate F | 75% A | 56% | 56% | 75% | 87% | 81% |
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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 47.73 | $ 36.71 | $ 30.68 | $ 27.41 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .26 | .55 | .51 | .38 |
Net realized and unrealized gain (loss) | (5.71) | 11.85 | 7.25 | 2.89 |
Total from investment operations | (5.45) | 12.40 | 7.76 | 3.27 |
Distributions from net investment income | (.44) | (.40) | (.33) | - |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | - |
Total distributions | (2.11) | (1.38) | (1.73) | - |
Redemption fees added to paid in capital D | - I | - I | - I | - I |
Net asset value, end of period | $ 40.17 | $ 47.73 | $ 36.71 | $ 30.68 |
Total Return B,C | (11.81)% | 34.93% | 26.45% | 11.93% |
Ratios to Average Net Assets E,H | | | | |
Expenses before reductions | 1.05% A | .97% | 1.00% | .97% A |
Expenses net of fee waivers, if any | 1.05% A | .97% | 1.00% | .97% A |
Expenses net of all reductions | 1.01% A | .94% | .95% | .90% A |
Net investment income (loss) | 1.29% A | 1.36% | 1.49% | 1.60% A |
Supplemental Data | | | | |
Net assets, end of period (in millions) | $ 79 | $ 58 | $ 28 | $ 10 |
Portfolio turnover rate F | 75% A | 56% | 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, 2008 (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. On January 17, 2008, the Board of Trustees approved the creation of an additional class of shares. The Fund commenced the sale of Class K shares on May 9, 2008. 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.
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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
3. Significant Accounting Policies - continued
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
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
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 and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, deferred trustees compensation 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 | $ 2,705,250 |
Unrealized depreciation | (486,908) |
Net unrealized appreciation (depreciation) | $ 2,218,342 |
Cost for federal income tax purposes | $ 12,634,924 |
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 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 results in expanded disclosures about fair value measurements.
In addition, in March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for fiscal years beginning after November 15, 2008. SFAS 161 requires enhanced disclosures to provide information about the reasons the Fund invests in derivative instruments, the accounting treatment and the effect derivatives have on financial performance. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Fund's financial statement disclosures.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
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.
Forward Foreign Currency Contracts. The Fund 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.
Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock markets. 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
Semiannual Report
4. Operating Policies - continued
Futures Contracts - continued
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 $6,038,784 and $4,976,321, 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 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 .82% of the Fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period,
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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% | $ 623 | $ 84 |
Class T | .25% | .25% | 176 | 3 |
Class B | .75% | .25% | 108 | 81 |
Class C | .75% | .25% | 210 | 92 |
| | | $ 1,117 | $ 260 |
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 | $ 194 |
Class T | 31 |
Class B* | 11 |
Class C* | 5 |
| $ 241 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008, Fidelity Service
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
Company, Inc. (FSC) also an affiliate of FMR was the transfer agent for International Discovery shares. For the period, each class paid the following transfer agent fees.
| Amount | % of
Average
Net Assets* |
Class A | $ 481 | .19 |
Class T | 109 | .31 |
Class B | 34 | .32 |
Class C | 62 | .29 |
International Discovery | 13,764 | .21 |
Institutional Class | 55 | .17 |
| $ 14,505 | |
* 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 $2 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 $13 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
8. Security Lending - continued
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 $4,520.
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 $2,619 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 |
International Discovery | $ 167 |
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 December 2006, the Independent Trustees, with the assistance of independent counsel, completed an investigation regarding gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during the period 2002 to 2004. The Independent Trustees and FMR agreed 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 was worthy of redress. Accordingly, the Independent Trustees requested, and FMR agreed to make, a payment
Semiannual Report
10. Other - continued
of $42 million plus accrued interest, which equaled approximately $7.3 million, to certain Fidelity mutual funds.
In March 2008, the Trustees approved a method for allocating this payment among the funds and, in total, FMR paid the fund $5, which is recorded in the accompanying Statement of Operations.
In a related administrative order dated March 5, 2008, the U.S. Securities and Exchange Commission ("SEC") announced a settlement with FMR and FMR Co., Inc. (an affiliate of FMR) involving the SEC's regulatory rules for investment advisers and the improper receipt of gifts, gratuities and business entertainment. Without admitting or denying the SEC's findings, FMR agreed to pay an $8 million civil penalty to the United States Treasury.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2008 | Year ended
October 31,
2007 |
From net investment income | | |
Class A | $ 3,599 | $ 1,387 |
Class T | 387 | 80 |
Class B | 67 | 21 |
Class C | 123 | 24 |
International Discovery | 124,823 | 84,038 |
Institutional Class | 575 | 312 |
Total | $ 129,574 | $ 85,862 |
From net realized gain | | |
Class A | $ 16,423 | $ 3,929 |
Class T | 2,244 | 302 |
Class B | 719 | 130 |
Class C | 1,185 | 170 |
International Discovery | 505,959 | 219,032 |
Institutional Class | 2,177 | 762 |
Total | $ 528,707 | $ 224,325 |
Semiannual Report
Notes to Financial Statements (Unaudited) - 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,
2008 | Year ended
October 31,
2007 | Six months ended April 30,
2008 | Year ended
October 31,
2007 |
Class A | | | | |
Shares sold | 8,041 | 5,675 | $ 322,769 | $ 234,633 |
Reinvestment of distributions | 252 | 63 | 11,025 | 2,271 |
Shares redeemed | (1,606) | (770) | (63,511) | (31,203) |
Net increase (decrease) | 6,687 | 4,968 | $ 270,283 | $ 205,701 |
Class T | | | | |
Shares sold | 1,394 | 1,031 | $ 55,812 | $ 42,252 |
Reinvestment of distributions | 59 | 10 | 2,571 | 371 |
Shares redeemed | (243) | (187) | (9,465) | (7,614) |
Net increase (decrease) | 1,210 | 854 | $ 48,918 | $ 35,009 |
Class B | | | | |
Shares sold | 351 | 293 | $ 14,161 | $ 11,952 |
Reinvestment of distributions | 17 | 4 | 721 | 136 |
Shares redeemed | (58) | (53) | (2,240) | (2,096) |
Net increase (decrease) | 310 | 244 | $ 12,642 | $ 9,992 |
Class C | | | | |
Shares sold | 977 | 481 | $ 38,853 | $ 19,749 |
Reinvestment of distributions | 25 | 4 | 1,076 | 139 |
Shares redeemed | (101) | (55) | (3,949) | (2,234) |
Net increase (decrease) | 901 | 430 | $ 35,980 | $ 17,654 |
International Discovery | | | | |
Shares sold | 63,475 | 133,089 | $ 2,596,482 | $ 5,367,776 |
Reinvestment of distributions | 13,646 | 7,929 | 600,976 | 289,550 |
Shares redeemed | (46,521) | (63,328) | (1,853,670) | (2,558,324) |
Net increase (decrease) | 30,600 | 77,690 | $ 1,343,788 | $ 3,099,002 |
Institutional Class | | | | |
Shares sold | 1,045 | 538 | $ 41,011 | $ 22,351 |
Reinvestment of distributions | 42 | 19 | 1,852 | 700 |
Shares redeemed | (339) | (120) | (12,053) | (5,000) |
Net increase (decrease) | 748 | 437 | $ 30,810 | $ 18,051 |
Semiannual Report
A special meeting of the fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
| # of
Votes | % of
Votes |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
PROPOSAL 5 |
Shareholder proposal concerning "oversight procedures to screen out investments in companies that, in the judgement of the Board, substantially contribute to genocide, patterns of extraordinary and egregious violations of human rights, or crimes against humanity." |
| # of
Votes | % of
Votes |
Affirmative | 1,337,480,153.27 | 21.306 |
Against | 4,280,655,741.12 | 68.193 |
Abstain | 268,134,649.82 | 4.271 |
Broker
Non-Votes | 391,079,068.84 | 6.230 |
TOTAL | 6,277,349,613.05 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on December 13, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.A |
| # of
Votes | % of
Votes |
Affirmative | 45,014,793,255.82 | 80.372 |
Against | 6,871,112,667.08 | 12.268 |
Abstain | 2,163,456,438.02 | 3.863 |
Broker
Non-Votes | 1,958,633,563.89 | 3.497 |
TOTAL | 56,007,995,924.81 | 100.000 |
PROPOSAL 2 |
To elect the nominees specified below as Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 53,384,952,361.03 | 95.317 |
Withheld | 2,623,043,563.78 | 4.683 |
TOTAL | 56,007,995,924.81 | 100.000 |
Dennis J. Dirks |
Affirmative | 53,595,104,608.67 | 95.692 |
Withheld | 2,412,891,316.14 | 4.308 |
TOTAL | 56,007,995,924.81 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 53,570,235,221.69 | 95.647 |
Withheld | 2,437,760,703.12 | 4.353 |
TOTAL | 56,007,995,924.81 | 100.000 |
George H. Heilmeier |
Affirmative | 53,166,350,588.50 | 94.926 |
Withheld | 2,841,645,336.31 | 5.074 |
TOTAL | 56,007,995,924.81 | 100.000 |
| # of
Votes | % of
Votes |
Edward C. Johnson 3d |
Affirmative | 53,230,508,654.93 | 95.041 |
Withheld | 2,777,487,269.88 | 4.959 |
TOTAL | 56,007,995,924.81 | 100.000 |
James H. Keyes |
Affirmative | 53,549,161,456.52 | 95.610 |
Withheld | 2,458,834,468.29 | 4.390 |
TOTAL | 56,007,995,924.81 | 100.000 |
Marie L. Knowles |
Affirmative | 53,543,925,066.86 | 95.601 |
Withheld | 2,464,070,857.95 | 4.399 |
TOTAL | 56,007,995,924.81 | 100.000 |
Ned C. Lautenbach |
Affirmative | 53,547,116,322.50 | 95.606 |
Withheld | 2,460,879,602.31 | 4.394 |
TOTAL | 56,007,995,924.81 | 100.000 |
Cornelia M. Small |
Affirmative | 53,564,793,514.25 | 95.638 |
Withheld | 2,443,202,410.56 | 4.362 |
TOTAL | 56,007,995,924.81 | 100.000 |
William S. Stavropoulos |
Affirmative | 53,426,544,502.76 | 95.391 |
Withheld | 2,581,451,422.05 | 4.609 |
TOTAL | 56,007,995,924.81 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 53,229,881,790.63 | 95.040 |
Withheld | 2,778,114,134.18 | 4.960 |
TOTAL | 56,007,995,924.81 | 100.000 |
A Denotes trust-wide proposal and voting results.
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
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
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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15445 N. Scottsdale Road
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815 East Birch Street
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Semiannual Report
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Semiannual Report
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Semiannual Report
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Fidelity Advisor
International Discovery
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2008
Class A, Class T, Class B, and Class C are classes of Fidelity® International Discovery Fund
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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. |
Proxy Voting Results | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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 redemptions of shares purchased prior to October 12, 1990, and redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2007 to April 30, 2008).
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, 2007 | Ending
Account Value
April 30, 2008 | Expenses Paid
During Period*
November 1, 2007 to
April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 880.70 | $ 6.17 |
HypotheticalA | $ 1,000.00 | $ 1,018.30 | $ 6.62 |
Class T | | | |
Actual | $ 1,000.00 | $ 879.10 | $ 7.90 |
HypotheticalA | $ 1,000.00 | $ 1,016.46 | $ 8.47 |
Class B | | | |
Actual | $ 1,000.00 | $ 876.80 | $ 10.22 |
HypotheticalA | $ 1,000.00 | $ 1,013.97 | $ 10.97 |
Class C | | | |
Actual | $ 1,000.00 | $ 876.80 | $ 10.13 |
HypotheticalA | $ 1,000.00 | $ 1,014.07 | $ 10.87 |
International Discovery | | | |
Actual | $ 1,000.00 | $ 881.70 | $ 5.10 |
HypotheticalA | $ 1,000.00 | $ 1,019.44 | $ 5.47 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 881.90 | $ 4.91 |
HypotheticalA | $ 1,000.00 | $ 1,019.64 | $ 5.27 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.32% |
Class T | 1.69% |
Class B | 2.19% |
Class C | 2.17% |
International Discovery | 1.09% |
Institutional Class | 1.05% |
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| United Kingdom 17.5% | |
| Japan 15.4% | |
| Germany 12.6% | |
| Switzerland 8.0% | |
| France 6.7% | |
| Australia 5.4% | |
| United States of America 4.2% | |
| Spain 3.8% | |
| Canada 3.0% | |
| Other 23.4% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| United Kingdom 14.7% | |
| Japan 14.3% | |
| Germany 11.1% | |
| France 9.4% | |
| Switzerland 8.5% | |
| Australia 7.2% | |
| United States of America 4.6% | |
| Spain 3.2% | |
| Norway 2.7% | |
| Other 24.3% | |
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 and Equity Futures | 96.3 | 96.2 |
Short-Term Investments and Net Other Assets | 3.7 | 3.8 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 2.0 | 1.1 |
E.ON AG (Germany, Electric Utilities) | 2.0 | 1.6 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.8 | 1.2 |
CSL Ltd. (Australia, Biotechnology) | 1.7 | 1.3 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 1.6 | 1.6 |
Telefonica SA (Spain, Diversified Telecommunication Services) | 1.6 | 1.5 |
Sumitomo Mitsui Financial Group, Inc. (Japan, Commercial Banks) | 1.3 | 0.7 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.2 | 1.2 |
Canon, Inc. (Japan, Office Electronics) | 1.1 | 0.8 |
Nokia Corp. sponsored ADR (Finland, Communications Equipment) | 1.1 | 1.0 |
| 15.4 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 20.2 | 17.3 |
Industrials | 9.9 | 15.1 |
Energy | 9.4 | 7.4 |
Health Care | 9.2 | 7.6 |
Information Technology | 9.1 | 8.9 |
Consumer Staples | 8.6 | 7.8 |
Materials | 8.4 | 8.1 |
Consumer Discretionary | 7.2 | 12.6 |
Telecommunication Services | 6.9 | 4.9 |
Utilities | 6.0 | 6.1 |
Semiannual Report
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.6% |
| Shares | | Value (000s) |
Australia - 5.4% |
ABB Grain Ltd. | 1,700,680 | | $ 16,026 |
AXA Asia Pacific Holdings Ltd. | 3,949,651 | | 22,130 |
Babcock & Brown Ltd. (d) | 5,309,299 | | 73,618 |
Babcock & Brown Wind Partners | 7,455,047 | | 11,111 |
Brambles Ltd. | 3,864,957 | | 32,446 |
Cochlear Ltd. | 1,233,107 | | 65,949 |
Commonwealth Bank of Australia | 1,124,424 | | 47,568 |
Computershare Ltd. | 6,844,068 | | 57,778 |
CSL Ltd. | 6,334,338 | | 237,740 |
Macquarie Group Ltd. (d) | 308,316 | | 18,444 |
QBE Insurance Group Ltd. | 2,074,346 | | 49,483 |
Seek Ltd. (d) | 3,139,317 | | 14,806 |
Woolworths Ltd. | 3,076,663 | | 83,289 |
WorleyParsons Ltd. | 742,190 | | 27,163 |
TOTAL AUSTRALIA | | 757,551 |
Austria - 0.0% |
Strabag SE | 54,039 | | 3,796 |
Belgium - 0.2% |
Hansen Transmission International NV | 6,191,000 | | 27,080 |
Bermuda - 0.6% |
Aquarius Platinum Ltd. (United Kingdom) | 4,644,900 | | 73,189 |
Ports Design Ltd. | 4,763,900 | | 15,343 |
TOTAL BERMUDA | | 88,532 |
Brazil - 1.3% |
Bovespa Holding SA | 2,235,800 | | 33,963 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 366,800 | | 44,537 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 337,000 | | 49,003 |
Vivo Participacoes SA (PN) sponsored ADR | 7,159,500 | | 48,327 |
TOTAL BRAZIL | | 175,830 |
Canada - 3.0% |
Barrick Gold Corp. | 442,100 | | 16,993 |
EnCana Corp. | 1,078,200 | | 86,986 |
Goldcorp, Inc. | 568,500 | | 20,214 |
Niko Resources Ltd. | 498,400 | | 45,035 |
Open Text Corp. (a)(d) | 1,733,000 | | 63,996 |
Petrobank Energy & Resources Ltd. (a) | 936,500 | | 45,193 |
Potash Corp. of Saskatchewan, Inc. | 363,400 | | 66,847 |
Common Stocks - continued |
| Shares | | Value (000s) |
Canada - continued |
Suncor Energy, Inc. | 394,800 | | $ 44,553 |
Talisman Energy, Inc. | 1,883,200 | | 38,090 |
TOTAL CANADA | | 427,907 |
Cayman Islands - 0.0% |
Lee & Man Paper Manufacturing Ltd. | 2,575,900 | | 4,793 |
China - 0.2% |
ZTE Corp. (H Shares) | 4,990,280 | | 20,907 |
Cyprus - 0.2% |
Aisi Realty Public Ltd. (e) | 10,023,000 | | 6,676 |
Marfin Popular Bank Public Co. | 2,692,059 | | 24,039 |
TOTAL CYPRUS | | 30,715 |
Czech Republic - 0.3% |
Ceske Energeticke Zavody AS | 606,300 | | 45,056 |
Denmark - 1.2% |
Novo Nordisk AS Series B | 1,365,000 | | 93,954 |
Vestas Wind Systems AS (a) | 663,400 | | 72,726 |
TOTAL DENMARK | | 166,680 |
Finland - 1.1% |
Nokia Corp. sponsored ADR | 5,239,700 | | 157,558 |
France - 6.7% |
Alstom SA | 592,506 | | 137,819 |
AXA SA (d) | 1,678,966 | | 62,020 |
BNP Paribas SA | 940,539 | | 101,678 |
Cap Gemini SA (d) | 643,800 | | 39,186 |
CNP Assurances (d) | 218,000 | | 25,932 |
Eutelsat Communications | 3,138,785 | | 92,854 |
Gaz de France | 1,298,200 | | 85,807 |
Groupe Danone | 670,500 | | 59,495 |
Orpea (a) | 560,828 | | 30,634 |
Remy Cointreau SA | 185,855 | | 11,562 |
Sechilienne-Sidec | 182,432 | | 14,496 |
Societe Generale Series A | 188,520 | | 22,119 |
Suez SA (France) | 1,954,400 | | 138,821 |
Total SA Series B | 1,443,376 | | 120,879 |
TOTAL FRANCE | | 943,302 |
Germany - 11.6% |
Allianz AG (Reg.) | 629,430 | | 127,867 |
Bayer AG (d) | 535,200 | | 45,785 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
Bayer AG sponsored ADR | 1,353,900 | | $ 115,217 |
Beiersdorf AG (d) | 641,100 | | 54,735 |
CompuGROUP Holding AG (a) | 519,400 | | 7,946 |
Daimler AG (Reg.) | 693,600 | | 53,920 |
Deutsche Bank AG | 298,200 | | 35,550 |
Deutsche Boerse AG | 689,625 | | 101,435 |
E.ON AG (d) | 1,396,700 | | 284,999 |
Fresenius Medical Care AG | 641,600 | | 34,145 |
GEA Group AG | 1,668,100 | | 61,847 |
Gerresheimer AG | 868,000 | | 48,524 |
K&S AG | 89,600 | | 37,709 |
Linde AG | 796,228 | | 116,966 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d) | 739,400 | | 143,431 |
Q-Cells AG (a)(d) | 365,515 | | 42,801 |
RWE AG (d) | 700,900 | | 80,903 |
SGL Carbon AG (a) | 661,000 | | 45,207 |
Siemens AG (Reg.) | 833,800 | | 97,538 |
SolarWorld AG | 804,033 | | 43,391 |
Wincor Nixdorf AG | 256,500 | | 19,677 |
Wirecard AG | 1,525,100 | | 32,141 |
TOTAL GERMANY | | 1,631,734 |
Greece - 0.5% |
Public Power Corp. of Greece | 1,513,945 | | 64,001 |
Hong Kong - 2.5% |
Cheung Kong Holdings Ltd. | 3,646,000 | | 56,797 |
China Mobile (Hong Kong) Ltd. | 6,112,000 | | 105,172 |
Esprit Holdings Ltd. | 8,115,900 | | 99,872 |
Hang Seng Bank Ltd. | 1,904,000 | | 38,138 |
Li & Fung Ltd. | 11,821,900 | | 48,922 |
Wing Hang Bank Ltd. | 348,500 | | 4,669 |
TOTAL HONG KONG | | 353,570 |
India - 1.5% |
Bharti Airtel Ltd. (a) | 1,968,182 | | 43,706 |
Infosys Technologies Ltd. | 1,028,452 | | 44,573 |
Reliance Industries Ltd. | 1,338,272 | | 86,500 |
Satyam Computer Services Ltd. | 3,263,566 | | 38,941 |
TOTAL INDIA | | 213,720 |
Indonesia - 0.9% |
PT Bumi Resources Tbk | 100,629,500 | | 72,572 |
Common Stocks - continued |
| Shares | | Value (000s) |
Indonesia - continued |
PT Indosat Tbk | 41,008,500 | | $ 26,906 |
PT Perusahaan Gas Negara Tbk Series B | 15,619,500 | | 20,496 |
TOTAL INDONESIA | | 119,974 |
Ireland - 0.4% |
C&C Group PLC | 4,014,900 | | 27,578 |
Paddy Power PLC (Ireland) | 646,097 | | 22,593 |
TOTAL IRELAND | | 50,171 |
Israel - 1.0% |
Israel Chemicals Ltd. | 3,441,200 | | 63,353 |
Nice Systems Ltd. sponsored ADR (a) | 918,700 | | 29,251 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,021,400 | | 47,781 |
TOTAL ISRAEL | | 140,385 |
Italy - 1.9% |
A2A SpA | 7,499,000 | | 27,686 |
Edison SpA | 9,838,300 | | 24,420 |
Fiat SpA (d) | 2,675,400 | | 60,130 |
Finmeccanica SpA | 1,232,600 | | 43,102 |
Prysmian SpA | 1,016,400 | | 24,262 |
UniCredit SpA | 10,574,400 | | 80,574 |
TOTAL ITALY | | 260,174 |
Japan - 14.0% |
Aeon Co. Ltd. | 1,113,800 | | 16,326 |
Aeon Mall Co. Ltd. | 1,073,500 | | 33,695 |
Asics Corp. | 4,395,000 | | 44,546 |
Bridgestone Corp. | 626,600 | | 11,531 |
Canon Marketing Japan, Inc. | 2,296,500 | | 44,605 |
Canon, Inc. | 3,220,450 | | 161,893 |
East Japan Railway Co. | 10,116 | | 80,713 |
Fujifilm Holdings Corp. | 2,117,800 | | 81,864 |
Ibiden Co. Ltd. | 601,300 | | 26,235 |
Konica Minolta Holdings, Inc. | 6,904,500 | | 104,032 |
Matsushita Electric Industrial Co. Ltd. | 1,553,000 | | 36,243 |
Mitsubishi Corp. | 3,192,200 | | 102,746 |
Mitsubishi UFJ Financial Group, Inc. | 10,890,700 | | 119,987 |
Mitsui & Co. Ltd. | 4,895,000 | | 114,947 |
Mizuho Financial Group, Inc. | 9,800 | | 50,993 |
Namco Bandai Holdings, Inc. | 1,828,400 | | 22,939 |
NGK Insulators Ltd. | 2,945,900 | | 56,730 |
Nintendo Co. Ltd. | 199,800 | | 109,794 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Nippon Building Fund, Inc. | 2,590 | | $ 33,992 |
Nippon Electric Glass Co. Ltd. | 1,705,000 | | 26,517 |
Nomura Holdings, Inc. | 7,513,000 | | 131,171 |
ORIX Corp. | 534,210 | | 96,629 |
Shiseido Co. Ltd. | 511,000 | | 12,259 |
Sompo Japan Insurance, Inc. | 2,738,300 | | 30,505 |
Sony Corp. sponsored ADR | 838,300 | | 38,386 |
Sony Financial Holdings, Inc. | 1,085 | | 4,584 |
Sumitomo Mitsui Financial Group, Inc. | 21,102 | | 181,565 |
Sumitomo Trust & Banking Co. Ltd. | 2,478,800 | | 22,284 |
Tokyo Electron Ltd. | 453,400 | | 29,446 |
Toyota Motor Corp. | 2,765,500 | | 140,915 |
TOTAL JAPAN | | 1,968,072 |
Korea (South) - 1.4% |
LG Household & Health Care Ltd. | 190,530 | | 39,407 |
MegaStudy Co. Ltd. | 90,351 | | 29,809 |
NHN Corp. (a) | 326,294 | | 75,780 |
Shinhan Financial Group Co. Ltd. | 781,390 | | 45,114 |
TOTAL KOREA (SOUTH) | | 190,110 |
Luxembourg - 0.4% |
SES SA (A Shares) FDR unit | 2,399,068 | | 59,174 |
Malaysia - 1.0% |
DiGi.com Bhd | 4,002,700 | | 30,790 |
Gamuda Bhd | 55,399,400 | | 54,715 |
IJM Corp. Bhd | 8,838,700 | | 16,088 |
KNM Group Bhd | 19,984,600 | | 40,488 |
Kulim Malaysia Bhd | 1,155,000 | | 2,834 |
TOTAL MALAYSIA | | 144,915 |
Mexico - 0.7% |
America Movil SAB de CV Series L sponsored ADR | 1,715,400 | | 99,425 |
Netherlands - 1.3% |
Advanced Metallurgical Group NV | 259,500 | | 17,792 |
Heineken NV (Bearer) (d) | 958,100 | | 55,924 |
Koninklijke KPN NV | 5,865,900 | | 107,918 |
TOTAL NETHERLANDS | | 181,634 |
Norway - 1.3% |
Hafslund ASA (B Shares) (d) | 674,550 | | 14,909 |
Petroleum Geo-Services ASA | 1,889,000 | | 51,586 |
Common Stocks - continued |
| Shares | | Value (000s) |
Norway - continued |
Pronova BioPharma ASA | 6,497,400 | | $ 22,466 |
Renewable Energy Corp. AS (a) | 1,148,900 | | 39,331 |
StatoilHydro ASA | 1,426,800 | | 51,718 |
TOTAL NORWAY | | 180,010 |
Papua New Guinea - 0.3% |
Lihir Gold Ltd. (a) | 14,909,774 | | 41,347 |
Russia - 0.4% |
OAO Gazprom sponsored ADR | 1,190,300 | | 62,967 |
Singapore - 0.4% |
Keppel Corp. Ltd. | 2,418,000 | | 18,401 |
Singapore Exchange Ltd. | 5,967,000 | | 37,797 |
TOTAL SINGAPORE | | 56,198 |
South Africa - 0.2% |
JSE Ltd. | 2,428,500 | | 20,962 |
Spain - 3.8% |
Banco Santander SA | 6,730,500 | | 145,522 |
Grifols SA | 3,045,600 | | 85,343 |
Repsol YPF SA | 1,984,100 | | 80,142 |
Telefonica SA | 7,546,500 | | 216,800 |
TOTAL SPAIN | | 527,807 |
Sweden - 0.8% |
H&M Hennes & Mauritz AB (B Shares) | 588,550 | | 34,992 |
Modern Times Group MTG AB (B Shares) | 1,087,900 | | 79,943 |
TOTAL SWEDEN | | 114,935 |
Switzerland - 8.0% |
ABB Ltd. sponsored ADR | 4,794,400 | | 147,044 |
Actelion Ltd. (Reg.) (a) | 1,334,950 | | 67,623 |
BB BIOTECH AG | 354,261 | | 27,243 |
Credit Suisse Group (Reg.) | 463,271 | | 25,792 |
EFG International | 547,410 | | 17,509 |
Julius Baer Holding AG | 1,007,697 | | 74,770 |
Nestle SA (Reg.) | 537,026 | | 257,528 |
Novartis AG (Reg.) | 763,970 | | 38,499 |
Roche Holding AG (participation certificate) | 795,434 | | 132,623 |
SGS Societe Generale de Surveillance Holding SA (Reg.) | 25,313 | | 35,781 |
Sonova Holding AG | 783,960 | | 66,339 |
Syngenta AG (Switzerland) | 401,379 | | 119,263 |
Common Stocks - continued |
| Shares | | Value (000s) |
Switzerland - continued |
Tecan Group AG | 212,300 | | $ 13,991 |
Zurich Financial Services AG (Reg.) | 318,539 | | 97,507 |
TOTAL SWITZERLAND | | 1,121,512 |
Taiwan - 0.6% |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 10,203,668 | | 59,149 |
Wistron Corp. | 15,219,615 | | 26,293 |
TOTAL TAIWAN | | 85,442 |
Thailand - 0.5% |
Bangkok Bank Ltd. PCL (For. Reg.) | 7,593,300 | | 33,514 |
Total Access Communication PCL | 376,200 | | 538 |
Total Access Communication PCL unit | 23,019,300 | | 33,564 |
TOTAL THAILAND | | 67,616 |
United Kingdom - 17.5% |
Anglo American PLC (United Kingdom) | 1,134,654 | | 73,748 |
Autonomy Corp. PLC (a) | 1,365,900 | | 23,260 |
BAE Systems PLC | 8,033,509 | | 74,552 |
Barclays PLC | 2,799,300 | | 25,310 |
BG Group PLC | 4,347,600 | | 106,409 |
BG Group PLC sponsored ADR | 207,400 | | 25,095 |
BHP Billiton PLC | 4,684,600 | | 167,655 |
Blinkx PLC | 2,595,500 | | 851 |
British American Tobacco PLC | 3,348,600 | | 125,610 |
British American Tobacco PLC sponsored ADR | 404,500 | | 30,556 |
Capita Group PLC | 2,212,793 | | 29,169 |
Clipper Windpower PLC (a) | 2,006,200 | | 20,483 |
Diageo PLC | 3,245,200 | | 66,186 |
GlaxoSmithKline PLC sponsored ADR | 991,900 | | 43,753 |
HBOS PLC | 3,438,500 | | 32,166 |
HSBC Holdings PLC: | | | |
(Hong Kong) (Reg.) | 2,722,444 | | 47,182 |
(United Kingdom) (Reg.) | 5,274,900 | | 91,590 |
Icap PLC | 4,468,800 | | 52,067 |
Imperial Tobacco Group PLC | 1,839,900 | | 88,491 |
Informa PLC | 3,117,000 | | 21,412 |
Man Group PLC | 9,448,600 | | 109,242 |
Misys PLC | 7,892,600 | | 24,598 |
Pearson PLC | 382,100 | | 4,991 |
Prudential PLC | 2,542,500 | | 34,880 |
Reckitt Benckiser Group PLC | 2,043,100 | | 119,347 |
Renovo Group PLC (a)(e) | 10,125,200 | | 6,945 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Rio Tinto PLC (Reg.) | 1,350,000 | | $ 157,370 |
Royal Bank of Scotland Group PLC | 7,809,157 | | 53,567 |
Royal Dutch Shell PLC Class B | 7,221,659 | | 287,752 |
Shire PLC | 2,222,100 | | 40,820 |
SSL International PLC | 6,048,805 | | 55,262 |
Standard Chartered PLC (United Kingdom) | 1,148,100 | | 40,952 |
Tesco PLC | 11,600,812 | | 98,950 |
Vodafone Group PLC | 69,326,235 | | 219,388 |
Xstrata PLC | 701,300 | | 55,021 |
TOTAL UNITED KINGDOM | | 2,454,630 |
United States of America - 0.5% |
Macquarie Infrastructure Co. LLC | 131,000 | | 3,878 |
Philip Morris International, Inc. (a) | 932,400 | | 47,580 |
ResMed, Inc. (a)(d) | 566,955 | | 24,447 |
TOTAL UNITED STATES OF AMERICA | | 75,905 |
TOTAL COMMON STOCKS (Cost $10,962,337) | 13,136,097 |
Nonconvertible Preferred Stocks - 1.3% |
| | | |
Germany - 1.0% |
Fresenius AG (non-vtg.) | 1,229,200 | | 102,086 |
Porsche Automobil Holding SE | 214,950 | | 39,750 |
TOTAL GERMANY | | 141,836 |
Italy - 0.3% |
Intesa Sanpaolo SpA | 6,761,102 | | 48,024 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $140,489) | 189,860 |
Government Obligations - 0.1% |
| Principal Amount (000s) | | |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 1.07% to 1.59% 6/5/08 to 7/10/08 (f)
(Cost $10,973) | | $ 11,000 | | 10,974 |
Money Market Funds - 10.8% |
| Shares | | Value (000s) |
Fidelity Cash Central Fund, 2.51% (b) | 741,082,326 | | $ 741,082 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 775,252,650 | | 775,253 |
TOTAL MONEY MARKET FUNDS (Cost $1,516,335) | 1,516,335 |
TOTAL INVESTMENT PORTFOLIO - 105.8% (Cost $12,630,134) | | 14,853,266 |
NET OTHER ASSETS - (5.8)% | | (816,834) |
NET ASSETS - 100% | $ 14,036,432 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value (000s) | | Unrealized Appreciation/
(Depreciation) (000s) |
Purchased |
Equity Index Contracts |
1,759 Nikkei 225 Index Contracts (Japan) | June 2008 | | $ 122,514 | | $ 4,279 |
550 TOPIX 150 Index Contracts (Japan) | June 2008 | | 71,553 | | (393) |
TOTAL EQUITY INDEX CONTRACTS | | $ 194,067 | | $ 3,886 |
|
The face value of futures purchased as a percentage of net assets - 1.4% |
Forward Foreign Currency Contracts |
| Settlement Dates | | Value
(000s) | | Unrealized Appreciation/
(Depreciation) |
Contracts to Buy |
85,138 EUR | May 2008 | | $ 132,739 | | $ 2,739 |
40,131,390 JPY | May 2008 | | 386,625 | | (3,375) |
| | $ 519,364 | | $ (636) |
|
(Payable Amount $520,000) |
|
The value of contracts to buy as a percentage of net assets - 3.7% |
Currency Abbreviations |
EUR | - | European Monetary Unit |
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) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $10,974,000. |
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 (Amounts in thousands) |
Fidelity Cash Central Fund | $ 15,704 |
Fidelity Securities Lending Cash Central Fund | 4,520 |
Total | $ 20,224 |
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 |
Aisi Realty Public Ltd. | $ 8,752 | $ - | $ - | $ - | $ 6,676 |
Renovo Group PLC | 42,523 | - | - | - | 6,945 |
Total | $ 51,275 | $ - | $ - | $ - | $ 13,621 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $746,122) - See accompanying schedule: Unaffiliated issuers (cost $11,080,054) | $ 13,323,310 | |
Fidelity Central Funds (cost $1,516,335) | 1,516,335 | |
Other affiliated issuers (cost $33,745) | 13,621 | |
Total Investments (cost $12,630,134) | | $ 14,853,266 |
Receivable for investments sold | | 172,325 |
Unrealized appreciation on foreign currency contracts | | 2,739 |
Receivable for fund shares sold | | 16,926 |
Dividends receivable | | 39,913 |
Distributions receivable from Fidelity Central Funds | | 4,160 |
Other receivables | | 1,985 |
Total assets | | 15,091,314 |
| | |
Liabilities | | |
Payable to custodian bank | $ 14,888 | |
Payable for investments purchased | 232,512 | |
Unrealized depreciation on foreign currency contracts | 3,375 | |
Payable for fund shares redeemed | 12,276 | |
Accrued management fee | 9,329 | |
Distribution fees payable | 229 | |
Payable for daily variation on futures contracts | 247 | |
Other affiliated payables | 2,561 | |
Other payables and accrued expenses | 4,212 | |
Collateral on securities loaned, at value | 775,253 | |
Total liabilities | | 1,054,882 |
| | |
Net Assets | | $ 14,036,432 |
Net Assets consist of: | | |
Paid in capital | | $ 11,661,476 |
Undistributed net investment income | | 75,568 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 76,807 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 2,222,581 |
Net Assets | | $ 14,036,432 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($617,103 ÷ 15,490.1 shares) | | $ 39.84 |
| | |
Maximum offering price per share (100/94.25 of $39.84) | | $ 42.27 |
Class T:
Net Asset Value and redemption price per share ($92,658 ÷ 2,340.7 shares) | | $ 39.59 |
| | |
Maximum offering price per share (100/96.50 of $39.59) | | $ 41.03 |
Class B:
Net Asset Value and offering price per share ($26,636 ÷ 677.9 shares)A | | $ 39.29 |
| | |
Class C:
Net Asset Value and offering price per share ($58,813 ÷ 1,493.3 shares)A | | $ 39.38 |
| | |
International Discovery:
Net Asset Value, offering price and redemption price per share ($13,162,610 ÷ 327,935.1 shares) | | $ 40.14 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($78,612 ÷ 1,957.1 shares) | | $ 40.17 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 150,713 |
Interest | | 86 |
Income from Fidelity Central Funds | | 20,224 |
| | 171,023 |
Less foreign taxes withheld | | (12,916) |
Total income | | 158,107 |
| | |
Expenses | | |
Management fee
Basic fee | $ 48,640 | |
Performance adjustment | 7,546 | |
Transfer agent fees | 14,505 | |
Distribution fees | 1,117 | |
Accounting and security lending fees | 975 | |
Custodian fees and expenses | 1,260 | |
Independent trustees' compensation | 28 | |
Registration fees | 408 | |
Audit | 57 | |
Legal | 23 | |
Miscellaneous | 1,530 | |
Total expenses before reductions | 76,089 | |
Expense reductions | (2,786) | 73,303 |
Net investment income (loss) | | 84,804 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $366) | 124,340 | |
Foreign currency transactions | (1,749) | |
Futures contracts | (12,964) | |
Total net realized gain (loss) | | 109,627 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $257) | (1,991,066) | |
Assets and liabilities in foreign currencies | (575) | |
Futures contracts | 728 | |
Total change in net unrealized appreciation (depreciation) | | (1,990,913) |
Net gain (loss) | | (1,881,286) |
Net increase (decrease) in net assets resulting from operations | | $ (1,796,482) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 84,804 | $ 144,458 |
Net realized gain (loss) | 109,627 | 608,100 |
Change in net unrealized appreciation (depreciation) | (1,990,913) | 2,677,967 |
Net increase (decrease) in net assets resulting
from operations | (1,796,482) | 3,430,525 |
Distributions to shareholders from net investment income | (129,574) | (85,862) |
Distributions to shareholders from net realized gain | (528,707) | (224,325) |
Total distributions | (658,281) | (310,187) |
Share transactions - net increase (decrease) | 1,742,421 | 3,385,409 |
Redemption fees | 422 | 502 |
Total increase (decrease) in net assets | (711,920) | 6,506,249 |
| | |
Net Assets | | |
Beginning of period | 14,748,352 | 8,242,103 |
End of period (including undistributed net investment income of $75,568 and undistributed net investment income of $137,292, respectively) | $ 14,036,432 | $ 14,748,352 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 47.34 | $ 36.47 | $ 30.57 | $ 27.41 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .20 | .44 | .42 | .28 |
Net realized and unrealized gain (loss) | (5.66) | 11.76 | 7.19 | 2.88 |
Total from investment operations | (5.46) | 12.20 | 7.61 | 3.16 |
Distributions from net investment income | (.37) | (.35) | (.31) | - |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | - |
Total distributions | (2.04) | (1.33) | (1.71) | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J |
Net asset value, end of period | $ 39.84 | $ 47.34 | $ 36.47 | $ 30.57 |
Total Return B,C,D | (11.93)% | 34.54% | 26.01% | 11.53% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 1.32% A | 1.25% | 1.27% | 1.42% A |
Expenses net of fee waivers, if any | 1.32% A | 1.25% | 1.27% | 1.42% A |
Expenses net of all reductions | 1.28% A | 1.22% | 1.21% | 1.36% A |
Net investment income (loss) | 1.01% A | 1.08% | 1.22% | 1.15% A |
Supplemental Data | | | | |
Net assets, end of period (in millions) | $ 617 | $ 417 | $ 140 | $ 2 |
Portfolio turnover rate G | 75% A | 56% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 47.06 | $ 36.30 | $ 30.49 | $ 27.41 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .13 | .29 | .27 | .20 |
Net realized and unrealized gain (loss) | (5.64) | 11.71 | 7.18 | 2.88 |
Total from investment operations | (5.51) | 12.00 | 7.45 | 3.08 |
Distributions from net investment income | (.29) | (.26) | (.24) | - |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | - |
Total distributions | (1.96) | (1.24) | (1.64) | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J |
Net asset value, end of period | $ 39.59 | $ 47.06 | $ 36.30 | $ 30.49 |
Total Return B,C,D | (12.09)% | 34.08% | 25.49% | 11.24% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 1.69% A | 1.63% | 1.71% | 1.75% A |
Expenses net of fee waivers, if any | 1.69% A | 1.63% | 1.71% | 1.75% A |
Expenses net of all reductions | 1.65% A | 1.60% | 1.65% | 1.69% A |
Net investment income (loss) | .65% A | .70% | .78% | .83% A |
Supplemental Data | | | | |
Net assets, end of period (in millions) | $ 93 | $ 53 | $ 10 | $ 2 |
Portfolio turnover rate G | 75% A | 56% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 46.70 | $ 36.12 | $ 30.36 | $ 27.41 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .03 | .08 | .08 | .08 |
Net realized and unrealized gain (loss) | (5.61) | 11.64 | 7.19 | 2.87 |
Total from investment operations | (5.58) | 11.72 | 7.27 | 2.95 |
Distributions from net investment income | (.16) | (.16) | (.11) | - |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | - |
Total distributions | (1.83) | (1.14) | (1.51) | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J |
Net asset value, end of period | $ 39.29 | $ 46.70 | $ 36.12 | $ 30.36 |
Total Return B,C,D | (12.32)% | 33.37% | 24.91% | 10.76% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 2.19% A | 2.14% | 2.27% | 2.24% A |
Expenses net of fee waivers, if any | 2.19% A | 2.14% | 2.25% | 2.24% A |
Expenses net of all reductions | 2.16% A | 2.10% | 2.19% | 2.18% A |
Net investment income (loss) | .14% A | .19% | .24% | .33% A |
Supplemental Data | | | | |
Net assets, end of period (in millions) | $ 27 | $ 17 | $ 4 | $ 1 |
Portfolio turnover rate G | 75% A | 56% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 46.82 | $ 36.19 | $ 30.41 | $ 27.41 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .03 | .09 | .11 | .13 |
Net realized and unrealized gain (loss) | (5.63) | 11.66 | 7.19 | 2.87 |
Total from investment operations | (5.60) | 11.75 | 7.30 | 3.00 |
Distributions from net investment income | (.17) | (.14) | (.12) | - |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | - |
Total distributions | (1.84) | (1.12) | (1.52) | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J |
Net asset value, end of period | $ 39.38 | $ 46.82 | $ 36.19 | $ 30.41 |
Total Return B,C,D | (12.32)% | 33.38% | 24.97% | 10.94% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 2.17% A | 2.11% | 2.16% | 2.04% A |
Expenses net of fee waivers, if any | 2.17% A | 2.11% | 2.16% | 2.04% A |
Expenses net of all reductions | 2.13% A | 2.08% | 2.11% | 1.98% A |
Net investment income (loss) | .17% A | .22% | .33% | .53% A |
Supplemental Data | | | | |
Net assets, end of period (in millions) | $ 59 | $ 28 | $ 6 | $ 2 |
Portfolio turnover rate G | 75% A | 56% | 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
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 47.68 | $ 36.67 | $ 30.65 | $ 25.31 | $ 21.87 | $ 16.66 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .25 | .53 | .48 | .37 | .22 | .19 |
Net realized and unrealized gain (loss) | (5.71) | 11.84 | 7.25 | 5.24 | 3.40 | 5.11 |
Total from investment operations | (5.46) | 12.37 | 7.73 | 5.61 | 3.62 | 5.30 |
Distributions from net investment income | (.41) | (.38) | (.31) | (.15) | (.18) | (.09) |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | (.12) | - | - |
Total distributions | (2.08) | (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 | $ 40.14 | $ 47.68 | $ 36.67 | $ 30.65 | $ 25.31 | $ 21.87 |
Total Return B,C | (11.83)% | 34.85% | 26.34% | 22.29% | 16.65% | 31.97% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | 1.09% A | 1.04% | 1.09% | 1.08% | 1.10% | 1.14% |
Expenses net of fee waivers, if any | 1.09% A | 1.04% | 1.08% | 1.07% | 1.10% | 1.14% |
Expenses net of all reductions | 1.05% A | 1.00% | 1.03% | 1.01% | 1.06% | 1.11% |
Net investment income (loss) | 1.25% A | 1.30% | 1.41% | 1.35% | .92% | 1.08% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 13,163 | $ 14,176 | $ 8,054 | $ 3,949 | $ 2,193 | $ 1,243 |
Portfolio turnover rate F | 75% A | 56% | 56% | 75% | 87% | 81% |
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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 47.73 | $ 36.71 | $ 30.68 | $ 27.41 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .26 | .55 | .51 | .38 |
Net realized and unrealized gain (loss) | (5.71) | 11.85 | 7.25 | 2.89 |
Total from investment operations | (5.45) | 12.40 | 7.76 | 3.27 |
Distributions from net investment income | (.44) | (.40) | (.33) | - |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | - |
Total distributions | (2.11) | (1.38) | (1.73) | - |
Redemption fees added to paid in capital D | - I | - I | - I | - I |
Net asset value, end of period | $ 40.17 | $ 47.73 | $ 36.71 | $ 30.68 |
Total Return B,C | (11.81)% | 34.93% | 26.45% | 11.93% |
Ratios to Average Net Assets E,H | | | | |
Expenses before reductions | 1.05% A | .97% | 1.00% | .97% A |
Expenses net of fee waivers, if any | 1.05% A | .97% | 1.00% | .97% A |
Expenses net of all reductions | 1.01% A | .94% | .95% | .90% A |
Net investment income (loss) | 1.29% A | 1.36% | 1.49% | 1.60% A |
Supplemental Data | | | | |
Net assets, end of period (in millions) | $ 79 | $ 58 | $ 28 | $ 10 |
Portfolio turnover rate F | 75% A | 56% | 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, 2008 (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. On January 17, 2008, the Board of Trustees approved the creation of an additional class of shares. The Fund commenced the sale of Class K shares on May 9, 2008. 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.
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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
3. Significant Accounting Policies - continued
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
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
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 and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, deferred trustees compensation 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 | $ 2,705,250 |
Unrealized depreciation | (486,908) |
Net unrealized appreciation (depreciation) | $ 2,218,342 |
Cost for federal income tax purposes | $ 12,634,924 |
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 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 results in expanded disclosures about fair value measurements.
In addition, in March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for fiscal years beginning after November 15, 2008. SFAS 161 requires enhanced disclosures to provide information about the reasons the Fund invests in derivative instruments, the accounting treatment and the effect derivatives have on financial performance. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Fund's financial statement disclosures.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
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.
Forward Foreign Currency Contracts. The Fund 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.
Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock markets. 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
Semiannual Report
4. Operating Policies - continued
Futures Contracts - continued
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 $6,038,784 and $4,976,321, 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 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 .82% of the Fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period,
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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% | $ 623 | $ 84 |
Class T | .25% | .25% | 176 | 3 |
Class B | .75% | .25% | 108 | 81 |
Class C | .75% | .25% | 210 | 92 |
| | | $ 1,117 | $ 260 |
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 | $ 194 |
Class T | 31 |
Class B* | 11 |
Class C* | 5 |
| $ 241 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008, Fidelity Service
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
Company, Inc. (FSC) also an affiliate of FMR was the transfer agent for International Discovery shares. For the period, each class paid the following transfer agent fees.
| Amount | % of
Average
Net Assets* |
Class A | $ 481 | .19 |
Class T | 109 | .31 |
Class B | 34 | .32 |
Class C | 62 | .29 |
International Discovery | 13,764 | .21 |
Institutional Class | 55 | .17 |
| $ 14,505 | |
* 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 $2 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 $13 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
8. Security Lending - continued
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 $4,520.
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 $2,619 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 |
International Discovery | $ 167 |
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 December 2006, the Independent Trustees, with the assistance of independent counsel, completed an investigation regarding gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during the period 2002 to 2004. The Independent Trustees and FMR agreed 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 was worthy of redress. Accordingly, the Independent Trustees requested, and FMR agreed to make, a payment
Semiannual Report
10. Other - continued
of $42 million plus accrued interest, which equaled approximately $7.3 million, to certain Fidelity mutual funds.
In March 2008, the Trustees approved a method for allocating this payment among the funds and, in total, FMR paid the fund $5, which is recorded in the accompanying Statement of Operations.
In a related administrative order dated March 5, 2008, the U.S. Securities and Exchange Commission ("SEC") announced a settlement with FMR and FMR Co., Inc. (an affiliate of FMR) involving the SEC's regulatory rules for investment advisers and the improper receipt of gifts, gratuities and business entertainment. Without admitting or denying the SEC's findings, FMR agreed to pay an $8 million civil penalty to the United States Treasury.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2008 | Year ended
October 31,
2007 |
From net investment income | | |
Class A | $ 3,599 | $ 1,387 |
Class T | 387 | 80 |
Class B | 67 | 21 |
Class C | 123 | 24 |
International Discovery | 124,823 | 84,038 |
Institutional Class | 575 | 312 |
Total | $ 129,574 | $ 85,862 |
From net realized gain | | |
Class A | $ 16,423 | $ 3,929 |
Class T | 2,244 | 302 |
Class B | 719 | 130 |
Class C | 1,185 | 170 |
International Discovery | 505,959 | 219,032 |
Institutional Class | 2,177 | 762 |
Total | $ 528,707 | $ 224,325 |
Semiannual Report
Notes to Financial Statements (Unaudited) - 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,
2008 | Year ended
October 31,
2007 | Six months ended April 30,
2008 | Year ended
October 31,
2007 |
Class A | | | | |
Shares sold | 8,041 | 5,675 | $ 322,769 | $ 234,633 |
Reinvestment of distributions | 252 | 63 | 11,025 | 2,271 |
Shares redeemed | (1,606) | (770) | (63,511) | (31,203) |
Net increase (decrease) | 6,687 | 4,968 | $ 270,283 | $ 205,701 |
Class T | | | | |
Shares sold | 1,394 | 1,031 | $ 55,812 | $ 42,252 |
Reinvestment of distributions | 59 | 10 | 2,571 | 371 |
Shares redeemed | (243) | (187) | (9,465) | (7,614) |
Net increase (decrease) | 1,210 | 854 | $ 48,918 | $ 35,009 |
Class B | | | | |
Shares sold | 351 | 293 | $ 14,161 | $ 11,952 |
Reinvestment of distributions | 17 | 4 | 721 | 136 |
Shares redeemed | (58) | (53) | (2,240) | (2,096) |
Net increase (decrease) | 310 | 244 | $ 12,642 | $ 9,992 |
Class C | | | | |
Shares sold | 977 | 481 | $ 38,853 | $ 19,749 |
Reinvestment of distributions | 25 | 4 | 1,076 | 139 |
Shares redeemed | (101) | (55) | (3,949) | (2,234) |
Net increase (decrease) | 901 | 430 | $ 35,980 | $ 17,654 |
International Discovery | | | | |
Shares sold | 63,475 | 133,089 | $ 2,596,482 | $ 5,367,776 |
Reinvestment of distributions | 13,646 | 7,929 | 600,976 | 289,550 |
Shares redeemed | (46,521) | (63,328) | (1,853,670) | (2,558,324) |
Net increase (decrease) | 30,600 | 77,690 | $ 1,343,788 | $ 3,099,002 |
Institutional Class | | | | |
Shares sold | 1,045 | 538 | $ 41,011 | $ 22,351 |
Reinvestment of distributions | 42 | 19 | 1,852 | 700 |
Shares redeemed | (339) | (120) | (12,053) | (5,000) |
Net increase (decrease) | 748 | 437 | $ 30,810 | $ 18,051 |
Semiannual Report
A special meeting of the fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
| # of
Votes | % of
Votes |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
PROPOSAL 5 |
Shareholder proposal concerning "oversight procedures to screen out investments in companies that, in the judgement of the Board, substantially contribute to genocide, patterns of extraordinary and egregious violations of human rights, or crimes against humanity." |
| # of
Votes | % of
Votes |
Affirmative | 1,337,480,153.27 | 21.306 |
Against | 4,280,655,741.12 | 68.193 |
Abstain | 268,134,649.82 | 4.271 |
Broker
Non-Votes | 391,079,068.84 | 6.230 |
TOTAL | 6,277,349,613.05 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on December 13, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.A |
| # of
Votes | % of
Votes |
Affirmative | 45,014,793,255.82 | 80.372 |
Against | 6,871,112,667.08 | 12.268 |
Abstain | 2,163,456,438.02 | 3.863 |
Broker
Non-Votes | 1,958,633,563.89 | 3.497 |
TOTAL | 56,007,995,924.81 | 100.000 |
PROPOSAL 2 |
To elect the nominees specified below as Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 53,384,952,361.03 | 95.317 |
Withheld | 2,623,043,563.78 | 4.683 |
TOTAL | 56,007,995,924.81 | 100.000 |
Dennis J. Dirks |
Affirmative | 53,595,104,608.67 | 95.692 |
Withheld | 2,412,891,316.14 | 4.308 |
TOTAL | 56,007,995,924.81 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 53,570,235,221.69 | 95.647 |
Withheld | 2,437,760,703.12 | 4.353 |
TOTAL | 56,007,995,924.81 | 100.000 |
George H. Heilmeier |
Affirmative | 53,166,350,588.50 | 94.926 |
Withheld | 2,841,645,336.31 | 5.074 |
TOTAL | 56,007,995,924.81 | 100.000 |
| # of
Votes | % of
Votes |
Edward C. Johnson 3d |
Affirmative | 53,230,508,654.93 | 95.041 |
Withheld | 2,777,487,269.88 | 4.959 |
TOTAL | 56,007,995,924.81 | 100.000 |
James H. Keyes |
Affirmative | 53,549,161,456.52 | 95.610 |
Withheld | 2,458,834,468.29 | 4.390 |
TOTAL | 56,007,995,924.81 | 100.000 |
Marie L. Knowles |
Affirmative | 53,543,925,066.86 | 95.601 |
Withheld | 2,464,070,857.95 | 4.399 |
TOTAL | 56,007,995,924.81 | 100.000 |
Ned C. Lautenbach |
Affirmative | 53,547,116,322.50 | 95.606 |
Withheld | 2,460,879,602.31 | 4.394 |
TOTAL | 56,007,995,924.81 | 100.000 |
Cornelia M. Small |
Affirmative | 53,564,793,514.25 | 95.638 |
Withheld | 2,443,202,410.56 | 4.362 |
TOTAL | 56,007,995,924.81 | 100.000 |
William S. Stavropoulos |
Affirmative | 53,426,544,502.76 | 95.391 |
Withheld | 2,581,451,422.05 | 4.609 |
TOTAL | 56,007,995,924.81 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 53,229,881,790.63 | 95.040 |
Withheld | 2,778,114,134.18 | 4.960 |
TOTAL | 56,007,995,924.81 | 100.000 |
A Denotes trust-wide proposal and voting results.
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
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
AID-USAN-0608
1.806663.103
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Discovery
Fund - Institutional Class
Semiannual Report
April 30, 2008
Institutional Class is
a class of Fidelity®
International Discovery Fund
(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. |
Proxy Voting Results | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the fund's most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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 redemptions of shares purchased prior to October 12, 1990, and redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2007 to April 30, 2008).
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, 2007 | Ending
Account Value
April 30, 2008 | Expenses Paid
During Period*
November 1, 2007 to
April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 880.70 | $ 6.17 |
HypotheticalA | $ 1,000.00 | $ 1,018.30 | $ 6.62 |
Class T | | | |
Actual | $ 1,000.00 | $ 879.10 | $ 7.90 |
HypotheticalA | $ 1,000.00 | $ 1,016.46 | $ 8.47 |
Class B | | | |
Actual | $ 1,000.00 | $ 876.80 | $ 10.22 |
HypotheticalA | $ 1,000.00 | $ 1,013.97 | $ 10.97 |
Class C | | | |
Actual | $ 1,000.00 | $ 876.80 | $ 10.13 |
HypotheticalA | $ 1,000.00 | $ 1,014.07 | $ 10.87 |
International Discovery | | | |
Actual | $ 1,000.00 | $ 881.70 | $ 5.10 |
HypotheticalA | $ 1,000.00 | $ 1,019.44 | $ 5.47 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 881.90 | $ 4.91 |
HypotheticalA | $ 1,000.00 | $ 1,019.64 | $ 5.27 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.32% |
Class T | 1.69% |
Class B | 2.19% |
Class C | 2.17% |
International Discovery | 1.09% |
Institutional Class | 1.05% |
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| United Kingdom 17.5% | |
| Japan 15.4% | |
| Germany 12.6% | |
| Switzerland 8.0% | |
| France 6.7% | |
| Australia 5.4% | |
| United States of America 4.2% | |
| Spain 3.8% | |
| Canada 3.0% | |
| Other 23.4% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| United Kingdom 14.7% | |
| Japan 14.3% | |
| Germany 11.1% | |
| France 9.4% | |
| Switzerland 8.5% | |
| Australia 7.2% | |
| United States of America 4.6% | |
| Spain 3.2% | |
| Norway 2.7% | |
| Other 24.3% | |
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 and Equity Futures | 96.3 | 96.2 |
Short-Term Investments and Net Other Assets | 3.7 | 3.8 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels) | 2.0 | 1.1 |
E.ON AG (Germany, Electric Utilities) | 2.0 | 1.6 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.8 | 1.2 |
CSL Ltd. (Australia, Biotechnology) | 1.7 | 1.3 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 1.6 | 1.6 |
Telefonica SA (Spain, Diversified Telecommunication Services) | 1.6 | 1.5 |
Sumitomo Mitsui Financial Group, Inc. (Japan, Commercial Banks) | 1.3 | 0.7 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.2 | 1.2 |
Canon, Inc. (Japan, Office Electronics) | 1.1 | 0.8 |
Nokia Corp. sponsored ADR (Finland, Communications Equipment) | 1.1 | 1.0 |
| 15.4 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 20.2 | 17.3 |
Industrials | 9.9 | 15.1 |
Energy | 9.4 | 7.4 |
Health Care | 9.2 | 7.6 |
Information Technology | 9.1 | 8.9 |
Consumer Staples | 8.6 | 7.8 |
Materials | 8.4 | 8.1 |
Consumer Discretionary | 7.2 | 12.6 |
Telecommunication Services | 6.9 | 4.9 |
Utilities | 6.0 | 6.1 |
Semiannual Report
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.6% |
| Shares | | Value (000s) |
Australia - 5.4% |
ABB Grain Ltd. | 1,700,680 | | $ 16,026 |
AXA Asia Pacific Holdings Ltd. | 3,949,651 | | 22,130 |
Babcock & Brown Ltd. (d) | 5,309,299 | | 73,618 |
Babcock & Brown Wind Partners | 7,455,047 | | 11,111 |
Brambles Ltd. | 3,864,957 | | 32,446 |
Cochlear Ltd. | 1,233,107 | | 65,949 |
Commonwealth Bank of Australia | 1,124,424 | | 47,568 |
Computershare Ltd. | 6,844,068 | | 57,778 |
CSL Ltd. | 6,334,338 | | 237,740 |
Macquarie Group Ltd. (d) | 308,316 | | 18,444 |
QBE Insurance Group Ltd. | 2,074,346 | | 49,483 |
Seek Ltd. (d) | 3,139,317 | | 14,806 |
Woolworths Ltd. | 3,076,663 | | 83,289 |
WorleyParsons Ltd. | 742,190 | | 27,163 |
TOTAL AUSTRALIA | | 757,551 |
Austria - 0.0% |
Strabag SE | 54,039 | | 3,796 |
Belgium - 0.2% |
Hansen Transmission International NV | 6,191,000 | | 27,080 |
Bermuda - 0.6% |
Aquarius Platinum Ltd. (United Kingdom) | 4,644,900 | | 73,189 |
Ports Design Ltd. | 4,763,900 | | 15,343 |
TOTAL BERMUDA | | 88,532 |
Brazil - 1.3% |
Bovespa Holding SA | 2,235,800 | | 33,963 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 366,800 | | 44,537 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 337,000 | | 49,003 |
Vivo Participacoes SA (PN) sponsored ADR | 7,159,500 | | 48,327 |
TOTAL BRAZIL | | 175,830 |
Canada - 3.0% |
Barrick Gold Corp. | 442,100 | | 16,993 |
EnCana Corp. | 1,078,200 | | 86,986 |
Goldcorp, Inc. | 568,500 | | 20,214 |
Niko Resources Ltd. | 498,400 | | 45,035 |
Open Text Corp. (a)(d) | 1,733,000 | | 63,996 |
Petrobank Energy & Resources Ltd. (a) | 936,500 | | 45,193 |
Potash Corp. of Saskatchewan, Inc. | 363,400 | | 66,847 |
Common Stocks - continued |
| Shares | | Value (000s) |
Canada - continued |
Suncor Energy, Inc. | 394,800 | | $ 44,553 |
Talisman Energy, Inc. | 1,883,200 | | 38,090 |
TOTAL CANADA | | 427,907 |
Cayman Islands - 0.0% |
Lee & Man Paper Manufacturing Ltd. | 2,575,900 | | 4,793 |
China - 0.2% |
ZTE Corp. (H Shares) | 4,990,280 | | 20,907 |
Cyprus - 0.2% |
Aisi Realty Public Ltd. (e) | 10,023,000 | | 6,676 |
Marfin Popular Bank Public Co. | 2,692,059 | | 24,039 |
TOTAL CYPRUS | | 30,715 |
Czech Republic - 0.3% |
Ceske Energeticke Zavody AS | 606,300 | | 45,056 |
Denmark - 1.2% |
Novo Nordisk AS Series B | 1,365,000 | | 93,954 |
Vestas Wind Systems AS (a) | 663,400 | | 72,726 |
TOTAL DENMARK | | 166,680 |
Finland - 1.1% |
Nokia Corp. sponsored ADR | 5,239,700 | | 157,558 |
France - 6.7% |
Alstom SA | 592,506 | | 137,819 |
AXA SA (d) | 1,678,966 | | 62,020 |
BNP Paribas SA | 940,539 | | 101,678 |
Cap Gemini SA (d) | 643,800 | | 39,186 |
CNP Assurances (d) | 218,000 | | 25,932 |
Eutelsat Communications | 3,138,785 | | 92,854 |
Gaz de France | 1,298,200 | | 85,807 |
Groupe Danone | 670,500 | | 59,495 |
Orpea (a) | 560,828 | | 30,634 |
Remy Cointreau SA | 185,855 | | 11,562 |
Sechilienne-Sidec | 182,432 | | 14,496 |
Societe Generale Series A | 188,520 | | 22,119 |
Suez SA (France) | 1,954,400 | | 138,821 |
Total SA Series B | 1,443,376 | | 120,879 |
TOTAL FRANCE | | 943,302 |
Germany - 11.6% |
Allianz AG (Reg.) | 629,430 | | 127,867 |
Bayer AG (d) | 535,200 | | 45,785 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
Bayer AG sponsored ADR | 1,353,900 | | $ 115,217 |
Beiersdorf AG (d) | 641,100 | | 54,735 |
CompuGROUP Holding AG (a) | 519,400 | | 7,946 |
Daimler AG (Reg.) | 693,600 | | 53,920 |
Deutsche Bank AG | 298,200 | | 35,550 |
Deutsche Boerse AG | 689,625 | | 101,435 |
E.ON AG (d) | 1,396,700 | | 284,999 |
Fresenius Medical Care AG | 641,600 | | 34,145 |
GEA Group AG | 1,668,100 | | 61,847 |
Gerresheimer AG | 868,000 | | 48,524 |
K&S AG | 89,600 | | 37,709 |
Linde AG | 796,228 | | 116,966 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) (d) | 739,400 | | 143,431 |
Q-Cells AG (a)(d) | 365,515 | | 42,801 |
RWE AG (d) | 700,900 | | 80,903 |
SGL Carbon AG (a) | 661,000 | | 45,207 |
Siemens AG (Reg.) | 833,800 | | 97,538 |
SolarWorld AG | 804,033 | | 43,391 |
Wincor Nixdorf AG | 256,500 | | 19,677 |
Wirecard AG | 1,525,100 | | 32,141 |
TOTAL GERMANY | | 1,631,734 |
Greece - 0.5% |
Public Power Corp. of Greece | 1,513,945 | | 64,001 |
Hong Kong - 2.5% |
Cheung Kong Holdings Ltd. | 3,646,000 | | 56,797 |
China Mobile (Hong Kong) Ltd. | 6,112,000 | | 105,172 |
Esprit Holdings Ltd. | 8,115,900 | | 99,872 |
Hang Seng Bank Ltd. | 1,904,000 | | 38,138 |
Li & Fung Ltd. | 11,821,900 | | 48,922 |
Wing Hang Bank Ltd. | 348,500 | | 4,669 |
TOTAL HONG KONG | | 353,570 |
India - 1.5% |
Bharti Airtel Ltd. (a) | 1,968,182 | | 43,706 |
Infosys Technologies Ltd. | 1,028,452 | | 44,573 |
Reliance Industries Ltd. | 1,338,272 | | 86,500 |
Satyam Computer Services Ltd. | 3,263,566 | | 38,941 |
TOTAL INDIA | | 213,720 |
Indonesia - 0.9% |
PT Bumi Resources Tbk | 100,629,500 | | 72,572 |
Common Stocks - continued |
| Shares | | Value (000s) |
Indonesia - continued |
PT Indosat Tbk | 41,008,500 | | $ 26,906 |
PT Perusahaan Gas Negara Tbk Series B | 15,619,500 | | 20,496 |
TOTAL INDONESIA | | 119,974 |
Ireland - 0.4% |
C&C Group PLC | 4,014,900 | | 27,578 |
Paddy Power PLC (Ireland) | 646,097 | | 22,593 |
TOTAL IRELAND | | 50,171 |
Israel - 1.0% |
Israel Chemicals Ltd. | 3,441,200 | | 63,353 |
Nice Systems Ltd. sponsored ADR (a) | 918,700 | | 29,251 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,021,400 | | 47,781 |
TOTAL ISRAEL | | 140,385 |
Italy - 1.9% |
A2A SpA | 7,499,000 | | 27,686 |
Edison SpA | 9,838,300 | | 24,420 |
Fiat SpA (d) | 2,675,400 | | 60,130 |
Finmeccanica SpA | 1,232,600 | | 43,102 |
Prysmian SpA | 1,016,400 | | 24,262 |
UniCredit SpA | 10,574,400 | | 80,574 |
TOTAL ITALY | | 260,174 |
Japan - 14.0% |
Aeon Co. Ltd. | 1,113,800 | | 16,326 |
Aeon Mall Co. Ltd. | 1,073,500 | | 33,695 |
Asics Corp. | 4,395,000 | | 44,546 |
Bridgestone Corp. | 626,600 | | 11,531 |
Canon Marketing Japan, Inc. | 2,296,500 | | 44,605 |
Canon, Inc. | 3,220,450 | | 161,893 |
East Japan Railway Co. | 10,116 | | 80,713 |
Fujifilm Holdings Corp. | 2,117,800 | | 81,864 |
Ibiden Co. Ltd. | 601,300 | | 26,235 |
Konica Minolta Holdings, Inc. | 6,904,500 | | 104,032 |
Matsushita Electric Industrial Co. Ltd. | 1,553,000 | | 36,243 |
Mitsubishi Corp. | 3,192,200 | | 102,746 |
Mitsubishi UFJ Financial Group, Inc. | 10,890,700 | | 119,987 |
Mitsui & Co. Ltd. | 4,895,000 | | 114,947 |
Mizuho Financial Group, Inc. | 9,800 | | 50,993 |
Namco Bandai Holdings, Inc. | 1,828,400 | | 22,939 |
NGK Insulators Ltd. | 2,945,900 | | 56,730 |
Nintendo Co. Ltd. | 199,800 | | 109,794 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Nippon Building Fund, Inc. | 2,590 | | $ 33,992 |
Nippon Electric Glass Co. Ltd. | 1,705,000 | | 26,517 |
Nomura Holdings, Inc. | 7,513,000 | | 131,171 |
ORIX Corp. | 534,210 | | 96,629 |
Shiseido Co. Ltd. | 511,000 | | 12,259 |
Sompo Japan Insurance, Inc. | 2,738,300 | | 30,505 |
Sony Corp. sponsored ADR | 838,300 | | 38,386 |
Sony Financial Holdings, Inc. | 1,085 | | 4,584 |
Sumitomo Mitsui Financial Group, Inc. | 21,102 | | 181,565 |
Sumitomo Trust & Banking Co. Ltd. | 2,478,800 | | 22,284 |
Tokyo Electron Ltd. | 453,400 | | 29,446 |
Toyota Motor Corp. | 2,765,500 | | 140,915 |
TOTAL JAPAN | | 1,968,072 |
Korea (South) - 1.4% |
LG Household & Health Care Ltd. | 190,530 | | 39,407 |
MegaStudy Co. Ltd. | 90,351 | | 29,809 |
NHN Corp. (a) | 326,294 | | 75,780 |
Shinhan Financial Group Co. Ltd. | 781,390 | | 45,114 |
TOTAL KOREA (SOUTH) | | 190,110 |
Luxembourg - 0.4% |
SES SA (A Shares) FDR unit | 2,399,068 | | 59,174 |
Malaysia - 1.0% |
DiGi.com Bhd | 4,002,700 | | 30,790 |
Gamuda Bhd | 55,399,400 | | 54,715 |
IJM Corp. Bhd | 8,838,700 | | 16,088 |
KNM Group Bhd | 19,984,600 | | 40,488 |
Kulim Malaysia Bhd | 1,155,000 | | 2,834 |
TOTAL MALAYSIA | | 144,915 |
Mexico - 0.7% |
America Movil SAB de CV Series L sponsored ADR | 1,715,400 | | 99,425 |
Netherlands - 1.3% |
Advanced Metallurgical Group NV | 259,500 | | 17,792 |
Heineken NV (Bearer) (d) | 958,100 | | 55,924 |
Koninklijke KPN NV | 5,865,900 | | 107,918 |
TOTAL NETHERLANDS | | 181,634 |
Norway - 1.3% |
Hafslund ASA (B Shares) (d) | 674,550 | | 14,909 |
Petroleum Geo-Services ASA | 1,889,000 | | 51,586 |
Common Stocks - continued |
| Shares | | Value (000s) |
Norway - continued |
Pronova BioPharma ASA | 6,497,400 | | $ 22,466 |
Renewable Energy Corp. AS (a) | 1,148,900 | | 39,331 |
StatoilHydro ASA | 1,426,800 | | 51,718 |
TOTAL NORWAY | | 180,010 |
Papua New Guinea - 0.3% |
Lihir Gold Ltd. (a) | 14,909,774 | | 41,347 |
Russia - 0.4% |
OAO Gazprom sponsored ADR | 1,190,300 | | 62,967 |
Singapore - 0.4% |
Keppel Corp. Ltd. | 2,418,000 | | 18,401 |
Singapore Exchange Ltd. | 5,967,000 | | 37,797 |
TOTAL SINGAPORE | | 56,198 |
South Africa - 0.2% |
JSE Ltd. | 2,428,500 | | 20,962 |
Spain - 3.8% |
Banco Santander SA | 6,730,500 | | 145,522 |
Grifols SA | 3,045,600 | | 85,343 |
Repsol YPF SA | 1,984,100 | | 80,142 |
Telefonica SA | 7,546,500 | | 216,800 |
TOTAL SPAIN | | 527,807 |
Sweden - 0.8% |
H&M Hennes & Mauritz AB (B Shares) | 588,550 | | 34,992 |
Modern Times Group MTG AB (B Shares) | 1,087,900 | | 79,943 |
TOTAL SWEDEN | | 114,935 |
Switzerland - 8.0% |
ABB Ltd. sponsored ADR | 4,794,400 | | 147,044 |
Actelion Ltd. (Reg.) (a) | 1,334,950 | | 67,623 |
BB BIOTECH AG | 354,261 | | 27,243 |
Credit Suisse Group (Reg.) | 463,271 | | 25,792 |
EFG International | 547,410 | | 17,509 |
Julius Baer Holding AG | 1,007,697 | | 74,770 |
Nestle SA (Reg.) | 537,026 | | 257,528 |
Novartis AG (Reg.) | 763,970 | | 38,499 |
Roche Holding AG (participation certificate) | 795,434 | | 132,623 |
SGS Societe Generale de Surveillance Holding SA (Reg.) | 25,313 | | 35,781 |
Sonova Holding AG | 783,960 | | 66,339 |
Syngenta AG (Switzerland) | 401,379 | | 119,263 |
Common Stocks - continued |
| Shares | | Value (000s) |
Switzerland - continued |
Tecan Group AG | 212,300 | | $ 13,991 |
Zurich Financial Services AG (Reg.) | 318,539 | | 97,507 |
TOTAL SWITZERLAND | | 1,121,512 |
Taiwan - 0.6% |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 10,203,668 | | 59,149 |
Wistron Corp. | 15,219,615 | | 26,293 |
TOTAL TAIWAN | | 85,442 |
Thailand - 0.5% |
Bangkok Bank Ltd. PCL (For. Reg.) | 7,593,300 | | 33,514 |
Total Access Communication PCL | 376,200 | | 538 |
Total Access Communication PCL unit | 23,019,300 | | 33,564 |
TOTAL THAILAND | | 67,616 |
United Kingdom - 17.5% |
Anglo American PLC (United Kingdom) | 1,134,654 | | 73,748 |
Autonomy Corp. PLC (a) | 1,365,900 | | 23,260 |
BAE Systems PLC | 8,033,509 | | 74,552 |
Barclays PLC | 2,799,300 | | 25,310 |
BG Group PLC | 4,347,600 | | 106,409 |
BG Group PLC sponsored ADR | 207,400 | | 25,095 |
BHP Billiton PLC | 4,684,600 | | 167,655 |
Blinkx PLC | 2,595,500 | | 851 |
British American Tobacco PLC | 3,348,600 | | 125,610 |
British American Tobacco PLC sponsored ADR | 404,500 | | 30,556 |
Capita Group PLC | 2,212,793 | | 29,169 |
Clipper Windpower PLC (a) | 2,006,200 | | 20,483 |
Diageo PLC | 3,245,200 | | 66,186 |
GlaxoSmithKline PLC sponsored ADR | 991,900 | | 43,753 |
HBOS PLC | 3,438,500 | | 32,166 |
HSBC Holdings PLC: | | | |
(Hong Kong) (Reg.) | 2,722,444 | | 47,182 |
(United Kingdom) (Reg.) | 5,274,900 | | 91,590 |
Icap PLC | 4,468,800 | | 52,067 |
Imperial Tobacco Group PLC | 1,839,900 | | 88,491 |
Informa PLC | 3,117,000 | | 21,412 |
Man Group PLC | 9,448,600 | | 109,242 |
Misys PLC | 7,892,600 | | 24,598 |
Pearson PLC | 382,100 | | 4,991 |
Prudential PLC | 2,542,500 | | 34,880 |
Reckitt Benckiser Group PLC | 2,043,100 | | 119,347 |
Renovo Group PLC (a)(e) | 10,125,200 | | 6,945 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Rio Tinto PLC (Reg.) | 1,350,000 | | $ 157,370 |
Royal Bank of Scotland Group PLC | 7,809,157 | | 53,567 |
Royal Dutch Shell PLC Class B | 7,221,659 | | 287,752 |
Shire PLC | 2,222,100 | | 40,820 |
SSL International PLC | 6,048,805 | | 55,262 |
Standard Chartered PLC (United Kingdom) | 1,148,100 | | 40,952 |
Tesco PLC | 11,600,812 | | 98,950 |
Vodafone Group PLC | 69,326,235 | | 219,388 |
Xstrata PLC | 701,300 | | 55,021 |
TOTAL UNITED KINGDOM | | 2,454,630 |
United States of America - 0.5% |
Macquarie Infrastructure Co. LLC | 131,000 | | 3,878 |
Philip Morris International, Inc. (a) | 932,400 | | 47,580 |
ResMed, Inc. (a)(d) | 566,955 | | 24,447 |
TOTAL UNITED STATES OF AMERICA | | 75,905 |
TOTAL COMMON STOCKS (Cost $10,962,337) | 13,136,097 |
Nonconvertible Preferred Stocks - 1.3% |
| | | |
Germany - 1.0% |
Fresenius AG (non-vtg.) | 1,229,200 | | 102,086 |
Porsche Automobil Holding SE | 214,950 | | 39,750 |
TOTAL GERMANY | | 141,836 |
Italy - 0.3% |
Intesa Sanpaolo SpA | 6,761,102 | | 48,024 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $140,489) | 189,860 |
Government Obligations - 0.1% |
| Principal Amount (000s) | | |
United States of America - 0.1% |
U.S. Treasury Bills, yield at date of purchase 1.07% to 1.59% 6/5/08 to 7/10/08 (f)
(Cost $10,973) | | $ 11,000 | | 10,974 |
Money Market Funds - 10.8% |
| Shares | | Value (000s) |
Fidelity Cash Central Fund, 2.51% (b) | 741,082,326 | | $ 741,082 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 775,252,650 | | 775,253 |
TOTAL MONEY MARKET FUNDS (Cost $1,516,335) | 1,516,335 |
TOTAL INVESTMENT PORTFOLIO - 105.8% (Cost $12,630,134) | | 14,853,266 |
NET OTHER ASSETS - (5.8)% | | (816,834) |
NET ASSETS - 100% | $ 14,036,432 |
Futures Contracts |
| Expiration Date | | Underlying Face Amount at Value (000s) | | Unrealized Appreciation/
(Depreciation) (000s) |
Purchased |
Equity Index Contracts |
1,759 Nikkei 225 Index Contracts (Japan) | June 2008 | | $ 122,514 | | $ 4,279 |
550 TOPIX 150 Index Contracts (Japan) | June 2008 | | 71,553 | | (393) |
TOTAL EQUITY INDEX CONTRACTS | | $ 194,067 | | $ 3,886 |
|
The face value of futures purchased as a percentage of net assets - 1.4% |
Forward Foreign Currency Contracts |
| Settlement Dates | | Value
(000s) | | Unrealized Appreciation/
(Depreciation) |
Contracts to Buy |
85,138 EUR | May 2008 | | $ 132,739 | | $ 2,739 |
40,131,390 JPY | May 2008 | | 386,625 | | (3,375) |
| | $ 519,364 | | $ (636) |
|
(Payable Amount $520,000) |
|
The value of contracts to buy as a percentage of net assets - 3.7% |
Currency Abbreviations |
EUR | - | European Monetary Unit |
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) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $10,974,000. |
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 (Amounts in thousands) |
Fidelity Cash Central Fund | $ 15,704 |
Fidelity Securities Lending Cash Central Fund | 4,520 |
Total | $ 20,224 |
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 |
Aisi Realty Public Ltd. | $ 8,752 | $ - | $ - | $ - | $ 6,676 |
Renovo Group PLC | 42,523 | - | - | - | 6,945 |
Total | $ 51,275 | $ - | $ - | $ - | $ 13,621 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $746,122) - See accompanying schedule: Unaffiliated issuers (cost $11,080,054) | $ 13,323,310 | |
Fidelity Central Funds (cost $1,516,335) | 1,516,335 | |
Other affiliated issuers (cost $33,745) | 13,621 | |
Total Investments (cost $12,630,134) | | $ 14,853,266 |
Receivable for investments sold | | 172,325 |
Unrealized appreciation on foreign currency contracts | | 2,739 |
Receivable for fund shares sold | | 16,926 |
Dividends receivable | | 39,913 |
Distributions receivable from Fidelity Central Funds | | 4,160 |
Other receivables | | 1,985 |
Total assets | | 15,091,314 |
| | |
Liabilities | | |
Payable to custodian bank | $ 14,888 | |
Payable for investments purchased | 232,512 | |
Unrealized depreciation on foreign currency contracts | 3,375 | |
Payable for fund shares redeemed | 12,276 | |
Accrued management fee | 9,329 | |
Distribution fees payable | 229 | |
Payable for daily variation on futures contracts | 247 | |
Other affiliated payables | 2,561 | |
Other payables and accrued expenses | 4,212 | |
Collateral on securities loaned, at value | 775,253 | |
Total liabilities | | 1,054,882 |
| | |
Net Assets | | $ 14,036,432 |
Net Assets consist of: | | |
Paid in capital | | $ 11,661,476 |
Undistributed net investment income | | 75,568 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 76,807 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 2,222,581 |
Net Assets | | $ 14,036,432 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($617,103 ÷ 15,490.1 shares) | | $ 39.84 |
| | |
Maximum offering price per share (100/94.25 of $39.84) | | $ 42.27 |
Class T:
Net Asset Value and redemption price per share ($92,658 ÷ 2,340.7 shares) | | $ 39.59 |
| | |
Maximum offering price per share (100/96.50 of $39.59) | | $ 41.03 |
Class B:
Net Asset Value and offering price per share ($26,636 ÷ 677.9 shares)A | | $ 39.29 |
| | |
Class C:
Net Asset Value and offering price per share ($58,813 ÷ 1,493.3 shares)A | | $ 39.38 |
| | |
International Discovery:
Net Asset Value, offering price and redemption price per share ($13,162,610 ÷ 327,935.1 shares) | | $ 40.14 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($78,612 ÷ 1,957.1 shares) | | $ 40.17 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 150,713 |
Interest | | 86 |
Income from Fidelity Central Funds | | 20,224 |
| | 171,023 |
Less foreign taxes withheld | | (12,916) |
Total income | | 158,107 |
| | |
Expenses | | |
Management fee
Basic fee | $ 48,640 | |
Performance adjustment | 7,546 | |
Transfer agent fees | 14,505 | |
Distribution fees | 1,117 | |
Accounting and security lending fees | 975 | |
Custodian fees and expenses | 1,260 | |
Independent trustees' compensation | 28 | |
Registration fees | 408 | |
Audit | 57 | |
Legal | 23 | |
Miscellaneous | 1,530 | |
Total expenses before reductions | 76,089 | |
Expense reductions | (2,786) | 73,303 |
Net investment income (loss) | | 84,804 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $366) | 124,340 | |
Foreign currency transactions | (1,749) | |
Futures contracts | (12,964) | |
Total net realized gain (loss) | | 109,627 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $257) | (1,991,066) | |
Assets and liabilities in foreign currencies | (575) | |
Futures contracts | 728 | |
Total change in net unrealized appreciation (depreciation) | | (1,990,913) |
Net gain (loss) | | (1,881,286) |
Net increase (decrease) in net assets resulting from operations | | $ (1,796,482) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 84,804 | $ 144,458 |
Net realized gain (loss) | 109,627 | 608,100 |
Change in net unrealized appreciation (depreciation) | (1,990,913) | 2,677,967 |
Net increase (decrease) in net assets resulting
from operations | (1,796,482) | 3,430,525 |
Distributions to shareholders from net investment income | (129,574) | (85,862) |
Distributions to shareholders from net realized gain | (528,707) | (224,325) |
Total distributions | (658,281) | (310,187) |
Share transactions - net increase (decrease) | 1,742,421 | 3,385,409 |
Redemption fees | 422 | 502 |
Total increase (decrease) in net assets | (711,920) | 6,506,249 |
| | |
Net Assets | | |
Beginning of period | 14,748,352 | 8,242,103 |
End of period (including undistributed net investment income of $75,568 and undistributed net investment income of $137,292, respectively) | $ 14,036,432 | $ 14,748,352 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended
April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 47.34 | $ 36.47 | $ 30.57 | $ 27.41 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .20 | .44 | .42 | .28 |
Net realized and unrealized gain (loss) | (5.66) | 11.76 | 7.19 | 2.88 |
Total from investment operations | (5.46) | 12.20 | 7.61 | 3.16 |
Distributions from net investment income | (.37) | (.35) | (.31) | - |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | - |
Total distributions | (2.04) | (1.33) | (1.71) | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J |
Net asset value, end of period | $ 39.84 | $ 47.34 | $ 36.47 | $ 30.57 |
Total Return B,C,D | (11.93)% | 34.54% | 26.01% | 11.53% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 1.32% A | 1.25% | 1.27% | 1.42% A |
Expenses net of fee waivers, if any | 1.32% A | 1.25% | 1.27% | 1.42% A |
Expenses net of all reductions | 1.28% A | 1.22% | 1.21% | 1.36% A |
Net investment income (loss) | 1.01% A | 1.08% | 1.22% | 1.15% A |
Supplemental Data | | | | |
Net assets, end of period (in millions) | $ 617 | $ 417 | $ 140 | $ 2 |
Portfolio turnover rate G | 75% A | 56% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 47.06 | $ 36.30 | $ 30.49 | $ 27.41 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .13 | .29 | .27 | .20 |
Net realized and unrealized gain (loss) | (5.64) | 11.71 | 7.18 | 2.88 |
Total from investment operations | (5.51) | 12.00 | 7.45 | 3.08 |
Distributions from net investment income | (.29) | (.26) | (.24) | - |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | - |
Total distributions | (1.96) | (1.24) | (1.64) | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J |
Net asset value, end of period | $ 39.59 | $ 47.06 | $ 36.30 | $ 30.49 |
Total Return B,C,D | (12.09)% | 34.08% | 25.49% | 11.24% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 1.69% A | 1.63% | 1.71% | 1.75% A |
Expenses net of fee waivers, if any | 1.69% A | 1.63% | 1.71% | 1.75% A |
Expenses net of all reductions | 1.65% A | 1.60% | 1.65% | 1.69% A |
Net investment income (loss) | .65% A | .70% | .78% | .83% A |
Supplemental Data | | | | |
Net assets, end of period (in millions) | $ 93 | $ 53 | $ 10 | $ 2 |
Portfolio turnover rate G | 75% A | 56% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 46.70 | $ 36.12 | $ 30.36 | $ 27.41 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .03 | .08 | .08 | .08 |
Net realized and unrealized gain (loss) | (5.61) | 11.64 | 7.19 | 2.87 |
Total from investment operations | (5.58) | 11.72 | 7.27 | 2.95 |
Distributions from net investment income | (.16) | (.16) | (.11) | - |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | - |
Total distributions | (1.83) | (1.14) | (1.51) | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J |
Net asset value, end of period | $ 39.29 | $ 46.70 | $ 36.12 | $ 30.36 |
Total Return B,C,D | (12.32)% | 33.37% | 24.91% | 10.76% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 2.19% A | 2.14% | 2.27% | 2.24% A |
Expenses net of fee waivers, if any | 2.19% A | 2.14% | 2.25% | 2.24% A |
Expenses net of all reductions | 2.16% A | 2.10% | 2.19% | 2.18% A |
Net investment income (loss) | .14% A | .19% | .24% | .33% A |
Supplemental Data | | | | |
Net assets, end of period (in millions) | $ 27 | $ 17 | $ 4 | $ 1 |
Portfolio turnover rate G | 75% A | 56% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 46.82 | $ 36.19 | $ 30.41 | $ 27.41 |
Income from Investment Operations | | | | |
Net investment income (loss) E | .03 | .09 | .11 | .13 |
Net realized and unrealized gain (loss) | (5.63) | 11.66 | 7.19 | 2.87 |
Total from investment operations | (5.60) | 11.75 | 7.30 | 3.00 |
Distributions from net investment income | (.17) | (.14) | (.12) | - |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | - |
Total distributions | (1.84) | (1.12) | (1.52) | - |
Redemption fees added to paid in capital E | - J | - J | - J | - J |
Net asset value, end of period | $ 39.38 | $ 46.82 | $ 36.19 | $ 30.41 |
Total Return B,C,D | (12.32)% | 33.38% | 24.97% | 10.94% |
Ratios to Average Net Assets F,I | | | | |
Expenses before reductions | 2.17% A | 2.11% | 2.16% | 2.04% A |
Expenses net of fee waivers, if any | 2.17% A | 2.11% | 2.16% | 2.04% A |
Expenses net of all reductions | 2.13% A | 2.08% | 2.11% | 1.98% A |
Net investment income (loss) | .17% A | .22% | .33% | .53% A |
Supplemental Data | | | | |
Net assets, end of period (in millions) | $ 59 | $ 28 | $ 6 | $ 2 |
Portfolio turnover rate G | 75% A | 56% | 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
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 47.68 | $ 36.67 | $ 30.65 | $ 25.31 | $ 21.87 | $ 16.66 |
Income from Investment Operations | | | | | | |
Net investment income (loss) D | .25 | .53 | .48 | .37 | .22 | .19 |
Net realized and unrealized gain (loss) | (5.71) | 11.84 | 7.25 | 5.24 | 3.40 | 5.11 |
Total from investment operations | (5.46) | 12.37 | 7.73 | 5.61 | 3.62 | 5.30 |
Distributions from net investment income | (.41) | (.38) | (.31) | (.15) | (.18) | (.09) |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | (.12) | - | - |
Total distributions | (2.08) | (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 | $ 40.14 | $ 47.68 | $ 36.67 | $ 30.65 | $ 25.31 | $ 21.87 |
Total Return B,C | (11.83)% | 34.85% | 26.34% | 22.29% | 16.65% | 31.97% |
Ratios to Average Net Assets E,G | | | | | |
Expenses before reductions | 1.09% A | 1.04% | 1.09% | 1.08% | 1.10% | 1.14% |
Expenses net of fee waivers, if any | 1.09% A | 1.04% | 1.08% | 1.07% | 1.10% | 1.14% |
Expenses net of all reductions | 1.05% A | 1.00% | 1.03% | 1.01% | 1.06% | 1.11% |
Net investment income (loss) | 1.25% A | 1.30% | 1.41% | 1.35% | .92% | 1.08% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 13,163 | $ 14,176 | $ 8,054 | $ 3,949 | $ 2,193 | $ 1,243 |
Portfolio turnover rate F | 75% A | 56% | 56% | 75% | 87% | 81% |
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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 47.73 | $ 36.71 | $ 30.68 | $ 27.41 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .26 | .55 | .51 | .38 |
Net realized and unrealized gain (loss) | (5.71) | 11.85 | 7.25 | 2.89 |
Total from investment operations | (5.45) | 12.40 | 7.76 | 3.27 |
Distributions from net investment income | (.44) | (.40) | (.33) | - |
Distributions from net realized gain | (1.67) | (.98) | (1.40) | - |
Total distributions | (2.11) | (1.38) | (1.73) | - |
Redemption fees added to paid in capital D | - I | - I | - I | - I |
Net asset value, end of period | $ 40.17 | $ 47.73 | $ 36.71 | $ 30.68 |
Total Return B,C | (11.81)% | 34.93% | 26.45% | 11.93% |
Ratios to Average Net Assets E,H | | | | |
Expenses before reductions | 1.05% A | .97% | 1.00% | .97% A |
Expenses net of fee waivers, if any | 1.05% A | .97% | 1.00% | .97% A |
Expenses net of all reductions | 1.01% A | .94% | .95% | .90% A |
Net investment income (loss) | 1.29% A | 1.36% | 1.49% | 1.60% A |
Supplemental Data | | | | |
Net assets, end of period (in millions) | $ 79 | $ 58 | $ 28 | $ 10 |
Portfolio turnover rate F | 75% A | 56% | 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, 2008 (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. On January 17, 2008, the Board of Trustees approved the creation of an additional class of shares. The Fund commenced the sale of Class K shares on May 9, 2008. 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.
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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
3. Significant Accounting Policies - continued
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
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
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 and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, deferred trustees compensation 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 | $ 2,705,250 |
Unrealized depreciation | (486,908) |
Net unrealized appreciation (depreciation) | $ 2,218,342 |
Cost for federal income tax purposes | $ 12,634,924 |
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 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 results in expanded disclosures about fair value measurements.
In addition, in March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for fiscal years beginning after November 15, 2008. SFAS 161 requires enhanced disclosures to provide information about the reasons the Fund invests in derivative instruments, the accounting treatment and the effect derivatives have on financial performance. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Fund's financial statement disclosures.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
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.
Forward Foreign Currency Contracts. The Fund 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.
Futures Contracts. The Fund may use futures contracts to manage its exposure to the stock markets. 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
Semiannual Report
4. Operating Policies - continued
Futures Contracts - continued
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 $6,038,784 and $4,976,321, 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 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 .82% of the Fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period,
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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% | $ 623 | $ 84 |
Class T | .25% | .25% | 176 | 3 |
Class B | .75% | .25% | 108 | 81 |
Class C | .75% | .25% | 210 | 92 |
| | | $ 1,117 | $ 260 |
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 | $ 194 |
Class T | 31 |
Class B* | 11 |
Class C* | 5 |
| $ 241 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008, Fidelity Service
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
Company, Inc. (FSC) also an affiliate of FMR was the transfer agent for International Discovery shares. For the period, each class paid the following transfer agent fees.
| Amount | % of
Average
Net Assets* |
Class A | $ 481 | .19 |
Class T | 109 | .31 |
Class B | 34 | .32 |
Class C | 62 | .29 |
International Discovery | 13,764 | .21 |
Institutional Class | 55 | .17 |
| $ 14,505 | |
* 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 $2 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 $13 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
8. Security Lending - continued
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 $4,520.
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 $2,619 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 |
International Discovery | $ 167 |
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 December 2006, the Independent Trustees, with the assistance of independent counsel, completed an investigation regarding gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during the period 2002 to 2004. The Independent Trustees and FMR agreed 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 was worthy of redress. Accordingly, the Independent Trustees requested, and FMR agreed to make, a payment
Semiannual Report
10. Other - continued
of $42 million plus accrued interest, which equaled approximately $7.3 million, to certain Fidelity mutual funds.
In March 2008, the Trustees approved a method for allocating this payment among the funds and, in total, FMR paid the fund $5, which is recorded in the accompanying Statement of Operations.
In a related administrative order dated March 5, 2008, the U.S. Securities and Exchange Commission ("SEC") announced a settlement with FMR and FMR Co., Inc. (an affiliate of FMR) involving the SEC's regulatory rules for investment advisers and the improper receipt of gifts, gratuities and business entertainment. Without admitting or denying the SEC's findings, FMR agreed to pay an $8 million civil penalty to the United States Treasury.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2008 | Year ended
October 31,
2007 |
From net investment income | | |
Class A | $ 3,599 | $ 1,387 |
Class T | 387 | 80 |
Class B | 67 | 21 |
Class C | 123 | 24 |
International Discovery | 124,823 | 84,038 |
Institutional Class | 575 | 312 |
Total | $ 129,574 | $ 85,862 |
From net realized gain | | |
Class A | $ 16,423 | $ 3,929 |
Class T | 2,244 | 302 |
Class B | 719 | 130 |
Class C | 1,185 | 170 |
International Discovery | 505,959 | 219,032 |
Institutional Class | 2,177 | 762 |
Total | $ 528,707 | $ 224,325 |
Semiannual Report
Notes to Financial Statements (Unaudited) - 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,
2008 | Year ended
October 31,
2007 | Six months ended April 30,
2008 | Year ended
October 31,
2007 |
Class A | | | | |
Shares sold | 8,041 | 5,675 | $ 322,769 | $ 234,633 |
Reinvestment of distributions | 252 | 63 | 11,025 | 2,271 |
Shares redeemed | (1,606) | (770) | (63,511) | (31,203) |
Net increase (decrease) | 6,687 | 4,968 | $ 270,283 | $ 205,701 |
Class T | | | | |
Shares sold | 1,394 | 1,031 | $ 55,812 | $ 42,252 |
Reinvestment of distributions | 59 | 10 | 2,571 | 371 |
Shares redeemed | (243) | (187) | (9,465) | (7,614) |
Net increase (decrease) | 1,210 | 854 | $ 48,918 | $ 35,009 |
Class B | | | | |
Shares sold | 351 | 293 | $ 14,161 | $ 11,952 |
Reinvestment of distributions | 17 | 4 | 721 | 136 |
Shares redeemed | (58) | (53) | (2,240) | (2,096) |
Net increase (decrease) | 310 | 244 | $ 12,642 | $ 9,992 |
Class C | | | | |
Shares sold | 977 | 481 | $ 38,853 | $ 19,749 |
Reinvestment of distributions | 25 | 4 | 1,076 | 139 |
Shares redeemed | (101) | (55) | (3,949) | (2,234) |
Net increase (decrease) | 901 | 430 | $ 35,980 | $ 17,654 |
International Discovery | | | | |
Shares sold | 63,475 | 133,089 | $ 2,596,482 | $ 5,367,776 |
Reinvestment of distributions | 13,646 | 7,929 | 600,976 | 289,550 |
Shares redeemed | (46,521) | (63,328) | (1,853,670) | (2,558,324) |
Net increase (decrease) | 30,600 | 77,690 | $ 1,343,788 | $ 3,099,002 |
Institutional Class | | | | |
Shares sold | 1,045 | 538 | $ 41,011 | $ 22,351 |
Reinvestment of distributions | 42 | 19 | 1,852 | 700 |
Shares redeemed | (339) | (120) | (12,053) | (5,000) |
Net increase (decrease) | 748 | 437 | $ 30,810 | $ 18,051 |
Semiannual Report
A special meeting of the fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
| # of
Votes | % of
Votes |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
PROPOSAL 5 |
Shareholder proposal concerning "oversight procedures to screen out investments in companies that, in the judgement of the Board, substantially contribute to genocide, patterns of extraordinary and egregious violations of human rights, or crimes against humanity." |
| # of
Votes | % of
Votes |
Affirmative | 1,337,480,153.27 | 21.306 |
Against | 4,280,655,741.12 | 68.193 |
Abstain | 268,134,649.82 | 4.271 |
Broker
Non-Votes | 391,079,068.84 | 6.230 |
TOTAL | 6,277,349,613.05 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on December 13, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.A |
| # of
Votes | % of
Votes |
Affirmative | 45,014,793,255.82 | 80.372 |
Against | 6,871,112,667.08 | 12.268 |
Abstain | 2,163,456,438.02 | 3.863 |
Broker
Non-Votes | 1,958,633,563.89 | 3.497 |
TOTAL | 56,007,995,924.81 | 100.000 |
PROPOSAL 2 |
To elect the nominees specified below as Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 53,384,952,361.03 | 95.317 |
Withheld | 2,623,043,563.78 | 4.683 |
TOTAL | 56,007,995,924.81 | 100.000 |
Dennis J. Dirks |
Affirmative | 53,595,104,608.67 | 95.692 |
Withheld | 2,412,891,316.14 | 4.308 |
TOTAL | 56,007,995,924.81 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 53,570,235,221.69 | 95.647 |
Withheld | 2,437,760,703.12 | 4.353 |
TOTAL | 56,007,995,924.81 | 100.000 |
George H. Heilmeier |
Affirmative | 53,166,350,588.50 | 94.926 |
Withheld | 2,841,645,336.31 | 5.074 |
TOTAL | 56,007,995,924.81 | 100.000 |
| # of
Votes | % of
Votes |
Edward C. Johnson 3d |
Affirmative | 53,230,508,654.93 | 95.041 |
Withheld | 2,777,487,269.88 | 4.959 |
TOTAL | 56,007,995,924.81 | 100.000 |
James H. Keyes |
Affirmative | 53,549,161,456.52 | 95.610 |
Withheld | 2,458,834,468.29 | 4.390 |
TOTAL | 56,007,995,924.81 | 100.000 |
Marie L. Knowles |
Affirmative | 53,543,925,066.86 | 95.601 |
Withheld | 2,464,070,857.95 | 4.399 |
TOTAL | 56,007,995,924.81 | 100.000 |
Ned C. Lautenbach |
Affirmative | 53,547,116,322.50 | 95.606 |
Withheld | 2,460,879,602.31 | 4.394 |
TOTAL | 56,007,995,924.81 | 100.000 |
Cornelia M. Small |
Affirmative | 53,564,793,514.25 | 95.638 |
Withheld | 2,443,202,410.56 | 4.362 |
TOTAL | 56,007,995,924.81 | 100.000 |
William S. Stavropoulos |
Affirmative | 53,426,544,502.76 | 95.391 |
Withheld | 2,581,451,422.05 | 4.609 |
TOTAL | 56,007,995,924.81 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 53,229,881,790.63 | 95.040 |
Withheld | 2,778,114,134.18 | 4.960 |
TOTAL | 56,007,995,924.81 | 100.000 |
A Denotes trust-wide proposal and voting results.
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
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
AIDI-USAN-0608
1.806664.103
Fidelity®
International Small Cap
Fund
Semiannual Report
April 30, 2008
(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> | |
Proxy Voting Results | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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, 2007 to April 30, 2008).
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, 2007 | Ending
Account Value
April 30, 2008 | Expenses Paid
During Period*
November 1, 2007 to
April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 853.00 | $ 7.60 |
HypotheticalA | $ 1,000.00 | $ 1,016.66 | $ 8.27 |
Class T | | | |
Actual | $ 1,000.00 | $ 851.90 | $ 8.75 |
HypotheticalA | $ 1,000.00 | $ 1,015.42 | $ 9.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 849.60 | $ 11.04 |
HypotheticalA | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Class C | | | |
Actual | $ 1,000.00 | $ 849.70 | $ 11.04 |
HypotheticalA | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
International Small Cap | | | |
Actual | $ 1,000.00 | $ 853.80 | $ 6.78 |
HypotheticalA | $ 1,000.00 | $ 1,017.55 | $ 7.37 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 854.20 | $ 6.45 |
HypotheticalA | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.65% |
Class T | 1.90% |
Class B | 2.40% |
Class C | 2.40% |
International Small Cap | 1.47% |
Institutional Class | 1.40% |
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
 | Japan 29.8% | |
 | United Kingdom 17.0% | |
 | Australia 10.5% | |
 | United States of America 7.3% | |
 | Canada 3.8% | |
 | Germany 3.2% | |
 | France 2.8% | |
 | Sweden 2.4% | |
 | Bermuda 2.3% | |
 | Other 20.9% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| Japan 27.2% | |
| United Kingdom 15.0% | |
| Australia 13.1% | |
| United States of America 6.2% | |
| Canada 4.5% | |
| France 3.9% | |
| Germany 2.9% | |
| Italy 2.9% | |
| Norway 2.2% | |
| Other 22.1% | |
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 | 95.0 | 95.8 |
Bonds | 0.4 | 0.3 |
Short-Term Investments and Net Other Assets | 4.6 | 3.9 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Phorm, Inc. (United States of America, Media) | 1.5 | 1.6 |
NDS Group PLC sponsored ADR (United Kingdom, Software) | 1.4 | 0.9 |
Sylvania Resources Ltd. (Australia, Metals & Mining) | 1.4 | 1.4 |
Israel Chemicals Ltd. (Israel, Chemicals) | 1.4 | 0.4 |
Money Partners Co. Ltd. (Japan, Diversified Financial Services) | 1.3 | 0.6 |
Sarantis SA (Reg.) (Greece, Personal Products) | 1.2 | 1.2 |
Actelion Ltd. (Reg.) (Switzerland, Biotechnology) | 1.1 | 0.2 |
Vilmorin & Cie (France, Food Products) | 1.1 | 0.6 |
Modern Times Group MTG AB (B Shares) (Sweden, Media) | 1.1 | 0.8 |
Nippon Seiki Co. Ltd. (Japan, Auto Components) | 1.1 | 1.0 |
| 12.6 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Materials | 19.4 | 18.0 |
Consumer Discretionary | 17.0 | 15.9 |
Industrials | 14.9 | 22.5 |
Information Technology | 12.1 | 8.9 |
Health Care | 8.8 | 4.6 |
Energy | 8.3 | 8.6 |
Financials | 7.2 | 8.7 |
Consumer Staples | 6.9 | 4.0 |
Telecommunication Services | 0.5 | 0.5 |
Utilities | 0.3 | 4.4 |
Semiannual Report
Investments April 30, 2008
Showing Percentage of Net Assets
Common Stocks - 95.0% |
| Shares | | Value (000s) |
Australia - 10.5% |
Allied Gold Ltd. (a) | 18,649,109 | | $ 12,138 |
Allied Gold Ltd. (United Kingdom) (a) | 461,700 | | 303 |
Ausenco Ltd. | 741,006 | | 11,029 |
Capital-XX Ltd. (a)(e) | 3,379,072 | | 1,444 |
Centamin Egypt Ltd. (a) | 1,905,015 | | 2,519 |
Centennial Coal Co. Ltd. (d) | 337,046 | | 1,434 |
Coal of Africa Ltd. (a) | 3,847,700 | | 11,131 |
Dwyka Resources Ltd. (a) | 5,235,220 | | 3,019 |
Dyno Nobel Ltd. | 1,001,342 | | 2,767 |
Energy Resources of Australia Ltd. | 91,775 | | 1,688 |
European Gas Ltd. (a) | 2,021,976 | | 1,182 |
Gloucester Coal Ltd. | 89,552 | | 831 |
Incitec Pivot Ltd. | 74,333 | | 11,344 |
International Ferro Metals (a) | 3,178,021 | | 9,415 |
Investika Ltd. (a) | 240,000 | | 543 |
MacArthur Coal Ltd. (d) | 105,906 | | 1,709 |
Meo Australia Ltd. (a) | 9,149,454 | | 2,028 |
Metcash Ltd. | 526,327 | | 2,095 |
Mineral Securities Ltd. CDI (a) | 959,371 | | 1,077 |
Monto Minerals Ltd. (a) | 8,206,552 | | 1,346 |
Monto Minerals Ltd. warrants 5/25/09 (a) | 1,485,934 | | 0 |
Mount Gibson Iron Ltd. (a) | 2,866,526 | | 7,922 |
Navitas Ltd. | 517,696 | | 950 |
Northern Iron Ltd. | 749,720 | | 2,730 |
Phosphagenics Ltd. (a) | 8,980,865 | | 1,482 |
Seek Ltd. (d) | 530,878 | | 2,504 |
Straits Resources Ltd. | 270,278 | | 1,739 |
Sylvania Resources Ltd. (a) | 8,420,951 | | 18,110 |
Sylvania Resources Ltd. (United Kingdom) (a) | 1,966,745 | | 4,282 |
Tanami Gold NL (a) | 10,577,816 | | 788 |
Tassal Group Ltd. | 2,501,317 | | 6,441 |
Tianshan Goldfields Ltd. (a) | 64,239 | | 22 |
WorleyParsons Ltd. | 52,378 | | 1,917 |
Wotif.com Holdings Ltd. | 1,442,182 | | 6,081 |
TOTAL AUSTRALIA | | 134,010 |
Belgium - 0.3% |
Hansen Transmission International NV | 808,800 | | 3,538 |
Bermuda - 2.3% |
Aquarius Platinum Ltd.: | | | |
(Australia) | 390,057 | | 6,233 |
(United Kingdom) | 263,600 | | 4,154 |
Common Stocks - continued |
| Shares | | Value (000s) |
Bermuda - continued |
Ports Design Ltd. | 577,500 | | $ 1,860 |
PureCircle Ltd. | 500,000 | | 1,804 |
Seadrill Ltd. | 280,400 | | 8,539 |
Tanzanite One Ltd. (e) | 5,808,701 | | 5,486 |
Trefoil Ltd. (a) | 385,100 | | 1,778 |
TOTAL BERMUDA | | 29,854 |
British Virgin Islands - 0.6% |
Albidon Ltd. unit (a) | 1,469,000 | | 5,476 |
Kalahari Energy (f) | 1,451,000 | | 1,814 |
TOTAL BRITISH VIRGIN ISLANDS | | 7,290 |
Canada - 3.4% |
AirSea Lines (f) | 1,893,338 | | 1,478 |
AirSea Lines warrants 8/4/11 (a)(f) | 1,862,300 | | 0 |
Aquiline Resources, Inc. (a) | 316,700 | | 2,418 |
Artumas Group, Inc. (a) | 220,000 | | 1,081 |
Bankers Petroleum Ltd. (a) | 2,779,970 | | 4,306 |
Equinox Minerals Ltd. unit (a) | 332,015 | | 1,578 |
European Goldfields Ltd. (a) | 1,089,500 | | 5,907 |
Red Back Mining, Inc. (a) | 807,200 | | 4,929 |
Rock Well Petroleum, Inc. (f) | 770,400 | | 3,501 |
Sino-Forest Corp. (a) | 53,900 | | 816 |
Starfield Resources, Inc. (a) | 4,328,075 | | 3,739 |
Visual Defence, Inc. (a)(e) | 4,664,100 | | 1,275 |
Western Canadian Coal Corp. (a) | 2,369,818 | | 10,001 |
Western Canadian Coal Corp. (United Kingdom) (a) | 548,286 | | 2,317 |
TOTAL CANADA | | 43,346 |
Cayman Islands - 1.1% |
Ctrip.com International Ltd. sponsored ADR | 35,200 | | 2,185 |
International Consolidated Minerals, Inc. (a) | 852,927 | | 4,579 |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 19,700 | | 1,479 |
New World Department Store China Ltd. | 2,150,000 | | 2,348 |
TCC International Holdings Ltd. (a) | 3,748,000 | | 3,381 |
TOTAL CAYMAN ISLANDS | | 13,972 |
China - 0.6% |
Baidu.com, Inc. sponsored ADR (a) | 4,600 | | 1,682 |
Focus Media Holding Ltd. ADR (a) | 50,400 | | 1,859 |
Common Stocks - continued |
| Shares | | Value (000s) |
China - continued |
Sina Corp. (a) | 73,700 | | $ 3,405 |
Yantai Changyu Pioneer Wine Co. (B Shares) | 139,110 | | 966 |
TOTAL CHINA | | 7,912 |
Cyprus - 0.3% |
Buried Hill Energy (Cyprus) PCL (f) | 1,947,000 | | 2,142 |
Mirland Development Corp. PLC (a) | 238,500 | | 2,181 |
TOTAL CYPRUS | | 4,323 |
Denmark - 0.4% |
Vestas Wind Systems AS (a) | 45,350 | | 4,972 |
Finland - 1.2% |
Inion OY (a) | 3,590,300 | | 1,606 |
Metso Corp. | 84,700 | | 3,676 |
Nokian Tyres Ltd. (d) | 251,040 | | 10,711 |
TOTAL FINLAND | | 15,993 |
France - 2.8% |
Altamir Amboise | 230,000 | | 2,585 |
April Group (d) | 21,000 | | 1,121 |
Audika SA | 22,987 | | 1,195 |
Boursorama (a) | 177,000 | | 2,023 |
Carbone Lorraine | 1,186 | | 66 |
Delachaux SA | 2,500 | | 235 |
Devoteam SA | 10,400 | | 344 |
Guerbet SA | 6,164 | | 1,097 |
Laurent-Perrier Group | 25,660 | | 3,722 |
LeGuide.com SA (a) | 21,069 | | 543 |
Meetic (a) | 42,829 | | 1,143 |
SeLoger.com (a) | 147,000 | | 6,884 |
SR Teleperformance SA | 29,000 | | 1,200 |
Vilmorin & Cie | 75,310 | | 14,089 |
TOTAL FRANCE | | 36,247 |
Germany - 3.2% |
Delticom AG | 53,200 | | 3,280 |
Freenet AG | 68,500 | | 1,170 |
Fresenius Medical Care AG | 130,010 | | 6,919 |
Gerresheimer AG | 103,000 | | 5,758 |
Interhyp AG | 31,130 | | 2,189 |
Kontron AG | 76,220 | | 1,242 |
Q-Cells AG (a) | 51,000 | | 5,972 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
Rational AG | 6,277 | | $ 1,392 |
United Internet AG | 112,500 | | 2,418 |
Vossloh AG | 43,100 | | 6,253 |
Wacker Construction Equipment AG | 45,000 | | 898 |
Wirecard AG | 157,300 | | 3,315 |
TOTAL GERMANY | | 40,806 |
Greece - 2.0% |
Babis Vovos International Technical SA (a) | 43,000 | | 1,309 |
Fourlis Holdings SA | 110,000 | | 3,486 |
Hellenic Technodomiki Tev SA | 193,260 | | 2,414 |
Jumbo SA | 95,700 | | 2,836 |
Sarantis SA (Reg.) | 879,168 | | 15,207 |
TOTAL GREECE | | 25,252 |
Hong Kong - 1.1% |
Esprit Holdings Ltd. | 332,300 | | 4,089 |
Li & Fung Ltd. | 1,040,000 | | 4,304 |
Wing Hang Bank Ltd. | 67,000 | | 898 |
Wing Lung Bank Ltd. | 285,300 | | 5,144 |
TOTAL HONG KONG | | 14,435 |
India - 0.3% |
Educomp Solutions Ltd. | 23,036 | | 2,283 |
Sesa Goa Ltd. | 16,366 | | 1,706 |
TOTAL INDIA | | 3,989 |
Indonesia - 0.5% |
PT Bumi Resources Tbk | 3,817,500 | | 2,753 |
PT Tambang Batubbara Bukit Asam Tbk | 1,045,000 | | 1,201 |
PT United Tractors Tbk | 1,671,500 | | 2,184 |
TOTAL INDONESIA | | 6,138 |
Ireland - 0.9% |
Adwalker PLC (a) | 9,125,000 | | 340 |
Kenmare Resources PLC (a) | 3,165,500 | | 3,194 |
Kenmare Resources PLC warrants 7/23/09 (a) | 1,712,500 | | 1,081 |
Paddy Power PLC (Ireland) | 152,800 | | 5,343 |
Petroceltic International PLC (a) | 13,644,934 | | 1,877 |
Vimio PLC (a) | 867,300 | | 24 |
TOTAL IRELAND | | 11,859 |
Common Stocks - continued |
| Shares | | Value (000s) |
Israel - 1.4% |
Israel Chemicals Ltd. | 975,505 | | $ 17,959 |
Italy - 0.7% |
Amplifon SpA | 100,000 | | 341 |
Seldovia Native Association, Inc. (SNAI) (a)(d) | 1,291,190 | | 7,319 |
Teleunit SpA (a)(e) | 12,719,158 | | 759 |
TOTAL ITALY | | 8,419 |
Japan - 29.8% |
ABC-Mart, Inc. | 75,000 | | 1,941 |
Access Co. Ltd. | 625 | | 534 |
Ahresty Corp. | 93,500 | | 1,365 |
Ai Holdings Corp. | 284,000 | | 1,547 |
Airport Facilities Co. Ltd. | 93,800 | | 635 |
Alpen Co. Ltd. | 71,600 | | 1,175 |
Apamanshop Holdings Co. Ltd. (d) | 29,384 | | 6,629 |
Atrium Co. Ltd. (d) | 27,400 | | 422 |
C. Uyemura & Co. Ltd. | 62,600 | | 2,407 |
Chiba Bank Ltd. | 339,000 | | 2,679 |
Chugoku Marine Paints Ltd. (d) | 179,000 | | 1,372 |
CMIC Co. Ltd. | 5,090 | | 1,778 |
Create SD Co. Ltd. | 57,800 | | 1,274 |
CyberAgent, Inc. (d) | 1,313 | | 1,546 |
Daicel Chemical Industries Ltd. | 205,000 | | 1,212 |
Daido Steel Co. Ltd. | 269,000 | | 1,498 |
Daikin Industries Ltd. | 21,300 | | 1,066 |
Daikokutenbussan Co. Ltd. | 2,300 | | 17 |
Dainippon Screen Manufacturing Co. Ltd. | 358,000 | | 1,554 |
Daiseki Co. Ltd. (d) | 24,530 | | 741 |
Daito Gyorui Co. Ltd. | 381,000 | | 605 |
Denyo Co. Ltd. | 72,900 | | 702 |
Don Quijote Co. Ltd. (d) | 134,500 | | 2,459 |
EPS Co. Ltd. | 1,354 | | 6,477 |
F&M Co. Ltd. | 2,103 | | 525 |
FamilyMart Co. Ltd. | 156,000 | | 5,478 |
FCM Co. Ltd. | 12,500 | | 329 |
FreeBit Co., Ltd. | 650 | | 3,862 |
Fujitsu Component Ltd. (a) | 650 | | 725 |
Furuno Electric Co. Ltd. | 125,400 | | 1,180 |
Futaba Industrial Co. Ltd. | 53,300 | | 1,219 |
Geo Co. Ltd. (d) | 772 | | 645 |
Green Hospital Supply, Inc. | 804 | | 384 |
H-One Co. Ltd. | 21,800 | | 183 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Harakosan Co. Ltd. (d) | 5,003 | | $ 7,802 |
Harmonic Drive Systems, Inc. | 826 | | 3,180 |
Hikari Tsushin, Inc. | 285,800 | | 10,497 |
Hisaka Works Ltd. (d) | 166,000 | | 2,531 |
Hisamitsu Pharmaceutical Co., Inc. | 62,800 | | 2,359 |
Hitachi Construction Machinery Co. Ltd. | 71,600 | | 2,261 |
Hitachi Metals Ltd. | 60,000 | | 901 |
Hokuto Corp. | 363,800 | | 7,752 |
Hosiden Corp. (d) | 103,800 | | 2,107 |
Ichirokudo Co. Ltd. (a) | 1,165 | | 903 |
Ichiyoshi Securities Co. Ltd. (d) | 141,400 | | 1,545 |
IDU Co. (d) | 413 | | 212 |
Inpex Holdings, Inc. | 890 | | 9,987 |
Itochu Corp. | 557,000 | | 5,833 |
Japan Steel Works Ltd. | 105,000 | | 1,942 |
Japan Vilene Co. Ltd. (d) | 194,000 | | 790 |
Jastec Co. Ltd. | 574,500 | | 4,134 |
Juroku Bank Ltd. | 149,000 | | 877 |
K'S Denki Corp. | 150,500 | | 3,136 |
Kakaku.com, Inc. | 245 | | 1,270 |
Koha Co. Ltd. | 51,500 | | 497 |
Komori Corp. | 154,000 | | 3,047 |
Konica Minolta Holdings, Inc. | 112,500 | | 1,695 |
Kura Corp. Ltd. | 5,100 | | 13,027 |
Kuraray Co. Ltd. | 150,500 | | 1,794 |
LAC Holdings, Inc. | 154,700 | | 478 |
Matsumotokiyoshi Holdings Co. Ltd. | 56,200 | | 1,178 |
MCJ Co. Ltd. | 4,956 | | 1,589 |
Meiko Electronics Co. Ltd. | 33,800 | | 922 |
Message Co. Ltd. | 1,644 | | 2,159 |
Micronics Japan Co. Ltd. | 127,200 | | 4,586 |
Mitsui O.S.K. Lines Ltd. | 158,000 | | 2,181 |
Mitsumi Electric Co. Ltd. | 31,900 | | 1,067 |
Miyano Machinery, Inc. | 429,000 | | 970 |
Money Partners Co. Ltd. (d) | 14,184 | | 16,014 |
Mori Seiki Co. Ltd. | 102,000 | | 1,883 |
Namco Bandai Holdings, Inc. | 675,200 | | 8,471 |
NIC Corp. | 290,400 | | 1,403 |
Nidec Corp. | 22,400 | | 1,692 |
Nihon Dempa Kogyo Co. Ltd. (d) | 329,800 | | 9,717 |
Nihon Kohden Corp. | 165,100 | | 3,296 |
Nihon Nohyaku Co. Ltd. (d) | 199,000 | | 1,746 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Nihon Trim Co. Ltd. (d) | 219,400 | | $ 5,345 |
Nihonwasou Holdings, Inc. | 782 | | 223 |
Nikon Corp. | 167,000 | | 4,825 |
Nippon Chemi-con Corp. (d) | 312,000 | | 1,245 |
Nippon Commercial Investment Corp. | 1,123 | | 4,503 |
Nippon Denko Co. Ltd. | 136,000 | | 1,637 |
Nippon Oil Corp. | 176,000 | | 1,213 |
Nippon Seiki Co. Ltd. | 935,000 | | 13,741 |
Nissha Printing Co. Ltd. | 39,200 | | 1,621 |
Nissin Kogyo Co. Ltd. | 609,700 | | 10,409 |
NOF Corp. | 101,000 | | 471 |
NSK Ltd. | 129,000 | | 1,075 |
NTN Corp. | 111,000 | | 854 |
Obara Corp. | 50 | | 1 |
Oiles Corp. | 148,040 | | 2,765 |
Orix Jreit, Inc. | 333 | | 1,986 |
Otsuka Corp. | 64,600 | | 4,964 |
Pigeon Corp. (d) | 87,700 | | 1,615 |
Produce Co. Ltd. (a)(d) | 1,632 | | 6,743 |
Rinnai Corp. (d) | 35,000 | | 1,124 |
Rohto Pharmaceutical Co. Ltd. | 658,000 | | 7,052 |
Round One Corp. | 371 | | 450 |
Ryobi Ltd. (d) | 301,000 | | 1,138 |
Sakata Seed Corp. | 8,900 | | 141 |
Sammy NetWorks Co. Ltd. | 1,015 | | 1,532 |
Sansha Electric Manufacturing Co. Ltd. | 54,000 | | 479 |
Sanyo Denki Co. Ltd. | 271,000 | | 1,247 |
Sato Corp. (d) | 634,900 | | 8,573 |
Sawada Holdings Co. Ltd. (a)(d) | 91,000 | | 560 |
Sec Carbon Ltd. | 132,000 | | 962 |
Sega Sammy Holdings, Inc. (d) | 180,000 | | 2,191 |
Seria Co. Ltd. | 482 | | 373 |
Shibaura Electronics Co. Ltd. (d) | 96,700 | | 1,267 |
Shimachu Co. Ltd. | 80,600 | | 2,218 |
Shin Nippon Biomedical Laboratories Ltd. (d) | 157,700 | | 2,719 |
Shin-Kobe Electric Machinery Co. Ltd. | 419,000 | | 2,422 |
Shinohara Systems of Construction Co. Ltd. | 1,206 | | 711 |
So-net M3, Inc. | 141 | | 568 |
Sojitz Corp. | 501,700 | | 1,932 |
SRI Sports Ltd. | 2,299 | | 3,118 |
Stanley Electric Co. Ltd. | 55,000 | | 1,401 |
Start Today Co. Ltd. (d) | 443 | | 1,580 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Stella Chemifa Corp. (d) | 31,900 | | $ 704 |
Sumitomo Corp. | 175,900 | | 2,368 |
Sunx Ltd. (d) | 284,400 | | 1,596 |
Sysmex Corp. | 67,400 | | 2,752 |
T&D Holdings, Inc. | 18,300 | | 1,172 |
Taiho Kogyo Co. Ltd. | 96,100 | | 1,223 |
Takano Co. Ltd. | 109,200 | | 1,036 |
Takara Holdings, Inc. | 324,000 | | 2,181 |
Takeei Corp. (d) | 92,200 | | 3,622 |
Takisawa Machine Tool Co. Ltd. | 524,000 | | 794 |
The Suruga Bank Ltd. | 196,000 | | 2,773 |
TMS Entertainment Ltd. | 152,000 | | 325 |
TOA Valve Holding, Inc. (d) | 352 | | 892 |
Tohcello Co. Ltd. | 149,000 | | 832 |
Toho Zinc Co. Ltd. | 272,000 | | 1,520 |
Tohoku Electric Power Co., Inc. | 46,300 | | 1,053 |
Tokai Carbon Co. Ltd. | 237,000 | | 2,483 |
Tokai Rubber Industries Ltd. | 83,700 | | 1,225 |
Tokyo Gas Co. Ltd. | 248,000 | | 953 |
Tokyo Seimitsu Co. Ltd. (d) | 60,100 | | 1,203 |
Toray Industries, Inc. | 125,000 | | 782 |
Toyo Suisan Kaisha Ltd. | 384,000 | | 6,824 |
Toyoda Gosei Co. Ltd. | 33,300 | | 1,217 |
Tsumura & Co. | 433,900 | | 10,501 |
Tyo, Inc. (d) | 235,000 | | 371 |
Ulvac, Inc. (d) | 28,500 | | 1,169 |
Unicom Group Holdings, Inc. | 20,500 | | 86 |
United Arrows Ltd. (d) | 104,500 | | 757 |
United Technology Holdings Co. Ltd. | 564 | | 691 |
VarioSecure Networks, Inc. (d) | 937 | | 1,091 |
Wacom Co. Ltd. (d) | 734 | | 1,479 |
Works Applications Co. Ltd. | 3,802 | | 4,320 |
Xebio Co. Ltd. | 129,100 | | 3,902 |
Yachiyo Industry Co. Ltd. | 119,200 | | 1,508 |
Yamada Denki Co. Ltd. | 14,710 | | 1,263 |
Yonkyu Co. Ltd. | 135,500 | | 635 |
TOTAL JAPAN | | 381,893 |
Korea (South) - 1.4% |
LG Household & Health Care Ltd. | 19,636 | | 4,061 |
MegaStudy Co. Ltd. | 11,483 | | 3,789 |
Common Stocks - continued |
| Shares | | Value (000s) |
Korea (South) - continued |
NHN Corp. (a) | 30,451 | | $ 7,072 |
Taewoong Co. Ltd. | 27,556 | | 2,900 |
TOTAL KOREA (SOUTH) | | 17,822 |
Malaysia - 0.3% |
KNM Group Bhd | 798,100 | | 1,617 |
Parkson Holdings Bhd (a) | 884,700 | | 1,960 |
TOTAL MALAYSIA | | 3,577 |
Netherlands - 1.0% |
Brunel International NV | 148,000 | | 3,565 |
Cryo-Save Group NV | 740,000 | | 2,832 |
Engel East Europe NV | 975,032 | | 1,153 |
InnoConcepts NV | 35,000 | | 594 |
QIAGEN NV (a) | 135,000 | | 3,037 |
SMARTRAC NV (a) | 54,600 | | 2,129 |
TOTAL NETHERLANDS | | 13,310 |
Norway - 1.0% |
IMAREX NOS ASA (a) | 4,475 | | 118 |
Norwegian Property ASA (d) | 451,590 | | 3,939 |
Pertra AS (A Shares) (a) | 175,642 | | 1,667 |
Revus Energy ASA (a) | 35,000 | | 562 |
Stepstone ASA (a) | 2,007,910 | | 6,706 |
TOTAL NORWAY | | 12,992 |
Papua New Guinea - 1.1% |
Lihir Gold Ltd. (a) | 1,900,789 | | 5,271 |
New Britain Palm Oil Ltd. | 5,528 | | 62 |
Oil Search Ltd. | 1,825,539 | | 8,179 |
TOTAL PAPUA NEW GUINEA | | 13,512 |
Philippines - 0.1% |
Alliance Global Group, Inc. (a) | 8,680,000 | | 802 |
Singapore - 0.8% |
Banyan Tree Holdings Ltd. | 478,000 | | 501 |
Parkway Holdings Ltd. | 628,300 | | 1,622 |
Raffles Medical Group Ltd. | 1,821,000 | | 1,732 |
Skywest Airlines Ltd. (e) | 14,719,299 | | 4,244 |
Straits Asia Resources Ltd. | 754,000 | | 1,835 |
TOTAL SINGAPORE | | 9,934 |
Common Stocks - continued |
| Shares | | Value (000s) |
South Africa - 0.4% |
African Rainbow Minerals Ltd. | 166,163 | | $ 5,648 |
Spain - 0.7% |
Grifols SA | 310,061 | | 8,688 |
Laboratorios Farmaceuticos ROVI SA | 32,151 | | 494 |
TOTAL SPAIN | | 9,182 |
Sweden - 2.4% |
Cision AB | 377,800 | | 1,249 |
Countermine Technologies AB (a) | 1,039,728 | | 451 |
Countermine Technologies AB warrants 3/1/10 (a) | 1,085,197 | | 271 |
Hexagon AB (B Shares) | 363,353 | | 6,614 |
Intrum Justitia AB | 133,500 | | 2,163 |
Meda AB (A Shares) (d) | 44,360 | | 530 |
Modern Times Group MTG AB (B Shares) | 189,310 | | 13,911 |
NeoNet AB | 668,050 | | 4,017 |
Q-Med AB | 233,400 | | 1,559 |
RNB Retail & Brands AB | 75,000 | | 328 |
TOTAL SWEDEN | | 31,093 |
Switzerland - 1.7% |
Actelion Ltd. (Reg.) (a) | 285,940 | | 14,485 |
Basilea Pharmaceutica AG (a) | 4,000 | | 583 |
Cytos Biotechnology AG (a) | 2,450 | | 154 |
EFG International | 79,880 | | 2,555 |
Temenos Group AG (a) | 155,000 | | 4,367 |
TOTAL SWITZERLAND | | 22,144 |
Taiwan - 0.7% |
Capital Securities Corp. | 709,000 | | 579 |
Cathay Real Estate Development Co. Ltd. | 1,292,000 | | 1,038 |
Hung Poo Real Estate Development Co. Ltd. | 642,000 | | 1,229 |
Sinyi Realty, Inc. | 721,837 | | 2,786 |
Taiwan Fertilizer Co. Ltd. | 681,000 | | 3,299 |
TOTAL TAIWAN | | 8,931 |
Thailand - 0.3% |
Banpu PCL unit | 266,100 | | 3,658 |
Total Access Communication PCL | 222,600 | | 318 |
TOTAL THAILAND | | 3,976 |
United Kingdom - 17.0% |
Advanced Fluid Connections PLC (a) | 7,009,687 | | 0 |
ADVFN PLC (a)(e) | 34,675,780 | | 1,482 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Afren PLC (a) | 2,681,850 | | $ 8,412 |
African Consolidated Resources PLC (a) | 10,112,734 | | 3,820 |
African Copper PLC (a) | 1,177,884 | | 913 |
Air Partner PLC | 45,000 | | 778 |
Alizyme PLC (a) | 1,363,700 | | 800 |
Anglo Asian Mining PLC (a) | 2,718,700 | | 662 |
Ark Therapeutics Group PLC (a) | 506,300 | | 740 |
Autonomy Corp. PLC (a) | 453,000 | | 7,714 |
Aveva Group PLC | 180,000 | | 4,370 |
Axon Group PLC | 213,900 | | 1,911 |
Baltic Oil Terminals PLC (a) | 1,314,300 | | 2,156 |
BioCare Solutions PLC (a) | 4,557,670 | | 147 |
Blackstar Investors PLC (a) | 1,639,779 | | 3,146 |
Block Shield Corp. PLC (a) | 1,653,400 | | 1,200 |
BowLeven PLC (a) | 106,800 | | 726 |
Cambrian Mining PLC (a)(d) | 4,026,100 | | 11,867 |
Celsis International PLC (a) | 443,648 | | 1,372 |
Centurion Electronics PLC (a)(e) | 748,299 | | 0 |
Ceres Power Holdings PLC (a) | 103,213 | | 302 |
Connaught PLC | 248,725 | | 2,016 |
Corac Group PLC (a) | 3,979,104 | | 5,459 |
Craneware PLC | 255,000 | | 902 |
CustomVis PLC (a)(e) | 14,939,536 | | 1,262 |
CVS Group PLC | 11,000 | | 57 |
Datacash Group PLC | 1,585,580 | | 8,890 |
Eclipse Energy Co. Ltd. (f) | 102,000 | | 1,521 |
European Nickel PLC (a) | 1,100,000 | | 776 |
Forum Energy PLC (a) | 570,970 | | 324 |
Gcm Resources PLC (a) | 146,431 | | 310 |
Gemfields Resources PLC (a) | 3,909,100 | | 3,053 |
Hardide Ltd. (a) | 6,848,580 | | 869 |
Hydrodec Group PLC (a)(e) | 9,702,286 | | 10,562 |
Ideal Shopping Direct PLC | 234,592 | | 910 |
IG Group Holdings PLC | 1,163,589 | | 8,392 |
Impact Holdings PLC (a)(e) | 10,414,000 | | 466 |
Inova Holding PLC (a) | 1,443,461 | | 221 |
Intertek Group PLC | 94,110 | | 1,821 |
iomart Group PLC (a) | 1,618,840 | | 1,448 |
ITM Power PLC (a)(d) | 1,096,545 | | 1,003 |
Jubilee Platinum PLC (a) | 1,657,843 | | 2,785 |
Keronite PLC (f) | 13,620,267 | | 1,625 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Landround PLC warrants 12/11/09 (a)(f) | 166,666 | | $ 2 |
London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a) | 105,400 | | 38 |
Max Petroleum PLC (a) | 4,114,820 | | 5,543 |
Meggitt PLC | 971,100 | | 5,730 |
Meldex International PLC (a) | 3,324,116 | | 4,197 |
MicroEmissive Displays (a) | 2,196,600 | | 1,103 |
Motivcom PLC (e) | 1,663,300 | | 2,778 |
NDS Group PLC sponsored ADR (a) | 353,400 | | 18,182 |
Nviro Cleantech PLC | 105,000 | | 78 |
Proteome Sciences PLC (a) | 995,632 | | 846 |
Protherics PLC (a) | 1,286,917 | | 1,241 |
Pureprofile Media PLC (f) | 1,108,572 | | 827 |
Pursuit Dynamics PLC (a)(d) | 858,304 | | 3,831 |
PV Crystalox Solar PLC | 1,119,050 | | 3,465 |
Rambler Metals & Mining PLC (a) | 200,000 | | 200 |
Redhall Group PLC | 74,200 | | 401 |
Renewable Energy Generation Ltd. | 500,000 | | 1,126 |
RGI International Ltd. (a) | 200,000 | | 1,582 |
Rightmove PLC | 345,907 | | 2,885 |
Romag Holdings PLC | 50,000 | | 177 |
Royalblue Group PLC | 54,842 | | 892 |
Sarantel Group PLC Class A (a) | 3,142,500 | | 297 |
SDL PLC (a) | 1,296,662 | | 8,701 |
Serco Group PLC | 537,530 | | 4,713 |
Silverdell PLC (a) | 278,716 | | 737 |
Sinclair Pharma PLC (a) | 1,128,371 | | 942 |
SPI Lasers PLC (a) | 3,461,200 | | 2,133 |
SR Pharma PLC (a) | 700,000 | | 571 |
Stem Cell Sciences PLC (a) | 566,649 | | 166 |
SubSea Resources PLC warrants 11/4/09 (a) | 1,805,625 | | 0 |
Synergy Healthcare PLC | 91,134 | | 1,160 |
Target Resources PLC (a) | 1,020,000 | | 294 |
Target Resources PLC warrants 7/12/08 (a) | 1,020,000 | | 0 |
TMO Biotec (f) | 1,000,000 | | 1,381 |
Toledo Mining Corp. PLC (a) | 1,322,604 | | 3,682 |
Triple Plate Junction PLC (a) | 1,439,200 | | 379 |
Unite Group PLC | 427,110 | | 2,471 |
Valiant Petroleum PLC | 20,300 | | 337 |
Vectura Group PLC (a) | 3,556,060 | | 3,146 |
Wellstream Holdings PLC | 268,400 | | 6,708 |
Xchanging PLC | 1,619,200 | | 8,048 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
York Pharma PLC (a) | 837,600 | | $ 874 |
Zenergy Power PLC (a) | 1,469,780 | | 6,561 |
ZincOx Resources PLC (a) | 574,400 | | 1,987 |
TOTAL UNITED KINGDOM | | 217,602 |
United States of America - 2.7% |
CTC Media, Inc. (a) | 291,000 | | 7,528 |
Cyberview Technology, Inc. (a)(e) | 996,527 | | 3,368 |
Frontera Resources Corp. (a) | 1,157,200 | | 2,071 |
Frontier Mining Ltd. (a) | 6,771,600 | | 791 |
Phorm, Inc. (e) | 664,000 | | 18,812 |
Sohu.com, Inc. (a) | 13,200 | | 913 |
XL TechGroup, Inc. (a) | 1,329,250 | | 634 |
TOTAL UNITED STATES OF AMERICA | | 34,117 |
TOTAL COMMON STOCKS (Cost $1,082,233) | 1,216,849 |
Convertible Bonds - 0.4% |
| Principal Amount (000s) | | |
Canada - 0.4% |
Western Canadian Coal Corp. 7.5% 3/24/11
(Cost $4,061) | CAD | 4,714 | | 5,024 |
Money Market Funds - 9.3% |
| Shares | | |
Fidelity Cash Central Fund, 2.51% (b) | 61,226,630 | | 61,227 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 57,841,870 | | 57,842 |
TOTAL MONEY MARKET FUNDS (Cost $119,069) | 119,069 |
TOTAL INVESTMENT PORTFOLIO - 104.7% (Cost $1,205,363) | | 1,340,942 |
NET OTHER ASSETS - (4.7)% | | (60,754) |
NET ASSETS - 100% | $ 1,280,188 |
Currency Abbreviations |
CAD | - | Canadian dollar |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,291,000 or 1.1% 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 |
Buried Hill Energy (Cyprus) PCL | 8/18/06 | $ 2,142 |
Eclipse Energy Co. Ltd. | 4/28/05 | $ 1,459 |
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 |
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 | $ 1,055 |
Fidelity Securities Lending Cash Central Fund | 873 |
Total | $ 1,928 |
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 |
ADVFN PLC | $ 2,066 | $ - | $ 21 | $ - | $ 1,482 |
Allied Gold Ltd. | 12,802 | 3,229 | 16 | - | - |
Allied Gold Ltd. (United Kingdom) | 410 | - | - | - | - |
BioCare Solutions PLC | 1,260 | - | 17 | - | - |
Capital-XX Ltd. | 3,105 | 736 | - | - | 1,444 |
Centurion Electronics PLC | 89 | - | - | - | - |
Corac Group PLC | 5,414 | - | 767 | - | - |
CustomVis PLC | 591 | 421 | - | - | 1,262 |
Cyberview Technology, Inc. | 3,802 | - | - | - | 3,368 |
Frontier Mining Ltd. | 1,619 | - | - | - | - |
Healthcare Enterprise Group PLC | 373 | - | 274 | - | - |
Hydrodec Group PLC | 3,795 | - | 247 | - | 10,562 |
Impact Holdings PLC | 650 | - | - | - | 466 |
Motivcom PLC | 5,545 | - | 270 | 49 | 2,778 |
Phorm, Inc. | 28,335 | - | - | - | 18,812 |
Skywest Airlines Ltd. | 4,437 | - | - | 222 | 4,244 |
SPI Lasers PLC | 3,778 | - | - | - | - |
Sylvania Resources Ltd. | 25,111 | 640 | 2,145 | - | - |
Sylvania Resources Ltd. (United Kingdom) | 13,425 | 211 | 6,910 | - | - |
Tanzanite One Ltd. | 8,937 | - | - | 410 | 5,486 |
Teleunit SpA | 1,025 | - | - | - | 759 |
Visual Defence, Inc. | 1,503 | - | - | - | 1,275 |
Total | $ 128,072 | $ 5,237 | $ 10,667 | $ 681 | $ 51,938 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2008 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $54,563) - See accompanying schedule: Unaffiliated issuers (cost $1,032,305) | $ 1,169,935 | |
Fidelity Central Funds (cost $119,069) | 119,069 | |
Other affiliated issuers (cost $53,989) | 51,938 | |
Total Investments (cost $1,205,363) | | $ 1,340,942 |
Receivable for investments sold | | 38,416 |
Receivable for fund shares sold | | 595 |
Dividends receivable | | 3,690 |
Interest receivable | | 35 |
Distributions receivable from Fidelity Central Funds | | 297 |
Prepaid expenses | | 3 |
Receivable from investment adviser for expense reductions | | 5 |
Other receivables | | 443 |
Total assets | | 1,384,426 |
| | |
Liabilities | | |
Payable to custodian bank | $ 12,635 | |
Payable for investments purchased | 30,596 | |
Payable for fund shares redeemed | 1,351 | |
Accrued management fee | 1,155 | |
Distribution fees payable | 36 | |
Other affiliated payables | 288 | |
Other payables and accrued expenses | 335 | |
Collateral on securities loaned, at value | 57,842 | |
Total liabilities | | 104,238 |
| | |
Net Assets | | $ 1,280,188 |
Net Assets consist of: | | |
Paid in capital | | $ 1,108,035 |
Undistributed net investment income | | 574 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 36,091 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 135,488 |
Net Assets | | $ 1,280,188 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2008 |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($27,339 ÷ 1,255.5 shares) | | $ 21.78 |
| | |
Maximum offering price per share (100/94.25 of $21.78) | | $ 23.11 |
Class T:
Net Asset Value and redemption price per share ($30,031 ÷ 1,385.7 shares) | | $ 21.67 |
| | |
Maximum offering price per share (100/96.50 of $21.67) | | $ 22.46 |
Class B:
Net Asset Value and offering price per share ($7,436 ÷ 347.9 shares)A | | $ 21.37 |
| | |
Class C:
Net Asset Value and offering price per share ($14,576 ÷ 679.2 shares)A | | $ 21.46 |
| | |
| | |
International Small Cap:
Net Asset Value, offering price and redemption price per share ($1,195,529 ÷ 54,413.9 shares) | | $ 21.97 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($5,277 ÷ 240.6 shares) | | $ 21.93 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended April 30, 2008 |
| | |
Investment Income | | |
Dividends (including $681 earned from other affiliated issuers) | | $ 9,072 |
Interest | | 190 |
Income from Fidelity Central Funds (including $873 from security lending) | | 1,928 |
| | 11,190 |
Less foreign taxes withheld | | (541) |
Total income | | 10,649 |
| | |
Expenses | | |
Management fee
Basic fee | $ 6,023 | |
Performance adjustment | 1,865 | |
Transfer agent fees | 1,571 | |
Distribution fees | 240 | |
Accounting and security lending fees | 326 | |
Custodian fees and expenses | 250 | |
Independent trustees' compensation | 3 | |
Registration fees | 48 | |
Audit | 69 | |
Legal | 3 | |
Miscellaneous | 184 | |
Total expenses before reductions | 10,582 | |
Expense reductions | (395) | 10,187 |
Net investment income (loss) | | 462 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $720) | 107,127 | |
Other affiliated issuers | 94 | |
Foreign currency transactions | (154) | |
Total net realized gain (loss) | | 107,067 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $621) | (370,555) | |
Assets and liabilities in foreign currencies | (115) | |
Total change in net unrealized appreciation (depreciation) | | (370,670) |
Net gain (loss) | | (263,603) |
Net increase (decrease) in net assets resulting from operations | | $ (263,141) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30,
2008 | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 462 | $ 7,040 |
Net realized gain (loss) | 107,067 | 289,903 |
Change in net unrealized appreciation (depreciation) | (370,670) | 201,775 |
Net increase (decrease) in net assets resulting
from operations | (263,141) | 498,718 |
Distributions to shareholders from net investment income | (6,293) | (3,787) |
Distributions to shareholders from net realized gain | (288,048) | (351,004) |
Total distributions | (294,341) | (354,791) |
Share transactions - net increase (decrease) | 55,832 | (298,912) |
Redemption fees | 97 | 245 |
Total increase (decrease) in net assets | (501,553) | (154,740) |
| | |
Net Assets | | |
Beginning of period | 1,781,741 | 1,936,481 |
End of period (including undistributed net investment income of $574 and undistributed net investment income of $7,171, respectively) | $ 1,280,188 | $ 1,781,741 |
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, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 31.14 | $ 28.79 | $ 26.69 | $ 21.25 | $ 17.69 | $ 12.35 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.01) | .03 | (.02) | .05 | .02 | .02 H |
Net realized and unrealized gain (loss) | (4.15) | 7.97 | 5.05 | 6.16 | 3.83 | 5.30 |
Total from investment operations | (4.16) | 8.00 | 5.03 | 6.21 | 3.85 | 5.32 |
Distributions from net investment income | (.03) | - | (.05) | (.02) | (.02) | - |
Distributions from net realized gain | (5.18) | (5.65) | (2.89) | (.77) | (.31) | - |
Total distributions | (5.20) L | (5.65) | (2.94) | (.79) | (.33) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 21.78 | $ 31.14 | $ 28.79 | $ 26.69 | $ 21.25 | $ 17.69 |
Total Return B,C,D | (14.70)% | 33.43% | 20.22% | 30.16% | 22.36% | 43.24% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 1.80% A | 1.53% | 1.64% | 1.66% | 1.71% | 1.77% A |
Expenses net of fee waivers, if any | 1.65% A | 1.53% | 1.64% | 1.66% | 1.71% | 1.77% A |
Expenses net of all reductions | 1.60% A | 1.49% | 1.58% | 1.63% | 1.69% | 1.74% A |
Net investment income (loss) | (.09)% A | .10% | (.08) % | .21% | .09% | .28% A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 27 | $ 39 | $ 37 | $ 35 | $ 13 | $ 5 |
Portfolio turnover rate G | 99% A | 70% | 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. L Total distributions of $5.202 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $5.176 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, | Years ended October 31, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 30.96 | $ 28.64 | $ 26.57 | $ 21.20 | $ 17.68 | $ 12.35 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.04) | (.04) | (.09) | (.01) | (.03) | - H,K |
Net realized and unrealized gain (loss) | (4.13) | 7.93 | 5.03 | 6.12 | 3.83 | 5.31 |
Total from investment operations | (4.17) | 7.89 | 4.94 | 6.11 | 3.80 | 5.31 |
Distributions from net investment income | - | - | - | - | (.01) | - |
Distributions from net realized gain | (5.12) | (5.57) | (2.88) | (.76) | (.31) | - |
Total distributions | (5.12) L | (5.57) | (2.88) | (.76) | (.32) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 21.67 | $ 30.96 | $ 28.64 | $ 26.57 | $ 21.20 | $ 17.68 |
Total Return B,C,D | (14.81)% | 33.07% | 19.93% | 29.72% | 22.07% | 43.16% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 2.05% A | 1.77% | 1.89% | 1.92% | 1.94% | 2.12% A |
Expenses net of fee waivers, if any | 1.90% A | 1.77% | 1.89% | 1.91% | 1.94% | 2.12% A |
Expenses net of all reductions | 1.86% A | 1.73% | 1.83% | 1.88% | 1.92% | 2.09% A |
Net investment income (loss) | (.34)% A | (.14)% | (.32)% | (.04)% | (.14)% | (.07)% A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 30 | $ 41 | $ 42 | $ 42 | $ 15 | $ 4 |
Portfolio turnover rate G | 99% A | 70% | 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. L Total distributions of $5.123 per share is comprised of distributions from net realized gain of $5.123 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, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 30.49 | $ 28.26 | $ 26.24 | $ 20.99 | $ 17.62 | $ 12.35 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.09) | (.18) | (.24) | (.14) | (.16) | (.05) H |
Net realized and unrealized gain (loss) | (4.08) | 7.82 | 4.98 | 6.08 | 3.80 | 5.30 |
Total from investment operations | (4.17) | 7.64 | 4.74 | 5.94 | 3.64 | 5.25 |
Distributions from net realized gain | (4.95) L | (5.41) | (2.73) | (.71) | (.31) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 21.37 | $ 30.49 | $ 28.26 | $ 26.24 | $ 20.99 | $ 17.62 |
Total Return B,C,D | (15.04)% | 32.38% | 19.28% | 29.13% | 21.21% | 42.67% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 2.55% A | 2.30% | 2.48% | 2.49% | 2.63% | 2.76% A |
Expenses net of fee waivers, if any | 2.40% A | 2.30% | 2.40% | 2.43% | 2.63% | 2.76% A |
Expenses net of all reductions | 2.36% A | 2.26% | 2.34% | 2.40% | 2.60% | 2.73% A |
Net investment income (loss) | (.84)% A | (.66)% | (.84)% | (.56)% | (.83)% | (.71)% A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 7 | $ 11 | $ 11 | $ 13 | $ 5 | $ 1 |
Portfolio turnover rate G | 99% A | 70% | 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. L Total distributions of $4.949 per share is comprised of distributions from net realized gain of $4.949 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, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 30.62 | $ 28.33 | $ 26.31 | $ 21.04 | $ 17.64 | $ 12.35 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.09) | (.17) | (.23) | (.13) | (.12) | (.04) H |
Net realized and unrealized gain (loss) | (4.09) | 7.85 | 4.99 | 6.10 | 3.80 | 5.31 |
Total from investment operations | (4.18) | 7.68 | 4.76 | 5.97 | 3.68 | 5.27 |
Distributions from net investment income | - | - | - | - | (.01) | - |
Distributions from net realized gain | (4.98) | (5.39) | (2.75) | (.72) | (.31) | - |
Total distributions | (4.98) L | (5.39) | (2.75) | (.72) | (.32) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 21.46 | $ 30.62 | $ 28.33 | $ 26.31 | $ 21.04 | $ 17.64 |
Total Return B,C,D | (15.03)% | 32.39% | 19.34% | 29.22% | 21.43% | 42.83% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 2.54% A | 2.26% | 2.38% | 2.41% | 2.43% | 2.57% A |
Expenses net of fee waivers, if any | 2.40% A | 2.26% | 2.38% | 2.41% | 2.43% | 2.57% A |
Expenses net of all reductions | 2.36% A | 2.22% | 2.32% | 2.38% | 2.40% | 2.55% A |
Net investment income (loss) | (.84)% A | (.62)% | (.81)% | (.54)% | (.62)% | (.52)% A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 15 | $ 20 | $ 21 | $ 25 | $ 9 | $ 1 |
Portfolio turnover rate G | 99% A | 70% | 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. L Total distributions of $4.975 per share is comprised of distributions from net realized gain of $4.975 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, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 31.44 | $ 29.03 | $ 26.89 | $ 21.36 | $ 17.71 | $ 9.87 |
Income from Investment
Operations | | | | | |
Net investment income (loss) D | .01 | .12 | .08 | .15 | .10 | .07 G |
Net realized and unrealized gain (loss) | (4.18) | 8.03 | 5.08 | 6.19 | 3.84 | 7.75 |
Total from investment operations | (4.17) | 8.15 | 5.16 | 6.34 | 3.94 | 7.82 |
Distributions from net investment income | (.12) | (.07) | (.14) | (.06) | (.02) | - |
Distributions from net realized gain | (5.18) | (5.67) | (2.89) | (.77) | (.31) | (.02) |
Total distributions | (5.30) J | (5.74) | (3.03) | (.83) | (.33) | (.02) |
Redemption fees added to paid in capital D | - I | - I | .01 | .02 | .04 | .04 |
Net asset value, end of period | $ 21.97 | $ 31.44 | $ 29.03 | $ 26.89 | $ 21.36 | $ 17.71 |
Total Return B,C | (14.62)% | 33.82% | 20.65% | 30.67% | 22.84% | 79.78% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.47% A | 1.19% | 1.28% | 1.28% | 1.30% | 1.54% |
Expenses net of fee waivers, if any | 1.47% A | 1.19% | 1.28% | 1.28% | 1.30% | 1.54% |
Expenses net of all reductions | 1.42% A | 1.15% | 1.22% | 1.25% | 1.28% | 1.51% |
Net investment income (loss) | .10% A | .45% | .29% | .59% | .50% | .46% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 1,196 | $ 1,664 | $ 1,816 | $ 2,090 | $ 1,091 | $ 547 |
Portfolio turnover rate F | 99% A | 70% | 84% | 79% | 77% | 84% |
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. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $5.296 per share is comprised of distributions from net investment income of $.120 and distributions from net realized gain of $5.176 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, | Years ended October 31, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 31.38 | $ 28.99 | $ 26.86 | $ 21.36 | $ 17.72 | $ 12.35 |
Income from Investment
Operations | | | | | |
Net investment income (loss)D | .02 | .12 | .08 | .14 | .10 | .04G |
Net realized and unrealized gain (loss) | (4.17) | 8.01 | 5.07 | 6.18 | 3.84 | 5.31 |
Total from investment operations | (4.15) | 8.13 | 5.15 | 6.32 | 3.94 | 5.35 |
Distributions from net investment income | (.12) | (.07) | (.14) | (.07) | (.03) | - |
Distributions from net realized gain | (5.18) | (5.67) | (2.89) | (.77) | (.31) | - |
Total distributions | (5.30)K | (5.74) | (3.03) | (.84) | (.34) | - |
Redemption fees added to paid in capitalD | -J | -J | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 21.93 | $ 31.38 | $ 28.99 | $ 26.86 | $ 21.36 | $ 17.72 |
Total ReturnB,C | (14.58)% | 33.84% | 20.65% | 30.59% | 22.84% | 43.48% |
Ratios to Average Net AssetsE,I | | | | | |
Expenses before reductions | 1.46%A | 1.18% | 1.29% | 1.30% | 1.32% | 1.51%A |
Expenses net of fee waivers, if any | 1.40%A | 1.18% | 1.29% | 1.30% | 1.32% | 1.51%A |
Expenses net of all reductions | 1.36%A | 1.14% | 1.23% | 1.27% | 1.29% | 1.48%A |
Net investment income (loss) | .16%A | .45% | .28% | .57% | .49% | .54%A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 5 | $ 8 | $ 9 | $ 7 | $ 3 | $ .4 |
Portfolio turnover rateF | 99%A | 70% | 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. KTotal distributions of $5.296 per share is comprised of distributions from net investment income of $.120 and distributions from net realized gain of $5.176 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2008
(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 trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, International Small Cap, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
could differ from those estimates. 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 available 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.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV 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 distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized
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
tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) 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 | $ 249,108 | |
Unrealized depreciation | (170,684) | |
Net unrealized appreciation (depreciation) | $ 78,424 | |
Cost for federal income tax purposes | $ 1,262,518 | |
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 Pronouncement. 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 results in expanded disclosures about fair value measurements.
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 $679,987 and $904,992, 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 1.12% 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% | $ 38 | $ 2 |
Class T | .25% | .25% | 81 | 1 |
Class B | .75% | .25% | 42 | 32 |
Class C | .75% | .25% | 79 | 3 |
| | | $ 240 | $ 38 |
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 | $ 1 |
Class T | 1 |
Class B* | 5 |
Class C* | - |
| $ 7 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008, Fidelity Service
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
Company, Inc. (FSC) also an affiliate of FMR was the transfer agent for International Small Cap shares. For the period, each class paid the following transfer agent fees.
| Amount | % of
Average
Net Assets* |
Class A | $ 46 | .30 |
Class T | 49 | .30 |
Class B | 13 | .31 |
Class C | 23 | .29 |
International Small Cap | 1,434 | .22 |
Institutional Class | 6 | .21 |
| $ 1,571 | |
* 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 $1 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
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
8. Security Lending - continued
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 A | 1.65% | $ 23 |
Class T | 1.90% | 24 |
Class B | 2.40% | 6 |
Class C | 2.40% | 11 |
Institutional Class | 1.40% | 2 |
| | $ 66 |
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 $320 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 | $ 9 |
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.
Semiannual Report
10. Other - continued
In December 2006, the Independent Trustees, with the assistance of independent counsel, completed an investigation regarding gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during the period 2002 to 2004. The Independent Trustees and FMR agreed 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 was worthy of redress. Accordingly, the Independent Trustees requested, and FMR agreed to make, a payment of $42 million plus accrued interest, which equaled approximately $7.3 million, to certain Fidelity mutual funds.
In March 2008, the Trustees approved a method for allocating this payment among the funds and, in total, FMR paid the fund $1, which is recorded in the accompanying Statement of Operations.
In a related administrative order dated March 5, 2008, the U.S. Securities and Exchange Commission ("SEC") announced a settlement with FMR and FMR Co., Inc. (an affiliate of FMR) involving the SEC's regulatory rules for investment advisers and the improper receipt of gifts, gratuities and business entertainment. Without admitting or denying the SEC's findings, FMR agreed to pay an $8 million civil penalty to the United States Treasury.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2008 | Year ended
October 31,
2007 |
From net investment income | | |
Class A | $ 32 | $ - |
International Small Cap | 6,232 | 3,765 |
Institutional Class | 29 | 22 |
Total | $ 6,293 | $ 3,787 |
From net realized gain | | |
Class A | $ 6,370 | $ 6,864 |
Class T | 6,691 | 7,706 |
Class B | 1,698 | 2,092 |
Class C | 3,225 | 3,882 |
International Small Cap | 268,816 | 328,782 |
Institutional Class | 1,248 | 1,678 |
Total | $ 288,048 | $ 351,004 |
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,
2008 | Year ended
October 31, 2007 | Six months ended
April 30,
2008 | Year ended
October 31, 2007 |
Class A | | | | |
Shares sold | 160 | 268 | $ 3,634 | $ 7,316 |
Reinvestment of distributions | 250 | 252 | 5,922 | 6,096 |
Shares redeemed | (393) | (556) | (8,565) | (14,980) |
Net increase (decrease) | 17 | (36) | $ 991 | $ (1,568) |
Class T | | | | |
Shares sold | 115 | 226 | $ 2,617 | $ 6,120 |
Reinvestment of distributions | 267 | 297 | 6,298 | 7,166 |
Shares redeemed | (314) | (671) | (6,952) | (17,855) |
Net increase (decrease) | 68 | (148) | $ 1,963 | $ (4,569) |
Class B | | | | |
Shares sold | 8 | 19 | $ 173 | $ 519 |
Reinvestment of distributions | 66 | 79 | 1,550 | 1,892 |
Shares redeemed | (77) | (149) | (1,690) | (3,957) |
Net increase (decrease) | (3) | (51) | $ 33 | $ (1,546) |
Class C | | | | |
Shares sold | 34 | 56 | $ 760 | $ 1,462 |
Reinvestment of distributions | 110 | 124 | 2,588 | 2,967 |
Shares redeemed | (121) | (277) | (2,621) | (7,298) |
Net increase (decrease) | 23 | (97) | $ 727 | $ (2,869) |
International Small Cap | | | | |
Shares sold | 3,979 | 7,028 | $ 92,050 | $ 194,115 |
Reinvestment of distributions | 10,463 | 12,767 | 249,850 | 311,000 |
Shares redeemed | (12,940) | (29,445) | (289,698) | (791,655) |
Net increase (decrease) | 1,502 | (9,650) | $ 52,202 | $ (286,540) |
Institutional Class | | | | |
Shares sold | 44 | 47 | $ 995 | $ 1,226 |
Reinvestment of distributions | 31 | 39 | 750 | 938 |
Shares redeemed | (82) | (150) | (1,829) | (3,984) |
Net increase (decrease) | (7) | (64) | $ (84) | $ (1,820) |
Semiannual Report
To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Small Cap Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of April 30, 2008, 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, 2008 and for the year ended October 31, 2007, and the financial highlights for the six months ended and for each of the five years in the period ended. 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, 2008, 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, 2008, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2008 and for the year ended October 31, 2007, and the financial highlights for the six months ended and for each of the five years in the period ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 18, 2008
Semiannual Report
A special meeting of the fund's shareholders was held on December 13, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.A |
| # of
Votes | % of
Votes |
Affirmative | 45,014,793,255.82 | 80.372 |
Against | 6,871,112,667.08 | 12.268 |
Abstain | 2,163,456,438.02 | 3.863 |
Broker
Non-Votes | 1,958,633,563.89 | 3.497 |
TOTAL | 56,007,995,924.81 | 100.000 |
PROPOSAL 2 |
To elect the nominees specified below as Trustees.A |
James C. Curvey |
Affirmative | 53,384,952,361.03 | 95.317 |
Withheld | 2,623,043,563.78 | 4.683 |
TOTAL | 56,007,995,924.81 | 100.000 |
Dennis J. Dirks |
Affirmative | 53,595,104,608.67 | 95.692 |
Withheld | 2,412,891,316.14 | 4.308 |
TOTAL | 56,007,995,924.81 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 53,570,235,221.69 | 95.647 |
Withheld | 2,437,760,703.12 | 4.353 |
TOTAL | 56,007,995,924.81 | 100.000 |
George H. Heilmeier |
Affirmative | 53,166,350,588.50 | 94.926 |
Withheld | 2,841,645,336.31 | 5.074 |
TOTAL | 56,007,995,924.81 | 100.000 |
| # of
Votes | % of
Votes |
Edward C. Johnson 3d |
Affirmative | 53,230,508,654.93 | 95.041 |
Withheld | 2,777,487,269.88 | 4.959 |
TOTAL | 56,007,995,924.81 | 100.000 |
James H. Keyes |
Affirmative | 53,549,161,456.52 | 95.610 |
Withheld | 2,458,834,468.29 | 4.390 |
TOTAL | 56,007,995,924.81 | 100.000 |
Marie L. Knowles |
Affirmative | 53,543,925,066.86 | 95.601 |
Withheld | 2,464,070,857.95 | 4.399 |
TOTAL | 56,007,995,924.81 | 100.000 |
Ned C. Lautenbach |
Affirmative | 53,547,116,322.50 | 95.606 |
Withheld | 2,460,879,602.31 | 4.394 |
TOTAL | 56,007,995,924.81 | 100.000 |
Cornelia M. Small |
Affirmative | 53,564,793,514.25 | 95.638 |
Withheld | 2,443,202,410.56 | 4.362 |
TOTAL | 56,007,995,924.81 | 100.000 |
William S. Stavropoulos |
Affirmative | 53,426,544,502.76 | 95.391 |
Withheld | 2,581,451,422.05 | 4.609 |
TOTAL | 56,007,995,924.81 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 53,229,881,790.63 | 95.040 |
Withheld | 2,778,114,134.18 | 4.960 |
TOTAL | 56,007,995,924.81 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
| # of
Votes | % of
Votes |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Managing Your Investments
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Semiannual Report
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Semiannual Report
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Fidelity Advisor
International Small Cap
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2008
Class A, Class T, Class B, and Class C are classes of Fidelity®
International Small Cap Fund
(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> | |
Proxy Voting Results | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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, 2007 to April 30, 2008).
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, 2007 | Ending
Account Value
April 30, 2008 | Expenses Paid
During Period*
November 1, 2007 to
April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 853.00 | $ 7.60 |
HypotheticalA | $ 1,000.00 | $ 1,016.66 | $ 8.27 |
Class T | | | |
Actual | $ 1,000.00 | $ 851.90 | $ 8.75 |
HypotheticalA | $ 1,000.00 | $ 1,015.42 | $ 9.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 849.60 | $ 11.04 |
HypotheticalA | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Class C | | | |
Actual | $ 1,000.00 | $ 849.70 | $ 11.04 |
HypotheticalA | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
International Small Cap | | | |
Actual | $ 1,000.00 | $ 853.80 | $ 6.78 |
HypotheticalA | $ 1,000.00 | $ 1,017.55 | $ 7.37 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 854.20 | $ 6.45 |
HypotheticalA | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.65% |
Class T | 1.90% |
Class B | 2.40% |
Class C | 2.40% |
International Small Cap | 1.47% |
Institutional Class | 1.40% |
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Japan 29.8% | |
| United Kingdom 17.0% | |
| Australia 10.5% | |
| United States of America 7.3% | |
| Canada 3.8% | |
| Germany 3.2% | |
| France 2.8% | |
| Sweden 2.4% | |
| Bermuda 2.3% | |
| Other 20.9% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| Japan 27.2% | |
| United Kingdom 15.0% | |
| Australia 13.1% | |
| United States of America 6.2% | |
| Canada 4.5% | |
| France 3.9% | |
| Germany 2.9% | |
| Italy 2.9% | |
| Norway 2.2% | |
| Other 22.1% | |
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 | 95.0 | 95.8 |
Bonds | 0.4 | 0.3 |
Short-Term Investments and Net Other Assets | 4.6 | 3.9 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Phorm, Inc. (United States of America, Media) | 1.5 | 1.6 |
NDS Group PLC sponsored ADR (United Kingdom, Software) | 1.4 | 0.9 |
Sylvania Resources Ltd. (Australia, Metals & Mining) | 1.4 | 1.4 |
Israel Chemicals Ltd. (Israel, Chemicals) | 1.4 | 0.4 |
Money Partners Co. Ltd. (Japan, Diversified Financial Services) | 1.3 | 0.6 |
Sarantis SA (Reg.) (Greece, Personal Products) | 1.2 | 1.2 |
Actelion Ltd. (Reg.) (Switzerland, Biotechnology) | 1.1 | 0.2 |
Vilmorin & Cie (France, Food Products) | 1.1 | 0.6 |
Modern Times Group MTG AB (B Shares) (Sweden, Media) | 1.1 | 0.8 |
Nippon Seiki Co. Ltd. (Japan, Auto Components) | 1.1 | 1.0 |
| 12.6 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Materials | 19.4 | 18.0 |
Consumer Discretionary | 17.0 | 15.9 |
Industrials | 14.9 | 22.5 |
Information Technology | 12.1 | 8.9 |
Health Care | 8.8 | 4.6 |
Energy | 8.3 | 8.6 |
Financials | 7.2 | 8.7 |
Consumer Staples | 6.9 | 4.0 |
Telecommunication Services | 0.5 | 0.5 |
Utilities | 0.3 | 4.4 |
Semiannual Report
Investments April 30, 2008
Showing Percentage of Net Assets
Common Stocks - 95.0% |
| Shares | | Value (000s) |
Australia - 10.5% |
Allied Gold Ltd. (a) | 18,649,109 | | $ 12,138 |
Allied Gold Ltd. (United Kingdom) (a) | 461,700 | | 303 |
Ausenco Ltd. | 741,006 | | 11,029 |
Capital-XX Ltd. (a)(e) | 3,379,072 | | 1,444 |
Centamin Egypt Ltd. (a) | 1,905,015 | | 2,519 |
Centennial Coal Co. Ltd. (d) | 337,046 | | 1,434 |
Coal of Africa Ltd. (a) | 3,847,700 | | 11,131 |
Dwyka Resources Ltd. (a) | 5,235,220 | | 3,019 |
Dyno Nobel Ltd. | 1,001,342 | | 2,767 |
Energy Resources of Australia Ltd. | 91,775 | | 1,688 |
European Gas Ltd. (a) | 2,021,976 | | 1,182 |
Gloucester Coal Ltd. | 89,552 | | 831 |
Incitec Pivot Ltd. | 74,333 | | 11,344 |
International Ferro Metals (a) | 3,178,021 | | 9,415 |
Investika Ltd. (a) | 240,000 | | 543 |
MacArthur Coal Ltd. (d) | 105,906 | | 1,709 |
Meo Australia Ltd. (a) | 9,149,454 | | 2,028 |
Metcash Ltd. | 526,327 | | 2,095 |
Mineral Securities Ltd. CDI (a) | 959,371 | | 1,077 |
Monto Minerals Ltd. (a) | 8,206,552 | | 1,346 |
Monto Minerals Ltd. warrants 5/25/09 (a) | 1,485,934 | | 0 |
Mount Gibson Iron Ltd. (a) | 2,866,526 | | 7,922 |
Navitas Ltd. | 517,696 | | 950 |
Northern Iron Ltd. | 749,720 | | 2,730 |
Phosphagenics Ltd. (a) | 8,980,865 | | 1,482 |
Seek Ltd. (d) | 530,878 | | 2,504 |
Straits Resources Ltd. | 270,278 | | 1,739 |
Sylvania Resources Ltd. (a) | 8,420,951 | | 18,110 |
Sylvania Resources Ltd. (United Kingdom) (a) | 1,966,745 | | 4,282 |
Tanami Gold NL (a) | 10,577,816 | | 788 |
Tassal Group Ltd. | 2,501,317 | | 6,441 |
Tianshan Goldfields Ltd. (a) | 64,239 | | 22 |
WorleyParsons Ltd. | 52,378 | | 1,917 |
Wotif.com Holdings Ltd. | 1,442,182 | | 6,081 |
TOTAL AUSTRALIA | | 134,010 |
Belgium - 0.3% |
Hansen Transmission International NV | 808,800 | | 3,538 |
Bermuda - 2.3% |
Aquarius Platinum Ltd.: | | | |
(Australia) | 390,057 | | 6,233 |
(United Kingdom) | 263,600 | | 4,154 |
Common Stocks - continued |
| Shares | | Value (000s) |
Bermuda - continued |
Ports Design Ltd. | 577,500 | | $ 1,860 |
PureCircle Ltd. | 500,000 | | 1,804 |
Seadrill Ltd. | 280,400 | | 8,539 |
Tanzanite One Ltd. (e) | 5,808,701 | | 5,486 |
Trefoil Ltd. (a) | 385,100 | | 1,778 |
TOTAL BERMUDA | | 29,854 |
British Virgin Islands - 0.6% |
Albidon Ltd. unit (a) | 1,469,000 | | 5,476 |
Kalahari Energy (f) | 1,451,000 | | 1,814 |
TOTAL BRITISH VIRGIN ISLANDS | | 7,290 |
Canada - 3.4% |
AirSea Lines (f) | 1,893,338 | | 1,478 |
AirSea Lines warrants 8/4/11 (a)(f) | 1,862,300 | | 0 |
Aquiline Resources, Inc. (a) | 316,700 | | 2,418 |
Artumas Group, Inc. (a) | 220,000 | | 1,081 |
Bankers Petroleum Ltd. (a) | 2,779,970 | | 4,306 |
Equinox Minerals Ltd. unit (a) | 332,015 | | 1,578 |
European Goldfields Ltd. (a) | 1,089,500 | | 5,907 |
Red Back Mining, Inc. (a) | 807,200 | | 4,929 |
Rock Well Petroleum, Inc. (f) | 770,400 | | 3,501 |
Sino-Forest Corp. (a) | 53,900 | | 816 |
Starfield Resources, Inc. (a) | 4,328,075 | | 3,739 |
Visual Defence, Inc. (a)(e) | 4,664,100 | | 1,275 |
Western Canadian Coal Corp. (a) | 2,369,818 | | 10,001 |
Western Canadian Coal Corp. (United Kingdom) (a) | 548,286 | | 2,317 |
TOTAL CANADA | | 43,346 |
Cayman Islands - 1.1% |
Ctrip.com International Ltd. sponsored ADR | 35,200 | | 2,185 |
International Consolidated Minerals, Inc. (a) | 852,927 | | 4,579 |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 19,700 | | 1,479 |
New World Department Store China Ltd. | 2,150,000 | | 2,348 |
TCC International Holdings Ltd. (a) | 3,748,000 | | 3,381 |
TOTAL CAYMAN ISLANDS | | 13,972 |
China - 0.6% |
Baidu.com, Inc. sponsored ADR (a) | 4,600 | | 1,682 |
Focus Media Holding Ltd. ADR (a) | 50,400 | | 1,859 |
Common Stocks - continued |
| Shares | | Value (000s) |
China - continued |
Sina Corp. (a) | 73,700 | | $ 3,405 |
Yantai Changyu Pioneer Wine Co. (B Shares) | 139,110 | | 966 |
TOTAL CHINA | | 7,912 |
Cyprus - 0.3% |
Buried Hill Energy (Cyprus) PCL (f) | 1,947,000 | | 2,142 |
Mirland Development Corp. PLC (a) | 238,500 | | 2,181 |
TOTAL CYPRUS | | 4,323 |
Denmark - 0.4% |
Vestas Wind Systems AS (a) | 45,350 | | 4,972 |
Finland - 1.2% |
Inion OY (a) | 3,590,300 | | 1,606 |
Metso Corp. | 84,700 | | 3,676 |
Nokian Tyres Ltd. (d) | 251,040 | | 10,711 |
TOTAL FINLAND | | 15,993 |
France - 2.8% |
Altamir Amboise | 230,000 | | 2,585 |
April Group (d) | 21,000 | | 1,121 |
Audika SA | 22,987 | | 1,195 |
Boursorama (a) | 177,000 | | 2,023 |
Carbone Lorraine | 1,186 | | 66 |
Delachaux SA | 2,500 | | 235 |
Devoteam SA | 10,400 | | 344 |
Guerbet SA | 6,164 | | 1,097 |
Laurent-Perrier Group | 25,660 | | 3,722 |
LeGuide.com SA (a) | 21,069 | | 543 |
Meetic (a) | 42,829 | | 1,143 |
SeLoger.com (a) | 147,000 | | 6,884 |
SR Teleperformance SA | 29,000 | | 1,200 |
Vilmorin & Cie | 75,310 | | 14,089 |
TOTAL FRANCE | | 36,247 |
Germany - 3.2% |
Delticom AG | 53,200 | | 3,280 |
Freenet AG | 68,500 | | 1,170 |
Fresenius Medical Care AG | 130,010 | | 6,919 |
Gerresheimer AG | 103,000 | | 5,758 |
Interhyp AG | 31,130 | | 2,189 |
Kontron AG | 76,220 | | 1,242 |
Q-Cells AG (a) | 51,000 | | 5,972 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
Rational AG | 6,277 | | $ 1,392 |
United Internet AG | 112,500 | | 2,418 |
Vossloh AG | 43,100 | | 6,253 |
Wacker Construction Equipment AG | 45,000 | | 898 |
Wirecard AG | 157,300 | | 3,315 |
TOTAL GERMANY | | 40,806 |
Greece - 2.0% |
Babis Vovos International Technical SA (a) | 43,000 | | 1,309 |
Fourlis Holdings SA | 110,000 | | 3,486 |
Hellenic Technodomiki Tev SA | 193,260 | | 2,414 |
Jumbo SA | 95,700 | | 2,836 |
Sarantis SA (Reg.) | 879,168 | | 15,207 |
TOTAL GREECE | | 25,252 |
Hong Kong - 1.1% |
Esprit Holdings Ltd. | 332,300 | | 4,089 |
Li & Fung Ltd. | 1,040,000 | | 4,304 |
Wing Hang Bank Ltd. | 67,000 | | 898 |
Wing Lung Bank Ltd. | 285,300 | | 5,144 |
TOTAL HONG KONG | | 14,435 |
India - 0.3% |
Educomp Solutions Ltd. | 23,036 | | 2,283 |
Sesa Goa Ltd. | 16,366 | | 1,706 |
TOTAL INDIA | | 3,989 |
Indonesia - 0.5% |
PT Bumi Resources Tbk | 3,817,500 | | 2,753 |
PT Tambang Batubbara Bukit Asam Tbk | 1,045,000 | | 1,201 |
PT United Tractors Tbk | 1,671,500 | | 2,184 |
TOTAL INDONESIA | | 6,138 |
Ireland - 0.9% |
Adwalker PLC (a) | 9,125,000 | | 340 |
Kenmare Resources PLC (a) | 3,165,500 | | 3,194 |
Kenmare Resources PLC warrants 7/23/09 (a) | 1,712,500 | | 1,081 |
Paddy Power PLC (Ireland) | 152,800 | | 5,343 |
Petroceltic International PLC (a) | 13,644,934 | | 1,877 |
Vimio PLC (a) | 867,300 | | 24 |
TOTAL IRELAND | | 11,859 |
Common Stocks - continued |
| Shares | | Value (000s) |
Israel - 1.4% |
Israel Chemicals Ltd. | 975,505 | | $ 17,959 |
Italy - 0.7% |
Amplifon SpA | 100,000 | | 341 |
Seldovia Native Association, Inc. (SNAI) (a)(d) | 1,291,190 | | 7,319 |
Teleunit SpA (a)(e) | 12,719,158 | | 759 |
TOTAL ITALY | | 8,419 |
Japan - 29.8% |
ABC-Mart, Inc. | 75,000 | | 1,941 |
Access Co. Ltd. | 625 | | 534 |
Ahresty Corp. | 93,500 | | 1,365 |
Ai Holdings Corp. | 284,000 | | 1,547 |
Airport Facilities Co. Ltd. | 93,800 | | 635 |
Alpen Co. Ltd. | 71,600 | | 1,175 |
Apamanshop Holdings Co. Ltd. (d) | 29,384 | | 6,629 |
Atrium Co. Ltd. (d) | 27,400 | | 422 |
C. Uyemura & Co. Ltd. | 62,600 | | 2,407 |
Chiba Bank Ltd. | 339,000 | | 2,679 |
Chugoku Marine Paints Ltd. (d) | 179,000 | | 1,372 |
CMIC Co. Ltd. | 5,090 | | 1,778 |
Create SD Co. Ltd. | 57,800 | | 1,274 |
CyberAgent, Inc. (d) | 1,313 | | 1,546 |
Daicel Chemical Industries Ltd. | 205,000 | | 1,212 |
Daido Steel Co. Ltd. | 269,000 | | 1,498 |
Daikin Industries Ltd. | 21,300 | | 1,066 |
Daikokutenbussan Co. Ltd. | 2,300 | | 17 |
Dainippon Screen Manufacturing Co. Ltd. | 358,000 | | 1,554 |
Daiseki Co. Ltd. (d) | 24,530 | | 741 |
Daito Gyorui Co. Ltd. | 381,000 | | 605 |
Denyo Co. Ltd. | 72,900 | | 702 |
Don Quijote Co. Ltd. (d) | 134,500 | | 2,459 |
EPS Co. Ltd. | 1,354 | | 6,477 |
F&M Co. Ltd. | 2,103 | | 525 |
FamilyMart Co. Ltd. | 156,000 | | 5,478 |
FCM Co. Ltd. | 12,500 | | 329 |
FreeBit Co., Ltd. | 650 | | 3,862 |
Fujitsu Component Ltd. (a) | 650 | | 725 |
Furuno Electric Co. Ltd. | 125,400 | | 1,180 |
Futaba Industrial Co. Ltd. | 53,300 | | 1,219 |
Geo Co. Ltd. (d) | 772 | | 645 |
Green Hospital Supply, Inc. | 804 | | 384 |
H-One Co. Ltd. | 21,800 | | 183 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Harakosan Co. Ltd. (d) | 5,003 | | $ 7,802 |
Harmonic Drive Systems, Inc. | 826 | | 3,180 |
Hikari Tsushin, Inc. | 285,800 | | 10,497 |
Hisaka Works Ltd. (d) | 166,000 | | 2,531 |
Hisamitsu Pharmaceutical Co., Inc. | 62,800 | | 2,359 |
Hitachi Construction Machinery Co. Ltd. | 71,600 | | 2,261 |
Hitachi Metals Ltd. | 60,000 | | 901 |
Hokuto Corp. | 363,800 | | 7,752 |
Hosiden Corp. (d) | 103,800 | | 2,107 |
Ichirokudo Co. Ltd. (a) | 1,165 | | 903 |
Ichiyoshi Securities Co. Ltd. (d) | 141,400 | | 1,545 |
IDU Co. (d) | 413 | | 212 |
Inpex Holdings, Inc. | 890 | | 9,987 |
Itochu Corp. | 557,000 | | 5,833 |
Japan Steel Works Ltd. | 105,000 | | 1,942 |
Japan Vilene Co. Ltd. (d) | 194,000 | | 790 |
Jastec Co. Ltd. | 574,500 | | 4,134 |
Juroku Bank Ltd. | 149,000 | | 877 |
K'S Denki Corp. | 150,500 | | 3,136 |
Kakaku.com, Inc. | 245 | | 1,270 |
Koha Co. Ltd. | 51,500 | | 497 |
Komori Corp. | 154,000 | | 3,047 |
Konica Minolta Holdings, Inc. | 112,500 | | 1,695 |
Kura Corp. Ltd. | 5,100 | | 13,027 |
Kuraray Co. Ltd. | 150,500 | | 1,794 |
LAC Holdings, Inc. | 154,700 | | 478 |
Matsumotokiyoshi Holdings Co. Ltd. | 56,200 | | 1,178 |
MCJ Co. Ltd. | 4,956 | | 1,589 |
Meiko Electronics Co. Ltd. | 33,800 | | 922 |
Message Co. Ltd. | 1,644 | | 2,159 |
Micronics Japan Co. Ltd. | 127,200 | | 4,586 |
Mitsui O.S.K. Lines Ltd. | 158,000 | | 2,181 |
Mitsumi Electric Co. Ltd. | 31,900 | | 1,067 |
Miyano Machinery, Inc. | 429,000 | | 970 |
Money Partners Co. Ltd. (d) | 14,184 | | 16,014 |
Mori Seiki Co. Ltd. | 102,000 | | 1,883 |
Namco Bandai Holdings, Inc. | 675,200 | | 8,471 |
NIC Corp. | 290,400 | | 1,403 |
Nidec Corp. | 22,400 | | 1,692 |
Nihon Dempa Kogyo Co. Ltd. (d) | 329,800 | | 9,717 |
Nihon Kohden Corp. | 165,100 | | 3,296 |
Nihon Nohyaku Co. Ltd. (d) | 199,000 | | 1,746 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Nihon Trim Co. Ltd. (d) | 219,400 | | $ 5,345 |
Nihonwasou Holdings, Inc. | 782 | | 223 |
Nikon Corp. | 167,000 | | 4,825 |
Nippon Chemi-con Corp. (d) | 312,000 | | 1,245 |
Nippon Commercial Investment Corp. | 1,123 | | 4,503 |
Nippon Denko Co. Ltd. | 136,000 | | 1,637 |
Nippon Oil Corp. | 176,000 | | 1,213 |
Nippon Seiki Co. Ltd. | 935,000 | | 13,741 |
Nissha Printing Co. Ltd. | 39,200 | | 1,621 |
Nissin Kogyo Co. Ltd. | 609,700 | | 10,409 |
NOF Corp. | 101,000 | | 471 |
NSK Ltd. | 129,000 | | 1,075 |
NTN Corp. | 111,000 | | 854 |
Obara Corp. | 50 | | 1 |
Oiles Corp. | 148,040 | | 2,765 |
Orix Jreit, Inc. | 333 | | 1,986 |
Otsuka Corp. | 64,600 | | 4,964 |
Pigeon Corp. (d) | 87,700 | | 1,615 |
Produce Co. Ltd. (a)(d) | 1,632 | | 6,743 |
Rinnai Corp. (d) | 35,000 | | 1,124 |
Rohto Pharmaceutical Co. Ltd. | 658,000 | | 7,052 |
Round One Corp. | 371 | | 450 |
Ryobi Ltd. (d) | 301,000 | | 1,138 |
Sakata Seed Corp. | 8,900 | | 141 |
Sammy NetWorks Co. Ltd. | 1,015 | | 1,532 |
Sansha Electric Manufacturing Co. Ltd. | 54,000 | | 479 |
Sanyo Denki Co. Ltd. | 271,000 | | 1,247 |
Sato Corp. (d) | 634,900 | | 8,573 |
Sawada Holdings Co. Ltd. (a)(d) | 91,000 | | 560 |
Sec Carbon Ltd. | 132,000 | | 962 |
Sega Sammy Holdings, Inc. (d) | 180,000 | | 2,191 |
Seria Co. Ltd. | 482 | | 373 |
Shibaura Electronics Co. Ltd. (d) | 96,700 | | 1,267 |
Shimachu Co. Ltd. | 80,600 | | 2,218 |
Shin Nippon Biomedical Laboratories Ltd. (d) | 157,700 | | 2,719 |
Shin-Kobe Electric Machinery Co. Ltd. | 419,000 | | 2,422 |
Shinohara Systems of Construction Co. Ltd. | 1,206 | | 711 |
So-net M3, Inc. | 141 | | 568 |
Sojitz Corp. | 501,700 | | 1,932 |
SRI Sports Ltd. | 2,299 | | 3,118 |
Stanley Electric Co. Ltd. | 55,000 | | 1,401 |
Start Today Co. Ltd. (d) | 443 | | 1,580 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Stella Chemifa Corp. (d) | 31,900 | | $ 704 |
Sumitomo Corp. | 175,900 | | 2,368 |
Sunx Ltd. (d) | 284,400 | | 1,596 |
Sysmex Corp. | 67,400 | | 2,752 |
T&D Holdings, Inc. | 18,300 | | 1,172 |
Taiho Kogyo Co. Ltd. | 96,100 | | 1,223 |
Takano Co. Ltd. | 109,200 | | 1,036 |
Takara Holdings, Inc. | 324,000 | | 2,181 |
Takeei Corp. (d) | 92,200 | | 3,622 |
Takisawa Machine Tool Co. Ltd. | 524,000 | | 794 |
The Suruga Bank Ltd. | 196,000 | | 2,773 |
TMS Entertainment Ltd. | 152,000 | | 325 |
TOA Valve Holding, Inc. (d) | 352 | | 892 |
Tohcello Co. Ltd. | 149,000 | | 832 |
Toho Zinc Co. Ltd. | 272,000 | | 1,520 |
Tohoku Electric Power Co., Inc. | 46,300 | | 1,053 |
Tokai Carbon Co. Ltd. | 237,000 | | 2,483 |
Tokai Rubber Industries Ltd. | 83,700 | | 1,225 |
Tokyo Gas Co. Ltd. | 248,000 | | 953 |
Tokyo Seimitsu Co. Ltd. (d) | 60,100 | | 1,203 |
Toray Industries, Inc. | 125,000 | | 782 |
Toyo Suisan Kaisha Ltd. | 384,000 | | 6,824 |
Toyoda Gosei Co. Ltd. | 33,300 | | 1,217 |
Tsumura & Co. | 433,900 | | 10,501 |
Tyo, Inc. (d) | 235,000 | | 371 |
Ulvac, Inc. (d) | 28,500 | | 1,169 |
Unicom Group Holdings, Inc. | 20,500 | | 86 |
United Arrows Ltd. (d) | 104,500 | | 757 |
United Technology Holdings Co. Ltd. | 564 | | 691 |
VarioSecure Networks, Inc. (d) | 937 | | 1,091 |
Wacom Co. Ltd. (d) | 734 | | 1,479 |
Works Applications Co. Ltd. | 3,802 | | 4,320 |
Xebio Co. Ltd. | 129,100 | | 3,902 |
Yachiyo Industry Co. Ltd. | 119,200 | | 1,508 |
Yamada Denki Co. Ltd. | 14,710 | | 1,263 |
Yonkyu Co. Ltd. | 135,500 | | 635 |
TOTAL JAPAN | | 381,893 |
Korea (South) - 1.4% |
LG Household & Health Care Ltd. | 19,636 | | 4,061 |
MegaStudy Co. Ltd. | 11,483 | | 3,789 |
Common Stocks - continued |
| Shares | | Value (000s) |
Korea (South) - continued |
NHN Corp. (a) | 30,451 | | $ 7,072 |
Taewoong Co. Ltd. | 27,556 | | 2,900 |
TOTAL KOREA (SOUTH) | | 17,822 |
Malaysia - 0.3% |
KNM Group Bhd | 798,100 | | 1,617 |
Parkson Holdings Bhd (a) | 884,700 | | 1,960 |
TOTAL MALAYSIA | | 3,577 |
Netherlands - 1.0% |
Brunel International NV | 148,000 | | 3,565 |
Cryo-Save Group NV | 740,000 | | 2,832 |
Engel East Europe NV | 975,032 | | 1,153 |
InnoConcepts NV | 35,000 | | 594 |
QIAGEN NV (a) | 135,000 | | 3,037 |
SMARTRAC NV (a) | 54,600 | | 2,129 |
TOTAL NETHERLANDS | | 13,310 |
Norway - 1.0% |
IMAREX NOS ASA (a) | 4,475 | | 118 |
Norwegian Property ASA (d) | 451,590 | | 3,939 |
Pertra AS (A Shares) (a) | 175,642 | | 1,667 |
Revus Energy ASA (a) | 35,000 | | 562 |
Stepstone ASA (a) | 2,007,910 | | 6,706 |
TOTAL NORWAY | | 12,992 |
Papua New Guinea - 1.1% |
Lihir Gold Ltd. (a) | 1,900,789 | | 5,271 |
New Britain Palm Oil Ltd. | 5,528 | | 62 |
Oil Search Ltd. | 1,825,539 | | 8,179 |
TOTAL PAPUA NEW GUINEA | | 13,512 |
Philippines - 0.1% |
Alliance Global Group, Inc. (a) | 8,680,000 | | 802 |
Singapore - 0.8% |
Banyan Tree Holdings Ltd. | 478,000 | | 501 |
Parkway Holdings Ltd. | 628,300 | | 1,622 |
Raffles Medical Group Ltd. | 1,821,000 | | 1,732 |
Skywest Airlines Ltd. (e) | 14,719,299 | | 4,244 |
Straits Asia Resources Ltd. | 754,000 | | 1,835 |
TOTAL SINGAPORE | | 9,934 |
Common Stocks - continued |
| Shares | | Value (000s) |
South Africa - 0.4% |
African Rainbow Minerals Ltd. | 166,163 | | $ 5,648 |
Spain - 0.7% |
Grifols SA | 310,061 | | 8,688 |
Laboratorios Farmaceuticos ROVI SA | 32,151 | | 494 |
TOTAL SPAIN | | 9,182 |
Sweden - 2.4% |
Cision AB | 377,800 | | 1,249 |
Countermine Technologies AB (a) | 1,039,728 | | 451 |
Countermine Technologies AB warrants 3/1/10 (a) | 1,085,197 | | 271 |
Hexagon AB (B Shares) | 363,353 | | 6,614 |
Intrum Justitia AB | 133,500 | | 2,163 |
Meda AB (A Shares) (d) | 44,360 | | 530 |
Modern Times Group MTG AB (B Shares) | 189,310 | | 13,911 |
NeoNet AB | 668,050 | | 4,017 |
Q-Med AB | 233,400 | | 1,559 |
RNB Retail & Brands AB | 75,000 | | 328 |
TOTAL SWEDEN | | 31,093 |
Switzerland - 1.7% |
Actelion Ltd. (Reg.) (a) | 285,940 | | 14,485 |
Basilea Pharmaceutica AG (a) | 4,000 | | 583 |
Cytos Biotechnology AG (a) | 2,450 | | 154 |
EFG International | 79,880 | | 2,555 |
Temenos Group AG (a) | 155,000 | | 4,367 |
TOTAL SWITZERLAND | | 22,144 |
Taiwan - 0.7% |
Capital Securities Corp. | 709,000 | | 579 |
Cathay Real Estate Development Co. Ltd. | 1,292,000 | | 1,038 |
Hung Poo Real Estate Development Co. Ltd. | 642,000 | | 1,229 |
Sinyi Realty, Inc. | 721,837 | | 2,786 |
Taiwan Fertilizer Co. Ltd. | 681,000 | | 3,299 |
TOTAL TAIWAN | | 8,931 |
Thailand - 0.3% |
Banpu PCL unit | 266,100 | | 3,658 |
Total Access Communication PCL | 222,600 | | 318 |
TOTAL THAILAND | | 3,976 |
United Kingdom - 17.0% |
Advanced Fluid Connections PLC (a) | 7,009,687 | | 0 |
ADVFN PLC (a)(e) | 34,675,780 | | 1,482 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Afren PLC (a) | 2,681,850 | | $ 8,412 |
African Consolidated Resources PLC (a) | 10,112,734 | | 3,820 |
African Copper PLC (a) | 1,177,884 | | 913 |
Air Partner PLC | 45,000 | | 778 |
Alizyme PLC (a) | 1,363,700 | | 800 |
Anglo Asian Mining PLC (a) | 2,718,700 | | 662 |
Ark Therapeutics Group PLC (a) | 506,300 | | 740 |
Autonomy Corp. PLC (a) | 453,000 | | 7,714 |
Aveva Group PLC | 180,000 | | 4,370 |
Axon Group PLC | 213,900 | | 1,911 |
Baltic Oil Terminals PLC (a) | 1,314,300 | | 2,156 |
BioCare Solutions PLC (a) | 4,557,670 | | 147 |
Blackstar Investors PLC (a) | 1,639,779 | | 3,146 |
Block Shield Corp. PLC (a) | 1,653,400 | | 1,200 |
BowLeven PLC (a) | 106,800 | | 726 |
Cambrian Mining PLC (a)(d) | 4,026,100 | | 11,867 |
Celsis International PLC (a) | 443,648 | | 1,372 |
Centurion Electronics PLC (a)(e) | 748,299 | | 0 |
Ceres Power Holdings PLC (a) | 103,213 | | 302 |
Connaught PLC | 248,725 | | 2,016 |
Corac Group PLC (a) | 3,979,104 | | 5,459 |
Craneware PLC | 255,000 | | 902 |
CustomVis PLC (a)(e) | 14,939,536 | | 1,262 |
CVS Group PLC | 11,000 | | 57 |
Datacash Group PLC | 1,585,580 | | 8,890 |
Eclipse Energy Co. Ltd. (f) | 102,000 | | 1,521 |
European Nickel PLC (a) | 1,100,000 | | 776 |
Forum Energy PLC (a) | 570,970 | | 324 |
Gcm Resources PLC (a) | 146,431 | | 310 |
Gemfields Resources PLC (a) | 3,909,100 | | 3,053 |
Hardide Ltd. (a) | 6,848,580 | | 869 |
Hydrodec Group PLC (a)(e) | 9,702,286 | | 10,562 |
Ideal Shopping Direct PLC | 234,592 | | 910 |
IG Group Holdings PLC | 1,163,589 | | 8,392 |
Impact Holdings PLC (a)(e) | 10,414,000 | | 466 |
Inova Holding PLC (a) | 1,443,461 | | 221 |
Intertek Group PLC | 94,110 | | 1,821 |
iomart Group PLC (a) | 1,618,840 | | 1,448 |
ITM Power PLC (a)(d) | 1,096,545 | | 1,003 |
Jubilee Platinum PLC (a) | 1,657,843 | | 2,785 |
Keronite PLC (f) | 13,620,267 | | 1,625 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Landround PLC warrants 12/11/09 (a)(f) | 166,666 | | $ 2 |
London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a) | 105,400 | | 38 |
Max Petroleum PLC (a) | 4,114,820 | | 5,543 |
Meggitt PLC | 971,100 | | 5,730 |
Meldex International PLC (a) | 3,324,116 | | 4,197 |
MicroEmissive Displays (a) | 2,196,600 | | 1,103 |
Motivcom PLC (e) | 1,663,300 | | 2,778 |
NDS Group PLC sponsored ADR (a) | 353,400 | | 18,182 |
Nviro Cleantech PLC | 105,000 | | 78 |
Proteome Sciences PLC (a) | 995,632 | | 846 |
Protherics PLC (a) | 1,286,917 | | 1,241 |
Pureprofile Media PLC (f) | 1,108,572 | | 827 |
Pursuit Dynamics PLC (a)(d) | 858,304 | | 3,831 |
PV Crystalox Solar PLC | 1,119,050 | | 3,465 |
Rambler Metals & Mining PLC (a) | 200,000 | | 200 |
Redhall Group PLC | 74,200 | | 401 |
Renewable Energy Generation Ltd. | 500,000 | | 1,126 |
RGI International Ltd. (a) | 200,000 | | 1,582 |
Rightmove PLC | 345,907 | | 2,885 |
Romag Holdings PLC | 50,000 | | 177 |
Royalblue Group PLC | 54,842 | | 892 |
Sarantel Group PLC Class A (a) | 3,142,500 | | 297 |
SDL PLC (a) | 1,296,662 | | 8,701 |
Serco Group PLC | 537,530 | | 4,713 |
Silverdell PLC (a) | 278,716 | | 737 |
Sinclair Pharma PLC (a) | 1,128,371 | | 942 |
SPI Lasers PLC (a) | 3,461,200 | | 2,133 |
SR Pharma PLC (a) | 700,000 | | 571 |
Stem Cell Sciences PLC (a) | 566,649 | | 166 |
SubSea Resources PLC warrants 11/4/09 (a) | 1,805,625 | | 0 |
Synergy Healthcare PLC | 91,134 | | 1,160 |
Target Resources PLC (a) | 1,020,000 | | 294 |
Target Resources PLC warrants 7/12/08 (a) | 1,020,000 | | 0 |
TMO Biotec (f) | 1,000,000 | | 1,381 |
Toledo Mining Corp. PLC (a) | 1,322,604 | | 3,682 |
Triple Plate Junction PLC (a) | 1,439,200 | | 379 |
Unite Group PLC | 427,110 | | 2,471 |
Valiant Petroleum PLC | 20,300 | | 337 |
Vectura Group PLC (a) | 3,556,060 | | 3,146 |
Wellstream Holdings PLC | 268,400 | | 6,708 |
Xchanging PLC | 1,619,200 | | 8,048 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
York Pharma PLC (a) | 837,600 | | $ 874 |
Zenergy Power PLC (a) | 1,469,780 | | 6,561 |
ZincOx Resources PLC (a) | 574,400 | | 1,987 |
TOTAL UNITED KINGDOM | | 217,602 |
United States of America - 2.7% |
CTC Media, Inc. (a) | 291,000 | | 7,528 |
Cyberview Technology, Inc. (a)(e) | 996,527 | | 3,368 |
Frontera Resources Corp. (a) | 1,157,200 | | 2,071 |
Frontier Mining Ltd. (a) | 6,771,600 | | 791 |
Phorm, Inc. (e) | 664,000 | | 18,812 |
Sohu.com, Inc. (a) | 13,200 | | 913 |
XL TechGroup, Inc. (a) | 1,329,250 | | 634 |
TOTAL UNITED STATES OF AMERICA | | 34,117 |
TOTAL COMMON STOCKS (Cost $1,082,233) | 1,216,849 |
Convertible Bonds - 0.4% |
| Principal Amount (000s) | | |
Canada - 0.4% |
Western Canadian Coal Corp. 7.5% 3/24/11
(Cost $4,061) | CAD | 4,714 | | 5,024 |
Money Market Funds - 9.3% |
| Shares | | |
Fidelity Cash Central Fund, 2.51% (b) | 61,226,630 | | 61,227 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 57,841,870 | | 57,842 |
TOTAL MONEY MARKET FUNDS (Cost $119,069) | 119,069 |
TOTAL INVESTMENT PORTFOLIO - 104.7% (Cost $1,205,363) | | 1,340,942 |
NET OTHER ASSETS - (4.7)% | | (60,754) |
NET ASSETS - 100% | $ 1,280,188 |
Currency Abbreviations |
CAD | - | Canadian dollar |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,291,000 or 1.1% 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 |
Buried Hill Energy (Cyprus) PCL | 8/18/06 | $ 2,142 |
Eclipse Energy Co. Ltd. | 4/28/05 | $ 1,459 |
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 |
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 | $ 1,055 |
Fidelity Securities Lending Cash Central Fund | 873 |
Total | $ 1,928 |
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 |
ADVFN PLC | $ 2,066 | $ - | $ 21 | $ - | $ 1,482 |
Allied Gold Ltd. | 12,802 | 3,229 | 16 | - | - |
Allied Gold Ltd. (United Kingdom) | 410 | - | - | - | - |
BioCare Solutions PLC | 1,260 | - | 17 | - | - |
Capital-XX Ltd. | 3,105 | 736 | - | - | 1,444 |
Centurion Electronics PLC | 89 | - | - | - | - |
Corac Group PLC | 5,414 | - | 767 | - | - |
CustomVis PLC | 591 | 421 | - | - | 1,262 |
Cyberview Technology, Inc. | 3,802 | - | - | - | 3,368 |
Frontier Mining Ltd. | 1,619 | - | - | - | - |
Healthcare Enterprise Group PLC | 373 | - | 274 | - | - |
Hydrodec Group PLC | 3,795 | - | 247 | - | 10,562 |
Impact Holdings PLC | 650 | - | - | - | 466 |
Motivcom PLC | 5,545 | - | 270 | 49 | 2,778 |
Phorm, Inc. | 28,335 | - | - | - | 18,812 |
Skywest Airlines Ltd. | 4,437 | - | - | 222 | 4,244 |
SPI Lasers PLC | 3,778 | - | - | - | - |
Sylvania Resources Ltd. | 25,111 | 640 | 2,145 | - | - |
Sylvania Resources Ltd. (United Kingdom) | 13,425 | 211 | 6,910 | - | - |
Tanzanite One Ltd. | 8,937 | - | - | 410 | 5,486 |
Teleunit SpA | 1,025 | - | - | - | 759 |
Visual Defence, Inc. | 1,503 | - | - | - | 1,275 |
Total | $ 128,072 | $ 5,237 | $ 10,667 | $ 681 | $ 51,938 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2008 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $54,563) - See accompanying schedule: Unaffiliated issuers (cost $1,032,305) | $ 1,169,935 | |
Fidelity Central Funds (cost $119,069) | 119,069 | |
Other affiliated issuers (cost $53,989) | 51,938 | |
Total Investments (cost $1,205,363) | | $ 1,340,942 |
Receivable for investments sold | | 38,416 |
Receivable for fund shares sold | | 595 |
Dividends receivable | | 3,690 |
Interest receivable | | 35 |
Distributions receivable from Fidelity Central Funds | | 297 |
Prepaid expenses | | 3 |
Receivable from investment adviser for expense reductions | | 5 |
Other receivables | | 443 |
Total assets | | 1,384,426 |
| | |
Liabilities | | |
Payable to custodian bank | $ 12,635 | |
Payable for investments purchased | 30,596 | |
Payable for fund shares redeemed | 1,351 | |
Accrued management fee | 1,155 | |
Distribution fees payable | 36 | |
Other affiliated payables | 288 | |
Other payables and accrued expenses | 335 | |
Collateral on securities loaned, at value | 57,842 | |
Total liabilities | | 104,238 |
| | |
Net Assets | | $ 1,280,188 |
Net Assets consist of: | | |
Paid in capital | | $ 1,108,035 |
Undistributed net investment income | | 574 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 36,091 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 135,488 |
Net Assets | | $ 1,280,188 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2008 |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($27,339 ÷ 1,255.5 shares) | | $ 21.78 |
| | |
Maximum offering price per share (100/94.25 of $21.78) | | $ 23.11 |
Class T:
Net Asset Value and redemption price per share ($30,031 ÷ 1,385.7 shares) | | $ 21.67 |
| | |
Maximum offering price per share (100/96.50 of $21.67) | | $ 22.46 |
Class B:
Net Asset Value and offering price per share ($7,436 ÷ 347.9 shares)A | | $ 21.37 |
| | |
Class C:
Net Asset Value and offering price per share ($14,576 ÷ 679.2 shares)A | | $ 21.46 |
| | |
| | |
International Small Cap:
Net Asset Value, offering price and redemption price per share ($1,195,529 ÷ 54,413.9 shares) | | $ 21.97 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($5,277 ÷ 240.6 shares) | | $ 21.93 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended April 30, 2008 |
| | |
Investment Income | | |
Dividends (including $681 earned from other affiliated issuers) | | $ 9,072 |
Interest | | 190 |
Income from Fidelity Central Funds (including $873 from security lending) | | 1,928 |
| | 11,190 |
Less foreign taxes withheld | | (541) |
Total income | | 10,649 |
| | |
Expenses | | |
Management fee
Basic fee | $ 6,023 | |
Performance adjustment | 1,865 | |
Transfer agent fees | 1,571 | |
Distribution fees | 240 | |
Accounting and security lending fees | 326 | |
Custodian fees and expenses | 250 | |
Independent trustees' compensation | 3 | |
Registration fees | 48 | |
Audit | 69 | |
Legal | 3 | |
Miscellaneous | 184 | |
Total expenses before reductions | 10,582 | |
Expense reductions | (395) | 10,187 |
Net investment income (loss) | | 462 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $720) | 107,127 | |
Other affiliated issuers | 94 | |
Foreign currency transactions | (154) | |
Total net realized gain (loss) | | 107,067 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $621) | (370,555) | |
Assets and liabilities in foreign currencies | (115) | |
Total change in net unrealized appreciation (depreciation) | | (370,670) |
Net gain (loss) | | (263,603) |
Net increase (decrease) in net assets resulting from operations | | $ (263,141) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30,
2008 | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 462 | $ 7,040 |
Net realized gain (loss) | 107,067 | 289,903 |
Change in net unrealized appreciation (depreciation) | (370,670) | 201,775 |
Net increase (decrease) in net assets resulting
from operations | (263,141) | 498,718 |
Distributions to shareholders from net investment income | (6,293) | (3,787) |
Distributions to shareholders from net realized gain | (288,048) | (351,004) |
Total distributions | (294,341) | (354,791) |
Share transactions - net increase (decrease) | 55,832 | (298,912) |
Redemption fees | 97 | 245 |
Total increase (decrease) in net assets | (501,553) | (154,740) |
| | |
Net Assets | | |
Beginning of period | 1,781,741 | 1,936,481 |
End of period (including undistributed net investment income of $574 and undistributed net investment income of $7,171, respectively) | $ 1,280,188 | $ 1,781,741 |
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, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 31.14 | $ 28.79 | $ 26.69 | $ 21.25 | $ 17.69 | $ 12.35 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.01) | .03 | (.02) | .05 | .02 | .02 H |
Net realized and unrealized gain (loss) | (4.15) | 7.97 | 5.05 | 6.16 | 3.83 | 5.30 |
Total from investment operations | (4.16) | 8.00 | 5.03 | 6.21 | 3.85 | 5.32 |
Distributions from net investment income | (.03) | - | (.05) | (.02) | (.02) | - |
Distributions from net realized gain | (5.18) | (5.65) | (2.89) | (.77) | (.31) | - |
Total distributions | (5.20) L | (5.65) | (2.94) | (.79) | (.33) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 21.78 | $ 31.14 | $ 28.79 | $ 26.69 | $ 21.25 | $ 17.69 |
Total Return B,C,D | (14.70)% | 33.43% | 20.22% | 30.16% | 22.36% | 43.24% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 1.80% A | 1.53% | 1.64% | 1.66% | 1.71% | 1.77% A |
Expenses net of fee waivers, if any | 1.65% A | 1.53% | 1.64% | 1.66% | 1.71% | 1.77% A |
Expenses net of all reductions | 1.60% A | 1.49% | 1.58% | 1.63% | 1.69% | 1.74% A |
Net investment income (loss) | (.09)% A | .10% | (.08) % | .21% | .09% | .28% A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 27 | $ 39 | $ 37 | $ 35 | $ 13 | $ 5 |
Portfolio turnover rate G | 99% A | 70% | 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. L Total distributions of $5.202 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $5.176 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, | Years ended October 31, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 30.96 | $ 28.64 | $ 26.57 | $ 21.20 | $ 17.68 | $ 12.35 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.04) | (.04) | (.09) | (.01) | (.03) | - H,K |
Net realized and unrealized gain (loss) | (4.13) | 7.93 | 5.03 | 6.12 | 3.83 | 5.31 |
Total from investment operations | (4.17) | 7.89 | 4.94 | 6.11 | 3.80 | 5.31 |
Distributions from net investment income | - | - | - | - | (.01) | - |
Distributions from net realized gain | (5.12) | (5.57) | (2.88) | (.76) | (.31) | - |
Total distributions | (5.12) L | (5.57) | (2.88) | (.76) | (.32) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 21.67 | $ 30.96 | $ 28.64 | $ 26.57 | $ 21.20 | $ 17.68 |
Total Return B,C,D | (14.81)% | 33.07% | 19.93% | 29.72% | 22.07% | 43.16% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 2.05% A | 1.77% | 1.89% | 1.92% | 1.94% | 2.12% A |
Expenses net of fee waivers, if any | 1.90% A | 1.77% | 1.89% | 1.91% | 1.94% | 2.12% A |
Expenses net of all reductions | 1.86% A | 1.73% | 1.83% | 1.88% | 1.92% | 2.09% A |
Net investment income (loss) | (.34)% A | (.14)% | (.32)% | (.04)% | (.14)% | (.07)% A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 30 | $ 41 | $ 42 | $ 42 | $ 15 | $ 4 |
Portfolio turnover rate G | 99% A | 70% | 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. L Total distributions of $5.123 per share is comprised of distributions from net realized gain of $5.123 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, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 30.49 | $ 28.26 | $ 26.24 | $ 20.99 | $ 17.62 | $ 12.35 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.09) | (.18) | (.24) | (.14) | (.16) | (.05) H |
Net realized and unrealized gain (loss) | (4.08) | 7.82 | 4.98 | 6.08 | 3.80 | 5.30 |
Total from investment operations | (4.17) | 7.64 | 4.74 | 5.94 | 3.64 | 5.25 |
Distributions from net realized gain | (4.95) L | (5.41) | (2.73) | (.71) | (.31) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 21.37 | $ 30.49 | $ 28.26 | $ 26.24 | $ 20.99 | $ 17.62 |
Total Return B,C,D | (15.04)% | 32.38% | 19.28% | 29.13% | 21.21% | 42.67% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 2.55% A | 2.30% | 2.48% | 2.49% | 2.63% | 2.76% A |
Expenses net of fee waivers, if any | 2.40% A | 2.30% | 2.40% | 2.43% | 2.63% | 2.76% A |
Expenses net of all reductions | 2.36% A | 2.26% | 2.34% | 2.40% | 2.60% | 2.73% A |
Net investment income (loss) | (.84)% A | (.66)% | (.84)% | (.56)% | (.83)% | (.71)% A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 7 | $ 11 | $ 11 | $ 13 | $ 5 | $ 1 |
Portfolio turnover rate G | 99% A | 70% | 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. L Total distributions of $4.949 per share is comprised of distributions from net realized gain of $4.949 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, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 30.62 | $ 28.33 | $ 26.31 | $ 21.04 | $ 17.64 | $ 12.35 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.09) | (.17) | (.23) | (.13) | (.12) | (.04) H |
Net realized and unrealized gain (loss) | (4.09) | 7.85 | 4.99 | 6.10 | 3.80 | 5.31 |
Total from investment operations | (4.18) | 7.68 | 4.76 | 5.97 | 3.68 | 5.27 |
Distributions from net investment income | - | - | - | - | (.01) | - |
Distributions from net realized gain | (4.98) | (5.39) | (2.75) | (.72) | (.31) | - |
Total distributions | (4.98) L | (5.39) | (2.75) | (.72) | (.32) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 21.46 | $ 30.62 | $ 28.33 | $ 26.31 | $ 21.04 | $ 17.64 |
Total Return B,C,D | (15.03)% | 32.39% | 19.34% | 29.22% | 21.43% | 42.83% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 2.54% A | 2.26% | 2.38% | 2.41% | 2.43% | 2.57% A |
Expenses net of fee waivers, if any | 2.40% A | 2.26% | 2.38% | 2.41% | 2.43% | 2.57% A |
Expenses net of all reductions | 2.36% A | 2.22% | 2.32% | 2.38% | 2.40% | 2.55% A |
Net investment income (loss) | (.84)% A | (.62)% | (.81)% | (.54)% | (.62)% | (.52)% A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 15 | $ 20 | $ 21 | $ 25 | $ 9 | $ 1 |
Portfolio turnover rate G | 99% A | 70% | 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. L Total distributions of $4.975 per share is comprised of distributions from net realized gain of $4.975 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, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 31.44 | $ 29.03 | $ 26.89 | $ 21.36 | $ 17.71 | $ 9.87 |
Income from Investment
Operations | | | | | |
Net investment income (loss) D | .01 | .12 | .08 | .15 | .10 | .07 G |
Net realized and unrealized gain (loss) | (4.18) | 8.03 | 5.08 | 6.19 | 3.84 | 7.75 |
Total from investment operations | (4.17) | 8.15 | 5.16 | 6.34 | 3.94 | 7.82 |
Distributions from net investment income | (.12) | (.07) | (.14) | (.06) | (.02) | - |
Distributions from net realized gain | (5.18) | (5.67) | (2.89) | (.77) | (.31) | (.02) |
Total distributions | (5.30) J | (5.74) | (3.03) | (.83) | (.33) | (.02) |
Redemption fees added to paid in capital D | - I | - I | .01 | .02 | .04 | .04 |
Net asset value, end of period | $ 21.97 | $ 31.44 | $ 29.03 | $ 26.89 | $ 21.36 | $ 17.71 |
Total Return B,C | (14.62)% | 33.82% | 20.65% | 30.67% | 22.84% | 79.78% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.47% A | 1.19% | 1.28% | 1.28% | 1.30% | 1.54% |
Expenses net of fee waivers, if any | 1.47% A | 1.19% | 1.28% | 1.28% | 1.30% | 1.54% |
Expenses net of all reductions | 1.42% A | 1.15% | 1.22% | 1.25% | 1.28% | 1.51% |
Net investment income (loss) | .10% A | .45% | .29% | .59% | .50% | .46% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 1,196 | $ 1,664 | $ 1,816 | $ 2,090 | $ 1,091 | $ 547 |
Portfolio turnover rate F | 99% A | 70% | 84% | 79% | 77% | 84% |
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. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $5.296 per share is comprised of distributions from net investment income of $.120 and distributions from net realized gain of $5.176 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, | Years ended October 31, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 31.38 | $ 28.99 | $ 26.86 | $ 21.36 | $ 17.72 | $ 12.35 |
Income from Investment
Operations | | | | | |
Net investment income (loss)D | .02 | .12 | .08 | .14 | .10 | .04G |
Net realized and unrealized gain (loss) | (4.17) | 8.01 | 5.07 | 6.18 | 3.84 | 5.31 |
Total from investment operations | (4.15) | 8.13 | 5.15 | 6.32 | 3.94 | 5.35 |
Distributions from net investment income | (.12) | (.07) | (.14) | (.07) | (.03) | - |
Distributions from net realized gain | (5.18) | (5.67) | (2.89) | (.77) | (.31) | - |
Total distributions | (5.30)K | (5.74) | (3.03) | (.84) | (.34) | - |
Redemption fees added to paid in capitalD | -J | -J | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 21.93 | $ 31.38 | $ 28.99 | $ 26.86 | $ 21.36 | $ 17.72 |
Total ReturnB,C | (14.58)% | 33.84% | 20.65% | 30.59% | 22.84% | 43.48% |
Ratios to Average Net AssetsE,I | | | | | |
Expenses before reductions | 1.46%A | 1.18% | 1.29% | 1.30% | 1.32% | 1.51%A |
Expenses net of fee waivers, if any | 1.40%A | 1.18% | 1.29% | 1.30% | 1.32% | 1.51%A |
Expenses net of all reductions | 1.36%A | 1.14% | 1.23% | 1.27% | 1.29% | 1.48%A |
Net investment income (loss) | .16%A | .45% | .28% | .57% | .49% | .54%A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 5 | $ 8 | $ 9 | $ 7 | $ 3 | $ .4 |
Portfolio turnover rateF | 99%A | 70% | 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. KTotal distributions of $5.296 per share is comprised of distributions from net investment income of $.120 and distributions from net realized gain of $5.176 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2008
(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 trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, International Small Cap, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
could differ from those estimates. 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 available 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.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV 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 distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized
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
tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) 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 | $ 249,108 | |
Unrealized depreciation | (170,684) | |
Net unrealized appreciation (depreciation) | $ 78,424 | |
Cost for federal income tax purposes | $ 1,262,518 | |
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 Pronouncement. 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 results in expanded disclosures about fair value measurements.
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 $679,987 and $904,992, 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 1.12% 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% | $ 38 | $ 2 |
Class T | .25% | .25% | 81 | 1 |
Class B | .75% | .25% | 42 | 32 |
Class C | .75% | .25% | 79 | 3 |
| | | $ 240 | $ 38 |
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 | $ 1 |
Class T | 1 |
Class B* | 5 |
Class C* | - |
| $ 7 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008, Fidelity Service
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
Company, Inc. (FSC) also an affiliate of FMR was the transfer agent for International Small Cap shares. For the period, each class paid the following transfer agent fees.
| Amount | % of
Average
Net Assets* |
Class A | $ 46 | .30 |
Class T | 49 | .30 |
Class B | 13 | .31 |
Class C | 23 | .29 |
International Small Cap | 1,434 | .22 |
Institutional Class | 6 | .21 |
| $ 1,571 | |
* 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 $1 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
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
8. Security Lending - continued
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 A | 1.65% | $ 23 |
Class T | 1.90% | 24 |
Class B | 2.40% | 6 |
Class C | 2.40% | 11 |
Institutional Class | 1.40% | 2 |
| | $ 66 |
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 $320 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 | $ 9 |
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.
Semiannual Report
10. Other - continued
In December 2006, the Independent Trustees, with the assistance of independent counsel, completed an investigation regarding gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during the period 2002 to 2004. The Independent Trustees and FMR agreed 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 was worthy of redress. Accordingly, the Independent Trustees requested, and FMR agreed to make, a payment of $42 million plus accrued interest, which equaled approximately $7.3 million, to certain Fidelity mutual funds.
In March 2008, the Trustees approved a method for allocating this payment among the funds and, in total, FMR paid the fund $1, which is recorded in the accompanying Statement of Operations.
In a related administrative order dated March 5, 2008, the U.S. Securities and Exchange Commission ("SEC") announced a settlement with FMR and FMR Co., Inc. (an affiliate of FMR) involving the SEC's regulatory rules for investment advisers and the improper receipt of gifts, gratuities and business entertainment. Without admitting or denying the SEC's findings, FMR agreed to pay an $8 million civil penalty to the United States Treasury.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2008 | Year ended
October 31,
2007 |
From net investment income | | |
Class A | $ 32 | $ - |
International Small Cap | 6,232 | 3,765 |
Institutional Class | 29 | 22 |
Total | $ 6,293 | $ 3,787 |
From net realized gain | | |
Class A | $ 6,370 | $ 6,864 |
Class T | 6,691 | 7,706 |
Class B | 1,698 | 2,092 |
Class C | 3,225 | 3,882 |
International Small Cap | 268,816 | 328,782 |
Institutional Class | 1,248 | 1,678 |
Total | $ 288,048 | $ 351,004 |
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,
2008 | Year ended
October 31, 2007 | Six months ended
April 30,
2008 | Year ended
October 31, 2007 |
Class A | | | | |
Shares sold | 160 | 268 | $ 3,634 | $ 7,316 |
Reinvestment of distributions | 250 | 252 | 5,922 | 6,096 |
Shares redeemed | (393) | (556) | (8,565) | (14,980) |
Net increase (decrease) | 17 | (36) | $ 991 | $ (1,568) |
Class T | | | | |
Shares sold | 115 | 226 | $ 2,617 | $ 6,120 |
Reinvestment of distributions | 267 | 297 | 6,298 | 7,166 |
Shares redeemed | (314) | (671) | (6,952) | (17,855) |
Net increase (decrease) | 68 | (148) | $ 1,963 | $ (4,569) |
Class B | | | | |
Shares sold | 8 | 19 | $ 173 | $ 519 |
Reinvestment of distributions | 66 | 79 | 1,550 | 1,892 |
Shares redeemed | (77) | (149) | (1,690) | (3,957) |
Net increase (decrease) | (3) | (51) | $ 33 | $ (1,546) |
Class C | | | | |
Shares sold | 34 | 56 | $ 760 | $ 1,462 |
Reinvestment of distributions | 110 | 124 | 2,588 | 2,967 |
Shares redeemed | (121) | (277) | (2,621) | (7,298) |
Net increase (decrease) | 23 | (97) | $ 727 | $ (2,869) |
International Small Cap | | | | |
Shares sold | 3,979 | 7,028 | $ 92,050 | $ 194,115 |
Reinvestment of distributions | 10,463 | 12,767 | 249,850 | 311,000 |
Shares redeemed | (12,940) | (29,445) | (289,698) | (791,655) |
Net increase (decrease) | 1,502 | (9,650) | $ 52,202 | $ (286,540) |
Institutional Class | | | | |
Shares sold | 44 | 47 | $ 995 | $ 1,226 |
Reinvestment of distributions | 31 | 39 | 750 | 938 |
Shares redeemed | (82) | (150) | (1,829) | (3,984) |
Net increase (decrease) | (7) | (64) | $ (84) | $ (1,820) |
Semiannual Report
To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Small Cap Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of April 30, 2008, 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, 2008 and for the year ended October 31, 2007, and the financial highlights for the six months ended and for each of the five years in the period ended. 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, 2008, 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, 2008, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2008 and for the year ended October 31, 2007, and the financial highlights for the six months ended and for each of the five years in the period ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 18, 2008
Semiannual Report
A special meeting of the fund's shareholders was held on December 13, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.A |
| # of
Votes | % of
Votes |
Affirmative | 45,014,793,255.82 | 80.372 |
Against | 6,871,112,667.08 | 12.268 |
Abstain | 2,163,456,438.02 | 3.863 |
Broker
Non-Votes | 1,958,633,563.89 | 3.497 |
TOTAL | 56,007,995,924.81 | 100.000 |
PROPOSAL 2 |
To elect the nominees specified below as Trustees.A |
James C. Curvey |
Affirmative | 53,384,952,361.03 | 95.317 |
Withheld | 2,623,043,563.78 | 4.683 |
TOTAL | 56,007,995,924.81 | 100.000 |
Dennis J. Dirks |
Affirmative | 53,595,104,608.67 | 95.692 |
Withheld | 2,412,891,316.14 | 4.308 |
TOTAL | 56,007,995,924.81 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 53,570,235,221.69 | 95.647 |
Withheld | 2,437,760,703.12 | 4.353 |
TOTAL | 56,007,995,924.81 | 100.000 |
George H. Heilmeier |
Affirmative | 53,166,350,588.50 | 94.926 |
Withheld | 2,841,645,336.31 | 5.074 |
TOTAL | 56,007,995,924.81 | 100.000 |
| # of
Votes | % of
Votes |
Edward C. Johnson 3d |
Affirmative | 53,230,508,654.93 | 95.041 |
Withheld | 2,777,487,269.88 | 4.959 |
TOTAL | 56,007,995,924.81 | 100.000 |
James H. Keyes |
Affirmative | 53,549,161,456.52 | 95.610 |
Withheld | 2,458,834,468.29 | 4.390 |
TOTAL | 56,007,995,924.81 | 100.000 |
Marie L. Knowles |
Affirmative | 53,543,925,066.86 | 95.601 |
Withheld | 2,464,070,857.95 | 4.399 |
TOTAL | 56,007,995,924.81 | 100.000 |
Ned C. Lautenbach |
Affirmative | 53,547,116,322.50 | 95.606 |
Withheld | 2,460,879,602.31 | 4.394 |
TOTAL | 56,007,995,924.81 | 100.000 |
Cornelia M. Small |
Affirmative | 53,564,793,514.25 | 95.638 |
Withheld | 2,443,202,410.56 | 4.362 |
TOTAL | 56,007,995,924.81 | 100.000 |
William S. Stavropoulos |
Affirmative | 53,426,544,502.76 | 95.391 |
Withheld | 2,581,451,422.05 | 4.609 |
TOTAL | 56,007,995,924.81 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 53,229,881,790.63 | 95.040 |
Withheld | 2,778,114,134.18 | 4.960 |
TOTAL | 56,007,995,924.81 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
| # of
Votes | % of
Votes |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
A Denotes trust-wide proposal and voting results.
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
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
AISC-USAN-0608
1.800643.104
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Small Cap
Fund - Institutional Class
Semiannual Report
April 30, 2008
Institutional Class is a class of
Fidelity® International Small Cap Fund
(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> | |
Proxy Voting Results | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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, 2007 to April 30, 2008).
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, 2007 | Ending
Account Value
April 30, 2008 | Expenses Paid
During Period*
November 1, 2007 to
April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 853.00 | $ 7.60 |
HypotheticalA | $ 1,000.00 | $ 1,016.66 | $ 8.27 |
Class T | | | |
Actual | $ 1,000.00 | $ 851.90 | $ 8.75 |
HypotheticalA | $ 1,000.00 | $ 1,015.42 | $ 9.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 849.60 | $ 11.04 |
HypotheticalA | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Class C | | | |
Actual | $ 1,000.00 | $ 849.70 | $ 11.04 |
HypotheticalA | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
International Small Cap | | | |
Actual | $ 1,000.00 | $ 853.80 | $ 6.78 |
HypotheticalA | $ 1,000.00 | $ 1,017.55 | $ 7.37 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 854.20 | $ 6.45 |
HypotheticalA | $ 1,000.00 | $ 1,017.90 | $ 7.02 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.65% |
Class T | 1.90% |
Class B | 2.40% |
Class C | 2.40% |
International Small Cap | 1.47% |
Institutional Class | 1.40% |
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Japan 29.8% | |
| United Kingdom 17.0% | |
| Australia 10.5% | |
| United States of America 7.3% | |
| Canada 3.8% | |
| Germany 3.2% | |
| France 2.8% | |
| Sweden 2.4% | |
| Bermuda 2.3% | |
| Other 20.9% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
|
As of October 31, 2007 |
| Japan 27.2% | |
| United Kingdom 15.0% | |
| Australia 13.1% | |
| United States of America 6.2% | |
| Canada 4.5% | |
| France 3.9% | |
| Germany 2.9% | |
| Italy 2.9% | |
| Norway 2.2% | |
| Other 22.1% | |
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 | 95.0 | 95.8 |
Bonds | 0.4 | 0.3 |
Short-Term Investments and Net Other Assets | 4.6 | 3.9 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Phorm, Inc. (United States of America, Media) | 1.5 | 1.6 |
NDS Group PLC sponsored ADR (United Kingdom, Software) | 1.4 | 0.9 |
Sylvania Resources Ltd. (Australia, Metals & Mining) | 1.4 | 1.4 |
Israel Chemicals Ltd. (Israel, Chemicals) | 1.4 | 0.4 |
Money Partners Co. Ltd. (Japan, Diversified Financial Services) | 1.3 | 0.6 |
Sarantis SA (Reg.) (Greece, Personal Products) | 1.2 | 1.2 |
Actelion Ltd. (Reg.) (Switzerland, Biotechnology) | 1.1 | 0.2 |
Vilmorin & Cie (France, Food Products) | 1.1 | 0.6 |
Modern Times Group MTG AB (B Shares) (Sweden, Media) | 1.1 | 0.8 |
Nippon Seiki Co. Ltd. (Japan, Auto Components) | 1.1 | 1.0 |
| 12.6 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Materials | 19.4 | 18.0 |
Consumer Discretionary | 17.0 | 15.9 |
Industrials | 14.9 | 22.5 |
Information Technology | 12.1 | 8.9 |
Health Care | 8.8 | 4.6 |
Energy | 8.3 | 8.6 |
Financials | 7.2 | 8.7 |
Consumer Staples | 6.9 | 4.0 |
Telecommunication Services | 0.5 | 0.5 |
Utilities | 0.3 | 4.4 |
Semiannual Report
Investments April 30, 2008
Showing Percentage of Net Assets
Common Stocks - 95.0% |
| Shares | | Value (000s) |
Australia - 10.5% |
Allied Gold Ltd. (a) | 18,649,109 | | $ 12,138 |
Allied Gold Ltd. (United Kingdom) (a) | 461,700 | | 303 |
Ausenco Ltd. | 741,006 | | 11,029 |
Capital-XX Ltd. (a)(e) | 3,379,072 | | 1,444 |
Centamin Egypt Ltd. (a) | 1,905,015 | | 2,519 |
Centennial Coal Co. Ltd. (d) | 337,046 | | 1,434 |
Coal of Africa Ltd. (a) | 3,847,700 | | 11,131 |
Dwyka Resources Ltd. (a) | 5,235,220 | | 3,019 |
Dyno Nobel Ltd. | 1,001,342 | | 2,767 |
Energy Resources of Australia Ltd. | 91,775 | | 1,688 |
European Gas Ltd. (a) | 2,021,976 | | 1,182 |
Gloucester Coal Ltd. | 89,552 | | 831 |
Incitec Pivot Ltd. | 74,333 | | 11,344 |
International Ferro Metals (a) | 3,178,021 | | 9,415 |
Investika Ltd. (a) | 240,000 | | 543 |
MacArthur Coal Ltd. (d) | 105,906 | | 1,709 |
Meo Australia Ltd. (a) | 9,149,454 | | 2,028 |
Metcash Ltd. | 526,327 | | 2,095 |
Mineral Securities Ltd. CDI (a) | 959,371 | | 1,077 |
Monto Minerals Ltd. (a) | 8,206,552 | | 1,346 |
Monto Minerals Ltd. warrants 5/25/09 (a) | 1,485,934 | | 0 |
Mount Gibson Iron Ltd. (a) | 2,866,526 | | 7,922 |
Navitas Ltd. | 517,696 | | 950 |
Northern Iron Ltd. | 749,720 | | 2,730 |
Phosphagenics Ltd. (a) | 8,980,865 | | 1,482 |
Seek Ltd. (d) | 530,878 | | 2,504 |
Straits Resources Ltd. | 270,278 | | 1,739 |
Sylvania Resources Ltd. (a) | 8,420,951 | | 18,110 |
Sylvania Resources Ltd. (United Kingdom) (a) | 1,966,745 | | 4,282 |
Tanami Gold NL (a) | 10,577,816 | | 788 |
Tassal Group Ltd. | 2,501,317 | | 6,441 |
Tianshan Goldfields Ltd. (a) | 64,239 | | 22 |
WorleyParsons Ltd. | 52,378 | | 1,917 |
Wotif.com Holdings Ltd. | 1,442,182 | | 6,081 |
TOTAL AUSTRALIA | | 134,010 |
Belgium - 0.3% |
Hansen Transmission International NV | 808,800 | | 3,538 |
Bermuda - 2.3% |
Aquarius Platinum Ltd.: | | | |
(Australia) | 390,057 | | 6,233 |
(United Kingdom) | 263,600 | | 4,154 |
Common Stocks - continued |
| Shares | | Value (000s) |
Bermuda - continued |
Ports Design Ltd. | 577,500 | | $ 1,860 |
PureCircle Ltd. | 500,000 | | 1,804 |
Seadrill Ltd. | 280,400 | | 8,539 |
Tanzanite One Ltd. (e) | 5,808,701 | | 5,486 |
Trefoil Ltd. (a) | 385,100 | | 1,778 |
TOTAL BERMUDA | | 29,854 |
British Virgin Islands - 0.6% |
Albidon Ltd. unit (a) | 1,469,000 | | 5,476 |
Kalahari Energy (f) | 1,451,000 | | 1,814 |
TOTAL BRITISH VIRGIN ISLANDS | | 7,290 |
Canada - 3.4% |
AirSea Lines (f) | 1,893,338 | | 1,478 |
AirSea Lines warrants 8/4/11 (a)(f) | 1,862,300 | | 0 |
Aquiline Resources, Inc. (a) | 316,700 | | 2,418 |
Artumas Group, Inc. (a) | 220,000 | | 1,081 |
Bankers Petroleum Ltd. (a) | 2,779,970 | | 4,306 |
Equinox Minerals Ltd. unit (a) | 332,015 | | 1,578 |
European Goldfields Ltd. (a) | 1,089,500 | | 5,907 |
Red Back Mining, Inc. (a) | 807,200 | | 4,929 |
Rock Well Petroleum, Inc. (f) | 770,400 | | 3,501 |
Sino-Forest Corp. (a) | 53,900 | | 816 |
Starfield Resources, Inc. (a) | 4,328,075 | | 3,739 |
Visual Defence, Inc. (a)(e) | 4,664,100 | | 1,275 |
Western Canadian Coal Corp. (a) | 2,369,818 | | 10,001 |
Western Canadian Coal Corp. (United Kingdom) (a) | 548,286 | | 2,317 |
TOTAL CANADA | | 43,346 |
Cayman Islands - 1.1% |
Ctrip.com International Ltd. sponsored ADR | 35,200 | | 2,185 |
International Consolidated Minerals, Inc. (a) | 852,927 | | 4,579 |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 19,700 | | 1,479 |
New World Department Store China Ltd. | 2,150,000 | | 2,348 |
TCC International Holdings Ltd. (a) | 3,748,000 | | 3,381 |
TOTAL CAYMAN ISLANDS | | 13,972 |
China - 0.6% |
Baidu.com, Inc. sponsored ADR (a) | 4,600 | | 1,682 |
Focus Media Holding Ltd. ADR (a) | 50,400 | | 1,859 |
Common Stocks - continued |
| Shares | | Value (000s) |
China - continued |
Sina Corp. (a) | 73,700 | | $ 3,405 |
Yantai Changyu Pioneer Wine Co. (B Shares) | 139,110 | | 966 |
TOTAL CHINA | | 7,912 |
Cyprus - 0.3% |
Buried Hill Energy (Cyprus) PCL (f) | 1,947,000 | | 2,142 |
Mirland Development Corp. PLC (a) | 238,500 | | 2,181 |
TOTAL CYPRUS | | 4,323 |
Denmark - 0.4% |
Vestas Wind Systems AS (a) | 45,350 | | 4,972 |
Finland - 1.2% |
Inion OY (a) | 3,590,300 | | 1,606 |
Metso Corp. | 84,700 | | 3,676 |
Nokian Tyres Ltd. (d) | 251,040 | | 10,711 |
TOTAL FINLAND | | 15,993 |
France - 2.8% |
Altamir Amboise | 230,000 | | 2,585 |
April Group (d) | 21,000 | | 1,121 |
Audika SA | 22,987 | | 1,195 |
Boursorama (a) | 177,000 | | 2,023 |
Carbone Lorraine | 1,186 | | 66 |
Delachaux SA | 2,500 | | 235 |
Devoteam SA | 10,400 | | 344 |
Guerbet SA | 6,164 | | 1,097 |
Laurent-Perrier Group | 25,660 | | 3,722 |
LeGuide.com SA (a) | 21,069 | | 543 |
Meetic (a) | 42,829 | | 1,143 |
SeLoger.com (a) | 147,000 | | 6,884 |
SR Teleperformance SA | 29,000 | | 1,200 |
Vilmorin & Cie | 75,310 | | 14,089 |
TOTAL FRANCE | | 36,247 |
Germany - 3.2% |
Delticom AG | 53,200 | | 3,280 |
Freenet AG | 68,500 | | 1,170 |
Fresenius Medical Care AG | 130,010 | | 6,919 |
Gerresheimer AG | 103,000 | | 5,758 |
Interhyp AG | 31,130 | | 2,189 |
Kontron AG | 76,220 | | 1,242 |
Q-Cells AG (a) | 51,000 | | 5,972 |
Common Stocks - continued |
| Shares | | Value (000s) |
Germany - continued |
Rational AG | 6,277 | | $ 1,392 |
United Internet AG | 112,500 | | 2,418 |
Vossloh AG | 43,100 | | 6,253 |
Wacker Construction Equipment AG | 45,000 | | 898 |
Wirecard AG | 157,300 | | 3,315 |
TOTAL GERMANY | | 40,806 |
Greece - 2.0% |
Babis Vovos International Technical SA (a) | 43,000 | | 1,309 |
Fourlis Holdings SA | 110,000 | | 3,486 |
Hellenic Technodomiki Tev SA | 193,260 | | 2,414 |
Jumbo SA | 95,700 | | 2,836 |
Sarantis SA (Reg.) | 879,168 | | 15,207 |
TOTAL GREECE | | 25,252 |
Hong Kong - 1.1% |
Esprit Holdings Ltd. | 332,300 | | 4,089 |
Li & Fung Ltd. | 1,040,000 | | 4,304 |
Wing Hang Bank Ltd. | 67,000 | | 898 |
Wing Lung Bank Ltd. | 285,300 | | 5,144 |
TOTAL HONG KONG | | 14,435 |
India - 0.3% |
Educomp Solutions Ltd. | 23,036 | | 2,283 |
Sesa Goa Ltd. | 16,366 | | 1,706 |
TOTAL INDIA | | 3,989 |
Indonesia - 0.5% |
PT Bumi Resources Tbk | 3,817,500 | | 2,753 |
PT Tambang Batubbara Bukit Asam Tbk | 1,045,000 | | 1,201 |
PT United Tractors Tbk | 1,671,500 | | 2,184 |
TOTAL INDONESIA | | 6,138 |
Ireland - 0.9% |
Adwalker PLC (a) | 9,125,000 | | 340 |
Kenmare Resources PLC (a) | 3,165,500 | | 3,194 |
Kenmare Resources PLC warrants 7/23/09 (a) | 1,712,500 | | 1,081 |
Paddy Power PLC (Ireland) | 152,800 | | 5,343 |
Petroceltic International PLC (a) | 13,644,934 | | 1,877 |
Vimio PLC (a) | 867,300 | | 24 |
TOTAL IRELAND | | 11,859 |
Common Stocks - continued |
| Shares | | Value (000s) |
Israel - 1.4% |
Israel Chemicals Ltd. | 975,505 | | $ 17,959 |
Italy - 0.7% |
Amplifon SpA | 100,000 | | 341 |
Seldovia Native Association, Inc. (SNAI) (a)(d) | 1,291,190 | | 7,319 |
Teleunit SpA (a)(e) | 12,719,158 | | 759 |
TOTAL ITALY | | 8,419 |
Japan - 29.8% |
ABC-Mart, Inc. | 75,000 | | 1,941 |
Access Co. Ltd. | 625 | | 534 |
Ahresty Corp. | 93,500 | | 1,365 |
Ai Holdings Corp. | 284,000 | | 1,547 |
Airport Facilities Co. Ltd. | 93,800 | | 635 |
Alpen Co. Ltd. | 71,600 | | 1,175 |
Apamanshop Holdings Co. Ltd. (d) | 29,384 | | 6,629 |
Atrium Co. Ltd. (d) | 27,400 | | 422 |
C. Uyemura & Co. Ltd. | 62,600 | | 2,407 |
Chiba Bank Ltd. | 339,000 | | 2,679 |
Chugoku Marine Paints Ltd. (d) | 179,000 | | 1,372 |
CMIC Co. Ltd. | 5,090 | | 1,778 |
Create SD Co. Ltd. | 57,800 | | 1,274 |
CyberAgent, Inc. (d) | 1,313 | | 1,546 |
Daicel Chemical Industries Ltd. | 205,000 | | 1,212 |
Daido Steel Co. Ltd. | 269,000 | | 1,498 |
Daikin Industries Ltd. | 21,300 | | 1,066 |
Daikokutenbussan Co. Ltd. | 2,300 | | 17 |
Dainippon Screen Manufacturing Co. Ltd. | 358,000 | | 1,554 |
Daiseki Co. Ltd. (d) | 24,530 | | 741 |
Daito Gyorui Co. Ltd. | 381,000 | | 605 |
Denyo Co. Ltd. | 72,900 | | 702 |
Don Quijote Co. Ltd. (d) | 134,500 | | 2,459 |
EPS Co. Ltd. | 1,354 | | 6,477 |
F&M Co. Ltd. | 2,103 | | 525 |
FamilyMart Co. Ltd. | 156,000 | | 5,478 |
FCM Co. Ltd. | 12,500 | | 329 |
FreeBit Co., Ltd. | 650 | | 3,862 |
Fujitsu Component Ltd. (a) | 650 | | 725 |
Furuno Electric Co. Ltd. | 125,400 | | 1,180 |
Futaba Industrial Co. Ltd. | 53,300 | | 1,219 |
Geo Co. Ltd. (d) | 772 | | 645 |
Green Hospital Supply, Inc. | 804 | | 384 |
H-One Co. Ltd. | 21,800 | | 183 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Harakosan Co. Ltd. (d) | 5,003 | | $ 7,802 |
Harmonic Drive Systems, Inc. | 826 | | 3,180 |
Hikari Tsushin, Inc. | 285,800 | | 10,497 |
Hisaka Works Ltd. (d) | 166,000 | | 2,531 |
Hisamitsu Pharmaceutical Co., Inc. | 62,800 | | 2,359 |
Hitachi Construction Machinery Co. Ltd. | 71,600 | | 2,261 |
Hitachi Metals Ltd. | 60,000 | | 901 |
Hokuto Corp. | 363,800 | | 7,752 |
Hosiden Corp. (d) | 103,800 | | 2,107 |
Ichirokudo Co. Ltd. (a) | 1,165 | | 903 |
Ichiyoshi Securities Co. Ltd. (d) | 141,400 | | 1,545 |
IDU Co. (d) | 413 | | 212 |
Inpex Holdings, Inc. | 890 | | 9,987 |
Itochu Corp. | 557,000 | | 5,833 |
Japan Steel Works Ltd. | 105,000 | | 1,942 |
Japan Vilene Co. Ltd. (d) | 194,000 | | 790 |
Jastec Co. Ltd. | 574,500 | | 4,134 |
Juroku Bank Ltd. | 149,000 | | 877 |
K'S Denki Corp. | 150,500 | | 3,136 |
Kakaku.com, Inc. | 245 | | 1,270 |
Koha Co. Ltd. | 51,500 | | 497 |
Komori Corp. | 154,000 | | 3,047 |
Konica Minolta Holdings, Inc. | 112,500 | | 1,695 |
Kura Corp. Ltd. | 5,100 | | 13,027 |
Kuraray Co. Ltd. | 150,500 | | 1,794 |
LAC Holdings, Inc. | 154,700 | | 478 |
Matsumotokiyoshi Holdings Co. Ltd. | 56,200 | | 1,178 |
MCJ Co. Ltd. | 4,956 | | 1,589 |
Meiko Electronics Co. Ltd. | 33,800 | | 922 |
Message Co. Ltd. | 1,644 | | 2,159 |
Micronics Japan Co. Ltd. | 127,200 | | 4,586 |
Mitsui O.S.K. Lines Ltd. | 158,000 | | 2,181 |
Mitsumi Electric Co. Ltd. | 31,900 | | 1,067 |
Miyano Machinery, Inc. | 429,000 | | 970 |
Money Partners Co. Ltd. (d) | 14,184 | | 16,014 |
Mori Seiki Co. Ltd. | 102,000 | | 1,883 |
Namco Bandai Holdings, Inc. | 675,200 | | 8,471 |
NIC Corp. | 290,400 | | 1,403 |
Nidec Corp. | 22,400 | | 1,692 |
Nihon Dempa Kogyo Co. Ltd. (d) | 329,800 | | 9,717 |
Nihon Kohden Corp. | 165,100 | | 3,296 |
Nihon Nohyaku Co. Ltd. (d) | 199,000 | | 1,746 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Nihon Trim Co. Ltd. (d) | 219,400 | | $ 5,345 |
Nihonwasou Holdings, Inc. | 782 | | 223 |
Nikon Corp. | 167,000 | | 4,825 |
Nippon Chemi-con Corp. (d) | 312,000 | | 1,245 |
Nippon Commercial Investment Corp. | 1,123 | | 4,503 |
Nippon Denko Co. Ltd. | 136,000 | | 1,637 |
Nippon Oil Corp. | 176,000 | | 1,213 |
Nippon Seiki Co. Ltd. | 935,000 | | 13,741 |
Nissha Printing Co. Ltd. | 39,200 | | 1,621 |
Nissin Kogyo Co. Ltd. | 609,700 | | 10,409 |
NOF Corp. | 101,000 | | 471 |
NSK Ltd. | 129,000 | | 1,075 |
NTN Corp. | 111,000 | | 854 |
Obara Corp. | 50 | | 1 |
Oiles Corp. | 148,040 | | 2,765 |
Orix Jreit, Inc. | 333 | | 1,986 |
Otsuka Corp. | 64,600 | | 4,964 |
Pigeon Corp. (d) | 87,700 | | 1,615 |
Produce Co. Ltd. (a)(d) | 1,632 | | 6,743 |
Rinnai Corp. (d) | 35,000 | | 1,124 |
Rohto Pharmaceutical Co. Ltd. | 658,000 | | 7,052 |
Round One Corp. | 371 | | 450 |
Ryobi Ltd. (d) | 301,000 | | 1,138 |
Sakata Seed Corp. | 8,900 | | 141 |
Sammy NetWorks Co. Ltd. | 1,015 | | 1,532 |
Sansha Electric Manufacturing Co. Ltd. | 54,000 | | 479 |
Sanyo Denki Co. Ltd. | 271,000 | | 1,247 |
Sato Corp. (d) | 634,900 | | 8,573 |
Sawada Holdings Co. Ltd. (a)(d) | 91,000 | | 560 |
Sec Carbon Ltd. | 132,000 | | 962 |
Sega Sammy Holdings, Inc. (d) | 180,000 | | 2,191 |
Seria Co. Ltd. | 482 | | 373 |
Shibaura Electronics Co. Ltd. (d) | 96,700 | | 1,267 |
Shimachu Co. Ltd. | 80,600 | | 2,218 |
Shin Nippon Biomedical Laboratories Ltd. (d) | 157,700 | | 2,719 |
Shin-Kobe Electric Machinery Co. Ltd. | 419,000 | | 2,422 |
Shinohara Systems of Construction Co. Ltd. | 1,206 | | 711 |
So-net M3, Inc. | 141 | | 568 |
Sojitz Corp. | 501,700 | | 1,932 |
SRI Sports Ltd. | 2,299 | | 3,118 |
Stanley Electric Co. Ltd. | 55,000 | | 1,401 |
Start Today Co. Ltd. (d) | 443 | | 1,580 |
Common Stocks - continued |
| Shares | | Value (000s) |
Japan - continued |
Stella Chemifa Corp. (d) | 31,900 | | $ 704 |
Sumitomo Corp. | 175,900 | | 2,368 |
Sunx Ltd. (d) | 284,400 | | 1,596 |
Sysmex Corp. | 67,400 | | 2,752 |
T&D Holdings, Inc. | 18,300 | | 1,172 |
Taiho Kogyo Co. Ltd. | 96,100 | | 1,223 |
Takano Co. Ltd. | 109,200 | | 1,036 |
Takara Holdings, Inc. | 324,000 | | 2,181 |
Takeei Corp. (d) | 92,200 | | 3,622 |
Takisawa Machine Tool Co. Ltd. | 524,000 | | 794 |
The Suruga Bank Ltd. | 196,000 | | 2,773 |
TMS Entertainment Ltd. | 152,000 | | 325 |
TOA Valve Holding, Inc. (d) | 352 | | 892 |
Tohcello Co. Ltd. | 149,000 | | 832 |
Toho Zinc Co. Ltd. | 272,000 | | 1,520 |
Tohoku Electric Power Co., Inc. | 46,300 | | 1,053 |
Tokai Carbon Co. Ltd. | 237,000 | | 2,483 |
Tokai Rubber Industries Ltd. | 83,700 | | 1,225 |
Tokyo Gas Co. Ltd. | 248,000 | | 953 |
Tokyo Seimitsu Co. Ltd. (d) | 60,100 | | 1,203 |
Toray Industries, Inc. | 125,000 | | 782 |
Toyo Suisan Kaisha Ltd. | 384,000 | | 6,824 |
Toyoda Gosei Co. Ltd. | 33,300 | | 1,217 |
Tsumura & Co. | 433,900 | | 10,501 |
Tyo, Inc. (d) | 235,000 | | 371 |
Ulvac, Inc. (d) | 28,500 | | 1,169 |
Unicom Group Holdings, Inc. | 20,500 | | 86 |
United Arrows Ltd. (d) | 104,500 | | 757 |
United Technology Holdings Co. Ltd. | 564 | | 691 |
VarioSecure Networks, Inc. (d) | 937 | | 1,091 |
Wacom Co. Ltd. (d) | 734 | | 1,479 |
Works Applications Co. Ltd. | 3,802 | | 4,320 |
Xebio Co. Ltd. | 129,100 | | 3,902 |
Yachiyo Industry Co. Ltd. | 119,200 | | 1,508 |
Yamada Denki Co. Ltd. | 14,710 | | 1,263 |
Yonkyu Co. Ltd. | 135,500 | | 635 |
TOTAL JAPAN | | 381,893 |
Korea (South) - 1.4% |
LG Household & Health Care Ltd. | 19,636 | | 4,061 |
MegaStudy Co. Ltd. | 11,483 | | 3,789 |
Common Stocks - continued |
| Shares | | Value (000s) |
Korea (South) - continued |
NHN Corp. (a) | 30,451 | | $ 7,072 |
Taewoong Co. Ltd. | 27,556 | | 2,900 |
TOTAL KOREA (SOUTH) | | 17,822 |
Malaysia - 0.3% |
KNM Group Bhd | 798,100 | | 1,617 |
Parkson Holdings Bhd (a) | 884,700 | | 1,960 |
TOTAL MALAYSIA | | 3,577 |
Netherlands - 1.0% |
Brunel International NV | 148,000 | | 3,565 |
Cryo-Save Group NV | 740,000 | | 2,832 |
Engel East Europe NV | 975,032 | | 1,153 |
InnoConcepts NV | 35,000 | | 594 |
QIAGEN NV (a) | 135,000 | | 3,037 |
SMARTRAC NV (a) | 54,600 | | 2,129 |
TOTAL NETHERLANDS | | 13,310 |
Norway - 1.0% |
IMAREX NOS ASA (a) | 4,475 | | 118 |
Norwegian Property ASA (d) | 451,590 | | 3,939 |
Pertra AS (A Shares) (a) | 175,642 | | 1,667 |
Revus Energy ASA (a) | 35,000 | | 562 |
Stepstone ASA (a) | 2,007,910 | | 6,706 |
TOTAL NORWAY | | 12,992 |
Papua New Guinea - 1.1% |
Lihir Gold Ltd. (a) | 1,900,789 | | 5,271 |
New Britain Palm Oil Ltd. | 5,528 | | 62 |
Oil Search Ltd. | 1,825,539 | | 8,179 |
TOTAL PAPUA NEW GUINEA | | 13,512 |
Philippines - 0.1% |
Alliance Global Group, Inc. (a) | 8,680,000 | | 802 |
Singapore - 0.8% |
Banyan Tree Holdings Ltd. | 478,000 | | 501 |
Parkway Holdings Ltd. | 628,300 | | 1,622 |
Raffles Medical Group Ltd. | 1,821,000 | | 1,732 |
Skywest Airlines Ltd. (e) | 14,719,299 | | 4,244 |
Straits Asia Resources Ltd. | 754,000 | | 1,835 |
TOTAL SINGAPORE | | 9,934 |
Common Stocks - continued |
| Shares | | Value (000s) |
South Africa - 0.4% |
African Rainbow Minerals Ltd. | 166,163 | | $ 5,648 |
Spain - 0.7% |
Grifols SA | 310,061 | | 8,688 |
Laboratorios Farmaceuticos ROVI SA | 32,151 | | 494 |
TOTAL SPAIN | | 9,182 |
Sweden - 2.4% |
Cision AB | 377,800 | | 1,249 |
Countermine Technologies AB (a) | 1,039,728 | | 451 |
Countermine Technologies AB warrants 3/1/10 (a) | 1,085,197 | | 271 |
Hexagon AB (B Shares) | 363,353 | | 6,614 |
Intrum Justitia AB | 133,500 | | 2,163 |
Meda AB (A Shares) (d) | 44,360 | | 530 |
Modern Times Group MTG AB (B Shares) | 189,310 | | 13,911 |
NeoNet AB | 668,050 | | 4,017 |
Q-Med AB | 233,400 | | 1,559 |
RNB Retail & Brands AB | 75,000 | | 328 |
TOTAL SWEDEN | | 31,093 |
Switzerland - 1.7% |
Actelion Ltd. (Reg.) (a) | 285,940 | | 14,485 |
Basilea Pharmaceutica AG (a) | 4,000 | | 583 |
Cytos Biotechnology AG (a) | 2,450 | | 154 |
EFG International | 79,880 | | 2,555 |
Temenos Group AG (a) | 155,000 | | 4,367 |
TOTAL SWITZERLAND | | 22,144 |
Taiwan - 0.7% |
Capital Securities Corp. | 709,000 | | 579 |
Cathay Real Estate Development Co. Ltd. | 1,292,000 | | 1,038 |
Hung Poo Real Estate Development Co. Ltd. | 642,000 | | 1,229 |
Sinyi Realty, Inc. | 721,837 | | 2,786 |
Taiwan Fertilizer Co. Ltd. | 681,000 | | 3,299 |
TOTAL TAIWAN | | 8,931 |
Thailand - 0.3% |
Banpu PCL unit | 266,100 | | 3,658 |
Total Access Communication PCL | 222,600 | | 318 |
TOTAL THAILAND | | 3,976 |
United Kingdom - 17.0% |
Advanced Fluid Connections PLC (a) | 7,009,687 | | 0 |
ADVFN PLC (a)(e) | 34,675,780 | | 1,482 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Afren PLC (a) | 2,681,850 | | $ 8,412 |
African Consolidated Resources PLC (a) | 10,112,734 | | 3,820 |
African Copper PLC (a) | 1,177,884 | | 913 |
Air Partner PLC | 45,000 | | 778 |
Alizyme PLC (a) | 1,363,700 | | 800 |
Anglo Asian Mining PLC (a) | 2,718,700 | | 662 |
Ark Therapeutics Group PLC (a) | 506,300 | | 740 |
Autonomy Corp. PLC (a) | 453,000 | | 7,714 |
Aveva Group PLC | 180,000 | | 4,370 |
Axon Group PLC | 213,900 | | 1,911 |
Baltic Oil Terminals PLC (a) | 1,314,300 | | 2,156 |
BioCare Solutions PLC (a) | 4,557,670 | | 147 |
Blackstar Investors PLC (a) | 1,639,779 | | 3,146 |
Block Shield Corp. PLC (a) | 1,653,400 | | 1,200 |
BowLeven PLC (a) | 106,800 | | 726 |
Cambrian Mining PLC (a)(d) | 4,026,100 | | 11,867 |
Celsis International PLC (a) | 443,648 | | 1,372 |
Centurion Electronics PLC (a)(e) | 748,299 | | 0 |
Ceres Power Holdings PLC (a) | 103,213 | | 302 |
Connaught PLC | 248,725 | | 2,016 |
Corac Group PLC (a) | 3,979,104 | | 5,459 |
Craneware PLC | 255,000 | | 902 |
CustomVis PLC (a)(e) | 14,939,536 | | 1,262 |
CVS Group PLC | 11,000 | | 57 |
Datacash Group PLC | 1,585,580 | | 8,890 |
Eclipse Energy Co. Ltd. (f) | 102,000 | | 1,521 |
European Nickel PLC (a) | 1,100,000 | | 776 |
Forum Energy PLC (a) | 570,970 | | 324 |
Gcm Resources PLC (a) | 146,431 | | 310 |
Gemfields Resources PLC (a) | 3,909,100 | | 3,053 |
Hardide Ltd. (a) | 6,848,580 | | 869 |
Hydrodec Group PLC (a)(e) | 9,702,286 | | 10,562 |
Ideal Shopping Direct PLC | 234,592 | | 910 |
IG Group Holdings PLC | 1,163,589 | | 8,392 |
Impact Holdings PLC (a)(e) | 10,414,000 | | 466 |
Inova Holding PLC (a) | 1,443,461 | | 221 |
Intertek Group PLC | 94,110 | | 1,821 |
iomart Group PLC (a) | 1,618,840 | | 1,448 |
ITM Power PLC (a)(d) | 1,096,545 | | 1,003 |
Jubilee Platinum PLC (a) | 1,657,843 | | 2,785 |
Keronite PLC (f) | 13,620,267 | | 1,625 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
Landround PLC warrants 12/11/09 (a)(f) | 166,666 | | $ 2 |
London Asia Chinese Private Equity Fund Ltd. warrants 3/31/11 (a) | 105,400 | | 38 |
Max Petroleum PLC (a) | 4,114,820 | | 5,543 |
Meggitt PLC | 971,100 | | 5,730 |
Meldex International PLC (a) | 3,324,116 | | 4,197 |
MicroEmissive Displays (a) | 2,196,600 | | 1,103 |
Motivcom PLC (e) | 1,663,300 | | 2,778 |
NDS Group PLC sponsored ADR (a) | 353,400 | | 18,182 |
Nviro Cleantech PLC | 105,000 | | 78 |
Proteome Sciences PLC (a) | 995,632 | | 846 |
Protherics PLC (a) | 1,286,917 | | 1,241 |
Pureprofile Media PLC (f) | 1,108,572 | | 827 |
Pursuit Dynamics PLC (a)(d) | 858,304 | | 3,831 |
PV Crystalox Solar PLC | 1,119,050 | | 3,465 |
Rambler Metals & Mining PLC (a) | 200,000 | | 200 |
Redhall Group PLC | 74,200 | | 401 |
Renewable Energy Generation Ltd. | 500,000 | | 1,126 |
RGI International Ltd. (a) | 200,000 | | 1,582 |
Rightmove PLC | 345,907 | | 2,885 |
Romag Holdings PLC | 50,000 | | 177 |
Royalblue Group PLC | 54,842 | | 892 |
Sarantel Group PLC Class A (a) | 3,142,500 | | 297 |
SDL PLC (a) | 1,296,662 | | 8,701 |
Serco Group PLC | 537,530 | | 4,713 |
Silverdell PLC (a) | 278,716 | | 737 |
Sinclair Pharma PLC (a) | 1,128,371 | | 942 |
SPI Lasers PLC (a) | 3,461,200 | | 2,133 |
SR Pharma PLC (a) | 700,000 | | 571 |
Stem Cell Sciences PLC (a) | 566,649 | | 166 |
SubSea Resources PLC warrants 11/4/09 (a) | 1,805,625 | | 0 |
Synergy Healthcare PLC | 91,134 | | 1,160 |
Target Resources PLC (a) | 1,020,000 | | 294 |
Target Resources PLC warrants 7/12/08 (a) | 1,020,000 | | 0 |
TMO Biotec (f) | 1,000,000 | | 1,381 |
Toledo Mining Corp. PLC (a) | 1,322,604 | | 3,682 |
Triple Plate Junction PLC (a) | 1,439,200 | | 379 |
Unite Group PLC | 427,110 | | 2,471 |
Valiant Petroleum PLC | 20,300 | | 337 |
Vectura Group PLC (a) | 3,556,060 | | 3,146 |
Wellstream Holdings PLC | 268,400 | | 6,708 |
Xchanging PLC | 1,619,200 | | 8,048 |
Common Stocks - continued |
| Shares | | Value (000s) |
United Kingdom - continued |
York Pharma PLC (a) | 837,600 | | $ 874 |
Zenergy Power PLC (a) | 1,469,780 | | 6,561 |
ZincOx Resources PLC (a) | 574,400 | | 1,987 |
TOTAL UNITED KINGDOM | | 217,602 |
United States of America - 2.7% |
CTC Media, Inc. (a) | 291,000 | | 7,528 |
Cyberview Technology, Inc. (a)(e) | 996,527 | | 3,368 |
Frontera Resources Corp. (a) | 1,157,200 | | 2,071 |
Frontier Mining Ltd. (a) | 6,771,600 | | 791 |
Phorm, Inc. (e) | 664,000 | | 18,812 |
Sohu.com, Inc. (a) | 13,200 | | 913 |
XL TechGroup, Inc. (a) | 1,329,250 | | 634 |
TOTAL UNITED STATES OF AMERICA | | 34,117 |
TOTAL COMMON STOCKS (Cost $1,082,233) | 1,216,849 |
Convertible Bonds - 0.4% |
| Principal Amount (000s) | | |
Canada - 0.4% |
Western Canadian Coal Corp. 7.5% 3/24/11
(Cost $4,061) | CAD | 4,714 | | 5,024 |
Money Market Funds - 9.3% |
| Shares | | |
Fidelity Cash Central Fund, 2.51% (b) | 61,226,630 | | 61,227 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 57,841,870 | | 57,842 |
TOTAL MONEY MARKET FUNDS (Cost $119,069) | 119,069 |
TOTAL INVESTMENT PORTFOLIO - 104.7% (Cost $1,205,363) | | 1,340,942 |
NET OTHER ASSETS - (4.7)% | | (60,754) |
NET ASSETS - 100% | $ 1,280,188 |
Currency Abbreviations |
CAD | - | Canadian dollar |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Affiliated company |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,291,000 or 1.1% 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 |
Buried Hill Energy (Cyprus) PCL | 8/18/06 | $ 2,142 |
Eclipse Energy Co. Ltd. | 4/28/05 | $ 1,459 |
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 |
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 | $ 1,055 |
Fidelity Securities Lending Cash Central Fund | 873 |
Total | $ 1,928 |
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 |
ADVFN PLC | $ 2,066 | $ - | $ 21 | $ - | $ 1,482 |
Allied Gold Ltd. | 12,802 | 3,229 | 16 | - | - |
Allied Gold Ltd. (United Kingdom) | 410 | - | - | - | - |
BioCare Solutions PLC | 1,260 | - | 17 | - | - |
Capital-XX Ltd. | 3,105 | 736 | - | - | 1,444 |
Centurion Electronics PLC | 89 | - | - | - | - |
Corac Group PLC | 5,414 | - | 767 | - | - |
CustomVis PLC | 591 | 421 | - | - | 1,262 |
Cyberview Technology, Inc. | 3,802 | - | - | - | 3,368 |
Frontier Mining Ltd. | 1,619 | - | - | - | - |
Healthcare Enterprise Group PLC | 373 | - | 274 | - | - |
Hydrodec Group PLC | 3,795 | - | 247 | - | 10,562 |
Impact Holdings PLC | 650 | - | - | - | 466 |
Motivcom PLC | 5,545 | - | 270 | 49 | 2,778 |
Phorm, Inc. | 28,335 | - | - | - | 18,812 |
Skywest Airlines Ltd. | 4,437 | - | - | 222 | 4,244 |
SPI Lasers PLC | 3,778 | - | - | - | - |
Sylvania Resources Ltd. | 25,111 | 640 | 2,145 | - | - |
Sylvania Resources Ltd. (United Kingdom) | 13,425 | 211 | 6,910 | - | - |
Tanzanite One Ltd. | 8,937 | - | - | 410 | 5,486 |
Teleunit SpA | 1,025 | - | - | - | 759 |
Visual Defence, Inc. | 1,503 | - | - | - | 1,275 |
Total | $ 128,072 | $ 5,237 | $ 10,667 | $ 681 | $ 51,938 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2008 |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $54,563) - See accompanying schedule: Unaffiliated issuers (cost $1,032,305) | $ 1,169,935 | |
Fidelity Central Funds (cost $119,069) | 119,069 | |
Other affiliated issuers (cost $53,989) | 51,938 | |
Total Investments (cost $1,205,363) | | $ 1,340,942 |
Receivable for investments sold | | 38,416 |
Receivable for fund shares sold | | 595 |
Dividends receivable | | 3,690 |
Interest receivable | | 35 |
Distributions receivable from Fidelity Central Funds | | 297 |
Prepaid expenses | | 3 |
Receivable from investment adviser for expense reductions | | 5 |
Other receivables | | 443 |
Total assets | | 1,384,426 |
| | |
Liabilities | | |
Payable to custodian bank | $ 12,635 | |
Payable for investments purchased | 30,596 | |
Payable for fund shares redeemed | 1,351 | |
Accrued management fee | 1,155 | |
Distribution fees payable | 36 | |
Other affiliated payables | 288 | |
Other payables and accrued expenses | 335 | |
Collateral on securities loaned, at value | 57,842 | |
Total liabilities | | 104,238 |
| | |
Net Assets | | $ 1,280,188 |
Net Assets consist of: | | |
Paid in capital | | $ 1,108,035 |
Undistributed net investment income | | 574 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 36,091 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 135,488 |
Net Assets | | $ 1,280,188 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | April 30, 2008 |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($27,339 ÷ 1,255.5 shares) | | $ 21.78 |
| | |
Maximum offering price per share (100/94.25 of $21.78) | | $ 23.11 |
Class T:
Net Asset Value and redemption price per share ($30,031 ÷ 1,385.7 shares) | | $ 21.67 |
| | |
Maximum offering price per share (100/96.50 of $21.67) | | $ 22.46 |
Class B:
Net Asset Value and offering price per share ($7,436 ÷ 347.9 shares)A | | $ 21.37 |
| | |
Class C:
Net Asset Value and offering price per share ($14,576 ÷ 679.2 shares)A | | $ 21.46 |
| | |
| | |
International Small Cap:
Net Asset Value, offering price and redemption price per share ($1,195,529 ÷ 54,413.9 shares) | | $ 21.97 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($5,277 ÷ 240.6 shares) | | $ 21.93 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended April 30, 2008 |
| | |
Investment Income | | |
Dividends (including $681 earned from other affiliated issuers) | | $ 9,072 |
Interest | | 190 |
Income from Fidelity Central Funds (including $873 from security lending) | | 1,928 |
| | 11,190 |
Less foreign taxes withheld | | (541) |
Total income | | 10,649 |
| | |
Expenses | | |
Management fee
Basic fee | $ 6,023 | |
Performance adjustment | 1,865 | |
Transfer agent fees | 1,571 | |
Distribution fees | 240 | |
Accounting and security lending fees | 326 | |
Custodian fees and expenses | 250 | |
Independent trustees' compensation | 3 | |
Registration fees | 48 | |
Audit | 69 | |
Legal | 3 | |
Miscellaneous | 184 | |
Total expenses before reductions | 10,582 | |
Expense reductions | (395) | 10,187 |
Net investment income (loss) | | 462 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers (net of foreign taxes of $720) | 107,127 | |
Other affiliated issuers | 94 | |
Foreign currency transactions | (154) | |
Total net realized gain (loss) | | 107,067 |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $621) | (370,555) | |
Assets and liabilities in foreign currencies | (115) | |
Total change in net unrealized appreciation (depreciation) | | (370,670) |
Net gain (loss) | | (263,603) |
Net increase (decrease) in net assets resulting from operations | | $ (263,141) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30,
2008 | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 462 | $ 7,040 |
Net realized gain (loss) | 107,067 | 289,903 |
Change in net unrealized appreciation (depreciation) | (370,670) | 201,775 |
Net increase (decrease) in net assets resulting
from operations | (263,141) | 498,718 |
Distributions to shareholders from net investment income | (6,293) | (3,787) |
Distributions to shareholders from net realized gain | (288,048) | (351,004) |
Total distributions | (294,341) | (354,791) |
Share transactions - net increase (decrease) | 55,832 | (298,912) |
Redemption fees | 97 | 245 |
Total increase (decrease) in net assets | (501,553) | (154,740) |
| | |
Net Assets | | |
Beginning of period | 1,781,741 | 1,936,481 |
End of period (including undistributed net investment income of $574 and undistributed net investment income of $7,171, respectively) | $ 1,280,188 | $ 1,781,741 |
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, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 31.14 | $ 28.79 | $ 26.69 | $ 21.25 | $ 17.69 | $ 12.35 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.01) | .03 | (.02) | .05 | .02 | .02 H |
Net realized and unrealized gain (loss) | (4.15) | 7.97 | 5.05 | 6.16 | 3.83 | 5.30 |
Total from investment operations | (4.16) | 8.00 | 5.03 | 6.21 | 3.85 | 5.32 |
Distributions from net investment income | (.03) | - | (.05) | (.02) | (.02) | - |
Distributions from net realized gain | (5.18) | (5.65) | (2.89) | (.77) | (.31) | - |
Total distributions | (5.20) L | (5.65) | (2.94) | (.79) | (.33) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 21.78 | $ 31.14 | $ 28.79 | $ 26.69 | $ 21.25 | $ 17.69 |
Total Return B,C,D | (14.70)% | 33.43% | 20.22% | 30.16% | 22.36% | 43.24% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 1.80% A | 1.53% | 1.64% | 1.66% | 1.71% | 1.77% A |
Expenses net of fee waivers, if any | 1.65% A | 1.53% | 1.64% | 1.66% | 1.71% | 1.77% A |
Expenses net of all reductions | 1.60% A | 1.49% | 1.58% | 1.63% | 1.69% | 1.74% A |
Net investment income (loss) | (.09)% A | .10% | (.08) % | .21% | .09% | .28% A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 27 | $ 39 | $ 37 | $ 35 | $ 13 | $ 5 |
Portfolio turnover rate G | 99% A | 70% | 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. L Total distributions of $5.202 per share is comprised of distributions from net investment income of $.026 and distributions from net realized gain of $5.176 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, | Years ended October 31, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 30.96 | $ 28.64 | $ 26.57 | $ 21.20 | $ 17.68 | $ 12.35 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.04) | (.04) | (.09) | (.01) | (.03) | - H,K |
Net realized and unrealized gain (loss) | (4.13) | 7.93 | 5.03 | 6.12 | 3.83 | 5.31 |
Total from investment operations | (4.17) | 7.89 | 4.94 | 6.11 | 3.80 | 5.31 |
Distributions from net investment income | - | - | - | - | (.01) | - |
Distributions from net realized gain | (5.12) | (5.57) | (2.88) | (.76) | (.31) | - |
Total distributions | (5.12) L | (5.57) | (2.88) | (.76) | (.32) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 21.67 | $ 30.96 | $ 28.64 | $ 26.57 | $ 21.20 | $ 17.68 |
Total Return B,C,D | (14.81)% | 33.07% | 19.93% | 29.72% | 22.07% | 43.16% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 2.05% A | 1.77% | 1.89% | 1.92% | 1.94% | 2.12% A |
Expenses net of fee waivers, if any | 1.90% A | 1.77% | 1.89% | 1.91% | 1.94% | 2.12% A |
Expenses net of all reductions | 1.86% A | 1.73% | 1.83% | 1.88% | 1.92% | 2.09% A |
Net investment income (loss) | (.34)% A | (.14)% | (.32)% | (.04)% | (.14)% | (.07)% A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 30 | $ 41 | $ 42 | $ 42 | $ 15 | $ 4 |
Portfolio turnover rate G | 99% A | 70% | 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. L Total distributions of $5.123 per share is comprised of distributions from net realized gain of $5.123 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, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 30.49 | $ 28.26 | $ 26.24 | $ 20.99 | $ 17.62 | $ 12.35 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.09) | (.18) | (.24) | (.14) | (.16) | (.05) H |
Net realized and unrealized gain (loss) | (4.08) | 7.82 | 4.98 | 6.08 | 3.80 | 5.30 |
Total from investment operations | (4.17) | 7.64 | 4.74 | 5.94 | 3.64 | 5.25 |
Distributions from net realized gain | (4.95) L | (5.41) | (2.73) | (.71) | (.31) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 21.37 | $ 30.49 | $ 28.26 | $ 26.24 | $ 20.99 | $ 17.62 |
Total Return B,C,D | (15.04)% | 32.38% | 19.28% | 29.13% | 21.21% | 42.67% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 2.55% A | 2.30% | 2.48% | 2.49% | 2.63% | 2.76% A |
Expenses net of fee waivers, if any | 2.40% A | 2.30% | 2.40% | 2.43% | 2.63% | 2.76% A |
Expenses net of all reductions | 2.36% A | 2.26% | 2.34% | 2.40% | 2.60% | 2.73% A |
Net investment income (loss) | (.84)% A | (.66)% | (.84)% | (.56)% | (.83)% | (.71)% A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 7 | $ 11 | $ 11 | $ 13 | $ 5 | $ 1 |
Portfolio turnover rate G | 99% A | 70% | 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. L Total distributions of $4.949 per share is comprised of distributions from net realized gain of $4.949 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, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 I |
Selected Per-Share Data | | | | | |
Net asset value, beginning of period | $ 30.62 | $ 28.33 | $ 26.31 | $ 21.04 | $ 17.64 | $ 12.35 |
Income from Investment
Operations | | | | | |
Net investment income (loss) E | (.09) | (.17) | (.23) | (.13) | (.12) | (.04) H |
Net realized and unrealized gain (loss) | (4.09) | 7.85 | 4.99 | 6.10 | 3.80 | 5.31 |
Total from investment operations | (4.18) | 7.68 | 4.76 | 5.97 | 3.68 | 5.27 |
Distributions from net investment income | - | - | - | - | (.01) | - |
Distributions from net realized gain | (4.98) | (5.39) | (2.75) | (.72) | (.31) | - |
Total distributions | (4.98) L | (5.39) | (2.75) | (.72) | (.32) | - |
Redemption fees added to paid in capital E | - K | - K | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 21.46 | $ 30.62 | $ 28.33 | $ 26.31 | $ 21.04 | $ 17.64 |
Total Return B,C,D | (15.03)% | 32.39% | 19.34% | 29.22% | 21.43% | 42.83% |
Ratios to Average Net Assets F,J | | | | | |
Expenses before reductions | 2.54% A | 2.26% | 2.38% | 2.41% | 2.43% | 2.57% A |
Expenses net of fee waivers, if any | 2.40% A | 2.26% | 2.38% | 2.41% | 2.43% | 2.57% A |
Expenses net of all reductions | 2.36% A | 2.22% | 2.32% | 2.38% | 2.40% | 2.55% A |
Net investment income (loss) | (.84)% A | (.62)% | (.81)% | (.54)% | (.62)% | (.52)% A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 15 | $ 20 | $ 21 | $ 25 | $ 9 | $ 1 |
Portfolio turnover rate G | 99% A | 70% | 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. L Total distributions of $4.975 per share is comprised of distributions from net realized gain of $4.975 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, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 31.44 | $ 29.03 | $ 26.89 | $ 21.36 | $ 17.71 | $ 9.87 |
Income from Investment
Operations | | | | | |
Net investment income (loss) D | .01 | .12 | .08 | .15 | .10 | .07 G |
Net realized and unrealized gain (loss) | (4.18) | 8.03 | 5.08 | 6.19 | 3.84 | 7.75 |
Total from investment operations | (4.17) | 8.15 | 5.16 | 6.34 | 3.94 | 7.82 |
Distributions from net investment income | (.12) | (.07) | (.14) | (.06) | (.02) | - |
Distributions from net realized gain | (5.18) | (5.67) | (2.89) | (.77) | (.31) | (.02) |
Total distributions | (5.30) J | (5.74) | (3.03) | (.83) | (.33) | (.02) |
Redemption fees added to paid in capital D | - I | - I | .01 | .02 | .04 | .04 |
Net asset value, end of period | $ 21.97 | $ 31.44 | $ 29.03 | $ 26.89 | $ 21.36 | $ 17.71 |
Total Return B,C | (14.62)% | 33.82% | 20.65% | 30.67% | 22.84% | 79.78% |
Ratios to Average Net Assets E,H | | | | | |
Expenses before reductions | 1.47% A | 1.19% | 1.28% | 1.28% | 1.30% | 1.54% |
Expenses net of fee waivers, if any | 1.47% A | 1.19% | 1.28% | 1.28% | 1.30% | 1.54% |
Expenses net of all reductions | 1.42% A | 1.15% | 1.22% | 1.25% | 1.28% | 1.51% |
Net investment income (loss) | .10% A | .45% | .29% | .59% | .50% | .46% |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 1,196 | $ 1,664 | $ 1,816 | $ 2,090 | $ 1,091 | $ 547 |
Portfolio turnover rate F | 99% A | 70% | 84% | 79% | 77% | 84% |
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. HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $5.296 per share is comprised of distributions from net investment income of $.120 and distributions from net realized gain of $5.176 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, | Years ended October 31, |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003H |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ 31.38 | $ 28.99 | $ 26.86 | $ 21.36 | $ 17.72 | $ 12.35 |
Income from Investment
Operations | | | | | |
Net investment income (loss)D | .02 | .12 | .08 | .14 | .10 | .04G |
Net realized and unrealized gain (loss) | (4.17) | 8.01 | 5.07 | 6.18 | 3.84 | 5.31 |
Total from investment operations | (4.15) | 8.13 | 5.15 | 6.32 | 3.94 | 5.35 |
Distributions from net investment income | (.12) | (.07) | (.14) | (.07) | (.03) | - |
Distributions from net realized gain | (5.18) | (5.67) | (2.89) | (.77) | (.31) | - |
Total distributions | (5.30)K | (5.74) | (3.03) | (.84) | (.34) | - |
Redemption fees added to paid in capitalD | -J | -J | .01 | .02 | .04 | .02 |
Net asset value, end of period | $ 21.93 | $ 31.38 | $ 28.99 | $ 26.86 | $ 21.36 | $ 17.72 |
Total ReturnB,C | (14.58)% | 33.84% | 20.65% | 30.59% | 22.84% | 43.48% |
Ratios to Average Net AssetsE,I | | | | | |
Expenses before reductions | 1.46%A | 1.18% | 1.29% | 1.30% | 1.32% | 1.51%A |
Expenses net of fee waivers, if any | 1.40%A | 1.18% | 1.29% | 1.30% | 1.32% | 1.51%A |
Expenses net of all reductions | 1.36%A | 1.14% | 1.23% | 1.27% | 1.29% | 1.48%A |
Net investment income (loss) | .16%A | .45% | .28% | .57% | .49% | .54%A |
Supplemental Data | | | | | | |
Net assets, end of period (in millions) | $ 5 | $ 8 | $ 9 | $ 7 | $ 3 | $ .4 |
Portfolio turnover rateF | 99%A | 70% | 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. KTotal distributions of $5.296 per share is comprised of distributions from net investment income of $.120 and distributions from net realized gain of $5.176 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2008
(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 trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, International Small Cap, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
could differ from those estimates. 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 available 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.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency - continued
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV 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 distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized
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
tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) 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 | $ 249,108 | |
Unrealized depreciation | (170,684) | |
Net unrealized appreciation (depreciation) | $ 78,424 | |
Cost for federal income tax purposes | $ 1,262,518 | |
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 Pronouncement. 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 results in expanded disclosures about fair value measurements.
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 $679,987 and $904,992, 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 1.12% 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% | $ 38 | $ 2 |
Class T | .25% | .25% | 81 | 1 |
Class B | .75% | .25% | 42 | 32 |
Class C | .75% | .25% | 79 | 3 |
| | | $ 240 | $ 38 |
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 | $ 1 |
Class T | 1 |
Class B* | 5 |
Class C* | - |
| $ 7 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008, Fidelity Service
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
Company, Inc. (FSC) also an affiliate of FMR was the transfer agent for International Small Cap shares. For the period, each class paid the following transfer agent fees.
| Amount | % of
Average
Net Assets* |
Class A | $ 46 | .30 |
Class T | 49 | .30 |
Class B | 13 | .31 |
Class C | 23 | .29 |
International Small Cap | 1,434 | .22 |
Institutional Class | 6 | .21 |
| $ 1,571 | |
* 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 $1 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
Semiannual Report
Notes to Financial Statements - continued
(Amounts in thousands except ratios)
8. Security Lending - continued
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 A | 1.65% | $ 23 |
Class T | 1.90% | 24 |
Class B | 2.40% | 6 |
Class C | 2.40% | 11 |
Institutional Class | 1.40% | 2 |
| | $ 66 |
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 $320 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 | $ 9 |
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.
Semiannual Report
10. Other - continued
In December 2006, the Independent Trustees, with the assistance of independent counsel, completed an investigation regarding gifts, gratuities and business entertainment provided by certain brokers to certain individuals who were employed on FMR's domestic equity trading desk during the period 2002 to 2004. The Independent Trustees and FMR agreed 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 was worthy of redress. Accordingly, the Independent Trustees requested, and FMR agreed to make, a payment of $42 million plus accrued interest, which equaled approximately $7.3 million, to certain Fidelity mutual funds.
In March 2008, the Trustees approved a method for allocating this payment among the funds and, in total, FMR paid the fund $1, which is recorded in the accompanying Statement of Operations.
In a related administrative order dated March 5, 2008, the U.S. Securities and Exchange Commission ("SEC") announced a settlement with FMR and FMR Co., Inc. (an affiliate of FMR) involving the SEC's regulatory rules for investment advisers and the improper receipt of gifts, gratuities and business entertainment. Without admitting or denying the SEC's findings, FMR agreed to pay an $8 million civil penalty to the United States Treasury.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2008 | Year ended
October 31,
2007 |
From net investment income | | |
Class A | $ 32 | $ - |
International Small Cap | 6,232 | 3,765 |
Institutional Class | 29 | 22 |
Total | $ 6,293 | $ 3,787 |
From net realized gain | | |
Class A | $ 6,370 | $ 6,864 |
Class T | 6,691 | 7,706 |
Class B | 1,698 | 2,092 |
Class C | 3,225 | 3,882 |
International Small Cap | 268,816 | 328,782 |
Institutional Class | 1,248 | 1,678 |
Total | $ 288,048 | $ 351,004 |
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,
2008 | Year ended
October 31, 2007 | Six months ended
April 30,
2008 | Year ended
October 31, 2007 |
Class A | | | | |
Shares sold | 160 | 268 | $ 3,634 | $ 7,316 |
Reinvestment of distributions | 250 | 252 | 5,922 | 6,096 |
Shares redeemed | (393) | (556) | (8,565) | (14,980) |
Net increase (decrease) | 17 | (36) | $ 991 | $ (1,568) |
Class T | | | | |
Shares sold | 115 | 226 | $ 2,617 | $ 6,120 |
Reinvestment of distributions | 267 | 297 | 6,298 | 7,166 |
Shares redeemed | (314) | (671) | (6,952) | (17,855) |
Net increase (decrease) | 68 | (148) | $ 1,963 | $ (4,569) |
Class B | | | | |
Shares sold | 8 | 19 | $ 173 | $ 519 |
Reinvestment of distributions | 66 | 79 | 1,550 | 1,892 |
Shares redeemed | (77) | (149) | (1,690) | (3,957) |
Net increase (decrease) | (3) | (51) | $ 33 | $ (1,546) |
Class C | | | | |
Shares sold | 34 | 56 | $ 760 | $ 1,462 |
Reinvestment of distributions | 110 | 124 | 2,588 | 2,967 |
Shares redeemed | (121) | (277) | (2,621) | (7,298) |
Net increase (decrease) | 23 | (97) | $ 727 | $ (2,869) |
International Small Cap | | | | |
Shares sold | 3,979 | 7,028 | $ 92,050 | $ 194,115 |
Reinvestment of distributions | 10,463 | 12,767 | 249,850 | 311,000 |
Shares redeemed | (12,940) | (29,445) | (289,698) | (791,655) |
Net increase (decrease) | 1,502 | (9,650) | $ 52,202 | $ (286,540) |
Institutional Class | | | | |
Shares sold | 44 | 47 | $ 995 | $ 1,226 |
Reinvestment of distributions | 31 | 39 | 750 | 938 |
Shares redeemed | (82) | (150) | (1,829) | (3,984) |
Net increase (decrease) | (7) | (64) | $ (84) | $ (1,820) |
Semiannual Report
To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Small Cap Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of April 30, 2008, 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, 2008 and for the year ended October 31, 2007, and the financial highlights for the six months ended and for each of the five years in the period ended. 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, 2008, 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, 2008, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2008 and for the year ended October 31, 2007, and the financial highlights for the six months ended and for each of the five years in the period ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
June 18, 2008
Semiannual Report
A special meeting of the fund's shareholders was held on December 13, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.A |
| # of
Votes | % of
Votes |
Affirmative | 45,014,793,255.82 | 80.372 |
Against | 6,871,112,667.08 | 12.268 |
Abstain | 2,163,456,438.02 | 3.863 |
Broker
Non-Votes | 1,958,633,563.89 | 3.497 |
TOTAL | 56,007,995,924.81 | 100.000 |
PROPOSAL 2 |
To elect the nominees specified below as Trustees.A |
James C. Curvey |
Affirmative | 53,384,952,361.03 | 95.317 |
Withheld | 2,623,043,563.78 | 4.683 |
TOTAL | 56,007,995,924.81 | 100.000 |
Dennis J. Dirks |
Affirmative | 53,595,104,608.67 | 95.692 |
Withheld | 2,412,891,316.14 | 4.308 |
TOTAL | 56,007,995,924.81 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 53,570,235,221.69 | 95.647 |
Withheld | 2,437,760,703.12 | 4.353 |
TOTAL | 56,007,995,924.81 | 100.000 |
George H. Heilmeier |
Affirmative | 53,166,350,588.50 | 94.926 |
Withheld | 2,841,645,336.31 | 5.074 |
TOTAL | 56,007,995,924.81 | 100.000 |
| # of
Votes | % of
Votes |
Edward C. Johnson 3d |
Affirmative | 53,230,508,654.93 | 95.041 |
Withheld | 2,777,487,269.88 | 4.959 |
TOTAL | 56,007,995,924.81 | 100.000 |
James H. Keyes |
Affirmative | 53,549,161,456.52 | 95.610 |
Withheld | 2,458,834,468.29 | 4.390 |
TOTAL | 56,007,995,924.81 | 100.000 |
Marie L. Knowles |
Affirmative | 53,543,925,066.86 | 95.601 |
Withheld | 2,464,070,857.95 | 4.399 |
TOTAL | 56,007,995,924.81 | 100.000 |
Ned C. Lautenbach |
Affirmative | 53,547,116,322.50 | 95.606 |
Withheld | 2,460,879,602.31 | 4.394 |
TOTAL | 56,007,995,924.81 | 100.000 |
Cornelia M. Small |
Affirmative | 53,564,793,514.25 | 95.638 |
Withheld | 2,443,202,410.56 | 4.362 |
TOTAL | 56,007,995,924.81 | 100.000 |
William S. Stavropoulos |
Affirmative | 53,426,544,502.76 | 95.391 |
Withheld | 2,581,451,422.05 | 4.609 |
TOTAL | 56,007,995,924.81 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 53,229,881,790.63 | 95.040 |
Withheld | 2,778,114,134.18 | 4.960 |
TOTAL | 56,007,995,924.81 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
| # of
Votes | % of
Votes |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
A Denotes trust-wide proposal and voting results.
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
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
AISCI-USAN-0608
1.800646.104
Fidelity®
International Small Cap Opportunities
Fund
Semiannual Report
April 30, 2008
(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. |
Proxy Voting Results | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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, 2007 to April 30, 2008).
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, 2007
|
Ending
Account Value
April 30, 2008
| Expenses Paid
During Period*
November 1, 2007
to April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 809.20 | $ 7.42 |
HypotheticalA | $ 1,000.00 | $ 1,016.66 | $ 8.27 |
Class T | | | |
Actual | $ 1,000.00 | $ 808.10 | $ 8.54 |
HypotheticalA | $ 1,000.00 | $ 1,015.42 | $ 9.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 806.20 | $ 10.78 |
HypotheticalA | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Class C | | | |
Actual | $ 1,000.00 | $ 806.30 | $ 10.78 |
HypotheticalA | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
International Small Cap Opportunities | | | |
Actual | $ 1,000.00 | $ 810.20 | $ 6.39 |
HypotheticalA | $ 1,000.00 | $ 1,017.80 | $ 7.12 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 810.20 | $ 6.26 |
HypotheticalA | $ 1,000.00 | $ 1,017.95 | $ 6.97 |
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 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.65% |
Class T | 1.90% |
Class B | 2.40% |
Class C | 2.40% |
International Small Cap Opportunities | 1.42% |
Institutional Class | 1.39% |
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Japan 25.1% | |
| United Kingdom 8.6% | |
| Germany 7.3% | |
| Netherlands 6.8% | |
| United States of America 6.6% | |
| China 6.3% | |
| Cayman Islands 5.9% | |
| Norway 5.9% | |
| Papua New Guinea 5.9% | |
| Other 21.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2007 |
| Japan 28.5% | |
| United States of America 12.1% | |
| United Kingdom 10.0% | |
| Germany 8.6% | |
| Norway 6.1% | |
| Papua New Guinea 5.3% | |
| Netherlands 4.5% | |
| France 3.5% | |
| Cayman Islands 3.0% | |
| Other 18.4% | |
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 | 98.6 | 95.0 |
Short-Term Investments and Net Other Assets | 1.4 | 5.0 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Lihir Gold Ltd. (Papua New Guinea, Metals & Mining) | 5.9 | 5.3 |
Himax Technologies, Inc. sponsored ADR (Cayman Islands, Semiconductors & Semiconductor Equipment) | 3.9 | 1.1 |
GEA Group AG (Germany, Machinery) | 2.9 | 2.0 |
Downer EDI Ltd. (Australia, Commercial Services & Supplies) | 2.9 | 1.5 |
HannStar Display Corp. (Taiwan, Electronic Equipment & Instruments) | 2.7 | 1.6 |
Chiquita Brands International, Inc. (United States of America, Food Products) | 2.4 | 1.3 |
Marine Harvest ASA (Norway, Food Products) | 2.3 | 1.7 |
Global Bio-Chem Technology Group Co. Ltd. (China, Food Products) | 2.3 | 1.2 |
Gemalto NV (Netherlands, Computers & Peripherals) | 2.0 | 0.0 |
SGL Carbon AG (Germany, Electrical Equipment) | 2.0 | 1.8 |
| 29.3 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 27.8 | 28.1 |
Information Technology | 24.0 | 17.0 |
Consumer Staples | 14.1 | 10.6 |
Materials | 11.0 | 16.1 |
Financials | 9.7 | 8.3 |
Consumer Discretionary | 5.8 | 4.4 |
Health Care | 4.2 | 5.5 |
Energy | 2.0 | 4.6 |
Telecommunication Services | 0.0 | 0.4 |
Semiannual Report
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.6% |
| Shares | | Value |
Australia - 5.3% |
Babcock & Brown Ltd. (d) | 1,439,928 | | $ 19,965,718 |
Downer EDI Ltd. | 4,307,343 | | 29,456,034 |
Silex Systems Ltd. (a)(d) | 900,000 | | 4,915,276 |
TOTAL AUSTRALIA | | 54,337,028 |
Austria - 0.7% |
Andritz AG | 113,496 | | 6,771,766 |
Bermuda - 0.5% |
Noble Group Ltd. | 3,250,000 | | 5,344,370 |
Brazil - 1.8% |
Cosan SA Industria e Comercio | 1,070,000 | | 18,841,836 |
Cayman Islands - 5.9% |
CNinsure, Inc. ADR | 415,900 | | 5,843,395 |
Himax Technologies, Inc. sponsored ADR (d) | 7,953,009 | | 40,003,638 |
LDK Solar Co. Ltd. Sponsored ADR (d) | 458,200 | | 14,543,268 |
TOTAL CAYMAN ISLANDS | | 60,390,301 |
China - 6.3% |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(d) | 1,829,041 | | 9,949,983 |
First Tractor Co. Ltd. (H Shares) (a) | 15,940,000 | | 7,813,375 |
Focus Media Holding Ltd. ADR (a)(d) | 370,000 | | 13,649,300 |
Global Bio-Chem Technology Group Co. Ltd. | 50,703,300 | | 23,552,215 |
Shanda Interactive Entertainment Ltd. sponsored ADR (a) | 280,000 | | 9,601,200 |
TOTAL CHINA | | 64,566,073 |
Finland - 2.3% |
KCI Konecranes Oyj | 180,000 | | 7,879,184 |
Outotec Oyj | 250,406 | | 15,710,625 |
TOTAL FINLAND | | 23,589,809 |
France - 1.9% |
Nexans SA (d) | 98,374 | | 13,102,733 |
Ubisoft Entertainment SA (a) | 58,569 | | 5,906,511 |
TOTAL FRANCE | | 19,009,244 |
Germany - 7.3% |
Demag Cranes AG | 123,000 | | 6,828,064 |
GEA Group AG | 804,800 | | 29,838,866 |
Q-Cells AG (a)(d) | 149,285 | | 17,480,992 |
SGL Carbon AG (a) | 300,008 | | 20,518,085 |
TOTAL GERMANY | | 74,666,007 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - 1.1% |
BYD Electronic International Co. Ltd. | 4,928,000 | | $ 5,450,859 |
China State Construction International Holdings Ltd. | 3,500,000 | | 5,829,478 |
TOTAL HONG KONG | | 11,280,337 |
Italy - 1.1% |
Impregilo SpA (a) | 1,800,000 | | 10,981,402 |
Japan - 25.1% |
Acca Networks Co. Ltd. | 1,574 | | 1,990,598 |
Access Co. Ltd. (a)(d) | 2,000 | | 5,668,957 |
Air Water, Inc. | 391,000 | | 3,949,498 |
Asics Corp. | 446,000 | | 4,520,432 |
Capcom Co. Ltd. (d) | 218,900 | | 6,593,660 |
CyberAgent, Inc. (d) | 4,535 | | 5,338,864 |
DeNA Co. Ltd. | 200 | | 1,421,131 |
Hikari Tsushin, Inc. (d) | 184,100 | | 6,761,608 |
Ibiden Co. Ltd. | 135,000 | | 5,890,199 |
Ichiyoshi Securities Co. Ltd. (d) | 727,400 | | 7,948,956 |
JAFCO Co. Ltd. | 187,400 | | 7,483,836 |
Japan Steel Works Ltd. | 549,000 | | 10,156,158 |
JGC Corp. | 259,000 | | 4,813,848 |
KK daVinci Advisors (a)(d) | 10,292 | | 9,874,107 |
Kurita Water Industries Ltd. | 243,800 | | 8,718,494 |
Miraial Co. Ltd. | 85,900 | | 2,630,776 |
Mitsumi Electric Co. Ltd. | 220,400 | | 7,374,923 |
Nabtesco Corp. | 277,000 | | 4,101,817 |
Namco Bandai Holdings, Inc. | 265,100 | | 3,325,950 |
NGK Insulators Ltd. | 475,000 | | 9,147,260 |
Nidec Sankyo Corp. (d) | 1,233,000 | | 9,269,929 |
Nintendo Co. Ltd. | 19,500 | | 10,715,640 |
Nippon Carbon Co. Ltd. (d) | 1,207,000 | | 5,166,504 |
Osaka Titanium Technolo Co. Ltd. (d) | 39,800 | | 2,710,581 |
Pal Co. Ltd. (d) | 251,000 | | 4,157,131 |
Rakuten, Inc. | 21,728 | | 13,570,879 |
SBI E*TRADE Securities Co. Ltd. | 9,989 | | 9,292,687 |
SBI Holdings, Inc. (d) | 28,255 | | 7,427,969 |
Sojitz Corp. | 2,784,700 | | 10,725,045 |
Sparx Group Co. Ltd. (d) | 24,756 | | 10,859,378 |
Sugi Pharmacy Co. Ltd. (d) | 546,500 | | 14,457,934 |
Sumco Corp. | 362,100 | | 9,191,907 |
Sumco Techxiv Corp. | 205,800 | | 6,275,246 |
Toho Titanium Co. Ltd. (d) | 99,100 | | 2,581,904 |
Tokai Carbon Co. Ltd. | 951,000 | | 9,962,257 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Tokyo Tatemono Co. Ltd. | 613,000 | | $ 5,351,029 |
Ulvac, Inc. (d) | 77,000 | | 3,158,646 |
Wacom Co. Ltd. (d) | 2,553 | | 5,143,804 |
TOTAL JAPAN | | 257,729,542 |
Korea (South) - 1.1% |
CJ CheilJedang Corp. (a) | 44,860 | | 11,402,248 |
Netherlands - 6.8% |
Advanced Metallurgical Group NV (d) | 244,778 | | 16,782,839 |
Gemalto NV (a) | 642,300 | | 20,775,831 |
Koninklijke Wessanen NV | 1,017,015 | | 13,415,745 |
QIAGEN NV (a) | 845,000 | | 18,767,450 |
TOTAL NETHERLANDS | | 69,741,865 |
Norway - 5.9% |
Marine Harvest ASA (a)(d) | 36,207,000 | | 23,972,022 |
Norwegian Property ASA (d) | 293,400 | | 2,559,324 |
Petroleum Geo-Services ASA | 503,100 | | 13,738,880 |
Pronova BioPharma ASA | 1,000,000 | | 3,457,760 |
Renewable Energy Corp. AS (a)(d) | 485,000 | | 16,603,389 |
TOTAL NORWAY | | 60,331,375 |
Papua New Guinea - 5.9% |
Lihir Gold Ltd. (a)(d) | 14,300,867 | | 39,658,521 |
Lihir Gold Ltd. sponsored ADR | 720,000 | | 20,541,600 |
TOTAL PAPUA NEW GUINEA | | 60,200,121 |
Portugal - 0.8% |
Banif SGPS SA | 1,610,654 | | 7,719,183 |
Spain - 0.4% |
Tecnicas Reunidas SA | 50,000 | | 3,794,254 |
Switzerland - 1.5% |
BB BIOTECH AG | 200,000 | | 15,380,162 |
Taiwan - 3.1% |
HannStar Display Corp. (a) | 58,942,292 | | 27,295,716 |
Prime View International Co. Ltd. | 2,919,000 | | 4,544,235 |
TOTAL TAIWAN | | 31,839,951 |
United Kingdom - 8.6% |
ARM Holdings PLC sponsored ADR | 1,877,100 | | 11,206,287 |
Autonomy Corp. PLC (a) | 626,200 | | 10,663,786 |
BlueBay Asset Management | 708,100 | | 4,575,609 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
easyJet PLC (a) | 1,100,000 | | $ 6,752,594 |
Informa PLC | 1,140,000 | | 7,831,120 |
Invensys PLC (a) | 3,400,000 | | 20,212,549 |
Max Petroleum PLC (a) | 4,500,000 | | 6,061,677 |
Premier Foods PLC | 5,990,000 | | 15,363,407 |
Renovo Group PLC (a) | 8,702,203 | | 5,969,244 |
TOTAL UNITED KINGDOM | | 88,636,273 |
United States of America - 5.2% |
AGCO Corp. (a) | 92,700 | | 5,574,051 |
Chiquita Brands International, Inc. (a)(d) | 1,087,400 | | 24,738,350 |
SiRF Technology Holdings, Inc. (a)(d) | 1,400,000 | | 8,274,000 |
Titanium Metals Corp. (d) | 965,829 | | 14,719,234 |
TOTAL UNITED STATES OF AMERICA | | 53,305,635 |
TOTAL COMMON STOCKS (Cost $924,217,012) | 1,009,858,782 |
Money Market Funds - 17.8% |
| | | |
Fidelity Cash Central Fund, 2.51% (b) | 763,271 | | 763,271 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 181,846,700 | | 181,846,700 |
TOTAL MONEY MARKET FUNDS (Cost $182,609,971) | 182,609,971 |
TOTAL INVESTMENT PORTFOLIO - 116.4% (Cost $1,106,826,983) | 1,192,468,753 |
NET OTHER ASSETS - (16.4)% | | (167,640,041) |
NET ASSETS - 100% | $ 1,024,828,712 |
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 | $ 219,457 |
Fidelity Securities Lending Cash Central Fund | 2,025,719 |
Total | $ 2,245,176 |
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 |
First Tractor Co. Ltd. (H Shares) | $ 11,999,397 | $ - | $ 1,621,480 | $ - | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $171,831,255) - See accompanying schedule: Unaffiliated issuers (cost $924,217,012) | $ 1,009,858,782 | |
Fidelity Central Funds (cost $182,609,971) | 182,609,971 | |
Total Investments (cost $1,106,826,983) | | $ 1,192,468,753 |
Cash | | 7,049 |
Foreign currency held at value (cost $809,193) | | 809,046 |
Receivable for investments sold | | 16,098,888 |
Receivable for fund shares sold | | 503,379 |
Dividends receivable | | 3,224,567 |
Distributions receivable from Fidelity Central Funds | | 406,022 |
Prepaid expenses | | 2,746 |
Receivable from investment adviser for expense reductions | | 12,860 |
Other receivables | | 136,925 |
Total assets | | 1,213,670,235 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,910,771 | |
Payable for fund shares redeemed | 1,790,825 | |
Accrued management fee | 915,746 | |
Distribution fees payable | 50,200 | |
Other affiliated payables | 277,533 | |
Other payables and accrued expenses | 49,748 | |
Collateral on securities loaned, at value | 181,846,700 | |
Total liabilities | | 188,841,523 |
| | |
Net Assets | | $ 1,024,828,712 |
Net Assets consist of: | | |
Paid in capital | | $ 1,003,752,360 |
Undistributed net investment income | | 682,720 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (65,143,378) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 85,537,010 |
Net Assets | | $ 1,024,828,712 |
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, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($48,445,996 ÷ 3,551,066 shares) | | $ 13.64 |
| | |
Maximum offering price per share (100/94.25 of $13.64) | | $ 14.47 |
Class T:
Net Asset Value and redemption price per share ($29,870,249 ÷ 2,200,491 shares) | | $ 13.57 |
| | |
Maximum offering price per share (100/96.50 of $13.57) | | $ 14.06 |
Class B:
Net Asset Value and offering price per share ($7,220,760 ÷ 536,964 shares)A | | $ 13.45 |
| | |
Class C:
Net Asset Value and offering price per share ($26,761,762 ÷ 1,992,979 shares)A | | $ 13.43 |
| | |
| | |
International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($898,954,855 ÷ 65,512,019 shares) | | $ 13.72 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($13,575,090 ÷ 990,219 shares) | | $ 13.71 |
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, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 7,409,859 |
Interest | | 1,893 |
Income from Fidelity Central Funds (including $2,025,719 from security lending) | | 2,245,176 |
| | 9,656,928 |
Less foreign taxes withheld | | (637,357) |
Total income | | 9,019,571 |
| | |
Expenses | | |
Management fee
Basic fee | $ 4,943,260 | |
Performance adjustment | 1,169,580 | |
Transfer agent fees | 1,406,895 | |
Distribution fees | 344,370 | |
Accounting and security lending fees | 284,890 | |
Custodian fees and expenses | 128,629 | |
Independent trustees' compensation | 2,591 | |
Registration fees | 44,924 | |
Audit | 36,560 | |
Legal | 2,891 | |
Interest | 34,185 | |
Miscellaneous | 188,522 | |
Total expenses before reductions | 8,587,297 | |
Expense reductions | (279,344) | 8,307,953 |
Net investment income (loss) | | 711,618 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (58,502,678) | |
Other affiliated issuers | 64,894 | |
Foreign currency transactions | 397,051 | |
Total net realized gain (loss) | | (58,040,733) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (250,051,832) | |
Assets and liabilities in foreign currencies | (44,812) | |
Total change in net unrealized appreciation (depreciation) | | (250,096,644) |
Net gain (loss) | | (308,137,377) |
Net increase (decrease) in net assets resulting from operations | | $ (307,425,759) |
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, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 711,618 | $ 5,724,841 |
Net realized gain (loss) | (58,040,733) | 184,590,119 |
Change in net unrealized appreciation (depreciation) | (250,096,644) | 219,203,434 |
Net increase (decrease) in net assets resulting
from operations | (307,425,759) | 409,518,394 |
Distributions to shareholders from net investment income | (4,817,372) | - |
Distributions to shareholders from net realized gain | (154,491,926) | - |
Total distributions | (159,309,298) | - |
Share transactions - net increase (decrease) | (139,316,924) | 127,196,896 |
Redemption fees | 205,905 | 783,954 |
Total increase (decrease) in net assets | (605,846,076) | 537,499,244 |
| | |
Net Assets | | |
Beginning of period | 1,630,674,788 | 1,093,175,544 |
End of period (including undistributed net investment income of $682,720 and undistributed net investment income of $5,724,841, respectively) | $ 1,024,828,712 | $ 1,630,674,788 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 18.97 | $ 14.18 | $ 10.41 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | - J | .02 | - J | - J |
Net realized and unrealized gain (loss) | (3.43) | 4.76 | 3.74 | .40 |
Total from investment operations | (3.43) | 4.78 | 3.74 | .40 |
Distributions from net investment income | (.03) | - | - | - |
Distributions from net realized gain | (1.88) | - | - J | - |
Total distributions | (1.90) K | - | - J | - |
Redemption fees added to paid in capital E | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 13.64 | $ 18.97 | $ 14.18 | $ 10.41 |
Total Return B, C, D | (19.08)% | 33.78% | 36.25% | 4.10% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 1.73% A | 1.63% | 1.63% | 2.67% A |
Expenses net of fee waivers, if any | 1.65% A | 1.63% | 1.63% | 1.65% A |
Expenses net of all reductions | 1.61% A | 1.59% | 1.51% | 1.54% A |
Net investment income (loss) | (.05)% A | .10% | .02% | (.09)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 48,446 | $ 70,785 | $ 35,674 | $ 5,533 |
Portfolio turnover rate G | 68% A | 107% | 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.
K Total distributions of $1.903 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $1.878 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 18.85 | $ 14.12 | $ 10.38 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.02) | (.02) | (.03) | (.01) |
Net realized and unrealized gain (loss) | (3.41) | 4.74 | 3.74 | .38 |
Total from investment operations | (3.43) | 4.72 | 3.71 | .37 |
Distributions from net realized gain | (1.85) K | - | - | - |
Redemption fees added to paid in capital E | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 13.57 | $ 18.85 | $ 14.12 | $ 10.38 |
Total Return B, C, D | (19.19)% | 33.50% | 36.03% | 3.80% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 1.99% A | 1.85% | 1.85% | 2.92% A |
Expenses net of fee waivers, if any | 1.90% A | 1.85% | 1.85% | 1.90% A |
Expenses net of all reductions | 1.86% A | 1.81% | 1.74% | 1.78% A |
Net investment income (loss) | (.30)% A | (.13)% | (.20)% | (.33)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 29,870 | $ 46,568 | $ 28,309 | $ 2,704 |
Portfolio turnover rate G | 68% A | 107% | 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.
K Total distributions of $1.852 per share is comprised of distributions from net realized gain of $1.852 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 18.64 | $ 14.04 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.06) | (.11) | (.10) | (.02) |
Net realized and unrealized gain (loss) | (3.37) | 4.70 | 3.74 | .38 |
Total from investment operations | (3.43) | 4.59 | 3.64 | .36 |
Distributions from net realized gain | (1.76) K | - | - | - |
Redemption fees added to paid in capital E | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 13.45 | $ 18.64 | $ 14.04 | $ 10.37 |
Total Return B, C, D | (19.38)% | 32.76% | 35.39% | 3.70% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 2.49% A | 2.40% | 2.45% | 3.43% A |
Expenses net of fee waivers, if any | 2.40% A | 2.40% | 2.41% | 2.40% A |
Expenses net of all reductions | 2.36% A | 2.36% | 2.30% | 2.27% A |
Net investment income (loss) | (.80)% A | (.67)% | (.76)% | (.82)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 7,221 | $ 10,975 | $ 7,709 | $ 1,705 |
Portfolio turnover rate G | 68% A | 107% | 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.
K Total distributions of $1.760 per share is comprised of distributions from net realized gain of $1.760 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 18.63 | $ 14.03 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.06) | (.11) | (.10) | (.02) |
Net realized and unrealized gain (loss) | (3.36) | 4.70 | 3.73 | .38 |
Total from investment operations | (3.42) | 4.59 | 3.63 | .36 |
Distributions from net realized gain | (1.78) K | - | - | - |
Redemption fees added to paid in capital E | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 13.43 | $ 18.63 | $ 14.03 | $ 10.37 |
Total Return B, C, D | (19.37)% | 32.79% | 35.29% | 3.70% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 2.49% A | 2.38% | 2.38% | 3.32% A |
Expenses net of fee waivers, if any | 2.40% A | 2.38% | 2.38% | 2.40% A |
Expenses net of all reductions | 2.36% A | 2.34% | 2.27% | 2.29% A |
Net investment income (loss) | (.80)% A | (.66)% | (.73)% | (.84)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 26,762 | $ 40,894 | $ 26,320 | $ 3,317 |
Portfolio turnover rate G | 68% A | 107% | 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.
K Total distributions of $1.775 per share is comprised of distributions from net realized gain of $1.775 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Small Cap Opportunities
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 19.09 | $ 14.23 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .01 | .07 | .05 | - I |
Net realized and unrealized gain (loss) | (3.44) | 4.78 | 3.75 | .39 |
Total from investment operations | (3.43) | 4.85 | 3.80 | .39 |
Distributions from net investment income | (.06) | - | - | - |
Distributions from net realized gain | (1.88) | - | - I | - |
Total distributions | (1.94) J | - | - I | - |
Redemption fees added to paid in capital D | - I | .01 | .03 | .01 |
Net asset value, end of period | $ 13.72 | $ 19.09 | $ 14.23 | $ 10.40 |
Total Return B, C | (18.98)% | 34.15% | 36.86% | 4.00% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | 1.42% A | 1.30% | 1.28% | 2.25% A |
Expenses net of fee waivers, if any | 1.42% A | 1.30% | 1.28% | 1.40% A |
Expenses net of all reductions | 1.38% A | 1.25% | 1.16% | 1.31% A |
Net investment income (loss) | .18% A | .43% | .37% | .14% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 898,955 | $ 1,433,844 | $ 981,210 | $ 197,349 |
Portfolio turnover rate F | 68% A | 107% | 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.
J Total distributions of $1.942 per share is comprised of distributions from net investment income of $.064 and distributions from net realized gain of $1.878 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 19.09 | $ 14.22 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .02 | .08 | .05 | - I |
Net realized and unrealized gain (loss) | (3.45) | 4.78 | 3.74 | .39 |
Total from investment operations | (3.43) | 4.86 | 3.79 | .39 |
Distributions from net investment income | (.07) | - | - | - |
Distributions from net realized gain | (1.88) | - | - I | - |
Total distributions | (1.95) J | - | - I | - |
Redemption fees added to paid in capital D | - I | .01 | .03 | .01 |
Net asset value, end of period | $ 13.71 | $ 19.09 | $ 14.22 | $ 10.40 |
Total Return B, C | (18.98)% | 34.25% | 36.77% | 4.00% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | 1.39% A | 1.29% | 1.25% | 2.25% A |
Expenses net of fee waivers, if any | 1.39% A | 1.29% | 1.25% | 1.40% A |
Expenses net of all reductions | 1.35% A | 1.25% | 1.14% | 1.29% A |
Net investment income (loss) | .21% A | .44% | .40% | .16% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 13,575 | $ 27,609 | $ 13,954 | $ 2,849 |
Portfolio turnover rate F | 68% A | 107% | 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.
J Total distributions of $1.952 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $1.878 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2008 (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.
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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. 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. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain foreign taxes, 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 | $ 180,961,552 | |
Unrealized depreciation | (99,961,349) | |
Net unrealized appreciation (depreciation) | $ 81,000,203 | |
Cost for federal income tax purposes | $ 1,111,468,550 | |
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 Pronouncement. 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 results in expanded disclosures about fair value measurements.
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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $403,798,880 and $634,542,242, 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 Opportunities as compared to an appropriate benchmark index. The Fund's performance adjustment took effect in August 2006. 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 1.06% 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 | -% | .25% | $ 66,369 | $ 7,159 |
Class T | .25% | .25% | 85,086 | 3,118 |
Class B | .75% | .25% | 40,611 | 30,688 |
Class C | .75% | .25% | 152,304 | 33,431 |
| | | $ 344,370 | $ 74,396 |
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 | $ 12,508 |
Class T | 4,526 |
Class B* | 19,440 |
Class C* | 3,892 |
| $ 40,366 |
* 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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008, Fidelity Service Company, Inc. (FSC), also an affiliate of FMR was the transfer agent for International Small Cap Opportunities shares. For the period, each class paid the following transfer agent fees:
| Amount | % of
Average
Net Assets* |
Class A | $ 80,041 | .30 |
Class T | 51,679 | .30 |
Class B | 12,401 | .31 |
Class C | 46,327 | .30 |
International Small Cap Opportunities | 1,196,556 | .24 |
Institutional Clas | 19,891 | .21 |
| $ 1,406,895 | |
* 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 $2,170 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 | $ 6,173,520 | 3.69% | $ 31,658 |
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 $1,205 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. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $10,703,000. The weighted average interest rate was 4.25%. The interest expense amounted to $2,527 under the bank borrowing program. At period end, there were no bank borrowings outstanding.
Semiannual Report
10. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
| | |
Class A | 1.65% | $ 21,383 |
Class T | 1.90% | 13,851 |
Class B | 2.40% | 3,401 |
Class C | 2.40% | 12,522 |
| | $ 51,157 |
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 $225,580 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 | |
International Small Cap Opportunities | $ 2,607 | |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
12. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2008 | Year ended
October 31, 2007 |
From net investment income | | |
Class A | $ 91,280 | $ - |
International Small Cap Opportunities | 4,620,425 | - |
Institutional Class | 105,667 | - |
Total | $ 4,817,372 | $ - |
From net realized gain | | |
Class A | $ 6,856,940 | $ - |
Class T | 4,515,065 | - |
Class B | 1,019,225 | - |
Class C | 3,838,504 | - |
International Small Cap Opportunities | 135,580,534 | - |
Institutional Class | 2,681,658 | - |
Total | $ 154,491,926 | $ - |
13. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30, 2008 | Year ended
October 31, 2007 | Six months ended April 30, 2008 | Year ended
October 31, 2007 |
Class A | | | | |
Shares sold | 505,370 | 2,107,892 | $ 7,177,740 | $ 35,531,826 |
Reinvestment of distributions | 416,175 | - | 6,313,370 | - |
Shares redeemed | (1,101,413) | (892,381) | (15,249,839) | (14,908,147) |
Net increase (decrease) | (179,868) | 1,215,511 | $ (1,758,729) | $ 20,623,679 |
Class T | | | | |
Shares sold | 173,264 | 1,311,252 | $ 2,467,403 | $ 21,607,239 |
Reinvestment of distributions | 288,615 | - | 4,360,975 | - |
Shares redeemed | (731,545) | (845,477) | (10,011,389) | (14,215,111) |
Net increase (decrease) | (269,666) | 465,775 | $ (3,183,011) | $ 7,392,128 |
Semiannual Report
13. Share Transactions - continued
Transactions for each class of shares were as follows - continued
| Shares | Dollars |
| Six months ended April 30, 2008 | Year ended
October 31, 2007 | Six months ended April 30, 2008 | Year ended
October 31, 2007 |
Class B | | | | |
Shares sold | 44,285 | 286,293 | $ 626,855 | $ 4,653,400 |
Reinvestment of distributions | 61,167 | - | 917,505 | - |
Shares redeemed | (157,363) | (246,522) | (2,137,014) | (4,027,585) |
Net increase (decrease) | (51,911) | 39,771 | $ (592,654) | $ 625,815 |
Class C | | | | |
Shares sold | 162,520 | 888,414 | $ 2,310,015 | $ 14,698,282 |
Reinvestment of distributions | 216,878 | - | 3,248,838 | - |
Shares redeemed | (581,499) | (569,219) | (7,782,183) | (9,379,169) |
Net increase (decrease) | (202,101) | 319,195 | $ (2,223,330) | $ 5,319,113 |
International Small Cap Opportunities | | | | |
Shares sold | 6,837,498 | 48,402,736 | $ 97,669,217 | $ 800,622,633 |
Reinvestment of distributions | 8,363,264 | - | 127,539,782 | - |
Shares redeemed | (24,781,966) | (42,286,931) | (350,820,196) | (715,447,148) |
Net increase (decrease) | (9,581,204) | 6,115,805 | $ (125,611,197) | $ 85,175,485 |
Institutional Class | | | | |
Shares sold | 98,379 | 903,141 | $ 1,441,182 | $ 15,436,027 |
Reinvestment of distributions | 149,148 | - | 2,273,017 | - |
Shares redeemed | (703,752) | (437,882) | (9,662,202) | (7,375,351) |
Net increase (decrease) | (456,225) | 465,259 | $ (5,948,003) | $ 8,060,676 |
Semiannual Report
A special meeting of each fund's shareholders was held on December 13, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.A |
| # of
Votes | % of
Votes |
Affirmative | 45,014,793,255.82 | 80.372 |
Against | 6,871,112,667.08 | 12.268 |
Abstain | 2,163,456,438.02 | 3.863 |
Broker
Non-Votes | 1,958,633,563.89 | 3.497 |
TOTAL | 56,007,995,924.81 | 100.000 |
PROPOSAL 2 |
To elect the nominees specified below as Trustees.A |
James C. Curvey |
Affirmative | 53,384,952,361.03 | 95.317 |
Withheld | 2,623,043,563.78 | 4.683 |
TOTAL | 56,007,995,924.81 | 100.000 |
Dennis J. Dirks |
Affirmative | 53,595,104,608.67 | 95.692 |
Withheld | 2,412,891,316.14 | 4.308 |
TOTAL | 56,007,995,924.81 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 53,570,235,221.69 | 95.647 |
Withheld | 2,437,760,703.12 | 4.353 |
TOTAL | 56,007,995,924.81 | 100.000 |
George H. Heilmeier |
Affirmative | 53,166,350,588.50 | 94.926 |
Withheld | 2,841,645,336.31 | 5.074 |
TOTAL | 56,007,995,924.81 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 53,230,508,654.93 | 95.041 |
Withheld | 2,777,487,269.88 | 4.959 |
TOTAL | 56,007,995,924.81 | 100.000 |
James H. Keyes |
Affirmative | 53,549,161,456.52 | 95.610 |
Withheld | 2,458,834,468.29 | 4.390 |
TOTAL | 56,007,995,924.81 | 100.000 |
Marie L. Knowles |
Affirmative | 53,543,925,066.86 | 95.601 |
Withheld | 2,464,070,857.95 | 4.399 |
TOTAL | 56,007,995,924.81 | 100.000 |
Ned C. Lautenbach |
Affirmative | 53,547,116,322.50 | 95.606 |
Withheld | 2,460,879,602.31 | 4.394 |
TOTAL | 56,007,995,924.81 | 100.000 |
Cornelia M. Small |
Affirmative | 53,564,793,514.25 | 95.638 |
Withheld | 2,443,202,410.56 | 4.362 |
TOTAL | 56,007,995,924.81 | 100.000 |
William S. Stavropoulos |
Affirmative | 53,426,544,502.76 | 95.391 |
Withheld | 2,581,451,422.05 | 4.609 |
TOTAL | 56,007,995,924.81 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 53,229,881,790.63 | 95.040 |
Withheld | 2,778,114,134.18 | 4.960 |
TOTAL | 56,007,995,924.81 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
A Denotes trust-wide proposal and voting results.
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
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
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.
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Making Changes
To Your Account
(such as changing name, address, bank, etc.)
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General Correspondence
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General Correspondence
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Semiannual Report
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Semiannual Report
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Semiannual Report
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Fidelity Advisor
International Small Cap Opportunities
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2008
Class A, Class T, Class B
and Class C are classes of
Fidelity® International
Small Cap Opportunities Fund
(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. |
Proxy Voting Results | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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, 2007 to April 30, 2008).
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, 2007
|
Ending
Account Value
April 30, 2008
| Expenses Paid
During Period*
November 1, 2007
to April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 809.20 | $ 7.42 |
HypotheticalA | $ 1,000.00 | $ 1,016.66 | $ 8.27 |
Class T | | | |
Actual | $ 1,000.00 | $ 808.10 | $ 8.54 |
HypotheticalA | $ 1,000.00 | $ 1,015.42 | $ 9.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 806.20 | $ 10.78 |
HypotheticalA | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Class C | | | |
Actual | $ 1,000.00 | $ 806.30 | $ 10.78 |
HypotheticalA | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
International Small Cap Opportunities | | | |
Actual | $ 1,000.00 | $ 810.20 | $ 6.39 |
HypotheticalA | $ 1,000.00 | $ 1,017.80 | $ 7.12 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 810.20 | $ 6.26 |
HypotheticalA | $ 1,000.00 | $ 1,017.95 | $ 6.97 |
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 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.65% |
Class T | 1.90% |
Class B | 2.40% |
Class C | 2.40% |
International Small Cap Opportunities | 1.42% |
Institutional Class | 1.39% |
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Japan 25.1% | |
| United Kingdom 8.6% | |
| Germany 7.3% | |
| Netherlands 6.8% | |
| United States of America 6.6% | |
| China 6.3% | |
| Cayman Islands 5.9% | |
| Norway 5.9% | |
| Papua New Guinea 5.9% | |
| Other 21.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2007 |
| Japan 28.5% | |
| United States of America 12.1% | |
| United Kingdom 10.0% | |
| Germany 8.6% | |
| Norway 6.1% | |
| Papua New Guinea 5.3% | |
| Netherlands 4.5% | |
| France 3.5% | |
| Cayman Islands 3.0% | |
| Other 18.4% | |
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 | 98.6 | 95.0 |
Short-Term Investments and Net Other Assets | 1.4 | 5.0 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Lihir Gold Ltd. (Papua New Guinea, Metals & Mining) | 5.9 | 5.3 |
Himax Technologies, Inc. sponsored ADR (Cayman Islands, Semiconductors & Semiconductor Equipment) | 3.9 | 1.1 |
GEA Group AG (Germany, Machinery) | 2.9 | 2.0 |
Downer EDI Ltd. (Australia, Commercial Services & Supplies) | 2.9 | 1.5 |
HannStar Display Corp. (Taiwan, Electronic Equipment & Instruments) | 2.7 | 1.6 |
Chiquita Brands International, Inc. (United States of America, Food Products) | 2.4 | 1.3 |
Marine Harvest ASA (Norway, Food Products) | 2.3 | 1.7 |
Global Bio-Chem Technology Group Co. Ltd. (China, Food Products) | 2.3 | 1.2 |
Gemalto NV (Netherlands, Computers & Peripherals) | 2.0 | 0.0 |
SGL Carbon AG (Germany, Electrical Equipment) | 2.0 | 1.8 |
| 29.3 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 27.8 | 28.1 |
Information Technology | 24.0 | 17.0 |
Consumer Staples | 14.1 | 10.6 |
Materials | 11.0 | 16.1 |
Financials | 9.7 | 8.3 |
Consumer Discretionary | 5.8 | 4.4 |
Health Care | 4.2 | 5.5 |
Energy | 2.0 | 4.6 |
Telecommunication Services | 0.0 | 0.4 |
Semiannual Report
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.6% |
| Shares | | Value |
Australia - 5.3% |
Babcock & Brown Ltd. (d) | 1,439,928 | | $ 19,965,718 |
Downer EDI Ltd. | 4,307,343 | | 29,456,034 |
Silex Systems Ltd. (a)(d) | 900,000 | | 4,915,276 |
TOTAL AUSTRALIA | | 54,337,028 |
Austria - 0.7% |
Andritz AG | 113,496 | | 6,771,766 |
Bermuda - 0.5% |
Noble Group Ltd. | 3,250,000 | | 5,344,370 |
Brazil - 1.8% |
Cosan SA Industria e Comercio | 1,070,000 | | 18,841,836 |
Cayman Islands - 5.9% |
CNinsure, Inc. ADR | 415,900 | | 5,843,395 |
Himax Technologies, Inc. sponsored ADR (d) | 7,953,009 | | 40,003,638 |
LDK Solar Co. Ltd. Sponsored ADR (d) | 458,200 | | 14,543,268 |
TOTAL CAYMAN ISLANDS | | 60,390,301 |
China - 6.3% |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(d) | 1,829,041 | | 9,949,983 |
First Tractor Co. Ltd. (H Shares) (a) | 15,940,000 | | 7,813,375 |
Focus Media Holding Ltd. ADR (a)(d) | 370,000 | | 13,649,300 |
Global Bio-Chem Technology Group Co. Ltd. | 50,703,300 | | 23,552,215 |
Shanda Interactive Entertainment Ltd. sponsored ADR (a) | 280,000 | | 9,601,200 |
TOTAL CHINA | | 64,566,073 |
Finland - 2.3% |
KCI Konecranes Oyj | 180,000 | | 7,879,184 |
Outotec Oyj | 250,406 | | 15,710,625 |
TOTAL FINLAND | | 23,589,809 |
France - 1.9% |
Nexans SA (d) | 98,374 | | 13,102,733 |
Ubisoft Entertainment SA (a) | 58,569 | | 5,906,511 |
TOTAL FRANCE | | 19,009,244 |
Germany - 7.3% |
Demag Cranes AG | 123,000 | | 6,828,064 |
GEA Group AG | 804,800 | | 29,838,866 |
Q-Cells AG (a)(d) | 149,285 | | 17,480,992 |
SGL Carbon AG (a) | 300,008 | | 20,518,085 |
TOTAL GERMANY | | 74,666,007 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - 1.1% |
BYD Electronic International Co. Ltd. | 4,928,000 | | $ 5,450,859 |
China State Construction International Holdings Ltd. | 3,500,000 | | 5,829,478 |
TOTAL HONG KONG | | 11,280,337 |
Italy - 1.1% |
Impregilo SpA (a) | 1,800,000 | | 10,981,402 |
Japan - 25.1% |
Acca Networks Co. Ltd. | 1,574 | | 1,990,598 |
Access Co. Ltd. (a)(d) | 2,000 | | 5,668,957 |
Air Water, Inc. | 391,000 | | 3,949,498 |
Asics Corp. | 446,000 | | 4,520,432 |
Capcom Co. Ltd. (d) | 218,900 | | 6,593,660 |
CyberAgent, Inc. (d) | 4,535 | | 5,338,864 |
DeNA Co. Ltd. | 200 | | 1,421,131 |
Hikari Tsushin, Inc. (d) | 184,100 | | 6,761,608 |
Ibiden Co. Ltd. | 135,000 | | 5,890,199 |
Ichiyoshi Securities Co. Ltd. (d) | 727,400 | | 7,948,956 |
JAFCO Co. Ltd. | 187,400 | | 7,483,836 |
Japan Steel Works Ltd. | 549,000 | | 10,156,158 |
JGC Corp. | 259,000 | | 4,813,848 |
KK daVinci Advisors (a)(d) | 10,292 | | 9,874,107 |
Kurita Water Industries Ltd. | 243,800 | | 8,718,494 |
Miraial Co. Ltd. | 85,900 | | 2,630,776 |
Mitsumi Electric Co. Ltd. | 220,400 | | 7,374,923 |
Nabtesco Corp. | 277,000 | | 4,101,817 |
Namco Bandai Holdings, Inc. | 265,100 | | 3,325,950 |
NGK Insulators Ltd. | 475,000 | | 9,147,260 |
Nidec Sankyo Corp. (d) | 1,233,000 | | 9,269,929 |
Nintendo Co. Ltd. | 19,500 | | 10,715,640 |
Nippon Carbon Co. Ltd. (d) | 1,207,000 | | 5,166,504 |
Osaka Titanium Technolo Co. Ltd. (d) | 39,800 | | 2,710,581 |
Pal Co. Ltd. (d) | 251,000 | | 4,157,131 |
Rakuten, Inc. | 21,728 | | 13,570,879 |
SBI E*TRADE Securities Co. Ltd. | 9,989 | | 9,292,687 |
SBI Holdings, Inc. (d) | 28,255 | | 7,427,969 |
Sojitz Corp. | 2,784,700 | | 10,725,045 |
Sparx Group Co. Ltd. (d) | 24,756 | | 10,859,378 |
Sugi Pharmacy Co. Ltd. (d) | 546,500 | | 14,457,934 |
Sumco Corp. | 362,100 | | 9,191,907 |
Sumco Techxiv Corp. | 205,800 | | 6,275,246 |
Toho Titanium Co. Ltd. (d) | 99,100 | | 2,581,904 |
Tokai Carbon Co. Ltd. | 951,000 | | 9,962,257 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Tokyo Tatemono Co. Ltd. | 613,000 | | $ 5,351,029 |
Ulvac, Inc. (d) | 77,000 | | 3,158,646 |
Wacom Co. Ltd. (d) | 2,553 | | 5,143,804 |
TOTAL JAPAN | | 257,729,542 |
Korea (South) - 1.1% |
CJ CheilJedang Corp. (a) | 44,860 | | 11,402,248 |
Netherlands - 6.8% |
Advanced Metallurgical Group NV (d) | 244,778 | | 16,782,839 |
Gemalto NV (a) | 642,300 | | 20,775,831 |
Koninklijke Wessanen NV | 1,017,015 | | 13,415,745 |
QIAGEN NV (a) | 845,000 | | 18,767,450 |
TOTAL NETHERLANDS | | 69,741,865 |
Norway - 5.9% |
Marine Harvest ASA (a)(d) | 36,207,000 | | 23,972,022 |
Norwegian Property ASA (d) | 293,400 | | 2,559,324 |
Petroleum Geo-Services ASA | 503,100 | | 13,738,880 |
Pronova BioPharma ASA | 1,000,000 | | 3,457,760 |
Renewable Energy Corp. AS (a)(d) | 485,000 | | 16,603,389 |
TOTAL NORWAY | | 60,331,375 |
Papua New Guinea - 5.9% |
Lihir Gold Ltd. (a)(d) | 14,300,867 | | 39,658,521 |
Lihir Gold Ltd. sponsored ADR | 720,000 | | 20,541,600 |
TOTAL PAPUA NEW GUINEA | | 60,200,121 |
Portugal - 0.8% |
Banif SGPS SA | 1,610,654 | | 7,719,183 |
Spain - 0.4% |
Tecnicas Reunidas SA | 50,000 | | 3,794,254 |
Switzerland - 1.5% |
BB BIOTECH AG | 200,000 | | 15,380,162 |
Taiwan - 3.1% |
HannStar Display Corp. (a) | 58,942,292 | | 27,295,716 |
Prime View International Co. Ltd. | 2,919,000 | | 4,544,235 |
TOTAL TAIWAN | | 31,839,951 |
United Kingdom - 8.6% |
ARM Holdings PLC sponsored ADR | 1,877,100 | | 11,206,287 |
Autonomy Corp. PLC (a) | 626,200 | | 10,663,786 |
BlueBay Asset Management | 708,100 | | 4,575,609 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
easyJet PLC (a) | 1,100,000 | | $ 6,752,594 |
Informa PLC | 1,140,000 | | 7,831,120 |
Invensys PLC (a) | 3,400,000 | | 20,212,549 |
Max Petroleum PLC (a) | 4,500,000 | | 6,061,677 |
Premier Foods PLC | 5,990,000 | | 15,363,407 |
Renovo Group PLC (a) | 8,702,203 | | 5,969,244 |
TOTAL UNITED KINGDOM | | 88,636,273 |
United States of America - 5.2% |
AGCO Corp. (a) | 92,700 | | 5,574,051 |
Chiquita Brands International, Inc. (a)(d) | 1,087,400 | | 24,738,350 |
SiRF Technology Holdings, Inc. (a)(d) | 1,400,000 | | 8,274,000 |
Titanium Metals Corp. (d) | 965,829 | | 14,719,234 |
TOTAL UNITED STATES OF AMERICA | | 53,305,635 |
TOTAL COMMON STOCKS (Cost $924,217,012) | 1,009,858,782 |
Money Market Funds - 17.8% |
| | | |
Fidelity Cash Central Fund, 2.51% (b) | 763,271 | | 763,271 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 181,846,700 | | 181,846,700 |
TOTAL MONEY MARKET FUNDS (Cost $182,609,971) | 182,609,971 |
TOTAL INVESTMENT PORTFOLIO - 116.4% (Cost $1,106,826,983) | 1,192,468,753 |
NET OTHER ASSETS - (16.4)% | | (167,640,041) |
NET ASSETS - 100% | $ 1,024,828,712 |
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 | $ 219,457 |
Fidelity Securities Lending Cash Central Fund | 2,025,719 |
Total | $ 2,245,176 |
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 |
First Tractor Co. Ltd. (H Shares) | $ 11,999,397 | $ - | $ 1,621,480 | $ - | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $171,831,255) - See accompanying schedule: Unaffiliated issuers (cost $924,217,012) | $ 1,009,858,782 | |
Fidelity Central Funds (cost $182,609,971) | 182,609,971 | |
Total Investments (cost $1,106,826,983) | | $ 1,192,468,753 |
Cash | | 7,049 |
Foreign currency held at value (cost $809,193) | | 809,046 |
Receivable for investments sold | | 16,098,888 |
Receivable for fund shares sold | | 503,379 |
Dividends receivable | | 3,224,567 |
Distributions receivable from Fidelity Central Funds | | 406,022 |
Prepaid expenses | | 2,746 |
Receivable from investment adviser for expense reductions | | 12,860 |
Other receivables | | 136,925 |
Total assets | | 1,213,670,235 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,910,771 | |
Payable for fund shares redeemed | 1,790,825 | |
Accrued management fee | 915,746 | |
Distribution fees payable | 50,200 | |
Other affiliated payables | 277,533 | |
Other payables and accrued expenses | 49,748 | |
Collateral on securities loaned, at value | 181,846,700 | |
Total liabilities | | 188,841,523 |
| | |
Net Assets | | $ 1,024,828,712 |
Net Assets consist of: | | |
Paid in capital | | $ 1,003,752,360 |
Undistributed net investment income | | 682,720 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (65,143,378) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 85,537,010 |
Net Assets | | $ 1,024,828,712 |
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, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($48,445,996 ÷ 3,551,066 shares) | | $ 13.64 |
| | |
Maximum offering price per share (100/94.25 of $13.64) | | $ 14.47 |
Class T:
Net Asset Value and redemption price per share ($29,870,249 ÷ 2,200,491 shares) | | $ 13.57 |
| | |
Maximum offering price per share (100/96.50 of $13.57) | | $ 14.06 |
Class B:
Net Asset Value and offering price per share ($7,220,760 ÷ 536,964 shares)A | | $ 13.45 |
| | |
Class C:
Net Asset Value and offering price per share ($26,761,762 ÷ 1,992,979 shares)A | | $ 13.43 |
| | |
| | |
International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($898,954,855 ÷ 65,512,019 shares) | | $ 13.72 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($13,575,090 ÷ 990,219 shares) | | $ 13.71 |
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, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 7,409,859 |
Interest | | 1,893 |
Income from Fidelity Central Funds (including $2,025,719 from security lending) | | 2,245,176 |
| | 9,656,928 |
Less foreign taxes withheld | | (637,357) |
Total income | | 9,019,571 |
| | |
Expenses | | |
Management fee
Basic fee | $ 4,943,260 | |
Performance adjustment | 1,169,580 | |
Transfer agent fees | 1,406,895 | |
Distribution fees | 344,370 | |
Accounting and security lending fees | 284,890 | |
Custodian fees and expenses | 128,629 | |
Independent trustees' compensation | 2,591 | |
Registration fees | 44,924 | |
Audit | 36,560 | |
Legal | 2,891 | |
Interest | 34,185 | |
Miscellaneous | 188,522 | |
Total expenses before reductions | 8,587,297 | |
Expense reductions | (279,344) | 8,307,953 |
Net investment income (loss) | | 711,618 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (58,502,678) | |
Other affiliated issuers | 64,894 | |
Foreign currency transactions | 397,051 | |
Total net realized gain (loss) | | (58,040,733) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (250,051,832) | |
Assets and liabilities in foreign currencies | (44,812) | |
Total change in net unrealized appreciation (depreciation) | | (250,096,644) |
Net gain (loss) | | (308,137,377) |
Net increase (decrease) in net assets resulting from operations | | $ (307,425,759) |
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, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 711,618 | $ 5,724,841 |
Net realized gain (loss) | (58,040,733) | 184,590,119 |
Change in net unrealized appreciation (depreciation) | (250,096,644) | 219,203,434 |
Net increase (decrease) in net assets resulting
from operations | (307,425,759) | 409,518,394 |
Distributions to shareholders from net investment income | (4,817,372) | - |
Distributions to shareholders from net realized gain | (154,491,926) | - |
Total distributions | (159,309,298) | - |
Share transactions - net increase (decrease) | (139,316,924) | 127,196,896 |
Redemption fees | 205,905 | 783,954 |
Total increase (decrease) in net assets | (605,846,076) | 537,499,244 |
| | |
Net Assets | | |
Beginning of period | 1,630,674,788 | 1,093,175,544 |
End of period (including undistributed net investment income of $682,720 and undistributed net investment income of $5,724,841, respectively) | $ 1,024,828,712 | $ 1,630,674,788 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 18.97 | $ 14.18 | $ 10.41 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | - J | .02 | - J | - J |
Net realized and unrealized gain (loss) | (3.43) | 4.76 | 3.74 | .40 |
Total from investment operations | (3.43) | 4.78 | 3.74 | .40 |
Distributions from net investment income | (.03) | - | - | - |
Distributions from net realized gain | (1.88) | - | - J | - |
Total distributions | (1.90) K | - | - J | - |
Redemption fees added to paid in capital E | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 13.64 | $ 18.97 | $ 14.18 | $ 10.41 |
Total Return B, C, D | (19.08)% | 33.78% | 36.25% | 4.10% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 1.73% A | 1.63% | 1.63% | 2.67% A |
Expenses net of fee waivers, if any | 1.65% A | 1.63% | 1.63% | 1.65% A |
Expenses net of all reductions | 1.61% A | 1.59% | 1.51% | 1.54% A |
Net investment income (loss) | (.05)% A | .10% | .02% | (.09)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 48,446 | $ 70,785 | $ 35,674 | $ 5,533 |
Portfolio turnover rate G | 68% A | 107% | 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.
K Total distributions of $1.903 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $1.878 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 18.85 | $ 14.12 | $ 10.38 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.02) | (.02) | (.03) | (.01) |
Net realized and unrealized gain (loss) | (3.41) | 4.74 | 3.74 | .38 |
Total from investment operations | (3.43) | 4.72 | 3.71 | .37 |
Distributions from net realized gain | (1.85) K | - | - | - |
Redemption fees added to paid in capital E | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 13.57 | $ 18.85 | $ 14.12 | $ 10.38 |
Total Return B, C, D | (19.19)% | 33.50% | 36.03% | 3.80% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 1.99% A | 1.85% | 1.85% | 2.92% A |
Expenses net of fee waivers, if any | 1.90% A | 1.85% | 1.85% | 1.90% A |
Expenses net of all reductions | 1.86% A | 1.81% | 1.74% | 1.78% A |
Net investment income (loss) | (.30)% A | (.13)% | (.20)% | (.33)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 29,870 | $ 46,568 | $ 28,309 | $ 2,704 |
Portfolio turnover rate G | 68% A | 107% | 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.
K Total distributions of $1.852 per share is comprised of distributions from net realized gain of $1.852 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 18.64 | $ 14.04 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.06) | (.11) | (.10) | (.02) |
Net realized and unrealized gain (loss) | (3.37) | 4.70 | 3.74 | .38 |
Total from investment operations | (3.43) | 4.59 | 3.64 | .36 |
Distributions from net realized gain | (1.76) K | - | - | - |
Redemption fees added to paid in capital E | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 13.45 | $ 18.64 | $ 14.04 | $ 10.37 |
Total Return B, C, D | (19.38)% | 32.76% | 35.39% | 3.70% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 2.49% A | 2.40% | 2.45% | 3.43% A |
Expenses net of fee waivers, if any | 2.40% A | 2.40% | 2.41% | 2.40% A |
Expenses net of all reductions | 2.36% A | 2.36% | 2.30% | 2.27% A |
Net investment income (loss) | (.80)% A | (.67)% | (.76)% | (.82)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 7,221 | $ 10,975 | $ 7,709 | $ 1,705 |
Portfolio turnover rate G | 68% A | 107% | 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.
K Total distributions of $1.760 per share is comprised of distributions from net realized gain of $1.760 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 18.63 | $ 14.03 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.06) | (.11) | (.10) | (.02) |
Net realized and unrealized gain (loss) | (3.36) | 4.70 | 3.73 | .38 |
Total from investment operations | (3.42) | 4.59 | 3.63 | .36 |
Distributions from net realized gain | (1.78) K | - | - | - |
Redemption fees added to paid in capital E | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 13.43 | $ 18.63 | $ 14.03 | $ 10.37 |
Total Return B, C, D | (19.37)% | 32.79% | 35.29% | 3.70% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 2.49% A | 2.38% | 2.38% | 3.32% A |
Expenses net of fee waivers, if any | 2.40% A | 2.38% | 2.38% | 2.40% A |
Expenses net of all reductions | 2.36% A | 2.34% | 2.27% | 2.29% A |
Net investment income (loss) | (.80)% A | (.66)% | (.73)% | (.84)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 26,762 | $ 40,894 | $ 26,320 | $ 3,317 |
Portfolio turnover rate G | 68% A | 107% | 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.
K Total distributions of $1.775 per share is comprised of distributions from net realized gain of $1.775 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Small Cap Opportunities
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 19.09 | $ 14.23 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .01 | .07 | .05 | - I |
Net realized and unrealized gain (loss) | (3.44) | 4.78 | 3.75 | .39 |
Total from investment operations | (3.43) | 4.85 | 3.80 | .39 |
Distributions from net investment income | (.06) | - | - | - |
Distributions from net realized gain | (1.88) | - | - I | - |
Total distributions | (1.94) J | - | - I | - |
Redemption fees added to paid in capital D | - I | .01 | .03 | .01 |
Net asset value, end of period | $ 13.72 | $ 19.09 | $ 14.23 | $ 10.40 |
Total Return B, C | (18.98)% | 34.15% | 36.86% | 4.00% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | 1.42% A | 1.30% | 1.28% | 2.25% A |
Expenses net of fee waivers, if any | 1.42% A | 1.30% | 1.28% | 1.40% A |
Expenses net of all reductions | 1.38% A | 1.25% | 1.16% | 1.31% A |
Net investment income (loss) | .18% A | .43% | .37% | .14% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 898,955 | $ 1,433,844 | $ 981,210 | $ 197,349 |
Portfolio turnover rate F | 68% A | 107% | 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.
J Total distributions of $1.942 per share is comprised of distributions from net investment income of $.064 and distributions from net realized gain of $1.878 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 19.09 | $ 14.22 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .02 | .08 | .05 | - I |
Net realized and unrealized gain (loss) | (3.45) | 4.78 | 3.74 | .39 |
Total from investment operations | (3.43) | 4.86 | 3.79 | .39 |
Distributions from net investment income | (.07) | - | - | - |
Distributions from net realized gain | (1.88) | - | - I | - |
Total distributions | (1.95) J | - | - I | - |
Redemption fees added to paid in capital D | - I | .01 | .03 | .01 |
Net asset value, end of period | $ 13.71 | $ 19.09 | $ 14.22 | $ 10.40 |
Total Return B, C | (18.98)% | 34.25% | 36.77% | 4.00% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | 1.39% A | 1.29% | 1.25% | 2.25% A |
Expenses net of fee waivers, if any | 1.39% A | 1.29% | 1.25% | 1.40% A |
Expenses net of all reductions | 1.35% A | 1.25% | 1.14% | 1.29% A |
Net investment income (loss) | .21% A | .44% | .40% | .16% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 13,575 | $ 27,609 | $ 13,954 | $ 2,849 |
Portfolio turnover rate F | 68% A | 107% | 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.
J Total distributions of $1.952 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $1.878 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2008 (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.
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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. 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. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain foreign taxes, 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 | $ 180,961,552 | |
Unrealized depreciation | (99,961,349) | |
Net unrealized appreciation (depreciation) | $ 81,000,203 | |
Cost for federal income tax purposes | $ 1,111,468,550 | |
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 Pronouncement. 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 results in expanded disclosures about fair value measurements.
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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $403,798,880 and $634,542,242, 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 Opportunities as compared to an appropriate benchmark index. The Fund's performance adjustment took effect in August 2006. 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 1.06% 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 | -% | .25% | $ 66,369 | $ 7,159 |
Class T | .25% | .25% | 85,086 | 3,118 |
Class B | .75% | .25% | 40,611 | 30,688 |
Class C | .75% | .25% | 152,304 | 33,431 |
| | | $ 344,370 | $ 74,396 |
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 | $ 12,508 |
Class T | 4,526 |
Class B* | 19,440 |
Class C* | 3,892 |
| $ 40,366 |
* 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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008, Fidelity Service Company, Inc. (FSC), also an affiliate of FMR was the transfer agent for International Small Cap Opportunities shares. For the period, each class paid the following transfer agent fees:
| Amount | % of
Average
Net Assets* |
Class A | $ 80,041 | .30 |
Class T | 51,679 | .30 |
Class B | 12,401 | .31 |
Class C | 46,327 | .30 |
International Small Cap Opportunities | 1,196,556 | .24 |
Institutional Clas | 19,891 | .21 |
| $ 1,406,895 | |
* 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 $2,170 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 | $ 6,173,520 | 3.69% | $ 31,658 |
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 $1,205 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. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $10,703,000. The weighted average interest rate was 4.25%. The interest expense amounted to $2,527 under the bank borrowing program. At period end, there were no bank borrowings outstanding.
Semiannual Report
10. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
| | |
Class A | 1.65% | $ 21,383 |
Class T | 1.90% | 13,851 |
Class B | 2.40% | 3,401 |
Class C | 2.40% | 12,522 |
| | $ 51,157 |
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 $225,580 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 | |
International Small Cap Opportunities | $ 2,607 | |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
12. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2008 | Year ended
October 31, 2007 |
From net investment income | | |
Class A | $ 91,280 | $ - |
International Small Cap Opportunities | 4,620,425 | - |
Institutional Class | 105,667 | - |
Total | $ 4,817,372 | $ - |
From net realized gain | | |
Class A | $ 6,856,940 | $ - |
Class T | 4,515,065 | - |
Class B | 1,019,225 | - |
Class C | 3,838,504 | - |
International Small Cap Opportunities | 135,580,534 | - |
Institutional Class | 2,681,658 | - |
Total | $ 154,491,926 | $ - |
13. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30, 2008 | Year ended
October 31, 2007 | Six months ended April 30, 2008 | Year ended
October 31, 2007 |
Class A | | | | |
Shares sold | 505,370 | 2,107,892 | $ 7,177,740 | $ 35,531,826 |
Reinvestment of distributions | 416,175 | - | 6,313,370 | - |
Shares redeemed | (1,101,413) | (892,381) | (15,249,839) | (14,908,147) |
Net increase (decrease) | (179,868) | 1,215,511 | $ (1,758,729) | $ 20,623,679 |
Class T | | | | |
Shares sold | 173,264 | 1,311,252 | $ 2,467,403 | $ 21,607,239 |
Reinvestment of distributions | 288,615 | - | 4,360,975 | - |
Shares redeemed | (731,545) | (845,477) | (10,011,389) | (14,215,111) |
Net increase (decrease) | (269,666) | 465,775 | $ (3,183,011) | $ 7,392,128 |
Semiannual Report
13. Share Transactions - continued
Transactions for each class of shares were as follows - continued
| Shares | Dollars |
| Six months ended April 30, 2008 | Year ended
October 31, 2007 | Six months ended April 30, 2008 | Year ended
October 31, 2007 |
Class B | | | | |
Shares sold | 44,285 | 286,293 | $ 626,855 | $ 4,653,400 |
Reinvestment of distributions | 61,167 | - | 917,505 | - |
Shares redeemed | (157,363) | (246,522) | (2,137,014) | (4,027,585) |
Net increase (decrease) | (51,911) | 39,771 | $ (592,654) | $ 625,815 |
Class C | | | | |
Shares sold | 162,520 | 888,414 | $ 2,310,015 | $ 14,698,282 |
Reinvestment of distributions | 216,878 | - | 3,248,838 | - |
Shares redeemed | (581,499) | (569,219) | (7,782,183) | (9,379,169) |
Net increase (decrease) | (202,101) | 319,195 | $ (2,223,330) | $ 5,319,113 |
International Small Cap Opportunities | | | | |
Shares sold | 6,837,498 | 48,402,736 | $ 97,669,217 | $ 800,622,633 |
Reinvestment of distributions | 8,363,264 | - | 127,539,782 | - |
Shares redeemed | (24,781,966) | (42,286,931) | (350,820,196) | (715,447,148) |
Net increase (decrease) | (9,581,204) | 6,115,805 | $ (125,611,197) | $ 85,175,485 |
Institutional Class | | | | |
Shares sold | 98,379 | 903,141 | $ 1,441,182 | $ 15,436,027 |
Reinvestment of distributions | 149,148 | - | 2,273,017 | - |
Shares redeemed | (703,752) | (437,882) | (9,662,202) | (7,375,351) |
Net increase (decrease) | (456,225) | 465,259 | $ (5,948,003) | $ 8,060,676 |
Semiannual Report
A special meeting of each fund's shareholders was held on December 13, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.A |
| # of
Votes | % of
Votes |
Affirmative | 45,014,793,255.82 | 80.372 |
Against | 6,871,112,667.08 | 12.268 |
Abstain | 2,163,456,438.02 | 3.863 |
Broker
Non-Votes | 1,958,633,563.89 | 3.497 |
TOTAL | 56,007,995,924.81 | 100.000 |
PROPOSAL 2 |
To elect the nominees specified below as Trustees.A |
James C. Curvey |
Affirmative | 53,384,952,361.03 | 95.317 |
Withheld | 2,623,043,563.78 | 4.683 |
TOTAL | 56,007,995,924.81 | 100.000 |
Dennis J. Dirks |
Affirmative | 53,595,104,608.67 | 95.692 |
Withheld | 2,412,891,316.14 | 4.308 |
TOTAL | 56,007,995,924.81 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 53,570,235,221.69 | 95.647 |
Withheld | 2,437,760,703.12 | 4.353 |
TOTAL | 56,007,995,924.81 | 100.000 |
George H. Heilmeier |
Affirmative | 53,166,350,588.50 | 94.926 |
Withheld | 2,841,645,336.31 | 5.074 |
TOTAL | 56,007,995,924.81 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 53,230,508,654.93 | 95.041 |
Withheld | 2,777,487,269.88 | 4.959 |
TOTAL | 56,007,995,924.81 | 100.000 |
James H. Keyes |
Affirmative | 53,549,161,456.52 | 95.610 |
Withheld | 2,458,834,468.29 | 4.390 |
TOTAL | 56,007,995,924.81 | 100.000 |
Marie L. Knowles |
Affirmative | 53,543,925,066.86 | 95.601 |
Withheld | 2,464,070,857.95 | 4.399 |
TOTAL | 56,007,995,924.81 | 100.000 |
Ned C. Lautenbach |
Affirmative | 53,547,116,322.50 | 95.606 |
Withheld | 2,460,879,602.31 | 4.394 |
TOTAL | 56,007,995,924.81 | 100.000 |
Cornelia M. Small |
Affirmative | 53,564,793,514.25 | 95.638 |
Withheld | 2,443,202,410.56 | 4.362 |
TOTAL | 56,007,995,924.81 | 100.000 |
William S. Stavropoulos |
Affirmative | 53,426,544,502.76 | 95.391 |
Withheld | 2,581,451,422.05 | 4.609 |
TOTAL | 56,007,995,924.81 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 53,229,881,790.63 | 95.040 |
Withheld | 2,778,114,134.18 | 4.960 |
TOTAL | 56,007,995,924.81 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
A Denotes trust-wide proposal and voting results.
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
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
AILS-USAN-0608
1.815093.102
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Small Cap Opportunities
Fund - Institutional Class
Semiannual Report
April 30, 2008
Institutional Class
is a class of Fidelity®
International Small Cap
Opportunities Fund
(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. |
Proxy Voting Results | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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, 2007 to April 30, 2008).
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, 2007
|
Ending
Account Value
April 30, 2008
| Expenses Paid
During Period*
November 1, 2007
to April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 809.20 | $ 7.42 |
HypotheticalA | $ 1,000.00 | $ 1,016.66 | $ 8.27 |
Class T | | | |
Actual | $ 1,000.00 | $ 808.10 | $ 8.54 |
HypotheticalA | $ 1,000.00 | $ 1,015.42 | $ 9.52 |
Class B | | | |
Actual | $ 1,000.00 | $ 806.20 | $ 10.78 |
HypotheticalA | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
Class C | | | |
Actual | $ 1,000.00 | $ 806.30 | $ 10.78 |
HypotheticalA | $ 1,000.00 | $ 1,012.93 | $ 12.01 |
International Small Cap Opportunities | | | |
Actual | $ 1,000.00 | $ 810.20 | $ 6.39 |
HypotheticalA | $ 1,000.00 | $ 1,017.80 | $ 7.12 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 810.20 | $ 6.26 |
HypotheticalA | $ 1,000.00 | $ 1,017.95 | $ 6.97 |
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 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.65% |
Class T | 1.90% |
Class B | 2.40% |
Class C | 2.40% |
International Small Cap Opportunities | 1.42% |
Institutional Class | 1.39% |
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Japan 25.1% | |
| United Kingdom 8.6% | |
| Germany 7.3% | |
| Netherlands 6.8% | |
| United States of America 6.6% | |
| China 6.3% | |
| Cayman Islands 5.9% | |
| Norway 5.9% | |
| Papua New Guinea 5.9% | |
| Other 21.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2007 |
| Japan 28.5% | |
| United States of America 12.1% | |
| United Kingdom 10.0% | |
| Germany 8.6% | |
| Norway 6.1% | |
| Papua New Guinea 5.3% | |
| Netherlands 4.5% | |
| France 3.5% | |
| Cayman Islands 3.0% | |
| Other 18.4% | |
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 | 98.6 | 95.0 |
Short-Term Investments and Net Other Assets | 1.4 | 5.0 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Lihir Gold Ltd. (Papua New Guinea, Metals & Mining) | 5.9 | 5.3 |
Himax Technologies, Inc. sponsored ADR (Cayman Islands, Semiconductors & Semiconductor Equipment) | 3.9 | 1.1 |
GEA Group AG (Germany, Machinery) | 2.9 | 2.0 |
Downer EDI Ltd. (Australia, Commercial Services & Supplies) | 2.9 | 1.5 |
HannStar Display Corp. (Taiwan, Electronic Equipment & Instruments) | 2.7 | 1.6 |
Chiquita Brands International, Inc. (United States of America, Food Products) | 2.4 | 1.3 |
Marine Harvest ASA (Norway, Food Products) | 2.3 | 1.7 |
Global Bio-Chem Technology Group Co. Ltd. (China, Food Products) | 2.3 | 1.2 |
Gemalto NV (Netherlands, Computers & Peripherals) | 2.0 | 0.0 |
SGL Carbon AG (Germany, Electrical Equipment) | 2.0 | 1.8 |
| 29.3 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Industrials | 27.8 | 28.1 |
Information Technology | 24.0 | 17.0 |
Consumer Staples | 14.1 | 10.6 |
Materials | 11.0 | 16.1 |
Financials | 9.7 | 8.3 |
Consumer Discretionary | 5.8 | 4.4 |
Health Care | 4.2 | 5.5 |
Energy | 2.0 | 4.6 |
Telecommunication Services | 0.0 | 0.4 |
Semiannual Report
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.6% |
| Shares | | Value |
Australia - 5.3% |
Babcock & Brown Ltd. (d) | 1,439,928 | | $ 19,965,718 |
Downer EDI Ltd. | 4,307,343 | | 29,456,034 |
Silex Systems Ltd. (a)(d) | 900,000 | | 4,915,276 |
TOTAL AUSTRALIA | | 54,337,028 |
Austria - 0.7% |
Andritz AG | 113,496 | | 6,771,766 |
Bermuda - 0.5% |
Noble Group Ltd. | 3,250,000 | | 5,344,370 |
Brazil - 1.8% |
Cosan SA Industria e Comercio | 1,070,000 | | 18,841,836 |
Cayman Islands - 5.9% |
CNinsure, Inc. ADR | 415,900 | | 5,843,395 |
Himax Technologies, Inc. sponsored ADR (d) | 7,953,009 | | 40,003,638 |
LDK Solar Co. Ltd. Sponsored ADR (d) | 458,200 | | 14,543,268 |
TOTAL CAYMAN ISLANDS | | 60,390,301 |
China - 6.3% |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a)(d) | 1,829,041 | | 9,949,983 |
First Tractor Co. Ltd. (H Shares) (a) | 15,940,000 | | 7,813,375 |
Focus Media Holding Ltd. ADR (a)(d) | 370,000 | | 13,649,300 |
Global Bio-Chem Technology Group Co. Ltd. | 50,703,300 | | 23,552,215 |
Shanda Interactive Entertainment Ltd. sponsored ADR (a) | 280,000 | | 9,601,200 |
TOTAL CHINA | | 64,566,073 |
Finland - 2.3% |
KCI Konecranes Oyj | 180,000 | | 7,879,184 |
Outotec Oyj | 250,406 | | 15,710,625 |
TOTAL FINLAND | | 23,589,809 |
France - 1.9% |
Nexans SA (d) | 98,374 | | 13,102,733 |
Ubisoft Entertainment SA (a) | 58,569 | | 5,906,511 |
TOTAL FRANCE | | 19,009,244 |
Germany - 7.3% |
Demag Cranes AG | 123,000 | | 6,828,064 |
GEA Group AG | 804,800 | | 29,838,866 |
Q-Cells AG (a)(d) | 149,285 | | 17,480,992 |
SGL Carbon AG (a) | 300,008 | | 20,518,085 |
TOTAL GERMANY | | 74,666,007 |
Common Stocks - continued |
| Shares | | Value |
Hong Kong - 1.1% |
BYD Electronic International Co. Ltd. | 4,928,000 | | $ 5,450,859 |
China State Construction International Holdings Ltd. | 3,500,000 | | 5,829,478 |
TOTAL HONG KONG | | 11,280,337 |
Italy - 1.1% |
Impregilo SpA (a) | 1,800,000 | | 10,981,402 |
Japan - 25.1% |
Acca Networks Co. Ltd. | 1,574 | | 1,990,598 |
Access Co. Ltd. (a)(d) | 2,000 | | 5,668,957 |
Air Water, Inc. | 391,000 | | 3,949,498 |
Asics Corp. | 446,000 | | 4,520,432 |
Capcom Co. Ltd. (d) | 218,900 | | 6,593,660 |
CyberAgent, Inc. (d) | 4,535 | | 5,338,864 |
DeNA Co. Ltd. | 200 | | 1,421,131 |
Hikari Tsushin, Inc. (d) | 184,100 | | 6,761,608 |
Ibiden Co. Ltd. | 135,000 | | 5,890,199 |
Ichiyoshi Securities Co. Ltd. (d) | 727,400 | | 7,948,956 |
JAFCO Co. Ltd. | 187,400 | | 7,483,836 |
Japan Steel Works Ltd. | 549,000 | | 10,156,158 |
JGC Corp. | 259,000 | | 4,813,848 |
KK daVinci Advisors (a)(d) | 10,292 | | 9,874,107 |
Kurita Water Industries Ltd. | 243,800 | | 8,718,494 |
Miraial Co. Ltd. | 85,900 | | 2,630,776 |
Mitsumi Electric Co. Ltd. | 220,400 | | 7,374,923 |
Nabtesco Corp. | 277,000 | | 4,101,817 |
Namco Bandai Holdings, Inc. | 265,100 | | 3,325,950 |
NGK Insulators Ltd. | 475,000 | | 9,147,260 |
Nidec Sankyo Corp. (d) | 1,233,000 | | 9,269,929 |
Nintendo Co. Ltd. | 19,500 | | 10,715,640 |
Nippon Carbon Co. Ltd. (d) | 1,207,000 | | 5,166,504 |
Osaka Titanium Technolo Co. Ltd. (d) | 39,800 | | 2,710,581 |
Pal Co. Ltd. (d) | 251,000 | | 4,157,131 |
Rakuten, Inc. | 21,728 | | 13,570,879 |
SBI E*TRADE Securities Co. Ltd. | 9,989 | | 9,292,687 |
SBI Holdings, Inc. (d) | 28,255 | | 7,427,969 |
Sojitz Corp. | 2,784,700 | | 10,725,045 |
Sparx Group Co. Ltd. (d) | 24,756 | | 10,859,378 |
Sugi Pharmacy Co. Ltd. (d) | 546,500 | | 14,457,934 |
Sumco Corp. | 362,100 | | 9,191,907 |
Sumco Techxiv Corp. | 205,800 | | 6,275,246 |
Toho Titanium Co. Ltd. (d) | 99,100 | | 2,581,904 |
Tokai Carbon Co. Ltd. | 951,000 | | 9,962,257 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
Tokyo Tatemono Co. Ltd. | 613,000 | | $ 5,351,029 |
Ulvac, Inc. (d) | 77,000 | | 3,158,646 |
Wacom Co. Ltd. (d) | 2,553 | | 5,143,804 |
TOTAL JAPAN | | 257,729,542 |
Korea (South) - 1.1% |
CJ CheilJedang Corp. (a) | 44,860 | | 11,402,248 |
Netherlands - 6.8% |
Advanced Metallurgical Group NV (d) | 244,778 | | 16,782,839 |
Gemalto NV (a) | 642,300 | | 20,775,831 |
Koninklijke Wessanen NV | 1,017,015 | | 13,415,745 |
QIAGEN NV (a) | 845,000 | | 18,767,450 |
TOTAL NETHERLANDS | | 69,741,865 |
Norway - 5.9% |
Marine Harvest ASA (a)(d) | 36,207,000 | | 23,972,022 |
Norwegian Property ASA (d) | 293,400 | | 2,559,324 |
Petroleum Geo-Services ASA | 503,100 | | 13,738,880 |
Pronova BioPharma ASA | 1,000,000 | | 3,457,760 |
Renewable Energy Corp. AS (a)(d) | 485,000 | | 16,603,389 |
TOTAL NORWAY | | 60,331,375 |
Papua New Guinea - 5.9% |
Lihir Gold Ltd. (a)(d) | 14,300,867 | | 39,658,521 |
Lihir Gold Ltd. sponsored ADR | 720,000 | | 20,541,600 |
TOTAL PAPUA NEW GUINEA | | 60,200,121 |
Portugal - 0.8% |
Banif SGPS SA | 1,610,654 | | 7,719,183 |
Spain - 0.4% |
Tecnicas Reunidas SA | 50,000 | | 3,794,254 |
Switzerland - 1.5% |
BB BIOTECH AG | 200,000 | | 15,380,162 |
Taiwan - 3.1% |
HannStar Display Corp. (a) | 58,942,292 | | 27,295,716 |
Prime View International Co. Ltd. | 2,919,000 | | 4,544,235 |
TOTAL TAIWAN | | 31,839,951 |
United Kingdom - 8.6% |
ARM Holdings PLC sponsored ADR | 1,877,100 | | 11,206,287 |
Autonomy Corp. PLC (a) | 626,200 | | 10,663,786 |
BlueBay Asset Management | 708,100 | | 4,575,609 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
easyJet PLC (a) | 1,100,000 | | $ 6,752,594 |
Informa PLC | 1,140,000 | | 7,831,120 |
Invensys PLC (a) | 3,400,000 | | 20,212,549 |
Max Petroleum PLC (a) | 4,500,000 | | 6,061,677 |
Premier Foods PLC | 5,990,000 | | 15,363,407 |
Renovo Group PLC (a) | 8,702,203 | | 5,969,244 |
TOTAL UNITED KINGDOM | | 88,636,273 |
United States of America - 5.2% |
AGCO Corp. (a) | 92,700 | | 5,574,051 |
Chiquita Brands International, Inc. (a)(d) | 1,087,400 | | 24,738,350 |
SiRF Technology Holdings, Inc. (a)(d) | 1,400,000 | | 8,274,000 |
Titanium Metals Corp. (d) | 965,829 | | 14,719,234 |
TOTAL UNITED STATES OF AMERICA | | 53,305,635 |
TOTAL COMMON STOCKS (Cost $924,217,012) | 1,009,858,782 |
Money Market Funds - 17.8% |
| | | |
Fidelity Cash Central Fund, 2.51% (b) | 763,271 | | 763,271 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 181,846,700 | | 181,846,700 |
TOTAL MONEY MARKET FUNDS (Cost $182,609,971) | 182,609,971 |
TOTAL INVESTMENT PORTFOLIO - 116.4% (Cost $1,106,826,983) | 1,192,468,753 |
NET OTHER ASSETS - (16.4)% | | (167,640,041) |
NET ASSETS - 100% | $ 1,024,828,712 |
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 | $ 219,457 |
Fidelity Securities Lending Cash Central Fund | 2,025,719 |
Total | $ 2,245,176 |
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 |
First Tractor Co. Ltd. (H Shares) | $ 11,999,397 | $ - | $ 1,621,480 | $ - | $ - |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $171,831,255) - See accompanying schedule: Unaffiliated issuers (cost $924,217,012) | $ 1,009,858,782 | |
Fidelity Central Funds (cost $182,609,971) | 182,609,971 | |
Total Investments (cost $1,106,826,983) | | $ 1,192,468,753 |
Cash | | 7,049 |
Foreign currency held at value (cost $809,193) | | 809,046 |
Receivable for investments sold | | 16,098,888 |
Receivable for fund shares sold | | 503,379 |
Dividends receivable | | 3,224,567 |
Distributions receivable from Fidelity Central Funds | | 406,022 |
Prepaid expenses | | 2,746 |
Receivable from investment adviser for expense reductions | | 12,860 |
Other receivables | | 136,925 |
Total assets | | 1,213,670,235 |
| | |
Liabilities | | |
Payable for investments purchased | $ 3,910,771 | |
Payable for fund shares redeemed | 1,790,825 | |
Accrued management fee | 915,746 | |
Distribution fees payable | 50,200 | |
Other affiliated payables | 277,533 | |
Other payables and accrued expenses | 49,748 | |
Collateral on securities loaned, at value | 181,846,700 | |
Total liabilities | | 188,841,523 |
| | |
Net Assets | | $ 1,024,828,712 |
Net Assets consist of: | | |
Paid in capital | | $ 1,003,752,360 |
Undistributed net investment income | | 682,720 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (65,143,378) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 85,537,010 |
Net Assets | | $ 1,024,828,712 |
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, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price Class A:
Net Asset Value and redemption price per share ($48,445,996 ÷ 3,551,066 shares) | | $ 13.64 |
| | |
Maximum offering price per share (100/94.25 of $13.64) | | $ 14.47 |
Class T:
Net Asset Value and redemption price per share ($29,870,249 ÷ 2,200,491 shares) | | $ 13.57 |
| | |
Maximum offering price per share (100/96.50 of $13.57) | | $ 14.06 |
Class B:
Net Asset Value and offering price per share ($7,220,760 ÷ 536,964 shares)A | | $ 13.45 |
| | |
Class C:
Net Asset Value and offering price per share ($26,761,762 ÷ 1,992,979 shares)A | | $ 13.43 |
| | |
| | |
International Small Cap Opportunities:
Net Asset Value, offering price and redemption price per share ($898,954,855 ÷ 65,512,019 shares) | | $ 13.72 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($13,575,090 ÷ 990,219 shares) | | $ 13.71 |
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, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 7,409,859 |
Interest | | 1,893 |
Income from Fidelity Central Funds (including $2,025,719 from security lending) | | 2,245,176 |
| | 9,656,928 |
Less foreign taxes withheld | | (637,357) |
Total income | | 9,019,571 |
| | |
Expenses | | |
Management fee
Basic fee | $ 4,943,260 | |
Performance adjustment | 1,169,580 | |
Transfer agent fees | 1,406,895 | |
Distribution fees | 344,370 | |
Accounting and security lending fees | 284,890 | |
Custodian fees and expenses | 128,629 | |
Independent trustees' compensation | 2,591 | |
Registration fees | 44,924 | |
Audit | 36,560 | |
Legal | 2,891 | |
Interest | 34,185 | |
Miscellaneous | 188,522 | |
Total expenses before reductions | 8,587,297 | |
Expense reductions | (279,344) | 8,307,953 |
Net investment income (loss) | | 711,618 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (58,502,678) | |
Other affiliated issuers | 64,894 | |
Foreign currency transactions | 397,051 | |
Total net realized gain (loss) | | (58,040,733) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (250,051,832) | |
Assets and liabilities in foreign currencies | (44,812) | |
Total change in net unrealized appreciation (depreciation) | | (250,096,644) |
Net gain (loss) | | (308,137,377) |
Net increase (decrease) in net assets resulting from operations | | $ (307,425,759) |
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, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 711,618 | $ 5,724,841 |
Net realized gain (loss) | (58,040,733) | 184,590,119 |
Change in net unrealized appreciation (depreciation) | (250,096,644) | 219,203,434 |
Net increase (decrease) in net assets resulting
from operations | (307,425,759) | 409,518,394 |
Distributions to shareholders from net investment income | (4,817,372) | - |
Distributions to shareholders from net realized gain | (154,491,926) | - |
Total distributions | (159,309,298) | - |
Share transactions - net increase (decrease) | (139,316,924) | 127,196,896 |
Redemption fees | 205,905 | 783,954 |
Total increase (decrease) in net assets | (605,846,076) | 537,499,244 |
| | |
Net Assets | | |
Beginning of period | 1,630,674,788 | 1,093,175,544 |
End of period (including undistributed net investment income of $682,720 and undistributed net investment income of $5,724,841, respectively) | $ 1,024,828,712 | $ 1,630,674,788 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 18.97 | $ 14.18 | $ 10.41 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | - J | .02 | - J | - J |
Net realized and unrealized gain (loss) | (3.43) | 4.76 | 3.74 | .40 |
Total from investment operations | (3.43) | 4.78 | 3.74 | .40 |
Distributions from net investment income | (.03) | - | - | - |
Distributions from net realized gain | (1.88) | - | - J | - |
Total distributions | (1.90) K | - | - J | - |
Redemption fees added to paid in capital E | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 13.64 | $ 18.97 | $ 14.18 | $ 10.41 |
Total Return B, C, D | (19.08)% | 33.78% | 36.25% | 4.10% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 1.73% A | 1.63% | 1.63% | 2.67% A |
Expenses net of fee waivers, if any | 1.65% A | 1.63% | 1.63% | 1.65% A |
Expenses net of all reductions | 1.61% A | 1.59% | 1.51% | 1.54% A |
Net investment income (loss) | (.05)% A | .10% | .02% | (.09)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 48,446 | $ 70,785 | $ 35,674 | $ 5,533 |
Portfolio turnover rate G | 68% A | 107% | 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.
K Total distributions of $1.903 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $1.878 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 18.85 | $ 14.12 | $ 10.38 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.02) | (.02) | (.03) | (.01) |
Net realized and unrealized gain (loss) | (3.41) | 4.74 | 3.74 | .38 |
Total from investment operations | (3.43) | 4.72 | 3.71 | .37 |
Distributions from net realized gain | (1.85) K | - | - | - |
Redemption fees added to paid in capital E | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 13.57 | $ 18.85 | $ 14.12 | $ 10.38 |
Total Return B, C, D | (19.19)% | 33.50% | 36.03% | 3.80% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 1.99% A | 1.85% | 1.85% | 2.92% A |
Expenses net of fee waivers, if any | 1.90% A | 1.85% | 1.85% | 1.90% A |
Expenses net of all reductions | 1.86% A | 1.81% | 1.74% | 1.78% A |
Net investment income (loss) | (.30)% A | (.13)% | (.20)% | (.33)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 29,870 | $ 46,568 | $ 28,309 | $ 2,704 |
Portfolio turnover rate G | 68% A | 107% | 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.
K Total distributions of $1.852 per share is comprised of distributions from net realized gain of $1.852 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 18.64 | $ 14.04 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.06) | (.11) | (.10) | (.02) |
Net realized and unrealized gain (loss) | (3.37) | 4.70 | 3.74 | .38 |
Total from investment operations | (3.43) | 4.59 | 3.64 | .36 |
Distributions from net realized gain | (1.76) K | - | - | - |
Redemption fees added to paid in capital E | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 13.45 | $ 18.64 | $ 14.04 | $ 10.37 |
Total Return B, C, D | (19.38)% | 32.76% | 35.39% | 3.70% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 2.49% A | 2.40% | 2.45% | 3.43% A |
Expenses net of fee waivers, if any | 2.40% A | 2.40% | 2.41% | 2.40% A |
Expenses net of all reductions | 2.36% A | 2.36% | 2.30% | 2.27% A |
Net investment income (loss) | (.80)% A | (.67)% | (.76)% | (.82)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 7,221 | $ 10,975 | $ 7,709 | $ 1,705 |
Portfolio turnover rate G | 68% A | 107% | 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.
K Total distributions of $1.760 per share is comprised of distributions from net realized gain of $1.760 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 H |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 18.63 | $ 14.03 | $ 10.37 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) E | (.06) | (.11) | (.10) | (.02) |
Net realized and unrealized gain (loss) | (3.36) | 4.70 | 3.73 | .38 |
Total from investment operations | (3.42) | 4.59 | 3.63 | .36 |
Distributions from net realized gain | (1.78) K | - | - | - |
Redemption fees added to paid in capital E | - J | .01 | .03 | .01 |
Net asset value, end of period | $ 13.43 | $ 18.63 | $ 14.03 | $ 10.37 |
Total Return B, C, D | (19.37)% | 32.79% | 35.29% | 3.70% |
Ratios to Average Net Assets F, I | | | | |
Expenses before reductions | 2.49% A | 2.38% | 2.38% | 3.32% A |
Expenses net of fee waivers, if any | 2.40% A | 2.38% | 2.38% | 2.40% A |
Expenses net of all reductions | 2.36% A | 2.34% | 2.27% | 2.29% A |
Net investment income (loss) | (.80)% A | (.66)% | (.73)% | (.84)% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 26,762 | $ 40,894 | $ 26,320 | $ 3,317 |
Portfolio turnover rate G | 68% A | 107% | 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.
K Total distributions of $1.775 per share is comprised of distributions from net realized gain of $1.775 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Small Cap Opportunities
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 19.09 | $ 14.23 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .01 | .07 | .05 | - I |
Net realized and unrealized gain (loss) | (3.44) | 4.78 | 3.75 | .39 |
Total from investment operations | (3.43) | 4.85 | 3.80 | .39 |
Distributions from net investment income | (.06) | - | - | - |
Distributions from net realized gain | (1.88) | - | - I | - |
Total distributions | (1.94) J | - | - I | - |
Redemption fees added to paid in capital D | - I | .01 | .03 | .01 |
Net asset value, end of period | $ 13.72 | $ 19.09 | $ 14.23 | $ 10.40 |
Total Return B, C | (18.98)% | 34.15% | 36.86% | 4.00% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | 1.42% A | 1.30% | 1.28% | 2.25% A |
Expenses net of fee waivers, if any | 1.42% A | 1.30% | 1.28% | 1.40% A |
Expenses net of all reductions | 1.38% A | 1.25% | 1.16% | 1.31% A |
Net investment income (loss) | .18% A | .43% | .37% | .14% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 898,955 | $ 1,433,844 | $ 981,210 | $ 197,349 |
Portfolio turnover rate F | 68% A | 107% | 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.
J Total distributions of $1.942 per share is comprised of distributions from net investment income of $.064 and distributions from net realized gain of $1.878 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 | 2005 G |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ 19.09 | $ 14.22 | $ 10.40 | $ 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) D | .02 | .08 | .05 | - I |
Net realized and unrealized gain (loss) | (3.45) | 4.78 | 3.74 | .39 |
Total from investment operations | (3.43) | 4.86 | 3.79 | .39 |
Distributions from net investment income | (.07) | - | - | - |
Distributions from net realized gain | (1.88) | - | - I | - |
Total distributions | (1.95) J | - | - I | - |
Redemption fees added to paid in capital D | - I | .01 | .03 | .01 |
Net asset value, end of period | $ 13.71 | $ 19.09 | $ 14.22 | $ 10.40 |
Total Return B, C | (18.98)% | 34.25% | 36.77% | 4.00% |
Ratios to Average Net Assets E, H | | | | |
Expenses before reductions | 1.39% A | 1.29% | 1.25% | 2.25% A |
Expenses net of fee waivers, if any | 1.39% A | 1.29% | 1.25% | 1.40% A |
Expenses net of all reductions | 1.35% A | 1.25% | 1.14% | 1.29% A |
Net investment income (loss) | .21% A | .44% | .40% | .16% A |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ 13,575 | $ 27,609 | $ 13,954 | $ 2,849 |
Portfolio turnover rate F | 68% A | 107% | 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.
J Total distributions of $1.952 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $1.878 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended April 30, 2008 (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.
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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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.
Semiannual Report
3. Significant Accounting Policies - continued
Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. 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. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain foreign taxes, 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 | $ 180,961,552 | |
Unrealized depreciation | (99,961,349) | |
Net unrealized appreciation (depreciation) | $ 81,000,203 | |
Cost for federal income tax purposes | $ 1,111,468,550 | |
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 Pronouncement. 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 results in expanded disclosures about fair value measurements.
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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $403,798,880 and $634,542,242, 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 Opportunities as compared to an appropriate benchmark index. The Fund's performance adjustment took effect in August 2006. 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 1.06% 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 | -% | .25% | $ 66,369 | $ 7,159 |
Class T | .25% | .25% | 85,086 | 3,118 |
Class B | .75% | .25% | 40,611 | 30,688 |
Class C | .75% | .25% | 152,304 | 33,431 |
| | | $ 344,370 | $ 74,396 |
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 | $ 12,508 |
Class T | 4,526 |
Class B* | 19,440 |
Class C* | 3,892 |
| $ 40,366 |
* 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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008, Fidelity Service Company, Inc. (FSC), also an affiliate of FMR was the transfer agent for International Small Cap Opportunities shares. For the period, each class paid the following transfer agent fees:
| Amount | % of
Average
Net Assets* |
Class A | $ 80,041 | .30 |
Class T | 51,679 | .30 |
Class B | 12,401 | .31 |
Class C | 46,327 | .30 |
International Small Cap Opportunities | 1,196,556 | .24 |
Institutional Clas | 19,891 | .21 |
| $ 1,406,895 | |
* 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 $2,170 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 | $ 6,173,520 | 3.69% | $ 31,658 |
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 $1,205 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. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $10,703,000. The weighted average interest rate was 4.25%. The interest expense amounted to $2,527 under the bank borrowing program. At period end, there were no bank borrowings outstanding.
Semiannual Report
10. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
| | |
Class A | 1.65% | $ 21,383 |
Class T | 1.90% | 13,851 |
Class B | 2.40% | 3,401 |
Class C | 2.40% | 12,522 |
| | $ 51,157 |
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 $225,580 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 | |
International Small Cap Opportunities | $ 2,607 | |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
12. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30, 2008 | Year ended
October 31, 2007 |
From net investment income | | |
Class A | $ 91,280 | $ - |
International Small Cap Opportunities | 4,620,425 | - |
Institutional Class | 105,667 | - |
Total | $ 4,817,372 | $ - |
From net realized gain | | |
Class A | $ 6,856,940 | $ - |
Class T | 4,515,065 | - |
Class B | 1,019,225 | - |
Class C | 3,838,504 | - |
International Small Cap Opportunities | 135,580,534 | - |
Institutional Class | 2,681,658 | - |
Total | $ 154,491,926 | $ - |
13. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months ended April 30, 2008 | Year ended
October 31, 2007 | Six months ended April 30, 2008 | Year ended
October 31, 2007 |
Class A | | | | |
Shares sold | 505,370 | 2,107,892 | $ 7,177,740 | $ 35,531,826 |
Reinvestment of distributions | 416,175 | - | 6,313,370 | - |
Shares redeemed | (1,101,413) | (892,381) | (15,249,839) | (14,908,147) |
Net increase (decrease) | (179,868) | 1,215,511 | $ (1,758,729) | $ 20,623,679 |
Class T | | | | |
Shares sold | 173,264 | 1,311,252 | $ 2,467,403 | $ 21,607,239 |
Reinvestment of distributions | 288,615 | - | 4,360,975 | - |
Shares redeemed | (731,545) | (845,477) | (10,011,389) | (14,215,111) |
Net increase (decrease) | (269,666) | 465,775 | $ (3,183,011) | $ 7,392,128 |
Semiannual Report
13. Share Transactions - continued
Transactions for each class of shares were as follows - continued
| Shares | Dollars |
| Six months ended April 30, 2008 | Year ended
October 31, 2007 | Six months ended April 30, 2008 | Year ended
October 31, 2007 |
Class B | | | | |
Shares sold | 44,285 | 286,293 | $ 626,855 | $ 4,653,400 |
Reinvestment of distributions | 61,167 | - | 917,505 | - |
Shares redeemed | (157,363) | (246,522) | (2,137,014) | (4,027,585) |
Net increase (decrease) | (51,911) | 39,771 | $ (592,654) | $ 625,815 |
Class C | | | | |
Shares sold | 162,520 | 888,414 | $ 2,310,015 | $ 14,698,282 |
Reinvestment of distributions | 216,878 | - | 3,248,838 | - |
Shares redeemed | (581,499) | (569,219) | (7,782,183) | (9,379,169) |
Net increase (decrease) | (202,101) | 319,195 | $ (2,223,330) | $ 5,319,113 |
International Small Cap Opportunities | | | | |
Shares sold | 6,837,498 | 48,402,736 | $ 97,669,217 | $ 800,622,633 |
Reinvestment of distributions | 8,363,264 | - | 127,539,782 | - |
Shares redeemed | (24,781,966) | (42,286,931) | (350,820,196) | (715,447,148) |
Net increase (decrease) | (9,581,204) | 6,115,805 | $ (125,611,197) | $ 85,175,485 |
Institutional Class | | | | |
Shares sold | 98,379 | 903,141 | $ 1,441,182 | $ 15,436,027 |
Reinvestment of distributions | 149,148 | - | 2,273,017 | - |
Shares redeemed | (703,752) | (437,882) | (9,662,202) | (7,375,351) |
Net increase (decrease) | (456,225) | 465,259 | $ (5,948,003) | $ 8,060,676 |
Semiannual Report
A special meeting of each fund's shareholders was held on December 13, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.A |
| # of
Votes | % of
Votes |
Affirmative | 45,014,793,255.82 | 80.372 |
Against | 6,871,112,667.08 | 12.268 |
Abstain | 2,163,456,438.02 | 3.863 |
Broker
Non-Votes | 1,958,633,563.89 | 3.497 |
TOTAL | 56,007,995,924.81 | 100.000 |
PROPOSAL 2 |
To elect the nominees specified below as Trustees.A |
James C. Curvey |
Affirmative | 53,384,952,361.03 | 95.317 |
Withheld | 2,623,043,563.78 | 4.683 |
TOTAL | 56,007,995,924.81 | 100.000 |
Dennis J. Dirks |
Affirmative | 53,595,104,608.67 | 95.692 |
Withheld | 2,412,891,316.14 | 4.308 |
TOTAL | 56,007,995,924.81 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 53,570,235,221.69 | 95.647 |
Withheld | 2,437,760,703.12 | 4.353 |
TOTAL | 56,007,995,924.81 | 100.000 |
George H. Heilmeier |
Affirmative | 53,166,350,588.50 | 94.926 |
Withheld | 2,841,645,336.31 | 5.074 |
TOTAL | 56,007,995,924.81 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 53,230,508,654.93 | 95.041 |
Withheld | 2,777,487,269.88 | 4.959 |
TOTAL | 56,007,995,924.81 | 100.000 |
James H. Keyes |
Affirmative | 53,549,161,456.52 | 95.610 |
Withheld | 2,458,834,468.29 | 4.390 |
TOTAL | 56,007,995,924.81 | 100.000 |
Marie L. Knowles |
Affirmative | 53,543,925,066.86 | 95.601 |
Withheld | 2,464,070,857.95 | 4.399 |
TOTAL | 56,007,995,924.81 | 100.000 |
Ned C. Lautenbach |
Affirmative | 53,547,116,322.50 | 95.606 |
Withheld | 2,460,879,602.31 | 4.394 |
TOTAL | 56,007,995,924.81 | 100.000 |
Cornelia M. Small |
Affirmative | 53,564,793,514.25 | 95.638 |
Withheld | 2,443,202,410.56 | 4.362 |
TOTAL | 56,007,995,924.81 | 100.000 |
William S. Stavropoulos |
Affirmative | 53,426,544,502.76 | 95.391 |
Withheld | 2,581,451,422.05 | 4.609 |
TOTAL | 56,007,995,924.81 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 53,229,881,790.63 | 95.040 |
Withheld | 2,778,114,134.18 | 4.960 |
TOTAL | 56,007,995,924.81 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
A Denotes trust-wide proposal and voting results.
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
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
AILSI-USAN-0608
1.815084.102
Fidelity®
International Value
Fund
Semiannual Report
April 30, 2008
(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. |
Proxy Voting Results | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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, 2007 to April 30, 2008).
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, 2007 | Ending
Account Value
April 30, 2008 | Expenses Paid
During Period*
November 1, 2007 to
April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 907.00 | $ 6.73 |
HypotheticalA | $ 1,000.00 | $ 1,017.80 | $ 7.12 |
Class T | | | |
Actual | $ 1,000.00 | $ 905.80 | $ 7.96 |
HypotheticalA | $ 1,000.00 | $ 1,016.51 | $ 8.42 |
Class B | | | |
Actual | $ 1,000.00 | $ 904.10 | $ 10.32 |
HypotheticalA | $ 1,000.00 | $ 1,014.02 | $ 10.92 |
Class C | | | |
Actual | $ 1,000.00 | $ 904.20 | $ 10.27 |
HypotheticalA | $ 1,000.00 | $ 1,014.07 | $ 10.87 |
International Value | | | |
Actual | $ 1,000.00 | $ 908.60 | $ 5.22 |
HypotheticalA | $ 1,000.00 | $ 1,019.39 | $ 5.52 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 909.30 | $ 4.94 |
HypotheticalA | $ 1,000.00 | $ 1,019.69 | $ 5.22 |
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 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.42% |
Class T | 1.68% |
Class B | 2.18% |
Class C | 2.17% |
International Value | 1.10% |
Institutional Class | 1.04% |
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Japan 17.8% | |
| United Kingdom 14.8% | |
| Germany 11.3% | |
| France 8.8% | |
| Switzerland 6.1% | |
| Spain 5.3% | |
| United States of America 4.5% | |
| Italy 4.5% | |
| Norway 4.4% | |
| Other 22.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2007 |
| Japan 18.8% | |
| United Kingdom 16.3% | |
| France 11.8% | |
| Germany 11.1% | |
| Switzerland 8.8% | |
| Spain 4.8% | |
| Cayman Islands 3.8% | |
| Norway 3.3% | |
| Australia 2.4% | |
| Other 18.9% | |
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 | 97.1 | 98.9 |
Short-Term Investments and Net Other Assets | 2.9 | 1.1 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
UniCredit SpA (Italy, Commercial Banks) | 3.1 | 1.0 |
Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors) | 2.8 | 2.4 |
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.7 | 0.0 |
Allianz AG sponsored ADR (Germany, Insurance) | 2.5 | 1.8 |
Toyota Motor Corp. (Japan, Automobiles) | 2.5 | 2.2 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.4 | 1.7 |
AXA SA sponsored ADR (France, Insurance) | 2.2 | 2.2 |
Daimler AG (Germany, Automobiles) | 2.2 | 2.2 |
E.ON AG (Germany, Electric Utilities) | 2.1 | 3.4 |
Banco Santander SA (Spain, Commercial Banks) | 2.0 | 2.1 |
| 24.5 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 33.1 | 37.2 |
Energy | 15.4 | 11.2 |
Consumer Discretionary | 10.2 | 9.7 |
Industrials | 9.6 | 9.9 |
Materials | 6.7 | 7.4 |
Utilities | 6.2 | 7.7 |
Information Technology | 4.7 | 4.9 |
Telecommunication Services | 4.4 | 2.5 |
Health Care | 3.5 | 3.3 |
Consumer Staples | 3.3 | 5.1 |
Semiannual Report
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.4% |
| Shares | | Value |
Australia - 2.1% |
AMP Ltd. | 362,775 | | $ 2,679,328 |
Macquarie Airports unit | 402,325 | | 1,191,608 |
Macquarie Group Ltd. (d) | 28,606 | | 1,711,237 |
Macquarie Infrastructure Group unit | 667,419 | | 1,781,607 |
TOTAL AUSTRALIA | | 7,363,780 |
Bermuda - 1.0% |
Seadrill Ltd. | 120,100 | | 3,657,269 |
Brazil - 2.3% |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 41,500 | | 5,038,930 |
TAM SA (PN) sponsored ADR (ltd. vtg.) (d) | 34,500 | | 814,200 |
TIM Participacoes SA sponsored ADR (non-vtg.) | 32,400 | | 1,087,992 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 8,400 | | 1,221,444 |
TOTAL BRAZIL | | 8,162,566 |
Canada - 2.2% |
BCE, Inc. | 50,900 | | 1,859,915 |
EnCana Corp. | 31,300 | | 2,525,196 |
First Quantum Minerals Ltd. | 20,200 | | 1,773,693 |
Petrobank Energy & Resources Ltd. (a) | 21,100 | | 1,018,231 |
RONA, Inc. (a) | 48,500 | | 647,245 |
TOTAL CANADA | | 7,824,280 |
Cayman Islands - 1.4% |
Chaoda Modern Agriculture (Holdings) Ltd. | 1,338,800 | | 1,924,069 |
Subsea 7, Inc. (a) | 115,000 | | 3,033,153 |
TOTAL CAYMAN ISLANDS | | 4,957,222 |
China - 0.5% |
China Construction Bank Corp. (H Shares) | 939,000 | | 848,253 |
Nine Dragons Paper (Holdings) Ltd. | 730,000 | | 785,908 |
TOTAL CHINA | | 1,634,161 |
Cyprus - 0.4% |
Marfin Popular Bank Public Co. | 148,100 | | 1,322,458 |
Finland - 0.1% |
Nokia Corp. sponsored ADR | 16,100 | | 484,127 |
France - 8.8% |
Accor SA | 20,200 | | 1,680,774 |
Alcatel-Lucent SA | 124,300 | | 831,777 |
AXA SA sponsored ADR | 216,400 | | 8,017,620 |
BNP Paribas SA | 30,900 | | 3,340,481 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Compagnie de St. Gobain | 12,600 | | $ 1,017,915 |
Gaz de France | 23,900 | | 1,579,718 |
Renault SA | 9,400 | | 969,240 |
Societe Generale Series A | 5,535 | | 649,434 |
Suez SA (France) | 14,200 | | 1,008,627 |
Total SA: | | | |
Series B | 37,200 | | 3,115,400 |
sponsored ADR | 66,300 | | 5,569,200 |
Unibail-Rodamco | 11,272 | | 2,916,832 |
Vallourec SA | 2,800 | | 766,032 |
TOTAL FRANCE | | 31,463,050 |
Germany - 10.9% |
Allianz AG sponsored ADR | 436,500 | | 8,852,220 |
Daimler AG | 99,800 | | 7,726,516 |
E.ON AG (d) | 36,200 | | 7,386,660 |
GFK AG | 36,000 | | 1,643,838 |
Lanxess AG | 27,200 | | 1,061,973 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 35,700 | | 6,925,168 |
RWE AG (d) | 45,900 | | 5,298,133 |
TOTAL GERMANY | | 38,894,508 |
Hong Kong - 1.3% |
Swire Pacific Ltd. (A Shares) | 393,800 | | 4,605,951 |
India - 0.8% |
Satyam Computer Services Ltd. | 94,192 | | 1,123,900 |
Satyam Computer Services Ltd. sponsored ADR | 34,400 | | 883,392 |
Suzlon Energy Ltd. | 123,207 | | 874,785 |
TOTAL INDIA | | 2,882,077 |
Ireland - 1.2% |
Bank of Ireland | 126,671 | | 1,744,596 |
C&C Group PLC | 102,300 | | 702,682 |
CRH PLC sponsored ADR (d) | 51,100 | | 1,973,482 |
TOTAL IRELAND | | 4,420,760 |
Israel - 0.3% |
Israel Chemicals Ltd. | 60,400 | | 1,111,981 |
Italy - 4.2% |
Fiat SpA | 57,700 | | 1,296,817 |
Common Stocks - continued |
| Shares | | Value |
Italy - continued |
Finmeccanica SpA | 68,700 | | $ 2,402,346 |
UniCredit SpA | 1,460,600 | | 11,129,371 |
TOTAL ITALY | | 14,828,534 |
Japan - 17.8% |
Aeon Co. Ltd. | 215,200 | | 3,154,347 |
Canon, Inc. | 51,450 | | 2,586,410 |
Central Japan Ry Co. | 75 | | 736,128 |
Denso Corp. | 69,000 | | 2,406,382 |
East Japan Railway Co. | 220 | | 1,755,328 |
Fujitsu Ltd. | 137,000 | | 876,363 |
Ibiden Co. Ltd. | 20,300 | | 885,711 |
Japan Tobacco, Inc. | 155 | | 753,596 |
JGC Corp. | 43,000 | | 799,210 |
JSR Corp. | 45,800 | | 1,034,220 |
Konica Minolta Holdings, Inc. | 159,500 | | 2,403,237 |
Kubota Corp. | 128,000 | | 896,668 |
Leopalace21 Corp. | 88,200 | | 1,560,067 |
Mitsubishi Estate Co. Ltd. | 25,000 | | 726,942 |
Mitsui & Co. Ltd. | 433,000 | | 10,167,962 |
ORIX Corp. | 35,560 | | 6,432,160 |
Osaka Gas Co. Ltd. | 836,000 | | 2,982,939 |
Sumitomo Metal Industries Ltd. | 300,000 | | 1,263,399 |
Sumitomo Mitsui Financial Group, Inc. | 122 | | 1,049,708 |
Sumitomo Realty & Development Co. Ltd. | 33,000 | | 827,057 |
Sumitomo Trust & Banking Co. Ltd. | 108,000 | | 970,886 |
Takeda Pharmaceutical Co. Ltd. | 72,600 | | 3,837,881 |
Tokuyama Corp. | 268,000 | | 2,432,664 |
Tokyo Tatemono Co. Ltd. | 88,000 | | 768,174 |
Toyota Motor Corp. | 172,900 | | 8,810,032 |
Toyota Motor Corp. sponsored ADR | 11,800 | | 1,197,700 |
Xebio Co. Ltd. | 53,200 | | 1,607,897 |
Yamada Denki Co. Ltd. | 8,340 | | 715,921 |
TOTAL JAPAN | | 63,638,989 |
Kazakhstan - 0.4% |
JSC Halyk Bank of Kazakhstan unit | 94,100 | | 1,515,010 |
Korea (South) - 0.2% |
Kookmin Bank sponsored ADR | 10,700 | | 746,325 |
Mexico - 0.5% |
America Movil SAB de CV Series L sponsored ADR | 30,100 | | 1,744,596 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - 1.3% |
Heineken NV (Bearer) | 14,100 | | $ 823,010 |
ING Groep NV sponsored ADR | 84,800 | | 3,221,552 |
Koninklijke KPN NV | 27,000 | | 496,734 |
TOTAL NETHERLANDS | | 4,541,296 |
Norway - 4.4% |
DnB Nor ASA | 127,500 | | 1,911,248 |
Fred Olsen Energy ASA | 15,500 | | 985,118 |
Orkla ASA (A Shares) (d) | 326,150 | | 4,331,580 |
Petroleum Geo-Services ASA | 194,150 | | 5,301,935 |
StatoilHydro ASA sponsored ADR | 85,500 | | 3,092,535 |
TOTAL NORWAY | | 15,622,416 |
Philippines - 0.4% |
Philippine Long Distance Telephone Co. sponsored ADR | 26,400 | | 1,613,040 |
Russia - 1.1% |
JSC MMC 'Norilsk Nickel' sponsored ADR | 12,200 | | 331,840 |
OAO Gazprom sponsored ADR | 68,100 | | 3,602,490 |
TOTAL RUSSIA | | 3,934,330 |
Singapore - 0.8% |
DBS Group Holdings Ltd. | 195,000 | | 2,855,763 |
South Africa - 1.2% |
Impala Platinum Holdings Ltd. | 106,100 | | 4,322,364 |
Spain - 5.3% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d) | 136,700 | | 3,133,164 |
Banco Santander SA | 331,200 | | 7,160,953 |
Banco Santander SA sponsored ADR (d) | 157,900 | | 3,330,111 |
Gestevision Telecinco SA | 84,000 | | 1,768,976 |
Telefonica SA sponsored ADR | 40,000 | | 3,455,200 |
TOTAL SPAIN | | 18,848,404 |
Sweden - 2.0% |
Svenska Cellulosa AB (SCA) (B Shares) (d) | 206,200 | | 3,478,164 |
Telefonaktiebolaget LM Ericsson (B Shares) (d) | 1,474,000 | | 3,722,810 |
TOTAL SWEDEN | | 7,200,974 |
Switzerland - 6.1% |
Compagnie Financiere Richemont unit | 15,783 | | 961,691 |
Credit Suisse Group sponsored ADR | 60,500 | | 3,227,675 |
Nestle SA (Reg.) | 4,194 | | 2,011,210 |
Roche Holding AG (participation certificate) | 52,175 | | 8,699,190 |
Common Stocks - continued |
| Shares | | Value |
Switzerland - continued |
Swiss Life Holding | 8,785 | | $ 2,631,940 |
Zurich Financial Services AG (Reg.) | 14,411 | | 4,411,318 |
TOTAL SWITZERLAND | | 21,943,024 |
Taiwan - 0.6% |
Advanced Semiconductor Engineering, Inc. | 380,000 | | 390,390 |
AU Optronics Corp. | 466,000 | | 910,649 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 140,000 | | 811,561 |
TOTAL TAIWAN | | 2,112,600 |
Turkey - 0.4% |
Turkiye Garanti Bankasi AS | 249,000 | | 1,337,660 |
United Kingdom - 14.8% |
3i Group PLC | 137,510 | | 2,349,910 |
Aegis Group PLC | 682,400 | | 1,709,545 |
Anglo American PLC (United Kingdom) | 34,200 | | 2,222,860 |
BAE Systems PLC | 203,300 | | 1,886,656 |
Barratt Developments PLC | 40,600 | | 222,997 |
BHP Billiton PLC | 63,200 | | 2,261,833 |
BP PLC | 192,100 | | 2,327,746 |
British American Tobacco PLC | 39,600 | | 1,485,440 |
easyJet PLC (a) | 169,400 | | 1,039,899 |
HBOS PLC | 369,200 | | 3,453,761 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 74,905 | | 1,300,603 |
Informa PLC | 253,600 | | 1,742,081 |
Misys PLC | 446,400 | | 1,391,242 |
National Grid PLC | 277,200 | | 3,860,756 |
Prudential PLC | 158,228 | | 2,170,718 |
Rolls-Royce Group PLC | 314,919 | | 2,748,745 |
Royal Bank of Scotland Group PLC | 750,400 | | 5,147,341 |
Royal Dutch Shell PLC Class A sponsored ADR | 122,000 | | 9,797,820 |
Tesco PLC | 128,500 | | 1,096,053 |
Vodafone Group PLC sponsored ADR | 138,312 | | 4,378,958 |
Yell Group PLC | 99,300 | | 327,739 |
TOTAL UNITED KINGDOM | | 52,922,703 |
United States of America - 1.6% |
Transocean, Inc. (a) | 38,239 | | 5,638,723 |
TOTAL COMMON STOCKS (Cost $336,960,280) | 344,150,941 |
Nonconvertible Preferred Stocks - 0.7% |
| Shares | | Value |
Germany - 0.4% |
ProSiebenSat.1 Media AG | 81,500 | | $ 1,269,752 |
Italy - 0.3% |
Telecom Italia SpA (Risp) | 639,200 | | 1,052,737 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC B Shares (a) | 25,268,902 | | 50,241 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,179,478) | 2,372,730 |
Money Market Funds - 17.2% |
| | | |
Fidelity Cash Central Fund, 2.51% (b) | 38,786,491 | | 38,786,491 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 22,435,915 | | 22,435,915 |
TOTAL MONEY MARKET FUNDS (Cost $61,222,406) | 61,222,406 |
TOTAL INVESTMENT PORTFOLIO - 114.3% (Cost $401,362,164) | | 407,746,077 |
NET OTHER ASSETS - (14.3)% | | (50,908,954) |
NET ASSETS - 100% | $ 356,837,123 |
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 | $ 57,602 |
Fidelity Securities Lending Cash Central Fund | 240,388 |
Total | $ 297,990 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $21,873,329) - See accompanying schedule: Unaffiliated issuers (cost $340,139,758) | $ 346,523,671 | |
Fidelity Central Funds (cost $61,222,406) | 61,222,406 | |
Total Investments (cost $401,362,164) | | $ 407,746,077 |
Receivable for investments sold | | 5,368,690 |
Receivable for fund shares sold | | 400,905 |
Dividends receivable | | 2,287,535 |
Distributions receivable from Fidelity Central Funds | | 170,326 |
Prepaid expenses | | 856 |
Other receivables | | 13,631 |
Total assets | | 415,988,020 |
| | |
Liabilities | | |
Payable to custodian bank | $ 247,947 | |
Payable for investments purchased | 35,584,142 | |
Payable for fund shares redeemed | 574,043 | |
Accrued management fee | 192,912 | |
Distribution fees payable | 9,159 | |
Other affiliated payables | 73,354 | |
Other payables and accrued expenses | 33,425 | |
Collateral on securities loaned, at value | 22,435,915 | |
Total liabilities | | 59,150,897 |
| | |
Net Assets | | $ 356,837,123 |
Net Assets consist of: | | |
Paid in capital | | $ 340,943,726 |
Undistributed net investment income | | 3,112,886 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 6,368,171 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 6,412,340 |
Net Assets | | $ 356,837,123 |
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, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($6,312,808 ÷ 569,222 shares) | | $ 11.09 |
| | |
Maximum offering price per share (100/94.25 of $11.09) | | $ 11.77 |
Class T:
Net Asset Value and redemption price per share ($4,507,410 ÷ 407,697 shares) | | $ 11.06 |
| | |
Maximum offering price per share (100/96.50 of $11.06) | | $ 11.46 |
Class B:
Net Asset Value and offering price per share ($2,462,694 ÷ 223,125 shares)A | | $ 11.04 |
| | |
Class C:
Net Asset Value and offering price per share ($4,938,266 ÷ 447,858 shares)A | | $ 11.03 |
| | |
| | |
International Value:
Net Asset Value, offering price and redemption price per share ($335,656,339 ÷ 30,203,120 shares) | | $ 11.11 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,959,606 ÷ 266,206 shares) | | $ 11.12 |
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, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 5,665,849 |
Interest | | 8,940 |
Income from Fidelity Central Funds | | 297,990 |
| | 5,972,779 |
Less foreign taxes withheld | | (530,448) |
Total income | | 5,442,331 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,181,441 | |
Performance adjustment | 21,393 | |
Transfer agent fees | 375,318 | |
Distribution fees | 56,455 | |
Accounting and security lending fees | 88,175 | |
Custodian fees and expenses | 35,586 | |
Independent trustees' compensation | 734 | |
Registration fees | 72,344 | |
Audit | 29,179 | |
Legal | 776 | |
Miscellaneous | 46,289 | |
Total expenses before reductions | 1,907,690 | |
Expense reductions | (16,352) | 1,891,338 |
Net investment income (loss) | | 3,550,993 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 7,475,659 | |
Foreign currency transactions | (35,524) | |
Total net realized gain (loss) | | 7,440,135 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (49,441,562) | |
Assets and liabilities in foreign currencies | 22,990 | |
Total change in net unrealized appreciation (depreciation) | | (49,418,572) |
Net gain (loss) | | (41,978,437) |
Net increase (decrease) in net assets resulting from operations | | $ (38,427,444) |
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, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,550,993 | $ 6,846,508 |
Net realized gain (loss) | 7,440,135 | 23,723,355 |
Change in net unrealized appreciation (depreciation) | (49,418,572) | 43,769,419 |
Net increase (decrease) in net assets resulting
from operations | (38,427,444) | 74,339,282 |
Distributions to shareholders from net investment income | (5,562,901) | (978,516) |
Distributions to shareholders from net realized gain | (18,717,865) | (557,946) |
Total distributions | (24,280,766) | (1,536,462) |
Share transactions - net increase (decrease) | 14,635,378 | 101,052,444 |
Redemption fees | 17,016 | 30,746 |
Total increase (decrease) in net assets | (48,055,816) | 173,886,010 |
| | |
Net Assets | | |
Beginning of period | 404,892,939 | 231,006,929 |
End of period (including undistributed net investment income of $3,112,886 and undistributed net investment income of $6,624,232, respectively) | $ 356,837,123 | $ 404,892,939 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 I |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 13.02 | $ 10.60 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .10 | .18 | .06 H |
Net realized and unrealized gain (loss) | (1.26) | 2.29 | .54 |
Total from investment operations | (1.16) | 2.47 | .60 |
Distributions from net investment income | (.15) | (.03) | - |
Distributions from net realized gain | (.62) | (.02) | - |
Total distributions | (.77) | (.05) | - |
Redemption fees added to paid in capital E, K | - | - | - |
Net asset value, end of period | $ 11.09 | $ 13.02 | $ 10.60 |
Total Return B, C, D | (9.30)% | 23.43% | 6.00% |
Ratios to Average Net Assets F, J | | | |
Expenses before reductions | 1.42% A | 1.38% | 1.75% A |
Expenses net of fee waivers, if any | 1.42% A | 1.38% | 1.50% A |
Expenses net of all reductions | 1.41% A | 1.37% | 1.46% A |
Net investment income (loss) | 1.84% A | 1.49% | 1.29% A, H |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 6,313 | $ 6,052 | $ 1,537 |
Portfolio turnover rate G | 72% A | 59% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 I |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 12.99 | $ 10.59 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .09 | .15 | .05 H |
Net realized and unrealized gain (loss) | (1.26) | 2.29 | .54 |
Total from investment operations | (1.17) | 2.44 | .59 |
Distributions from net investment income | (.14) | (.02) | - |
Distributions from net realized gain | (.62) | (.02) | - |
Total distributions | (.76) | (.04) | - |
Redemption fees added to paid in capital E, K | - | - | - |
Net asset value, end of period | $ 11.06 | $ 12.99 | $ 10.59 |
Total Return B, C, D | (9.42)% | 23.13% | 5.90% |
Ratios to Average Net Assets F, J | | | |
Expenses before reductions | 1.68% A | 1.60% | 2.01% A |
Expenses net of fee waivers, if any | 1.68% A | 1.60% | 1.75% A |
Expenses net of all reductions | 1.67% A | 1.58% | 1.71% A |
Net investment income (loss) | 1.58% A | 1.27% | 1.04% A, H |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 4,507 | $ 5,081 | $ 1,789 |
Portfolio turnover rate G | 72% A | 59% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 I |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 12.93 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .06 | .09 | .02 H |
Net realized and unrealized gain (loss) | (1.25) | 2.29 | .54 |
Total from investment operations | (1.19) | 2.38 | .56 |
Distributions from net investment income | (.08) | - | - |
Distributions from net realized gain | (.62) | (.01) | - |
Total distributions | (.70) | (.01) | - |
Redemption fees added to paid in capital E, K | - | - | - |
Net asset value, end of period | $ 11.04 | $ 12.93 | $ 10.56 |
Total Return B, C, D | (9.59)% | 22.59% | 5.60% |
Ratios to Average Net Assets F, J | | | |
Expenses before reductions | 2.18% A | 2.10% | 2.50% A |
Expenses net of fee waivers, if any | 2.18% A | 2.10% | 2.25% A |
Expenses net of all reductions | 2.17% A | 2.08% | 2.21% A |
Net investment income (loss) | 1.08% A | .77% | .54% A, H |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 2,463 | $ 2,651 | $ 1,304 |
Portfolio turnover rate G | 72% A | 59% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 I |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 12.92 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .06 | .09 | .02 H |
Net realized and unrealized gain (loss) | (1.25) | 2.29 | .54 |
Total from investment operations | (1.19) | 2.38 | .56 |
Distributions from net investment income | (.08) | - | - |
Distributions from net realized gain | (.62) | (.02) | - |
Total distributions | (.70) | (.02) | - |
Redemption fees added to paid in capital E, K | - | - | - |
Net asset value, end of period | $ 11.03 | $ 12.92 | $ 10.56 |
Total Return B, C, D | (9.58)% | 22.56% | 5.60% |
Ratios to Average Net Assets F, J | | | |
Expenses before reductions | 2.17% A | 2.07% | 2.47% A |
Expenses net of fee waivers, if any | 2.17% A | 2.07% | 2.25% A |
Expenses net of all reductions | 2.16% A | 2.05% | 2.21% A |
Net investment income (loss) | 1.09% A | .80% | .54% A, H |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 4,938 | $ 5,996 | $ 2,183 |
Portfolio turnover rate G | 72% A | 59% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 13.06 | $ 10.61 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .12 | .22 | .07 G |
Net realized and unrealized gain (loss) | (1.26) | 2.29 | .54 |
Total from investment operations | (1.14) | 2.51 | .61 |
Distributions from net investment income | (.19) | (.04) | - |
Distributions from net realized gain | (.62) | (.02) | - |
Total distributions | (.81) | (.06) | - |
Redemption fees added to paid in capital D, J | - | - | - |
Net asset value, end of period | $ 11.11 | $ 13.06 | $ 10.61 |
Total Return B, C | (9.14)% | 23.81% | 6.10% |
Ratios to Average Net Assets E, I | | | |
Expenses before reductions | 1.10% A | 1.03% | 1.50% A |
Expenses net of fee waivers, if any | 1.10% A | 1.03% | 1.25% A |
Expenses net of all reductions | 1.09% A | 1.02% | 1.21% A |
Net investment income (loss) | 2.16% A | 1.84% | 1.54% A, G |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 335,656 | $ 381,148 | $ 221,130 |
Portfolio turnover rate F | 72% A | 59% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 13.07 | $ 10.61 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .12 | .22 | .07 G |
Net realized and unrealized gain (loss) | (1.25) | 2.30 | .54 |
Total from investment operations | (1.13) | 2.52 | .61 |
Distributions from net investment income | (.20) | (.04) | - |
Distributions from net realized gain | (.62) | (.02) | - |
Total distributions | (.82) | (.06) | - |
Redemption fees added to paid in capital D, J | - | - | - |
Net asset value, end of period | $ 11.12 | $ 13.07 | $ 10.61 |
Total Return B, C | (9.07)% | 23.91% | 6.10% |
Ratios to Average Net Assets E, I | | | |
Expenses before reductions | 1.04% A | .98% | 1.38% A |
Expenses net of fee waivers, if any | 1.04% A | .98% | 1.25% A |
Expenses net of all reductions | 1.03% A | .96% | 1.21% A |
Net investment income (loss) | 2.22% A | 1.89% | 1.54% A, G |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 2,960 | $ 3,965 | $ 3,064 |
Portfolio turnover rate F | 72% A | 59% | 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, 2008 (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.
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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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. Noncash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. 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, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 35,542,337 | |
Unrealized depreciation | (29,325,788) | |
Net unrealized appreciation (depreciation) | $ 6,216,549 | |
Cost for federal income tax purposes | $ 401,529,528 | |
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 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 results in expanded disclosures about fair value measurements.
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.
Semiannual Report
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $123,348,723 and $135,463,782, 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 relative investment performance of the retail class of the Fund, International Value as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .72% of the Fund's average net assets.
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 | -% | .25% | $ 7,412 | $ 1,496 |
Class T | .25% | .25% | 11,296 | 2,429 |
Class B | .75% | .25% | 11,907 | 10,231 |
Class C | .75% | .25% | 25,840 | 10,435 |
| | | $ 56,455 | $ 24,591 |
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
Notes to Financial Statements (Unaudited) - continued
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 | $ 3,990 |
Class T | 787 |
Class B* | 633 |
Class C* | 100 |
| $ 5,510 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008, Fidelity Service Company, Inc. (FSC), also an affiliate of FMR was the transfer agent for International Value shares. For the period, each class paid the following transfer agent fees.
| Amount | % of
Average
Net Assets* |
Class A | $ 8,568 | .29 |
Class T | 6,707 | .30 |
Class B | 3,586 | .30 |
Class C | 7,477 | .29 |
International Value | 346,524 | .22 |
Institutional Class | 2,456 | .15 |
| $ 375,318 | |
* 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.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $216 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 $342 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 $240,388.
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 $16,334 for the period. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction | |
International Value | $ 18 | |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2008 | Year ended
October 31,
2007 |
From net investment income | | |
Class A | $ 71,380 | $ 5,613 |
Class T | 53,705 | 4,267 |
Class B | 15,783 | - |
Class C | 37,642 | - |
International Value | 5,325,188 | 956,069 |
Institutional Class | 59,203 | 12,567 |
Total | $ 5,562,901 | $ 978,516 |
From net realized gain | | |
Class A | $ 297,020 | $ 3,983 |
Class T | 246,645 | 4,693 |
Class B | 128,753 | 1,788 |
Class C | 295,420 | 4,566 |
International Value | 17,561,793 | 536,333 |
Institutional Class | 188,234 | 6,583 |
Total | $ 18,717,865 | $ 557,946 |
Semiannual Report
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months
ended April 30, 2008 | Year ended
October 31, 2007 | Six months
ended April 30, 2008 | Year ended
October 31, 2007 |
Class A | | | | |
Shares sold | 199,161 | 556,341 | $ 2,206,174 | $ 6,434,905 |
Reinvestment of distributions | 30,184 | 863 | 357,686 | 9,431 |
Shares redeemed | (125,000) | (237,384) | (1,340,891) | (2,953,175) |
Net increase (decrease) | 104,345 | 319,820 | $ 1,222,969 | $ 3,491,161 |
Class T | | | | |
Shares sold | 74,164 | 281,943 | $ 828,367 | $ 3,296,913 |
Reinvestment of distributions | 21,586 | 806 | 255,358 | 8,796 |
Shares redeemed | (79,331) | (60,435) | (861,001) | (714,379) |
Net increase (decrease) | 16,419 | 222,314 | $ 222,724 | $ 2,591,330 |
Class B | | | | |
Shares sold | 22,051 | 114,852 | $ 244,336 | $ 1,342,524 |
Reinvestment of distributions | 10,866 | 151 | 128,544 | 1,653 |
Shares redeemed | (14,834) | (33,404) | (161,640) | (398,508) |
Net increase (decrease) | 18,083 | 81,599 | $ 211,240 | $ 945,669 |
Class C | | | | |
Shares sold | 48,023 | 337,076 | $ 542,749 | $ 3,929,869 |
Reinvestment of distributions | 22,711 | 319 | 268,223 | 3,483 |
Shares redeemed | (86,900) | (80,082) | (907,168) | (988,817) |
Net increase (decrease) | (16,166) | 257,313 | $ (96,196) | $ 2,944,535 |
International Value | | | | |
Shares sold | 6,532,269 | 26,426,338 | $ 72,765,558 | $ 309,978,984 |
Reinvestment of distributions | 1,810,134 | 127,337 | 21,468,187 | 1,391,798 |
Shares redeemed | (7,316,502) | (18,219,061) | (80,820,986) | (220,454,791) |
Net increase (decrease) | 1,025,901 | 8,334,614 | $ 13,412,759 | $ 90,915,991 |
Institutional Class | | | | |
Shares sold | 40,392 | 75,655 | $ 460,790 | $ 870,496 |
Reinvestment of distributions | 6,826 | 692 | 80,952 | 7,564 |
Shares redeemed | (84,347) | (61,819) | (879,860) | (714,302) |
Net increase (decrease) | (37,129) | 14,528 | $ (338,118) | $ 163,758 |
Semiannual Report
A special meeting of each fund's shareholders was held on December 13, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.A |
| # of
Votes | % of
Votes |
Affirmative | 45,014,793,255.82 | 80.372 |
Against | 6,871,112,667.08 | 12.268 |
Abstain | 2,163,456,438.02 | 3.863 |
Broker
Non-Votes | 1,958,633,563.89 | 3.497 |
TOTAL | 56,007,995,924.81 | 100.000 |
PROPOSAL 2 |
To elect the nominees specified below as Trustees.A |
James C. Curvey |
Affirmative | 53,384,952,361.03 | 95.317 |
Withheld | 2,623,043,563.78 | 4.683 |
TOTAL | 56,007,995,924.81 | 100.000 |
Dennis J. Dirks |
Affirmative | 53,595,104,608.67 | 95.692 |
Withheld | 2,412,891,316.14 | 4.308 |
TOTAL | 56,007,995,924.81 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 53,570,235,221.69 | 95.647 |
Withheld | 2,437,760,703.12 | 4.353 |
TOTAL | 56,007,995,924.81 | 100.000 |
George H. Heilmeier |
Affirmative | 53,166,350,588.50 | 94.926 |
Withheld | 2,841,645,336.31 | 5.074 |
TOTAL | 56,007,995,924.81 | 100.000 |
| # of
Votes | % of
Votes |
Edward C. Johnson 3d |
Affirmative | 53,230,508,654.93 | 95.041 |
Withheld | 2,777,487,269.88 | 4.959 |
TOTAL | 56,007,995,924.81 | 100.000 |
James H. Keyes |
Affirmative | 53,549,161,456.52 | 95.610 |
Withheld | 2,458,834,468.29 | 4.390 |
TOTAL | 56,007,995,924.81 | 100.000 |
Marie L. Knowles |
Affirmative | 53,543,925,066.86 | 95.601 |
Withheld | 2,464,070,857.95 | 4.399 |
TOTAL | 56,007,995,924.81 | 100.000 |
Ned C. Lautenbach |
Affirmative | 53,547,116,322.50 | 95.606 |
Withheld | 2,460,879,602.31 | 4.394 |
TOTAL | 56,007,995,924.81 | 100.000 |
Cornelia M. Small |
Affirmative | 53,564,793,514.25 | 95.638 |
Withheld | 2,443,202,410.56 | 4.362 |
TOTAL | 56,007,995,924.81 | 100.000 |
William S. Stavropoulos |
Affirmative | 53,426,544,502.76 | 95.391 |
Withheld | 2,581,451,422.05 | 4.609 |
TOTAL | 56,007,995,924.81 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 53,229,881,790.63 | 95.040 |
Withheld | 2,778,114,134.18 | 4.960 |
TOTAL | 56,007,995,924.81 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
| # of
Votes | % of
Votes |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Managing Your Investments
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Semiannual Report
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Semiannual Report
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Santa Monica, CA
398 West El Camino Real
Sunnyvale, CA
111 South Westlake Blvd
Thousand Oaks, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6326 Canoga Avenue
Woodland Hills, CA
Colorado
281 East Flatiron Circle
Broomfield, CO
1625 Broadway
Denver, CO
9185 Westview Road
Lone Tree, CO
Connecticut
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
Delaware
400 Delaware Avenue
Wilmington, DE
Florida
175 East Altamonte Drive
Altamonte Springs, FL
4400 N. Federal Highway
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
4671 Town Center Parkway
Jacksonville, FL
8880 Tamiami Trail, North
Naples, FL
230 Royal Palm Way
Palm Beach, FL
3501 PGA Boulevard
Palm Beach Gardens, FL
3550 Tamiami Trail, South
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
2465 State Road 7
Wellington, FL
Georgia
3445 Peachtree Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
401 North Michigan Avenue
Chicago, IL
One Skokie Valley Road
Highland Park, IL
1415 West 22nd Street
Oak Brook, IL
15105 S LaGrange Road
Orland Park, IL
1572 East Golf Road
Schaumburg, IL
Indiana
4729 East 82nd Street
Indianapolis, IN
8480 Keystone Crossing
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7315 Wisconsin Avenue
Bethesda, MD
610 York Road
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
200 Endicott Street
Danvers, MA
Semiannual Report
405 Cochituate Road
Framingham, MA
551 Boston Turnpike
Shrewsbury, MA
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 Old N. Woodward Ave.
Birmingham, MI
30200 Northwestern Hwy.
Farmington Hills, MI
43420 Grand River Avenue
Novi, MI
Minnesota
7740 France Avenue South
Edina, MN
8342 3rd Street North
Oakdale, MN
Missouri
1524 South Lindbergh Blvd.
St. Louis, MO
Nevada
2225 Village Walk Drive
Henderson, NV
New Jersey
501 Route 73 South
Marlton, NJ
150 Essex Street
Millburn, NJ
35 Morris Street
Morristown, NJ
396 Route 17, North
Paramus, NJ
3518 Route 1 North
Princeton, NJ
530 Broad Street
Shrewsbury, NJ
New Mexico
2261 Q Street NE
Albuquerque, NM
New York
1130 Franklin Avenue
Garden City, NY
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
350 Park Avenue
New York, NY
200 Fifth Avenue
New York, NY
733 Third Avenue
New York, NY
11 Penn Plaza
New York, NY
2070 Broadway
New York, NY
1075 Northern Blvd.
Roslyn, NY
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
1800 Crocker Road
Westlake, 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
10 Memorial Boulevard
Providence, RI
Tennessee
3018 Peoples Street
Johnson City, TN
7628 West Farmington Blvd.
Germantown, TN
2035 Mallory Lane
Franklin, 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
1701 Lake Robbins Drive
The Woodlands, 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
Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
Washington
10500 NE 8th Street
Bellevue, WA
1518 6th Avenue
Seattle, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
Brookfield, WI
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
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FIV-USAN-0608
1.827484.101
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Value
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2008
Class A, Class T, Class B, and Class C are classes of Fidelity® International Value Fund
(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. |
Proxy Voting Results | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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, 2007 to April 30, 2008).
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, 2007 | Ending
Account Value
April 30, 2008 | Expenses Paid
During Period*
November 1, 2007 to
April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 907.00 | $ 6.73 |
HypotheticalA | $ 1,000.00 | $ 1,017.80 | $ 7.12 |
Class T | | | |
Actual | $ 1,000.00 | $ 905.80 | $ 7.96 |
HypotheticalA | $ 1,000.00 | $ 1,016.51 | $ 8.42 |
Class B | | | |
Actual | $ 1,000.00 | $ 904.10 | $ 10.32 |
HypotheticalA | $ 1,000.00 | $ 1,014.02 | $ 10.92 |
Class C | | | |
Actual | $ 1,000.00 | $ 904.20 | $ 10.27 |
HypotheticalA | $ 1,000.00 | $ 1,014.07 | $ 10.87 |
International Value | | | |
Actual | $ 1,000.00 | $ 908.60 | $ 5.22 |
HypotheticalA | $ 1,000.00 | $ 1,019.39 | $ 5.52 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 909.30 | $ 4.94 |
HypotheticalA | $ 1,000.00 | $ 1,019.69 | $ 5.22 |
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 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.42% |
Class T | 1.68% |
Class B | 2.18% |
Class C | 2.17% |
International Value | 1.10% |
Institutional Class | 1.04% |
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Japan 17.8% | |
| United Kingdom 14.8% | |
| Germany 11.3% | |
| France 8.8% | |
| Switzerland 6.1% | |
| Spain 5.3% | |
| United States of America 4.5% | |
| Italy 4.5% | |
| Norway 4.4% | |
| Other 22.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2007 |
| Japan 18.8% | |
| United Kingdom 16.3% | |
| France 11.8% | |
| Germany 11.1% | |
| Switzerland 8.8% | |
| Spain 4.8% | |
| Cayman Islands 3.8% | |
| Norway 3.3% | |
| Australia 2.4% | |
| Other 18.9% | |
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 | 97.1 | 98.9 |
Short-Term Investments and Net Other Assets | 2.9 | 1.1 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
UniCredit SpA (Italy, Commercial Banks) | 3.1 | 1.0 |
Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors) | 2.8 | 2.4 |
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.7 | 0.0 |
Allianz AG sponsored ADR (Germany, Insurance) | 2.5 | 1.8 |
Toyota Motor Corp. (Japan, Automobiles) | 2.5 | 2.2 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.4 | 1.7 |
AXA SA sponsored ADR (France, Insurance) | 2.2 | 2.2 |
Daimler AG (Germany, Automobiles) | 2.2 | 2.2 |
E.ON AG (Germany, Electric Utilities) | 2.1 | 3.4 |
Banco Santander SA (Spain, Commercial Banks) | 2.0 | 2.1 |
| 24.5 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 33.1 | 37.2 |
Energy | 15.4 | 11.2 |
Consumer Discretionary | 10.2 | 9.7 |
Industrials | 9.6 | 9.9 |
Materials | 6.7 | 7.4 |
Utilities | 6.2 | 7.7 |
Information Technology | 4.7 | 4.9 |
Telecommunication Services | 4.4 | 2.5 |
Health Care | 3.5 | 3.3 |
Consumer Staples | 3.3 | 5.1 |
Semiannual Report
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.4% |
| Shares | | Value |
Australia - 2.1% |
AMP Ltd. | 362,775 | | $ 2,679,328 |
Macquarie Airports unit | 402,325 | | 1,191,608 |
Macquarie Group Ltd. (d) | 28,606 | | 1,711,237 |
Macquarie Infrastructure Group unit | 667,419 | | 1,781,607 |
TOTAL AUSTRALIA | | 7,363,780 |
Bermuda - 1.0% |
Seadrill Ltd. | 120,100 | | 3,657,269 |
Brazil - 2.3% |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 41,500 | | 5,038,930 |
TAM SA (PN) sponsored ADR (ltd. vtg.) (d) | 34,500 | | 814,200 |
TIM Participacoes SA sponsored ADR (non-vtg.) | 32,400 | | 1,087,992 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 8,400 | | 1,221,444 |
TOTAL BRAZIL | | 8,162,566 |
Canada - 2.2% |
BCE, Inc. | 50,900 | | 1,859,915 |
EnCana Corp. | 31,300 | | 2,525,196 |
First Quantum Minerals Ltd. | 20,200 | | 1,773,693 |
Petrobank Energy & Resources Ltd. (a) | 21,100 | | 1,018,231 |
RONA, Inc. (a) | 48,500 | | 647,245 |
TOTAL CANADA | | 7,824,280 |
Cayman Islands - 1.4% |
Chaoda Modern Agriculture (Holdings) Ltd. | 1,338,800 | | 1,924,069 |
Subsea 7, Inc. (a) | 115,000 | | 3,033,153 |
TOTAL CAYMAN ISLANDS | | 4,957,222 |
China - 0.5% |
China Construction Bank Corp. (H Shares) | 939,000 | | 848,253 |
Nine Dragons Paper (Holdings) Ltd. | 730,000 | | 785,908 |
TOTAL CHINA | | 1,634,161 |
Cyprus - 0.4% |
Marfin Popular Bank Public Co. | 148,100 | | 1,322,458 |
Finland - 0.1% |
Nokia Corp. sponsored ADR | 16,100 | | 484,127 |
France - 8.8% |
Accor SA | 20,200 | | 1,680,774 |
Alcatel-Lucent SA | 124,300 | | 831,777 |
AXA SA sponsored ADR | 216,400 | | 8,017,620 |
BNP Paribas SA | 30,900 | | 3,340,481 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Compagnie de St. Gobain | 12,600 | | $ 1,017,915 |
Gaz de France | 23,900 | | 1,579,718 |
Renault SA | 9,400 | | 969,240 |
Societe Generale Series A | 5,535 | | 649,434 |
Suez SA (France) | 14,200 | | 1,008,627 |
Total SA: | | | |
Series B | 37,200 | | 3,115,400 |
sponsored ADR | 66,300 | | 5,569,200 |
Unibail-Rodamco | 11,272 | | 2,916,832 |
Vallourec SA | 2,800 | | 766,032 |
TOTAL FRANCE | | 31,463,050 |
Germany - 10.9% |
Allianz AG sponsored ADR | 436,500 | | 8,852,220 |
Daimler AG | 99,800 | | 7,726,516 |
E.ON AG (d) | 36,200 | | 7,386,660 |
GFK AG | 36,000 | | 1,643,838 |
Lanxess AG | 27,200 | | 1,061,973 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 35,700 | | 6,925,168 |
RWE AG (d) | 45,900 | | 5,298,133 |
TOTAL GERMANY | | 38,894,508 |
Hong Kong - 1.3% |
Swire Pacific Ltd. (A Shares) | 393,800 | | 4,605,951 |
India - 0.8% |
Satyam Computer Services Ltd. | 94,192 | | 1,123,900 |
Satyam Computer Services Ltd. sponsored ADR | 34,400 | | 883,392 |
Suzlon Energy Ltd. | 123,207 | | 874,785 |
TOTAL INDIA | | 2,882,077 |
Ireland - 1.2% |
Bank of Ireland | 126,671 | | 1,744,596 |
C&C Group PLC | 102,300 | | 702,682 |
CRH PLC sponsored ADR (d) | 51,100 | | 1,973,482 |
TOTAL IRELAND | | 4,420,760 |
Israel - 0.3% |
Israel Chemicals Ltd. | 60,400 | | 1,111,981 |
Italy - 4.2% |
Fiat SpA | 57,700 | | 1,296,817 |
Common Stocks - continued |
| Shares | | Value |
Italy - continued |
Finmeccanica SpA | 68,700 | | $ 2,402,346 |
UniCredit SpA | 1,460,600 | | 11,129,371 |
TOTAL ITALY | | 14,828,534 |
Japan - 17.8% |
Aeon Co. Ltd. | 215,200 | | 3,154,347 |
Canon, Inc. | 51,450 | | 2,586,410 |
Central Japan Ry Co. | 75 | | 736,128 |
Denso Corp. | 69,000 | | 2,406,382 |
East Japan Railway Co. | 220 | | 1,755,328 |
Fujitsu Ltd. | 137,000 | | 876,363 |
Ibiden Co. Ltd. | 20,300 | | 885,711 |
Japan Tobacco, Inc. | 155 | | 753,596 |
JGC Corp. | 43,000 | | 799,210 |
JSR Corp. | 45,800 | | 1,034,220 |
Konica Minolta Holdings, Inc. | 159,500 | | 2,403,237 |
Kubota Corp. | 128,000 | | 896,668 |
Leopalace21 Corp. | 88,200 | | 1,560,067 |
Mitsubishi Estate Co. Ltd. | 25,000 | | 726,942 |
Mitsui & Co. Ltd. | 433,000 | | 10,167,962 |
ORIX Corp. | 35,560 | | 6,432,160 |
Osaka Gas Co. Ltd. | 836,000 | | 2,982,939 |
Sumitomo Metal Industries Ltd. | 300,000 | | 1,263,399 |
Sumitomo Mitsui Financial Group, Inc. | 122 | | 1,049,708 |
Sumitomo Realty & Development Co. Ltd. | 33,000 | | 827,057 |
Sumitomo Trust & Banking Co. Ltd. | 108,000 | | 970,886 |
Takeda Pharmaceutical Co. Ltd. | 72,600 | | 3,837,881 |
Tokuyama Corp. | 268,000 | | 2,432,664 |
Tokyo Tatemono Co. Ltd. | 88,000 | | 768,174 |
Toyota Motor Corp. | 172,900 | | 8,810,032 |
Toyota Motor Corp. sponsored ADR | 11,800 | | 1,197,700 |
Xebio Co. Ltd. | 53,200 | | 1,607,897 |
Yamada Denki Co. Ltd. | 8,340 | | 715,921 |
TOTAL JAPAN | | 63,638,989 |
Kazakhstan - 0.4% |
JSC Halyk Bank of Kazakhstan unit | 94,100 | | 1,515,010 |
Korea (South) - 0.2% |
Kookmin Bank sponsored ADR | 10,700 | | 746,325 |
Mexico - 0.5% |
America Movil SAB de CV Series L sponsored ADR | 30,100 | | 1,744,596 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - 1.3% |
Heineken NV (Bearer) | 14,100 | | $ 823,010 |
ING Groep NV sponsored ADR | 84,800 | | 3,221,552 |
Koninklijke KPN NV | 27,000 | | 496,734 |
TOTAL NETHERLANDS | | 4,541,296 |
Norway - 4.4% |
DnB Nor ASA | 127,500 | | 1,911,248 |
Fred Olsen Energy ASA | 15,500 | | 985,118 |
Orkla ASA (A Shares) (d) | 326,150 | | 4,331,580 |
Petroleum Geo-Services ASA | 194,150 | | 5,301,935 |
StatoilHydro ASA sponsored ADR | 85,500 | | 3,092,535 |
TOTAL NORWAY | | 15,622,416 |
Philippines - 0.4% |
Philippine Long Distance Telephone Co. sponsored ADR | 26,400 | | 1,613,040 |
Russia - 1.1% |
JSC MMC 'Norilsk Nickel' sponsored ADR | 12,200 | | 331,840 |
OAO Gazprom sponsored ADR | 68,100 | | 3,602,490 |
TOTAL RUSSIA | | 3,934,330 |
Singapore - 0.8% |
DBS Group Holdings Ltd. | 195,000 | | 2,855,763 |
South Africa - 1.2% |
Impala Platinum Holdings Ltd. | 106,100 | | 4,322,364 |
Spain - 5.3% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d) | 136,700 | | 3,133,164 |
Banco Santander SA | 331,200 | | 7,160,953 |
Banco Santander SA sponsored ADR (d) | 157,900 | | 3,330,111 |
Gestevision Telecinco SA | 84,000 | | 1,768,976 |
Telefonica SA sponsored ADR | 40,000 | | 3,455,200 |
TOTAL SPAIN | | 18,848,404 |
Sweden - 2.0% |
Svenska Cellulosa AB (SCA) (B Shares) (d) | 206,200 | | 3,478,164 |
Telefonaktiebolaget LM Ericsson (B Shares) (d) | 1,474,000 | | 3,722,810 |
TOTAL SWEDEN | | 7,200,974 |
Switzerland - 6.1% |
Compagnie Financiere Richemont unit | 15,783 | | 961,691 |
Credit Suisse Group sponsored ADR | 60,500 | | 3,227,675 |
Nestle SA (Reg.) | 4,194 | | 2,011,210 |
Roche Holding AG (participation certificate) | 52,175 | | 8,699,190 |
Common Stocks - continued |
| Shares | | Value |
Switzerland - continued |
Swiss Life Holding | 8,785 | | $ 2,631,940 |
Zurich Financial Services AG (Reg.) | 14,411 | | 4,411,318 |
TOTAL SWITZERLAND | | 21,943,024 |
Taiwan - 0.6% |
Advanced Semiconductor Engineering, Inc. | 380,000 | | 390,390 |
AU Optronics Corp. | 466,000 | | 910,649 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 140,000 | | 811,561 |
TOTAL TAIWAN | | 2,112,600 |
Turkey - 0.4% |
Turkiye Garanti Bankasi AS | 249,000 | | 1,337,660 |
United Kingdom - 14.8% |
3i Group PLC | 137,510 | | 2,349,910 |
Aegis Group PLC | 682,400 | | 1,709,545 |
Anglo American PLC (United Kingdom) | 34,200 | | 2,222,860 |
BAE Systems PLC | 203,300 | | 1,886,656 |
Barratt Developments PLC | 40,600 | | 222,997 |
BHP Billiton PLC | 63,200 | | 2,261,833 |
BP PLC | 192,100 | | 2,327,746 |
British American Tobacco PLC | 39,600 | | 1,485,440 |
easyJet PLC (a) | 169,400 | | 1,039,899 |
HBOS PLC | 369,200 | | 3,453,761 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 74,905 | | 1,300,603 |
Informa PLC | 253,600 | | 1,742,081 |
Misys PLC | 446,400 | | 1,391,242 |
National Grid PLC | 277,200 | | 3,860,756 |
Prudential PLC | 158,228 | | 2,170,718 |
Rolls-Royce Group PLC | 314,919 | | 2,748,745 |
Royal Bank of Scotland Group PLC | 750,400 | | 5,147,341 |
Royal Dutch Shell PLC Class A sponsored ADR | 122,000 | | 9,797,820 |
Tesco PLC | 128,500 | | 1,096,053 |
Vodafone Group PLC sponsored ADR | 138,312 | | 4,378,958 |
Yell Group PLC | 99,300 | | 327,739 |
TOTAL UNITED KINGDOM | | 52,922,703 |
United States of America - 1.6% |
Transocean, Inc. (a) | 38,239 | | 5,638,723 |
TOTAL COMMON STOCKS (Cost $336,960,280) | 344,150,941 |
Nonconvertible Preferred Stocks - 0.7% |
| Shares | | Value |
Germany - 0.4% |
ProSiebenSat.1 Media AG | 81,500 | | $ 1,269,752 |
Italy - 0.3% |
Telecom Italia SpA (Risp) | 639,200 | | 1,052,737 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC B Shares (a) | 25,268,902 | | 50,241 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,179,478) | 2,372,730 |
Money Market Funds - 17.2% |
| | | |
Fidelity Cash Central Fund, 2.51% (b) | 38,786,491 | | 38,786,491 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 22,435,915 | | 22,435,915 |
TOTAL MONEY MARKET FUNDS (Cost $61,222,406) | 61,222,406 |
TOTAL INVESTMENT PORTFOLIO - 114.3% (Cost $401,362,164) | | 407,746,077 |
NET OTHER ASSETS - (14.3)% | | (50,908,954) |
NET ASSETS - 100% | $ 356,837,123 |
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 | $ 57,602 |
Fidelity Securities Lending Cash Central Fund | 240,388 |
Total | $ 297,990 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $21,873,329) - See accompanying schedule: Unaffiliated issuers (cost $340,139,758) | $ 346,523,671 | |
Fidelity Central Funds (cost $61,222,406) | 61,222,406 | |
Total Investments (cost $401,362,164) | | $ 407,746,077 |
Receivable for investments sold | | 5,368,690 |
Receivable for fund shares sold | | 400,905 |
Dividends receivable | | 2,287,535 |
Distributions receivable from Fidelity Central Funds | | 170,326 |
Prepaid expenses | | 856 |
Other receivables | | 13,631 |
Total assets | | 415,988,020 |
| | |
Liabilities | | |
Payable to custodian bank | $ 247,947 | |
Payable for investments purchased | 35,584,142 | |
Payable for fund shares redeemed | 574,043 | |
Accrued management fee | 192,912 | |
Distribution fees payable | 9,159 | |
Other affiliated payables | 73,354 | |
Other payables and accrued expenses | 33,425 | |
Collateral on securities loaned, at value | 22,435,915 | |
Total liabilities | | 59,150,897 |
| | |
Net Assets | | $ 356,837,123 |
Net Assets consist of: | | |
Paid in capital | | $ 340,943,726 |
Undistributed net investment income | | 3,112,886 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 6,368,171 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 6,412,340 |
Net Assets | | $ 356,837,123 |
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, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($6,312,808 ÷ 569,222 shares) | | $ 11.09 |
| | |
Maximum offering price per share (100/94.25 of $11.09) | | $ 11.77 |
Class T:
Net Asset Value and redemption price per share ($4,507,410 ÷ 407,697 shares) | | $ 11.06 |
| | |
Maximum offering price per share (100/96.50 of $11.06) | | $ 11.46 |
Class B:
Net Asset Value and offering price per share ($2,462,694 ÷ 223,125 shares)A | | $ 11.04 |
| | |
Class C:
Net Asset Value and offering price per share ($4,938,266 ÷ 447,858 shares)A | | $ 11.03 |
| | |
| | |
International Value:
Net Asset Value, offering price and redemption price per share ($335,656,339 ÷ 30,203,120 shares) | | $ 11.11 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,959,606 ÷ 266,206 shares) | | $ 11.12 |
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, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 5,665,849 |
Interest | | 8,940 |
Income from Fidelity Central Funds | | 297,990 |
| | 5,972,779 |
Less foreign taxes withheld | | (530,448) |
Total income | | 5,442,331 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,181,441 | |
Performance adjustment | 21,393 | |
Transfer agent fees | 375,318 | |
Distribution fees | 56,455 | |
Accounting and security lending fees | 88,175 | |
Custodian fees and expenses | 35,586 | |
Independent trustees' compensation | 734 | |
Registration fees | 72,344 | |
Audit | 29,179 | |
Legal | 776 | |
Miscellaneous | 46,289 | |
Total expenses before reductions | 1,907,690 | |
Expense reductions | (16,352) | 1,891,338 |
Net investment income (loss) | | 3,550,993 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 7,475,659 | |
Foreign currency transactions | (35,524) | |
Total net realized gain (loss) | | 7,440,135 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (49,441,562) | |
Assets and liabilities in foreign currencies | 22,990 | |
Total change in net unrealized appreciation (depreciation) | | (49,418,572) |
Net gain (loss) | | (41,978,437) |
Net increase (decrease) in net assets resulting from operations | | $ (38,427,444) |
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, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,550,993 | $ 6,846,508 |
Net realized gain (loss) | 7,440,135 | 23,723,355 |
Change in net unrealized appreciation (depreciation) | (49,418,572) | 43,769,419 |
Net increase (decrease) in net assets resulting
from operations | (38,427,444) | 74,339,282 |
Distributions to shareholders from net investment income | (5,562,901) | (978,516) |
Distributions to shareholders from net realized gain | (18,717,865) | (557,946) |
Total distributions | (24,280,766) | (1,536,462) |
Share transactions - net increase (decrease) | 14,635,378 | 101,052,444 |
Redemption fees | 17,016 | 30,746 |
Total increase (decrease) in net assets | (48,055,816) | 173,886,010 |
| | |
Net Assets | | |
Beginning of period | 404,892,939 | 231,006,929 |
End of period (including undistributed net investment income of $3,112,886 and undistributed net investment income of $6,624,232, respectively) | $ 356,837,123 | $ 404,892,939 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 I |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 13.02 | $ 10.60 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .10 | .18 | .06 H |
Net realized and unrealized gain (loss) | (1.26) | 2.29 | .54 |
Total from investment operations | (1.16) | 2.47 | .60 |
Distributions from net investment income | (.15) | (.03) | - |
Distributions from net realized gain | (.62) | (.02) | - |
Total distributions | (.77) | (.05) | - |
Redemption fees added to paid in capital E, K | - | - | - |
Net asset value, end of period | $ 11.09 | $ 13.02 | $ 10.60 |
Total Return B, C, D | (9.30)% | 23.43% | 6.00% |
Ratios to Average Net Assets F, J | | | |
Expenses before reductions | 1.42% A | 1.38% | 1.75% A |
Expenses net of fee waivers, if any | 1.42% A | 1.38% | 1.50% A |
Expenses net of all reductions | 1.41% A | 1.37% | 1.46% A |
Net investment income (loss) | 1.84% A | 1.49% | 1.29% A, H |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 6,313 | $ 6,052 | $ 1,537 |
Portfolio turnover rate G | 72% A | 59% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 I |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 12.99 | $ 10.59 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .09 | .15 | .05 H |
Net realized and unrealized gain (loss) | (1.26) | 2.29 | .54 |
Total from investment operations | (1.17) | 2.44 | .59 |
Distributions from net investment income | (.14) | (.02) | - |
Distributions from net realized gain | (.62) | (.02) | - |
Total distributions | (.76) | (.04) | - |
Redemption fees added to paid in capital E, K | - | - | - |
Net asset value, end of period | $ 11.06 | $ 12.99 | $ 10.59 |
Total Return B, C, D | (9.42)% | 23.13% | 5.90% |
Ratios to Average Net Assets F, J | | | |
Expenses before reductions | 1.68% A | 1.60% | 2.01% A |
Expenses net of fee waivers, if any | 1.68% A | 1.60% | 1.75% A |
Expenses net of all reductions | 1.67% A | 1.58% | 1.71% A |
Net investment income (loss) | 1.58% A | 1.27% | 1.04% A, H |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 4,507 | $ 5,081 | $ 1,789 |
Portfolio turnover rate G | 72% A | 59% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 I |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 12.93 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .06 | .09 | .02 H |
Net realized and unrealized gain (loss) | (1.25) | 2.29 | .54 |
Total from investment operations | (1.19) | 2.38 | .56 |
Distributions from net investment income | (.08) | - | - |
Distributions from net realized gain | (.62) | (.01) | - |
Total distributions | (.70) | (.01) | - |
Redemption fees added to paid in capital E, K | - | - | - |
Net asset value, end of period | $ 11.04 | $ 12.93 | $ 10.56 |
Total Return B, C, D | (9.59)% | 22.59% | 5.60% |
Ratios to Average Net Assets F, J | | | |
Expenses before reductions | 2.18% A | 2.10% | 2.50% A |
Expenses net of fee waivers, if any | 2.18% A | 2.10% | 2.25% A |
Expenses net of all reductions | 2.17% A | 2.08% | 2.21% A |
Net investment income (loss) | 1.08% A | .77% | .54% A, H |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 2,463 | $ 2,651 | $ 1,304 |
Portfolio turnover rate G | 72% A | 59% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 I |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 12.92 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .06 | .09 | .02 H |
Net realized and unrealized gain (loss) | (1.25) | 2.29 | .54 |
Total from investment operations | (1.19) | 2.38 | .56 |
Distributions from net investment income | (.08) | - | - |
Distributions from net realized gain | (.62) | (.02) | - |
Total distributions | (.70) | (.02) | - |
Redemption fees added to paid in capital E, K | - | - | - |
Net asset value, end of period | $ 11.03 | $ 12.92 | $ 10.56 |
Total Return B, C, D | (9.58)% | 22.56% | 5.60% |
Ratios to Average Net Assets F, J | | | |
Expenses before reductions | 2.17% A | 2.07% | 2.47% A |
Expenses net of fee waivers, if any | 2.17% A | 2.07% | 2.25% A |
Expenses net of all reductions | 2.16% A | 2.05% | 2.21% A |
Net investment income (loss) | 1.09% A | .80% | .54% A, H |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 4,938 | $ 5,996 | $ 2,183 |
Portfolio turnover rate G | 72% A | 59% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 13.06 | $ 10.61 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .12 | .22 | .07 G |
Net realized and unrealized gain (loss) | (1.26) | 2.29 | .54 |
Total from investment operations | (1.14) | 2.51 | .61 |
Distributions from net investment income | (.19) | (.04) | - |
Distributions from net realized gain | (.62) | (.02) | - |
Total distributions | (.81) | (.06) | - |
Redemption fees added to paid in capital D, J | - | - | - |
Net asset value, end of period | $ 11.11 | $ 13.06 | $ 10.61 |
Total Return B, C | (9.14)% | 23.81% | 6.10% |
Ratios to Average Net Assets E, I | | | |
Expenses before reductions | 1.10% A | 1.03% | 1.50% A |
Expenses net of fee waivers, if any | 1.10% A | 1.03% | 1.25% A |
Expenses net of all reductions | 1.09% A | 1.02% | 1.21% A |
Net investment income (loss) | 2.16% A | 1.84% | 1.54% A, G |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 335,656 | $ 381,148 | $ 221,130 |
Portfolio turnover rate F | 72% A | 59% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 13.07 | $ 10.61 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .12 | .22 | .07 G |
Net realized and unrealized gain (loss) | (1.25) | 2.30 | .54 |
Total from investment operations | (1.13) | 2.52 | .61 |
Distributions from net investment income | (.20) | (.04) | - |
Distributions from net realized gain | (.62) | (.02) | - |
Total distributions | (.82) | (.06) | - |
Redemption fees added to paid in capital D, J | - | - | - |
Net asset value, end of period | $ 11.12 | $ 13.07 | $ 10.61 |
Total Return B, C | (9.07)% | 23.91% | 6.10% |
Ratios to Average Net Assets E, I | | | |
Expenses before reductions | 1.04% A | .98% | 1.38% A |
Expenses net of fee waivers, if any | 1.04% A | .98% | 1.25% A |
Expenses net of all reductions | 1.03% A | .96% | 1.21% A |
Net investment income (loss) | 2.22% A | 1.89% | 1.54% A, G |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 2,960 | $ 3,965 | $ 3,064 |
Portfolio turnover rate F | 72% A | 59% | 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, 2008 (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.
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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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. Noncash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. 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, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 35,542,337 | |
Unrealized depreciation | (29,325,788) | |
Net unrealized appreciation (depreciation) | $ 6,216,549 | |
Cost for federal income tax purposes | $ 401,529,528 | |
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 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 results in expanded disclosures about fair value measurements.
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.
Semiannual Report
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $123,348,723 and $135,463,782, 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 relative investment performance of the retail class of the Fund, International Value as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .72% of the Fund's average net assets.
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 | -% | .25% | $ 7,412 | $ 1,496 |
Class T | .25% | .25% | 11,296 | 2,429 |
Class B | .75% | .25% | 11,907 | 10,231 |
Class C | .75% | .25% | 25,840 | 10,435 |
| | | $ 56,455 | $ 24,591 |
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
Notes to Financial Statements (Unaudited) - continued
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 | $ 3,990 |
Class T | 787 |
Class B* | 633 |
Class C* | 100 |
| $ 5,510 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008, Fidelity Service Company, Inc. (FSC), also an affiliate of FMR was the transfer agent for International Value shares. For the period, each class paid the following transfer agent fees.
| Amount | % of
Average
Net Assets* |
Class A | $ 8,568 | .29 |
Class T | 6,707 | .30 |
Class B | 3,586 | .30 |
Class C | 7,477 | .29 |
International Value | 346,524 | .22 |
Institutional Class | 2,456 | .15 |
| $ 375,318 | |
* 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.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $216 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 $342 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 $240,388.
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 $16,334 for the period. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction | |
International Value | $ 18 | |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2008 | Year ended
October 31,
2007 |
From net investment income | | |
Class A | $ 71,380 | $ 5,613 |
Class T | 53,705 | 4,267 |
Class B | 15,783 | - |
Class C | 37,642 | - |
International Value | 5,325,188 | 956,069 |
Institutional Class | 59,203 | 12,567 |
Total | $ 5,562,901 | $ 978,516 |
From net realized gain | | |
Class A | $ 297,020 | $ 3,983 |
Class T | 246,645 | 4,693 |
Class B | 128,753 | 1,788 |
Class C | 295,420 | 4,566 |
International Value | 17,561,793 | 536,333 |
Institutional Class | 188,234 | 6,583 |
Total | $ 18,717,865 | $ 557,946 |
Semiannual Report
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months
ended April 30, 2008 | Year ended
October 31, 2007 | Six months
ended April 30, 2008 | Year ended
October 31, 2007 |
Class A | | | | |
Shares sold | 199,161 | 556,341 | $ 2,206,174 | $ 6,434,905 |
Reinvestment of distributions | 30,184 | 863 | 357,686 | 9,431 |
Shares redeemed | (125,000) | (237,384) | (1,340,891) | (2,953,175) |
Net increase (decrease) | 104,345 | 319,820 | $ 1,222,969 | $ 3,491,161 |
Class T | | | | |
Shares sold | 74,164 | 281,943 | $ 828,367 | $ 3,296,913 |
Reinvestment of distributions | 21,586 | 806 | 255,358 | 8,796 |
Shares redeemed | (79,331) | (60,435) | (861,001) | (714,379) |
Net increase (decrease) | 16,419 | 222,314 | $ 222,724 | $ 2,591,330 |
Class B | | | | |
Shares sold | 22,051 | 114,852 | $ 244,336 | $ 1,342,524 |
Reinvestment of distributions | 10,866 | 151 | 128,544 | 1,653 |
Shares redeemed | (14,834) | (33,404) | (161,640) | (398,508) |
Net increase (decrease) | 18,083 | 81,599 | $ 211,240 | $ 945,669 |
Class C | | | | |
Shares sold | 48,023 | 337,076 | $ 542,749 | $ 3,929,869 |
Reinvestment of distributions | 22,711 | 319 | 268,223 | 3,483 |
Shares redeemed | (86,900) | (80,082) | (907,168) | (988,817) |
Net increase (decrease) | (16,166) | 257,313 | $ (96,196) | $ 2,944,535 |
International Value | | | | |
Shares sold | 6,532,269 | 26,426,338 | $ 72,765,558 | $ 309,978,984 |
Reinvestment of distributions | 1,810,134 | 127,337 | 21,468,187 | 1,391,798 |
Shares redeemed | (7,316,502) | (18,219,061) | (80,820,986) | (220,454,791) |
Net increase (decrease) | 1,025,901 | 8,334,614 | $ 13,412,759 | $ 90,915,991 |
Institutional Class | | | | |
Shares sold | 40,392 | 75,655 | $ 460,790 | $ 870,496 |
Reinvestment of distributions | 6,826 | 692 | 80,952 | 7,564 |
Shares redeemed | (84,347) | (61,819) | (879,860) | (714,302) |
Net increase (decrease) | (37,129) | 14,528 | $ (338,118) | $ 163,758 |
Semiannual Report
A special meeting of each fund's shareholders was held on December 13, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.A |
| # of
Votes | % of
Votes |
Affirmative | 45,014,793,255.82 | 80.372 |
Against | 6,871,112,667.08 | 12.268 |
Abstain | 2,163,456,438.02 | 3.863 |
Broker
Non-Votes | 1,958,633,563.89 | 3.497 |
TOTAL | 56,007,995,924.81 | 100.000 |
PROPOSAL 2 |
To elect the nominees specified below as Trustees.A |
James C. Curvey |
Affirmative | 53,384,952,361.03 | 95.317 |
Withheld | 2,623,043,563.78 | 4.683 |
TOTAL | 56,007,995,924.81 | 100.000 |
Dennis J. Dirks |
Affirmative | 53,595,104,608.67 | 95.692 |
Withheld | 2,412,891,316.14 | 4.308 |
TOTAL | 56,007,995,924.81 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 53,570,235,221.69 | 95.647 |
Withheld | 2,437,760,703.12 | 4.353 |
TOTAL | 56,007,995,924.81 | 100.000 |
George H. Heilmeier |
Affirmative | 53,166,350,588.50 | 94.926 |
Withheld | 2,841,645,336.31 | 5.074 |
TOTAL | 56,007,995,924.81 | 100.000 |
| # of
Votes | % of
Votes |
Edward C. Johnson 3d |
Affirmative | 53,230,508,654.93 | 95.041 |
Withheld | 2,777,487,269.88 | 4.959 |
TOTAL | 56,007,995,924.81 | 100.000 |
James H. Keyes |
Affirmative | 53,549,161,456.52 | 95.610 |
Withheld | 2,458,834,468.29 | 4.390 |
TOTAL | 56,007,995,924.81 | 100.000 |
Marie L. Knowles |
Affirmative | 53,543,925,066.86 | 95.601 |
Withheld | 2,464,070,857.95 | 4.399 |
TOTAL | 56,007,995,924.81 | 100.000 |
Ned C. Lautenbach |
Affirmative | 53,547,116,322.50 | 95.606 |
Withheld | 2,460,879,602.31 | 4.394 |
TOTAL | 56,007,995,924.81 | 100.000 |
Cornelia M. Small |
Affirmative | 53,564,793,514.25 | 95.638 |
Withheld | 2,443,202,410.56 | 4.362 |
TOTAL | 56,007,995,924.81 | 100.000 |
William S. Stavropoulos |
Affirmative | 53,426,544,502.76 | 95.391 |
Withheld | 2,581,451,422.05 | 4.609 |
TOTAL | 56,007,995,924.81 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 53,229,881,790.63 | 95.040 |
Withheld | 2,778,114,134.18 | 4.960 |
TOTAL | 56,007,995,924.81 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
| # of
Votes | % of
Votes |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
A Denotes trust-wide proposal and voting results.
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
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
AFIV-USAN-0608
1.827499.101
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Value
Fund - Institutional Class
Semiannual Report
April 30, 2008
Institutional Class is
a class of Fidelity®
International Value Fund
(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. |
Proxy Voting Results | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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, 2007 to April 30, 2008).
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, 2007 | Ending
Account Value
April 30, 2008 | Expenses Paid
During Period*
November 1, 2007 to
April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 907.00 | $ 6.73 |
HypotheticalA | $ 1,000.00 | $ 1,017.80 | $ 7.12 |
Class T | | | |
Actual | $ 1,000.00 | $ 905.80 | $ 7.96 |
HypotheticalA | $ 1,000.00 | $ 1,016.51 | $ 8.42 |
Class B | | | |
Actual | $ 1,000.00 | $ 904.10 | $ 10.32 |
HypotheticalA | $ 1,000.00 | $ 1,014.02 | $ 10.92 |
Class C | | | |
Actual | $ 1,000.00 | $ 904.20 | $ 10.27 |
HypotheticalA | $ 1,000.00 | $ 1,014.07 | $ 10.87 |
International Value | | | |
Actual | $ 1,000.00 | $ 908.60 | $ 5.22 |
HypotheticalA | $ 1,000.00 | $ 1,019.39 | $ 5.52 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 909.30 | $ 4.94 |
HypotheticalA | $ 1,000.00 | $ 1,019.69 | $ 5.22 |
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 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.42% |
Class T | 1.68% |
Class B | 2.18% |
Class C | 2.17% |
International Value | 1.10% |
Institutional Class | 1.04% |
Semiannual Report
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| Japan 17.8% | |
| United Kingdom 14.8% | |
| Germany 11.3% | |
| France 8.8% | |
| Switzerland 6.1% | |
| Spain 5.3% | |
| United States of America 4.5% | |
| Italy 4.5% | |
| Norway 4.4% | |
| Other 22.5% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of October 31, 2007 |
| Japan 18.8% | |
| United Kingdom 16.3% | |
| France 11.8% | |
| Germany 11.1% | |
| Switzerland 8.8% | |
| Spain 4.8% | |
| Cayman Islands 3.8% | |
| Norway 3.3% | |
| Australia 2.4% | |
| Other 18.9% | |
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 | 97.1 | 98.9 |
Short-Term Investments and Net Other Assets | 2.9 | 1.1 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
UniCredit SpA (Italy, Commercial Banks) | 3.1 | 1.0 |
Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors) | 2.8 | 2.4 |
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.7 | 0.0 |
Allianz AG sponsored ADR (Germany, Insurance) | 2.5 | 1.8 |
Toyota Motor Corp. (Japan, Automobiles) | 2.5 | 2.2 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.4 | 1.7 |
AXA SA sponsored ADR (France, Insurance) | 2.2 | 2.2 |
Daimler AG (Germany, Automobiles) | 2.2 | 2.2 |
E.ON AG (Germany, Electric Utilities) | 2.1 | 3.4 |
Banco Santander SA (Spain, Commercial Banks) | 2.0 | 2.1 |
| 24.5 | |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets | % of fund's net assets
6 months ago |
Financials | 33.1 | 37.2 |
Energy | 15.4 | 11.2 |
Consumer Discretionary | 10.2 | 9.7 |
Industrials | 9.6 | 9.9 |
Materials | 6.7 | 7.4 |
Utilities | 6.2 | 7.7 |
Information Technology | 4.7 | 4.9 |
Telecommunication Services | 4.4 | 2.5 |
Health Care | 3.5 | 3.3 |
Consumer Staples | 3.3 | 5.1 |
Semiannual Report
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.4% |
| Shares | | Value |
Australia - 2.1% |
AMP Ltd. | 362,775 | | $ 2,679,328 |
Macquarie Airports unit | 402,325 | | 1,191,608 |
Macquarie Group Ltd. (d) | 28,606 | | 1,711,237 |
Macquarie Infrastructure Group unit | 667,419 | | 1,781,607 |
TOTAL AUSTRALIA | | 7,363,780 |
Bermuda - 1.0% |
Seadrill Ltd. | 120,100 | | 3,657,269 |
Brazil - 2.3% |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 41,500 | | 5,038,930 |
TAM SA (PN) sponsored ADR (ltd. vtg.) (d) | 34,500 | | 814,200 |
TIM Participacoes SA sponsored ADR (non-vtg.) | 32,400 | | 1,087,992 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 8,400 | | 1,221,444 |
TOTAL BRAZIL | | 8,162,566 |
Canada - 2.2% |
BCE, Inc. | 50,900 | | 1,859,915 |
EnCana Corp. | 31,300 | | 2,525,196 |
First Quantum Minerals Ltd. | 20,200 | | 1,773,693 |
Petrobank Energy & Resources Ltd. (a) | 21,100 | | 1,018,231 |
RONA, Inc. (a) | 48,500 | | 647,245 |
TOTAL CANADA | | 7,824,280 |
Cayman Islands - 1.4% |
Chaoda Modern Agriculture (Holdings) Ltd. | 1,338,800 | | 1,924,069 |
Subsea 7, Inc. (a) | 115,000 | | 3,033,153 |
TOTAL CAYMAN ISLANDS | | 4,957,222 |
China - 0.5% |
China Construction Bank Corp. (H Shares) | 939,000 | | 848,253 |
Nine Dragons Paper (Holdings) Ltd. | 730,000 | | 785,908 |
TOTAL CHINA | | 1,634,161 |
Cyprus - 0.4% |
Marfin Popular Bank Public Co. | 148,100 | | 1,322,458 |
Finland - 0.1% |
Nokia Corp. sponsored ADR | 16,100 | | 484,127 |
France - 8.8% |
Accor SA | 20,200 | | 1,680,774 |
Alcatel-Lucent SA | 124,300 | | 831,777 |
AXA SA sponsored ADR | 216,400 | | 8,017,620 |
BNP Paribas SA | 30,900 | | 3,340,481 |
Common Stocks - continued |
| Shares | | Value |
France - continued |
Compagnie de St. Gobain | 12,600 | | $ 1,017,915 |
Gaz de France | 23,900 | | 1,579,718 |
Renault SA | 9,400 | | 969,240 |
Societe Generale Series A | 5,535 | | 649,434 |
Suez SA (France) | 14,200 | | 1,008,627 |
Total SA: | | | |
Series B | 37,200 | | 3,115,400 |
sponsored ADR | 66,300 | | 5,569,200 |
Unibail-Rodamco | 11,272 | | 2,916,832 |
Vallourec SA | 2,800 | | 766,032 |
TOTAL FRANCE | | 31,463,050 |
Germany - 10.9% |
Allianz AG sponsored ADR | 436,500 | | 8,852,220 |
Daimler AG | 99,800 | | 7,726,516 |
E.ON AG (d) | 36,200 | | 7,386,660 |
GFK AG | 36,000 | | 1,643,838 |
Lanxess AG | 27,200 | | 1,061,973 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 35,700 | | 6,925,168 |
RWE AG (d) | 45,900 | | 5,298,133 |
TOTAL GERMANY | | 38,894,508 |
Hong Kong - 1.3% |
Swire Pacific Ltd. (A Shares) | 393,800 | | 4,605,951 |
India - 0.8% |
Satyam Computer Services Ltd. | 94,192 | | 1,123,900 |
Satyam Computer Services Ltd. sponsored ADR | 34,400 | | 883,392 |
Suzlon Energy Ltd. | 123,207 | | 874,785 |
TOTAL INDIA | | 2,882,077 |
Ireland - 1.2% |
Bank of Ireland | 126,671 | | 1,744,596 |
C&C Group PLC | 102,300 | | 702,682 |
CRH PLC sponsored ADR (d) | 51,100 | | 1,973,482 |
TOTAL IRELAND | | 4,420,760 |
Israel - 0.3% |
Israel Chemicals Ltd. | 60,400 | | 1,111,981 |
Italy - 4.2% |
Fiat SpA | 57,700 | | 1,296,817 |
Common Stocks - continued |
| Shares | | Value |
Italy - continued |
Finmeccanica SpA | 68,700 | | $ 2,402,346 |
UniCredit SpA | 1,460,600 | | 11,129,371 |
TOTAL ITALY | | 14,828,534 |
Japan - 17.8% |
Aeon Co. Ltd. | 215,200 | | 3,154,347 |
Canon, Inc. | 51,450 | | 2,586,410 |
Central Japan Ry Co. | 75 | | 736,128 |
Denso Corp. | 69,000 | | 2,406,382 |
East Japan Railway Co. | 220 | | 1,755,328 |
Fujitsu Ltd. | 137,000 | | 876,363 |
Ibiden Co. Ltd. | 20,300 | | 885,711 |
Japan Tobacco, Inc. | 155 | | 753,596 |
JGC Corp. | 43,000 | | 799,210 |
JSR Corp. | 45,800 | | 1,034,220 |
Konica Minolta Holdings, Inc. | 159,500 | | 2,403,237 |
Kubota Corp. | 128,000 | | 896,668 |
Leopalace21 Corp. | 88,200 | | 1,560,067 |
Mitsubishi Estate Co. Ltd. | 25,000 | | 726,942 |
Mitsui & Co. Ltd. | 433,000 | | 10,167,962 |
ORIX Corp. | 35,560 | | 6,432,160 |
Osaka Gas Co. Ltd. | 836,000 | | 2,982,939 |
Sumitomo Metal Industries Ltd. | 300,000 | | 1,263,399 |
Sumitomo Mitsui Financial Group, Inc. | 122 | | 1,049,708 |
Sumitomo Realty & Development Co. Ltd. | 33,000 | | 827,057 |
Sumitomo Trust & Banking Co. Ltd. | 108,000 | | 970,886 |
Takeda Pharmaceutical Co. Ltd. | 72,600 | | 3,837,881 |
Tokuyama Corp. | 268,000 | | 2,432,664 |
Tokyo Tatemono Co. Ltd. | 88,000 | | 768,174 |
Toyota Motor Corp. | 172,900 | | 8,810,032 |
Toyota Motor Corp. sponsored ADR | 11,800 | | 1,197,700 |
Xebio Co. Ltd. | 53,200 | | 1,607,897 |
Yamada Denki Co. Ltd. | 8,340 | | 715,921 |
TOTAL JAPAN | | 63,638,989 |
Kazakhstan - 0.4% |
JSC Halyk Bank of Kazakhstan unit | 94,100 | | 1,515,010 |
Korea (South) - 0.2% |
Kookmin Bank sponsored ADR | 10,700 | | 746,325 |
Mexico - 0.5% |
America Movil SAB de CV Series L sponsored ADR | 30,100 | | 1,744,596 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - 1.3% |
Heineken NV (Bearer) | 14,100 | | $ 823,010 |
ING Groep NV sponsored ADR | 84,800 | | 3,221,552 |
Koninklijke KPN NV | 27,000 | | 496,734 |
TOTAL NETHERLANDS | | 4,541,296 |
Norway - 4.4% |
DnB Nor ASA | 127,500 | | 1,911,248 |
Fred Olsen Energy ASA | 15,500 | | 985,118 |
Orkla ASA (A Shares) (d) | 326,150 | | 4,331,580 |
Petroleum Geo-Services ASA | 194,150 | | 5,301,935 |
StatoilHydro ASA sponsored ADR | 85,500 | | 3,092,535 |
TOTAL NORWAY | | 15,622,416 |
Philippines - 0.4% |
Philippine Long Distance Telephone Co. sponsored ADR | 26,400 | | 1,613,040 |
Russia - 1.1% |
JSC MMC 'Norilsk Nickel' sponsored ADR | 12,200 | | 331,840 |
OAO Gazprom sponsored ADR | 68,100 | | 3,602,490 |
TOTAL RUSSIA | | 3,934,330 |
Singapore - 0.8% |
DBS Group Holdings Ltd. | 195,000 | | 2,855,763 |
South Africa - 1.2% |
Impala Platinum Holdings Ltd. | 106,100 | | 4,322,364 |
Spain - 5.3% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d) | 136,700 | | 3,133,164 |
Banco Santander SA | 331,200 | | 7,160,953 |
Banco Santander SA sponsored ADR (d) | 157,900 | | 3,330,111 |
Gestevision Telecinco SA | 84,000 | | 1,768,976 |
Telefonica SA sponsored ADR | 40,000 | | 3,455,200 |
TOTAL SPAIN | | 18,848,404 |
Sweden - 2.0% |
Svenska Cellulosa AB (SCA) (B Shares) (d) | 206,200 | | 3,478,164 |
Telefonaktiebolaget LM Ericsson (B Shares) (d) | 1,474,000 | | 3,722,810 |
TOTAL SWEDEN | | 7,200,974 |
Switzerland - 6.1% |
Compagnie Financiere Richemont unit | 15,783 | | 961,691 |
Credit Suisse Group sponsored ADR | 60,500 | | 3,227,675 |
Nestle SA (Reg.) | 4,194 | | 2,011,210 |
Roche Holding AG (participation certificate) | 52,175 | | 8,699,190 |
Common Stocks - continued |
| Shares | | Value |
Switzerland - continued |
Swiss Life Holding | 8,785 | | $ 2,631,940 |
Zurich Financial Services AG (Reg.) | 14,411 | | 4,411,318 |
TOTAL SWITZERLAND | | 21,943,024 |
Taiwan - 0.6% |
Advanced Semiconductor Engineering, Inc. | 380,000 | | 390,390 |
AU Optronics Corp. | 466,000 | | 910,649 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 140,000 | | 811,561 |
TOTAL TAIWAN | | 2,112,600 |
Turkey - 0.4% |
Turkiye Garanti Bankasi AS | 249,000 | | 1,337,660 |
United Kingdom - 14.8% |
3i Group PLC | 137,510 | | 2,349,910 |
Aegis Group PLC | 682,400 | | 1,709,545 |
Anglo American PLC (United Kingdom) | 34,200 | | 2,222,860 |
BAE Systems PLC | 203,300 | | 1,886,656 |
Barratt Developments PLC | 40,600 | | 222,997 |
BHP Billiton PLC | 63,200 | | 2,261,833 |
BP PLC | 192,100 | | 2,327,746 |
British American Tobacco PLC | 39,600 | | 1,485,440 |
easyJet PLC (a) | 169,400 | | 1,039,899 |
HBOS PLC | 369,200 | | 3,453,761 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 74,905 | | 1,300,603 |
Informa PLC | 253,600 | | 1,742,081 |
Misys PLC | 446,400 | | 1,391,242 |
National Grid PLC | 277,200 | | 3,860,756 |
Prudential PLC | 158,228 | | 2,170,718 |
Rolls-Royce Group PLC | 314,919 | | 2,748,745 |
Royal Bank of Scotland Group PLC | 750,400 | | 5,147,341 |
Royal Dutch Shell PLC Class A sponsored ADR | 122,000 | | 9,797,820 |
Tesco PLC | 128,500 | | 1,096,053 |
Vodafone Group PLC sponsored ADR | 138,312 | | 4,378,958 |
Yell Group PLC | 99,300 | | 327,739 |
TOTAL UNITED KINGDOM | | 52,922,703 |
United States of America - 1.6% |
Transocean, Inc. (a) | 38,239 | | 5,638,723 |
TOTAL COMMON STOCKS (Cost $336,960,280) | 344,150,941 |
Nonconvertible Preferred Stocks - 0.7% |
| Shares | | Value |
Germany - 0.4% |
ProSiebenSat.1 Media AG | 81,500 | | $ 1,269,752 |
Italy - 0.3% |
Telecom Italia SpA (Risp) | 639,200 | | 1,052,737 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC B Shares (a) | 25,268,902 | | 50,241 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,179,478) | 2,372,730 |
Money Market Funds - 17.2% |
| | | |
Fidelity Cash Central Fund, 2.51% (b) | 38,786,491 | | 38,786,491 |
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c) | 22,435,915 | | 22,435,915 |
TOTAL MONEY MARKET FUNDS (Cost $61,222,406) | 61,222,406 |
TOTAL INVESTMENT PORTFOLIO - 114.3% (Cost $401,362,164) | | 407,746,077 |
NET OTHER ASSETS - (14.3)% | | (50,908,954) |
NET ASSETS - 100% | $ 356,837,123 |
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 | $ 57,602 |
Fidelity Securities Lending Cash Central Fund | 240,388 |
Total | $ 297,990 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including securities loaned of $21,873,329) - See accompanying schedule: Unaffiliated issuers (cost $340,139,758) | $ 346,523,671 | |
Fidelity Central Funds (cost $61,222,406) | 61,222,406 | |
Total Investments (cost $401,362,164) | | $ 407,746,077 |
Receivable for investments sold | | 5,368,690 |
Receivable for fund shares sold | | 400,905 |
Dividends receivable | | 2,287,535 |
Distributions receivable from Fidelity Central Funds | | 170,326 |
Prepaid expenses | | 856 |
Other receivables | | 13,631 |
Total assets | | 415,988,020 |
| | |
Liabilities | | |
Payable to custodian bank | $ 247,947 | |
Payable for investments purchased | 35,584,142 | |
Payable for fund shares redeemed | 574,043 | |
Accrued management fee | 192,912 | |
Distribution fees payable | 9,159 | |
Other affiliated payables | 73,354 | |
Other payables and accrued expenses | 33,425 | |
Collateral on securities loaned, at value | 22,435,915 | |
Total liabilities | | 59,150,897 |
| | |
Net Assets | | $ 356,837,123 |
Net Assets consist of: | | |
Paid in capital | | $ 340,943,726 |
Undistributed net investment income | | 3,112,886 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | 6,368,171 |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 6,412,340 |
Net Assets | | $ 356,837,123 |
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, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($6,312,808 ÷ 569,222 shares) | | $ 11.09 |
| | |
Maximum offering price per share (100/94.25 of $11.09) | | $ 11.77 |
Class T:
Net Asset Value and redemption price per share ($4,507,410 ÷ 407,697 shares) | | $ 11.06 |
| | |
Maximum offering price per share (100/96.50 of $11.06) | | $ 11.46 |
Class B:
Net Asset Value and offering price per share ($2,462,694 ÷ 223,125 shares)A | | $ 11.04 |
| | |
Class C:
Net Asset Value and offering price per share ($4,938,266 ÷ 447,858 shares)A | | $ 11.03 |
| | |
| | |
International Value:
Net Asset Value, offering price and redemption price per share ($335,656,339 ÷ 30,203,120 shares) | | $ 11.11 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,959,606 ÷ 266,206 shares) | | $ 11.12 |
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, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 5,665,849 |
Interest | | 8,940 |
Income from Fidelity Central Funds | | 297,990 |
| | 5,972,779 |
Less foreign taxes withheld | | (530,448) |
Total income | | 5,442,331 |
| | |
Expenses | | |
Management fee
Basic fee | $ 1,181,441 | |
Performance adjustment | 21,393 | |
Transfer agent fees | 375,318 | |
Distribution fees | 56,455 | |
Accounting and security lending fees | 88,175 | |
Custodian fees and expenses | 35,586 | |
Independent trustees' compensation | 734 | |
Registration fees | 72,344 | |
Audit | 29,179 | |
Legal | 776 | |
Miscellaneous | 46,289 | |
Total expenses before reductions | 1,907,690 | |
Expense reductions | (16,352) | 1,891,338 |
Net investment income (loss) | | 3,550,993 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | 7,475,659 | |
Foreign currency transactions | (35,524) | |
Total net realized gain (loss) | | 7,440,135 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (49,441,562) | |
Assets and liabilities in foreign currencies | 22,990 | |
Total change in net unrealized appreciation (depreciation) | | (49,418,572) |
Net gain (loss) | | (41,978,437) |
Net increase (decrease) in net assets resulting from operations | | $ (38,427,444) |
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, 2008
(Unaudited) | Year ended
October 31,
2007 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income (loss) | $ 3,550,993 | $ 6,846,508 |
Net realized gain (loss) | 7,440,135 | 23,723,355 |
Change in net unrealized appreciation (depreciation) | (49,418,572) | 43,769,419 |
Net increase (decrease) in net assets resulting
from operations | (38,427,444) | 74,339,282 |
Distributions to shareholders from net investment income | (5,562,901) | (978,516) |
Distributions to shareholders from net realized gain | (18,717,865) | (557,946) |
Total distributions | (24,280,766) | (1,536,462) |
Share transactions - net increase (decrease) | 14,635,378 | 101,052,444 |
Redemption fees | 17,016 | 30,746 |
Total increase (decrease) in net assets | (48,055,816) | 173,886,010 |
| | |
Net Assets | | |
Beginning of period | 404,892,939 | 231,006,929 |
End of period (including undistributed net investment income of $3,112,886 and undistributed net investment income of $6,624,232, respectively) | $ 356,837,123 | $ 404,892,939 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended April 30, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 I |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 13.02 | $ 10.60 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .10 | .18 | .06 H |
Net realized and unrealized gain (loss) | (1.26) | 2.29 | .54 |
Total from investment operations | (1.16) | 2.47 | .60 |
Distributions from net investment income | (.15) | (.03) | - |
Distributions from net realized gain | (.62) | (.02) | - |
Total distributions | (.77) | (.05) | - |
Redemption fees added to paid in capital E, K | - | - | - |
Net asset value, end of period | $ 11.09 | $ 13.02 | $ 10.60 |
Total Return B, C, D | (9.30)% | 23.43% | 6.00% |
Ratios to Average Net Assets F, J | | | |
Expenses before reductions | 1.42% A | 1.38% | 1.75% A |
Expenses net of fee waivers, if any | 1.42% A | 1.38% | 1.50% A |
Expenses net of all reductions | 1.41% A | 1.37% | 1.46% A |
Net investment income (loss) | 1.84% A | 1.49% | 1.29% A, H |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 6,313 | $ 6,052 | $ 1,537 |
Portfolio turnover rate G | 72% A | 59% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 I |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 12.99 | $ 10.59 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .09 | .15 | .05 H |
Net realized and unrealized gain (loss) | (1.26) | 2.29 | .54 |
Total from investment operations | (1.17) | 2.44 | .59 |
Distributions from net investment income | (.14) | (.02) | - |
Distributions from net realized gain | (.62) | (.02) | - |
Total distributions | (.76) | (.04) | - |
Redemption fees added to paid in capital E, K | - | - | - |
Net asset value, end of period | $ 11.06 | $ 12.99 | $ 10.59 |
Total Return B, C, D | (9.42)% | 23.13% | 5.90% |
Ratios to Average Net Assets F, J | | | |
Expenses before reductions | 1.68% A | 1.60% | 2.01% A |
Expenses net of fee waivers, if any | 1.68% A | 1.60% | 1.75% A |
Expenses net of all reductions | 1.67% A | 1.58% | 1.71% A |
Net investment income (loss) | 1.58% A | 1.27% | 1.04% A, H |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 4,507 | $ 5,081 | $ 1,789 |
Portfolio turnover rate G | 72% A | 59% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 I |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 12.93 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .06 | .09 | .02 H |
Net realized and unrealized gain (loss) | (1.25) | 2.29 | .54 |
Total from investment operations | (1.19) | 2.38 | .56 |
Distributions from net investment income | (.08) | - | - |
Distributions from net realized gain | (.62) | (.01) | - |
Total distributions | (.70) | (.01) | - |
Redemption fees added to paid in capital E, K | - | - | - |
Net asset value, end of period | $ 11.04 | $ 12.93 | $ 10.56 |
Total Return B, C, D | (9.59)% | 22.59% | 5.60% |
Ratios to Average Net Assets F, J | | | |
Expenses before reductions | 2.18% A | 2.10% | 2.50% A |
Expenses net of fee waivers, if any | 2.18% A | 2.10% | 2.25% A |
Expenses net of all reductions | 2.17% A | 2.08% | 2.21% A |
Net investment income (loss) | 1.08% A | .77% | .54% A, H |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 2,463 | $ 2,651 | $ 1,304 |
Portfolio turnover rate G | 72% A | 59% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 I |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 12.92 | $ 10.56 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) E | .06 | .09 | .02 H |
Net realized and unrealized gain (loss) | (1.25) | 2.29 | .54 |
Total from investment operations | (1.19) | 2.38 | .56 |
Distributions from net investment income | (.08) | - | - |
Distributions from net realized gain | (.62) | (.02) | - |
Total distributions | (.70) | (.02) | - |
Redemption fees added to paid in capital E, K | - | - | - |
Net asset value, end of period | $ 11.03 | $ 12.92 | $ 10.56 |
Total Return B, C, D | (9.58)% | 22.56% | 5.60% |
Ratios to Average Net Assets F, J | | | |
Expenses before reductions | 2.17% A | 2.07% | 2.47% A |
Expenses net of fee waivers, if any | 2.17% A | 2.07% | 2.25% A |
Expenses net of all reductions | 2.16% A | 2.05% | 2.21% A |
Net investment income (loss) | 1.09% A | .80% | .54% A, H |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 4,938 | $ 5,996 | $ 2,183 |
Portfolio turnover rate G | 72% A | 59% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 13.06 | $ 10.61 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .12 | .22 | .07 G |
Net realized and unrealized gain (loss) | (1.26) | 2.29 | .54 |
Total from investment operations | (1.14) | 2.51 | .61 |
Distributions from net investment income | (.19) | (.04) | - |
Distributions from net realized gain | (.62) | (.02) | - |
Total distributions | (.81) | (.06) | - |
Redemption fees added to paid in capital D, J | - | - | - |
Net asset value, end of period | $ 11.11 | $ 13.06 | $ 10.61 |
Total Return B, C | (9.14)% | 23.81% | 6.10% |
Ratios to Average Net Assets E, I | | | |
Expenses before reductions | 1.10% A | 1.03% | 1.50% A |
Expenses net of fee waivers, if any | 1.10% A | 1.03% | 1.25% A |
Expenses net of all reductions | 1.09% A | 1.02% | 1.21% A |
Net investment income (loss) | 2.16% A | 1.84% | 1.54% A, G |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 335,656 | $ 381,148 | $ 221,130 |
Portfolio turnover rate F | 72% A | 59% | 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, 2008 | Years ended October 31, |
| (Unaudited) | 2007 | 2006 H |
Selected Per-Share Data | | | |
Net asset value, beginning of period | $ 13.07 | $ 10.61 | $ 10.00 |
Income from Investment Operations | | | |
Net investment income (loss) D | .12 | .22 | .07 G |
Net realized and unrealized gain (loss) | (1.25) | 2.30 | .54 |
Total from investment operations | (1.13) | 2.52 | .61 |
Distributions from net investment income | (.20) | (.04) | - |
Distributions from net realized gain | (.62) | (.02) | - |
Total distributions | (.82) | (.06) | - |
Redemption fees added to paid in capital D, J | - | - | - |
Net asset value, end of period | $ 11.12 | $ 13.07 | $ 10.61 |
Total Return B, C | (9.07)% | 23.91% | 6.10% |
Ratios to Average Net Assets E, I | | | |
Expenses before reductions | 1.04% A | .98% | 1.38% A |
Expenses net of fee waivers, if any | 1.04% A | .98% | 1.25% A |
Expenses net of all reductions | 1.03% A | .96% | 1.21% A |
Net investment income (loss) | 2.22% A | 1.89% | 1.54% A, G |
Supplemental Data | | | |
Net assets, end of period (000 omitted) | $ 2,960 | $ 3,965 | $ 3,064 |
Portfolio turnover rate F | 72% A | 59% | 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, 2008 (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.
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.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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. Noncash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. 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, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 35,542,337 | |
Unrealized depreciation | (29,325,788) | |
Net unrealized appreciation (depreciation) | $ 6,216,549 | |
Cost for federal income tax purposes | $ 401,529,528 | |
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 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 results in expanded disclosures about fair value measurements.
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.
Semiannual Report
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $123,348,723 and $135,463,782, 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 relative investment performance of the retail class of the Fund, International Value as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .72% of the Fund's average net assets.
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 | -% | .25% | $ 7,412 | $ 1,496 |
Class T | .25% | .25% | 11,296 | 2,429 |
Class B | .75% | .25% | 11,907 | 10,231 |
Class C | .75% | .25% | 25,840 | 10,435 |
| | | $ 56,455 | $ 24,591 |
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
Notes to Financial Statements (Unaudited) - continued
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 | $ 3,990 |
Class T | 787 |
Class B* | 633 |
Class C* | 100 |
| $ 5,510 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Prior to January 1, 2008, Fidelity Service Company, Inc. (FSC), also an affiliate of FMR was the transfer agent for International Value shares. For the period, each class paid the following transfer agent fees.
| Amount | % of
Average
Net Assets* |
Class A | $ 8,568 | .29 |
Class T | 6,707 | .30 |
Class B | 3,586 | .30 |
Class C | 7,477 | .29 |
International Value | 346,524 | .22 |
Institutional Class | 2,456 | .15 |
| $ 375,318 | |
* 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.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $216 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 $342 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 $240,388.
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 $16,334 for the period. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent
expense reduction | |
International Value | $ 18 | |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended
April 30,
2008 | Year ended
October 31,
2007 |
From net investment income | | |
Class A | $ 71,380 | $ 5,613 |
Class T | 53,705 | 4,267 |
Class B | 15,783 | - |
Class C | 37,642 | - |
International Value | 5,325,188 | 956,069 |
Institutional Class | 59,203 | 12,567 |
Total | $ 5,562,901 | $ 978,516 |
From net realized gain | | |
Class A | $ 297,020 | $ 3,983 |
Class T | 246,645 | 4,693 |
Class B | 128,753 | 1,788 |
Class C | 295,420 | 4,566 |
International Value | 17,561,793 | 536,333 |
Institutional Class | 188,234 | 6,583 |
Total | $ 18,717,865 | $ 557,946 |
Semiannual Report
12. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| Six months
ended April 30, 2008 | Year ended
October 31, 2007 | Six months
ended April 30, 2008 | Year ended
October 31, 2007 |
Class A | | | | |
Shares sold | 199,161 | 556,341 | $ 2,206,174 | $ 6,434,905 |
Reinvestment of distributions | 30,184 | 863 | 357,686 | 9,431 |
Shares redeemed | (125,000) | (237,384) | (1,340,891) | (2,953,175) |
Net increase (decrease) | 104,345 | 319,820 | $ 1,222,969 | $ 3,491,161 |
Class T | | | | |
Shares sold | 74,164 | 281,943 | $ 828,367 | $ 3,296,913 |
Reinvestment of distributions | 21,586 | 806 | 255,358 | 8,796 |
Shares redeemed | (79,331) | (60,435) | (861,001) | (714,379) |
Net increase (decrease) | 16,419 | 222,314 | $ 222,724 | $ 2,591,330 |
Class B | | | | |
Shares sold | 22,051 | 114,852 | $ 244,336 | $ 1,342,524 |
Reinvestment of distributions | 10,866 | 151 | 128,544 | 1,653 |
Shares redeemed | (14,834) | (33,404) | (161,640) | (398,508) |
Net increase (decrease) | 18,083 | 81,599 | $ 211,240 | $ 945,669 |
Class C | | | | |
Shares sold | 48,023 | 337,076 | $ 542,749 | $ 3,929,869 |
Reinvestment of distributions | 22,711 | 319 | 268,223 | 3,483 |
Shares redeemed | (86,900) | (80,082) | (907,168) | (988,817) |
Net increase (decrease) | (16,166) | 257,313 | $ (96,196) | $ 2,944,535 |
International Value | | | | |
Shares sold | 6,532,269 | 26,426,338 | $ 72,765,558 | $ 309,978,984 |
Reinvestment of distributions | 1,810,134 | 127,337 | 21,468,187 | 1,391,798 |
Shares redeemed | (7,316,502) | (18,219,061) | (80,820,986) | (220,454,791) |
Net increase (decrease) | 1,025,901 | 8,334,614 | $ 13,412,759 | $ 90,915,991 |
Institutional Class | | | | |
Shares sold | 40,392 | 75,655 | $ 460,790 | $ 870,496 |
Reinvestment of distributions | 6,826 | 692 | 80,952 | 7,564 |
Shares redeemed | (84,347) | (61,819) | (879,860) | (714,302) |
Net increase (decrease) | (37,129) | 14,528 | $ (338,118) | $ 163,758 |
Semiannual Report
A special meeting of each fund's shareholders was held on December 13, 2007. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To amend the Declaration of Trust to reduce the required quorum for shareholder meetings.A |
| # of
Votes | % of
Votes |
Affirmative | 45,014,793,255.82 | 80.372 |
Against | 6,871,112,667.08 | 12.268 |
Abstain | 2,163,456,438.02 | 3.863 |
Broker
Non-Votes | 1,958,633,563.89 | 3.497 |
TOTAL | 56,007,995,924.81 | 100.000 |
PROPOSAL 2 |
To elect the nominees specified below as Trustees.A |
James C. Curvey |
Affirmative | 53,384,952,361.03 | 95.317 |
Withheld | 2,623,043,563.78 | 4.683 |
TOTAL | 56,007,995,924.81 | 100.000 |
Dennis J. Dirks |
Affirmative | 53,595,104,608.67 | 95.692 |
Withheld | 2,412,891,316.14 | 4.308 |
TOTAL | 56,007,995,924.81 | 100.000 |
Albert R. Gamper, Jr. |
Affirmative | 53,570,235,221.69 | 95.647 |
Withheld | 2,437,760,703.12 | 4.353 |
TOTAL | 56,007,995,924.81 | 100.000 |
George H. Heilmeier |
Affirmative | 53,166,350,588.50 | 94.926 |
Withheld | 2,841,645,336.31 | 5.074 |
TOTAL | 56,007,995,924.81 | 100.000 |
| # of
Votes | % of
Votes |
Edward C. Johnson 3d |
Affirmative | 53,230,508,654.93 | 95.041 |
Withheld | 2,777,487,269.88 | 4.959 |
TOTAL | 56,007,995,924.81 | 100.000 |
James H. Keyes |
Affirmative | 53,549,161,456.52 | 95.610 |
Withheld | 2,458,834,468.29 | 4.390 |
TOTAL | 56,007,995,924.81 | 100.000 |
Marie L. Knowles |
Affirmative | 53,543,925,066.86 | 95.601 |
Withheld | 2,464,070,857.95 | 4.399 |
TOTAL | 56,007,995,924.81 | 100.000 |
Ned C. Lautenbach |
Affirmative | 53,547,116,322.50 | 95.606 |
Withheld | 2,460,879,602.31 | 4.394 |
TOTAL | 56,007,995,924.81 | 100.000 |
Cornelia M. Small |
Affirmative | 53,564,793,514.25 | 95.638 |
Withheld | 2,443,202,410.56 | 4.362 |
TOTAL | 56,007,995,924.81 | 100.000 |
William S. Stavropoulos |
Affirmative | 53,426,544,502.76 | 95.391 |
Withheld | 2,581,451,422.05 | 4.609 |
TOTAL | 56,007,995,924.81 | 100.000 |
Kenneth L. Wolfe |
Affirmative | 53,229,881,790.63 | 95.040 |
Withheld | 2,778,114,134.18 | 4.960 |
TOTAL | 56,007,995,924.81 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
| # of
Votes | % of
Votes |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
A Denotes trust-wide proposal and voting results.
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
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
AFIVI-USAN-0608
1.827491.101
Fidelity®
Total International Equity Fund
and
Fidelity
International Growth Fund
Semiannual Report
April 30, 2008
(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 http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
Semiannual Report
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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
Fidelity Total International Equity Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2007 to April 30, 2008).
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.
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.
Semiannual Report
Fidelity Total International Equity Fund
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning
Account Value
November 1, 2007 | Ending
Account Value
April 30, 2008 | Expenses Paid
During Period*
November 1, 2007 to April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 908.00 | $ 7.12 |
Hypothetical A | $ 1,000.00 | $ 1,017.40 | $ 7.52 |
Class T | | | |
Actual | $ 1,000.00 | $ 907.00 | $ 8.30 |
Hypothetical A | $ 1,000.00 | $ 1,016.16 | $ 8.77 |
Class B | | | |
Actual | $ 1,000.00 | $ 905.00 | $ 10.66 |
Hypothetical A | $ 1,000.00 | $ 1,013.67 | $ 11.27 |
Class C | | | |
Actual | $ 1,000.00 | $ 905.00 | $ 10.66 |
Hypothetica A | $ 1,000.00 | $ 1,013.67 | $ 11.27 |
Total International Equity | | | |
Actual | $ 1,000.00 | $ 909.50 | $ 5.93 |
Hypothetical A | $ 1,000.00 | $ 1,018.65 | $ 6.27 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 909.50 | $ 5.93 |
Hypothetical A | $ 1,000.00 | $ 1,018.65 | $ 6.27 |
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 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.50% |
Class T | 1.75% |
Class B | 2.25% |
Class C | 2.25% |
Total International Equity | 1.25% |
Institutional Class | 1.25% |
Semiannual Report
Fidelity Total International Equity Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| United Kingdom 14.5% | |
| Japan 12.8% | |
| Germany 8.7% | |
| France 6.7% | |
| Switzerland 6.7% | |
| United States of America 6.0% | |
| Spain 3.6% | |
| Australia 3.5% | |
| Brazil 3.4% | |
| Other 34.1% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2008 |
| % of fund's
net assets |
Stocks and Investment Companies | 98.2 |
Short-Term Investments and Net Other Assets | 1.8 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets |
E.ON AG (Germany, Electric Utilities) | 2.1 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.0 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.9 |
UniCredit SpA (Italy, Commercial Banks) | 1.4 |
Petroleo Brasileiro SA - Petrobras sponsored ADR (Brazil, Oil, Gas & Consumable Fuels) | 1.4 |
Banco Santander SA (Spain, Diversified Financials) | 1.4 |
Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors) | 1.3 |
Toyota Motor Corp. (Japan, Automobiles) | 1.3 |
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 1.3 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.2 |
| 15.3 |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets |
Financials | 22.2 |
Industrials | 11.1 |
Materials | 11.0 |
Energy | 10.8 |
Information Technology | 10.4 |
Consumer Staples | 9.2 |
Consumer Discretionary | 7.1 |
Telecommunication Services | 5.7 |
Utilities | 5.1 |
Health Care | 5.0 |
Semiannual Report
Fidelity Total International Equity Fund
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.2% |
| Shares | | Value |
Argentina - 0.0% |
Inversiones y Representaciones SA sponsored GDR (a) | 1,200 | | $ 16,704 |
Australia - 3.5% |
AMP Ltd. | 40,791 | | 301,268 |
ASX Ltd. | 2,977 | | 100,781 |
Babcock & Brown Ltd. | 7,000 | | 97,060 |
Cochlear Ltd. | 4,650 | | 248,693 |
CSL Ltd. | 17,974 | | 674,599 |
Downer EDI Ltd. | 13,634 | | 93,237 |
Leighton Holdings Ltd. | 2,779 | | 123,437 |
Macquarie Airports unit | 38,152 | | 112,999 |
Macquarie Group Ltd. | 2,881 | | 172,344 |
Macquarie Infrastructure Group unit | 66,221 | | 176,770 |
Silex Systems Ltd. (a) | 10,000 | | 54,614 |
Sino Gold Mining Ltd. (a) | 1,364 | | 6,446 |
Woolworths Ltd. | 12,801 | | 346,539 |
WorleyParsons Ltd. | 5,758 | | 210,732 |
TOTAL AUSTRALIA | | 2,719,519 |
Austria - 0.1% |
Raiffeisen International Bank Holding AG | 300 | | 48,753 |
Belgium - 0.6% |
Hansen Transmission International NV | 19,100 | | 83,546 |
InBev SA | 4,400 | | 362,675 |
TOTAL BELGIUM | | 446,221 |
Bermuda - 0.9% |
Aquarius Platinum Ltd.: | | | |
(Australia) | 6,599 | | 105,443 |
(United Kingdom) | 900 | | 14,181 |
China Solar Energy Holding Ltd. (a) | 140,000 | | 6,827 |
ChipMOS TECHNOLOGIES (Bermuda) Ltd. (a) | 6,000 | | 17,760 |
Credicorp Ltd. (NY Shares) | 500 | | 40,180 |
Global Digital Creations Holdings Ltd. (a) | 64,000 | | 3,613 |
Pacific Basin Shipping Ltd. | 24,000 | | 43,915 |
Ports Design Ltd. | 35,500 | | 114,338 |
Samling Global Ltd. | 44,000 | | 8,130 |
Seadrill Ltd. | 11,900 | | 362,377 |
TOTAL BERMUDA | | 716,764 |
Brazil - 3.4% |
Anhanguera Educacional Participacoes SA unit (a) | 1,418 | | 23,281 |
Banco Bradesco SA (PN) | 5,900 | | 136,656 |
Common Stocks - continued |
| Shares | | Value |
Brazil - continued |
Banco Daycoval SA (PN) | 5,000 | | $ 37,601 |
Bolsa de Mercadorias & Futuros - BM&F SA | 8,800 | | 89,472 |
Bovespa Holding SA | 5,800 | | 88,106 |
Companhia Vale do Rio Doce sponsored ADR | 9,900 | | 386,892 |
GVT Holding SA (a) | 900 | | 21,875 |
Medial Saude SA (a) | 700 | | 6,949 |
MRV Engenharia e Participacoes SA | 9,600 | | 193,479 |
Net Servicos de Comunicacao SA sponsored ADR | 2,400 | | 32,760 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) sponsored ADR (non-vtg.) | 1,200 | | 121,320 |
sponsored ADR | 8,800 | | 1,068,496 |
TAM SA (PN) sponsored ADR (ltd. vtg.) | 3,400 | | 80,240 |
TIM Participacoes SA sponsored ADR (non-vtg.) | 3,300 | | 110,814 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 1,400 | | 203,574 |
TOTAL BRAZIL | | 2,601,515 |
Canada - 2.6% |
Addax Petroleum, Inc. | 500 | | 22,282 |
BCE, Inc. | 5,000 | | 182,703 |
EnCana Corp. | 3,100 | | 250,099 |
First Quantum Minerals Ltd. | 2,300 | | 201,955 |
Goldcorp, Inc. | 5,300 | | 188,455 |
Harry Winston Diamond Corp. | 4,600 | | 136,296 |
Petrobank Energy & Resources Ltd. (a) | 2,100 | | 101,340 |
Potash Corp. of Saskatchewan, Inc. | 2,100 | | 386,295 |
Research In Motion Ltd. (a) | 3,500 | | 425,705 |
RONA, Inc. (a) | 4,600 | | 61,388 |
Sino-Forest Corp. (a) | 700 | | 10,600 |
SouthGobi Energy Resources Ltd. (a) | 800 | | 10,327 |
TOTAL CANADA | | 1,977,445 |
Cayman Islands - 1.8% |
AAC Acoustic Technology Holdings, Inc. (a) | 14,000 | | 13,833 |
AirMedia Group, Inc. ADR | 100 | | 1,986 |
Chaoda Modern Agriculture (Holdings) Ltd. | 242,575 | | 348,619 |
Foxconn International Holdings Ltd. (a) | 23,000 | | 35,711 |
Hidili Industry International Development Ltd. | 12,000 | | 18,324 |
Himax Technologies, Inc. sponsored ADR | 79,300 | | 398,879 |
Intime Department Store Group Co. Ltd. | 60,000 | | 44,732 |
LDK Solar Co. Ltd. Sponsored ADR | 4,000 | | 126,960 |
Lee & Man Paper Manufacturing Ltd. | 2,800 | | 5,210 |
SinoCom Software Group Ltd. | 154,000 | | 28,061 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Subsea 7, Inc. (a) | 11,500 | | $ 303,315 |
Yingli Green Energy Holding Co. Ltd. ADR | 1,700 | | 37,451 |
TOTAL CAYMAN ISLANDS | | 1,363,081 |
China - 1.6% |
Anhui Conch Cement Co. Ltd. (H Shares) | 6,000 | | 47,965 |
China Coal Energy Co. Ltd. (H Shares) | 13,000 | | 27,524 |
China Communications Construction Co. Ltd. (H Shares) | 35,000 | | 83,176 |
China Construction Bank Corp. (H Shares) | 216,000 | | 195,125 |
China Merchants Bank Co. Ltd. (H Shares) | 14,000 | | 58,474 |
China Nepstar Chain Drugstore Ltd. ADR | 100 | | 1,181 |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a) | 5,000 | | 27,200 |
First Tractor Co. Ltd. (H Shares) (a) | 134,000 | | 65,683 |
Focus Media Holding Ltd. ADR (a) | 2,000 | | 73,780 |
Global Bio-Chem Technology Group Co. Ltd. | 512,000 | | 237,829 |
Golden Eagle Retail Group Ltd. (H Shares) | 42,000 | | 42,576 |
Industrial & Commercial Bank of China | 148,000 | | 117,175 |
Nine Dragons Paper (Holdings) Ltd. | 78,000 | | 83,974 |
Shanda Interactive Entertainment Ltd. sponsored ADR (a) | 3,800 | | 130,302 |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 19,000 | | 18,480 |
TOTAL CHINA | | 1,210,444 |
Cyprus - 0.3% |
Marfin Popular Bank Public Co. | 14,100 | | 125,906 |
Mirland Development Corp. PLC (a) | 5,200 | | 47,559 |
XXI Century Investments Public Ltd. (a) | 1,500 | | 42,797 |
TOTAL CYPRUS | | 216,262 |
Czech Republic - 0.0% |
Ceske Energeticke Zavody AS | 300 | | 22,294 |
Denmark - 0.4% |
Novo Nordisk AS Series B sponsored ADR | 1,100 | | 75,559 |
Vestas Wind Systems AS (a) | 1,860 | | 203,906 |
TOTAL DENMARK | | 279,465 |
Egypt - 0.1% |
Eastern Tobacco Co. | 500 | | 36,161 |
Telecom Egypt SAE | 4,500 | | 16,306 |
TOTAL EGYPT | | 52,467 |
Finland - 1.1% |
Metso Corp. | 2,600 | | 112,836 |
Common Stocks - continued |
| Shares | | Value |
Finland - continued |
Nokia Corp. sponsored ADR | 23,100 | | $ 694,617 |
Wartsila Corp. | 1,000 | | 68,688 |
TOTAL FINLAND | | 876,141 |
France - 6.7% |
Accor SA | 2,000 | | 166,413 |
Alcatel-Lucent SA | 12,000 | | 80,300 |
Alstom SA | 1,594 | | 370,771 |
AXA SA sponsored ADR | 21,800 | | 807,690 |
BNP Paribas SA | 3,100 | | 335,129 |
Compagnie de St. Gobain | 1,300 | | 105,023 |
Compagnie Generale de Geophysique SA (a) | 491 | | 124,050 |
Delachaux SA | 2,300 | | 216,473 |
Gaz de France | 2,700 | | 178,462 |
Groupe Danone | 4,236 | | 375,873 |
L'Oreal SA | 618 | | 73,524 |
Laurent-Perrier Group | 800 | | 116,033 |
Meetic (a) | 2,258 | | 60,277 |
Remy Cointreau SA | 2,051 | | 127,592 |
Renault SA | 900 | | 92,800 |
SeLoger.com (a) | 1,518 | | 71,092 |
Societe Generale Series A | 600 | | 70,399 |
Suez SA (France) | 6,666 | | 473,486 |
Total SA: | | | |
Series B | 3,700 | | 309,865 |
sponsored ADR | 6,700 | | 562,800 |
Unibail-Rodamco | 1,100 | | 284,645 |
Vallourec SA | 300 | | 82,075 |
VINCI SA | 1,764 | | 130,612 |
TOTAL FRANCE | | 5,215,384 |
Georgia - 0.1% |
Bank of Georgia unit (a) | 1,800 | | 43,092 |
Germany - 8.5% |
Allianz AG sponsored ADR | 44,000 | | 892,320 |
Bayer AG | 4,100 | | 350,748 |
Continental AG | 1,300 | | 153,283 |
Daimler AG | 10,100 | | 781,942 |
Deutsche Boerse AG | 2,600 | | 382,426 |
E.ON AG | 8,100 | | 1,652,824 |
GEA Group AG | 2,600 | | 96,398 |
GFK AG | 3,600 | | 164,384 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
Lanxess AG | 2,600 | | $ 101,512 |
Linde AG | 1,400 | | 205,659 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 3,600 | | 698,336 |
RWE AG | 4,600 | | 530,967 |
SGL Carbon AG (a) | 1,000 | | 68,392 |
Siemens AG sponsored ADR | 4,400 | | 521,180 |
TOTAL GERMANY | | 6,600,371 |
Hong Kong - 1.7% |
BYD Electronic International Co. Ltd. | 50,000 | | 55,305 |
China Mobile (Hong Kong) Ltd. | 8,500 | | 146,263 |
China Mobile (Hong Kong) Ltd. sponsored ADR | 2,300 | | 198,536 |
China State Construction International Holdings Ltd. | 14,000 | | 23,318 |
CNOOC Ltd. sponsored ADR | 560 | | 99,428 |
CNPC (Hong Kong) Ltd. | 40,000 | | 19,248 |
Hong Kong Exchanges & Clearing Ltd. | 12,000 | | 245,138 |
REXCAPITAL Financial Holdings Ltd. (a) | 350,000 | | 40,869 |
Swire Pacific Ltd. (A Shares) | 39,500 | | 461,999 |
TOTAL HONG KONG | | 1,290,104 |
India - 1.7% |
Areva T&D India Ltd. | 690 | | 28,495 |
Axis Bank Ltd. GDR (Reg. S) | 3,700 | | 86,025 |
Bank of India | 4,463 | | 37,767 |
Bharat Heavy Electricals Ltd. | 396 | | 18,622 |
Bharti Airtel Ltd. (a) | 15,720 | | 349,085 |
Cambridge Solutions Ltd. (a) | 7,801 | | 9,334 |
GAIL India Ltd. | 1,181 | | 12,849 |
Indian Overseas Bank | 14,137 | | 53,039 |
Infosys Technologies Ltd. | 2,124 | | 92,054 |
JSW Steel Ltd. | 639 | | 13,827 |
Kalpataru Power Transmission Ltd. | 768 | | 20,642 |
LANCO Infratech Ltd. (a) | 3,570 | | 47,425 |
Pantaloon Retail India Ltd. | 3,194 | | 41,761 |
Reliance Industries Ltd. GDR (Reg. S) (b) | 1,458 | | 190,998 |
Rural Electrification Corp. Ltd. | 130 | | 394 |
Satyam Computer Services Ltd. | 9,346 | | 111,517 |
Satyam Computer Services Ltd. sponsored ADR | 3,400 | | 87,312 |
Sintex Industries Ltd. | 5,239 | | 59,883 |
Subex Ltd. | 1,147 | | 4,415 |
Suzlon Energy Ltd. | 11,683 | | 82,951 |
TOTAL INDIA | | 1,348,395 |
Common Stocks - continued |
| Shares | | Value |
Indonesia - 0.2% |
PT Bumi Resources Tbk | 100,500 | | $ 72,479 |
PT International Nickel Indonesia Tbk | 18,500 | | 13,342 |
PT Perusahaan Gas Negara Tbk Series B | 34,000 | | 44,615 |
TOTAL INDONESIA | | 130,436 |
Ireland - 0.6% |
Bank of Ireland | 12,600 | | 173,536 |
C&C Group PLC | 10,400 | | 71,436 |
CRH PLC sponsored ADR | 5,000 | | 193,100 |
Dragon Oil PLC (a) | 4,700 | | 46,537 |
TOTAL IRELAND | | 484,609 |
Israel - 0.8% |
BluePhoenix Solutions Ltd. (a) | 2,200 | | 18,810 |
Cellcom Israel Ltd. | 700 | | 23,142 |
ECtel Ltd. (a) | 9,100 | | 20,384 |
Israel Chemicals Ltd. | 10,600 | | 195,149 |
Leadcom Integrated Solutions | 18,200 | | 6,514 |
Orckit Communications Ltd. (a) | 4,400 | | 31,988 |
Ormat Industries Ltd. | 1,700 | | 22,147 |
Partner Communications Co. Ltd. ADR | 9,900 | | 230,373 |
RADWARE Ltd. (a) | 5,300 | | 52,417 |
Retalix Ltd. (a) | 1,900 | | 26,790 |
TOTAL ISRAEL | | 627,714 |
Italy - 2.5% |
Fiat SpA | 22,700 | | 510,186 |
Finmeccanica SpA | 6,900 | | 241,284 |
Impregilo SpA (a) | 16,600 | | 101,273 |
UniCredit SpA | 147,100 | | 1,120,862 |
TOTAL ITALY | | 1,973,605 |
Japan - 12.8% |
Aeon Co. Ltd. | 21,700 | | 318,073 |
Canon, Inc. | 7,800 | | 392,109 |
DeNA Co. Ltd. | 10 | | 71,057 |
Denso Corp. | 6,800 | | 237,151 |
East Japan Railway Co. | 29 | | 231,384 |
Fujitsu Ltd. | 14,000 | | 89,555 |
Ibiden Co. Ltd. | 2,000 | | 87,262 |
Ichiyoshi Securities Co. Ltd. | 7,600 | | 83,052 |
Japan Steel Works Ltd. | 13,000 | | 240,492 |
Japan Tobacco, Inc. | 55 | | 267,405 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
JGC Corp. | 5,000 | | $ 92,931 |
JSR Corp. | 4,500 | | 101,615 |
Kobayashi Pharmaceutical Co. Ltd. | 2,000 | | 69,968 |
Konica Minolta Holdings, Inc. | 16,000 | | 241,077 |
Kubota Corp. | 13,000 | | 91,068 |
Leopalace21 Corp. | 8,800 | | 155,653 |
Mitsubishi Estate Co. Ltd. | 3,000 | | 87,233 |
Mitsui & Co. Ltd. | 44,000 | | 1,033,234 |
Nintendo Co. Ltd. | 1,200 | | 659,424 |
ORIX Corp. | 3,580 | | 647,557 |
Osaka Gas Co. Ltd. | 112,000 | | 399,628 |
Osaka Securities Exchange Co. Ltd. | 10 | | 54,390 |
Rakuten, Inc. | 169 | | 105,554 |
SBI E*TRADE Securities Co. Ltd. | 78 | | 72,563 |
SBI Holdings, Inc. | 265 | | 69,666 |
Shin-Etsu Chemical Co. Ltd. | 1,400 | | 86,676 |
Shiseido Co. Ltd. | 7,000 | | 167,933 |
Sojitz Corp. | 18,300 | | 70,481 |
Sony Financial Holdings, Inc. | 27 | | 114,073 |
Sparx Group Co. Ltd. | 489 | | 214,503 |
Sugi Pharmacy Co. Ltd. | 1,000 | | 26,456 |
Sumco Techxiv Corp. | 3,100 | | 94,525 |
Sumitomo Metal Industries Ltd. | 30,000 | | 126,340 |
Sumitomo Mitsui Financial Group, Inc. | 31 | | 266,729 |
Sumitomo Realty & Development Co. Ltd. | 3,000 | | 75,187 |
Sumitomo Trust & Banking Co. Ltd. | 12,000 | | 107,876 |
Takeda Pharmaceutical Co. Ltd. | 7,300 | | 385,903 |
Tokai Carbon Co. Ltd. | 5,000 | | 52,378 |
Tokuyama Corp. | 27,000 | | 245,082 |
Tokyo Tatemono Co. Ltd. | 9,000 | | 78,563 |
Torishima Pump Manufacturing Co. Ltd. | 21,000 | | 363,216 |
Toyota Motor Corp. | 17,400 | | 886,608 |
Toyota Motor Corp. sponsored ADR | 1,300 | | 131,950 |
USS Co. Ltd. | 1,940 | | 137,748 |
Wacom Co. Ltd. | 60 | | 120,888 |
Xebio Co. Ltd. | 5,100 | | 154,140 |
Yamada Denki Co. Ltd. | 910 | | 78,116 |
TOTAL JAPAN | | 9,884,472 |
Kazakhstan - 0.2% |
JSC Halyk Bank of Kazakhstan unit | 10,900 | | 175,490 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - 1.5% |
Daegu Bank Co. Ltd. | 2,340 | | $ 37,085 |
Daelim Industrial Co. | 230 | | 31,064 |
Doosan Co. Ltd. (a) | 110 | | 18,914 |
GS Engineering & Construction Corp. | 210 | | 30,875 |
Hanjin Heavy Industries & Consolidated Co. Ltd. | 99 | | 5,674 |
Hyundai Steel Co. | 340 | | 26,739 |
Hyunjin Materials Co. Ltd. | 782 | | 30,789 |
Jinsung T.E.C. Co. Ltd. | 2,278 | | 32,016 |
Kookmin Bank | 1,413 | | 98,449 |
Kookmin Bank sponsored ADR | 1,000 | | 69,750 |
KT&G Corp. | 530 | | 43,847 |
LG Electronics, Inc. | 110 | | 17,159 |
MegaStudy Co. Ltd. | 100 | | 32,993 |
NHN Corp. (a) | 1,060 | | 246,180 |
POSCO sponsored ADR | 400 | | 49,360 |
Pusan Bank | 2,810 | | 45,235 |
Samsung Electronics Co. Ltd. | 410 | | 290,566 |
TK Corp. | 1,148 | | 44,341 |
TOTAL KOREA (SOUTH) | | 1,151,036 |
Luxembourg - 0.8% |
ArcelorMittal SA (NY Reg.) Class A | 6,700 | | 596,903 |
Evraz Group SA GDR | 400 | | 41,500 |
TOTAL LUXEMBOURG | | 638,403 |
Malaysia - 0.2% |
Bandar Raya Developments Bhd | 79,200 | | 51,145 |
Gamuda Bhd | 41,400 | | 40,889 |
Public Bank Bhd | 14,800 | | 53,409 |
TOTAL MALAYSIA | | 145,443 |
Mauritius - 0.1% |
Golden Agri-Resources Ltd. | 68,000 | | 42,622 |
Mexico - 1.2% |
America Movil SAB de CV Series L sponsored ADR | 14,300 | | 828,828 |
Banco Compartamos SA de CV | 3,600 | | 15,122 |
Grupo Financiero Banorte SA de CV Series O | 10,039 | | 44,324 |
Megacable Holdings SAB de CV unit | 2,200 | | 6,481 |
Wal-Mart de Mexico SA de CV Series V | 5,100 | | 20,636 |
TOTAL MEXICO | | 915,391 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - 1.5% |
Advanced Metallurgical Group NV | 2,150 | | $ 147,412 |
AmRest Holdings NV (a) | 2,600 | | 101,112 |
ASML Holding NV (NY Shares) | 9,200 | | 260,912 |
Gemalto NV (a) | 4,900 | | 158,495 |
Heineken NV (Bearer) | 1,300 | | 75,880 |
ING Groep NV sponsored ADR | 8,900 | | 338,111 |
Koninklijke KPN NV | 3,000 | | 55,193 |
TOTAL NETHERLANDS | | 1,137,115 |
Norway - 2.4% |
Det Norske Oljeselskap ASA (DNO) (A Shares) (a) | 15,000 | | 28,585 |
DnB Nor ASA | 12,800 | | 191,874 |
Fred Olsen Energy ASA | 1,500 | | 95,334 |
Marine Harvest ASA (a) | 74,000 | | 48,994 |
Orkla ASA (A Shares) | 32,400 | | 430,303 |
Petroleum Geo-Services ASA | 21,800 | | 595,324 |
Pronova BioPharma ASA | 41,400 | | 143,151 |
StatoilHydro ASA sponsored ADR | 8,600 | | 311,062 |
TOTAL NORWAY | | 1,844,627 |
Papua New Guinea - 0.2% |
Lihir Gold Ltd. (a) | 48,662 | | 134,947 |
Peru - 0.0% |
Compania de Minas Buenaventura SA sponsored ADR | 400 | | 25,028 |
Philippines - 0.3% |
Alliance Global Group, Inc. (a) | 310,000 | | 28,632 |
Jollibee Food Corp. | 65,500 | | 68,253 |
Philippine Long Distance Telephone Co. sponsored ADR | 2,700 | | 164,970 |
TOTAL PHILIPPINES | | 261,855 |
Poland - 0.0% |
Eurocash SA | 1,200 | | 7,136 |
Russia - 1.7% |
JSC MMC 'Norilsk Nickel' sponsored ADR | 3,900 | | 106,080 |
Lukoil Oil Co. sponsored ADR | 500 | | 44,900 |
Mechel Steel Group OAO sponsored ADR | 400 | | 58,320 |
Mobile TeleSystems OJSC sponsored ADR | 500 | | 38,790 |
OAO Gazprom sponsored ADR | 12,380 | | 654,902 |
OAO Raspadskaya (a) | 4,700 | | 39,715 |
OAO TatNeft unit | 300 | | 38,475 |
OAO TMK unit | 400 | | 13,200 |
OJSC Rosneft unit | 6,700 | | 65,660 |
Common Stocks - continued |
| Shares | | Value |
Russia - continued |
Sberbank (Savings Bank of the Russian Federation) GDR | 290 | | $ 110,821 |
Uralkali JSC (a) | 4,100 | | 42,845 |
Vimpel Communications sponsored ADR | 2,000 | | 60,320 |
Wimm-Bill-Dann Foods OJSC sponsored ADR | 300 | | 36,510 |
TOTAL RUSSIA | | 1,310,538 |
Singapore - 0.7% |
DBS Group Holdings Ltd. | 20,000 | | 292,899 |
Ezra Holdings Ltd. | 7,000 | | 12,388 |
Singapore Exchange Ltd. | 35,000 | | 221,702 |
Straits Asia Resources Ltd. | 18,000 | | 43,802 |
TOTAL SINGAPORE | | 570,791 |
South Africa - 2.5% |
African Rainbow Minerals Ltd. | 15,863 | | 539,209 |
Anglo Platinum Ltd. | 494 | | 79,225 |
Discovery Holdings Ltd. | 700 | | 2,301 |
Impala Platinum Holdings Ltd. | 12,700 | | 517,380 |
JSE Ltd. | 8,710 | | 75,183 |
MTN Group Ltd. | 25,003 | | 477,876 |
Murray & Roberts Holdings Ltd. | 10,014 | | 117,221 |
Nedbank Group Ltd. | 2,800 | | 42,405 |
Northam Platinum Ltd. | 900 | | 7,856 |
Raubex Group Ltd. | 15,481 | | 79,858 |
Truworths International Ltd. | 8,400 | | 28,443 |
TOTAL SOUTH AFRICA | | 1,966,957 |
Spain - 3.6% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 15,300 | | 350,676 |
Banco Santander SA | 33,400 | | 722,149 |
Banco Santander SA sponsored ADR | 15,900 | | 335,331 |
Gestevision Telecinco SA | 8,500 | | 179,003 |
Grifols SA | 7,590 | | 212,685 |
Inditex SA | 2,800 | | 152,900 |
Telefonica SA sponsored ADR | 9,400 | | 811,972 |
TOTAL SPAIN | | 2,764,716 |
Sweden - 1.4% |
H&M Hennes & Mauritz AB (B Shares) | 3,100 | | 184,311 |
Svenska Cellulosa AB (SCA) (B Shares) | 20,800 | | 350,853 |
Common Stocks - continued |
| Shares | | Value |
Sweden - continued |
Swedish Match Co. | 9,600 | | $ 210,832 |
Telefonaktiebolaget LM Ericsson (B Shares) | 146,000 | | 368,745 |
TOTAL SWEDEN | | 1,114,741 |
Switzerland - 6.7% |
ABB Ltd. sponsored ADR | 17,700 | | 542,859 |
Compagnie Financiere Richemont unit | 1,718 | | 104,681 |
Credit Suisse Group sponsored ADR | 6,100 | | 325,435 |
EFG International | 3,600 | | 115,149 |
Nestle SA (Reg.) | 3,125 | | 1,498,577 |
Roche Holding AG (participation certificate) | 9,337 | | 1,556,767 |
SGS Societe Generale de Surveillance Holding SA (Reg.) | 72 | | 101,775 |
Sonova Holding AG | 1,312 | | 111,021 |
Swiss Life Holding | 885 | | 265,141 |
The Swatch Group AG: | | | |
(Bearer) | 299 | | 80,780 |
(Reg.) | 182 | | 9,377 |
Zurich Financial Services AG (Reg.) | 1,430 | | 437,734 |
TOTAL SWITZERLAND | | 5,149,296 |
Taiwan - 1.4% |
Advanced Semiconductor Engineering, Inc. | 35,000 | | 35,957 |
AU Optronics Corp. | 45,000 | | 87,938 |
AU Optronics Corp. sponsored ADR | 2,400 | | 46,848 |
China Steel Corp. | 27,000 | | 44,339 |
Everlight Electronics Co. Ltd. | 10,000 | | 38,427 |
First Financial Holding Co. Ltd. | 46,000 | | 55,900 |
Formosa Plastics Corp. | 11,000 | | 31,431 |
HannStar Display Corp. (a) | 350,000 | | 162,082 |
High Tech Computer Corp. | 2,000 | | 51,564 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 33,000 | | 191,296 |
Innolux Display Corp. | 22,000 | | 64,813 |
MediaTek, Inc. | 3,000 | | 38,919 |
Powertech Technology, Inc. | 5,000 | | 20,117 |
Prime View International Co. Ltd. | 89,000 | | 138,553 |
Siliconware Precision Industries Co. Ltd. | 14,000 | | 24,232 |
Taiwan Cement Corp. | 9,000 | | 14,632 |
TOTAL TAIWAN | | 1,047,048 |
Common Stocks - continued |
| Shares | | Value |
Thailand - 0.1% |
PTT PCL (For. Reg.) | 5,100 | | $ 53,701 |
Siam Commercial Bank PCL (For. Reg.) | 21,700 | | 60,886 |
TOTAL THAILAND | | 114,587 |
Turkey - 0.6% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 10,100 | | 91,883 |
Asya Katilim Bankasi AS (a) | 19,100 | | 132,566 |
Enka Insaat ve Sanayi AS | 1,100 | | 15,183 |
Tupras-Turkiye Petrol Rafinerileri AS | 1,000 | | 27,057 |
Turkiye Garanti Bankasi AS | 30,200 | | 162,238 |
TOTAL TURKEY | | 428,927 |
United Arab Emirates - 0.0% |
DP World Ltd. | 6,947 | | 7,294 |
United Kingdom - 14.5% |
3i Group PLC | 13,700 | | 234,119 |
Aegis Group PLC | 67,000 | | 167,848 |
Anglo American PLC: | | | |
ADR | 9,500 | | 311,125 |
(United Kingdom) | 3,400 | | 220,986 |
Autonomy Corp. PLC (a) | 7,300 | | 124,314 |
BAE Systems PLC | 65,600 | | 608,778 |
Barratt Developments PLC | 4,400 | | 24,167 |
BG Group PLC | 12,400 | | 303,494 |
BHP Billiton PLC | 6,400 | | 229,046 |
BHP Billiton PLC ADR | 10,000 | | 720,800 |
BP PLC | 18,800 | | 227,806 |
British American Tobacco PLC | 3,900 | | 146,293 |
British American Tobacco PLC sponsored ADR | 3,300 | | 249,282 |
Cairn Energy PLC | 300 | | 18,694 |
Datacash Group PLC | 27,900 | | 156,432 |
easyJet PLC (a) | 16,800 | | 103,131 |
Expro International Group PLC | 2,500 | | 75,454 |
HBOS PLC | 37,200 | | 347,995 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 7,163 | | 124,374 |
Informa PLC | 31,400 | | 215,699 |
International Power PLC | 15,500 | | 135,368 |
Man Group PLC | 32,975 | | 381,246 |
Max Petroleum PLC (a) | 76,100 | | 102,510 |
Meggitt PLC | 11,000 | | 64,901 |
Misys PLC | 43,200 | | 134,636 |
National Grid PLC | 41,400 | | 576,607 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Premier Foods PLC | 59,000 | | $ 151,326 |
Prudential PLC | 15,700 | | 215,387 |
Randgold Resources Ltd. sponsored ADR | 300 | | 13,656 |
Reckitt Benckiser Group PLC | 7,400 | | 432,269 |
Renovo Group PLC (a) | 53,700 | | 36,835 |
Rio Tinto PLC sponsored ADR | 1,490 | | 700,300 |
Rolls-Royce Group PLC | 44,600 | | 389,287 |
Royal Bank of Scotland Group PLC | 75,600 | | 518,575 |
Royal Dutch Shell PLC Class A sponsored ADR | 12,300 | | 987,813 |
Serco Group PLC | 33,700 | | 295,488 |
Sibir Energy PLC | 1,800 | | 22,368 |
Tesco PLC | 82,400 | | 702,838 |
Vodafone Group PLC sponsored ADR | 13,800 | | 436,908 |
Xstrata PLC | 3,000 | | 235,369 |
Yell Group PLC | 9,000 | | 29,704 |
TOTAL UNITED KINGDOM | | 11,173,228 |
United States of America - 3.6% |
Allergan, Inc. | 1,500 | | 84,555 |
Berkshire Hathaway, Inc. Class B (a) | 30 | | 133,710 |
Cypress Semiconductor Corp. (a) | 10,000 | | 281,200 |
EnergySolutions, Inc. | 2,600 | | 56,810 |
FMC Technologies, Inc. (a) | 3,200 | | 215,040 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 300 | | 34,125 |
Gilead Sciences, Inc. (a) | 4,100 | | 212,216 |
Juniper Networks, Inc. (a) | 11,400 | | 314,868 |
Merck & Co., Inc. | 2,600 | | 98,904 |
Philip Morris International, Inc. (a) | 2,700 | | 137,781 |
Pricesmart, Inc. | 3,100 | | 88,505 |
Titanium Metals Corp. | 2,000 | | 30,480 |
Transocean, Inc. (a) | 3,820 | | 563,297 |
Valero Energy Corp. | 2,500 | | 122,125 |
Varian Semiconductor Equipment Associates, Inc. (a) | 2,200 | | 80,586 |
Visa, Inc. | 2,800 | | 233,660 |
VMware, Inc. Class A | 1,238 | | 82,500 |
TOTAL UNITED STATES OF AMERICA | | 2,770,362 |
Vietnam - 0.0% |
Luks Group (Vietnam Holdings) Co. Ltd. | 34,000 | | 31,412 |
TOTAL COMMON STOCKS (Cost $75,723,098) | 75,074,247 |
Nonconvertible Preferred Stocks - 0.4% |
| Shares | | Value |
Brazil - 0.0% |
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) | 750 | | $ 36,052 |
Germany - 0.2% |
ProSiebenSat.1 Media AG | 8,200 | | 127,754 |
Italy - 0.2% |
Telecom Italia SpA (Risp) | 71,400 | | 117,593 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC B Shares (a) | 3,763,200 | | 7,482 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $342,815) | 288,881 |
Investment Companies - 0.6% |
| | | |
United States of America - 0.6% |
iShares MSCI EAFE Growth Index ETF
(Cost $499,672) | 6,600 | | 499,092 |
Cash Equivalents - 1.8% |
| Maturity Amount | | |
Investments in repurchase agreements in a joint trading account at 1.95%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Treasury Obligations) #
(Cost $1,380,000) | $ 1,380,075 | | 1,380,000 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $77,945,585) | | 77,242,220 |
NET OTHER ASSETS - 0.0% | | 1,272 |
NET ASSETS - 100% | $ 77,243,492 |
Legend |
(a) Non-income producing |
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $190,998 or 0.2% of net assets. |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$1,380,000 due 5/01/08 at 1.95% |
BNP Paribas Securities Corp. | $ 643,908 |
Fortis Securities LLC | 294,591 |
HSBC Securities (USA), Inc. | 147,167 |
ING Financial Markets LLC | 294,334 |
| $ 1,380,000 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total International Equity Fund
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including repurchase agreements of $1,380,000) - See accompanying schedule: Unaffiliated issuers (cost $77,945,585) | | $ 77,242,220 |
Cash | | 22,132 |
Foreign currency held at value (cost $57) | | 57 |
Receivable for investments sold | | 372,780 |
Receivable for fund shares sold | | 256,680 |
Dividends receivable | | 368,049 |
Prepaid expenses | | 38,720 |
Other receivables | | 4,620 |
Total assets | | 78,305,258 |
| | |
Liabilities | | |
Payable for investments purchased | $ 762,488 | |
Payable for fund shares redeemed | 140,884 | |
Accrued management fee | 67,294 | |
Distribution fees payable | 11,048 | |
Other affiliated payables | 15,963 | |
Other payables and accrued expenses | 64,089 | |
Total liabilities | | 1,061,766 |
| | |
Net Assets | | $ 77,243,492 |
Net Assets consist of: | | |
Paid in capital | | $ 79,786,462 |
Undistributed net investment income | | 421,613 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (2,257,081) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (707,502) |
Net Assets | | $ 77,243,492 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($8,233,205 ÷ 906,386 shares) | | $ 9.08 |
| | |
Maximum offering price per share (100/94.25 of $9.08) | | $ 9.63 |
Class T:
Net Asset Value and redemption price per share ($4,727,533 ÷ 521,104 shares) | | $ 9.07 |
| | |
Maximum offering price per share (100/96.50 of $9.07) | | $ 9.40 |
Class B:
Net Asset Value and offering price per share ($4,604,991 ÷ 508,870 shares)A | | $ 9.05 |
| | |
Class C:
Net Asset Value and offering price per share ($4,697,365 ÷ 519,084 shares)A | | $ 9.05 |
| | |
Total International Equity:
Net Asset Value, offering price and redemption price per share ($50,112,785 ÷ 5,512,830 shares) | | $ 9.09 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($4,867,613 ÷ 535,478 shares) | | $ 9.09 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total International Equity Fund
Financial Statements - continued
Statement of Operations
For the period November 1, 2007 (commencement of operations) to April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 890,391 |
Interest | | 43,104 |
| | 933,495 |
Less foreign taxes withheld | | (83,312) |
Total income | | 850,183 |
| | |
Expenses | | |
Management fee | $ 201,827 | |
Transfer agent fees | 61,241 | |
Distribution fees | 63,348 | |
Accounting fees and expenses | 14,784 | |
Custodian fees and expenses | 278,938 | |
Independent trustees' compensation | 92 | |
Registration fees | 55,993 | |
Audit | 29,844 | |
Legal | 2,766 | |
Miscellaneous | 1,339 | |
Total expenses before reductions | 710,172 | |
Expense reductions | (297,431) | 412,741 |
Net investment income (loss) | | 437,442 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (2,221,716) | |
Foreign currency transactions | (35,365) | |
Total net realized gain (loss) | | (2,257,081) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (703,365) | |
Assets and liabilities in foreign currencies | (4,137) | |
Total change in net unrealized appreciation (depreciation) | | (707,502) |
Net gain (loss) | | (2,964,583) |
Net increase (decrease) in net assets resulting from operations | | $ (2,527,141) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| For the period
November 1, 2007 (commencement
of operations) to April 30, 2008
(Unaudited) |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 437,442 |
Net realized gain (loss) | (2,257,081) |
Change in net unrealized appreciation (depreciation) | (707,502) |
Net increase (decrease) in net assets resulting from operations | (2,527,141) |
Distributions to shareholders from net investment income | (15,829) |
Share transactions - net increase (decrease) | 79,780,522 |
Redemption fees | 5,940 |
Total increase (decrease) in net assets | 77,243,492 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $421,613) | $ 77,243,492 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .07 |
Net realized and unrealized gain (loss) | (.99) |
Total from investment operations | (.92) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.08 |
Total Return B, C, D | (9.20)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 2.39% A |
Expenses net of fee waivers, if any | 1.50% A |
Expenses net of all reductions | 1.47% A |
Net investment income (loss) | 1.50% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 8,233 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .06 |
Net realized and unrealized gain (loss) | (.99) |
Total from investment operations | (.93) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.07 |
Total Return B, C, D | (9.30)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 2.78% A |
Expenses net of fee waivers, if any | 1.75% A |
Expenses net of all reductions | 1.72% A |
Net investment income (loss) | 1.25% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 4,728 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H 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
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .03 |
Net realized and unrealized gain (loss) | (.98) |
Total from investment operations | (.95) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.05 |
Total Return B, C, D | (9.50)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 3.28% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.22% A |
Net investment income (loss) | .75% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 4,605 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .03 |
Net realized and unrealized gain (loss) | (.98) |
Total from investment operations | (.95) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.05 |
Total Return B, C, D | (9.50)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 3.27% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.23% A |
Net investment income (loss) | .75% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 4,697 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Total International Equity
| Period ended April 30, 2008 E |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .08 |
Net realized and unrealized gain (loss) | (.98) |
Total from investment operations | (.90) |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | - G |
Net asset value, end of period | $ 9.09 |
Total Return B, C | (9.05)% |
Ratios to Average Net Assets F | |
Expenses before reductions | 2.28% A |
Expenses net of fee waivers, if any | 1.25% A |
Expenses net of all reductions | 1.22% A |
Net investment income (loss) | 1.75% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 50,113 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
F 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.
G Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Period ended April 30, 2008 E |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .08 |
Net realized and unrealized gain (loss) | (.98) |
Total from investment operations | (.90) |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | - G |
Net asset value, end of period | $ 9.09 |
Total Return B, C | (9.05)% |
Ratios to Average Net Assets F | |
Expenses before reductions | 2.27% A |
Expenses net of fee waivers, if any | 1.25% A |
Expenses net of all reductions | 1.23% A |
Net investment income (loss) | 1.75% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 4,868 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
F 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.
G 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, 2008 (Unaudited)
1. Organization.
Fidelity Total International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Total International Equity, 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.
2. Significant Accounting Policies.
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. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
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
Semiannual Report
2. Significant Accounting Policies - continued
Security Valuation - continued
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.
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 is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Expenses - continued
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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions expected to be taken in the initial filing of the Fund's tax return. 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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 4,596,626 | |
Unrealized depreciation | (5,570,961) | |
Net unrealized appreciation (depreciation) | $ (974,335) | |
Cost for federal income tax purposes | $ 78,216,555 | |
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 Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. 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 results in expanded disclosures about fair value measurements.
Semiannual Report
3. 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $99,132,475 and $20,345,164, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and 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, Total International Equity, as compared to an appropriate benchmark index. The Fund's performance adjustment will not take effect until November 1, 2008. 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.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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% | $ 6,621 | $ 5,993 |
Class T | .25% | .25% | 11,516 | 11,188 |
Class B | .75% | .25% | 22,505 | 22,466 |
Class C | .75% | .25% | 22,706 | 22,515 |
| | | $ 63,348 | $ 62,162 |
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 | $ 493 |
Class T | 144 |
Class B* | - |
Class C* | - |
| $ 637 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
For the period, the total transfer agent fees paid by each class to FIIOC were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 4,021 | .15 |
Class T | 3,554 | .15 |
Class B | 3,441 | .15 |
Class C | 3,539 | .16 |
Total International Equity | 43,082 | .26 |
Institutional Class | 3,604 | .16 |
| $ 61,241 | |
* Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $1,072 for the period.
6. 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 $17 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Expense Reductions - continued
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
| | |
Class A | 1.50% | $ 23,808 |
Class T | 1.75% | 23,704 |
Class B | 2.25% | 23,104 |
Class C | 2.25% | 23,302 |
Total International Equity | 1.25% | 172,873 |
Institutional Class | 1.25% | 23,699 |
| | $ 290,490 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $6,941 for the period.
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
FMR or its affiliates were the owners of record of 31% of the total outstanding shares of the Fund.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| For the period
November 1, 2007
(commencement of
operations) to
April 30, 2008 |
From net investment income | |
Total International Equity | $ 13,264 |
Institutional Class | 2,565 |
Total | $ 15,829 |
Semiannual Report
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| For the period
November 1, 2007
(commencement of operations) to
April 30, 2008 | For the period
November 1, 2007
(commencement of operations) to
April 30, 2008 |
Class A | | |
Shares sold | 912,091 | $ 8,583,495 |
Shares redeemed | (5,705) | (50,638) |
Net increase (decrease) | 906,386 | $ 8,532,857 |
Class T | | |
Shares sold | 521,104 | $ 5,191,337 |
Net increase (decrease) | 521,104 | $ 5,191,337 |
Class B | | |
Shares sold | 508,946 | $ 5,075,845 |
Shares redeemed | (76) | (680) |
Net increase (decrease) | 508,870 | $ 5,075,165 |
Class C | | |
Shares sold | 521,437 | $ 5,190,447 |
Shares redeemed | (2,353) | (21,294) |
Net increase (decrease) | 519,084 | $ 5,169,153 |
Total International Equity | | |
Shares sold | 6,336,488 | $ 57,633,290 |
Reinvestment of distributions | 1,313 | 12,459 |
Shares redeemed | (824,971) | (7,149,117) |
Net increase (decrease) | 5,512,830 | $ 50,496,632 |
Institutional Class | | |
Shares sold | 535,238 | $ 5,313,078 |
Reinvestment of distributions | 270 | 2,565 |
Shares redeemed | (30) | (265) |
Net increase (decrease) | 535,478 | $ 5,315,378 |
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Total International Equity Fund
On October 18, 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. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
In determining whether to approve the Advisory Contracts for the fund, the Board was aware that shareholders have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, may choose to invest in this fund, managed by Fidelity.
Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio managers and the fund's investment objective and discipline.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.
Shareholder and Administrative Services. The Board considered the nature, extent, quality and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
Semiannual Report
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge.
Investment Performance. Fidelity Total International Equity Fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. Once the fund has been in operation for at least one calendar year, the Board will review the fund's absolute performance for each class, as well as the fund's relative investment performance for each class measured against a broad-based securities market index and a peer group of mutual funds deemed appropriate by the Board.
The Board considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board realizes that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the fund's shareholders. The Board considered that the fund's performance adjustment fee is calculated based on the results of the retail class and does not take into account the performance of the Advisor classes. The Board considered FMR's belief that the retail class is the appropriate class on which to base the performance fee because: (i) the class does not have a 12b-1 fee; and (ii) distribution-related expenses should be excluded from the calculation because they are not related to evaluating an adviser's investment management skills.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided by Fidelity will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's proposed management fee and projected total operating expenses for each class of the fund in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also considered that the projected total operating expenses are comparable to those of similar classes and funds that Fidelity offers to shareholders.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its review, the Board concluded that the fund's net management fee and projected total expenses for each class of the fund were fair and reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders.
Economies of Scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions, including reductions that occur through operation of the transfer agent agreement. The transfer agent fee varies in part based on the number of accounts in the fund. If the number of accounts decreases or the average account size increases, the overall transfer agent fee rate decreases.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets.
The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be approved.
Semiannual Report
Fidelity International Growth Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2007 to April 30, 2008).
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.
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.
Semiannual Report
Fidelity International Growth Fund
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning
Account Value
November 1, 2007 | Ending
Account Value
April 30, 2008 | Expenses Paid
During Period*
November 1, 2007 to April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 913.00 | $ 7.13 |
HypotheticalA | $ 1,000.00 | $ 1,017.40 | $ 7.52 |
Class T | | | |
Actual | $ 1,000.00 | $ 912.00 | $ 8.32 |
HypotheticalA | $ 1,000.00 | $ 1,016.16 | $ 8.77 |
Class B | | | |
Actual | $ 1,000.00 | $ 910.00 | $ 10.69 |
HypotheticalA | $ 1,000.00 | $ 1,013.67 | $ 11.27 |
Class C | | | |
Actual | $ 1,000.00 | $ 910.00 | $ 10.69 |
HypotheticalA | $ 1,000.00 | $ 1,013.67 | $ 11.27 |
International Growth | | | |
Actual | $ 1,000.00 | $ 914.50 | $ 5.95 |
HypotheticalA | $ 1,000.00 | $ 1,018.65 | $ 6.27 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 914.50 | $ 5.95 |
HypotheticalA | $ 1,000.00 | $ 1,018.65 | $ 6.27 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.50% |
Class T | 1.75% |
Class B | 2.25% |
Class C | 2.25% |
International Growth | 1.25% |
Institutional Class | 1.25% |
Semiannual Report
Fidelity International Growth Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| United Kingdom 18.6% | |
| Switzerland 10.2% | |
| United States of America 8.6% | |
| Germany 8.6% | |
| Japan 7.9% | |
| France 7.0% | |
| Australia 5.8% | |
| Canada 3.9% | |
| South Africa 3.8% | |
| Other 25.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2008 |
| % of fund's
net assets |
Stocks and Investment Companies | 99.6 |
Short-Term Investments and Net Other Assets | 0.4 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets |
Nestle SA (Reg.) (Switzerland, Food Products) | 4.5 |
E.ON AG (Germany, Electric Utilities) | 3.2 |
BHP Billiton PLC ADR (United Kingdom, Metals & Mining) | 2.5 |
Rio Tinto PLC sponsored ADR (United Kingdom, Metals & Mining) | 2.4 |
Nintendo Co. Ltd. (Japan, Software) | 2.4 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.3 |
CSL Ltd. (Australia, Biotechnology) | 2.3 |
Nokia Corp. sponsored ADR (Finland, Communications Equipment) | 2.2 |
ArcelorMittal SA (NY Reg.) Class A (Luxembourg, Metals & Mining) | 2.1 |
Tesco PLC (United Kingdom, Food & Staples Retailing) | 2.1 |
| 26.0 |
Market Sectors as of April 30, 2008 |
| % of fund's net assets |
Consumer Staples | 17.4 |
Materials | 15.7 |
Industrials | 14.5 |
Information Technology | 11.3 |
Financials | 9.2 |
Health Care | 8.0 |
Telecommunication Services | 6.6 |
Consumer Discretionary | 5.1 |
Utilities | 5.0 |
Energy | 4.9 |
Semiannual Report
Fidelity International Growth Fund
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% |
| Shares | | Value |
Australia - 5.8% |
ASX Ltd. | 2,890 | | $ 97,836 |
Cochlear Ltd. | 4,218 | | 225,588 |
CSL Ltd. | 17,248 | | 647,351 |
Leighton Holdings Ltd. | 2,718 | | 120,727 |
Woolworths Ltd. | 12,515 | | 338,797 |
WorleyParsons Ltd. | 5,630 | | 206,047 |
TOTAL AUSTRALIA | | 1,636,346 |
Belgium - 1.5% |
Hansen Transmission International NV | 18,800 | | 82,234 |
InBev SA | 4,100 | | 337,947 |
TOTAL BELGIUM | | 420,181 |
Bermuda - 0.6% |
Aquarius Platinum Ltd.: | | | |
(Australia) | 3,401 | | 54,343 |
(United Kingdom) | 800 | | 12,606 |
Ports Design Ltd. | 34,500 | | 111,117 |
TOTAL BERMUDA | | 178,066 |
Brazil - 2.4% |
Bolsa de Mercadorias & Futuros - BM&F SA | 8,000 | | 81,338 |
Bovespa Holding SA | 5,600 | | 85,068 |
Companhia Vale do Rio Doce sponsored ADR | 1,700 | | 66,436 |
MRV Engenharia e Participacoes SA | 9,200 | | 185,417 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 2,050 | | 248,911 |
TOTAL BRAZIL | | 667,170 |
Canada - 3.9% |
Goldcorp, Inc. | 5,200 | | 184,899 |
Harry Winston Diamond Corp. | 4,400 | | 130,370 |
Potash Corp. of Saskatchewan, Inc. | 2,100 | | 386,295 |
Research In Motion Ltd. (a) | 3,100 | | 377,053 |
TOTAL CANADA | | 1,078,617 |
Cayman Islands - 0.3% |
Chaoda Modern Agriculture (Holdings) Ltd. | 62,400 | | 89,679 |
Denmark - 0.9% |
Novo Nordisk AS Series B sponsored ADR | 1,000 | | 68,690 |
Vestas Wind Systems AS (a) | 1,760 | | 192,943 |
TOTAL DENMARK | | 261,633 |
Common Stocks - continued |
| Shares | | Value |
Finland - 2.8% |
Metso Corp. | 2,600 | | $ 112,836 |
Nokia Corp. sponsored ADR | 20,600 | | 619,442 |
Wartsila Corp. | 920 | | 63,193 |
TOTAL FINLAND | | 795,471 |
France - 7.0% |
Alstom SA | 1,555 | | 361,699 |
Compagnie Generale de Geophysique SA (a) | 448 | | 113,186 |
Delachaux SA | 2,200 | | 207,061 |
Groupe Danone | 4,095 | | 363,361 |
L'Oreal SA | 667 | | 79,354 |
Laurent-Perrier Group | 800 | | 116,033 |
Meetic (a) | 1,889 | | 50,426 |
Remy Cointreau SA | 1,904 | | 118,447 |
SeLoger.com (a) | 1,367 | | 64,021 |
Suez SA (France) | 5,165 | | 366,870 |
VINCI SA | 1,697 | | 125,651 |
TOTAL FRANCE | | 1,966,109 |
Germany - 8.6% |
Bayer AG | 3,700 | | 316,529 |
Continental AG | 1,200 | | 141,492 |
Deutsche Boerse AG | 2,400 | | 353,008 |
E.ON AG | 4,400 | | 897,826 |
Linde AG | 1,300 | | 190,969 |
Siemens AG sponsored ADR | 4,200 | | 497,490 |
TOTAL GERMANY | | 2,397,314 |
Hong Kong - 1.2% |
China Mobile (Hong Kong) Ltd. sponsored ADR | 1,000 | | 86,320 |
Hong Kong Exchanges & Clearing Ltd. | 12,000 | | 245,138 |
TOTAL HONG KONG | | 331,458 |
India - 1.7% |
Bharti Airtel Ltd. (a) | 15,369 | | 341,291 |
Reliance Industries Ltd. GDR (Reg. S) (b) | 976 | | 127,856 |
TOTAL INDIA | | 469,147 |
Israel - 0.8% |
Partner Communications Co. Ltd. ADR | 9,600 | | 223,392 |
Italy - 1.3% |
Fiat SpA | 16,300 | | 366,345 |
Common Stocks - continued |
| Shares | | Value |
Japan - 7.9% |
Japan Steel Works Ltd. | 12,000 | | $ 221,993 |
Japan Tobacco, Inc. | 35 | | 170,167 |
Kobayashi Pharmaceutical Co. Ltd. | 2,000 | | 69,968 |
Nintendo Co. Ltd. | 1,200 | | 659,424 |
Osaka Securities Exchange Co. Ltd. | 10 | | 54,390 |
Shiseido Co. Ltd. | 6,000 | | 143,942 |
Sony Financial Holdings, Inc. | 27 | | 114,073 |
Sparx Group Co. Ltd. | 250 | | 109,664 |
Sumitomo Mitsui Financial Group, Inc. | 20 | | 172,083 |
Torishima Pump Manufacturing Co. Ltd. | 20,200 | | 349,379 |
USS Co. Ltd. | 1,900 | | 134,908 |
TOTAL JAPAN | | 2,199,991 |
Korea (South) - 0.9% |
NHN Corp. (a) | 1,036 | | 240,606 |
Luxembourg - 2.1% |
ArcelorMittal SA (NY Reg.) Class A | 6,600 | | 587,994 |
Malaysia - 0.3% |
Bandar Raya Developments Bhd | 67,700 | | 43,719 |
Gamuda Bhd | 35,200 | | 34,765 |
TOTAL MALAYSIA | | 78,484 |
Mexico - 1.7% |
America Movil SAB de CV Series L sponsored ADR | 7,500 | | 434,700 |
Banco Compartamos SA de CV | 3,400 | | 14,282 |
Wal-Mart de Mexico SA de CV Series V | 4,900 | | 19,827 |
TOTAL MEXICO | | 468,809 |
Netherlands - 1.2% |
AmRest Holdings NV (a) | 2,300 | | 89,446 |
ASML Holding NV (NY Shares) | 8,800 | | 249,568 |
TOTAL NETHERLANDS | | 339,014 |
Papua New Guinea - 0.1% |
Lihir Gold Ltd. (a) | 9,338 | | 25,896 |
Philippines - 0.2% |
Jollibee Food Corp. | 43,800 | | 45,641 |
Singapore - 0.8% |
Singapore Exchange Ltd. | 35,000 | | 221,702 |
South Africa - 3.8% |
African Rainbow Minerals Ltd. | 13,939 | | 473,809 |
Anglo Platinum Ltd. | 454 | | 72,810 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
JSE Ltd. | 7,289 | | $ 62,917 |
MTN Group Ltd. | 16,000 | | 305,804 |
Murray & Roberts Holdings Ltd. | 6,232 | | 72,950 |
Raubex Group Ltd. | 15,221 | | 78,517 |
TOTAL SOUTH AFRICA | | 1,066,807 |
Spain - 2.8% |
Grifols SA | 7,283 | | 204,082 |
Inditex SA | 2,600 | | 141,979 |
Telefonica SA sponsored ADR | 5,200 | | 449,176 |
TOTAL SPAIN | | 795,237 |
Sweden - 1.4% |
H&M Hennes & Mauritz AB (B Shares) | 3,000 | | 178,366 |
Swedish Match Co. | 9,200 | | 202,048 |
TOTAL SWEDEN | | 380,414 |
Switzerland - 10.2% |
ABB Ltd. sponsored ADR | 17,400 | | 533,658 |
EFG International | 3,450 | | 110,351 |
Nestle SA (Reg.) | 2,648 | | 1,269,837 |
Roche Holding AG (participation certificate) | 3,901 | | 650,418 |
SGS Societe Generale de Surveillance Holding SA (Reg.) | 70 | | 98,948 |
Sonova Holding AG | 1,286 | | 108,821 |
The Swatch Group AG: | | | |
(Bearer) | 291 | | 78,618 |
(Reg.) | 164 | | 8,450 |
TOTAL SWITZERLAND | | 2,859,101 |
Turkey - 0.6% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 7,800 | | 70,959 |
Asya Katilim Bankasi AS (a) | 13,500 | | 93,699 |
TOTAL TURKEY | | 164,658 |
United Kingdom - 18.6% |
Anglo American PLC ADR | 9,300 | | 304,575 |
Autonomy Corp. PLC (a) | 7,100 | | 120,908 |
BAE Systems PLC | 44,300 | | 411,111 |
BG Group PLC | 11,900 | | 291,257 |
BHP Billiton PLC ADR | 9,800 | | 706,384 |
British American Tobacco PLC sponsored ADR | 3,200 | | 241,728 |
Datacash Group PLC | 26,900 | | 150,825 |
Expro International Group PLC | 2,300 | | 69,418 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Informa PLC | 6,400 | | $ 43,964 |
International Power PLC | 15,100 | | 131,874 |
Man Group PLC | 32,237 | | 372,714 |
Meggitt PLC | 9,300 | | 54,871 |
Reckitt Benckiser Group PLC | 7,200 | | 420,587 |
Rio Tinto PLC sponsored ADR | 1,450 | | 681,500 |
Rolls-Royce Group PLC | 12,500 | | 109,105 |
Serco Group PLC | 32,900 | | 288,473 |
Tesco PLC | 68,200 | | 581,718 |
Xstrata PLC | 2,800 | | 219,678 |
TOTAL UNITED KINGDOM | | 5,200,690 |
United States of America - 6.3% |
Allergan, Inc. | 1,500 | | 84,555 |
Berkshire Hathaway, Inc. Class B (a) | 30 | | 133,710 |
EnergySolutions, Inc. | 2,100 | | 45,885 |
FMC Technologies, Inc. (a) | 3,100 | | 208,320 |
Gilead Sciences, Inc. (a) | 4,000 | | 207,040 |
Juniper Networks, Inc. (a) | 10,800 | | 298,296 |
Merck & Co., Inc. | 2,400 | | 91,296 |
Philip Morris International, Inc. (a) | 2,600 | | 132,678 |
Pricesmart, Inc. | 2,900 | | 82,795 |
Valero Energy Corp. | 2,220 | | 108,447 |
Varian Semiconductor Equipment Associates, Inc. (a) | 2,100 | | 76,923 |
Visa, Inc. | 2,700 | | 225,315 |
VMware, Inc. Class A | 1,137 | | 75,770 |
TOTAL UNITED STATES OF AMERICA | | 1,771,030 |
TOTAL COMMON STOCKS (Cost $27,289,571) | 27,327,002 |
Nonconvertible Preferred Stocks - 0.0% |
| | | |
United Kingdom - 0.0% |
Rolls-Royce Group PLC B Shares (a)
(Cost $2,065) | 1,039,360 | | 2,067 |
Investment Companies - 1.9% |
| | | |
United States of America - 1.9% |
iShares MSCI EAFE Growth Index ETF
(Cost $531,305) | 7,100 | | 536,902 |
Cash Equivalents - 1.7% |
| Maturity Amount | | Value |
Investments in repurchase agreements in a joint trading account at 1.95%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Treasury Obligations) #
(Cost $470,000) | $ 470,025 | | $ 470,000 |
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $28,292,941) | | 28,335,971 |
NET OTHER ASSETS - (1.3)% | | (352,378) |
NET ASSETS - 100% | $ 27,983,593 |
Legend |
(a) Non-income producing |
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $127,856 or 0.5% of net assets. |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$470,000 due 5/01/08 at 1.95% |
BNP Paribas Securities Corp. | $ 219,302 |
Fortis Securities LLC | 100,332 |
HSBC Securities (USA), Inc. | 50,122 |
ING Financial Markets LLC | 100,244 |
| $ 470,000 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity International Growth Fund
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including repurchase agreements of $470,000) - See accompanying schedule: Unaffiliated issuers (cost $28,292,941) | | $ 28,335,971 |
Cash | | 386 |
Foreign currency held at value (cost $9) | | 9 |
Receivable for investments sold | | 34,487 |
Receivable for fund shares sold | | 54,408 |
Dividends receivable | | 99,331 |
Prepaid expenses | | 38,720 |
Receivable from investment adviser for expense reductions | | 400 |
Other receivables | | 1,305 |
Total assets | | 28,565,017 |
| | |
Liabilities | | |
Payable for investments purchased | $ 439,226 | |
Payable for fund shares redeemed | 88,828 | |
Accrued management fee | 16,087 | |
Distribution fees payable | 2,257 | |
Other affiliated payables | 6,897 | |
Other payables and accrued expenses | 28,129 | |
Total liabilities | | 581,424 |
| | |
Net Assets | | $ 27,983,593 |
Net Assets consist of: | | |
Paid in capital | | $ 28,743,008 |
Undistributed net investment income | | 124,881 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (926,097) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 41,801 |
Net Assets | | $ 27,983,593 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity International Growth Fund
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($969,084 ÷ 106,151 shares) | | $ 9.13 |
| | |
Maximum offering price per share (100/94.25 of $9.13) | | $ 9.69 |
Class T:
Net Asset Value and redemption price per share ($940,415 ÷ 103,127 shares) | | $ 9.12 |
| | |
Maximum offering price per share (100/96.50 of $9.12) | | $ 9.45 |
Class B:
Net Asset Value and offering price per share ($1,037,787 ÷ 114,072 shares)A | | $ 9.10 |
| | |
Class C:
Net Asset Value and offering price per share ($1,121,456 ÷ 123,295 shares)A | | $ 9.10 |
| | |
International Growth:
Net Asset Value, offering price and redemption price per share ($23,056,289 ÷ 2,523,440 shares) | | $ 9.14 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($858,562 ÷ 93,964 shares) | | $ 9.14 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
For the period November 1, 2007 (commencement of operations) to April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 272,256 |
Interest | | 13,740 |
| | 285,996 |
Less foreign taxes withheld | | (24,410) |
Total income | | 261,586 |
| | |
Expenses | | |
Management fee | $ 68,104 | |
Transfer agent fees | 26,113 | |
Distribution fees | 11,628 | |
Accounting fees and expenses | 4,987 | |
Custodian fees and expenses | 91,492 | |
Independent trustees' compensation | 31 | |
Registration fees | 50,804 | |
Audit | 21,849 | |
Legal | 4 | |
Miscellaneous | 1,061 | |
Total expenses before reductions | 276,073 | |
Expense reductions | (146,862) | 129,211 |
Net investment income (loss) | | 132,375 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (919,787) | |
Foreign currency transactions | (6,310) | |
Total net realized gain (loss) | | (926,097) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 43,030 | |
Assets and liabilities in foreign currencies | (1,229) | |
Total change in net unrealized appreciation (depreciation) | | 41,801 |
Net gain (loss) | | (884,296) |
Net increase (decrease) in net assets resulting from operations | | $ (751,921) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity International Growth Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
November 1, 2007 (commencement
of operations) to
April 30, 2008
(Unaudited) |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 132,375 |
Net realized gain (loss) | (926,097) |
Change in net unrealized appreciation (depreciation) | 41,801 |
Net increase (decrease) in net assets resulting
from operations | (751,921) |
Distributions to shareholders from net investment income | (7,494) |
Share transactions - net increase (decrease) | 28,740,011 |
Redemption fees | 2,997 |
Total increase (decrease) in net assets | 27,983,593 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $124,881) | $ 27,983,593 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .06 |
Net realized and unrealized gain (loss) | (.93) |
Total from investment operations | (.87) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.13 |
Total ReturnB, C, D | (8.70)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 3.29% A |
Expenses net of fee waivers, if any | 1.50% A |
Expenses net of all reductions | 1.47% A |
Net investment income (loss) | 1.24% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 969 |
Portfolio turnover rate | 77% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .04 |
Net realized and unrealized gain (loss) | (.92) |
Total from investment operations | (.88) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.12 |
Total Return B, C, D | (8.80)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 3.51% A |
Expenses net of fee waivers, if any | 1.75% A |
Expenses net of all reductions | 1.72% A |
Net investment income (loss) | .99% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 940 |
Portfolio turnover rate | 77% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H 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
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .02 |
Net realized and unrealized gain (loss) | (.92) |
Total from investment operations | (.90) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.10 |
Total Return B, C, D | (9.00)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 4.01% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.22% A |
Net investment income (loss) | .49% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,038 |
Portfolio turnover rate | 77% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .02 |
Net realized and unrealized gain (loss) | (.92) |
Total from investment operations | (.90) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.10 |
Total Return B, C, D | (9.00)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 3.97% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.22% A |
Net investment income (loss) | .49% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,121 |
Portfolio turnover rate | 77% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Growth
| Period ended April 30, 2008 E |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .07 |
Net realized and unrealized gain (loss) | (.92) |
Total from investment operations | (.85) |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | - G |
Net asset value, end of period | $ 9.14 |
Total Return B, C | (8.55)% |
Ratios to Average Net Assets F | |
Expenses before reductions | 2.66% A |
Expenses net of fee waivers, if any | 1.25%A |
Expenses net of all reductions | 1.22%A |
Net investment income (loss) | 1.49%A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 23,056 |
Portfolio turnover rate | 77%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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
F 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.
G Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Period ended April 30, 2008 E |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss)D | .07 |
Net realized and unrealized gain (loss) | (.92) |
Total from investment operations | (.85) |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | - G |
Net asset value, end of period | $ 9.14 |
Total ReturnB, C | (8.55)% |
Ratios to Average Net AssetsF | |
Expenses before reductions | 3.04% A |
Expenses net of fee waivers, if any | 1.25% A |
Expenses net of all reductions | 1.22% A |
Net investment income (loss) | 1.49% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 859 |
Portfolio turnover rate | 77% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
F 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.
G 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, 2008 (Unaudited)
1. Organization.
Fidelity International Growth Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, International Growth, 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.
2. Significant Accounting Policies.
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. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Security Valuation - continued
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.
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 is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
2. Significant Accounting Policies - continued
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions expected to be taken in the initial filing of the Fund's tax return. 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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 1,655,195 | |
Unrealized depreciation | (1,784,781) | |
Net unrealized appreciation (depreciation) | $ (129,586) | |
Cost for federal income tax purposes | $ 28,465,557 | |
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 Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. 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 results in expanded disclosures about fair value measurements.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $35,650,604 and $6,907,872, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and 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 Growth, as compared to an appropriate benchmark index. The Fund's performance adjustment will not take effect until November 1, 2008. 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.
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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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% | $ 1,065 | $ 927 |
Class T | .25% | .25% | 2,182 | 1,803 |
Class B | .75% | .25% | 4,160 | 4,020 |
Class C | .75% | .25% | 4,221 | 3,740 |
| | | $ 11,628 | $ 10,490 |
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 | $ 885 |
Class T | 115 |
Class B* | - |
Class C* | - |
| $ 1,000 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
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 | $ 903 | .21 |
Class T | 691 | .16 |
Class B | 883 | .21 |
Class C | 900 | .21 |
International Growth | 22,129 | .29 |
Institutional Class | 607 | .15 |
| $ 26,113 | |
* Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $464 for the period.
6. 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 $6 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
Semiannual Report
7. Expense Reductions - continued
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.50% | $ 7,632 |
Class T | 1.75% | 7,698 |
Class B | 2.25% | 7,345 |
Class C | 2.25% | 7,282 |
International Growth | 1.25% | 106,958 |
Institutional Class | 1.25% | 7,332 |
| | $ 144,247 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $2,480 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 $135.
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
FMR or its affiliates were the owners of record of 20% of the total outstanding shares of the Fund.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| For the period
November 1, 2007
(commencement of
operations) to
April 30, 2008 |
From net investment income | |
International Growth | $ 7,036 |
Institutional Class | 458 |
Total | $ 7,494 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| For the period
November 1, 2007 (commencement of operations) to
April 30, 2008 | For the period
November 1, 2007 (commencement of operations) to
April 30, 2008 |
Class A | | |
Shares sold | 110,978 | $ 1,077,695 |
Shares redeemed | (4,827) | (41,958) |
Net increase (decrease) | 106,151 | $ 1,035,737 |
Class T | | |
Shares sold | 111,667 | $ 1,091,436 |
Shares redeemed | (8,540) | (73,770) |
Net increase (decrease) | 103,127 | $ 1,017,666 |
Class B | | |
Shares sold | 114,423 | $ 1,103,965 |
Shares redeemed | (351) | (3,008) |
Net increase (decrease) | 114,072 | $ 1,100,957 |
Class C | | |
Shares sold | 123,295 | $ 1,177,309 |
Net increase (decrease) | 123,295 | $ 1,177,309 |
International Growth | | |
Shares sold | 2,928,144 | $ 27,037,961 |
Reinvestment of distributions | 663 | 6,366 |
Shares redeemed | (405,367) | (3,564,279) |
Net increase (decrease) | 2,523,440 | $ 23,480,048 |
Institutional Class | | |
Shares sold | 93,916 | $ 927,836 |
Reinvestment of distributions | 48 | 458 |
Net increase (decrease) | 93,964 | $ 928,294 |
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Growth Fund
On October 18, 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. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
In determining whether to approve the Advisory Contracts for the fund, the Board was aware that shareholders have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, may choose to invest in this fund, managed by Fidelity.
Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio managers and the fund's investment objective and discipline.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.
Shareholder and Administrative Services. The Board considered the nature, extent, quality and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge.
Investment Performance. Fidelity International Growth Fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. Once the fund has been in operation for at least one calendar year, the Board will review the fund's absolute performance for each class, as well as the fund's relative investment performance for each class measured against a broad-based securities market index and a peer group of mutual funds deemed appropriate by the Board.
The Board considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board realizes that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the fund's shareholders. The Board considered that the fund's performance adjustment fee is calculated based on the results of the retail class and does not take into account the performance of the Advisor classes. The Board considered FMR's belief that the retail class is the appropriate class on which to base the performance fee because: (i) the class does not have a 12b-1 fee; and (ii) distribution-related expenses should be excluded from the calculation because they are not related to evaluating an adviser's investment management skills.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided by Fidelity will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's proposed management fee and projected total operating expenses for each class of the fund in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also considered that the projected total operating expenses are comparable to those of similar classes and funds that Fidelity offers to shareholders.
Semiannual Report
Based on its review, the Board concluded that the fund's net management fee and projected total expenses for each class of the fund were fair and reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders.
Economies of Scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions, including reductions that occur through operation of the transfer agent agreement. The transfer agent fee varies in part based on the number of accounts in the fund. If the number of accounts decreases or the average account size increases, the overall transfer agent fee rate decreases.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets.
The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be approved.
Semiannual Report
A special meeting of each fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
| # of
Votes | % of
Votes |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
A Denotes trust-wide proposal and voting results.
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
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
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Semiannual Report
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Semiannual Report
To Write Fidelity
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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
Fidelity International Investment
Advisors
Fidelity Investments Japan Limited
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Advisors (U.K.) Limited
General Distributor
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Boston, MA
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Operations Company, Inc.
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Fidelity Advisor
Total International Equity
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2008
Class A, Class T,
Class B, and Class C are
classes of Fidelity® Total
International Equity Fund
(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 Summary | <Click Here> | A summary of the fund's investments. |
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. |
Proxy Voting Results | <Click Here> | |
Board Approval of Investment Advisory Contracts and Management Fees | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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
Fidelity Total International Equity Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2007 to April 30, 2008).
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.
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.
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, 2007 | Ending
Account Value
April 30, 2008 | Expenses Paid
During Period*
November 1, 2007 to April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 908.00 | $ 7.12 |
Hypothetical A | $ 1,000.00 | $ 1,017.40 | $ 7.52 |
Class T | | | |
Actual | $ 1,000.00 | $ 907.00 | $ 8.30 |
Hypothetical A | $ 1,000.00 | $ 1,016.16 | $ 8.77 |
Class B | | | |
Actual | $ 1,000.00 | $ 905.00 | $ 10.66 |
Hypothetical A | $ 1,000.00 | $ 1,013.67 | $ 11.27 |
Class C | | | |
Actual | $ 1,000.00 | $ 905.00 | $ 10.66 |
Hypothetica A | $ 1,000.00 | $ 1,013.67 | $ 11.27 |
Total International Equity | | | |
Actual | $ 1,000.00 | $ 909.50 | $ 5.93 |
Hypothetical A | $ 1,000.00 | $ 1,018.65 | $ 6.27 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 909.50 | $ 5.93 |
Hypothetical A | $ 1,000.00 | $ 1,018.65 | $ 6.27 |
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 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.50% |
Class T | 1.75% |
Class B | 2.25% |
Class C | 2.25% |
Total International Equity | 1.25% |
Institutional Class | 1.25% |
Semiannual Report
Fidelity Total International Equity Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| United Kingdom 14.5% | |
| Japan 12.8% | |
| Germany 8.7% | |
| France 6.7% | |
| Switzerland 6.7% | |
| United States of America 6.0% | |
| Spain 3.6% | |
| Australia 3.5% | |
| Brazil 3.4% | |
| Other 34.1% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2008 |
| % of fund's
net assets |
Stocks and Investment Companies | 98.2 |
Short-Term Investments and Net Other Assets | 1.8 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets |
E.ON AG (Germany, Electric Utilities) | 2.1 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.0 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.9 |
UniCredit SpA (Italy, Commercial Banks) | 1.4 |
Petroleo Brasileiro SA - Petrobras sponsored ADR (Brazil, Oil, Gas & Consumable Fuels) | 1.4 |
Banco Santander SA (Spain, Diversified Financials) | 1.4 |
Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors) | 1.3 |
Toyota Motor Corp. (Japan, Automobiles) | 1.3 |
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 1.3 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.2 |
| 15.3 |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets |
Financials | 22.2 |
Industrials | 11.1 |
Materials | 11.0 |
Energy | 10.8 |
Information Technology | 10.4 |
Consumer Staples | 9.2 |
Consumer Discretionary | 7.1 |
Telecommunication Services | 5.7 |
Utilities | 5.1 |
Health Care | 5.0 |
Semiannual Report
Fidelity Total International Equity Fund
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.2% |
| Shares | | Value |
Argentina - 0.0% |
Inversiones y Representaciones SA sponsored GDR (a) | 1,200 | | $ 16,704 |
Australia - 3.5% |
AMP Ltd. | 40,791 | | 301,268 |
ASX Ltd. | 2,977 | | 100,781 |
Babcock & Brown Ltd. | 7,000 | | 97,060 |
Cochlear Ltd. | 4,650 | | 248,693 |
CSL Ltd. | 17,974 | | 674,599 |
Downer EDI Ltd. | 13,634 | | 93,237 |
Leighton Holdings Ltd. | 2,779 | | 123,437 |
Macquarie Airports unit | 38,152 | | 112,999 |
Macquarie Group Ltd. | 2,881 | | 172,344 |
Macquarie Infrastructure Group unit | 66,221 | | 176,770 |
Silex Systems Ltd. (a) | 10,000 | | 54,614 |
Sino Gold Mining Ltd. (a) | 1,364 | | 6,446 |
Woolworths Ltd. | 12,801 | | 346,539 |
WorleyParsons Ltd. | 5,758 | | 210,732 |
TOTAL AUSTRALIA | | 2,719,519 |
Austria - 0.1% |
Raiffeisen International Bank Holding AG | 300 | | 48,753 |
Belgium - 0.6% |
Hansen Transmission International NV | 19,100 | | 83,546 |
InBev SA | 4,400 | | 362,675 |
TOTAL BELGIUM | | 446,221 |
Bermuda - 0.9% |
Aquarius Platinum Ltd.: | | | |
(Australia) | 6,599 | | 105,443 |
(United Kingdom) | 900 | | 14,181 |
China Solar Energy Holding Ltd. (a) | 140,000 | | 6,827 |
ChipMOS TECHNOLOGIES (Bermuda) Ltd. (a) | 6,000 | | 17,760 |
Credicorp Ltd. (NY Shares) | 500 | | 40,180 |
Global Digital Creations Holdings Ltd. (a) | 64,000 | | 3,613 |
Pacific Basin Shipping Ltd. | 24,000 | | 43,915 |
Ports Design Ltd. | 35,500 | | 114,338 |
Samling Global Ltd. | 44,000 | | 8,130 |
Seadrill Ltd. | 11,900 | | 362,377 |
TOTAL BERMUDA | | 716,764 |
Brazil - 3.4% |
Anhanguera Educacional Participacoes SA unit (a) | 1,418 | | 23,281 |
Banco Bradesco SA (PN) | 5,900 | | 136,656 |
Common Stocks - continued |
| Shares | | Value |
Brazil - continued |
Banco Daycoval SA (PN) | 5,000 | | $ 37,601 |
Bolsa de Mercadorias & Futuros - BM&F SA | 8,800 | | 89,472 |
Bovespa Holding SA | 5,800 | | 88,106 |
Companhia Vale do Rio Doce sponsored ADR | 9,900 | | 386,892 |
GVT Holding SA (a) | 900 | | 21,875 |
Medial Saude SA (a) | 700 | | 6,949 |
MRV Engenharia e Participacoes SA | 9,600 | | 193,479 |
Net Servicos de Comunicacao SA sponsored ADR | 2,400 | | 32,760 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) sponsored ADR (non-vtg.) | 1,200 | | 121,320 |
sponsored ADR | 8,800 | | 1,068,496 |
TAM SA (PN) sponsored ADR (ltd. vtg.) | 3,400 | | 80,240 |
TIM Participacoes SA sponsored ADR (non-vtg.) | 3,300 | | 110,814 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 1,400 | | 203,574 |
TOTAL BRAZIL | | 2,601,515 |
Canada - 2.6% |
Addax Petroleum, Inc. | 500 | | 22,282 |
BCE, Inc. | 5,000 | | 182,703 |
EnCana Corp. | 3,100 | | 250,099 |
First Quantum Minerals Ltd. | 2,300 | | 201,955 |
Goldcorp, Inc. | 5,300 | | 188,455 |
Harry Winston Diamond Corp. | 4,600 | | 136,296 |
Petrobank Energy & Resources Ltd. (a) | 2,100 | | 101,340 |
Potash Corp. of Saskatchewan, Inc. | 2,100 | | 386,295 |
Research In Motion Ltd. (a) | 3,500 | | 425,705 |
RONA, Inc. (a) | 4,600 | | 61,388 |
Sino-Forest Corp. (a) | 700 | | 10,600 |
SouthGobi Energy Resources Ltd. (a) | 800 | | 10,327 |
TOTAL CANADA | | 1,977,445 |
Cayman Islands - 1.8% |
AAC Acoustic Technology Holdings, Inc. (a) | 14,000 | | 13,833 |
AirMedia Group, Inc. ADR | 100 | | 1,986 |
Chaoda Modern Agriculture (Holdings) Ltd. | 242,575 | | 348,619 |
Foxconn International Holdings Ltd. (a) | 23,000 | | 35,711 |
Hidili Industry International Development Ltd. | 12,000 | | 18,324 |
Himax Technologies, Inc. sponsored ADR | 79,300 | | 398,879 |
Intime Department Store Group Co. Ltd. | 60,000 | | 44,732 |
LDK Solar Co. Ltd. Sponsored ADR | 4,000 | | 126,960 |
Lee & Man Paper Manufacturing Ltd. | 2,800 | | 5,210 |
SinoCom Software Group Ltd. | 154,000 | | 28,061 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Subsea 7, Inc. (a) | 11,500 | | $ 303,315 |
Yingli Green Energy Holding Co. Ltd. ADR | 1,700 | | 37,451 |
TOTAL CAYMAN ISLANDS | | 1,363,081 |
China - 1.6% |
Anhui Conch Cement Co. Ltd. (H Shares) | 6,000 | | 47,965 |
China Coal Energy Co. Ltd. (H Shares) | 13,000 | | 27,524 |
China Communications Construction Co. Ltd. (H Shares) | 35,000 | | 83,176 |
China Construction Bank Corp. (H Shares) | 216,000 | | 195,125 |
China Merchants Bank Co. Ltd. (H Shares) | 14,000 | | 58,474 |
China Nepstar Chain Drugstore Ltd. ADR | 100 | | 1,181 |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a) | 5,000 | | 27,200 |
First Tractor Co. Ltd. (H Shares) (a) | 134,000 | | 65,683 |
Focus Media Holding Ltd. ADR (a) | 2,000 | | 73,780 |
Global Bio-Chem Technology Group Co. Ltd. | 512,000 | | 237,829 |
Golden Eagle Retail Group Ltd. (H Shares) | 42,000 | | 42,576 |
Industrial & Commercial Bank of China | 148,000 | | 117,175 |
Nine Dragons Paper (Holdings) Ltd. | 78,000 | | 83,974 |
Shanda Interactive Entertainment Ltd. sponsored ADR (a) | 3,800 | | 130,302 |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 19,000 | | 18,480 |
TOTAL CHINA | | 1,210,444 |
Cyprus - 0.3% |
Marfin Popular Bank Public Co. | 14,100 | | 125,906 |
Mirland Development Corp. PLC (a) | 5,200 | | 47,559 |
XXI Century Investments Public Ltd. (a) | 1,500 | | 42,797 |
TOTAL CYPRUS | | 216,262 |
Czech Republic - 0.0% |
Ceske Energeticke Zavody AS | 300 | | 22,294 |
Denmark - 0.4% |
Novo Nordisk AS Series B sponsored ADR | 1,100 | | 75,559 |
Vestas Wind Systems AS (a) | 1,860 | | 203,906 |
TOTAL DENMARK | | 279,465 |
Egypt - 0.1% |
Eastern Tobacco Co. | 500 | | 36,161 |
Telecom Egypt SAE | 4,500 | | 16,306 |
TOTAL EGYPT | | 52,467 |
Finland - 1.1% |
Metso Corp. | 2,600 | | 112,836 |
Common Stocks - continued |
| Shares | | Value |
Finland - continued |
Nokia Corp. sponsored ADR | 23,100 | | $ 694,617 |
Wartsila Corp. | 1,000 | | 68,688 |
TOTAL FINLAND | | 876,141 |
France - 6.7% |
Accor SA | 2,000 | | 166,413 |
Alcatel-Lucent SA | 12,000 | | 80,300 |
Alstom SA | 1,594 | | 370,771 |
AXA SA sponsored ADR | 21,800 | | 807,690 |
BNP Paribas SA | 3,100 | | 335,129 |
Compagnie de St. Gobain | 1,300 | | 105,023 |
Compagnie Generale de Geophysique SA (a) | 491 | | 124,050 |
Delachaux SA | 2,300 | | 216,473 |
Gaz de France | 2,700 | | 178,462 |
Groupe Danone | 4,236 | | 375,873 |
L'Oreal SA | 618 | | 73,524 |
Laurent-Perrier Group | 800 | | 116,033 |
Meetic (a) | 2,258 | | 60,277 |
Remy Cointreau SA | 2,051 | | 127,592 |
Renault SA | 900 | | 92,800 |
SeLoger.com (a) | 1,518 | | 71,092 |
Societe Generale Series A | 600 | | 70,399 |
Suez SA (France) | 6,666 | | 473,486 |
Total SA: | | | |
Series B | 3,700 | | 309,865 |
sponsored ADR | 6,700 | | 562,800 |
Unibail-Rodamco | 1,100 | | 284,645 |
Vallourec SA | 300 | | 82,075 |
VINCI SA | 1,764 | | 130,612 |
TOTAL FRANCE | | 5,215,384 |
Georgia - 0.1% |
Bank of Georgia unit (a) | 1,800 | | 43,092 |
Germany - 8.5% |
Allianz AG sponsored ADR | 44,000 | | 892,320 |
Bayer AG | 4,100 | | 350,748 |
Continental AG | 1,300 | | 153,283 |
Daimler AG | 10,100 | | 781,942 |
Deutsche Boerse AG | 2,600 | | 382,426 |
E.ON AG | 8,100 | | 1,652,824 |
GEA Group AG | 2,600 | | 96,398 |
GFK AG | 3,600 | | 164,384 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
Lanxess AG | 2,600 | | $ 101,512 |
Linde AG | 1,400 | | 205,659 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 3,600 | | 698,336 |
RWE AG | 4,600 | | 530,967 |
SGL Carbon AG (a) | 1,000 | | 68,392 |
Siemens AG sponsored ADR | 4,400 | | 521,180 |
TOTAL GERMANY | | 6,600,371 |
Hong Kong - 1.7% |
BYD Electronic International Co. Ltd. | 50,000 | | 55,305 |
China Mobile (Hong Kong) Ltd. | 8,500 | | 146,263 |
China Mobile (Hong Kong) Ltd. sponsored ADR | 2,300 | | 198,536 |
China State Construction International Holdings Ltd. | 14,000 | | 23,318 |
CNOOC Ltd. sponsored ADR | 560 | | 99,428 |
CNPC (Hong Kong) Ltd. | 40,000 | | 19,248 |
Hong Kong Exchanges & Clearing Ltd. | 12,000 | | 245,138 |
REXCAPITAL Financial Holdings Ltd. (a) | 350,000 | | 40,869 |
Swire Pacific Ltd. (A Shares) | 39,500 | | 461,999 |
TOTAL HONG KONG | | 1,290,104 |
India - 1.7% |
Areva T&D India Ltd. | 690 | | 28,495 |
Axis Bank Ltd. GDR (Reg. S) | 3,700 | | 86,025 |
Bank of India | 4,463 | | 37,767 |
Bharat Heavy Electricals Ltd. | 396 | | 18,622 |
Bharti Airtel Ltd. (a) | 15,720 | | 349,085 |
Cambridge Solutions Ltd. (a) | 7,801 | | 9,334 |
GAIL India Ltd. | 1,181 | | 12,849 |
Indian Overseas Bank | 14,137 | | 53,039 |
Infosys Technologies Ltd. | 2,124 | | 92,054 |
JSW Steel Ltd. | 639 | | 13,827 |
Kalpataru Power Transmission Ltd. | 768 | | 20,642 |
LANCO Infratech Ltd. (a) | 3,570 | | 47,425 |
Pantaloon Retail India Ltd. | 3,194 | | 41,761 |
Reliance Industries Ltd. GDR (Reg. S) (b) | 1,458 | | 190,998 |
Rural Electrification Corp. Ltd. | 130 | | 394 |
Satyam Computer Services Ltd. | 9,346 | | 111,517 |
Satyam Computer Services Ltd. sponsored ADR | 3,400 | | 87,312 |
Sintex Industries Ltd. | 5,239 | | 59,883 |
Subex Ltd. | 1,147 | | 4,415 |
Suzlon Energy Ltd. | 11,683 | | 82,951 |
TOTAL INDIA | | 1,348,395 |
Common Stocks - continued |
| Shares | | Value |
Indonesia - 0.2% |
PT Bumi Resources Tbk | 100,500 | | $ 72,479 |
PT International Nickel Indonesia Tbk | 18,500 | | 13,342 |
PT Perusahaan Gas Negara Tbk Series B | 34,000 | | 44,615 |
TOTAL INDONESIA | | 130,436 |
Ireland - 0.6% |
Bank of Ireland | 12,600 | | 173,536 |
C&C Group PLC | 10,400 | | 71,436 |
CRH PLC sponsored ADR | 5,000 | | 193,100 |
Dragon Oil PLC (a) | 4,700 | | 46,537 |
TOTAL IRELAND | | 484,609 |
Israel - 0.8% |
BluePhoenix Solutions Ltd. (a) | 2,200 | | 18,810 |
Cellcom Israel Ltd. | 700 | | 23,142 |
ECtel Ltd. (a) | 9,100 | | 20,384 |
Israel Chemicals Ltd. | 10,600 | | 195,149 |
Leadcom Integrated Solutions | 18,200 | | 6,514 |
Orckit Communications Ltd. (a) | 4,400 | | 31,988 |
Ormat Industries Ltd. | 1,700 | | 22,147 |
Partner Communications Co. Ltd. ADR | 9,900 | | 230,373 |
RADWARE Ltd. (a) | 5,300 | | 52,417 |
Retalix Ltd. (a) | 1,900 | | 26,790 |
TOTAL ISRAEL | | 627,714 |
Italy - 2.5% |
Fiat SpA | 22,700 | | 510,186 |
Finmeccanica SpA | 6,900 | | 241,284 |
Impregilo SpA (a) | 16,600 | | 101,273 |
UniCredit SpA | 147,100 | | 1,120,862 |
TOTAL ITALY | | 1,973,605 |
Japan - 12.8% |
Aeon Co. Ltd. | 21,700 | | 318,073 |
Canon, Inc. | 7,800 | | 392,109 |
DeNA Co. Ltd. | 10 | | 71,057 |
Denso Corp. | 6,800 | | 237,151 |
East Japan Railway Co. | 29 | | 231,384 |
Fujitsu Ltd. | 14,000 | | 89,555 |
Ibiden Co. Ltd. | 2,000 | | 87,262 |
Ichiyoshi Securities Co. Ltd. | 7,600 | | 83,052 |
Japan Steel Works Ltd. | 13,000 | | 240,492 |
Japan Tobacco, Inc. | 55 | | 267,405 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
JGC Corp. | 5,000 | | $ 92,931 |
JSR Corp. | 4,500 | | 101,615 |
Kobayashi Pharmaceutical Co. Ltd. | 2,000 | | 69,968 |
Konica Minolta Holdings, Inc. | 16,000 | | 241,077 |
Kubota Corp. | 13,000 | | 91,068 |
Leopalace21 Corp. | 8,800 | | 155,653 |
Mitsubishi Estate Co. Ltd. | 3,000 | | 87,233 |
Mitsui & Co. Ltd. | 44,000 | | 1,033,234 |
Nintendo Co. Ltd. | 1,200 | | 659,424 |
ORIX Corp. | 3,580 | | 647,557 |
Osaka Gas Co. Ltd. | 112,000 | | 399,628 |
Osaka Securities Exchange Co. Ltd. | 10 | | 54,390 |
Rakuten, Inc. | 169 | | 105,554 |
SBI E*TRADE Securities Co. Ltd. | 78 | | 72,563 |
SBI Holdings, Inc. | 265 | | 69,666 |
Shin-Etsu Chemical Co. Ltd. | 1,400 | | 86,676 |
Shiseido Co. Ltd. | 7,000 | | 167,933 |
Sojitz Corp. | 18,300 | | 70,481 |
Sony Financial Holdings, Inc. | 27 | | 114,073 |
Sparx Group Co. Ltd. | 489 | | 214,503 |
Sugi Pharmacy Co. Ltd. | 1,000 | | 26,456 |
Sumco Techxiv Corp. | 3,100 | | 94,525 |
Sumitomo Metal Industries Ltd. | 30,000 | | 126,340 |
Sumitomo Mitsui Financial Group, Inc. | 31 | | 266,729 |
Sumitomo Realty & Development Co. Ltd. | 3,000 | | 75,187 |
Sumitomo Trust & Banking Co. Ltd. | 12,000 | | 107,876 |
Takeda Pharmaceutical Co. Ltd. | 7,300 | | 385,903 |
Tokai Carbon Co. Ltd. | 5,000 | | 52,378 |
Tokuyama Corp. | 27,000 | | 245,082 |
Tokyo Tatemono Co. Ltd. | 9,000 | | 78,563 |
Torishima Pump Manufacturing Co. Ltd. | 21,000 | | 363,216 |
Toyota Motor Corp. | 17,400 | | 886,608 |
Toyota Motor Corp. sponsored ADR | 1,300 | | 131,950 |
USS Co. Ltd. | 1,940 | | 137,748 |
Wacom Co. Ltd. | 60 | | 120,888 |
Xebio Co. Ltd. | 5,100 | | 154,140 |
Yamada Denki Co. Ltd. | 910 | | 78,116 |
TOTAL JAPAN | | 9,884,472 |
Kazakhstan - 0.2% |
JSC Halyk Bank of Kazakhstan unit | 10,900 | | 175,490 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - 1.5% |
Daegu Bank Co. Ltd. | 2,340 | | $ 37,085 |
Daelim Industrial Co. | 230 | | 31,064 |
Doosan Co. Ltd. (a) | 110 | | 18,914 |
GS Engineering & Construction Corp. | 210 | | 30,875 |
Hanjin Heavy Industries & Consolidated Co. Ltd. | 99 | | 5,674 |
Hyundai Steel Co. | 340 | | 26,739 |
Hyunjin Materials Co. Ltd. | 782 | | 30,789 |
Jinsung T.E.C. Co. Ltd. | 2,278 | | 32,016 |
Kookmin Bank | 1,413 | | 98,449 |
Kookmin Bank sponsored ADR | 1,000 | | 69,750 |
KT&G Corp. | 530 | | 43,847 |
LG Electronics, Inc. | 110 | | 17,159 |
MegaStudy Co. Ltd. | 100 | | 32,993 |
NHN Corp. (a) | 1,060 | | 246,180 |
POSCO sponsored ADR | 400 | | 49,360 |
Pusan Bank | 2,810 | | 45,235 |
Samsung Electronics Co. Ltd. | 410 | | 290,566 |
TK Corp. | 1,148 | | 44,341 |
TOTAL KOREA (SOUTH) | | 1,151,036 |
Luxembourg - 0.8% |
ArcelorMittal SA (NY Reg.) Class A | 6,700 | | 596,903 |
Evraz Group SA GDR | 400 | | 41,500 |
TOTAL LUXEMBOURG | | 638,403 |
Malaysia - 0.2% |
Bandar Raya Developments Bhd | 79,200 | | 51,145 |
Gamuda Bhd | 41,400 | | 40,889 |
Public Bank Bhd | 14,800 | | 53,409 |
TOTAL MALAYSIA | | 145,443 |
Mauritius - 0.1% |
Golden Agri-Resources Ltd. | 68,000 | | 42,622 |
Mexico - 1.2% |
America Movil SAB de CV Series L sponsored ADR | 14,300 | | 828,828 |
Banco Compartamos SA de CV | 3,600 | | 15,122 |
Grupo Financiero Banorte SA de CV Series O | 10,039 | | 44,324 |
Megacable Holdings SAB de CV unit | 2,200 | | 6,481 |
Wal-Mart de Mexico SA de CV Series V | 5,100 | | 20,636 |
TOTAL MEXICO | | 915,391 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - 1.5% |
Advanced Metallurgical Group NV | 2,150 | | $ 147,412 |
AmRest Holdings NV (a) | 2,600 | | 101,112 |
ASML Holding NV (NY Shares) | 9,200 | | 260,912 |
Gemalto NV (a) | 4,900 | | 158,495 |
Heineken NV (Bearer) | 1,300 | | 75,880 |
ING Groep NV sponsored ADR | 8,900 | | 338,111 |
Koninklijke KPN NV | 3,000 | | 55,193 |
TOTAL NETHERLANDS | | 1,137,115 |
Norway - 2.4% |
Det Norske Oljeselskap ASA (DNO) (A Shares) (a) | 15,000 | | 28,585 |
DnB Nor ASA | 12,800 | | 191,874 |
Fred Olsen Energy ASA | 1,500 | | 95,334 |
Marine Harvest ASA (a) | 74,000 | | 48,994 |
Orkla ASA (A Shares) | 32,400 | | 430,303 |
Petroleum Geo-Services ASA | 21,800 | | 595,324 |
Pronova BioPharma ASA | 41,400 | | 143,151 |
StatoilHydro ASA sponsored ADR | 8,600 | | 311,062 |
TOTAL NORWAY | | 1,844,627 |
Papua New Guinea - 0.2% |
Lihir Gold Ltd. (a) | 48,662 | | 134,947 |
Peru - 0.0% |
Compania de Minas Buenaventura SA sponsored ADR | 400 | | 25,028 |
Philippines - 0.3% |
Alliance Global Group, Inc. (a) | 310,000 | | 28,632 |
Jollibee Food Corp. | 65,500 | | 68,253 |
Philippine Long Distance Telephone Co. sponsored ADR | 2,700 | | 164,970 |
TOTAL PHILIPPINES | | 261,855 |
Poland - 0.0% |
Eurocash SA | 1,200 | | 7,136 |
Russia - 1.7% |
JSC MMC 'Norilsk Nickel' sponsored ADR | 3,900 | | 106,080 |
Lukoil Oil Co. sponsored ADR | 500 | | 44,900 |
Mechel Steel Group OAO sponsored ADR | 400 | | 58,320 |
Mobile TeleSystems OJSC sponsored ADR | 500 | | 38,790 |
OAO Gazprom sponsored ADR | 12,380 | | 654,902 |
OAO Raspadskaya (a) | 4,700 | | 39,715 |
OAO TatNeft unit | 300 | | 38,475 |
OAO TMK unit | 400 | | 13,200 |
OJSC Rosneft unit | 6,700 | | 65,660 |
Common Stocks - continued |
| Shares | | Value |
Russia - continued |
Sberbank (Savings Bank of the Russian Federation) GDR | 290 | | $ 110,821 |
Uralkali JSC (a) | 4,100 | | 42,845 |
Vimpel Communications sponsored ADR | 2,000 | | 60,320 |
Wimm-Bill-Dann Foods OJSC sponsored ADR | 300 | | 36,510 |
TOTAL RUSSIA | | 1,310,538 |
Singapore - 0.7% |
DBS Group Holdings Ltd. | 20,000 | | 292,899 |
Ezra Holdings Ltd. | 7,000 | | 12,388 |
Singapore Exchange Ltd. | 35,000 | | 221,702 |
Straits Asia Resources Ltd. | 18,000 | | 43,802 |
TOTAL SINGAPORE | | 570,791 |
South Africa - 2.5% |
African Rainbow Minerals Ltd. | 15,863 | | 539,209 |
Anglo Platinum Ltd. | 494 | | 79,225 |
Discovery Holdings Ltd. | 700 | | 2,301 |
Impala Platinum Holdings Ltd. | 12,700 | | 517,380 |
JSE Ltd. | 8,710 | | 75,183 |
MTN Group Ltd. | 25,003 | | 477,876 |
Murray & Roberts Holdings Ltd. | 10,014 | | 117,221 |
Nedbank Group Ltd. | 2,800 | | 42,405 |
Northam Platinum Ltd. | 900 | | 7,856 |
Raubex Group Ltd. | 15,481 | | 79,858 |
Truworths International Ltd. | 8,400 | | 28,443 |
TOTAL SOUTH AFRICA | | 1,966,957 |
Spain - 3.6% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 15,300 | | 350,676 |
Banco Santander SA | 33,400 | | 722,149 |
Banco Santander SA sponsored ADR | 15,900 | | 335,331 |
Gestevision Telecinco SA | 8,500 | | 179,003 |
Grifols SA | 7,590 | | 212,685 |
Inditex SA | 2,800 | | 152,900 |
Telefonica SA sponsored ADR | 9,400 | | 811,972 |
TOTAL SPAIN | | 2,764,716 |
Sweden - 1.4% |
H&M Hennes & Mauritz AB (B Shares) | 3,100 | | 184,311 |
Svenska Cellulosa AB (SCA) (B Shares) | 20,800 | | 350,853 |
Common Stocks - continued |
| Shares | | Value |
Sweden - continued |
Swedish Match Co. | 9,600 | | $ 210,832 |
Telefonaktiebolaget LM Ericsson (B Shares) | 146,000 | | 368,745 |
TOTAL SWEDEN | | 1,114,741 |
Switzerland - 6.7% |
ABB Ltd. sponsored ADR | 17,700 | | 542,859 |
Compagnie Financiere Richemont unit | 1,718 | | 104,681 |
Credit Suisse Group sponsored ADR | 6,100 | | 325,435 |
EFG International | 3,600 | | 115,149 |
Nestle SA (Reg.) | 3,125 | | 1,498,577 |
Roche Holding AG (participation certificate) | 9,337 | | 1,556,767 |
SGS Societe Generale de Surveillance Holding SA (Reg.) | 72 | | 101,775 |
Sonova Holding AG | 1,312 | | 111,021 |
Swiss Life Holding | 885 | | 265,141 |
The Swatch Group AG: | | | |
(Bearer) | 299 | | 80,780 |
(Reg.) | 182 | | 9,377 |
Zurich Financial Services AG (Reg.) | 1,430 | | 437,734 |
TOTAL SWITZERLAND | | 5,149,296 |
Taiwan - 1.4% |
Advanced Semiconductor Engineering, Inc. | 35,000 | | 35,957 |
AU Optronics Corp. | 45,000 | | 87,938 |
AU Optronics Corp. sponsored ADR | 2,400 | | 46,848 |
China Steel Corp. | 27,000 | | 44,339 |
Everlight Electronics Co. Ltd. | 10,000 | | 38,427 |
First Financial Holding Co. Ltd. | 46,000 | | 55,900 |
Formosa Plastics Corp. | 11,000 | | 31,431 |
HannStar Display Corp. (a) | 350,000 | | 162,082 |
High Tech Computer Corp. | 2,000 | | 51,564 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 33,000 | | 191,296 |
Innolux Display Corp. | 22,000 | | 64,813 |
MediaTek, Inc. | 3,000 | | 38,919 |
Powertech Technology, Inc. | 5,000 | | 20,117 |
Prime View International Co. Ltd. | 89,000 | | 138,553 |
Siliconware Precision Industries Co. Ltd. | 14,000 | | 24,232 |
Taiwan Cement Corp. | 9,000 | | 14,632 |
TOTAL TAIWAN | | 1,047,048 |
Common Stocks - continued |
| Shares | | Value |
Thailand - 0.1% |
PTT PCL (For. Reg.) | 5,100 | | $ 53,701 |
Siam Commercial Bank PCL (For. Reg.) | 21,700 | | 60,886 |
TOTAL THAILAND | | 114,587 |
Turkey - 0.6% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 10,100 | | 91,883 |
Asya Katilim Bankasi AS (a) | 19,100 | | 132,566 |
Enka Insaat ve Sanayi AS | 1,100 | | 15,183 |
Tupras-Turkiye Petrol Rafinerileri AS | 1,000 | | 27,057 |
Turkiye Garanti Bankasi AS | 30,200 | | 162,238 |
TOTAL TURKEY | | 428,927 |
United Arab Emirates - 0.0% |
DP World Ltd. | 6,947 | | 7,294 |
United Kingdom - 14.5% |
3i Group PLC | 13,700 | | 234,119 |
Aegis Group PLC | 67,000 | | 167,848 |
Anglo American PLC: | | | |
ADR | 9,500 | | 311,125 |
(United Kingdom) | 3,400 | | 220,986 |
Autonomy Corp. PLC (a) | 7,300 | | 124,314 |
BAE Systems PLC | 65,600 | | 608,778 |
Barratt Developments PLC | 4,400 | | 24,167 |
BG Group PLC | 12,400 | | 303,494 |
BHP Billiton PLC | 6,400 | | 229,046 |
BHP Billiton PLC ADR | 10,000 | | 720,800 |
BP PLC | 18,800 | | 227,806 |
British American Tobacco PLC | 3,900 | | 146,293 |
British American Tobacco PLC sponsored ADR | 3,300 | | 249,282 |
Cairn Energy PLC | 300 | | 18,694 |
Datacash Group PLC | 27,900 | | 156,432 |
easyJet PLC (a) | 16,800 | | 103,131 |
Expro International Group PLC | 2,500 | | 75,454 |
HBOS PLC | 37,200 | | 347,995 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 7,163 | | 124,374 |
Informa PLC | 31,400 | | 215,699 |
International Power PLC | 15,500 | | 135,368 |
Man Group PLC | 32,975 | | 381,246 |
Max Petroleum PLC (a) | 76,100 | | 102,510 |
Meggitt PLC | 11,000 | | 64,901 |
Misys PLC | 43,200 | | 134,636 |
National Grid PLC | 41,400 | | 576,607 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Premier Foods PLC | 59,000 | | $ 151,326 |
Prudential PLC | 15,700 | | 215,387 |
Randgold Resources Ltd. sponsored ADR | 300 | | 13,656 |
Reckitt Benckiser Group PLC | 7,400 | | 432,269 |
Renovo Group PLC (a) | 53,700 | | 36,835 |
Rio Tinto PLC sponsored ADR | 1,490 | | 700,300 |
Rolls-Royce Group PLC | 44,600 | | 389,287 |
Royal Bank of Scotland Group PLC | 75,600 | | 518,575 |
Royal Dutch Shell PLC Class A sponsored ADR | 12,300 | | 987,813 |
Serco Group PLC | 33,700 | | 295,488 |
Sibir Energy PLC | 1,800 | | 22,368 |
Tesco PLC | 82,400 | | 702,838 |
Vodafone Group PLC sponsored ADR | 13,800 | | 436,908 |
Xstrata PLC | 3,000 | | 235,369 |
Yell Group PLC | 9,000 | | 29,704 |
TOTAL UNITED KINGDOM | | 11,173,228 |
United States of America - 3.6% |
Allergan, Inc. | 1,500 | | 84,555 |
Berkshire Hathaway, Inc. Class B (a) | 30 | | 133,710 |
Cypress Semiconductor Corp. (a) | 10,000 | | 281,200 |
EnergySolutions, Inc. | 2,600 | | 56,810 |
FMC Technologies, Inc. (a) | 3,200 | | 215,040 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 300 | | 34,125 |
Gilead Sciences, Inc. (a) | 4,100 | | 212,216 |
Juniper Networks, Inc. (a) | 11,400 | | 314,868 |
Merck & Co., Inc. | 2,600 | | 98,904 |
Philip Morris International, Inc. (a) | 2,700 | | 137,781 |
Pricesmart, Inc. | 3,100 | | 88,505 |
Titanium Metals Corp. | 2,000 | | 30,480 |
Transocean, Inc. (a) | 3,820 | | 563,297 |
Valero Energy Corp. | 2,500 | | 122,125 |
Varian Semiconductor Equipment Associates, Inc. (a) | 2,200 | | 80,586 |
Visa, Inc. | 2,800 | | 233,660 |
VMware, Inc. Class A | 1,238 | | 82,500 |
TOTAL UNITED STATES OF AMERICA | | 2,770,362 |
Vietnam - 0.0% |
Luks Group (Vietnam Holdings) Co. Ltd. | 34,000 | | 31,412 |
TOTAL COMMON STOCKS (Cost $75,723,098) | 75,074,247 |
Nonconvertible Preferred Stocks - 0.4% |
| Shares | | Value |
Brazil - 0.0% |
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) | 750 | | $ 36,052 |
Germany - 0.2% |
ProSiebenSat.1 Media AG | 8,200 | | 127,754 |
Italy - 0.2% |
Telecom Italia SpA (Risp) | 71,400 | | 117,593 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC B Shares (a) | 3,763,200 | | 7,482 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $342,815) | 288,881 |
Investment Companies - 0.6% |
| | | |
United States of America - 0.6% |
iShares MSCI EAFE Growth Index ETF
(Cost $499,672) | 6,600 | | 499,092 |
Cash Equivalents - 1.8% |
| Maturity Amount | | |
Investments in repurchase agreements in a joint trading account at 1.95%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Treasury Obligations) #
(Cost $1,380,000) | $ 1,380,075 | | 1,380,000 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $77,945,585) | | 77,242,220 |
NET OTHER ASSETS - 0.0% | | 1,272 |
NET ASSETS - 100% | $ 77,243,492 |
Legend |
(a) Non-income producing |
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $190,998 or 0.2% of net assets. |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$1,380,000 due 5/01/08 at 1.95% |
BNP Paribas Securities Corp. | $ 643,908 |
Fortis Securities LLC | 294,591 |
HSBC Securities (USA), Inc. | 147,167 |
ING Financial Markets LLC | 294,334 |
| $ 1,380,000 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total International Equity Fund
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including repurchase agreements of $1,380,000) - See accompanying schedule: Unaffiliated issuers (cost $77,945,585) | | $ 77,242,220 |
Cash | | 22,132 |
Foreign currency held at value (cost $57) | | 57 |
Receivable for investments sold | | 372,780 |
Receivable for fund shares sold | | 256,680 |
Dividends receivable | | 368,049 |
Prepaid expenses | | 38,720 |
Other receivables | | 4,620 |
Total assets | | 78,305,258 |
| | |
Liabilities | | |
Payable for investments purchased | $ 762,488 | |
Payable for fund shares redeemed | 140,884 | |
Accrued management fee | 67,294 | |
Distribution fees payable | 11,048 | |
Other affiliated payables | 15,963 | |
Other payables and accrued expenses | 64,089 | |
Total liabilities | | 1,061,766 |
| | |
Net Assets | | $ 77,243,492 |
Net Assets consist of: | | |
Paid in capital | | $ 79,786,462 |
Undistributed net investment income | | 421,613 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (2,257,081) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (707,502) |
Net Assets | | $ 77,243,492 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total International Equity Fund
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($8,233,205 ÷ 906,386 shares) | | $ 9.08 |
| | |
Maximum offering price per share (100/94.25 of $9.08) | | $ 9.63 |
Class T:
Net Asset Value and redemption price per share ($4,727,533 ÷ 521,104 shares) | | $ 9.07 |
| | |
Maximum offering price per share (100/96.50 of $9.07) | | $ 9.40 |
Class B:
Net Asset Value and offering price per share ($4,604,991 ÷ 508,870 shares)A | | $ 9.05 |
| | |
Class C:
Net Asset Value and offering price per share ($4,697,365 ÷ 519,084 shares)A | | $ 9.05 |
| | |
Total International Equity:
Net Asset Value, offering price and redemption price per share ($50,112,785 ÷ 5,512,830 shares) | | $ 9.09 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($4,867,613 ÷ 535,478 shares) | | $ 9.09 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
For the period November 1, 2007 (commencement of operations) to April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 890,391 |
Interest | | 43,104 |
| | 933,495 |
Less foreign taxes withheld | | (83,312) |
Total income | | 850,183 |
| | |
Expenses | | |
Management fee | $ 201,827 | |
Transfer agent fees | 61,241 | |
Distribution fees | 63,348 | |
Accounting fees and expenses | 14,784 | |
Custodian fees and expenses | 278,938 | |
Independent trustees' compensation | 92 | |
Registration fees | 55,993 | |
Audit | 29,844 | |
Legal | 2,766 | |
Miscellaneous | 1,339 | |
Total expenses before reductions | 710,172 | |
Expense reductions | (297,431) | 412,741 |
Net investment income (loss) | | 437,442 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (2,221,716) | |
Foreign currency transactions | (35,365) | |
Total net realized gain (loss) | | (2,257,081) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (703,365) | |
Assets and liabilities in foreign currencies | (4,137) | |
Total change in net unrealized appreciation (depreciation) | | (707,502) |
Net gain (loss) | | (2,964,583) |
Net increase (decrease) in net assets resulting from operations | | $ (2,527,141) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total International Equity Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
November 1, 2007 (commencement
of operations) to April 30, 2008
(Unaudited) |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 437,442 |
Net realized gain (loss) | (2,257,081) |
Change in net unrealized appreciation (depreciation) | (707,502) |
Net increase (decrease) in net assets resulting from operations | (2,527,141) |
Distributions to shareholders from net investment income | (15,829) |
Share transactions - net increase (decrease) | 79,780,522 |
Redemption fees | 5,940 |
Total increase (decrease) in net assets | 77,243,492 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $421,613) | $ 77,243,492 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .07 |
Net realized and unrealized gain (loss) | (.99) |
Total from investment operations | (.92) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.08 |
Total Return B, C, D | (9.20)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 2.39% A |
Expenses net of fee waivers, if any | 1.50% A |
Expenses net of all reductions | 1.47% A |
Net investment income (loss) | 1.50% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 8,233 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .06 |
Net realized and unrealized gain (loss) | (.99) |
Total from investment operations | (.93) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.07 |
Total Return B, C, D | (9.30)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 2.78% A |
Expenses net of fee waivers, if any | 1.75% A |
Expenses net of all reductions | 1.72% A |
Net investment income (loss) | 1.25% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 4,728 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H 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
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .03 |
Net realized and unrealized gain (loss) | (.98) |
Total from investment operations | (.95) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.05 |
Total Return B, C, D | (9.50)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 3.28% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.22% A |
Net investment income (loss) | .75% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 4,605 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .03 |
Net realized and unrealized gain (loss) | (.98) |
Total from investment operations | (.95) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.05 |
Total Return B, C, D | (9.50)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 3.27% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.23% A |
Net investment income (loss) | .75% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 4,697 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Total International Equity
| Period ended April 30, 2008 E |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .08 |
Net realized and unrealized gain (loss) | (.98) |
Total from investment operations | (.90) |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | - G |
Net asset value, end of period | $ 9.09 |
Total Return B, C | (9.05)% |
Ratios to Average Net Assets F | |
Expenses before reductions | 2.28% A |
Expenses net of fee waivers, if any | 1.25% A |
Expenses net of all reductions | 1.22% A |
Net investment income (loss) | 1.75% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 50,113 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
F 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.
G Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Period ended April 30, 2008 E |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .08 |
Net realized and unrealized gain (loss) | (.98) |
Total from investment operations | (.90) |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | - G |
Net asset value, end of period | $ 9.09 |
Total Return B, C | (9.05)% |
Ratios to Average Net Assets F | |
Expenses before reductions | 2.27% A |
Expenses net of fee waivers, if any | 1.25% A |
Expenses net of all reductions | 1.23% A |
Net investment income (loss) | 1.75% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 4,868 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
F 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.
G 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, 2008 (Unaudited)
1. Organization.
Fidelity Total International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Total International Equity, 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.
2. Significant Accounting Policies.
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. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Security Valuation - continued
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.
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 is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust.
Semiannual Report
2. Significant Accounting Policies - continued
Expenses - continued
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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions expected to be taken in the initial filing of the Fund's tax return. 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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 4,596,626 | |
Unrealized depreciation | (5,570,961) | |
Net unrealized appreciation (depreciation) | $ (974,335) | |
Cost for federal income tax purposes | $ 78,216,555 | |
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 Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. 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 results in expanded disclosures about fair value measurements.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $99,132,475 and $20,345,164, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and 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, Total International Equity, as compared to an appropriate benchmark index. The Fund's performance adjustment will not take effect until November 1, 2008. 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.
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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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% | $ 6,621 | $ 5,993 |
Class T | .25% | .25% | 11,516 | 11,188 |
Class B | .75% | .25% | 22,505 | 22,466 |
Class C | .75% | .25% | 22,706 | 22,515 |
| | | $ 63,348 | $ 62,162 |
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 | $ 493 |
Class T | 144 |
Class B* | - |
Class C* | - |
| $ 637 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
For the period, the total transfer agent fees paid by each class to FIIOC were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 4,021 | .15 |
Class T | 3,554 | .15 |
Class B | 3,441 | .15 |
Class C | 3,539 | .16 |
Total International Equity | 43,082 | .26 |
Institutional Class | 3,604 | .16 |
| $ 61,241 | |
* Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $1,072 for the period.
6. 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 $17 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
Semiannual Report
7. Expense Reductions - continued
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
| | |
Class A | 1.50% | $ 23,808 |
Class T | 1.75% | 23,704 |
Class B | 2.25% | 23,104 |
Class C | 2.25% | 23,302 |
Total International Equity | 1.25% | 172,873 |
Institutional Class | 1.25% | 23,699 |
| | $ 290,490 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $6,941 for the period.
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
FMR or its affiliates were the owners of record of 31% of the total outstanding shares of the Fund.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| For the period
November 1, 2007
(commencement of
operations) to
April 30, 2008 |
From net investment income | |
Total International Equity | $ 13,264 |
Institutional Class | 2,565 |
Total | $ 15,829 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| For the period
November 1, 2007
(commencement of operations) to
April 30, 2008 | For the period
November 1, 2007
(commencement of operations) to
April 30, 2008 |
Class A | | |
Shares sold | 912,091 | $ 8,583,495 |
Shares redeemed | (5,705) | (50,638) |
Net increase (decrease) | 906,386 | $ 8,532,857 |
Class T | | |
Shares sold | 521,104 | $ 5,191,337 |
Net increase (decrease) | 521,104 | $ 5,191,337 |
Class B | | |
Shares sold | 508,946 | $ 5,075,845 |
Shares redeemed | (76) | (680) |
Net increase (decrease) | 508,870 | $ 5,075,165 |
Class C | | |
Shares sold | 521,437 | $ 5,190,447 |
Shares redeemed | (2,353) | (21,294) |
Net increase (decrease) | 519,084 | $ 5,169,153 |
Total International Equity | | |
Shares sold | 6,336,488 | $ 57,633,290 |
Reinvestment of distributions | 1,313 | 12,459 |
Shares redeemed | (824,971) | (7,149,117) |
Net increase (decrease) | 5,512,830 | $ 50,496,632 |
Institutional Class | | |
Shares sold | 535,238 | $ 5,313,078 |
Reinvestment of distributions | 270 | 2,565 |
Shares redeemed | (30) | (265) |
Net increase (decrease) | 535,478 | $ 5,315,378 |
Semiannual Report
A special meeting of the fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Total International Equity Fund
On October 18, 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. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
In determining whether to approve the Advisory Contracts for the fund, the Board was aware that shareholders have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, may choose to invest in this fund, managed by Fidelity.
Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio managers and the fund's investment objective and discipline.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.
Shareholder and Administrative Services. The Board considered the nature, extent, quality and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
Semiannual Report
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge.
Investment Performance. Fidelity Total International Equity Fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. Once the fund has been in operation for at least one calendar year, the Board will review the fund's absolute performance for each class, as well as the fund's relative investment performance for each class measured against a broad-based securities market index and a peer group of mutual funds deemed appropriate by the Board.
The Board considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board realizes that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the fund's shareholders. The Board considered that the fund's performance adjustment fee is calculated based on the results of the retail class and does not take into account the performance of the Advisor classes. The Board considered FMR's belief that the retail class is the appropriate class on which to base the performance fee because: (i) the class does not have a 12b-1 fee; and (ii) distribution-related expenses should be excluded from the calculation because they are not related to evaluating an adviser's investment management skills.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided by Fidelity will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's proposed management fee and projected total operating expenses for each class of the fund in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also considered that the projected total operating expenses are comparable to those of similar classes and funds that Fidelity offers to shareholders.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its review, the Board concluded that the fund's net management fee and projected total expenses for each class of the fund were fair and reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders.
Economies of Scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions, including reductions that occur through operation of the transfer agent agreement. The transfer agent fee varies in part based on the number of accounts in the fund. If the number of accounts decreases or the average account size increases, the overall transfer agent fee rate decreases.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets.
The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be approved.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
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
State Street Bank & Trust Company
Quincy, MA
ATIE-USAN-0608
1.853366.100
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Total International Equity
Fund - Institutional Class
Semiannual Report
April 30, 2008
Institutional Class is
a class of Fidelity®
Total International Equity Fund
(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 Summary | <Click Here> | A summary of fund's investments. |
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. |
Proxy Voting Results | <Click Here> | |
Board Approval of Investment Advisory Contracts and Management Fees | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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
Fidelity Total International Equity Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2007 to April 30, 2008).
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.
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.
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, 2007 | Ending
Account Value
April 30, 2008 | Expenses Paid
During Period*
November 1, 2007 to April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 908.00 | $ 7.12 |
Hypothetical A | $ 1,000.00 | $ 1,017.40 | $ 7.52 |
Class T | | | |
Actual | $ 1,000.00 | $ 907.00 | $ 8.30 |
Hypothetical A | $ 1,000.00 | $ 1,016.16 | $ 8.77 |
Class B | | | |
Actual | $ 1,000.00 | $ 905.00 | $ 10.66 |
Hypothetical A | $ 1,000.00 | $ 1,013.67 | $ 11.27 |
Class C | | | |
Actual | $ 1,000.00 | $ 905.00 | $ 10.66 |
Hypothetica A | $ 1,000.00 | $ 1,013.67 | $ 11.27 |
Total International Equity | | | |
Actual | $ 1,000.00 | $ 909.50 | $ 5.93 |
Hypothetical A | $ 1,000.00 | $ 1,018.65 | $ 6.27 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 909.50 | $ 5.93 |
Hypothetical A | $ 1,000.00 | $ 1,018.65 | $ 6.27 |
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 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.50% |
Class T | 1.75% |
Class B | 2.25% |
Class C | 2.25% |
Total International Equity | 1.25% |
Institutional Class | 1.25% |
Semiannual Report
Fidelity Total International Equity Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| United Kingdom 14.5% | |
| Japan 12.8% | |
| Germany 8.7% | |
| France 6.7% | |
| Switzerland 6.7% | |
| United States of America 6.0% | |
| Spain 3.6% | |
| Australia 3.5% | |
| Brazil 3.4% | |
| Other 34.1% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2008 |
| % of fund's
net assets |
Stocks and Investment Companies | 98.2 |
Short-Term Investments and Net Other Assets | 1.8 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets |
E.ON AG (Germany, Electric Utilities) | 2.1 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.0 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.9 |
UniCredit SpA (Italy, Commercial Banks) | 1.4 |
Petroleo Brasileiro SA - Petrobras sponsored ADR (Brazil, Oil, Gas & Consumable Fuels) | 1.4 |
Banco Santander SA (Spain, Diversified Financials) | 1.4 |
Mitsui & Co. Ltd. (Japan, Trading Companies & Distributors) | 1.3 |
Toyota Motor Corp. (Japan, Automobiles) | 1.3 |
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 1.3 |
BHP Billiton PLC (United Kingdom, Metals & Mining) | 1.2 |
| 15.3 |
Market Sectors as of April 30, 2008 |
| % of fund's
net assets |
Financials | 22.2 |
Industrials | 11.1 |
Materials | 11.0 |
Energy | 10.8 |
Information Technology | 10.4 |
Consumer Staples | 9.2 |
Consumer Discretionary | 7.1 |
Telecommunication Services | 5.7 |
Utilities | 5.1 |
Health Care | 5.0 |
Semiannual Report
Fidelity Total International Equity Fund
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.2% |
| Shares | | Value |
Argentina - 0.0% |
Inversiones y Representaciones SA sponsored GDR (a) | 1,200 | | $ 16,704 |
Australia - 3.5% |
AMP Ltd. | 40,791 | | 301,268 |
ASX Ltd. | 2,977 | | 100,781 |
Babcock & Brown Ltd. | 7,000 | | 97,060 |
Cochlear Ltd. | 4,650 | | 248,693 |
CSL Ltd. | 17,974 | | 674,599 |
Downer EDI Ltd. | 13,634 | | 93,237 |
Leighton Holdings Ltd. | 2,779 | | 123,437 |
Macquarie Airports unit | 38,152 | | 112,999 |
Macquarie Group Ltd. | 2,881 | | 172,344 |
Macquarie Infrastructure Group unit | 66,221 | | 176,770 |
Silex Systems Ltd. (a) | 10,000 | | 54,614 |
Sino Gold Mining Ltd. (a) | 1,364 | | 6,446 |
Woolworths Ltd. | 12,801 | | 346,539 |
WorleyParsons Ltd. | 5,758 | | 210,732 |
TOTAL AUSTRALIA | | 2,719,519 |
Austria - 0.1% |
Raiffeisen International Bank Holding AG | 300 | | 48,753 |
Belgium - 0.6% |
Hansen Transmission International NV | 19,100 | | 83,546 |
InBev SA | 4,400 | | 362,675 |
TOTAL BELGIUM | | 446,221 |
Bermuda - 0.9% |
Aquarius Platinum Ltd.: | | | |
(Australia) | 6,599 | | 105,443 |
(United Kingdom) | 900 | | 14,181 |
China Solar Energy Holding Ltd. (a) | 140,000 | | 6,827 |
ChipMOS TECHNOLOGIES (Bermuda) Ltd. (a) | 6,000 | | 17,760 |
Credicorp Ltd. (NY Shares) | 500 | | 40,180 |
Global Digital Creations Holdings Ltd. (a) | 64,000 | | 3,613 |
Pacific Basin Shipping Ltd. | 24,000 | | 43,915 |
Ports Design Ltd. | 35,500 | | 114,338 |
Samling Global Ltd. | 44,000 | | 8,130 |
Seadrill Ltd. | 11,900 | | 362,377 |
TOTAL BERMUDA | | 716,764 |
Brazil - 3.4% |
Anhanguera Educacional Participacoes SA unit (a) | 1,418 | | 23,281 |
Banco Bradesco SA (PN) | 5,900 | | 136,656 |
Common Stocks - continued |
| Shares | | Value |
Brazil - continued |
Banco Daycoval SA (PN) | 5,000 | | $ 37,601 |
Bolsa de Mercadorias & Futuros - BM&F SA | 8,800 | | 89,472 |
Bovespa Holding SA | 5,800 | | 88,106 |
Companhia Vale do Rio Doce sponsored ADR | 9,900 | | 386,892 |
GVT Holding SA (a) | 900 | | 21,875 |
Medial Saude SA (a) | 700 | | 6,949 |
MRV Engenharia e Participacoes SA | 9,600 | | 193,479 |
Net Servicos de Comunicacao SA sponsored ADR | 2,400 | | 32,760 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) sponsored ADR (non-vtg.) | 1,200 | | 121,320 |
sponsored ADR | 8,800 | | 1,068,496 |
TAM SA (PN) sponsored ADR (ltd. vtg.) | 3,400 | | 80,240 |
TIM Participacoes SA sponsored ADR (non-vtg.) | 3,300 | | 110,814 |
Uniao de Bancos Brasileiros SA (Unibanco) GDR | 1,400 | | 203,574 |
TOTAL BRAZIL | | 2,601,515 |
Canada - 2.6% |
Addax Petroleum, Inc. | 500 | | 22,282 |
BCE, Inc. | 5,000 | | 182,703 |
EnCana Corp. | 3,100 | | 250,099 |
First Quantum Minerals Ltd. | 2,300 | | 201,955 |
Goldcorp, Inc. | 5,300 | | 188,455 |
Harry Winston Diamond Corp. | 4,600 | | 136,296 |
Petrobank Energy & Resources Ltd. (a) | 2,100 | | 101,340 |
Potash Corp. of Saskatchewan, Inc. | 2,100 | | 386,295 |
Research In Motion Ltd. (a) | 3,500 | | 425,705 |
RONA, Inc. (a) | 4,600 | | 61,388 |
Sino-Forest Corp. (a) | 700 | | 10,600 |
SouthGobi Energy Resources Ltd. (a) | 800 | | 10,327 |
TOTAL CANADA | | 1,977,445 |
Cayman Islands - 1.8% |
AAC Acoustic Technology Holdings, Inc. (a) | 14,000 | | 13,833 |
AirMedia Group, Inc. ADR | 100 | | 1,986 |
Chaoda Modern Agriculture (Holdings) Ltd. | 242,575 | | 348,619 |
Foxconn International Holdings Ltd. (a) | 23,000 | | 35,711 |
Hidili Industry International Development Ltd. | 12,000 | | 18,324 |
Himax Technologies, Inc. sponsored ADR | 79,300 | | 398,879 |
Intime Department Store Group Co. Ltd. | 60,000 | | 44,732 |
LDK Solar Co. Ltd. Sponsored ADR | 4,000 | | 126,960 |
Lee & Man Paper Manufacturing Ltd. | 2,800 | | 5,210 |
SinoCom Software Group Ltd. | 154,000 | | 28,061 |
Common Stocks - continued |
| Shares | | Value |
Cayman Islands - continued |
Subsea 7, Inc. (a) | 11,500 | | $ 303,315 |
Yingli Green Energy Holding Co. Ltd. ADR | 1,700 | | 37,451 |
TOTAL CAYMAN ISLANDS | | 1,363,081 |
China - 1.6% |
Anhui Conch Cement Co. Ltd. (H Shares) | 6,000 | | 47,965 |
China Coal Energy Co. Ltd. (H Shares) | 13,000 | | 27,524 |
China Communications Construction Co. Ltd. (H Shares) | 35,000 | | 83,176 |
China Construction Bank Corp. (H Shares) | 216,000 | | 195,125 |
China Merchants Bank Co. Ltd. (H Shares) | 14,000 | | 58,474 |
China Nepstar Chain Drugstore Ltd. ADR | 100 | | 1,181 |
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (a) | 5,000 | | 27,200 |
First Tractor Co. Ltd. (H Shares) (a) | 134,000 | | 65,683 |
Focus Media Holding Ltd. ADR (a) | 2,000 | | 73,780 |
Global Bio-Chem Technology Group Co. Ltd. | 512,000 | | 237,829 |
Golden Eagle Retail Group Ltd. (H Shares) | 42,000 | | 42,576 |
Industrial & Commercial Bank of China | 148,000 | | 117,175 |
Nine Dragons Paper (Holdings) Ltd. | 78,000 | | 83,974 |
Shanda Interactive Entertainment Ltd. sponsored ADR (a) | 3,800 | | 130,302 |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 19,000 | | 18,480 |
TOTAL CHINA | | 1,210,444 |
Cyprus - 0.3% |
Marfin Popular Bank Public Co. | 14,100 | | 125,906 |
Mirland Development Corp. PLC (a) | 5,200 | | 47,559 |
XXI Century Investments Public Ltd. (a) | 1,500 | | 42,797 |
TOTAL CYPRUS | | 216,262 |
Czech Republic - 0.0% |
Ceske Energeticke Zavody AS | 300 | | 22,294 |
Denmark - 0.4% |
Novo Nordisk AS Series B sponsored ADR | 1,100 | | 75,559 |
Vestas Wind Systems AS (a) | 1,860 | | 203,906 |
TOTAL DENMARK | | 279,465 |
Egypt - 0.1% |
Eastern Tobacco Co. | 500 | | 36,161 |
Telecom Egypt SAE | 4,500 | | 16,306 |
TOTAL EGYPT | | 52,467 |
Finland - 1.1% |
Metso Corp. | 2,600 | | 112,836 |
Common Stocks - continued |
| Shares | | Value |
Finland - continued |
Nokia Corp. sponsored ADR | 23,100 | | $ 694,617 |
Wartsila Corp. | 1,000 | | 68,688 |
TOTAL FINLAND | | 876,141 |
France - 6.7% |
Accor SA | 2,000 | | 166,413 |
Alcatel-Lucent SA | 12,000 | | 80,300 |
Alstom SA | 1,594 | | 370,771 |
AXA SA sponsored ADR | 21,800 | | 807,690 |
BNP Paribas SA | 3,100 | | 335,129 |
Compagnie de St. Gobain | 1,300 | | 105,023 |
Compagnie Generale de Geophysique SA (a) | 491 | | 124,050 |
Delachaux SA | 2,300 | | 216,473 |
Gaz de France | 2,700 | | 178,462 |
Groupe Danone | 4,236 | | 375,873 |
L'Oreal SA | 618 | | 73,524 |
Laurent-Perrier Group | 800 | | 116,033 |
Meetic (a) | 2,258 | | 60,277 |
Remy Cointreau SA | 2,051 | | 127,592 |
Renault SA | 900 | | 92,800 |
SeLoger.com (a) | 1,518 | | 71,092 |
Societe Generale Series A | 600 | | 70,399 |
Suez SA (France) | 6,666 | | 473,486 |
Total SA: | | | |
Series B | 3,700 | | 309,865 |
sponsored ADR | 6,700 | | 562,800 |
Unibail-Rodamco | 1,100 | | 284,645 |
Vallourec SA | 300 | | 82,075 |
VINCI SA | 1,764 | | 130,612 |
TOTAL FRANCE | | 5,215,384 |
Georgia - 0.1% |
Bank of Georgia unit (a) | 1,800 | | 43,092 |
Germany - 8.5% |
Allianz AG sponsored ADR | 44,000 | | 892,320 |
Bayer AG | 4,100 | | 350,748 |
Continental AG | 1,300 | | 153,283 |
Daimler AG | 10,100 | | 781,942 |
Deutsche Boerse AG | 2,600 | | 382,426 |
E.ON AG | 8,100 | | 1,652,824 |
GEA Group AG | 2,600 | | 96,398 |
GFK AG | 3,600 | | 164,384 |
Common Stocks - continued |
| Shares | | Value |
Germany - continued |
Lanxess AG | 2,600 | | $ 101,512 |
Linde AG | 1,400 | | 205,659 |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 3,600 | | 698,336 |
RWE AG | 4,600 | | 530,967 |
SGL Carbon AG (a) | 1,000 | | 68,392 |
Siemens AG sponsored ADR | 4,400 | | 521,180 |
TOTAL GERMANY | | 6,600,371 |
Hong Kong - 1.7% |
BYD Electronic International Co. Ltd. | 50,000 | | 55,305 |
China Mobile (Hong Kong) Ltd. | 8,500 | | 146,263 |
China Mobile (Hong Kong) Ltd. sponsored ADR | 2,300 | | 198,536 |
China State Construction International Holdings Ltd. | 14,000 | | 23,318 |
CNOOC Ltd. sponsored ADR | 560 | | 99,428 |
CNPC (Hong Kong) Ltd. | 40,000 | | 19,248 |
Hong Kong Exchanges & Clearing Ltd. | 12,000 | | 245,138 |
REXCAPITAL Financial Holdings Ltd. (a) | 350,000 | | 40,869 |
Swire Pacific Ltd. (A Shares) | 39,500 | | 461,999 |
TOTAL HONG KONG | | 1,290,104 |
India - 1.7% |
Areva T&D India Ltd. | 690 | | 28,495 |
Axis Bank Ltd. GDR (Reg. S) | 3,700 | | 86,025 |
Bank of India | 4,463 | | 37,767 |
Bharat Heavy Electricals Ltd. | 396 | | 18,622 |
Bharti Airtel Ltd. (a) | 15,720 | | 349,085 |
Cambridge Solutions Ltd. (a) | 7,801 | | 9,334 |
GAIL India Ltd. | 1,181 | | 12,849 |
Indian Overseas Bank | 14,137 | | 53,039 |
Infosys Technologies Ltd. | 2,124 | | 92,054 |
JSW Steel Ltd. | 639 | | 13,827 |
Kalpataru Power Transmission Ltd. | 768 | | 20,642 |
LANCO Infratech Ltd. (a) | 3,570 | | 47,425 |
Pantaloon Retail India Ltd. | 3,194 | | 41,761 |
Reliance Industries Ltd. GDR (Reg. S) (b) | 1,458 | | 190,998 |
Rural Electrification Corp. Ltd. | 130 | | 394 |
Satyam Computer Services Ltd. | 9,346 | | 111,517 |
Satyam Computer Services Ltd. sponsored ADR | 3,400 | | 87,312 |
Sintex Industries Ltd. | 5,239 | | 59,883 |
Subex Ltd. | 1,147 | | 4,415 |
Suzlon Energy Ltd. | 11,683 | | 82,951 |
TOTAL INDIA | | 1,348,395 |
Common Stocks - continued |
| Shares | | Value |
Indonesia - 0.2% |
PT Bumi Resources Tbk | 100,500 | | $ 72,479 |
PT International Nickel Indonesia Tbk | 18,500 | | 13,342 |
PT Perusahaan Gas Negara Tbk Series B | 34,000 | | 44,615 |
TOTAL INDONESIA | | 130,436 |
Ireland - 0.6% |
Bank of Ireland | 12,600 | | 173,536 |
C&C Group PLC | 10,400 | | 71,436 |
CRH PLC sponsored ADR | 5,000 | | 193,100 |
Dragon Oil PLC (a) | 4,700 | | 46,537 |
TOTAL IRELAND | | 484,609 |
Israel - 0.8% |
BluePhoenix Solutions Ltd. (a) | 2,200 | | 18,810 |
Cellcom Israel Ltd. | 700 | | 23,142 |
ECtel Ltd. (a) | 9,100 | | 20,384 |
Israel Chemicals Ltd. | 10,600 | | 195,149 |
Leadcom Integrated Solutions | 18,200 | | 6,514 |
Orckit Communications Ltd. (a) | 4,400 | | 31,988 |
Ormat Industries Ltd. | 1,700 | | 22,147 |
Partner Communications Co. Ltd. ADR | 9,900 | | 230,373 |
RADWARE Ltd. (a) | 5,300 | | 52,417 |
Retalix Ltd. (a) | 1,900 | | 26,790 |
TOTAL ISRAEL | | 627,714 |
Italy - 2.5% |
Fiat SpA | 22,700 | | 510,186 |
Finmeccanica SpA | 6,900 | | 241,284 |
Impregilo SpA (a) | 16,600 | | 101,273 |
UniCredit SpA | 147,100 | | 1,120,862 |
TOTAL ITALY | | 1,973,605 |
Japan - 12.8% |
Aeon Co. Ltd. | 21,700 | | 318,073 |
Canon, Inc. | 7,800 | | 392,109 |
DeNA Co. Ltd. | 10 | | 71,057 |
Denso Corp. | 6,800 | | 237,151 |
East Japan Railway Co. | 29 | | 231,384 |
Fujitsu Ltd. | 14,000 | | 89,555 |
Ibiden Co. Ltd. | 2,000 | | 87,262 |
Ichiyoshi Securities Co. Ltd. | 7,600 | | 83,052 |
Japan Steel Works Ltd. | 13,000 | | 240,492 |
Japan Tobacco, Inc. | 55 | | 267,405 |
Common Stocks - continued |
| Shares | | Value |
Japan - continued |
JGC Corp. | 5,000 | | $ 92,931 |
JSR Corp. | 4,500 | | 101,615 |
Kobayashi Pharmaceutical Co. Ltd. | 2,000 | | 69,968 |
Konica Minolta Holdings, Inc. | 16,000 | | 241,077 |
Kubota Corp. | 13,000 | | 91,068 |
Leopalace21 Corp. | 8,800 | | 155,653 |
Mitsubishi Estate Co. Ltd. | 3,000 | | 87,233 |
Mitsui & Co. Ltd. | 44,000 | | 1,033,234 |
Nintendo Co. Ltd. | 1,200 | | 659,424 |
ORIX Corp. | 3,580 | | 647,557 |
Osaka Gas Co. Ltd. | 112,000 | | 399,628 |
Osaka Securities Exchange Co. Ltd. | 10 | | 54,390 |
Rakuten, Inc. | 169 | | 105,554 |
SBI E*TRADE Securities Co. Ltd. | 78 | | 72,563 |
SBI Holdings, Inc. | 265 | | 69,666 |
Shin-Etsu Chemical Co. Ltd. | 1,400 | | 86,676 |
Shiseido Co. Ltd. | 7,000 | | 167,933 |
Sojitz Corp. | 18,300 | | 70,481 |
Sony Financial Holdings, Inc. | 27 | | 114,073 |
Sparx Group Co. Ltd. | 489 | | 214,503 |
Sugi Pharmacy Co. Ltd. | 1,000 | | 26,456 |
Sumco Techxiv Corp. | 3,100 | | 94,525 |
Sumitomo Metal Industries Ltd. | 30,000 | | 126,340 |
Sumitomo Mitsui Financial Group, Inc. | 31 | | 266,729 |
Sumitomo Realty & Development Co. Ltd. | 3,000 | | 75,187 |
Sumitomo Trust & Banking Co. Ltd. | 12,000 | | 107,876 |
Takeda Pharmaceutical Co. Ltd. | 7,300 | | 385,903 |
Tokai Carbon Co. Ltd. | 5,000 | | 52,378 |
Tokuyama Corp. | 27,000 | | 245,082 |
Tokyo Tatemono Co. Ltd. | 9,000 | | 78,563 |
Torishima Pump Manufacturing Co. Ltd. | 21,000 | | 363,216 |
Toyota Motor Corp. | 17,400 | | 886,608 |
Toyota Motor Corp. sponsored ADR | 1,300 | | 131,950 |
USS Co. Ltd. | 1,940 | | 137,748 |
Wacom Co. Ltd. | 60 | | 120,888 |
Xebio Co. Ltd. | 5,100 | | 154,140 |
Yamada Denki Co. Ltd. | 910 | | 78,116 |
TOTAL JAPAN | | 9,884,472 |
Kazakhstan - 0.2% |
JSC Halyk Bank of Kazakhstan unit | 10,900 | | 175,490 |
Common Stocks - continued |
| Shares | | Value |
Korea (South) - 1.5% |
Daegu Bank Co. Ltd. | 2,340 | | $ 37,085 |
Daelim Industrial Co. | 230 | | 31,064 |
Doosan Co. Ltd. (a) | 110 | | 18,914 |
GS Engineering & Construction Corp. | 210 | | 30,875 |
Hanjin Heavy Industries & Consolidated Co. Ltd. | 99 | | 5,674 |
Hyundai Steel Co. | 340 | | 26,739 |
Hyunjin Materials Co. Ltd. | 782 | | 30,789 |
Jinsung T.E.C. Co. Ltd. | 2,278 | | 32,016 |
Kookmin Bank | 1,413 | | 98,449 |
Kookmin Bank sponsored ADR | 1,000 | | 69,750 |
KT&G Corp. | 530 | | 43,847 |
LG Electronics, Inc. | 110 | | 17,159 |
MegaStudy Co. Ltd. | 100 | | 32,993 |
NHN Corp. (a) | 1,060 | | 246,180 |
POSCO sponsored ADR | 400 | | 49,360 |
Pusan Bank | 2,810 | | 45,235 |
Samsung Electronics Co. Ltd. | 410 | | 290,566 |
TK Corp. | 1,148 | | 44,341 |
TOTAL KOREA (SOUTH) | | 1,151,036 |
Luxembourg - 0.8% |
ArcelorMittal SA (NY Reg.) Class A | 6,700 | | 596,903 |
Evraz Group SA GDR | 400 | | 41,500 |
TOTAL LUXEMBOURG | | 638,403 |
Malaysia - 0.2% |
Bandar Raya Developments Bhd | 79,200 | | 51,145 |
Gamuda Bhd | 41,400 | | 40,889 |
Public Bank Bhd | 14,800 | | 53,409 |
TOTAL MALAYSIA | | 145,443 |
Mauritius - 0.1% |
Golden Agri-Resources Ltd. | 68,000 | | 42,622 |
Mexico - 1.2% |
America Movil SAB de CV Series L sponsored ADR | 14,300 | | 828,828 |
Banco Compartamos SA de CV | 3,600 | | 15,122 |
Grupo Financiero Banorte SA de CV Series O | 10,039 | | 44,324 |
Megacable Holdings SAB de CV unit | 2,200 | | 6,481 |
Wal-Mart de Mexico SA de CV Series V | 5,100 | | 20,636 |
TOTAL MEXICO | | 915,391 |
Common Stocks - continued |
| Shares | | Value |
Netherlands - 1.5% |
Advanced Metallurgical Group NV | 2,150 | | $ 147,412 |
AmRest Holdings NV (a) | 2,600 | | 101,112 |
ASML Holding NV (NY Shares) | 9,200 | | 260,912 |
Gemalto NV (a) | 4,900 | | 158,495 |
Heineken NV (Bearer) | 1,300 | | 75,880 |
ING Groep NV sponsored ADR | 8,900 | | 338,111 |
Koninklijke KPN NV | 3,000 | | 55,193 |
TOTAL NETHERLANDS | | 1,137,115 |
Norway - 2.4% |
Det Norske Oljeselskap ASA (DNO) (A Shares) (a) | 15,000 | | 28,585 |
DnB Nor ASA | 12,800 | | 191,874 |
Fred Olsen Energy ASA | 1,500 | | 95,334 |
Marine Harvest ASA (a) | 74,000 | | 48,994 |
Orkla ASA (A Shares) | 32,400 | | 430,303 |
Petroleum Geo-Services ASA | 21,800 | | 595,324 |
Pronova BioPharma ASA | 41,400 | | 143,151 |
StatoilHydro ASA sponsored ADR | 8,600 | | 311,062 |
TOTAL NORWAY | | 1,844,627 |
Papua New Guinea - 0.2% |
Lihir Gold Ltd. (a) | 48,662 | | 134,947 |
Peru - 0.0% |
Compania de Minas Buenaventura SA sponsored ADR | 400 | | 25,028 |
Philippines - 0.3% |
Alliance Global Group, Inc. (a) | 310,000 | | 28,632 |
Jollibee Food Corp. | 65,500 | | 68,253 |
Philippine Long Distance Telephone Co. sponsored ADR | 2,700 | | 164,970 |
TOTAL PHILIPPINES | | 261,855 |
Poland - 0.0% |
Eurocash SA | 1,200 | | 7,136 |
Russia - 1.7% |
JSC MMC 'Norilsk Nickel' sponsored ADR | 3,900 | | 106,080 |
Lukoil Oil Co. sponsored ADR | 500 | | 44,900 |
Mechel Steel Group OAO sponsored ADR | 400 | | 58,320 |
Mobile TeleSystems OJSC sponsored ADR | 500 | | 38,790 |
OAO Gazprom sponsored ADR | 12,380 | | 654,902 |
OAO Raspadskaya (a) | 4,700 | | 39,715 |
OAO TatNeft unit | 300 | | 38,475 |
OAO TMK unit | 400 | | 13,200 |
OJSC Rosneft unit | 6,700 | | 65,660 |
Common Stocks - continued |
| Shares | | Value |
Russia - continued |
Sberbank (Savings Bank of the Russian Federation) GDR | 290 | | $ 110,821 |
Uralkali JSC (a) | 4,100 | | 42,845 |
Vimpel Communications sponsored ADR | 2,000 | | 60,320 |
Wimm-Bill-Dann Foods OJSC sponsored ADR | 300 | | 36,510 |
TOTAL RUSSIA | | 1,310,538 |
Singapore - 0.7% |
DBS Group Holdings Ltd. | 20,000 | | 292,899 |
Ezra Holdings Ltd. | 7,000 | | 12,388 |
Singapore Exchange Ltd. | 35,000 | | 221,702 |
Straits Asia Resources Ltd. | 18,000 | | 43,802 |
TOTAL SINGAPORE | | 570,791 |
South Africa - 2.5% |
African Rainbow Minerals Ltd. | 15,863 | | 539,209 |
Anglo Platinum Ltd. | 494 | | 79,225 |
Discovery Holdings Ltd. | 700 | | 2,301 |
Impala Platinum Holdings Ltd. | 12,700 | | 517,380 |
JSE Ltd. | 8,710 | | 75,183 |
MTN Group Ltd. | 25,003 | | 477,876 |
Murray & Roberts Holdings Ltd. | 10,014 | | 117,221 |
Nedbank Group Ltd. | 2,800 | | 42,405 |
Northam Platinum Ltd. | 900 | | 7,856 |
Raubex Group Ltd. | 15,481 | | 79,858 |
Truworths International Ltd. | 8,400 | | 28,443 |
TOTAL SOUTH AFRICA | | 1,966,957 |
Spain - 3.6% |
Banco Bilbao Vizcaya Argentaria SA sponsored ADR | 15,300 | | 350,676 |
Banco Santander SA | 33,400 | | 722,149 |
Banco Santander SA sponsored ADR | 15,900 | | 335,331 |
Gestevision Telecinco SA | 8,500 | | 179,003 |
Grifols SA | 7,590 | | 212,685 |
Inditex SA | 2,800 | | 152,900 |
Telefonica SA sponsored ADR | 9,400 | | 811,972 |
TOTAL SPAIN | | 2,764,716 |
Sweden - 1.4% |
H&M Hennes & Mauritz AB (B Shares) | 3,100 | | 184,311 |
Svenska Cellulosa AB (SCA) (B Shares) | 20,800 | | 350,853 |
Common Stocks - continued |
| Shares | | Value |
Sweden - continued |
Swedish Match Co. | 9,600 | | $ 210,832 |
Telefonaktiebolaget LM Ericsson (B Shares) | 146,000 | | 368,745 |
TOTAL SWEDEN | | 1,114,741 |
Switzerland - 6.7% |
ABB Ltd. sponsored ADR | 17,700 | | 542,859 |
Compagnie Financiere Richemont unit | 1,718 | | 104,681 |
Credit Suisse Group sponsored ADR | 6,100 | | 325,435 |
EFG International | 3,600 | | 115,149 |
Nestle SA (Reg.) | 3,125 | | 1,498,577 |
Roche Holding AG (participation certificate) | 9,337 | | 1,556,767 |
SGS Societe Generale de Surveillance Holding SA (Reg.) | 72 | | 101,775 |
Sonova Holding AG | 1,312 | | 111,021 |
Swiss Life Holding | 885 | | 265,141 |
The Swatch Group AG: | | | |
(Bearer) | 299 | | 80,780 |
(Reg.) | 182 | | 9,377 |
Zurich Financial Services AG (Reg.) | 1,430 | | 437,734 |
TOTAL SWITZERLAND | | 5,149,296 |
Taiwan - 1.4% |
Advanced Semiconductor Engineering, Inc. | 35,000 | | 35,957 |
AU Optronics Corp. | 45,000 | | 87,938 |
AU Optronics Corp. sponsored ADR | 2,400 | | 46,848 |
China Steel Corp. | 27,000 | | 44,339 |
Everlight Electronics Co. Ltd. | 10,000 | | 38,427 |
First Financial Holding Co. Ltd. | 46,000 | | 55,900 |
Formosa Plastics Corp. | 11,000 | | 31,431 |
HannStar Display Corp. (a) | 350,000 | | 162,082 |
High Tech Computer Corp. | 2,000 | | 51,564 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 33,000 | | 191,296 |
Innolux Display Corp. | 22,000 | | 64,813 |
MediaTek, Inc. | 3,000 | | 38,919 |
Powertech Technology, Inc. | 5,000 | | 20,117 |
Prime View International Co. Ltd. | 89,000 | | 138,553 |
Siliconware Precision Industries Co. Ltd. | 14,000 | | 24,232 |
Taiwan Cement Corp. | 9,000 | | 14,632 |
TOTAL TAIWAN | | 1,047,048 |
Common Stocks - continued |
| Shares | | Value |
Thailand - 0.1% |
PTT PCL (For. Reg.) | 5,100 | | $ 53,701 |
Siam Commercial Bank PCL (For. Reg.) | 21,700 | | 60,886 |
TOTAL THAILAND | | 114,587 |
Turkey - 0.6% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 10,100 | | 91,883 |
Asya Katilim Bankasi AS (a) | 19,100 | | 132,566 |
Enka Insaat ve Sanayi AS | 1,100 | | 15,183 |
Tupras-Turkiye Petrol Rafinerileri AS | 1,000 | | 27,057 |
Turkiye Garanti Bankasi AS | 30,200 | | 162,238 |
TOTAL TURKEY | | 428,927 |
United Arab Emirates - 0.0% |
DP World Ltd. | 6,947 | | 7,294 |
United Kingdom - 14.5% |
3i Group PLC | 13,700 | | 234,119 |
Aegis Group PLC | 67,000 | | 167,848 |
Anglo American PLC: | | | |
ADR | 9,500 | | 311,125 |
(United Kingdom) | 3,400 | | 220,986 |
Autonomy Corp. PLC (a) | 7,300 | | 124,314 |
BAE Systems PLC | 65,600 | | 608,778 |
Barratt Developments PLC | 4,400 | | 24,167 |
BG Group PLC | 12,400 | | 303,494 |
BHP Billiton PLC | 6,400 | | 229,046 |
BHP Billiton PLC ADR | 10,000 | | 720,800 |
BP PLC | 18,800 | | 227,806 |
British American Tobacco PLC | 3,900 | | 146,293 |
British American Tobacco PLC sponsored ADR | 3,300 | | 249,282 |
Cairn Energy PLC | 300 | | 18,694 |
Datacash Group PLC | 27,900 | | 156,432 |
easyJet PLC (a) | 16,800 | | 103,131 |
Expro International Group PLC | 2,500 | | 75,454 |
HBOS PLC | 37,200 | | 347,995 |
HSBC Holdings PLC (United Kingdom) (Reg.) | 7,163 | | 124,374 |
Informa PLC | 31,400 | | 215,699 |
International Power PLC | 15,500 | | 135,368 |
Man Group PLC | 32,975 | | 381,246 |
Max Petroleum PLC (a) | 76,100 | | 102,510 |
Meggitt PLC | 11,000 | | 64,901 |
Misys PLC | 43,200 | | 134,636 |
National Grid PLC | 41,400 | | 576,607 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Premier Foods PLC | 59,000 | | $ 151,326 |
Prudential PLC | 15,700 | | 215,387 |
Randgold Resources Ltd. sponsored ADR | 300 | | 13,656 |
Reckitt Benckiser Group PLC | 7,400 | | 432,269 |
Renovo Group PLC (a) | 53,700 | | 36,835 |
Rio Tinto PLC sponsored ADR | 1,490 | | 700,300 |
Rolls-Royce Group PLC | 44,600 | | 389,287 |
Royal Bank of Scotland Group PLC | 75,600 | | 518,575 |
Royal Dutch Shell PLC Class A sponsored ADR | 12,300 | | 987,813 |
Serco Group PLC | 33,700 | | 295,488 |
Sibir Energy PLC | 1,800 | | 22,368 |
Tesco PLC | 82,400 | | 702,838 |
Vodafone Group PLC sponsored ADR | 13,800 | | 436,908 |
Xstrata PLC | 3,000 | | 235,369 |
Yell Group PLC | 9,000 | | 29,704 |
TOTAL UNITED KINGDOM | | 11,173,228 |
United States of America - 3.6% |
Allergan, Inc. | 1,500 | | 84,555 |
Berkshire Hathaway, Inc. Class B (a) | 30 | | 133,710 |
Cypress Semiconductor Corp. (a) | 10,000 | | 281,200 |
EnergySolutions, Inc. | 2,600 | | 56,810 |
FMC Technologies, Inc. (a) | 3,200 | | 215,040 |
Freeport-McMoRan Copper & Gold, Inc. Class B | 300 | | 34,125 |
Gilead Sciences, Inc. (a) | 4,100 | | 212,216 |
Juniper Networks, Inc. (a) | 11,400 | | 314,868 |
Merck & Co., Inc. | 2,600 | | 98,904 |
Philip Morris International, Inc. (a) | 2,700 | | 137,781 |
Pricesmart, Inc. | 3,100 | | 88,505 |
Titanium Metals Corp. | 2,000 | | 30,480 |
Transocean, Inc. (a) | 3,820 | | 563,297 |
Valero Energy Corp. | 2,500 | | 122,125 |
Varian Semiconductor Equipment Associates, Inc. (a) | 2,200 | | 80,586 |
Visa, Inc. | 2,800 | | 233,660 |
VMware, Inc. Class A | 1,238 | | 82,500 |
TOTAL UNITED STATES OF AMERICA | | 2,770,362 |
Vietnam - 0.0% |
Luks Group (Vietnam Holdings) Co. Ltd. | 34,000 | | 31,412 |
TOTAL COMMON STOCKS (Cost $75,723,098) | 75,074,247 |
Nonconvertible Preferred Stocks - 0.4% |
| Shares | | Value |
Brazil - 0.0% |
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) | 750 | | $ 36,052 |
Germany - 0.2% |
ProSiebenSat.1 Media AG | 8,200 | | 127,754 |
Italy - 0.2% |
Telecom Italia SpA (Risp) | 71,400 | | 117,593 |
United Kingdom - 0.0% |
Rolls-Royce Group PLC B Shares (a) | 3,763,200 | | 7,482 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $342,815) | 288,881 |
Investment Companies - 0.6% |
| | | |
United States of America - 0.6% |
iShares MSCI EAFE Growth Index ETF
(Cost $499,672) | 6,600 | | 499,092 |
Cash Equivalents - 1.8% |
| Maturity Amount | | |
Investments in repurchase agreements in a joint trading account at 1.95%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Treasury Obligations) #
(Cost $1,380,000) | $ 1,380,075 | | 1,380,000 |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $77,945,585) | | 77,242,220 |
NET OTHER ASSETS - 0.0% | | 1,272 |
NET ASSETS - 100% | $ 77,243,492 |
Legend |
(a) Non-income producing |
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $190,998 or 0.2% of net assets. |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$1,380,000 due 5/01/08 at 1.95% |
BNP Paribas Securities Corp. | $ 643,908 |
Fortis Securities LLC | 294,591 |
HSBC Securities (USA), Inc. | 147,167 |
ING Financial Markets LLC | 294,334 |
| $ 1,380,000 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total International Equity Fund
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including repurchase agreements of $1,380,000) - See accompanying schedule: Unaffiliated issuers (cost $77,945,585) | | $ 77,242,220 |
Cash | | 22,132 |
Foreign currency held at value (cost $57) | | 57 |
Receivable for investments sold | | 372,780 |
Receivable for fund shares sold | | 256,680 |
Dividends receivable | | 368,049 |
Prepaid expenses | | 38,720 |
Other receivables | | 4,620 |
Total assets | | 78,305,258 |
| | |
Liabilities | | |
Payable for investments purchased | $ 762,488 | |
Payable for fund shares redeemed | 140,884 | |
Accrued management fee | 67,294 | |
Distribution fees payable | 11,048 | |
Other affiliated payables | 15,963 | |
Other payables and accrued expenses | 64,089 | |
Total liabilities | | 1,061,766 |
| | |
Net Assets | | $ 77,243,492 |
Net Assets consist of: | | |
Paid in capital | | $ 79,786,462 |
Undistributed net investment income | | 421,613 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (2,257,081) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | (707,502) |
Net Assets | | $ 77,243,492 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total International Equity Fund
Financial Statements - continued
Statement of Assets and Liabilities - continued
| April 30, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($8,233,205 ÷ 906,386 shares) | | $ 9.08 |
| | |
Maximum offering price per share (100/94.25 of $9.08) | | $ 9.63 |
Class T:
Net Asset Value and redemption price per share ($4,727,533 ÷ 521,104 shares) | | $ 9.07 |
| | |
Maximum offering price per share (100/96.50 of $9.07) | | $ 9.40 |
Class B:
Net Asset Value and offering price per share ($4,604,991 ÷ 508,870 shares)A | | $ 9.05 |
| | |
Class C:
Net Asset Value and offering price per share ($4,697,365 ÷ 519,084 shares)A | | $ 9.05 |
| | |
Total International Equity:
Net Asset Value, offering price and redemption price per share ($50,112,785 ÷ 5,512,830 shares) | | $ 9.09 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($4,867,613 ÷ 535,478 shares) | | $ 9.09 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
For the period November 1, 2007 (commencement of operations) to April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 890,391 |
Interest | | 43,104 |
| | 933,495 |
Less foreign taxes withheld | | (83,312) |
Total income | | 850,183 |
| | |
Expenses | | |
Management fee | $ 201,827 | |
Transfer agent fees | 61,241 | |
Distribution fees | 63,348 | |
Accounting fees and expenses | 14,784 | |
Custodian fees and expenses | 278,938 | |
Independent trustees' compensation | 92 | |
Registration fees | 55,993 | |
Audit | 29,844 | |
Legal | 2,766 | |
Miscellaneous | 1,339 | |
Total expenses before reductions | 710,172 | |
Expense reductions | (297,431) | 412,741 |
Net investment income (loss) | | 437,442 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (2,221,716) | |
Foreign currency transactions | (35,365) | |
Total net realized gain (loss) | | (2,257,081) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (703,365) | |
Assets and liabilities in foreign currencies | (4,137) | |
Total change in net unrealized appreciation (depreciation) | | (707,502) |
Net gain (loss) | | (2,964,583) |
Net increase (decrease) in net assets resulting from operations | | $ (2,527,141) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Total International Equity Fund
Financial Statements - continued
Statement of Changes in Net Assets
| For the period
November 1, 2007 (commencement
of operations) to April 30, 2008
(Unaudited) |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 437,442 |
Net realized gain (loss) | (2,257,081) |
Change in net unrealized appreciation (depreciation) | (707,502) |
Net increase (decrease) in net assets resulting from operations | (2,527,141) |
Distributions to shareholders from net investment income | (15,829) |
Share transactions - net increase (decrease) | 79,780,522 |
Redemption fees | 5,940 |
Total increase (decrease) in net assets | 77,243,492 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $421,613) | $ 77,243,492 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .07 |
Net realized and unrealized gain (loss) | (.99) |
Total from investment operations | (.92) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.08 |
Total Return B, C, D | (9.20)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 2.39% A |
Expenses net of fee waivers, if any | 1.50% A |
Expenses net of all reductions | 1.47% A |
Net investment income (loss) | 1.50% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 8,233 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .06 |
Net realized and unrealized gain (loss) | (.99) |
Total from investment operations | (.93) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.07 |
Total Return B, C, D | (9.30)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 2.78% A |
Expenses net of fee waivers, if any | 1.75% A |
Expenses net of all reductions | 1.72% A |
Net investment income (loss) | 1.25% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 4,728 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H 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
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .03 |
Net realized and unrealized gain (loss) | (.98) |
Total from investment operations | (.95) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.05 |
Total Return B, C, D | (9.50)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 3.28% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.22% A |
Net investment income (loss) | .75% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 4,605 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .03 |
Net realized and unrealized gain (loss) | (.98) |
Total from investment operations | (.95) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.05 |
Total Return B, C, D | (9.50)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 3.27% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.23% A |
Net investment income (loss) | .75% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 4,697 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Total International Equity
| Period ended April 30, 2008 E |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .08 |
Net realized and unrealized gain (loss) | (.98) |
Total from investment operations | (.90) |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | - G |
Net asset value, end of period | $ 9.09 |
Total Return B, C | (9.05)% |
Ratios to Average Net Assets F | |
Expenses before reductions | 2.28% A |
Expenses net of fee waivers, if any | 1.25% A |
Expenses net of all reductions | 1.22% A |
Net investment income (loss) | 1.75% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 50,113 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
F 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.
G Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Period ended April 30, 2008 E |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .08 |
Net realized and unrealized gain (loss) | (.98) |
Total from investment operations | (.90) |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | - G |
Net asset value, end of period | $ 9.09 |
Total Return B, C | (9.05)% |
Ratios to Average Net Assets F | |
Expenses before reductions | 2.27% A |
Expenses net of fee waivers, if any | 1.25% A |
Expenses net of all reductions | 1.23% A |
Net investment income (loss) | 1.75% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 4,868 |
Portfolio turnover rate | 78% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
F 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.
G 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, 2008 (Unaudited)
1. Organization.
Fidelity Total International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, Total International Equity, 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.
2. Significant Accounting Policies.
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. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Security Valuation - continued
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.
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 is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust.
Semiannual Report
2. Significant Accounting Policies - continued
Expenses - continued
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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions expected to be taken in the initial filing of the Fund's tax return. 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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 4,596,626 | |
Unrealized depreciation | (5,570,961) | |
Net unrealized appreciation (depreciation) | $ (974,335) | |
Cost for federal income tax purposes | $ 78,216,555 | |
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 Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. 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 results in expanded disclosures about fair value measurements.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities other than short-term securities, aggregated $99,132,475 and $20,345,164, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and 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, Total International Equity, as compared to an appropriate benchmark index. The Fund's performance adjustment will not take effect until November 1, 2008. 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.
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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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% | $ 6,621 | $ 5,993 |
Class T | .25% | .25% | 11,516 | 11,188 |
Class B | .75% | .25% | 22,505 | 22,466 |
Class C | .75% | .25% | 22,706 | 22,515 |
| | | $ 63,348 | $ 62,162 |
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 | $ 493 |
Class T | 144 |
Class B* | - |
Class C* | - |
| $ 637 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
For the period, the total transfer agent fees paid by each class to FIIOC were as follows:
| Amount | % of
Average
Net Assets* |
Class A | $ 4,021 | .15 |
Class T | 3,554 | .15 |
Class B | 3,441 | .15 |
Class C | 3,539 | .16 |
Total International Equity | 43,082 | .26 |
Institutional Class | 3,604 | .16 |
| $ 61,241 | |
* Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $1,072 for the period.
6. 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 $17 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
Semiannual Report
7. Expense Reductions - continued
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
| | |
Class A | 1.50% | $ 23,808 |
Class T | 1.75% | 23,704 |
Class B | 2.25% | 23,104 |
Class C | 2.25% | 23,302 |
Total International Equity | 1.25% | 172,873 |
Institutional Class | 1.25% | 23,699 |
| | $ 290,490 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $6,941 for the period.
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
FMR or its affiliates were the owners of record of 31% of the total outstanding shares of the Fund.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| For the period
November 1, 2007
(commencement of
operations) to
April 30, 2008 |
From net investment income | |
Total International Equity | $ 13,264 |
Institutional Class | 2,565 |
Total | $ 15,829 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| For the period
November 1, 2007
(commencement of operations) to
April 30, 2008 | For the period
November 1, 2007
(commencement of operations) to
April 30, 2008 |
Class A | | |
Shares sold | 912,091 | $ 8,583,495 |
Shares redeemed | (5,705) | (50,638) |
Net increase (decrease) | 906,386 | $ 8,532,857 |
Class T | | |
Shares sold | 521,104 | $ 5,191,337 |
Net increase (decrease) | 521,104 | $ 5,191,337 |
Class B | | |
Shares sold | 508,946 | $ 5,075,845 |
Shares redeemed | (76) | (680) |
Net increase (decrease) | 508,870 | $ 5,075,165 |
Class C | | |
Shares sold | 521,437 | $ 5,190,447 |
Shares redeemed | (2,353) | (21,294) |
Net increase (decrease) | 519,084 | $ 5,169,153 |
Total International Equity | | |
Shares sold | 6,336,488 | $ 57,633,290 |
Reinvestment of distributions | 1,313 | 12,459 |
Shares redeemed | (824,971) | (7,149,117) |
Net increase (decrease) | 5,512,830 | $ 50,496,632 |
Institutional Class | | |
Shares sold | 535,238 | $ 5,313,078 |
Reinvestment of distributions | 270 | 2,565 |
Shares redeemed | (30) | (265) |
Net increase (decrease) | 535,478 | $ 5,315,378 |
Semiannual Report
A special meeting of the fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Total International Equity Fund
On October 18, 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. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
In determining whether to approve the Advisory Contracts for the fund, the Board was aware that shareholders have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, may choose to invest in this fund, managed by Fidelity.
Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio managers and the fund's investment objective and discipline.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.
Shareholder and Administrative Services. The Board considered the nature, extent, quality and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
Semiannual Report
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge.
Investment Performance. Fidelity Total International Equity Fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. Once the fund has been in operation for at least one calendar year, the Board will review the fund's absolute performance for each class, as well as the fund's relative investment performance for each class measured against a broad-based securities market index and a peer group of mutual funds deemed appropriate by the Board.
The Board considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board realizes that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the fund's shareholders. The Board considered that the fund's performance adjustment fee is calculated based on the results of the retail class and does not take into account the performance of the Advisor classes. The Board considered FMR's belief that the retail class is the appropriate class on which to base the performance fee because: (i) the class does not have a 12b-1 fee; and (ii) distribution-related expenses should be excluded from the calculation because they are not related to evaluating an adviser's investment management skills.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided by Fidelity will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's proposed management fee and projected total operating expenses for each class of the fund in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also considered that the projected total operating expenses are comparable to those of similar classes and funds that Fidelity offers to shareholders.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its review, the Board concluded that the fund's net management fee and projected total expenses for each class of the fund were fair and reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders.
Economies of Scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions, including reductions that occur through operation of the transfer agent agreement. The transfer agent fee varies in part based on the number of accounts in the fund. If the number of accounts decreases or the average account size increases, the overall transfer agent fee rate decreases.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets.
The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be approved.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
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
State Street Bank & Trust Company
Quincy, MA
ATIEI-USAN-0608
1.853359.100
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Growth
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
April 30, 2008
Class A, Class T,
Class B, and Class C are
classes of Fidelity®
International Growth Fund
(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 Summary | <Click Here> | A summary of the fund's investments. |
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. |
Proxy Voting Results | <Click Here> | |
Board Approval of Investment Advisory Contracts and Management Fees | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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
Fidelity International Growth Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2007 to April 30, 2008).
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.
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.
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, 2007 | Ending
Account Value
April 30, 2008 | Expenses Paid
During Period*
November 1, 2007 to April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 913.00 | $ 7.13 |
HypotheticalA | $ 1,000.00 | $ 1,017.40 | $ 7.52 |
Class T | | | |
Actual | $ 1,000.00 | $ 912.00 | $ 8.32 |
HypotheticalA | $ 1,000.00 | $ 1,016.16 | $ 8.77 |
Class B | | | |
Actual | $ 1,000.00 | $ 910.00 | $ 10.69 |
HypotheticalA | $ 1,000.00 | $ 1,013.67 | $ 11.27 |
Class C | | | |
Actual | $ 1,000.00 | $ 910.00 | $ 10.69 |
HypotheticalA | $ 1,000.00 | $ 1,013.67 | $ 11.27 |
International Growth | | | |
Actual | $ 1,000.00 | $ 914.50 | $ 5.95 |
HypotheticalA | $ 1,000.00 | $ 1,018.65 | $ 6.27 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 914.50 | $ 5.95 |
HypotheticalA | $ 1,000.00 | $ 1,018.65 | $ 6.27 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.50% |
Class T | 1.75% |
Class B | 2.25% |
Class C | 2.25% |
International Growth | 1.25% |
Institutional Class | 1.25% |
Semiannual Report
Fidelity International Growth Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| United Kingdom 18.6% | |
| Switzerland 10.2% | |
| United States of America 8.6% | |
| Germany 8.6% | |
| Japan 7.9% | |
| France 7.0% | |
| Australia 5.8% | |
| Canada 3.9% | |
| South Africa 3.8% | |
| Other 25.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2008 |
| % of fund's
net assets |
Stocks and Investment Companies | 99.6 |
Short-Term Investments and Net Other Assets | 0.4 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets |
Nestle SA (Reg.) (Switzerland, Food Products) | 4.5 |
E.ON AG (Germany, Electric Utilities) | 3.2 |
BHP Billiton PLC ADR (United Kingdom, Metals & Mining) | 2.5 |
Rio Tinto PLC sponsored ADR (United Kingdom, Metals & Mining) | 2.4 |
Nintendo Co. Ltd. (Japan, Software) | 2.4 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.3 |
CSL Ltd. (Australia, Biotechnology) | 2.3 |
Nokia Corp. sponsored ADR (Finland, Communications Equipment) | 2.2 |
ArcelorMittal SA (NY Reg.) Class A (Luxembourg, Metals & Mining) | 2.1 |
Tesco PLC (United Kingdom, Food & Staples Retailing) | 2.1 |
| 26.0 |
Market Sectors as of April 30, 2008 |
| % of fund's net assets |
Consumer Staples | 17.4 |
Materials | 15.7 |
Industrials | 14.5 |
Information Technology | 11.3 |
Financials | 9.2 |
Health Care | 8.0 |
Telecommunication Services | 6.6 |
Consumer Discretionary | 5.1 |
Utilities | 5.0 |
Energy | 4.9 |
Semiannual Report
Fidelity International Growth Fund
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% |
| Shares | | Value |
Australia - 5.8% |
ASX Ltd. | 2,890 | | $ 97,836 |
Cochlear Ltd. | 4,218 | | 225,588 |
CSL Ltd. | 17,248 | | 647,351 |
Leighton Holdings Ltd. | 2,718 | | 120,727 |
Woolworths Ltd. | 12,515 | | 338,797 |
WorleyParsons Ltd. | 5,630 | | 206,047 |
TOTAL AUSTRALIA | | 1,636,346 |
Belgium - 1.5% |
Hansen Transmission International NV | 18,800 | | 82,234 |
InBev SA | 4,100 | | 337,947 |
TOTAL BELGIUM | | 420,181 |
Bermuda - 0.6% |
Aquarius Platinum Ltd.: | | | |
(Australia) | 3,401 | | 54,343 |
(United Kingdom) | 800 | | 12,606 |
Ports Design Ltd. | 34,500 | | 111,117 |
TOTAL BERMUDA | | 178,066 |
Brazil - 2.4% |
Bolsa de Mercadorias & Futuros - BM&F SA | 8,000 | | 81,338 |
Bovespa Holding SA | 5,600 | | 85,068 |
Companhia Vale do Rio Doce sponsored ADR | 1,700 | | 66,436 |
MRV Engenharia e Participacoes SA | 9,200 | | 185,417 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 2,050 | | 248,911 |
TOTAL BRAZIL | | 667,170 |
Canada - 3.9% |
Goldcorp, Inc. | 5,200 | | 184,899 |
Harry Winston Diamond Corp. | 4,400 | | 130,370 |
Potash Corp. of Saskatchewan, Inc. | 2,100 | | 386,295 |
Research In Motion Ltd. (a) | 3,100 | | 377,053 |
TOTAL CANADA | | 1,078,617 |
Cayman Islands - 0.3% |
Chaoda Modern Agriculture (Holdings) Ltd. | 62,400 | | 89,679 |
Denmark - 0.9% |
Novo Nordisk AS Series B sponsored ADR | 1,000 | | 68,690 |
Vestas Wind Systems AS (a) | 1,760 | | 192,943 |
TOTAL DENMARK | | 261,633 |
Common Stocks - continued |
| Shares | | Value |
Finland - 2.8% |
Metso Corp. | 2,600 | | $ 112,836 |
Nokia Corp. sponsored ADR | 20,600 | | 619,442 |
Wartsila Corp. | 920 | | 63,193 |
TOTAL FINLAND | | 795,471 |
France - 7.0% |
Alstom SA | 1,555 | | 361,699 |
Compagnie Generale de Geophysique SA (a) | 448 | | 113,186 |
Delachaux SA | 2,200 | | 207,061 |
Groupe Danone | 4,095 | | 363,361 |
L'Oreal SA | 667 | | 79,354 |
Laurent-Perrier Group | 800 | | 116,033 |
Meetic (a) | 1,889 | | 50,426 |
Remy Cointreau SA | 1,904 | | 118,447 |
SeLoger.com (a) | 1,367 | | 64,021 |
Suez SA (France) | 5,165 | | 366,870 |
VINCI SA | 1,697 | | 125,651 |
TOTAL FRANCE | | 1,966,109 |
Germany - 8.6% |
Bayer AG | 3,700 | | 316,529 |
Continental AG | 1,200 | | 141,492 |
Deutsche Boerse AG | 2,400 | | 353,008 |
E.ON AG | 4,400 | | 897,826 |
Linde AG | 1,300 | | 190,969 |
Siemens AG sponsored ADR | 4,200 | | 497,490 |
TOTAL GERMANY | | 2,397,314 |
Hong Kong - 1.2% |
China Mobile (Hong Kong) Ltd. sponsored ADR | 1,000 | | 86,320 |
Hong Kong Exchanges & Clearing Ltd. | 12,000 | | 245,138 |
TOTAL HONG KONG | | 331,458 |
India - 1.7% |
Bharti Airtel Ltd. (a) | 15,369 | | 341,291 |
Reliance Industries Ltd. GDR (Reg. S) (b) | 976 | | 127,856 |
TOTAL INDIA | | 469,147 |
Israel - 0.8% |
Partner Communications Co. Ltd. ADR | 9,600 | | 223,392 |
Italy - 1.3% |
Fiat SpA | 16,300 | | 366,345 |
Common Stocks - continued |
| Shares | | Value |
Japan - 7.9% |
Japan Steel Works Ltd. | 12,000 | | $ 221,993 |
Japan Tobacco, Inc. | 35 | | 170,167 |
Kobayashi Pharmaceutical Co. Ltd. | 2,000 | | 69,968 |
Nintendo Co. Ltd. | 1,200 | | 659,424 |
Osaka Securities Exchange Co. Ltd. | 10 | | 54,390 |
Shiseido Co. Ltd. | 6,000 | | 143,942 |
Sony Financial Holdings, Inc. | 27 | | 114,073 |
Sparx Group Co. Ltd. | 250 | | 109,664 |
Sumitomo Mitsui Financial Group, Inc. | 20 | | 172,083 |
Torishima Pump Manufacturing Co. Ltd. | 20,200 | | 349,379 |
USS Co. Ltd. | 1,900 | | 134,908 |
TOTAL JAPAN | | 2,199,991 |
Korea (South) - 0.9% |
NHN Corp. (a) | 1,036 | | 240,606 |
Luxembourg - 2.1% |
ArcelorMittal SA (NY Reg.) Class A | 6,600 | | 587,994 |
Malaysia - 0.3% |
Bandar Raya Developments Bhd | 67,700 | | 43,719 |
Gamuda Bhd | 35,200 | | 34,765 |
TOTAL MALAYSIA | | 78,484 |
Mexico - 1.7% |
America Movil SAB de CV Series L sponsored ADR | 7,500 | | 434,700 |
Banco Compartamos SA de CV | 3,400 | | 14,282 |
Wal-Mart de Mexico SA de CV Series V | 4,900 | | 19,827 |
TOTAL MEXICO | | 468,809 |
Netherlands - 1.2% |
AmRest Holdings NV (a) | 2,300 | | 89,446 |
ASML Holding NV (NY Shares) | 8,800 | | 249,568 |
TOTAL NETHERLANDS | | 339,014 |
Papua New Guinea - 0.1% |
Lihir Gold Ltd. (a) | 9,338 | | 25,896 |
Philippines - 0.2% |
Jollibee Food Corp. | 43,800 | | 45,641 |
Singapore - 0.8% |
Singapore Exchange Ltd. | 35,000 | | 221,702 |
South Africa - 3.8% |
African Rainbow Minerals Ltd. | 13,939 | | 473,809 |
Anglo Platinum Ltd. | 454 | | 72,810 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
JSE Ltd. | 7,289 | | $ 62,917 |
MTN Group Ltd. | 16,000 | | 305,804 |
Murray & Roberts Holdings Ltd. | 6,232 | | 72,950 |
Raubex Group Ltd. | 15,221 | | 78,517 |
TOTAL SOUTH AFRICA | | 1,066,807 |
Spain - 2.8% |
Grifols SA | 7,283 | | 204,082 |
Inditex SA | 2,600 | | 141,979 |
Telefonica SA sponsored ADR | 5,200 | | 449,176 |
TOTAL SPAIN | | 795,237 |
Sweden - 1.4% |
H&M Hennes & Mauritz AB (B Shares) | 3,000 | | 178,366 |
Swedish Match Co. | 9,200 | | 202,048 |
TOTAL SWEDEN | | 380,414 |
Switzerland - 10.2% |
ABB Ltd. sponsored ADR | 17,400 | | 533,658 |
EFG International | 3,450 | | 110,351 |
Nestle SA (Reg.) | 2,648 | | 1,269,837 |
Roche Holding AG (participation certificate) | 3,901 | | 650,418 |
SGS Societe Generale de Surveillance Holding SA (Reg.) | 70 | | 98,948 |
Sonova Holding AG | 1,286 | | 108,821 |
The Swatch Group AG: | | | |
(Bearer) | 291 | | 78,618 |
(Reg.) | 164 | | 8,450 |
TOTAL SWITZERLAND | | 2,859,101 |
Turkey - 0.6% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 7,800 | | 70,959 |
Asya Katilim Bankasi AS (a) | 13,500 | | 93,699 |
TOTAL TURKEY | | 164,658 |
United Kingdom - 18.6% |
Anglo American PLC ADR | 9,300 | | 304,575 |
Autonomy Corp. PLC (a) | 7,100 | | 120,908 |
BAE Systems PLC | 44,300 | | 411,111 |
BG Group PLC | 11,900 | | 291,257 |
BHP Billiton PLC ADR | 9,800 | | 706,384 |
British American Tobacco PLC sponsored ADR | 3,200 | | 241,728 |
Datacash Group PLC | 26,900 | | 150,825 |
Expro International Group PLC | 2,300 | | 69,418 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Informa PLC | 6,400 | | $ 43,964 |
International Power PLC | 15,100 | | 131,874 |
Man Group PLC | 32,237 | | 372,714 |
Meggitt PLC | 9,300 | | 54,871 |
Reckitt Benckiser Group PLC | 7,200 | | 420,587 |
Rio Tinto PLC sponsored ADR | 1,450 | | 681,500 |
Rolls-Royce Group PLC | 12,500 | | 109,105 |
Serco Group PLC | 32,900 | | 288,473 |
Tesco PLC | 68,200 | | 581,718 |
Xstrata PLC | 2,800 | | 219,678 |
TOTAL UNITED KINGDOM | | 5,200,690 |
United States of America - 6.3% |
Allergan, Inc. | 1,500 | | 84,555 |
Berkshire Hathaway, Inc. Class B (a) | 30 | | 133,710 |
EnergySolutions, Inc. | 2,100 | | 45,885 |
FMC Technologies, Inc. (a) | 3,100 | | 208,320 |
Gilead Sciences, Inc. (a) | 4,000 | | 207,040 |
Juniper Networks, Inc. (a) | 10,800 | | 298,296 |
Merck & Co., Inc. | 2,400 | | 91,296 |
Philip Morris International, Inc. (a) | 2,600 | | 132,678 |
Pricesmart, Inc. | 2,900 | | 82,795 |
Valero Energy Corp. | 2,220 | | 108,447 |
Varian Semiconductor Equipment Associates, Inc. (a) | 2,100 | | 76,923 |
Visa, Inc. | 2,700 | | 225,315 |
VMware, Inc. Class A | 1,137 | | 75,770 |
TOTAL UNITED STATES OF AMERICA | | 1,771,030 |
TOTAL COMMON STOCKS (Cost $27,289,571) | 27,327,002 |
Nonconvertible Preferred Stocks - 0.0% |
| | | |
United Kingdom - 0.0% |
Rolls-Royce Group PLC B Shares (a)
(Cost $2,065) | 1,039,360 | | 2,067 |
Investment Companies - 1.9% |
| | | |
United States of America - 1.9% |
iShares MSCI EAFE Growth Index ETF
(Cost $531,305) | 7,100 | | 536,902 |
Cash Equivalents - 1.7% |
| Maturity Amount | | Value |
Investments in repurchase agreements in a joint trading account at 1.95%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Treasury Obligations) #
(Cost $470,000) | $ 470,025 | | $ 470,000 |
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $28,292,941) | | 28,335,971 |
NET OTHER ASSETS - (1.3)% | | (352,378) |
NET ASSETS - 100% | $ 27,983,593 |
Legend |
(a) Non-income producing |
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $127,856 or 0.5% of net assets. |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$470,000 due 5/01/08 at 1.95% |
BNP Paribas Securities Corp. | $ 219,302 |
Fortis Securities LLC | 100,332 |
HSBC Securities (USA), Inc. | 50,122 |
ING Financial Markets LLC | 100,244 |
| $ 470,000 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity International Growth Fund
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including repurchase agreements of $470,000) - See accompanying schedule: Unaffiliated issuers (cost $28,292,941) | | $ 28,335,971 |
Cash | | 386 |
Foreign currency held at value (cost $9) | | 9 |
Receivable for investments sold | | 34,487 |
Receivable for fund shares sold | | 54,408 |
Dividends receivable | | 99,331 |
Prepaid expenses | | 38,720 |
Receivable from investment adviser for expense reductions | | 400 |
Other receivables | | 1,305 |
Total assets | | 28,565,017 |
| | |
Liabilities | | |
Payable for investments purchased | $ 439,226 | |
Payable for fund shares redeemed | 88,828 | |
Accrued management fee | 16,087 | |
Distribution fees payable | 2,257 | |
Other affiliated payables | 6,897 | |
Other payables and accrued expenses | 28,129 | |
Total liabilities | | 581,424 |
| | |
Net Assets | | $ 27,983,593 |
Net Assets consist of: | | |
Paid in capital | | $ 28,743,008 |
Undistributed net investment income | | 124,881 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (926,097) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 41,801 |
Net Assets | | $ 27,983,593 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($969,084 ÷ 106,151 shares) | | $ 9.13 |
| | |
Maximum offering price per share (100/94.25 of $9.13) | | $ 9.69 |
Class T:
Net Asset Value and redemption price per share ($940,415 ÷ 103,127 shares) | | $ 9.12 |
| | |
Maximum offering price per share (100/96.50 of $9.12) | | $ 9.45 |
Class B:
Net Asset Value and offering price per share ($1,037,787 ÷ 114,072 shares)A | | $ 9.10 |
| | |
Class C:
Net Asset Value and offering price per share ($1,121,456 ÷ 123,295 shares)A | | $ 9.10 |
| | |
International Growth:
Net Asset Value, offering price and redemption price per share ($23,056,289 ÷ 2,523,440 shares) | | $ 9.14 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($858,562 ÷ 93,964 shares) | | $ 9.14 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity International Growth Fund
Financial Statements - continued
Statement of Operations
For the period November 1, 2007 (commencement of operations) to April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 272,256 |
Interest | | 13,740 |
| | 285,996 |
Less foreign taxes withheld | | (24,410) |
Total income | | 261,586 |
| | |
Expenses | | |
Management fee | $ 68,104 | |
Transfer agent fees | 26,113 | |
Distribution fees | 11,628 | |
Accounting fees and expenses | 4,987 | |
Custodian fees and expenses | 91,492 | |
Independent trustees' compensation | 31 | |
Registration fees | 50,804 | |
Audit | 21,849 | |
Legal | 4 | |
Miscellaneous | 1,061 | |
Total expenses before reductions | 276,073 | |
Expense reductions | (146,862) | 129,211 |
Net investment income (loss) | | 132,375 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (919,787) | |
Foreign currency transactions | (6,310) | |
Total net realized gain (loss) | | (926,097) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 43,030 | |
Assets and liabilities in foreign currencies | (1,229) | |
Total change in net unrealized appreciation (depreciation) | | 41,801 |
Net gain (loss) | | (884,296) |
Net increase (decrease) in net assets resulting from operations | | $ (751,921) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| For the period
November 1, 2007 (commencement
of operations) to
April 30, 2008
(Unaudited) |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 132,375 |
Net realized gain (loss) | (926,097) |
Change in net unrealized appreciation (depreciation) | 41,801 |
Net increase (decrease) in net assets resulting
from operations | (751,921) |
Distributions to shareholders from net investment income | (7,494) |
Share transactions - net increase (decrease) | 28,740,011 |
Redemption fees | 2,997 |
Total increase (decrease) in net assets | 27,983,593 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $124,881) | $ 27,983,593 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .06 |
Net realized and unrealized gain (loss) | (.93) |
Total from investment operations | (.87) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.13 |
Total ReturnB, C, D | (8.70)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 3.29% A |
Expenses net of fee waivers, if any | 1.50% A |
Expenses net of all reductions | 1.47% A |
Net investment income (loss) | 1.24% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 969 |
Portfolio turnover rate | 77% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .04 |
Net realized and unrealized gain (loss) | (.92) |
Total from investment operations | (.88) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.12 |
Total Return B, C, D | (8.80)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 3.51% A |
Expenses net of fee waivers, if any | 1.75% A |
Expenses net of all reductions | 1.72% A |
Net investment income (loss) | .99% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 940 |
Portfolio turnover rate | 77% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H 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
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .02 |
Net realized and unrealized gain (loss) | (.92) |
Total from investment operations | (.90) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.10 |
Total Return B, C, D | (9.00)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 4.01% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.22% A |
Net investment income (loss) | .49% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,038 |
Portfolio turnover rate | 77% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .02 |
Net realized and unrealized gain (loss) | (.92) |
Total from investment operations | (.90) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.10 |
Total Return B, C, D | (9.00)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 3.97% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.22% A |
Net investment income (loss) | .49% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,121 |
Portfolio turnover rate | 77% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Growth
| Period ended April 30, 2008 E |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .07 |
Net realized and unrealized gain (loss) | (.92) |
Total from investment operations | (.85) |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | - G |
Net asset value, end of period | $ 9.14 |
Total Return B, C | (8.55)% |
Ratios to Average Net Assets F | |
Expenses before reductions | 2.66% A |
Expenses net of fee waivers, if any | 1.25%A |
Expenses net of all reductions | 1.22%A |
Net investment income (loss) | 1.49%A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 23,056 |
Portfolio turnover rate | 77%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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
F 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.
G Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Period ended April 30, 2008 E |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss)D | .07 |
Net realized and unrealized gain (loss) | (.92) |
Total from investment operations | (.85) |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | - G |
Net asset value, end of period | $ 9.14 |
Total ReturnB, C | (8.55)% |
Ratios to Average Net AssetsF | |
Expenses before reductions | 3.04% A |
Expenses net of fee waivers, if any | 1.25% A |
Expenses net of all reductions | 1.22% A |
Net investment income (loss) | 1.49% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 859 |
Portfolio turnover rate | 77% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
F 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.
G 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, 2008 (Unaudited)
1. Organization.
Fidelity International Growth Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, International Growth, 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.
2. Significant Accounting Policies.
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. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
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
Semiannual Report
2. Significant Accounting Policies - continued
Security Valuation - continued
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.
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 is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions expected to be taken in the initial filing of the Fund's tax return. 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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 1,655,195 | |
Unrealized depreciation | (1,784,781) | |
Net unrealized appreciation (depreciation) | $ (129,586) | |
Cost for federal income tax purposes | $ 28,465,557 | |
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 Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. 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 results in expanded disclosures about fair value measurements.
Semiannual Report
3. 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $35,650,604 and $6,907,872, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and 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 Growth, as compared to an appropriate benchmark index. The Fund's performance adjustment will not take effect until November 1, 2008. 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.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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% | $ 1,065 | $ 927 |
Class T | .25% | .25% | 2,182 | 1,803 |
Class B | .75% | .25% | 4,160 | 4,020 |
Class C | .75% | .25% | 4,221 | 3,740 |
| | | $ 11,628 | $ 10,490 |
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 | $ 885 |
Class T | 115 |
Class B* | - |
Class C* | - |
| $ 1,000 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
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 | $ 903 | .21 |
Class T | 691 | .16 |
Class B | 883 | .21 |
Class C | 900 | .21 |
International Growth | 22,129 | .29 |
Institutional Class | 607 | .15 |
| $ 26,113 | |
* Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $464 for the period.
6. 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 $6 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Expense Reductions - continued
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.50% | $ 7,632 |
Class T | 1.75% | 7,698 |
Class B | 2.25% | 7,345 |
Class C | 2.25% | 7,282 |
International Growth | 1.25% | 106,958 |
Institutional Class | 1.25% | 7,332 |
| | $ 144,247 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $2,480 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 $135.
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
FMR or its affiliates were the owners of record of 20% of the total outstanding shares of the Fund.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| For the period
November 1, 2007
(commencement of
operations) to
April 30, 2008 |
From net investment income | |
International Growth | $ 7,036 |
Institutional Class | 458 |
Total | $ 7,494 |
Semiannual Report
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| For the period
November 1, 2007 (commencement of operations) to
April 30, 2008 | For the period
November 1, 2007 (commencement of operations) to
April 30, 2008 |
Class A | | |
Shares sold | 110,978 | $ 1,077,695 |
Shares redeemed | (4,827) | (41,958) |
Net increase (decrease) | 106,151 | $ 1,035,737 |
Class T | | |
Shares sold | 111,667 | $ 1,091,436 |
Shares redeemed | (8,540) | (73,770) |
Net increase (decrease) | 103,127 | $ 1,017,666 |
Class B | | |
Shares sold | 114,423 | $ 1,103,965 |
Shares redeemed | (351) | (3,008) |
Net increase (decrease) | 114,072 | $ 1,100,957 |
Class C | | |
Shares sold | 123,295 | $ 1,177,309 |
Net increase (decrease) | 123,295 | $ 1,177,309 |
International Growth | | |
Shares sold | 2,928,144 | $ 27,037,961 |
Reinvestment of distributions | 663 | 6,366 |
Shares redeemed | (405,367) | (3,564,279) |
Net increase (decrease) | 2,523,440 | $ 23,480,048 |
Institutional Class | | |
Shares sold | 93,916 | $ 927,836 |
Reinvestment of distributions | 48 | 458 |
Net increase (decrease) | 93,964 | $ 928,294 |
Semiannual Report
A special meeting of the fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
| # of
Votes | % of
Votes |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Growth Fund
On October 18, 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. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
In determining whether to approve the Advisory Contracts for the fund, the Board was aware that shareholders have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, may choose to invest in this fund, managed by Fidelity.
Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio managers and the fund's investment objective and discipline.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.
Shareholder and Administrative Services. The Board considered the nature, extent, quality and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge.
Investment Performance. Fidelity International Growth Fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. Once the fund has been in operation for at least one calendar year, the Board will review the fund's absolute performance for each class, as well as the fund's relative investment performance for each class measured against a broad-based securities market index and a peer group of mutual funds deemed appropriate by the Board.
The Board considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board realizes that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the fund's shareholders. The Board considered that the fund's performance adjustment fee is calculated based on the results of the retail class and does not take into account the performance of the Advisor classes. The Board considered FMR's belief that the retail class is the appropriate class on which to base the performance fee because: (i) the class does not have a 12b-1 fee; and (ii) distribution-related expenses should be excluded from the calculation because they are not related to evaluating an adviser's investment management skills.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided by Fidelity will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's proposed management fee and projected total operating expenses for each class of the fund in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also considered that the projected total operating expenses are comparable to those of similar classes and funds that Fidelity offers to shareholders.
Semiannual Report
Based on its review, the Board concluded that the fund's net management fee and projected total expenses for each class of the fund were fair and reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders.
Economies of Scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions, including reductions that occur through operation of the transfer agent agreement. The transfer agent fee varies in part based on the number of accounts in the fund. If the number of accounts decreases or the average account size increases, the overall transfer agent fee rate decreases.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets.
The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be approved.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
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
State Street Bank and Trust Company
Quincy, MA
AIGF-USAN-0608
1.853351.100
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
International Growth
Fund - Institutional Class
Semiannual Report
April 30, 2008
Institutional Class is
a class of Fidelity®
International Growth Fund
(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 Summary | <Click Here> | A summary of the fund's investments. |
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. |
Proxy Voting Results | <Click Here> | |
Board Approval of Investment Advisory Contracts and Management Fees | <Click Here> | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but 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
Fidelity International Growth Fund
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2007 to April 30, 2008).
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.
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.
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, 2007 | Ending
Account Value
April 30, 2008 | Expenses Paid
During Period*
November 1, 2007 to April 30, 2008 |
Class A | | | |
Actual | $ 1,000.00 | $ 913.00 | $ 7.13 |
HypotheticalA | $ 1,000.00 | $ 1,017.40 | $ 7.52 |
Class T | | | |
Actual | $ 1,000.00 | $ 912.00 | $ 8.32 |
HypotheticalA | $ 1,000.00 | $ 1,016.16 | $ 8.77 |
Class B | | | |
Actual | $ 1,000.00 | $ 910.00 | $ 10.69 |
HypotheticalA | $ 1,000.00 | $ 1,013.67 | $ 11.27 |
Class C | | | |
Actual | $ 1,000.00 | $ 910.00 | $ 10.69 |
HypotheticalA | $ 1,000.00 | $ 1,013.67 | $ 11.27 |
International Growth | | | |
Actual | $ 1,000.00 | $ 914.50 | $ 5.95 |
HypotheticalA | $ 1,000.00 | $ 1,018.65 | $ 6.27 |
Institutional Class | | | |
Actual | $ 1,000.00 | $ 914.50 | $ 5.95 |
HypotheticalA | $ 1,000.00 | $ 1,018.65 | $ 6.27 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
| Annualized
Expense Ratio |
Class A | 1.50% |
Class T | 1.75% |
Class B | 2.25% |
Class C | 2.25% |
International Growth | 1.25% |
Institutional Class | 1.25% |
Semiannual Report
Fidelity International Growth Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets) |
As of April 30, 2008 |
| United Kingdom 18.6% | |
| Switzerland 10.2% | |
| United States of America 8.6% | |
| Germany 8.6% | |
| Japan 7.9% | |
| France 7.0% | |
| Australia 5.8% | |
| Canada 3.9% | |
| South Africa 3.8% | |
| Other 25.6% | |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation as of April 30, 2008 |
| % of fund's
net assets |
Stocks and Investment Companies | 99.6 |
Short-Term Investments and Net Other Assets | 0.4 |
Top Ten Stocks as of April 30, 2008 |
| % of fund's
net assets |
Nestle SA (Reg.) (Switzerland, Food Products) | 4.5 |
E.ON AG (Germany, Electric Utilities) | 3.2 |
BHP Billiton PLC ADR (United Kingdom, Metals & Mining) | 2.5 |
Rio Tinto PLC sponsored ADR (United Kingdom, Metals & Mining) | 2.4 |
Nintendo Co. Ltd. (Japan, Software) | 2.4 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.3 |
CSL Ltd. (Australia, Biotechnology) | 2.3 |
Nokia Corp. sponsored ADR (Finland, Communications Equipment) | 2.2 |
ArcelorMittal SA (NY Reg.) Class A (Luxembourg, Metals & Mining) | 2.1 |
Tesco PLC (United Kingdom, Food & Staples Retailing) | 2.1 |
| 26.0 |
Market Sectors as of April 30, 2008 |
| % of fund's net assets |
Consumer Staples | 17.4 |
Materials | 15.7 |
Industrials | 14.5 |
Information Technology | 11.3 |
Financials | 9.2 |
Health Care | 8.0 |
Telecommunication Services | 6.6 |
Consumer Discretionary | 5.1 |
Utilities | 5.0 |
Energy | 4.9 |
Semiannual Report
Fidelity International Growth Fund
Investments April 30, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% |
| Shares | | Value |
Australia - 5.8% |
ASX Ltd. | 2,890 | | $ 97,836 |
Cochlear Ltd. | 4,218 | | 225,588 |
CSL Ltd. | 17,248 | | 647,351 |
Leighton Holdings Ltd. | 2,718 | | 120,727 |
Woolworths Ltd. | 12,515 | | 338,797 |
WorleyParsons Ltd. | 5,630 | | 206,047 |
TOTAL AUSTRALIA | | 1,636,346 |
Belgium - 1.5% |
Hansen Transmission International NV | 18,800 | | 82,234 |
InBev SA | 4,100 | | 337,947 |
TOTAL BELGIUM | | 420,181 |
Bermuda - 0.6% |
Aquarius Platinum Ltd.: | | | |
(Australia) | 3,401 | | 54,343 |
(United Kingdom) | 800 | | 12,606 |
Ports Design Ltd. | 34,500 | | 111,117 |
TOTAL BERMUDA | | 178,066 |
Brazil - 2.4% |
Bolsa de Mercadorias & Futuros - BM&F SA | 8,000 | | 81,338 |
Bovespa Holding SA | 5,600 | | 85,068 |
Companhia Vale do Rio Doce sponsored ADR | 1,700 | | 66,436 |
MRV Engenharia e Participacoes SA | 9,200 | | 185,417 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 2,050 | | 248,911 |
TOTAL BRAZIL | | 667,170 |
Canada - 3.9% |
Goldcorp, Inc. | 5,200 | | 184,899 |
Harry Winston Diamond Corp. | 4,400 | | 130,370 |
Potash Corp. of Saskatchewan, Inc. | 2,100 | | 386,295 |
Research In Motion Ltd. (a) | 3,100 | | 377,053 |
TOTAL CANADA | | 1,078,617 |
Cayman Islands - 0.3% |
Chaoda Modern Agriculture (Holdings) Ltd. | 62,400 | | 89,679 |
Denmark - 0.9% |
Novo Nordisk AS Series B sponsored ADR | 1,000 | | 68,690 |
Vestas Wind Systems AS (a) | 1,760 | | 192,943 |
TOTAL DENMARK | | 261,633 |
Common Stocks - continued |
| Shares | | Value |
Finland - 2.8% |
Metso Corp. | 2,600 | | $ 112,836 |
Nokia Corp. sponsored ADR | 20,600 | | 619,442 |
Wartsila Corp. | 920 | | 63,193 |
TOTAL FINLAND | | 795,471 |
France - 7.0% |
Alstom SA | 1,555 | | 361,699 |
Compagnie Generale de Geophysique SA (a) | 448 | | 113,186 |
Delachaux SA | 2,200 | | 207,061 |
Groupe Danone | 4,095 | | 363,361 |
L'Oreal SA | 667 | | 79,354 |
Laurent-Perrier Group | 800 | | 116,033 |
Meetic (a) | 1,889 | | 50,426 |
Remy Cointreau SA | 1,904 | | 118,447 |
SeLoger.com (a) | 1,367 | | 64,021 |
Suez SA (France) | 5,165 | | 366,870 |
VINCI SA | 1,697 | | 125,651 |
TOTAL FRANCE | | 1,966,109 |
Germany - 8.6% |
Bayer AG | 3,700 | | 316,529 |
Continental AG | 1,200 | | 141,492 |
Deutsche Boerse AG | 2,400 | | 353,008 |
E.ON AG | 4,400 | | 897,826 |
Linde AG | 1,300 | | 190,969 |
Siemens AG sponsored ADR | 4,200 | | 497,490 |
TOTAL GERMANY | | 2,397,314 |
Hong Kong - 1.2% |
China Mobile (Hong Kong) Ltd. sponsored ADR | 1,000 | | 86,320 |
Hong Kong Exchanges & Clearing Ltd. | 12,000 | | 245,138 |
TOTAL HONG KONG | | 331,458 |
India - 1.7% |
Bharti Airtel Ltd. (a) | 15,369 | | 341,291 |
Reliance Industries Ltd. GDR (Reg. S) (b) | 976 | | 127,856 |
TOTAL INDIA | | 469,147 |
Israel - 0.8% |
Partner Communications Co. Ltd. ADR | 9,600 | | 223,392 |
Italy - 1.3% |
Fiat SpA | 16,300 | | 366,345 |
Common Stocks - continued |
| Shares | | Value |
Japan - 7.9% |
Japan Steel Works Ltd. | 12,000 | | $ 221,993 |
Japan Tobacco, Inc. | 35 | | 170,167 |
Kobayashi Pharmaceutical Co. Ltd. | 2,000 | | 69,968 |
Nintendo Co. Ltd. | 1,200 | | 659,424 |
Osaka Securities Exchange Co. Ltd. | 10 | | 54,390 |
Shiseido Co. Ltd. | 6,000 | | 143,942 |
Sony Financial Holdings, Inc. | 27 | | 114,073 |
Sparx Group Co. Ltd. | 250 | | 109,664 |
Sumitomo Mitsui Financial Group, Inc. | 20 | | 172,083 |
Torishima Pump Manufacturing Co. Ltd. | 20,200 | | 349,379 |
USS Co. Ltd. | 1,900 | | 134,908 |
TOTAL JAPAN | | 2,199,991 |
Korea (South) - 0.9% |
NHN Corp. (a) | 1,036 | | 240,606 |
Luxembourg - 2.1% |
ArcelorMittal SA (NY Reg.) Class A | 6,600 | | 587,994 |
Malaysia - 0.3% |
Bandar Raya Developments Bhd | 67,700 | | 43,719 |
Gamuda Bhd | 35,200 | | 34,765 |
TOTAL MALAYSIA | | 78,484 |
Mexico - 1.7% |
America Movil SAB de CV Series L sponsored ADR | 7,500 | | 434,700 |
Banco Compartamos SA de CV | 3,400 | | 14,282 |
Wal-Mart de Mexico SA de CV Series V | 4,900 | | 19,827 |
TOTAL MEXICO | | 468,809 |
Netherlands - 1.2% |
AmRest Holdings NV (a) | 2,300 | | 89,446 |
ASML Holding NV (NY Shares) | 8,800 | | 249,568 |
TOTAL NETHERLANDS | | 339,014 |
Papua New Guinea - 0.1% |
Lihir Gold Ltd. (a) | 9,338 | | 25,896 |
Philippines - 0.2% |
Jollibee Food Corp. | 43,800 | | 45,641 |
Singapore - 0.8% |
Singapore Exchange Ltd. | 35,000 | | 221,702 |
South Africa - 3.8% |
African Rainbow Minerals Ltd. | 13,939 | | 473,809 |
Anglo Platinum Ltd. | 454 | | 72,810 |
Common Stocks - continued |
| Shares | | Value |
South Africa - continued |
JSE Ltd. | 7,289 | | $ 62,917 |
MTN Group Ltd. | 16,000 | | 305,804 |
Murray & Roberts Holdings Ltd. | 6,232 | | 72,950 |
Raubex Group Ltd. | 15,221 | | 78,517 |
TOTAL SOUTH AFRICA | | 1,066,807 |
Spain - 2.8% |
Grifols SA | 7,283 | | 204,082 |
Inditex SA | 2,600 | | 141,979 |
Telefonica SA sponsored ADR | 5,200 | | 449,176 |
TOTAL SPAIN | | 795,237 |
Sweden - 1.4% |
H&M Hennes & Mauritz AB (B Shares) | 3,000 | | 178,366 |
Swedish Match Co. | 9,200 | | 202,048 |
TOTAL SWEDEN | | 380,414 |
Switzerland - 10.2% |
ABB Ltd. sponsored ADR | 17,400 | | 533,658 |
EFG International | 3,450 | | 110,351 |
Nestle SA (Reg.) | 2,648 | | 1,269,837 |
Roche Holding AG (participation certificate) | 3,901 | | 650,418 |
SGS Societe Generale de Surveillance Holding SA (Reg.) | 70 | | 98,948 |
Sonova Holding AG | 1,286 | | 108,821 |
The Swatch Group AG: | | | |
(Bearer) | 291 | | 78,618 |
(Reg.) | 164 | | 8,450 |
TOTAL SWITZERLAND | | 2,859,101 |
Turkey - 0.6% |
Anadolu Efes Biracilik ve Malt Sanyii AS | 7,800 | | 70,959 |
Asya Katilim Bankasi AS (a) | 13,500 | | 93,699 |
TOTAL TURKEY | | 164,658 |
United Kingdom - 18.6% |
Anglo American PLC ADR | 9,300 | | 304,575 |
Autonomy Corp. PLC (a) | 7,100 | | 120,908 |
BAE Systems PLC | 44,300 | | 411,111 |
BG Group PLC | 11,900 | | 291,257 |
BHP Billiton PLC ADR | 9,800 | | 706,384 |
British American Tobacco PLC sponsored ADR | 3,200 | | 241,728 |
Datacash Group PLC | 26,900 | | 150,825 |
Expro International Group PLC | 2,300 | | 69,418 |
Common Stocks - continued |
| Shares | | Value |
United Kingdom - continued |
Informa PLC | 6,400 | | $ 43,964 |
International Power PLC | 15,100 | | 131,874 |
Man Group PLC | 32,237 | | 372,714 |
Meggitt PLC | 9,300 | | 54,871 |
Reckitt Benckiser Group PLC | 7,200 | | 420,587 |
Rio Tinto PLC sponsored ADR | 1,450 | | 681,500 |
Rolls-Royce Group PLC | 12,500 | | 109,105 |
Serco Group PLC | 32,900 | | 288,473 |
Tesco PLC | 68,200 | | 581,718 |
Xstrata PLC | 2,800 | | 219,678 |
TOTAL UNITED KINGDOM | | 5,200,690 |
United States of America - 6.3% |
Allergan, Inc. | 1,500 | | 84,555 |
Berkshire Hathaway, Inc. Class B (a) | 30 | | 133,710 |
EnergySolutions, Inc. | 2,100 | | 45,885 |
FMC Technologies, Inc. (a) | 3,100 | | 208,320 |
Gilead Sciences, Inc. (a) | 4,000 | | 207,040 |
Juniper Networks, Inc. (a) | 10,800 | | 298,296 |
Merck & Co., Inc. | 2,400 | | 91,296 |
Philip Morris International, Inc. (a) | 2,600 | | 132,678 |
Pricesmart, Inc. | 2,900 | | 82,795 |
Valero Energy Corp. | 2,220 | | 108,447 |
Varian Semiconductor Equipment Associates, Inc. (a) | 2,100 | | 76,923 |
Visa, Inc. | 2,700 | | 225,315 |
VMware, Inc. Class A | 1,137 | | 75,770 |
TOTAL UNITED STATES OF AMERICA | | 1,771,030 |
TOTAL COMMON STOCKS (Cost $27,289,571) | 27,327,002 |
Nonconvertible Preferred Stocks - 0.0% |
| | | |
United Kingdom - 0.0% |
Rolls-Royce Group PLC B Shares (a)
(Cost $2,065) | 1,039,360 | | 2,067 |
Investment Companies - 1.9% |
| | | |
United States of America - 1.9% |
iShares MSCI EAFE Growth Index ETF
(Cost $531,305) | 7,100 | | 536,902 |
Cash Equivalents - 1.7% |
| Maturity Amount | | Value |
Investments in repurchase agreements in a joint trading account at 1.95%, dated 4/30/08 due 5/1/08 (Collateralized by U.S. Treasury Obligations) #
(Cost $470,000) | $ 470,025 | | $ 470,000 |
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $28,292,941) | | 28,335,971 |
NET OTHER ASSETS - (1.3)% | | (352,378) |
NET ASSETS - 100% | $ 27,983,593 |
Legend |
(a) Non-income producing |
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $127,856 or 0.5% of net assets. |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$470,000 due 5/01/08 at 1.95% |
BNP Paribas Securities Corp. | $ 219,302 |
Fortis Securities LLC | 100,332 |
HSBC Securities (USA), Inc. | 50,122 |
ING Financial Markets LLC | 100,244 |
| $ 470,000 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity International Growth Fund
Statement of Assets and Liabilities
| April 30, 2008 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including repurchase agreements of $470,000) - See accompanying schedule: Unaffiliated issuers (cost $28,292,941) | | $ 28,335,971 |
Cash | | 386 |
Foreign currency held at value (cost $9) | | 9 |
Receivable for investments sold | | 34,487 |
Receivable for fund shares sold | | 54,408 |
Dividends receivable | | 99,331 |
Prepaid expenses | | 38,720 |
Receivable from investment adviser for expense reductions | | 400 |
Other receivables | | 1,305 |
Total assets | | 28,565,017 |
| | |
Liabilities | | |
Payable for investments purchased | $ 439,226 | |
Payable for fund shares redeemed | 88,828 | |
Accrued management fee | 16,087 | |
Distribution fees payable | 2,257 | |
Other affiliated payables | 6,897 | |
Other payables and accrued expenses | 28,129 | |
Total liabilities | | 581,424 |
| | |
Net Assets | | $ 27,983,593 |
Net Assets consist of: | | |
Paid in capital | | $ 28,743,008 |
Undistributed net investment income | | 124,881 |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | | (926,097) |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | | 41,801 |
Net Assets | | $ 27,983,593 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
| April 30, 2008 (Unaudited) |
| | |
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($969,084 ÷ 106,151 shares) | | $ 9.13 |
| | |
Maximum offering price per share (100/94.25 of $9.13) | | $ 9.69 |
Class T:
Net Asset Value and redemption price per share ($940,415 ÷ 103,127 shares) | | $ 9.12 |
| | |
Maximum offering price per share (100/96.50 of $9.12) | | $ 9.45 |
Class B:
Net Asset Value and offering price per share ($1,037,787 ÷ 114,072 shares)A | | $ 9.10 |
| | |
Class C:
Net Asset Value and offering price per share ($1,121,456 ÷ 123,295 shares)A | | $ 9.10 |
| | |
International Growth:
Net Asset Value, offering price and redemption price per share ($23,056,289 ÷ 2,523,440 shares) | | $ 9.14 |
| | |
Institutional Class:
Net Asset Value, offering price and redemption price per share ($858,562 ÷ 93,964 shares) | | $ 9.14 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity International Growth Fund
Financial Statements - continued
Statement of Operations
For the period November 1, 2007 (commencement of operations) to April 30, 2008 (Unaudited) |
| | |
Investment Income | | |
Dividends | | $ 272,256 |
Interest | | 13,740 |
| | 285,996 |
Less foreign taxes withheld | | (24,410) |
Total income | | 261,586 |
| | |
Expenses | | |
Management fee | $ 68,104 | |
Transfer agent fees | 26,113 | |
Distribution fees | 11,628 | |
Accounting fees and expenses | 4,987 | |
Custodian fees and expenses | 91,492 | |
Independent trustees' compensation | 31 | |
Registration fees | 50,804 | |
Audit | 21,849 | |
Legal | 4 | |
Miscellaneous | 1,061 | |
Total expenses before reductions | 276,073 | |
Expense reductions | (146,862) | 129,211 |
Net investment income (loss) | | 132,375 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | (919,787) | |
Foreign currency transactions | (6,310) | |
Total net realized gain (loss) | | (926,097) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 43,030 | |
Assets and liabilities in foreign currencies | (1,229) | |
Total change in net unrealized appreciation (depreciation) | | 41,801 |
Net gain (loss) | | (884,296) |
Net increase (decrease) in net assets resulting from operations | | $ (751,921) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| For the period
November 1, 2007 (commencement
of operations) to
April 30, 2008
(Unaudited) |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $ 132,375 |
Net realized gain (loss) | (926,097) |
Change in net unrealized appreciation (depreciation) | 41,801 |
Net increase (decrease) in net assets resulting
from operations | (751,921) |
Distributions to shareholders from net investment income | (7,494) |
Share transactions - net increase (decrease) | 28,740,011 |
Redemption fees | 2,997 |
Total increase (decrease) in net assets | 27,983,593 |
| |
Net Assets | |
Beginning of period | - |
End of period (including undistributed net investment income of $124,881) | $ 27,983,593 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .06 |
Net realized and unrealized gain (loss) | (.93) |
Total from investment operations | (.87) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.13 |
Total ReturnB, C, D | (8.70)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 3.29% A |
Expenses net of fee waivers, if any | 1.50% A |
Expenses net of all reductions | 1.47% A |
Net investment income (loss) | 1.24% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 969 |
Portfolio turnover rate | 77% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .04 |
Net realized and unrealized gain (loss) | (.92) |
Total from investment operations | (.88) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.12 |
Total Return B, C, D | (8.80)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 3.51% A |
Expenses net of fee waivers, if any | 1.75% A |
Expenses net of all reductions | 1.72% A |
Net investment income (loss) | .99% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 940 |
Portfolio turnover rate | 77% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H 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
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .02 |
Net realized and unrealized gain (loss) | (.92) |
Total from investment operations | (.90) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.10 |
Total Return B, C, D | (9.00)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 4.01% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.22% A |
Net investment income (loss) | .49% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,038 |
Portfolio turnover rate | 77% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Period ended April 30, 2008 F |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) E | .02 |
Net realized and unrealized gain (loss) | (.92) |
Total from investment operations | (.90) |
Redemption fees added to paid in capital E | - H |
Net asset value, end of period | $ 9.10 |
Total Return B, C, D | (9.00)% |
Ratios to Average Net Assets G | |
Expenses before reductions | 3.97% A |
Expenses net of fee waivers, if any | 2.25% A |
Expenses net of all reductions | 2.22% A |
Net investment income (loss) | .49% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 1,121 |
Portfolio turnover rate | 77% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - International Growth
| Period ended April 30, 2008 E |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss) D | .07 |
Net realized and unrealized gain (loss) | (.92) |
Total from investment operations | (.85) |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | - G |
Net asset value, end of period | $ 9.14 |
Total Return B, C | (8.55)% |
Ratios to Average Net Assets F | |
Expenses before reductions | 2.66% A |
Expenses net of fee waivers, if any | 1.25%A |
Expenses net of all reductions | 1.22%A |
Net investment income (loss) | 1.49%A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 23,056 |
Portfolio turnover rate | 77%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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
F 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.
G Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Period ended April 30, 2008 E |
| (Unaudited) |
Selected Per-Share Data | |
Net asset value, beginning of period | $ 10.00 |
Income from Investment Operations | |
Net investment income (loss)D | .07 |
Net realized and unrealized gain (loss) | (.92) |
Total from investment operations | (.85) |
Distributions from net investment income | (.01) |
Redemption fees added to paid in capital D | - G |
Net asset value, end of period | $ 9.14 |
Total ReturnB, C | (8.55)% |
Ratios to Average Net AssetsF | |
Expenses before reductions | 3.04% A |
Expenses net of fee waivers, if any | 1.25% A |
Expenses net of all reductions | 1.22% A |
Net investment income (loss) | 1.49% A |
Supplemental Data | |
Net assets, end of period (000 omitted) | $ 859 |
Portfolio turnover rate | 77% 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 For the period November 1, 2007 (commencement of operations) to April 30, 2008.
F 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.
G 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, 2008 (Unaudited)
1. Organization.
Fidelity International Growth Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, International Growth, 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.
2. Significant Accounting Policies.
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. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
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
Semiannual Report
2. Significant Accounting Policies - continued
Security Valuation - continued
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.
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 is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions expected to be taken in the initial filing of the Fund's tax return. 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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 1,655,195 | |
Unrealized depreciation | (1,784,781) | |
Net unrealized appreciation (depreciation) | $ (129,586) | |
Cost for federal income tax purposes | $ 28,465,557 | |
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 Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
New Accounting Pronouncement. 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 results in expanded disclosures about fair value measurements.
Semiannual Report
3. 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $35,650,604 and $6,907,872, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and 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 Growth, as compared to an appropriate benchmark index. The Fund's performance adjustment will not take effect until November 1, 2008. 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.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan - continued
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% | $ 1,065 | $ 927 |
Class T | .25% | .25% | 2,182 | 1,803 |
Class B | .75% | .25% | 4,160 | 4,020 |
Class C | .75% | .25% | 4,221 | 3,740 |
| | | $ 11,628 | $ 10,490 |
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 | $ 885 |
Class T | 115 |
Class B* | - |
Class C* | - |
| $ 1,000 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
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 | $ 903 | .21 |
Class T | 691 | .16 |
Class B | 883 | .21 |
Class C | 900 | .21 |
International Growth | 22,129 | .29 |
Institutional Class | 607 | .15 |
| $ 26,113 | |
* Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $464 for the period.
6. 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 $6 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Expense Reductions - continued
The following classes were in reimbursement during the period:
| Expense
Limitations | Reimbursement
from adviser |
Class A | 1.50% | $ 7,632 |
Class T | 1.75% | 7,698 |
Class B | 2.25% | 7,345 |
Class C | 2.25% | 7,282 |
International Growth | 1.25% | 106,958 |
Institutional Class | 1.25% | 7,332 |
| | $ 144,247 |
Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $2,480 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 $135.
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
FMR or its affiliates were the owners of record of 20% of the total outstanding shares of the Fund.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| For the period
November 1, 2007
(commencement of
operations) to
April 30, 2008 |
From net investment income | |
International Growth | $ 7,036 |
Institutional Class | 458 |
Total | $ 7,494 |
Semiannual Report
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars |
| For the period
November 1, 2007 (commencement of operations) to
April 30, 2008 | For the period
November 1, 2007 (commencement of operations) to
April 30, 2008 |
Class A | | |
Shares sold | 110,978 | $ 1,077,695 |
Shares redeemed | (4,827) | (41,958) |
Net increase (decrease) | 106,151 | $ 1,035,737 |
Class T | | |
Shares sold | 111,667 | $ 1,091,436 |
Shares redeemed | (8,540) | (73,770) |
Net increase (decrease) | 103,127 | $ 1,017,666 |
Class B | | |
Shares sold | 114,423 | $ 1,103,965 |
Shares redeemed | (351) | (3,008) |
Net increase (decrease) | 114,072 | $ 1,100,957 |
Class C | | |
Shares sold | 123,295 | $ 1,177,309 |
Net increase (decrease) | 123,295 | $ 1,177,309 |
International Growth | | |
Shares sold | 2,928,144 | $ 27,037,961 |
Reinvestment of distributions | 663 | 6,366 |
Shares redeemed | (405,367) | (3,564,279) |
Net increase (decrease) | 2,523,440 | $ 23,480,048 |
Institutional Class | | |
Shares sold | 93,916 | $ 927,836 |
Reinvestment of distributions | 48 | 458 |
Net increase (decrease) | 93,964 | $ 928,294 |
Semiannual Report
A special meeting of the fund's shareholders was held on April 16, 2008. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
To elect a Board of Trustees.A |
| # of
Votes | % of
Votes |
James C. Curvey |
Affirmative | 44,485,656,811.55 | 94.702 |
Withheld | 2,488,551,854.62 | 5.298 |
TOTAL | 46,974,208,666.17 | 100.000 |
Dennis J. Dirks |
Affirmative | 44,706,671,638.31 | 95.173 |
Withheld | 2,267,537,027.86 | 4.827 |
TOTAL | 46,974,208,666.17 | 100.000 |
Edward C. Johnson 3d |
Affirmative | 44,294,881,638.16 | 94.296 |
Withheld | 2,679,327,028.01 | 5.704 |
TOTAL | 46,974,208,666.17 | 100.000 |
Alan J. Lacy |
Affirmative | 44,685,373,413.16 | 95.127 |
Withheld | 2,288,835,253.01 | 4.873 |
TOTAL | 46,974,208,666.17 | 100.000 |
Ned C. Lautenbach |
Affirmative | 44,634,541,379.41 | 95.019 |
Withheld | 2,339,667,286.76 | 4.981 |
TOTAL | 46,974,208,666.17 | 100.000 |
Joseph Mauriello |
Affirmative | 44,683,962,099.80 | 95.124 |
Withheld | 2,290,246,566.37 | 4.876 |
TOTAL | 46,974,208,666.17 | 100.000 |
Cornelia M. Small |
Affirmative | 44,671,688,375.36 | 95.098 |
Withheld | 2,302,520,290.81 | 4.902 |
TOTAL | 46,974,208,666.17 | 100.000 |
| # of
Votes | % of
Votes |
William S. Stavropoulos |
Affirmative | 44,465,262,087.61 | 94.659 |
Withheld | 2,508,946,578.56 | 5.341 |
TOTAL | 46,974,208,666.17 | 100.000 |
David M. Thomas |
Affirmative | 44,694,340,813.87 | 95.147 |
Withheld | 2,279,867,852.30 | 4.853 |
TOTAL | 46,974,208,666.17 | 100.000 |
Michael E. Wiley |
Affirmative | 44,686,513,174.78 | 95.130 |
Withheld | 2,287,695,491.39 | 4.870 |
TOTAL | 46,974,208,666.17 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Growth Fund
On October 18, 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. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
In determining whether to approve the Advisory Contracts for the fund, the Board was aware that shareholders have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, may choose to invest in this fund, managed by Fidelity.
Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio managers and the fund's investment objective and discipline.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.
Shareholder and Administrative Services. The Board considered the nature, extent, quality and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians.
The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge.
Investment Performance. Fidelity International Growth Fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. Once the fund has been in operation for at least one calendar year, the Board will review the fund's absolute performance for each class, as well as the fund's relative investment performance for each class measured against a broad-based securities market index and a peer group of mutual funds deemed appropriate by the Board.
The Board considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board realizes that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the fund's shareholders. The Board considered that the fund's performance adjustment fee is calculated based on the results of the retail class and does not take into account the performance of the Advisor classes. The Board considered FMR's belief that the retail class is the appropriate class on which to base the performance fee because: (i) the class does not have a 12b-1 fee; and (ii) distribution-related expenses should be excluded from the calculation because they are not related to evaluating an adviser's investment management skills.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided by Fidelity will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's proposed management fee and projected total operating expenses for each class of the fund in reviewing the Advisory Contracts. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable management fee characteristics. The Board also considered that the projected total operating expenses are comparable to those of similar classes and funds that Fidelity offers to shareholders.
Semiannual Report
Based on its review, the Board concluded that the fund's net management fee and projected total expenses for each class of the fund were fair and reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders.
Economies of Scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions, including reductions that occur through operation of the transfer agent agreement. The transfer agent fee varies in part based on the number of accounts in the fund. If the number of accounts decreases or the average account size increases, the overall transfer agent fee rate decreases.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets.
The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be approved.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
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
State Street Bank and Trust Company
Quincy, MA
AIGFI-USAN-0608
1.853344.100
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Investment Trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Investment Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Investment Trust
By: | /s/ Kenneth Robins |
| Kenneth Robins |
| President and Treasurer |
| |
Date: | June 30, 2008 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Kenneth Robins |
| Kenneth Robins |
| President and Treasurer |
| |
Date: | June 30, 2008 |
By: | /s/Joseph B. Hollis |
| Joseph B. Hollis |
| Chief Financial Officer |
| |
Date: | June 30, 2008 |
